Rajasthan Electricity Regulatory Commission Vidyut Viniyamak Bhawan, Near State Motor Garage,Sahakar Marg, Jaipur-302001
Phone: 0141-2740067, 2741016 Fax:0141-2741018, E-mail: [email protected]
website: www.rerc.rajasthan.gov.in
PUBLIC NOTICE
Notice is hereby issued under Section 64 (2) read with 61(h), 62(1)(a) and 86 (1) (e)
of the Electricity Act, 2003 for determination of levelised generic tariff for sale of
electricity by Wind power plants to distribution companies of the State based on the
parameters specified in RERC(Terms & Conditions for Determination of Tariff for
Renewable Energy Sources – Wind and Solar Energy) Regulations, 2014 and its
amendments. The levellised generic Tariff proposed for FY 2015-16 is as under:
S.
No. Particulars
Tariff
(`/kWh) if
higher
depreciation
benefit is not
availed
Tariff (`/kWh)
if higher
depreciation
benefit is
availed
1 2 3 4
1 Wind Power Plants located in Jaisalmer,
Jodhpur & Barmer districts
5.74 5.44
2 Wind Power Plants located in districts other
than Jaisalmer, Jodhpur & Barmer districts.
6.03 5.72
The above tariff is levellised for 25 years.
Any persons desirous of offering suggestions/comments on the aforesaid tariff
proposal may do so in five copies, so as to reach this office by 20th April, 2015 with
copies of supporting details. The suggestions/comments can also be sent to the
Commission through e-mail at [email protected] . The copy of the draft order is
also available with the Receiving Officer of the Commission and can be obtained
on payment of Rs 100/-. The draft order is also available on Commission’s website
www.rerc.rajasthan.gov.in.
G.K.Sharma
(Secretary )
(Not to be published)
G.K.Sharma
(Secretary)
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Page | 1
RAJASTHAN ELECTRICITY REGULATORY COMMISSION, JAIPUR
In the matter of determination of generic tariff for sale of electricity from wind
power plants in the state to Distribution Licensee getting commissioned
during FY 2015-16.
Coram:
1. Shri Vishvanath Hiremath, Chairman
2. Shri Vinod Pandya, Member
3. Shri Raghuvendra Singh Rathore, Member
Date of Order: 20.03.2015
Draft Order
1. The Commission has notified RERC (Terms and Conditions for
Determination of Tariff for Renewable Energy Sources - Wind and Solar
energy) Regulations, 2014 on 24.02.2014 (hereinafter called as RERC RE
Tariff Regulations 2014). As per regulation 7(1) of the RERC RE Tariff
Regulations 2014, Commission may determine generic tariff on
Suo-Motu basis at the beginning of each year of the control period for
wind power plants for which principles and norms have been specified
under these Regulations.
2. Commission, through this order, contemplates to determine tariff for
wind power plants on Suo-Motu basis. Commission, therefore, based on
the benchmark capital cost for wind power plants for FY 2014-15, and
performance parameters contained in the RERC RE Tariff Regulations
2014 proposes to determine the generic tariff for the wind power plants
Page | 2
getting commissioned during FY 2015-16, as briefly discussed and given
in Appendix and Annexures to the Appendix.
3. Comments/suggestions of the stakeholders on the above proposal are
invited by 20th April, 2015.
Jaipur, dated 20th March, 2015.
(Vinod Pandya)
Member
(Raghuvendra Singh Rathore)
Member
(Vishvanath Hiremath)
Chairman
Page | 3
The levellised generic tariff for wind power plants getting commissioned
during FY 2015-16.
1. The levellised generic tariff for wind power plants, getting
commissioned during FY 2015-16, has been discussed below:
Useful Life
2. The regulation 2(22) of RERC RE Tariff Regulations 2014 provide for a
useful life of 25 years for wind power plants and accordingly, for
computation of generic tariff, a useful life of 25 years has been
considered.
Tariff Period
3. The RERC RE Tariff Regulations 2014 at regulation 5 specify that the tariff
determined for the wind power plants getting commissioned during the
control period, shall continue to be applicable for entire duration of the
tariff period as stipulated in Regulation 6 of the Regulations, which is 25
years for wind power plants.
Tariff Structure, Tariff Design and Levellised Tariff
4. As per regulation 8 of RERC RE Tariff Regulations 2014, the tariff for wind
power plants shall be a single part tariff consisting of following fixed
cost components:
(a) Operation and Maintenance (O&M) Expenses;
(b) Depreciation;
(c) Interest on long-term loans;
(d) Interest on Working Capital; and
Appendix
Page | 4
(e) Return on Equity.
5. As per regulation 9 of RERC RE Tariff Regulations 2014, the generic tariff
for wind power plants shall be determined on levellised basis for the
tariff period and that for the purpose of levellised tariff determination,
the discount factor have been considered as per RERC (Terms and
Conditions for Determination of Tariff for Renewable Energy Sources-
Wind and Solar Energy) (First Amendment) Regulations, 2015. The
calculations for discount factor are available at Annexure-I,
accordingly the discount factor considered is10.89%.
Capital Cost
6. Commission at regulation 22(2) of RERC RE Tariff Regulations 2014 has
specified a normative Capital cost of ` 565 Lakh/MW inclusive of ` 25
Lakh/MW towards the cost of transmission system including pooling
station upto the interconnection point, and this ` 25 Lakh/MW also
includes ` 2 Lakh/MW for grid connectivity charges payable to
Transmission licensee for the FY 2014-15. The Capital cost of FY 2014-15
has been escalated for FY 2015-16, at the rate of 2.586%, as per
Indexation Mechanism outlined under regulation 23 of the RERC RE
Tariff Regulations, 2014, and accordingly Capital Cost for FY 2015-16
has been derived as 579.6 Lakh/MW inclusive of the cost of transmission
system including pooling station upto the interconnection point, which
also includes ` 2.05 Lakh/MW for grid connectivity charges payable to
Page | 5
Transmission licensee for the FY 2015-16. The detailed calculations for
escalation for FY 2015-16, are available at Annexure-II.
Debt-Equity Ratio
7. The Debt-Equity ratio of 70:30 as envisaged at regulation 15 of RERC RE
Tariff Regulations 2014 has been taken for working out the debt and
equity components of normative capital cost for determination of
levellised generic tariff.
