Power Tariff Calculation

8/8/2019 Power Tariff Calculation

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FINANCIAL ASSUMPTIONS

UNIProject Cost (Rs.Crores / MW) 4

Sale of Infirm Power

Total Project Cost 6

Levelised Tariff (Rs/kWh) Er

Capital Structure

Debt(Percentage) 7

Equity(Percentage) 3

Debt 4

Equity 1

Upfront Equity 5Upfront Equity Funding 9

Assumptions for Capacity Charges

Interest on Loan capital 1

Interest on Working capital 1

Return on Equity 15

O&M expenses ( in % of TPC ) 2.

O&M Expenses 1

O&M Expenses Escalation 5.

Maintenance Spares ( % of Project Cost ) 20% of O&

Maintenace Spares Cost EscalationDepreciation (for Tariff Clculation) 5.

Depreciation as per IT Act 7.

Total number of Years of Operation 2

Loan Duration (years) 1

Assumptions for Variable Charges

Cost of Coal(Rs./Ton)(Price + Freight) 8

Coal consumption(million tonnes) 0

Secondary Fuel Prices (Rs./kl) 35

Secondary Fuel Consumptions(ml/kWh) 1

Basic Tax 30

Development Surcharge 3.

Net Corporate Tax 33

Add Edu Cess(3%) 0.

Total Tax 33

Dividend Distribution Tax 14

Statutory Reserves 0.

MAT 11

Other Miscellaneous Assumptions

Exchange Rate 4

Fx Variation

Financing Charges & Upfront Fee 1.

Bank Guarantee Charges 2.

Avg.Acc.Receivables( in months)

Upfront Equity Funding 5

Debt Service Reserve Acc.(in Months)

Margin Money 2

MOSER BAER PROJECTS LIMIT

3X50 MW THERMAL POWER PLANT FINANCIAL

INPUT & ASSUMPTION SHEET(ALL VALUES IN RS. CRORES)

(I,II,III).00

0% (CERC Norms 2009-14)

1% (CERC Norms 2009-14)1.8

2% (CERC Norms 2009-14)

.50% (CERC Norms 2009-14)

00% (CERC Norms 2009-14)

75% (CERC Norms 2009-14)

Expense p.a. (CERC Norms 2009-14)

% (CERC Norms 2009-14)28% (CERC Norms 2009-14)

84% (As per IT Act)

5.0 (CERC Norms 2009-14)

2.0 (CERC Norms 2009-14)

4.0 Price-Acc.to Grade of Coal,Freight-Acc.to Min.of Railways

50.0 Ministry of Petroleum & Natural Gas

.00 (CERC Norms 2009-14)

.00% (CERC Norms 2009-14)

00% (CERC Norms 2009-14)

.00% (CERC Norms 2009-14)

99% (CERC Norms 2009-14)

.99% (CERC Norms 2009-14)

.03% (CERC Norms 2009-14)

.33% (CERC Norms 2009-14)

5.5 Rserve Bank of India website

% Rserve Bank of India website

00% (CERC Norms 2009-14)

00% State Bank of India Charges

.0 (CERC Norms 2009-14)

1% (CERC Norms 2009-14)

% (CERC Norms 2009-14)

5% (CERC Norms 2009-14)

TECHNICAL ASSUMPTIONS

UNIT(I,II& III)Installed Capacity of single unit 50.0 MW

No. of installed units 3.0

Total Installed Capacity 150.0 MW

Total units generated 1314.0 million units

Target Availability Factor 95%

PLF 85%

Gross Station Heat Rate 2780.0 kcal/kWh

GCV of Coal 3420.0 kcal/kg

GCV of Oil 10.7 kcal/ml

Auxiliary Consumption 10%Coal Transit Loss 0.80%

Energy Delivered ExBus (Million units)

THE PLANT IS COAL FIRED WITH COOLING TOWER

IMPORTANT DATES

Date of Construction 04/01/09COD of unit I 07/01/12

CoD of unit II 01/01/13

CoD of unit III 07/01/13

Months required for unit I 39

Months required for unit II 6

Months required for unit III 6

PROJECT SUMMARY

Total Project Cost Err:522 Rs. Cr

Equity Err:522 Rs. Cr

Debt Err:522 Rs. Cr

Upfront Equity Err:522 Rs. Cr IDC for unit I Err:522 Rs. Cr

IDC for unit II Err:522 Rs. Cr

IDC for unit III Err:522 Rs. Cr

Tariff Err:522 Rs./kwh

NPV Err:522 Rs. Cr

IRR Err:522

WACC 11.57%

DSCR Err:522

(CERC Norms 2009-14)

Ministry of Coal

Ministry of Petroleum

(CERC Norms 2009-14)Ministry of Coal

( MM-DD-YY) Assumption( MM-DD-YY)

( MM-DD-YY)

Unit Capacity ( MW)

No. of Units

1.HARDCOST Installed Capacity ( MW)

Land and Site Development

Cost of Land ( Rs Lakh/Acre)

Plant site (incl Green land & Switch Yard)

