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Document Sample
Coal Based Power Plant
Summary of Main Assumptions
Remarks
Number of units No. 1
Installed Capacity MW 300
Estimated Project Cost / MW Mn. Rs. 43.00
Total Project Cost Mn. Rs. 12900.00
Debt 80% 10320.00
Equity 20% 2580.00
Rupee Debt 100% 10320.00
Forex Debt 0% 0.00
Rupee Equity 60% 1548.00
Forex Equity 40% 1032.00 21.00 USD
PPA & Other Operational Assumptions
Term of the PPA Years 25 From COD of the Project
Stabilization period of the each unit Months 6 From COD of the Unit
Station Heat Rate - Stabilization Kcal/kWh 2600
Station Heat Rate - Normal Operations Kcal/kWh 2500
Heat required from EPC Kcal/kWh 2400
Auxillary Consumption As Per CERC 9% Donot change this Column
Auxiliary Consumption - Stabilization % 9.00% As % of actual generation
Auxiliary Consumption - Normal Operation % 9.00% As % of actual generation
Depreciable cost calculations
Cost Item Rs. mn
Land 150.0
Site Development 217.0 10,695.77
Turnkey EPC price - Equipment 8,927.5
Turnkey EPC price - Building 825.0
Initial Spares 251.6
Non Epc Contract 474.7
Design, Engineering, Construction Supervision 258.0
Tools & Plants 64.5
Establishment costs 119.3
Preliminary Expenses & Preoperative 28.4
O&M mobilisation 11.6
Upfront Fee 103.2
Finance Charges 51.6
Interest During Construction
Rupee 1,132.7
FC -
Security Deposit & Margin Money -
Contingency provision 47.8
Margin Money for WC 237.7
Total 12,900.6
Less:
Land 150.00
Margin Money 237.66
Total 387.66
Total Capitalised Value 12,512.9
Capitalised costs
Design, Engineering, Construction Supervision 258.0
Establishment costs 119.3
Preliminary Expenses & Preoperative 28.4
O&M mobilisation 11.6
Upfront Fee 103.2
Finance Charges 51.6
Interest During Construction
Rupee 1,132.7
FC -
Tools & Plants 64.5
Contingency provision 47.8
Total Capitalised Costs 1,817.1 12,900.56
Rs. in Millions
Particulars Dep. Assets Base Distributed Asset
Rate Amount costs Value
Site Development etc 3.60% 217.01 36.87 253.87
Equipment & Buildings & Spares 3.60% 10004.05 1699.61 11703.66
Non EPC 3.60% 474.72 80.65 555.37
Total 10695.77 1817.12 12512.90
Annual depreciation 450.5
CALCULATION OF DEPRECIATION UNDER INCOME TAX - WDV
Particulars Dep. Assets Base Distributed Asset
Rate Amount costs Value
Site Development etc 10.00% 217.01 36.87 253.87
Buildings 10.00% 825.00 140.16 965.16
Equipment 25.00% 9179.05 1559.45 10738.50
Non EPC 25.00% 474.72 80.65 555.37
Tools & Plants 25.00% 0.00 0.00 0.00
Total 10695.77 1817.12 12512.90
CALCULATION OF DEPRECIATION UNDER INCOME TAX - SL
Particulars Dep. Assets Base Distributed Asset
Rate Amount costs Value
Site Development etc 7.84% 217.01 36.87 253.87
Buildings 7.84% 825.00 140.16 965.16
Equipment 7.84% 9179.05 1559.45 10738.50
Non EPC 7.84% 474.72 80.65 555.37
Tools & Plants 7.84% 0.00 0.00 0.00
Total 10695.77 1817.12 12512.90
Year 1 2 3 4
Depreciation as per Income Tax under WDV
Opening Value of assets 12512.90 9567.53 7340.22 5653.27
Depreication 2945.37 2227.31 1686.94 1280.02
Closing Value of Assets 9567.53 7340.22 5653.27 4373.26
Depreciation as per Income Tax - Straight Line Method
Gross Block 12512.90 12512.90 12512.90 12512.90