Capacity Utilisation Factor (CUF) & de-ration in CUF
8. Regulation 24(1) of RERC RE Tariff Regulations 2014 provides for CUF of
21% for Jaisalmer, Jodhpur and Barmer districts and 20% for other
districts. Further, regulation 24(2) of the said Regulations also stipulates
a de-ration of 1.25% from 6th, 10th, 14th & 18th year in the above CUFs.
Accordingly, CUFs along with de-ration have been taken.
Operation & Maintenance (O&M) Expenses
9. Normative O&M expenses have been taken as ` 7.87 Lakh/MW for
wind power plants for FY 2014-15 in accordance with regulation 25(1)
of RERC RE Tariff regulations 2014 and same have been escalated at
the rate of 5.85% for FY 2015-16 and calculated as ` 8.33 Lakh/MW. The
O&M Expenses have been escalated @ 5.85% over the tariff period for
computation of the levellised tariff, for the plants to be commissioned
in FY 2015-16, as per the regulation 25(2) of the RERC RE Tariff
Regulations 2014.
Page | 6
Depreciation
10. In accordance with regulation 14 of the RERC RE Tariff Regulations
2014, the rate of the depreciation for the first 12 years has been
considered as 5.83% of the capital cost per annum and from 13th year
onwards, the remaining depreciable value has been spread over the
balance useful life of the wind power plant and transmission system.
Interest rate on long term loan
11. In accordance with sub-regulation (1) of regulation 13 of the RERC RE
Tariff Regulations 2014, the loan tenure of 12 years has been
considered for the purpose of determination of generic tariff for wind
power plants. Sub-regulation (2) of regulation 13 of the said Regulations
further provides for the interest rate on long term loans as 300 basis
points higher than the average State Bank of India (SBI) base rate
prevalent during first six months of the year previous to the relevant
year.
12. Accordingly, the average SBI base rate obtained from official website
of SBI, prevalent during first six months of the year FY 2014-15 has been
considered for computation of applicable interest rate, as shown in the
table below:
Table-1: Average SBI base rate during first six months of FY 2014-15
Period from Period to Base rate No. of days
1.04.2014 30.09.2014 10% 183
Average SBI Base rate for FY 2014-15 10% 183
Page | 7
13. In terms of the above, the interest rate of 13.00% (=10.00%+3.00%) has
been used for computation of interest on long term loan in generic
tariff computations, treating loan as 70% of the capital cost.
Interest on working capital requirement
14. For the purpose of working capital requirement, the composition of
working capital has been taken as per regulation 16(1) of the RERC RE
Tariff Regulations 2014.
15. In accordance with regulation 16(2) of RERC RE Tariff Regulations 2014,
the interest rate on working capital for wind power plants has been
taken as 250 basis points higher than the average of SBI Base rate
prevalent during first six months of FY 14-15, which works out to be
12.50% (=10.00%+2.50%). Accordingly, a rate of 12.50% has been taken
as interest rate on working capital requirements.
Return on Equity
16. Regulation 15(2) of the RERC RE Tariff Regulations 2014 provides for 16%
Return on Equity on equity base of 30% determined in accordance with
regulation 12 of the said Regulations. As per regulation 15(3) of the
RERC RE Tariff regulations 2014, Return on Equity has been computed
by grossing up the base rate of 16% with tax rate equivalent to
Minimum alternate Tax (MAT) for first 10 years from COD and normal tax
rate for remaining years of the project life. In line with the practice
followed during the previous control period, the MAT rate of 20.39% (=
18.5% MAT rate + 7% surcharge + 3% education cess) has been
Page | 8
considered for first year and a MAT rate of 19.06% ( = 18.5% MAT rate +
3% education cess) has been considered for remaining 9 years of the
first 10 years. For remaining 15 years of plant life (also equal to useful
life), the normal tax rate of 30.90% (= 30% tax rate + 3% education cess)
has been applied for grossing up of the base rate of Return on Equity.
Subsidy or incentive by the Central Government, including Higher
Depreciation
17. As per the regulation 21 of the RERC RE Tariff regulations 2014, the
Commission shall take into consideration any incentive or subsidy or
benefit available from Central or State Government, including
accelerated or higher depreciation benefit, if availed by the
generating company, for the renewable energy power plants while
determining the tariff under these Regulations. Further, the Generation
Based Incentive/Tariff Subsidy, if allowed by the Central/ State Govt.
would be governed by the terms and conditions of such scheme.
18. As regards impact of higher depreciation admissible to wind energy
projects, vide GoI Notification No. 15/2012 (F. No. 149/21/2010-SO (TPL)]
S.O.694 (E) dated 30.03.2012, depreciation has been restricted to 15%
for wind power plants installed after 31.03.2012. However, in addition to
this, an additional depreciation of 20% has been allowed to the wind
power projects during the first year in an amendment in the Finance
Act, 2012. Both these rates have been considered in computing
income tax benefit as given at Annexures - III & IV. In this computation,
Page | 9
the capitalization has been considered during the second half of the
fiscal year, as provided at regulation 21 of RERC RE Tariff Regulations
2014. The energy available in the second half of the year has been
taken as 30% of annual generation as has been considered in the
earlier Tariff orders of the Control period 2009-2014 as well as in FY 2014-
15 as the energy availability from wind power plant in the second half
of the year is much lower than the first half i.e. during April to
September 70% and 30% in the second half of the year. The levellised
generic tariff has been worked out considering both the situations viz. if
higher depreciation benefit is availed and if not availed.
Levellised Tariff
19. The levellised tariff has been determined for the useful life of the wind
power plants i.e. for 25 years. Therefore, PPA should be for 25 years.
20. In light of the above position, the levellised generic tariff for wind power
plants getting commissioned for FY 2015-16 has been determined as
under:
Table-2: Tariff for wind power plants getting commissioned during FY 15-16
S.
No
.
Particulars
Tariff (`/kWh) if
higher
depreciation
benefit is not
availed
Tariff (`/kWh) if
higher
depreciation
benefit is
availed
1 2 3 4
1 Wind Power Plants located in
Jaisalmer, Jodhpur & Barmer
districts
5.74 5.44
2 Wind Power Plants located in
districts other than Jaisalmer,
Jodhpur & Barmer districts.
6.03 5.72
Page | 10
21. For wind power plant claiming the higher tariff worked out as above for
projects not availing higher depreciation benefit, Commission considers
it appropriate to lay down modalities as under:
(1) The PPA should include an undertaking of the wind power
generator that higher depreciation benefit would not be availed
for the generating plant/unit.
(2) The first bill raised by the wind power generator shall be
accompanied by an undertaking that higher depreciation benefit
shall not be claimed. Based on this, the applicable tariff would be
allowed.