Ash PondBOP Area

Coal Handling Plant Area

Cooling Tower Area

Sea Water Outfall

Basic Cost of Land

Stamp Duty

Transfer Duty

Registration FeesStatutory Taxes / Charges

Documentation Charges

Land Related Misc. Charges

Sub Total ( Rs Cr)

Cost of Land : Sub-total

Site Development Expenses

Compound Wall & Fencing

Roads - Internal

Approach Roads

Storm Water Drainage

Levelling & Grading

Investigation

Site Dev. Exp :Sub - total

Total Land & Site Dev

Cost Escalation

Total Land & Site Dev Incl Esc

Civil Works

Rehab & Resettlement( Permanent Town

Temp Const & Enabling work

Sub Total : R & R

Total Civil Works

EPC Costs(BTG)

Customs Duty : Offshore Sy

Custom Duty : Spare Parts

With Holding Tax : Offshore Engg

Excise Duty & Cess (Local)

Central Sales Tax (Local)

Amount on which CST applicable ( % ) of

Duties & Taxes : Sub-total

Total EPC Costs(BTG)

Total EPC Costs(BTG) Incl Esc

EPC Costs (Others)

Chinese ( Rs Cr / MW )

Indian ( BHEL) ( Rs Cr/ MW )

Choice

Customs & Excise

Central Sales Tax (Local) (3%)

Amount on which CST applicable ( % ) of

CST ( Rs Cr)

Duties & Taxes : Sub-total

Total EPC Costs (Others)

Misc. Fixed Assets(Incl Washeries)

Washeries

Vehicles

Furnitures & Fixtures

Other Misc Assets

Total Misc. Fixed Assets(Incl Washeries)

Total Misc. Fixed Assets(Incl Washeri

SOFT COST

Non EPC(Soft Cost)

Operator's Training

Construction Insurance

Startup Fuel & Startup Power

Special T&P

Salary

Consultancy and Legal

Design and Engineering

Development Expenses

Establishment

Aduit & Accounts

Sub-Total of Soft Cost

Contingency

Interest During Construction

Total Project Cost Incl Esc

Cost Per MW

3x50 MW THERM

Cost of Land

Chinese ( Rs Cr / MW )

Indian ( BHEL) ( Rs Cr/ MW )Choice

ccording to Chinese (BTG)

capital

Incld Civil Works

capital

s) Incl Esc

L POWER PLANT FINANCIAL MODEL

PROJECT COST

(ALL VALUES IN RS. Cr)

Cost ( Rs Crore)

1.220.98

0.030.00

240.00

Err:522

Area ( in Acre) Area ( in Hectare) According to DPR provided

148.20 60.00 According to DPR provided

81.51 33.00 According to DPR provided65.30 26.44 According to DPR provided

369.16 149.46

( %of Basic Cost)

6.50% According to DPR provided

6% According to DPR provided

0.50% According to DPR provided

According to DPR provided

40000.0 Rs/Acre According to DPR provided

4% per Annum According to DPR provided

According to DPR providedAccording to DPR provided

4% According to DPR provided

Rs.Cr/MW

MONTHS OF YEAR BEFORE COD Total of

INVESTMENT AS PER THE FOLLOWING HEADS

( % wise) Heads

LAND 10.72

EPC (BTG) 270.00

EPC ( OTHER) 240.00

NON EPC ( SOFT COST) 32.33

Civil Works 7.80

Construction and Pre-Commissioning Expenses( Misc Asset) 6.6

Contingency Expenses Err:522

Total Expenditure Err:522

MONTHS OF YEAR BEFORE COD Total of

INVESTMENT AS PER THE FOLLOWING HEADS

LAND 10.72

EPC (BTG) 270.00

EPC ( OTHER) 240.00

NON EPC ( SOFT COST) 32.33

Civil Works 7.80

Construction and Pre-Commissioning Expenses( Misc Asset) 6.6

Contingency Expenses Err:522

Total Heads Err:522

Quarterly Expense

Upfront Equity 51%

Equity 30%

Cumulative Equity

Debt 70%

Cumulative Debt

Interest ( Including Financial Charges) 12.25%

Quarterly Interest 3.06%

Cumulative Interest

Project Cost Including IDC & FC

Total number of quarters for unit I 13

Total number of quarters for unit II 2

Cumulative Quarters 15

Total number of quarters for unit III 2

Cumulative Quarters 17.00

Debt upto CoD of unit I Err:522 Interest Err:522

Debt upto CoD of unit II Err:522 Interest Err:522

Debt upto CoD of unit III Err:522 Interest Err:522

IDC Err:522

Total Project Cost Err:522

MOSER BAER PROJECTS LIMI

3X50 MW THERMAL POWER PLANT FINANCIAL

INTEREST DURING CONSTRUCTIONALL VALUES IN Rs. CRORE

Total 1 2 3 4 5 6

1st 2nd

Percentage Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09100.00% 75.00% 25.00%