Opening Value of assets 12512.90 11,531.89 10,550.88 9,569.87
Depreication 981.01 981.01 981.01 981.01
Cumulative Depreciation 981.01 1,962.02 2,943.03 3,924.05
Closing Value of Assets 11531.89 10550.88 9569.87 8588.85
Depreciation as per Companies Act
Gross Block 12512.90 12512.90 12512.90 12512.90
Opening Value of assets 12512.90 12,062.43 11,611.97 11,161.51
Depreication 450.46 450.46 450.46 450.46
Cumulative Depreciation 450.46 900.93 1,351.39 1,801.86
Closing Value of Assets 12062.43 11611.97 11161.51 10711.04
Depreciation as per Repayment
Depreciation as per Repayment 860.0 860.0 860.0
Cumulative Depreciation - 860.0 1,720.0 2,580.0
Depreciation as per E.Act
Depreciation 450.5 450.5 450.5 450.5
Total 450.5 450.5 450.5 450.5
Cumulative Depreciation 450.5 900.9 1,351.4 1,801.9
Maximum Depreciation Allowed incl of AAD 450.5 860.0 860.0 860.0
Cumulativ Depreciation Claimed 450.5 1,310.5 2,170.5 3,030.5
Actual Depreciation allowed 450.5 860.0 860.0 860.0
Cumulative 450.46 1,310.46 2,170.46 3,030.46
RupeeTerm Loan Amount 10,320.00
Foreign Currency Loan Amount
Exchange Fluctuation
Total 10,320.00
Total Depreciation Allowed 11262.51
Exchange Fluctuation -
Total Depreciation Allowed 11,262.51
Depreciation Claimed #REF!
Difference #REF!
#REF!
450.5 860.0 860.0 860.0
-
-
-
Rs. in Millions
Deprctn. Maximum
per year Depreciation
90%
9.14 228.49
421.33 10533.29
19.99 499.83
450.46 11262.51
TAX - WDV Year 1 Year 2 Year 3 Year
Deprctn. Deprctn. WDW Deprctn. WDW Deprctn. WDW Deprctn.
Amount 2007 Value 2008 Value 2009 Value 2010
25.39 25.39 228.49 22.85 205.64 20.56 185.07 18.51
96.52 96.52 868.64 86.86 781.78 78.18 703.60 70.36
2684.62 2684.62 8053.87 2013.47 6040.40 1510.10 4530.30 1132.58
138.84 138.84 416.53 104.13 312.40 78.10 234.30 58.57
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2945.37 2945.37 9567.53 2227.31 7340.22 1686.94 5653.27 1280.02
E TAX - SL
Deprctn.
Amount
19.90
75.67
841.90
43.54
0.00
981.01
5 6 7 8 9 10
4373.26 3399.91 2657.91 2090.61 1655.42 1320.27
973.34 742.00 567.30 435.19 335.14 259.23
3399.91 2657.91 2090.61 1655.42 1320.27 1061.05
12512.90 12512.90 12512.90 12512.90 12512.90 12512.90
8,588.85 7,607.84 6,626.83 5,645.82 4,664.81 3,683.80
981.01 981.01 981.01 981.01 981.01 981.01
4,905.06 5,886.07 6,867.08 7,848.09 8,829.10 9,810.11
7607.84 6626.83 5645.82 4664.81 3683.80 2702.79
12512.90 12512.90 12512.90 12512.90 12512.90 12512.90
10,711.04 10,260.58 9,810.11 9,359.65 8,909.18 8,458.72
450.46 450.46 450.46 450.46 450.46 450.46
2,252.32 2,702.79 3,153.25 3,603.71 4,054.18 4,504.64
10260.58 9810.11 9359.65 8909.18 8458.72 8008.26
860.0 860.0 860.0 860.0 860.0 860.0 860.0 860.0
3,440.0 4,300.0 5,160.0 6,020.0 6,880.0 7,740.0 8,600.0 9,460.0
450.5 450.5 450.5 450.5 450.5 450.5 450.5 450.5
450.5 450.5 450.5 450.5 450.5 450.5 450.5 450.5
2,252.3 2,702.8 3,153.3 3,603.7 4,054.2 4,504.6 4,955.1 5,405.6
860.0 860.0 860.0 860.0 860.0 860.0 860.0 860.0
3,890.5 4,750.5 5,610.5 6,470.5 7,330.5 8,190.5 9,050.5 9,910.5
860.0 860.0 860.0 860.0 860.0 860.0 860.0 860.0
3,890.46 4,750.46 5,610.46 6,470.46 7,330.46 8,190.46 9,050.46 9,910
860.0 860.0 860.0 860.0 860.0 860.0 860.0 860.0
942.51
4 Year 5 Year 6 Year 7 Year
WDW Deprctn. WDW Deprctn. WDW Deprctn. WDW Deprctn.