(3) The claims of energy charges as per applicable tariff may be
entertained based on the said undertaking upto the due date of
filing of Income Tax Return of the relevant financial year. This
would mean 30th September, 2015 for payment for the financial
year 14-15 and for the first six months (upto 30th September) of
financial year 15-16 and so on.
(4) After filing of Income Tax Return a certificate from a Chartered
Accountant (CA) that higher depreciation has not been claimed
would have to be submitted or in the alternative a copy of
Income Tax Return filed with Income Tax Department wherein
higher depreciation has not been claimed along with verification
of Tax Consultant may be furnished.
Page | 11
(5) As Income Tax Return is required to be filed in the next year, the
payment of amount corresponding to non-availment of higher
depreciation in respect of energy supplied in the month of
October onwards of the financial year following the financial year
of commissioning of the plant would be made only after the said
certificate/copy of Income Tax Return is furnished.
(6) For the energy supplied in the months of October onwards, the
methodology as given in sub-paras (4) & (5) above be followed.
22. Commission also considers it appropriate that undertaking of the wind
power generator in PPA saying that benefit of higher depreciation
would not be claimed should also include an undertaking that in case
it is found that benefit of higher depreciation has been claimed, as per
third proviso to regulation 21 of the RERC RE Tariff Regulations 2014, the
distribution licensee shall be entitled to recover the amount wrongly
claimed by power generator along with penal charges @ 1.50% per
month calculated on daily basis.
23. Similarly, annual undertaking would need to be furnished if CDM
benefit is not availed. However, if CDM benefit is availed, it would have
to be shared between the distribution licensee and generating
company as envisaged in regulation 20 of the RE RERC Tariff
Regulations 2014.
Page | 12
24. The detailed calculations for determination of tariff are annexed as
under:
1. Calculation for Discount Factor considered for FY 2015-16 Annexure-I
2. Calculation for escalation rate for arriving at Capital Cost
for FY 2015-16
Annexure-II
3. Tariff determination of Wind Energy Power Plant -
located in Jaisalmer, Jodhpur & Barmer districts
Annexure-III
4. Tariff determination of Wind Energy Power Plant - located
in districts other than Jaisalmer, Jodhpur & Barmer districts
Annexure-IV
****************
Annexure-I
Calculation of Discount Factor for FY 2015-16 as per RERC (Terms and
Conditions for Determination of Tariff for Renewable Energy Sources - Wind
and Solar Energy) (First Amendment) Regulations, 2015:
DF = ((IR * DC * (1-IT)) + (ROE * EC)
= ((13.00 * 0.70 * (1- 33.06%)) + (16 * 0.30)
= 10.89%
Where,
DF = Discount Factor,
IR = Interest rate in percentage,
DC = Debt Component,
IT = Income tax rate,
ROE = Return of Equity in percentage,
EC = Equity Component
Annexure-II
Capital Cost Indexation for Wind Power Projects (FY 2015-16)
Indexation Formulation
CC(n) = P&M(n)*[1+F1+F2+F3] = 579.6
d(n) = (a*(SI(n-1)/ SI(0))-1)+b*( EI(n-1)/ EI(0))-1))/(a+b)
= (0.60*(129.91/126.2)-1)+0.40*(138.408/135.617)-1))/(0.6+0.4)
= 0.02587= 2.587%
P&M(n) = P&M(0)*(1+d(n))
= 452 * (1+0.02587) = 463.69
Variable Description Value
a Weightage for Steel Index 0.60
b Weightage for Electrical Machinery Index 0.40
F1 Factor for land and civil work 0.08
F2 Factor for Erection and Commissioning 0.07
F3 Factor for IDC and Financing 0.10
Month/Year Electrical Machinery Steel
2014 2013 2014 2013
January 137.4 133.9 126.2 126.2
February 137.8 133.8 126.2 126.2
March 138.4 134.1 126.2 126.2
April 138.4 134.5 135.1 126.2
May 138.6 135.5 129.6 126.2
June 138.6 135.6 130.6 126.2
July 138.8 135.6 130.5 126.2
August 138.4 135.7 130.9 126.2
September 138.6 136.3 130.9 126.2
October 138.7 137.1 130.9 126.2
November 138.7 137.5 130.9 126.2
December 138.5 137.8 130.9 126.2
Average 138.408 135.617 129.908 126.2
Parameters Description Value
CC(0) (` L/MW) Capital Cost for the base year 565
P&M(0) (` L/MW) Plant and Machinery cost for the base year 452
d(n) Capital Cost escalation factor 2.587%
P&M(n) (` L/MW) Plant and Machinery cost for the nth year
(FY 2015-16)
463.69
CC(n) (` L/MW) Capital Cost for the nth year (FY 2015-16) 579.6
Source of WPI (Steel and Electrical Machinery): Office of Economic Advisor,
Ministry of Commerce and Industry (www.eaindustry.nic.in)
TARIFF FOR WIND POWER PLANTS LOCATED IN JAISALMER,BARMER & JODHPUR DISTRICTS
Annexure-III
5.7399
5.74
0.2951
5.4448
5.44
Case Select Option 1
S. No.Assumption
HeadSub-Head Sub-Head (2) Unit Base Case
1 Power Generation
Capacity
Installed Power Generation Capacity MW 1
CUF % 21%
Deration factor % 1.25
Life of Transmission system Years 35
Life of Power Plant Years 25
2 Project CostCapital Cost/MW inc Land,Trans &Connectivity charges (Rs 2 Lacs) Rs Lakh/MW 579.6Project Cost Power Plant Cost including connectivity charges Rs Lakh/MW 554
Tranmssion line Cost Rs Lakh/MW 25.64