100.00%

100.00% 9.00%

100.00% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96%

100.00% 17.00% 17.00%

100.00% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96%

100.00%

Total 1 2 3 4 5 6

Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09

8.04 0.00 0.00 0.00 2.68 0.00

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 21.60

0.63 0.63 0.63 0.63 0.63 0.63

0.00 1.33 0.00 0.00 1.33 0.00

0.13 0.13 0.13 0.13 0.13 0.13

Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

Err:522 Err:522

Err:522 Err:522 Err:522

Err:522 Err:522

Err:522

Err:522 Err:522

Err:522

7 8 9 10 11 12 13 14

3rd 4th 5th

Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10

15.00%

11.00%

1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96%

20.00% 22.00%

1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96%

7 8 9 10 11 12 13 14

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 0.00 40.50 0.00

0.00 0.00 0.00 0.00 26.40 0.00 0.00 0.00

0.63 0.63 0.63 0.63 0.63 0.63 0.63 0.63

0.00 0.00 1.56 0.00 0.00 1.72 0.00 0.00

0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13

Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

Err:522 Err:522

15 16 17 18 19 20 21 22

6th 7th

Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11

17.00% 8.00%

12.00% 11.00%

1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96%

12.00% 12.00%

1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96%

15 16 17 18 19 20 21 22

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 45.90 0.00 0.00 0.00 21.60 0.00 0.00

0.00 0.00 0.00 28.80 0.00 0.00 0.00 26.40

0.63 0.63 0.63 0.63 0.63 0.63 0.63 0.63

0.94 0.00 0.00 0.00 0.94 0.00 0.00 0.00

0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13

Err:522 Err:522 Err:522

23 24 25 26 27 28 29 30

8th 9th 10th

Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11

13.00% 17.00%

7.00% 19.00%

1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96%

23 24 25 26 27 28 29 30

8 9 10

Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 35.10 0.00 0.00 0.00 45.90 0.00 0.00

0.00 0.00 0.00 16.80 0.00 0.00 0.00 45.60

0.63 0.63 0.63 0.63 0.63 0.63 0.63 0.63

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13

Err:522 Err:522 Err:522

31 32 33 34 35 36 37 38

11th 12th 13th

14.00% 11.00%

1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96%

31 32 33 34 35 36 37 38

11 12 13

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

37.80 0.00 0.00 0.00 0.00 29.70 0.00 0.00

0.00 0.00 0.00 21.60 0.00 0.00 0.00 0.00

0.63 0.63 0.63 0.63 0.63 0.63 0.63 0.63

39 40 41 42 43 44 45 46

14th 15th

15.00% 7.00%

1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96%

39 40 41 42 43 44 45 46.00

Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 13.50 0.00 0.00 0.00 0.00 0.00 0.00

36.00 0.00 0.00 0.00 16.80 0.00 0.00 0.00

0.63 0.63 0.63 0.63 0.63 0.63 0.63 0.63

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13

Err:522 Err:522 Err:522

47 48 49 50 51

16th 17th

Feb-13 Mar-13 Apr-13 May-13 Jun-13

1.96% 1.96% 1.96% 1.96% 1.96%

25.00% 25.00% 25.00% 25.00%

16 17 18

0.00 0.00 0.00 0.00 0.00

0.63 0.63 0.63 0.63 0.63

0.00 0.00 0.00 0.00 0.00

0.13 0.13 0.13 0.13 0.13

Err:522 Err:522 Err:522 Err:522 Err:522

Err:522 Err:522

19 20 21.00

1508.71

Total No. of units 1314.00PLF 85.0%

Actual generated units 1116.90

Units to generate(1st yr) 657.60

Actual generated units(1st yr) 558.96

SECONDARY Fuel

Secondary Fuel Consumption

Secondary Fuel Cost

Secondary Fuel Cost per unit

Total Secondary Fuel Consumption per Annum

PRIMARY FUEL

GCV of Secondary Fuel

Heat contribution from sec Fuel to produce 1 unit

Heat contribution from Primary Fuel

Coal required to produce one unit

Coal Price

Cost of Coal to produce one unit

VARIABLE CHARGE FOR A SINGLE UNIT ( Rs./kwh )

AUXILIARY CONSUMPTION

RATE OF ENERGY DELIVERED TO EX-BUS ( Rs./kwh )

Primary Fuel Cost Escalation

Secondary Fuel Cost Escalation

Units to be generated ( million units)

Total Coal Cost per Annum

Total Sec. Fuel Cost per Annum

Cost of COAL for 2 months

Cost of Sec. Fuel for 2 months

Total Variable Charges

Variable Charges/ unit

Energy Rate at Bus Bar

3X50 MW THERMAL POWER PLANT FINANCIAL MODEL

FUEL EXPENSES

ALL VALUES IN RS. Cr.