Value 2011 Value 2012 Value 2013 Value 2014
166.57 16.66 149.91 14.99 134.92 13.49 121.43 12.14
633.24 63.32 569.92 56.99 512.93 51.29 461.63 46.16
3397.73 849.43 2548.30 637.07 1911.22 477.81 1433.42 358.35
175.72 43.93 131.79 32.95 98.84 24.71 74.13 18.53
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
4373.26 973.34 3399.91 742.00 2657.91 567.30 2090.61 435.19
- - - - - - - -
9,460.0 9,460.0 9,460.0 9,460.0 9,460.0 9,460.0 9,460.0 9,460.0
450.5 450.5 450.5 450.5 450.5 450.5 450.5 450.5
450.5 450.5 450.5 450.5 450.5 450.5 450.5 450.5
5,856.0 6,306.5 6,757.0 7,207.4 7,657.9 8,108.4 8,558.8 9,009.3
450.5 450.5 450.5 450.5 450.5 450.5 450.5 450.5
10,360.9 10,811.4 11,261.9 11,712.3 12,162.8 12,613.3 13,063.7 13,514.2
450.5 78.5 78.5 78.5 78.5 78.5 78.5 78.5
10,361 10,439 10,518 10,597 10,675 10,754 10,832 10,911
450.5 78.5 78.5 78.5 78.5 78.5 78.5 78.5
10,360.9
942.51
8 Year 9 Year 10
WDW Deprctn. WDW Deprctn. WDW
Value 2015 Value 2016 Value
109.28 10.93 98.36 9.84 88.52
415.47 41.55 373.92 37.39 336.53
1075.06 268.77 806.30 201.57 604.72
55.60 13.90 41.70 10.42 31.27
0.00 0.00 0.00 0.00 0.00
1655.42 335.14 1320.27 259.23 1061.05
- - - - -
9,460.0 9,460.0 9,460.0 9,460.0 9,460.0
450.5 450.5 450.5 450.5 450.5
450.5 450.5 450.5 450.5 450.5
9,459.8 9,910.2 10,360.7 10,811.1 11,261.6
450.5 450.5 450.5 450.5 450.5
13,964.6 14,415.1 14,865.6 15,316.0 15,766.5
78.5 78.5 78.5 78.5 78.5
10,989 11,068 11,146 11,225 11,303
78.5 78.5 78.5 78.5 78.5
Levelised tariff calculations for a period of 25 years
1
Year 2007 2008 2009
No. of months 12 12 12
Exchange Rate 49.17 50.65 52.16
No of units generated 2,102.40 2,102.40 2,102.40
Auxiliary Consumption 189.22 189.22 189.22
No. of units sold 1,913.18 1,913.18 1,913.18
Variable Charges
Energy Charges (Fuel Cost) 0.741 0.729 0.763
Cess, etc. 0.058 0.058 0.058
Total Variable Charges 0.798 0.786 0.821
Fixed costs
O&M Charges 365.10 379.70 394.89
Depreciation 450.46 860.00 860.00
Interest on rupee loan 1010.50 946.00 860.00
Interest on Working capital 73.13 78.65 79.67
Income tax 38.73 45.03 45.90
Return on rupee equity 216.72 216.72 216.72
Return on doller equity 144.56 148.90 153.36
Total fixed costs 2299.21 2674.99 2610.55
Fixed cost per unit in Rs. 1.20 1.40 1.36
Total cost per unit without Cess, etc in Rs. 1.94 2.13 2.13
Total cost per unit with Cess, etc in Rs. 2.00 2.18 2.19
2010 2011 2012 2013 2014 2015 2016
12 12 12 12 12 12 12
53.73 55.34 57.00 58.71 60.47 62.29 64.16
2,102.40 2,102.40 2,102.40 2,102.40 2,102.40 2,102.40 2,102.40
189.22 189.22 189.22 189.22 189.22 189.22 189.22
1,913.18 1,913.18 1,913.18 1,913.18 1,913.18 1,913.18 1,913.18
0.799 0.837 0.876 0.918 0.961 1.007 1.055
0.058 0.058 0.058 0.058 0.058 0.058 0.058
0.857 0.894 0.934 0.975 1.019 1.065 1.112
410.69 427.12 444.20 461.97 480.45 499.66 519.65