Connectivity Charges Rs Lacs/MW 2.0512
3 Sources of Funds
Debt: Equity
Debt % 70%
Equity % 30%
Total Debt Amount Rs Lakh 405.72
Total Equity Amout Rs Lakh 174
Funding Options-1 (Domestic Loan Source-1)
Loan Amount Rs Lakh 405.72
Moratorium Period years 0
Intrest Rate % 13.00%
Loan repayment per annum Rs Lakh 33.81
Funding Options-2 ( Equity Finance )
Equity amount Rs Lakh 174
Return on Equity % p.a 16.00%
Discount Rate (As per CERC Notification 7.10.2013) 10.89%
4 Financial Assumptions
Fiscal Assumptions
Income Tax (for yr-11 to yr-25) % 30.90%
MAT Rate (for yr-1) % 20.39%
MAT Rate (for yr-2 to yr-10) % 19.06%
80 IA benefits Yes/No Yes
Higher Depreciation benefit Rs/kWh 0.30
Depreciation
Depreciation Rate(power plant) % 5.83%
Depreciation Rate(Transmission) % 5.83%
Years for 5.83% rate 12
5 Working Capital Requirement
O&M Charges Months 1
Maintenance Spare (% of O&M expenses) % 15%
Receivables for Debtors Months 1.5
Intrest On Working Capital % 12.50%
6 Operation & Maintenance Expenses (2014-15)
power plant Rs Lakh/MW Rs Lakh/MW 7.50
Transmission lines Rs Lakh/MW Rs Lakh/MW 0.83
Total O&M Expenses Rs Lakh/MW Rs Lakh/MW 8.33
Total O & M Expenses Escalation % 5.85%
Months of Operations MU 12
Working Hours/Day Hrs 24
No. of Days Days 365
Total No. of Hours Hrs 8760
Levelised Tariff (Rs/kWh) without HD
Levelised Tariff (Rs/kWh) without HD (Rounding off)
Higher Depreciation benefit (Rs/kWh)
Levelised Tariff (Rs/kWh) with HD
Levelised Tariff (Rs/kWh) with HD (Rounding off)
TARIFF FOR WIND POWER PLANTS LOCATED IN JAISALMER,BARMER & JODHPUR DISTRICTS Annexure-III contd…
1 0.902 0.813 0.733 0.661 0.596 0.538 0.485 0.437 0.394 0.356 0.321 0.289 0.261 0.235 0.212 0.191 0.173 0.156 0.140 0.127 0.114 0.103 0.093 0.084
Units Generation Unit Year---> 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
Deration in capacity % 0% 0% 0% 0% 0% 1.25% 1.25% 1.25% 1.25% 2.50% 2.50% 2.50% 2.50% 3.75% 3.75% 3.75% 3.75% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%Installed Capacity MW 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Generation MU 1.84 1.84 1.84 1.84 1.84 1.82 1.82 1.82 1.82 1.79 1.79 1.79 1.79 1.77 1.77 1.77 1.77 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75
Cost of generation Unit Year---> 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25O&M Expenses Rs Lakh 8.33 8.82 9.33 9.88 10.46 11.07 11.72 12.40 13.13 13.90 14.71 15.57 16.48 17.44 18.46 19.54 20.69 21.90 23.18 24.53 25.97 27.49 29.10 30.80 32.60
Depreciation Rs Lakh 33.79 33.79 33.79 33.79 33.79 33.79 33.79 33.79 33.79 33.79 33.79 33.79 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93
Interest on term loan Rs Lakh 50.55 46.15 41.76 37.36 32.96 28.57 24.17 19.78 15.38 10.99 6.59 2.20 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Interest on working Capital Rs Lakh 2.27 2.22 2.17 2.12 2.08 2.04 2.00 1.96 1.92 1.89 1.95 1.92 1.53 1.57 1.62 1.67 1.72 1.78 1.84 1.90 1.96 2.03 2.10 2.18 2.26
Return on Equity Rs Lakh 34.95 34.37 34.37 34.37 34.37 34.37 34.37 34.37 34.37 34.37 40.26 40.26 40.26 40.26 40.26 40.26 40.26 40.26 40.26 40.26 40.26 40.26 40.26 40.26 40.26
Total Cost of generation Rs Lakh 129.89 125.34 121.42 117.52 113.66 109.84 106.05 102.30 98.59 94.93 97.30 93.74 67.21 68.21 69.28 70.41 71.61 72.87 74.21 75.63 77.13 78.72 80.40 82.18 84.06
Per unit Cost of generation Rs/kWh 7.06 6.81 6.60 6.39 6.18 6.05 5.84 5.63 5.43 5.29 5.42 5.23 3.75 3.85 3.91 3.98 4.04 4.17 4.25 4.33 4.41 4.50 4.60 4.70 4.81
Levellised Tariff (Rs/kWh) 5.74 25 years
Note(s):
1.Levelised tariff has been worked out by carrying out levelisation over 25 years and with normative debt equity ratio (70:30).
2. Figures may not tally exactly on account of rounding of .
TARIFF FOR WIND POWER PLANTS LOCATED IN JAISALMER,BARMER & JODHPUR DISTRICTS
Operation and Maintenance Expenses
Particular Unit Year---> 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
O&M expense for power plant Rs Lakh 7.50 7.94 8.40 8.89 9.42 9.97 10.55 11.17 11.82 12.51 13.24 14.02 14.84 15.71 16.62 17.60 18.63 19.72 20.87 22.09 23.38 24.75 26.20 27.73 29.35
O&M expense for transmission linesRs Lakh 0.83 0.88 0.93 0.98 1.04 1.10 1.17 1.24 1.31 1.38 1.47 1.55 1.64 1.74 1.84 1.95 2.06 2.18 2.31 2.44 2.59 2.74 2.90 3.07 3.25
Total O&M expense Rs Lakh 8.33 8.82 9.33 9.88 10.46 11.07 11.72 12.40 13.13 13.90 14.71 15.57 16.48 17.44 18.46 19.54 20.69 21.90 23.18 24.53 25.97 27.49 29.10 30.80 32.60
TARIFF FOR WIND POWER PLANTS LOCATED IN JAISALMER,BARMER & JODHPUR DISTRICTS
Depreciation
Particular Unit Description
Power Plant Cost Rs Lakh 579.6
Transmission cost Rs Lakh 25.64
Life of Plant Years 25
Life of transmission system Years 35
Years -----------------> Unit 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35
Depreciation for power plant Rs Lakh 33.79 33.79 33.79 33.79 33.79 33.79 33.79 33.79 33.79 33.79 33.79 33.79 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Depreciation Rs Lakh 33.79 33.79 33.79 33.79 33.79 33.79 33.79 33.79 33.79 33.79 33.79 33.79 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TARIFF FOR WIND POWER PLANTS LOCATED IN JAISALMER,BARMER & JODHPUR DISTRICTS