million units Units to generate(2nd yr) 1206.00 million units

million units Actual generated units(2nd yr) 1025.10 million units

CALCULATION OF VARIABLE EXPENSES

1.00 ml/kwh

(in Litre) 0.0010 litre/kwh

(in Kg) 0.00093 kg/kwh Specific Gravity of Secondary Fuel

35250.00Rs/MT

35.25 Rs/kg

0.03 Rs/kwh

4.32 Rs.Cr

1225.96 MT

10.72 kcal/ml

10.72 kcal/kwh

2769.28kcal/kwh

0.81 kg

0.80 Rs/kg

0.65 Rs

2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20

657.60 1314.00 1314.00 1314.00 1314.00 1314.00 1314.00 1314.00

42.81 85.54 90.68 96.12 101.88 108.00 114.48 121.35

2.16 4.32 4.62 4.95 5.29 5.66 6.06 6.49

7.14 14.26 15.11 16.02 16.98 18.00 19.08 20.22

0.36 0.72 0.77 0.82 0.88 0.94 1.01 1.08

44.97 89.87 95.30 101.07 107.18 113.66 120.54 127.83

0.80 0.80 0.85 0.90 0.96 1.02 1.08 1.14

0.89 0.89 0.95 1.01 1.07 1.13 1.20 1.27

2020-21 2021-22 2022-23 2023-24 2024-25 2026-27 2027-28 2028-29

1314.00 1314.00 1314.00 1314.00 1314.00 1314.00 1314.00 1314.00

128.63 136.34 144.53 153.20 162.39 172.13 182.46 193.41

6.94 7.43 7.94 8.50 9.10 9.73 10.41 11.14

21.44 22.72 24.09 25.53 27.06 28.69 30.41 32.23

1.16 1.24 1.32 1.42 1.52 1.62 1.74 1.86

135.57 143.77 152.47 161.70 171.49 181.87 192.87 204.55

1.21 1.29 1.37 1.45 1.54 1.63 1.73 1.83

1.35 1.43 1.52 1.61 1.71 1.81 1.92 2.03

2029-30 2030-31 2031-32 2032-33 2033-34 2034-35 2035-36 2036-37

1314.00 1314.00 1314.00 1314.00 1314.00 1314.00 1314.00 1314.00

205.01 217.31 230.35 244.17 258.82 274.35 290.81 308.26

11.92 12.76 13.65 14.61 15.63 16.72 17.89 19.15

34.17 36.22 38.39 40.70 43.14 45.73 48.47 51.38

1.99 2.13 2.28 2.43 2.60 2.79 2.98 3.19

216.94 230.07 244.00 258.78 274.45 291.08 308.71 327.41

1.94 2.06 2.18 2.32 2.46 2.61 2.76 2.93

2.16 2.29 2.43 2.57 2.73 2.90 3.07 3.26

2037-38

1314.00

326.76

347.24

3x50 MW TH

YEAR OF OPERATION 1 2 3

Cost Of Coal For 2 Months 7.14 14.26 15.11

Cost Of Secondary Fuel For 2 Months 0.36 0.72 0.77

O&M Expenses For 1 Month 1.00 1.06 1.12

Maintenance Spares Err:522 Err:522 Err:522

Receivables Of Two Months Err:522 Err:522 Err:522

Total Working Capital Err:522 Err:522 Err:522

Increase in Current Asset Err:522 Err:522 Err:522

Interest App. Part Of Working Capital Err:522 Err:522 Err:522

Increase in Working Capital Err:522 Err:522 Err:522

Interest On Working Capital Err:522 Err:522 Err:522

Working Capital Margin

Interest on Working Capital 12%

Maintenance Spares (20% of O&M EXPENSES) 1.15%

Escalation of Maintenance Spares 6%

Margin Money for Working Capital 25%

RMAL POWER PLANT FINANCIAL MODEL

NTEREST ON WORKING CAPITALALL VALUES IN Rs. Cr.

4 5 6 7 8 9 10 11

16.02 16.98 18.00 19.08 20.22 21.44 22.72 24.09

0.82 0.88 0.94 1.01 1.08 1.16 1.24 1.32

1.18 1.25 1.32 1.40 1.48 1.56 1.65 1.75

12 13 14 15 16 17 18 19

25.53 27.06 28.69 30.41 32.23 34.17 36.22 38.39

1.42 1.52 1.62 1.74 1.86 1.99 2.13 2.28

1.85 1.96 2.07 2.19 2.31 2.45 2.59 2.74

20 21 22 23 24 25

40.70 43.14 45.73 48.47 51.38 54.46

2.43 2.60 2.79 2.98 3.19 3.41

2.89 3.06 3.24 3.42 3.62 3.83

3x50 MW T

O & MA

YEARS OF OPERATION 1.0 2.0 3.0 4.0

O&M Expenditure(2%of TPC) 12.00 12.69 13.42 14.19

Monthly Expenditure 1.0 1.1 1.1 1.2

O&M Expenses( in % of TPC) 2.00%O&M Expenses per Annum 12.00

Escalation of O&M Charges 5.75%

HERMAL POWER PLANT FINANCI

CHARGE CALCULATIONll VALUES ARE IN RS. Cr.