860.00 860.00 860.00 860.00 860.00 860.00 860.00
774.00 688.00 602.00 516.00 430.00 344.00 258.00
80.45 81.32 82.29 83.35 84.51 85.78 87.16
46.79 47.72 48.69 49.68 50.71 51.78 52.89
216.72 216.72 216.72 216.72 216.72 216.72 216.72
157.96 162.70 167.58 172.61 177.79 183.12 188.62
2546.62 2483.59 2421.48 2360.33 2300.18 2241.07 2183.04
1.33 1.30 1.27 1.23 1.20 1.17 1.14
2.13 2.13 2.14 2.15 2.16 2.18 2.20
2.19 2.19 2.20 2.21 2.22 2.24 2.25
4383.43
8190.46
6428.50
0.00
816.31
477.92
2167.20
1657.22
24121.04
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I. Statement Showing Calculation of Fixed Charges
Months in period 6 6 12 12
Fiscal year 2007 2007 2008 2009
Dollar Exchange Rate 49.17 49.17 50.65 52.16
Derated capacity - period average (KW) 300000 300000 300000 300000
Gross Generation ('000 KWH) 100% 1,314 1,314 2,628 2,628
Capacity Utilisation 80.00% 80% 80% 80%
Generation ('000 KWH) 1,051.20 1,051.20 2,102.40 2,102.40
Auxiliary Consumption in % 9.00% 9.00% 9.00% 9.00%
Auxiliary Consumption in % 95 95 189 189
Net Units Sold ('000 KWH) 957 957 1,913 1,913
Actual Generation after AC 957 957 1,913 1,913
Incentive Units - - - -
Tariff (Rs/KWh) 1.25 1.150 1.202 1.398 1.365
Revenue from Fixed Charges
Fixed Charges 1,100.08 1,149.60 2,674.99 2,610.55
Incentive Charges
Total 1,100.08 1,149.60 2,674.99 2,610.55
12 12 12 12 12 12 12
2010 2011 2012 2013 2014 2015 2016
53.73 55.34 57.00 58.71 60.47 62.29 64.16
300000 300000 300000 300000 300000 300000 300000
2,628 2,628 2,628 2,628 2,628 2,628 2,628
80% 80% 80% 80% 80% 80% 80%
2,102.40 2,102.40 2,102.40 2,102.40 2,102.40 2,102.40 2,102.40
9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00%
189 189 189 189 189 189 189
1,913 1,913 1,913 1,913 1,913 1,913 1,913
1,913 1,913 1,913 1,913 1,913 1,913 1,913
- - - - - - -
1.331 1.298 1.266 1.234 1.202 1.171 1.141
2,546.62 2,483.59 2,421.48 2,360.33 2,300.18 2,241.07 2,183.04
2,546.62 2,483.59 2,421.48 2,360.33 2,300.18 2,241.07 2,183.04
Statement Showing Calculation of Power Generation & Coal Requirement
Months in period 6 6 12 12 12 12 12 12 12 12 12
Fiscal year 2007 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
No.of Days 183 183 365 365 365 365 365 365 365 365 365
Derated capacity - period average (KW) 300000 300000 300000 300000 300000 300000 300000 300000 300000 300000 300000
Gross Generation MU at 100% 1314.00 1314.00 2628.00 2628.00 2628.00 2628.00 2628.00 2628.00 2628.00 2628.00 2628.00
Auxiliary consumption at 100% 118.26 118.26 236.52 236.52 236.52 236.52 236.52 236.52 236.52 236.52 236.52
Net Export at 100% Capacity 1195.74 1195.74 2391.48 2391.48 2391.48 2391.48 2391.48 2391.48 2391.48 2391.48 2391.48
Capacity Utilisation 80.00% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80%
Generation in MU 1,051.20 1,051.20 2,102.40 2,102.40 2,102.40 2,102.40 2,102.40 2,102.40 2,102.40 2,102.40 2,102.40