Long-Term Debt Schedule
Particular Unit Year---> 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
Opening Balance Rs Lakh 405.72 371.91 338.10 304.29 270.48 236.67 202.86 169.05 135.24 101.43 67.62 33.81 0.00 0.00 0.00 0.00 0.00
Repayment Rs Lakh 33.81 33.81 33.81 33.81 33.81 33.81 33.81 33.81 33.81 33.81 33.81 33.81 0.00 0.00 0.00 0.00 0.00
Closing Balance Rs Lakh 371.91 338.10 304.29 270.48 236.67 202.86 169.05 135.24 101.43 67.62 33.81 0.00 0.00 0.00 0.00 0.00 0.00
Interest Rs Lakh 50.55 46.15 41.76 37.36 32.96 28.57 24.17 19.78 15.38 10.99 6.59 2.20 0.00 0.00 0.00 0.00 0.00
TARIFF FOR WIND POWER PLANTS LOCATED IN JAISALMER,BARMER & JODHPUR DISTRICTS
Working Captial Requirement
Particular Unit Year---> 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
O&M expense for power plant Rs Lakh 0.63 0.66 0.70 0.74 0.78 0.83 0.88 0.93 0.98 1.04 1.10 1.17 1.24 1.31 1.39 1.47 1.55 1.64 1.74 1.84 1.95 2.06 2.18 2.31 2.45
O&M expense for transmission linesRs Lakh 0.07 0.07 0.08 0.08 0.09 0.09 0.10 0.10 0.11 0.12 0.12 0.13 0.14 0.14 0.15 0.16 0.17 0.18 0.19 0.20 0.22 0.23 0.24 0.26 0.27
Receivables Rs Lakh 16.24 15.67 15.18 14.69 14.21 13.73 13.26 12.79 12.32 11.87 12.16 11.72 8.40 8.53 8.66 8.80 8.95 9.11 9.28 9.45 9.64 9.84 10.05 10.27 10.51
Mintenance Spare Rs Lakh 1.25 1.32 1.40 1.48 1.57 1.66 1.76 1.86 1.97 2.08 2.21 2.34 2.47 2.62 2.77 2.93 3.10 3.28 3.48 3.68 3.90 4.12 4.36 4.62 4.89
Total Working Capital Rs Lakh 18.18 17.73 17.36 17.00 16.65 16.31 15.99 15.68 15.39 15.11 15.59 15.35 12.25 12.60 12.97 13.36 13.78 14.22 14.68 15.18 15.70 16.25 16.84 17.46 18.11
Interest Rate % 12.50%
Interest on Working Capital Rs Lakh 2.27 2.22 2.17 2.12 2.08 2.04 2.00 1.96 1.92 1.89 1.95 1.92 1.53 1.57 1.62 1.67 1.72 1.78 1.84 1.90 1.96 2.03 2.10 2.18 2.26
TARIFF FOR WIND POWER PLANTS LOCATED IN JAISALMER,BARMER & JODHPUR DISTRICTS
Return on Equity
Praticular Unit Year---> 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
Pre-tax ROE Rs Lakh 27.82 27.82 27.82 27.82 27.82 27.82 27.82 27.82 27.82 27.82 27.82 27.82 27.82 27.82 27.82 27.82 27.82 27.82 27.82 27.82 27.82 27.82 27.82 27.82 27.82
Income tax component for Gross up Rs Lakh 7.13 6.55 6.55 6.55 6.55 6.55 6.55 6.55 6.55 6.55 12.44 12.44 12.44 12.44 12.44 12.44 12.44 12.44 12.44 12.44 12.44 12.44 12.44 12.44 12.44
ROE (Grossed up for I.Tax) Rs Lakh 34.95 34.37 34.37 34.37 34.37 34.37 34.37 34.37 34.37 34.37 40.26 40.26 40.26 40.26 40.26 40.26 40.26 40.26 40.26 40.26 40.26 40.26 40.26 40.26 40.26
Determination of Higher Depreciation Benefit for Wind Power Projects
Depreciation amount 90% Annexure-III contd...
Book Depreciation rate 5.83%
Tax Depreciation rate 15%
Additional depreciation rate
applicable during first year
20%
Income Tax 33.06% 30.90% (yr-2 onwards)
Capital Cost 579.60 Rs Lakh/MW
Year(s)--> Unit 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
Depreciation % 2.92% 5.83% 5.83% 5.83% 5.83% 5.83% 5.83% 5.83% 5.83% 5.83% 5.83% 5.83% 1.54% 1.54% 1.54% 1.54% 1.54% 1.54% 1.54% 1.54% 1.54% 1.54% 1.54% 1.54% 1.54%
Depreciation Rs Lacs 16.90 33.79 33.79 33.79 33.79 33.79 33.79 33.79 33.79 33.79 33.79 33.79 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93
Higher Depreciation Benefit
Opening balance % 100.00% 82.50% 61.88% 52.59% 44.70% 38.00% 32.30% 27.45% 23.34% 19.84% 16.86% 14.33% 12.18% 10.35% 8.80% 7.48% 6.36% 5.41% 4.59% 3.91% 3.32% 2.82% 2.40% 2.04% 1.73%
Allowed during the year % 17.50% 20.63% 9.28% 7.89% 6.71% 5.70% 4.84% 4.12% 3.50% 2.98% 2.53% 2.15% 1.83% 1.55% 1.32% 1.12% 0.95% 0.81% 0.69% 0.59% 0.50% 0.42% 0.36% 0.31% 0.26%
Closing % 82.50% 61.88% 52.59% 44.70% 38.00% 32.30% 27.45% 23.34% 19.84% 16.86% 14.33% 12.18% 10.35% 8.80% 7.48% 6.36% 5.41% 4.59% 3.91% 3.32% 2.82% 2.40% 2.04% 1.73% 1.47%
Higher depreciation Rs Lacs 101.43 119.54 53.79 45.73 38.87 33.04 28.08 23.87 20.29 17.25 14.66 12.46 10.59 9.00 7.65 6.50 5.53 4.70 3.99 3.40 2.89 2.45 2.09 1.77 1.51
Net depreciation benefit Rs Lacs 84.53 85.75 20.00 11.93 5.08 (0.75) (5.71) (9.92) (13.50) (16.55) (19.13) (21.33) 1.66 0.07 (1.28) (2.43) (3.41) (4.24) (4.94) (5.54) (6.05) (6.48) (6.85) (7.16) (7.43)
Tax Benefit Rs Lacs 27.95 26.50 6.18 3.69 1.57 (0.23) (1.76) (3.07) (4.17) (5.11) (5.91) (6.59) 0.51 0.02 (0.40) (0.75) (1.05) (1.31) (1.53) (1.71) (1.87) (2.00) (2.12) (2.21) (2.30)
Discounted Tax Benefit Rs Lacs 27.95 25.20 5.30 2.85 1.09 (0.15) (1.00) (1.57) (1.92) (2.13) (2.22) (2.23) 0.16 0.01 (0.10) (0.17) (0.21) (0.24) (0.25) (0.25) (0.25) (0.24) (0.23) (0.22) (0.20)
Levelised tax benefit Rs Lacs 4.96
Energy Generation MU 0.55 1.84 1.84 1.84 1.84 1.82 1.82 1.82 1.82 1.79 1.79 1.79 1.79 1.77 1.77 1.77 1.77 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75
Discounted Generation MU 0.55 1.75 1.58 1.42 1.28 1.14 1.03 0.93 0.84 0.75 0.67 0.61 0.55 0.49 0.44 0.40 0.36 0.32 0.29 0.26 0.23 0.21 0.19 0.17 0.15
Levelised generation MU 1.68
Per Unit Benefit Rs/kWh 5.06 1.44 0.34 0.20 0.09 (0.01) (0.10) (0.17) (0.23) (0.29) (0.33) (0.37) 0.03 0.00 (0.02) (0.04) (0.06) (0.07) (0.09) (0.10) (0.11) (0.11) (0.12) (0.13) (0.13)