5.0 6.0 7.0 8.0 9.0

15.01 15.87 16.78 17.75 18.77

1.3 1.3 1.4 1.5 1.6

AL MODEL

10.0 11.0 12.0 13.0 14.0

19.85 20.99 22.20 23.47 24.82

1.7 1.7 1.8 2.0 2.1

15.0 16.0 17.0 18.0 19.0 20.0 21.0 22.0

26.25 27.76 29.35 31.04 32.83 34.71 36.71 38.82

2.2 2.3 2.4 2.6 2.7 2.9 3.1 3.2

23.0 24.0 25.0

41.05 43.41 45.91

3.4 3.6 3.8

Interest on Loan Capital 12.0%

Interest on Loan (Quarterly) 3.0%

Year 2012-13

NO. of Quarters 1.0 2.0 3.0

Quarters 1st 2nd 3rd 4th

Opening Balance 420.0 420.0 420.0

Interest 12.6 12.6 12.6

Principle Amount 0.0 0.0 0.0

Loan Repayment 12.6 12.6 12.6Outstanding Balance 420.0 420.0 420.0

Year Months Loan Amount Inte

2012-13 12.0 420.0 50

2013-14 12.0 420.0 48

2014-15 12.0 381.8 4

2015-16 12.0 343.6 39

2016-17 12.0 305.5 3

2017-18 12.0 267.3 30

2018-19 12.0 229.1 25

2019-20 12.0 190.9 21

2020-21 12.0 152.7 16

2021-22 12.0 114.5 12

2022-23 12.0 76.4 7.

2023-24 12.0 38.2 2.

Total No of Months 48.0

Total Debt 420.0

3x50 MW THERMAL POWER PLANT FINA

INTEREST ON LOAN CALCULATION

2013-14 2014-15

4.0 5.0 6.0 7.0 8.0 9.0 10.0

1st 2nd 3rd 4th 1st 2nd 3rd

420.0 420.0 410.5 400.9 391.4 381.8 372.3

12.6 12.6 12.3 12.0 11.7 11.5 11.2

0.0 9.5 9.5 9.5 9.5 9.5 9.5

12.6 22.1 21.9 21.6 21.3 21.0 20.7420.0 410.5 400.9 391.4 381.8 372.3 362.7

rest Principle Paid Repayment Loan Amount Left

.4 0.000 50.4 420.0

.7 38.2 86.9 381.8

.1 38.2 82.3 343.6

.5 38.2 77.7 305.5

.9 38.2 73.1 267.3

.4 38.2 68.5 229.1

.8 38.2 64.0 190.9

.2 38.2 59.4 152.7

.6 38.2 54.8 114.5

.0 38.2 50.2 76.4

.4 38.2 45.6 38.2

.9 38.2 41.0 0.0

NCIAL MODEL

2015-16 201

11.0 12.0 13.0 14.0 15.0 16.0 17.0

4th 1st 2nd 3rd 4th 1st 2nd

362.7 353.2 343.6 334.1 324.5 315.0 305.5

10.9 10.6 10.3 10.0 9.7 9.5 9.2

9.5 9.5 9.5 9.5 9.5 9.5 9.5

20.4 20.1 19.9 19.6 19.3 19.0 18.7353.2 343.6 334.1 324.5 315.0 305.5 295.9

Cumulative Repayment

-17 2017-18

18.0 19.0 20.0 21.0 22.0 23.0 24.0

3rd 4th 1st 2nd 3rd 4th 1st

295.9 286.4 276.8 267.3 257.7 248.2 238.6

8.9 8.6 8.3 8.0 7.7 7.4 7.2

9.5 9.5 9.5 9.5 9.5 9.5 9.5

18.4 18.1 17.9 17.6 17.3 17.0 16.7286.4 276.8 267.3 257.7 248.2 238.6 229.1

2018-19 2019-20

25.0 26.0 27.0 28.0 29.0 30.0 31.0

2nd 3rd 4th 1st 2nd 3rd 4th

229.1 219.5 210.0 200.5 190.9 181.4 171.8

6.9 6.6 6.3 6.0 5.7 5.4 5.2

9.5 9.5 9.5 9.5 9.5 9.5 9.5

16.4 16.1 15.8 15.6 15.3 15.0 14.7219.5 210.0 200.5 190.9 181.4 171.8 162.3

2020-21 2021-22

32.0 33.0 34.0 35.0 36.0 37.0 38.0

1st 2nd 3rd 4th 1st 2nd 3rd

162.3 152.7 143.2 133.6 124.1 114.5 105.0

4.9 4.6 4.3 4.0 3.7 3.4 3.2

9.5 9.5 9.5 9.5 9.5 9.5 9.5

14.4 14.1 13.8 13.6 13.3 13.0 12.7152.7 143.2 133.6 124.1 114.5 105.0 95.5

2022-23 202

39.0 40.0 41.0 42.0 43.0 44.0 45.0

4th 1st 2nd 3rd 4th 1st 2nd

95.5 85.9 76.4 66.8 57.3 47.7 38.2

2.9 2.6 2.3 2.0 1.7 1.4 1.1

9.5 9.5 9.5 9.5 9.5 9.5 9.5

12.4 12.1 11.8 11.6 11.3 11.0 10.785.9 76.4 66.8 57.3 47.7 38.2 28.6

-24 2024-25

46.0 47.0 48.0

3rd 4th 1st 2nd 3rd 4th

28.6 19.1 9.5 0.0 0.0 0.0

0.9 0.6 0.3 0.0 0.0 0.0

9.5 9.5 9.5 0.0 0.0 0.0

10.4 10.1 9.8 0.0 0.0 0.019.1 9.5 0.0 0.0 0.0 0.0

YEAR OF OPERATION 1.0 2.0 3.0

Gross Block Err:522 Err:522 Err:522

Depreciation (S.L.M) Err:522 Err:522 Err:522

Net Block Err:522 Err:522 Err:522

Depreciation after Loan Repayment 0.0 0.0 0.0

Cumulative Repayment 50.4 137.3 219.5Advance Against Depreciation (AAD) Err:522 Err:522 Err:522