Auxiliary consumption % as per PPA 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00%
Auxiliary consumption (MU) 94.61 94.61 189.22 189.22 189.22 189.22 189.22 189.22 189.22 189.22 189.22
Net sold as per PPA(MU) 956.59 956.59 1,913.18 1,913.18 1,913.18 1,913.18 1,913.18 1,913.18 1,913.18 1,913.18 1,913.18
Actual Auxiliary consumption % 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00%
Auxiliary consumption (MU) 94.61 94.61 189.22 189.22 189.22 189.22 189.22 189.22 189.22 189.22 189.22
Net Actual units sold (MU) 956.59 956.59 1,913.18 1,913.18 1,913.18 1,913.18 1,913.18 1,913.18 1,913.18 1,913.18 1,913.18
Heat Rate rate as per EPC (kcal) 2600 2400 2400 2400 2400 2400 2400 2400 2400 2400 2400
Secondary Fuel Oil (kcal) 45.90 20.40 20.40 20.40 20.40 20.40 20.40 20.40 20.40 20.40 20.40
From Coal Heat Required 2554.1 2379.6 2379.6 2379.6 2379.6 2379.6 2379.6 2379.6 2379.6 2379.6 2379.6
Heat Rate rate reimbusible as PPA (kcal) 2600 2400 2400 2400 2400 2400 2400 2400 2400 2400 2400
Secondary Fuel Oil (kcal) 45.9 20.4 20.4 20.4 20.4 20.4 20.4 20.4 20.4 20.4 20.4
From Coal Heat Required 2554.1 2379.6 2379.6 2379.6 2379.6 2379.6 2379.6 2379.6 2379.6 2379.6 2379.6
GCV of Coal 3500 3500 3500 3500 3500 3500 3500 3500 3500 3500 3500
Coal Consumption per unit 0.730 0.680 0.680 0.680 0.680 0.680 0.680 0.680 0.680 0.680 0.680
Coal Consumption per unit for EPC heat rate 0.730 0.680 0.680 0.680 0.680 0.680 0.680 0.680 0.680 0.680 0.680
Coal consumptions ( in million tonnes) as per
EPC heat rate 0.767 0.715 1.429 1.429 1.429 1.429 1.429 1.429 1.429 1.429 1.429
Coal Consumption ( in Million Tonnes) 0.767 0.715 1.429 1.429 1.429 1.429 1.429 1.429 1.429 1.429 1.429
Coal Reimbursement ( in MillionTonnes) 0.767 0.715 1.429 1.429 1.429 1.429 1.429 1.429 1.429 1.429 1.429
Coal Escalation 1.000 1.000 1.050 1.103 1.158 1.216 1.276 1.340 1.407 1.477 1.551
Coal Price with Escalation 753.426 753.426 791.098 830.652 872.185 915.794 961.584 1009.663 1060.146 1113.154 1168.811
Transportation Charges Escalation 1.000 1.000 1.030 1.061 1.093 1.126 1.159 1.194 1.230 1.267 1.305
Transportation Charges Escalation 134.078 134.078 138.100 142.243 146.510 150.906 155.433 160.096 164.899 169.845 174.941
Coal Price with Escalation 887.504 887.504 929.197 972.895 1018.695 1066.700 1117.017 1169.759 1225.045 1282.999 1343.752
Coal Cost in Million Rs. 680.81 634.30 1,328.19 1,390.65 1,456.11 1,524.73 1,596.65 1,672.04 1,751.07 1,833.91 1,920.75
Coal Reimbursement in Million Rs. 680.81 634.30 1,328.19 1,390.65 1,456.11 1,524.73 1,596.65 1,672.04 1,751.07 1,833.91 1,920.75
Coal Cost as per EPC Coal consumption 680.81 634.30 1328.19 1390.65 1456.11 1524.73 1596.65 1672.04 1751.07 1833.91 1920.75
Coal Cost per unit (for Export) 0.712 0.663 0.694 0.727 0.761 0.797 0.835 0.874 0.915 0.959 1.004