Discount Factor 1.00 0.90 0.81 0.73 0.66 0.60 0.54 0.49 0.44 0.39 0.36 0.32 0.29 0.26 0.24 0.21 0.19 0.17 0.16 0.14 0.13 0.11 0.10 0.09 0.08
Applicable Discount Factor 1.00 0.95 0.86 0.77 0.70 0.63 0.57 0.51 0.46 0.42 0.38 0.34 0.31 0.28 0.25 0.22 0.20 0.18 0.16 0.15 0.13 0.12 0.11 0.10 0.09
Levelised ITAX benefit Rs/kWh 0.2951
Note(s):
TARIFF FOR WIND POWER PLANTS LOCATED IN JAISALMER,BARMER & JODHPUR DISTRICTS
1.In the above calculations, depreciation for the first year has been considered as 17.50%(= 50% of (15%+20%)) as per CERC methodology
2. Generation for the first year has been considered as 30% of the normative generation for the second half of the financial year.
3. For working out Tax benefit, income tax rate for the first year has been considered as 32.45% and 30.90% has been considered for remaining useful life.
4. Figures may not tally exactly on account of rounding of .
TARIFF FOR WIND POWER PLANTS LOCATED IN DISTRICTS OTHER THAN JAISALMER,BARMER & JODHPUR
Annexure-IV
6.0269
6.03
0.3099
5.7170
5.72
Case Select Option 2
S. No.Assumption
HeadSub-Head Sub-Head (2) Unit Base Case
1 Power Generation
Capacity
Installed Power Generation Capacity MW 1
CUF % 20%
Deration factor % 1.25
Life of Transmission system Years 35
Life of Power Plant Years 25
2 Project CostCapital Cost/MW inc Land,Trans &Connectivity charges (Rs 2 Lacs) Rs Lakh/MW 579.6Project Cost Power Plant Cost including connectivity charges Rs Lakh/MW 554
Tranmssion line Cost Rs Lakh/MW 25.64
Connectivity Charges Rs Lacs/MW 2.0512
3 Sources of Funds
Debt: Equity
Debt % 70%
Equity % 30%
Total Debt Amount Rs Lakh 405.72
Total Equity Amout Rs Lakh 174
Funding Options-1 (Domestic Loan Source-1)
Loan Amount Rs Lakh 405.72
Moratorium Period years 0
Intrest Rate % 13.00%
Loan repayment per annum Rs Lakh 33.81
Funding Options-2 ( Equity Finance )
Equity amount Rs Lakh 174
Return on Equity % p.a 16.00%
Discount Rate (As per CERC Notification 7.10.2013) 10.89%
4 Financial Assumptions
Fiscal Assumptions
Income Tax (for yr-11 to yr-25) % 30.90%
MAT Rate (for yr-1) % 20.39%
MAT Rate (for yr-2 to yr-10) % 19.06%
80 IA benefits Yes/No Yes
Higher Depreciation benefit Rs/kWh 0.31
Depreciation
Depreciation Rate(power plant) % 5.83%
Depreciation Rate(Transmission) % 5.83%
Years for 5.83% rate 12
5 Working Capital Requirement
O&M Charges Months 1
Maintenance Spare (% of O&M expenses) % 15%
Receivables for Debtors Months 1.5
Intrest On Working Capital % 12.50%
6 Operation & Maintenance Expenses (2014-15)
power plant Rs Lakh/MW Rs Lakh/MW 7.50
Transmission lines Rs Lakh/MW Rs Lakh/MW 0.83
Total O&M Expenses Rs Lakh/MW Rs Lakh/MW 8.33
Total O & M Expenses Escalation % 5.85%
Months of Operations MU 12
Working Hours/Day Hrs 24
No. of Days Days 365
Total No. of Hours Hrs 8760
Levelised Tariff (Rs/kWh) without HD
Levelised Tariff (Rs/kWh) without HD (Rounding off)
Higher Depreciation benefit (Rs/kWh)
Levelised Tariff (Rs/kWh) with HD
Levelised Tariff (Rs/kWh) with HD (Rounding off)
TARIFF FOR WIND POWER PLANTS LOCATED IN DISTRICTS OTHER THAN JAISALMER,BARMER & JODHPUR Annexure-IV contd…
1 0.902 0.813 0.733 0.661 0.596 0.538 0.485 0.437 0.394 0.356 0.321 0.289 0.261 0.235 0.212 0.191 0.173 0.156 0.140 0.127 0.114 0.103 0.093 0.084
Units Generation Unit Year---> 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
Deration in capacity % 0% 0% 0% 0% 0% 1.25% 1.25% 1.25% 1.25% 2.50% 2.50% 2.50% 2.50% 3.75% 3.75% 3.75% 3.75% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%Installed Capacity MW 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Generation MU 1.75 1.75 1.75 1.75 1.75 1.73 1.73 1.73 1.73 1.71 1.71 1.71 1.71 1.69 1.69 1.69 1.69 1.66 1.66 1.66 1.66 1.66 1.66 1.66 1.66
Cost of generation Unit Year---> 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25O&M Expenses Rs Lakh 8.33 8.82 9.33 9.88 10.46 11.07 11.72 12.40 13.13 13.90 14.71 15.57 16.48 17.44 18.46 19.54 20.69 21.90 23.18 24.53 25.97 27.49 29.10 30.80 32.60
Depreciation Rs Lakh 33.79 33.79 33.79 33.79 33.79 33.79 33.79 33.79 33.79 33.79 33.79 33.79 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93
Interest on term loan Rs Lakh 50.55 46.15 41.76 37.36 32.96 28.57 24.17 19.78 15.38 10.99 6.59 2.20 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Interest on working Capital Rs Lakh 2.27 2.22 2.17 2.12 2.08 2.04 2.00 1.96 1.92 1.89 1.95 1.92 1.53 1.57 1.62 1.67 1.72 1.78 1.84 1.90 1.96 2.03 2.10 2.18 2.26
Return on Equity Rs Lakh 34.95 34.37 34.37 34.37 34.37 34.37 34.37 34.37 34.37 34.37 40.26 40.26 40.26 40.26 40.26 40.26 40.26 40.26 40.26 40.26 40.26 40.26 40.26 40.26 40.26
Total Cost of generation Rs Lakh 129.89 125.34 121.42 117.52 113.66 109.84 106.05 102.30 98.59 94.93 97.30 93.74 67.21 68.21 69.28 70.41 71.61 72.87 74.21 75.63 77.13 78.72 80.40 82.18 84.06
Per unit Cost of generation Rs/kWh 7.41 7.15 6.93 6.71 6.49 6.35 6.13 5.91 5.70 5.56 5.70 5.49 3.93 4.05 4.11 4.18 4.25 4.38 4.46 4.54 4.63 4.73 4.83 4.94 5.05
Levellised Tariff (Rs/kWh) 6.03 25 years
Note(s):
1.Levelised tariff has been worked out by carrying out levelisation over 25 years and with normative debt equity ratio (70:30).