Depreciable Cost Err:522

Depreciable Amount 90.0%

Depreciation 5.28%

No. of years of Operation 25.0

Repayement Period 12.0

3X50 MW THERMAL POWER PLANT FINAN

DEPRECIATION

4.0 5.0 6.0 7.0 8.0 9.0 10.0

Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

0.0 0.0 0.0 0.0 0.0 0.0 0.0

297.2 370.4 438.9 502.9 562.2 617.0 667.2Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

using SLM

CIAL MODEL

11.0 12.0 13.0 14.0 15.0 16.0 17.0

Err:522 Err:522 0.0 0.0 0.0 0.0 0.0

0.0 0.0 Err:522 Err:522 Err:522 Err:522 Err:522

717.4 758.5Err:522 Err:522

18.0 19.0 20.0 21.0 22.0 23.0 24.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0

Err:522

YEARS OF OPERATION 1.0

2012-13

Annual capacity(Fixed) Charges:Interest on Loan Capital 50.40

Depreciation Err:522

Return on Equity 0.16

O&M Expenses 12.00

Interest on Working Capital Err:522

Total Annual Capacity(Fixed) Charges Err:522

Per Unit Capacity Charges(Rs./kwh) Err:522

Energy(Variable) Charges

Coal charges 42.81

Secondary Fuel Charges 2.16

Total Variable Charges 44.97

Per Unit Variable Charges(Rs./kwh)

Energy rate at EX-Bus Bar 0.89

Total Generation Charges Err:522

Per unit Generation Charges ( Nominal Tariff ) Err:522

Total Generation Unit (MU) per Year 1314.0 657.6

PLF 85.0%

Actual Unit Generated (MU) 1116.9 559.0

Monthly Generation Unit (MU) 93.1

Annual Receivables Err:522

Monthly Receivables Err:522

Discount rate 10.19%

Discounting Factor 0.91

∑Discounting Factor 8.95

Nominal Tariif x Discounting Factor Err:522

Levelised Tariff Err:522

THERMAL POWER PLANT FINANCIAL MODE

TARIFF CALCULATION SHEETALL VALUES IN Rs.Cr.

2.0 3.0 4.0 5.0 6.0 7.0 8.0

2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20

48.68 44.10 39.52 34.94 30.35 25.77 21.19

0.16 0.16 0.16 0.16 0.16 0.16 0.16

12.69 13.42 14.19 15.01 15.87 16.78 17.75

85.54 90.68 96.12 101.88 108.00 114.48 121.35

4.32 4.62 4.95 5.29 5.66 6.06 6.49

89.87 95.30 101.07 107.18 113.66 120.54 127.83

0.89 0.95 1.01 1.07 1.13 1.20 1.27

1314.0 1314.0 1314.0 1314.0 1314.0 1314.0 1314.0

1116.9 1116.9 1116.9 1116.9 1116.9 1116.9 1116.9

0.82 0.75 0.68 0.62 0.56 0.51 0.46

9.0 10.0 11.0 12.0 13.0 14.0 15.0

2020-2021 2021-22 2022-2023 2023-24 2024-25 2025-26 2026-27

16.61 12.03 7.45 2.86 0.00 0.00 0.00

0.16 0.16 0.16 0.16 0.16 0.16 0.16

18.77 19.85 20.99 22.20 23.47 24.82 26.25

128.63 136.34 144.53 153.20 162.39 172.13 182.46

6.94 7.43 7.94 8.50 9.10 9.73 10.41

135.57 143.77 152.47 161.70 171.49 181.87 192.87

1.35 1.43 1.52 1.61 1.71 1.81 1.92

1314.0 1314.0 1314.0 1314.0 1314.0 1314.0 1314.0

1116.9 1116.9 1116.9 1116.9 1116.9 1116.9 1116.9

0.42 0.38 0.34 0.31 0.28 0.26 0.23

16.0 17.0 18.0 19.0 20.0 21.0 22.0

2027-28 2028-29 2029-30 2030-31 2031-32 2032-33 2033-34

0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.16 0.16 0.16 0.16 0.16 0.16 0.16