Coal cost per unit for EPC heat rate( for Export) 0.712 0.663 0.694 0.727 0.761 0.797 0.835 0.874 0.915 0.959 1.004
Secondary Fuel
Secondary Fuel requirement Million Ltrs 4.73 2.10 4.20 4.20 4.20 4.20 4.20 4.20 4.20 4.20 4.20
Fuel Escalation 1.00 1.00 1.05 1.10 1.16 1.22 1.28 1.34 1.41 1.48 1.55
Cost per ltr 14.90 14.90 15.65 16.43 17.25 18.11 19.02 19.97 20.97 22.01 23.11
Secondary Oil Cost in Million Rs. 70.48 31.29 65.71 68.99 72.44 76.07 79.87 83.86 88.06 92.46 97.08
Secondary oil cost per unit (for Export) 0.074 0.033 0.034 0.036 0.038 0.040 0.042 0.044 0.046 0.048 0.051
Variable Cost per Unit of Export( for PPA Heat rate)
Coal 0.7117 0.6631 0.6942 0.7269 0.7611 0.7970 0.8346 0.8740 0.9153 0.9586 1.0040
Secondary Fuel Oil 0.0737 0.0327 0.0343 0.0361 0.0379 0.0398 0.0417 0.0438 0.0460 0.0483 0.0507
Total 0.79 0.70 0.73 0.76 0.80 0.84 0.88 0.92 0.96 1.01 1.05
Variable Cost per Unit of Export( for EPC Heat rate)
Coal 0.712 0.663 0.694 0.727 0.761 0.797 0.835 0.874 0.915 0.959 1.004
Secondary Fuel Oil 0.074 0.033 0.034 0.036 0.038 0.040 0.042 0.044 0.046 0.048 0.051
Total 0.785 0.696 0.729 0.763 0.799 0.837 0.876 0.918 0.961 1.007 1.055
Fuel Consumption for PPA heat rate 751.29 665.59 1,393.90 1,459.64 1,528.56 1,600.80 1,676.52 1,755.91 1,839.13 1,926.37 2,017.83
Fuel consumption as per EPC heat rate 751.29 665.59 1393.90 1459.64 1528.56 1600.80 1676.52 1755.91 1839.13 1926.37 2017.83
Savings Coal cost consumption - - - - - - - - - - -
Reality
Units Generated 100
Auxiliary conumption 4
Units Exported 96
heat rate ###
GCV of Gas ###
Cost of the same 3.6
Gas Required 20
Cost of the Gas & Reimbursement 73
19
Reimburse 70
PPA
Units Generated 100
Auxiliary conumption 4
Units Exported 96
heat rate ###
GCV of Gas ###
Au allowed in Gas ###
Au allowed in Gas 517
GCV Permitted after AC ###
Cost of the same 3.6
Gas Reimbursed 21
Cost of the Gas 74
Profit & Loss Account
Months in period 6 6 12 12 12 12 12 12 12 12 12
Fiscal year 2007 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Dollar Exchange Rate 49.17 49.17 50.65 52.16 53.73 55.34 57.00 58.71 60.47 62.29 64.16
No of units generated 1,051.20 1,051.20 2,102.40 2,102.40 2,102.40 2,102.40 2,102.40 2,102.40 2,102.40 2,102.40 2,102.40
Auxiliary Consumption 0.09 94.61 94.61 189.22 189.22 189.22 189.22 189.22 189.22 189.22 189.22 189.22
No. of units sold 956.59 956.59 1,913.18 1,913.18 1,913.18 1,913.18 1,913.18 1,913.18 1,913.18 1,913.18 1,913.18
Duty on Export/ Sold 0.02 19.13 19.13 38.26 38.26 38.26 38.26 38.26 38.26 38.26 38.26 38.26
Cess on Export/ Sold 0.01 9.57 9.57 19.13 19.13 19.13 19.13 19.13 19.13 19.13 19.13 19.13
Duty on Auxiliary Consumption 0.28 26.49 26.49 52.98 52.98 52.98 52.98 52.98 52.98 52.98 52.98 52.98
Total 55.19 55.19 110.38 110.38 110.38 110.38 110.38 110.38 110.38 110.38 110.38