2. Figures may not tally exactly on account of rounding of .
TARIFF FOR WIND POWER PLANTS LOCATED IN DISTRICTS OTHER THAN JAISALMER,BARMER & JODHPUR
Operation and Maintenance Expenses
Particular Unit Year---> 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
O&M expense for power plant Rs Lakh 7.50 7.94 8.40 8.89 9.42 9.97 10.55 11.17 11.82 12.51 13.24 14.02 14.84 15.71 16.62 17.60 18.63 19.72 20.87 22.09 23.38 24.75 26.20 27.73 29.35
O&M expense for transmission linesRs Lakh 0.83 0.88 0.93 0.98 1.04 1.10 1.17 1.24 1.31 1.38 1.47 1.55 1.64 1.74 1.84 1.95 2.06 2.18 2.31 2.44 2.59 2.74 2.90 3.07 3.25
Total O&M expense Rs Lakh 8.33 8.82 9.33 9.88 10.46 11.07 11.72 12.40 13.13 13.90 14.71 15.57 16.48 17.44 18.46 19.54 20.69 21.90 23.18 24.53 25.97 27.49 29.10 30.80 32.60
TARIFF FOR WIND POWER PLANTS LOCATED IN DISTRICTS OTHER THAN JAISALMER,BARMER & JODHPUR
Depreciation
Particular Unit Description
Power Plant Cost Rs Lakh 579.6
Transmission cost Rs Lakh 25.64
Life of Plant Years 25
Life of transmission system Years 35
Years -----------------> Unit 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35
Depreciation for power plant Rs Lakh 33.79 33.79 33.79 33.79 33.79 33.79 33.79 33.79 33.79 33.79 33.79 33.79 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Depreciation Rs Lakh 33.79 33.79 33.79 33.79 33.79 33.79 33.79 33.79 33.79 33.79 33.79 33.79 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TARIFF FOR WIND POWER PLANTS LOCATED IN DISTRICTS OTHER THAN JAISALMER,BARMER & JODHPUR
Long-Term Debt Schedule
Particular Unit Year---> 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
Opening Balance Rs Lakh 405.72 371.91 338.10 304.29 270.48 236.67 202.86 169.05 135.24 101.43 67.62 33.81 0.00 0.00 0.00 0.00 0.00
Repayment Rs Lakh 33.81 33.81 33.81 33.81 33.81 33.81 33.81 33.81 33.81 33.81 33.81 33.81 0.00 0.00 0.00 0.00 0.00
Closing Balance Rs Lakh 371.91 338.10 304.29 270.48 236.67 202.86 169.05 135.24 101.43 67.62 33.81 0.00 0.00 0.00 0.00 0.00 0.00
Interest Rs Lakh 50.55 46.15 41.76 37.36 32.96 28.57 24.17 19.78 15.38 10.99 6.59 2.20 0.00 0.00 0.00 0.00 0.00
TARIFF FOR WIND POWER PLANTS LOCATED IN DISTRICTS OTHER THAN JAISALMER,BARMER & JODHPUR
Working Captial Requirement
Particular Unit Year---> 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
O&M expense for power plant Rs Lakh 0.63 0.66 0.70 0.74 0.78 0.83 0.88 0.93 0.98 1.04 1.10 1.17 1.24 1.31 1.39 1.47 1.55 1.64 1.74 1.84 1.95 2.06 2.18 2.31 2.45
O&M expense for transmission linesRs Lakh 0.07 0.07 0.08 0.08 0.09 0.09 0.10 0.10 0.11 0.12 0.12 0.13 0.14 0.14 0.15 0.16 0.17 0.18 0.19 0.20 0.22 0.23 0.24 0.26 0.27
Receivables Rs Lakh 16.24 15.67 15.18 14.69 14.21 13.73 13.26 12.79 12.32 11.87 12.16 11.72 8.40 8.53 8.66 8.80 8.95 9.11 9.28 9.45 9.64 9.84 10.05 10.27 10.51
Mintenance Spare Rs Lakh 1.25 1.32 1.40 1.48 1.57 1.66 1.76 1.86 1.97 2.08 2.21 2.34 2.47 2.62 2.77 2.93 3.10 3.28 3.48 3.68 3.90 4.12 4.36 4.62 4.89
Total Working Capital Rs Lakh 18.18 17.73 17.36 17.00 16.65 16.31 15.99 15.68 15.39 15.11 15.59 15.35 12.25 12.60 12.97 13.36 13.78 14.22 14.68 15.18 15.70 16.25 16.84 17.46 18.11
Interest Rate % 12.50%
Interest on Working Capital Rs Lakh 2.27 2.22 2.17 2.12 2.08 2.04 2.00 1.96 1.92 1.89 1.95 1.92 1.53 1.57 1.62 1.67 1.72 1.78 1.84 1.90 1.96 2.03 2.10 2.18 2.26
TARIFF FOR WIND POWER PLANTS LOCATED IN DISTRICTS OTHER THAN JAISALMER,BARMER & JODHPUR
Return on Equity
Praticular Unit Year---> 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
Pre-tax ROE Rs Lakh 27.82 27.82 27.82 27.82 27.82 27.82 27.82 27.82 27.82 27.82 27.82 27.82 27.82 27.82 27.82 27.82 27.82 27.82 27.82 27.82 27.82 27.82 27.82 27.82 27.82
Income tax component for Gross up Rs Lakh 7.13 6.55 6.55 6.55 6.55 6.55 6.55 6.55 6.55 6.55 12.44 12.44 12.44 12.44 12.44 12.44 12.44 12.44 12.44 12.44 12.44 12.44 12.44 12.44 12.44
ROE (Grossed up for I.Tax) Rs Lakh 34.95 34.37 34.37 34.37 34.37 34.37 34.37 34.37 34.37 34.37 40.26 40.26 40.26 40.26 40.26 40.26 40.26 40.26 40.26 40.26 40.26 40.26 40.26 40.26 40.26
Determination of Higher Depreciation Benefit for Wind Power Projects
Depreciation amount 90% Annexure-IV contd...