27.76 29.35 31.04 32.83 34.71 36.71 38.82

193.41 205.01 217.31 230.35 244.17 258.82 274.35

11.14 11.92 12.76 13.65 14.61 15.63 16.72

204.55 216.94 230.07 244.00 258.78 274.45 291.08

2.03 2.16 2.29 2.43 2.57 2.73 2.90

1314.0 1314.0 1314.0 1314.0 1314.0 1314.0 1314.0

1116.9 1116.9 1116.9 1116.9 1116.9 1116.9 1116.9

0.21 0.19 0.17 0.16 0.14 0.13 0.12

23.0 24.0 25.0

2034-35 2035-36 2036-37

0.00 0.00 0.00

Err:522 Err:522 Err:522

0.16 0.16 0.16

41.05 43.41 45.91

Err:522 Err:522 Err:522

290.81 308.26 326.76

17.89 19.15 20.49

308.71 327.41 347.24

3.07 3.26 3.45

Err:522 Err:522 Err:522

1314.0 1314.0 1314.0

1116.9 1116.9 1116.9

Err:522 Err:522 Err:522

0.11 0.10 0.09

Err:522 Err:522 Err:522

Year of Operation 2012-13 2013-14

Revenue generated from sales Err:522 Err:522

less- Expenses

O&M Expenses 12.0 12.7

Cost of Coal 42.8 85.5Cost of Secondary Fuel 2.2 4.3

Total Expenses 57.0 102.6

less-Depreciation

Depreciation Err:522 Err:522

PBIT Err:522 Err:522

less- Interest

Interest on Loan 50.4 48.7

Interest on Working Capital Err:522 Err:522

Total interest Err:522 Err:522

PBT Err:522 Err:522

Carry of Loss( if any ) Err:522 Err:522

Calculation of Book Profit

PBT+Depreciation Err:522 Err:522

Initial Book Value Err:522 Err:522

less- Depreciation as per IT Act 7.84% Err:522 50.2

Taxable PBT Err:522 Err:522

Total Corporate Tax Payable 33.99% Err:522 Err:522

Minimum Alternative Tax 11.22% Err:522 Err:522

PAT Err:522

3x50 MW THERMAL POWER PLANT FINAN

P&L ACCOUNT

ALL VALUES IN Rs. Cr.

3 4 5 6 7 8 9

2014-15 2015-16 2016-17 2017-18 2018-19 2019-2020 2020-21

13.4 14.2 15.0 15.9 16.8 17.7 18.8

90.7 96.1 101.9 108.0 114.5 121.3 128.64.6 4.9 5.3 5.7 6.1 6.5 6.9

108.7 115.3 122.2 129.5 137.3 145.6 154.3

44.1 39.5 34.9 30.4 25.8 21.2 16.6

50.2 50.2 50.2 50.2 50.2 50.2 50.2

IAL MODEL

10 11 12 13 14 15 16

2021-22 2022-2023 2023-24 2024-25 2025-26 2026-27 2027-28

19.8 21.0 22.2 23.5 24.8 26.2 27.8

136.3 144.5 153.2 162.4 172.1 182.5 193.47.4 7.9 8.5 9.1 9.7 10.4 11.1

163.6 173.5 183.9 195.0 206.7 219.1 232.3

12.0 7.4 2.9

50.2 50.2 50.2 50.2 0.0 0.0 0.0

Err:522 Err:522 Err:522

17 18 19 20 21 22 23

2028-29 2029-30 2030-31 2031-32 2032-33 2033-34 2034-35

29.4 31.0 32.8 34.7 36.7 38.8 41.1

205.0 217.3 230.4 244.2 258.8 274.4 290.811.9 12.8 13.7 14.6 15.6 16.7 17.9

246.3 261.1 276.8 293.5 311.2 329.9 349.8

0.0 0.0 0.0 0.0 0.0 0.0 0.0

2035-36 2036-37

Err:522 Err:522

43.4 45.9

308.3 326.819.1 20.5

370.8 393.2

Err:522 Err:522

0.0 0.0

Err:522 Err:522

3x50 MW THERMAL POWER PALN

CASH FLOW STATEALL VALUES IN Rs. CRORE

2 3 4 5 6 7 8

38.2 38.2 38.2 38.2 38.2 38.2 38.2

T FINANCIAL MODEL

9 10 11 12 13 14 15

38.2 38.2 38.2 38.2

16 17 18 19 20 21 22

23 24 25

Err:522 Err:522 Err:522

Year of Operation 2012-13 2013-14 2014-15

Liabilities

EQUITY 180.0 180.0 180.0

RESERVES & SURPLUS Err:522 Err:522

NET WORTH 180.0 Err:522 Err:522

DEBT 420.0 420.0 420.0WORKING CAPITAL Err:522 Err:522 Err:522

TOTAL LIABILITIES Err:522 Err:522 Err:522

GROSS BLOCK 600.0 Err:522 Err:522

DEPRECIATION Err:522 Err:522 Err:522

NET BLOCK Err:522 Err:522 Err:522

CASH & BANK BALANCE Err:522 Err:522 Err:522

CURRENT ASSET Err:522 Err:522 Err:522

TOTAL ASSET Err:522 Err:522 Err:522

3X50 MW THERMAL POWER PLAN

BALANCE SHEET

4 5 6 7 8 9 10

2015-2016 2016-17 2017-18 2018-19 2019-2020 2020-21 2021-22

180.0 180.0 180.0 180.0 180.0 180.0 180.0

FINANCIAL MODEL

11 12 13 14 15 16 17

2022-23 2023-24 2024-25 2025-26 2026-27 2027-28 2028-29

180.0 180.0 180.0 180.0 180.0 180.0 180.0

420.0Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

18 19 20 21 22 23 24

2029-30 2030-31 2031-32 2032-33 2033-34 2034-35 2035-36

180.0 180.0 180.0 180.0 180.0 180.0 180.0

2036-37

Err:522

Year of Operation0 1 2

2011-12 2012-13 2013-14

Total (Cash Inflow - Cash Outflow)