Fixed Tariff 1.15 1.20 1.40 1.36 1.33 1.30 1.27 1.23 1.20 1.17 1.14
Variable Tariff 0.79 0.70 0.73 0.76 0.80 0.84 0.88 0.92 0.96 1.01 1.05
Duties, Cess, etc 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06
Gross Tariff 1.99 1.96 2.18 2.19 2.19 2.19 2.20 2.21 2.22 2.24 2.25
Rebate 0.0000% 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Net Tariff 1.993 1.955 2.184 2.185 2.188 2.193 2.200 2.209 2.221 2.236 2.253
Fixed Charges 1,100.08 1,149.60 2,674.99 2,610.55 2,546.62 2,483.59 2,421.48 2,360.33 2,300.18 2,241.07 2,183.04
Energy Charges 751.29 665.59 1,393.90 1,459.64 1,528.56 1,600.80 1,676.52 1,755.91 1,839.13 1,926.37 2,017.83
Total Income 1,851.37 1,815.19 4,068.89 4,070.19 4,075.18 4,084.38 4,098.00 4,116.23 4,139.30 4,167.43 4,200.87
Rebate 0.0000% - - - - - - - - - - -
Net Operational Income 1,851.37 1,815.19 4,068.89 4,070.19 4,075.18 4,084.38 4,098.00 4,116.23 4,139.30 4,167.43 4,200.87
Other Income
On DSRA Balance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Incentive on Excess generatin above 85%
Total Other income 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total Income 1,851.37 1,815.19 4,068.89 4,070.19 4,075.18 4,084.38 4,098.00 4,116.23 4,139.30 4,167.43 4,200.87
Expenses 200% 104% 104% 104% 104% 104% 104% 104% 104%
Fuel cost 751.29 665.59 1,393.90 1,459.64 1,528.56 1,600.80 1,676.52 1,755.91 1,839.13 1,926.37 2,017.83
O&M cost 4.00% 127.79 127.79 255.57 265.79 276.42 287.48 298.98 310.94 323.38 336.31 349.77
Sub-total 879.07 793.37 1,649.47 1,725.44 1,804.98 1,888.28 1,975.50 2,066.85 2,162.50 2,262.68 2,367.60
PBDITA 32.275 1994.1 2419.4 2344.8 2270.2 2196.1 2122.5 2049.4 1976.8 1904.8 1833.3
Depreciation 450.5 860.0 860.0 860.0 860.0 860.0 860.0 860.0 860.0 860.0
Interest on Fx debt
Interest on Re debt 1010.5 946.0 860.0 774.0 688.0 602.0 516.0 430.0 344.0 258.0
Sub-total interest payment 1010.5 946.0 860.0 774.0 688.0 602.0 516.0 430.0 344.0 258.0
Interest on working capital 73.13 78.65 79.67 80.45 81.32 82.29 83.35 84.51 85.78 87.16
PBT 460.0 534.8 545.1 555.7 566.8 578.2 590.0 602.3 615.0 628.1
Statement showing Working Capital
1 2
Months in period 6 6 12
Fiscal year 2007 2007 2008
Primary Fuel Cost 1 113.47 105.72 110.68
Primary Fuel Stock 0.5 56.73 52.86 55.34
Secondary Fuel 2 5.22 9.46 4.20
Receivables 2 629.49 605.06 678.15
O&M Expenses 1 10.65 10.65 21.30
Spares 1% 129.0 129.0 129.0
Sub-total 944.6 912.7 998.7
Margin money 25% 236.1 228.2 249.7
Working Capital Loan 708.4 684.6 749.0
Interest on Working Capital 10.50% 37.2 35.9 78.6
3 4 5 6 7 8 9 10
12 12 12 12 12 12 12 12
2009 2010 2011 2012 2013 2014 2015 2016
115.89 121.34 127.06 133.05 139.34 145.92 152.83 160.06
57.94 60.67 63.53 66.53 69.67 72.96 76.41 80.03
8.40 8.40 8.40 8.40 8.40 8.40 8.40 8.40
678.36 679.20 680.73 683.00 686.04 689.88 694.57 700.14