Book Depreciation rate 5.83%
Tax Depreciation rate 15%
Additional depreciation rate
applicable during first year
20%
Income Tax 33.06% 30.90% (yr-2 onwards)
Capital Cost 579.60 Rs Lakh/MW
Year(s)--> Unit 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
Depreciation % 2.92% 5.83% 5.83% 5.83% 5.83% 5.83% 5.83% 5.83% 5.83% 5.83% 5.83% 5.83% 1.54% 1.54% 1.54% 1.54% 1.54% 1.54% 1.54% 1.54% 1.54% 1.54% 1.54% 1.54% 1.54%
Depreciation Rs Lacs 16.90 33.79 33.79 33.79 33.79 33.79 33.79 33.79 33.79 33.79 33.79 33.79 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93 8.93
Higher Depreciation Benefit
Opening balance % 100.00% 82.50% 61.88% 52.59% 44.70% 38.00% 32.30% 27.45% 23.34% 19.84% 16.86% 14.33% 12.18% 10.35% 8.80% 7.48% 6.36% 5.41% 4.59% 3.91% 3.32% 2.82% 2.40% 2.04% 1.73%
Allowed during the year % 17.50% 20.63% 9.28% 7.89% 6.71% 5.70% 4.84% 4.12% 3.50% 2.98% 2.53% 2.15% 1.83% 1.55% 1.32% 1.12% 0.95% 0.81% 0.69% 0.59% 0.50% 0.42% 0.36% 0.31% 0.26%
Closing % 82.50% 61.88% 52.59% 44.70% 38.00% 32.30% 27.45% 23.34% 19.84% 16.86% 14.33% 12.18% 10.35% 8.80% 7.48% 6.36% 5.41% 4.59% 3.91% 3.32% 2.82% 2.40% 2.04% 1.73% 1.47%
Higher depreciation Rs Lacs 101.43 119.54 53.79 45.73 38.87 33.04 28.08 23.87 20.29 17.25 14.66 12.46 10.59 9.00 7.65 6.50 5.53 4.70 3.99 3.40 2.89 2.45 2.09 1.77 1.51
Net depreciation benefit Rs Lacs 84.53 85.75 20.00 11.93 5.08 (0.75) (5.71) (9.92) (13.50) (16.55) (19.13) (21.33) 1.66 0.07 (1.28) (2.43) (3.41) (4.24) (4.94) (5.54) (6.05) (6.48) (6.85) (7.16) (7.43)
Tax Benefit Rs Lacs 27.95 26.50 6.18 3.69 1.57 (0.23) (1.76) (3.07) (4.17) (5.11) (5.91) (6.59) 0.51 0.02 (0.40) (0.75) (1.05) (1.31) (1.53) (1.71) (1.87) (2.00) (2.12) (2.21) (2.30)
Discounted Tax Benefit Rs Lacs 27.95 25.20 5.30 2.85 1.09 (0.15) (1.00) (1.57) (1.92) (2.13) (2.22) (2.23) 0.16 0.01 (0.10) (0.17) (0.21) (0.24) (0.25) (0.25) (0.25) (0.24) (0.23) (0.22) (0.20)
Levelised tax benefit Rs Lacs 4.96
Energy Generation MU 0.53 1.75 1.75 1.75 1.75 1.73 1.73 1.73 1.73 1.71 1.71 1.71 1.71 1.69 1.69 1.69 1.69 1.66 1.66 1.66 1.66 1.66 1.66 1.66 1.66
Discounted Generation MU 0.53 1.67 1.50 1.35 1.22 1.09 0.98 0.88 0.80 0.71 0.64 0.58 0.52 0.46 0.42 0.38 0.34 0.30 0.27 0.25 0.22 0.20 0.18 0.16 0.15
Levelised generation MU 1.60
Per Unit Benefit Rs/kWh 5.32 1.51 0.35 0.21 0.09 (0.01) (0.10) (0.18) (0.24) (0.30) (0.35) (0.39) 0.03 0.00 (0.02) (0.04) (0.06) (0.08) (0.09) (0.10) (0.11) (0.12) (0.13) (0.13) (0.14)
Discount Factor 1.00 0.90 0.81 0.73 0.66 0.60 0.54 0.49 0.44 0.39 0.36 0.32 0.29 0.26 0.24 0.21 0.19 0.17 0.16 0.14 0.13 0.11 0.10 0.09 0.08
Applicable Discount Factor 1.00 0.95 0.86 0.77 0.70 0.63 0.57 0.51 0.46 0.42 0.38 0.34 0.31 0.28 0.25 0.22 0.20 0.18 0.16 0.15 0.13 0.12 0.11 0.10 0.09
Levelised ITAX benefit Rs/kWh 0.3099
Note(s):
TARIFF FOR WIND POWER PLANTS LOCATED IN DISTRICTS OTHER THAN JAISALMER,BARMER & JODHPUR
1.In the above calculations, depreciation for the first year has been considered as 17.50%(= 50% of (15%+20%)) as per CERC methodology
2. Generation for the first year has been considered as 30% of the normative generation for the second half of the financial year.
3. For working out Tax benefit, income tax rate for the first year has been considered as 32.45% and 30.90% has been considered for remaining useful life.
4. Figures may not tally exactly on account of rounding of .
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