22.15 23.04 23.96 24.92 25.91 26.95 28.03 29.15
129.0 129.0 129.0 129.0 129.0 129.0 129.0 129.0
1011.7 1021.6 1032.7 1044.9 1058.4 1073.1 1089.2 1106.8
252.9 255.4 258.2 261.2 264.6 268.3 272.3 276.7
758.8 766.2 774.5 783.7 793.8 804.8 816.9 830.1
79.7 80.5 81.3 82.3 83.3 84.5 85.8 87.2
5.16
Balance Sheet
6 6 12 12 12 12 12 12 12 12 12
Financial year ending 2007 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Liabilities
Equity capital 2580.0 2580.0 2580.0 2580.0 2580.0 2580.0 2580.0 2580.0 2580.0 2580.0 2580.0
Reserves & surplus
General reserve 0.0 31.6 36.7 37.4 38.2 38.9 39.7 40.5 41.4 42.2 43.1
Balance in P&L account 389.7 842.7 1304.5 1775.2 2255.4 2745.2 3245.0 3755.2 4276.2 4808.2
Total shareholders' funds 2580.0 3001.3 3459.4 3921.9 4393.4 4874.3 5364.9 5865.5 6376.6 6898.4 7431.4
Re term loans 10320.0 9890.0 9030.0 8170.0 7310.0 6450.0 5590.0 4730.0 3870.0 3010.0 2150.0
Fx Term loans
Working capital loan 717.6 684.6 749.0 758.8 766.2 774.5 783.7 793.8 804.8 816.9 830.1
Total 13617.6 13575.8 13238.4 12850.7 12469.6 12098.8 11738.6 11389.3 11051.4 10725.3 10411.5
Assets
Gross fixed assets- capitalised 12662.9 12662.9 12662.9 12662.9 12662.9 12662.9 12662.9 12662.9 12662.9 12662.9 12662.9
Less : asset depreciation 0.0 450.5 1310.5 2170.5 3030.5 3890.5 4750.5 5610.5 6470.5 7330.5 8190.5
Net fixed assets 12662.9 12212.4 11352.4 10492.4 9632.4 8772.4 7912.4 7052.4 6192.4 5332.4 4472.4
Current assets 850.6 916.4 1007.8 1023.0 1044.3 1067.4 1092.3 1119.1 1147.8 1178.7 1211.7
Cash balance/investments 104.1 447.0 878.2 1335.3 1792.9 2258.9 2733.8 3217.8 3711.1 4214.2 4727.4
Total 13617.6 13575.8 13238.4 12850.7 12469.6 12098.8 11738.6 11389.3 11051.4 10725.3 10411.5
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Loan balances 10105 9460 8600 7740 6880 6020 5160 4300 3440 2580
Interest 10.00% 1010.5 946 860 774 688 602 516 430 344 258
#REF!
#NAME?
INR MILLIONS
Computation of IRR
(Without Carbon credit)
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
PAT 421.29 489.75 499.18 508.95 519.06 529.52 540.36 551.58 563.20 575.22
Depreciation 450.46 860.00 860.00 860.00 860.00 860.00 860.00 860.00 860.00 860.00
Equity Infusion
(2,580)
Debt Repayment
INR 430 860 860 860 860 860 860 860 860 860
USD
Fx
Cash flow to equity investor (2,138.25) 489.75 499.18 508.95 519.06 529.52 540.36 551.58 563.20 575.22
IRR 19.3%
Computation of Cost of Generation
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Year UOM 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Cost INR Milln 3,245.27 3,579.14 3,571.01 3,566.23 3,565.33 3,568.48 3,575.87 3,587.72 3,604.24 3,625.64
Generation INR Milln 2,102.40 2,102.40 2,102.40 2,102.40 2,102.40 2,102.40 2,102.40 2,102.40 2,102.40 2,102.40
Cost per Kwh Rs 1.54 1.70 1.70 1.70 1.70 1.70 1.70 1.71 1.71 1.72