PAT 0.0 Err:522

DEPRECIATION 0.0 Err:522 Err:522INTEREST 0.0 Err:522 Err:522

PAT+DEPRECIATION+INTEREST -600.0 Err:522 Err:522

-600.0 Err:522 Err:522

DISCOUNT RATE 10.19%

NPV Err:522

IRR Err:522

CALCULATION OF WACC 0 1 2

2011-12 2012-13 2013-14

Weight of Debt 0.70 0.70

Weight of Equity 0.30 0.30

Cost of Debt ( Repayment Period ) 0.12 0.12

Cost of Equity 0.16 0.16

Cost of Debt ( After Repayment )

Cost of Capital 0.13 0.13

WACC 0.12

33.99%

DSCR CALCULATION

Year 0.0 1.0 2.0

DEPRECIATION 0.0 Err:522 Err:522

INTEREST ON LOAN 0.0 50.4 48.7

PAT 0.0 0.0 Err:522

REPAYEMENT OF LOAN 0.0 0.0 38.2

NET OPERATING INCOME (NOI) 0.0 Err:522 Err:522

TOTAL DEBT SERVICE 0.0 50.4 86.9DSCR (Debt Service Coverage Ratio) 0.0 Err:522 Err:522

AVERAGE DSCR Err:522

Loan Duration 12.0 years

3x50MW THERMAL POWER PLANT FINAN

NPV & IRR CALCULATION

ALL VALUES IN RS. Cr

3 4 5 6 7 8 9

2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21

Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

3 4 5 6 7 8 9

2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21

0.70 0.70 0.70 0.70 0.70 0.70 0.70

0.30 0.30 0.30 0.30 0.30 0.30 0.30

0.12 0.12 0.12 0.12 0.12 0.12 0.12

0.16 0.16 0.16 0.16 0.16 0.16 0.16

0.13 0.13 0.13 0.13 0.13 0.13 0.13

3.0 4.0 5.0 6.0 7.0 8.0 9.0

44.1 39.5 34.9 30.4 25.8 21.2 16.6

38.2 38.2 38.2 38.2 38.2 38.2 38.2

CIAL MODEL

10 11 12 13 14 15 16

2021-22 2022-23 2023-24 2024-25 2025-26 2026-27 2027-28

10 11 12 13 14 15 16

2021-22 2022-23 2023-24 2024-25 2025-26 2026-27 2027-28

0.70 0.70 0.70 0.70 0.70 0.70 0.70

0.30 0.30 0.30 0.30 0.30 0.30 0.30

0.12 0.12 0.12

0.16 0.16 0.16 0.16 0.16 0.16 0.16

0.08 0.08 0.08 0.08

0.13 0.13 0.13 0.10 0.10 0.10 0.10

10.0 11.0 12.0 13.0 14.0 15.0 16.0

12.0 7.4 2.9 0.0 0.0 0.0 0.0

38.2 38.2 38.2 0.0 0.0 0.0 0.0

50.2 45.6 41.0 0.0 0.0 0.0 0.0Err:522 Err:522 Err:522 0.0 0.0 0.0 0.0

17 18 19 20 21 22 23

2028-29 2029-30 2030-31 2031-32 2032-33 2033-34 2034-35

17 18 19 20 21 22 23

2028-29 2029-30 2030-31 2031-32 2032-33 2033-34 2034-35

0.70 0.70 0.70 0.70 0.70 0.70 0.70

0.30 0.30 0.30 0.30 0.30 0.30 0.30

0.16 0.16 0.16 0.16 0.16 0.16 0.16

0.08 0.08 0.08 0.08 0.08 0.08 0.08

0.10 0.10 0.10 0.10 0.10 0.10 0.10

17.0 18.0 19.0 20.0 21.0 22.0 23.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.0 0.0

2035-36 2036-37

Err:522 Err:522

Err:522 Err:522Err:522 Err:522

Err:522 Err:522

2035-36 2036-37

0.70 0.70

0.30 0.30

0.16 0.16

0.08 0.08

0.10 0.10

24.0 25.0

Err:522 Err:522

0.0 0.0

Err:522 Err:522

0.0 0.0

Err:522 Err:522

0.0 0.00.0 0.0

Years of Operation 1 2 3 4

Variable Cost 44.97 89.87 95.30 101.07

Fixed Cost Err:522 Err:522 Err:522 Err:522

Average Fixed Cost 73.33 73.33 73.33 73.33

Total Cost Err:522 Err:522 Err:522 Err:522 Total Revenue Err:522 Err:522 Err:522 Err:522

Actual Generated MU 558.96 1116.90 1116.90 1116.90

Cumulative Actual Generated MU 558.96 1675.86 2792.76 3909.66

Cumulative Total Cost Err:522 Err:522 Err:522 Err:522

Cumulative Total Revenue Err:522 Err:522 Err:522 Err:522

558.96 1675.86 20.00

CumulativeTo

5 6 7 8 9 10 11

107.18 113.66 120.54 127.83 135.57 143.77 152.47

73.33 73.33 73.33 73.33 73.33 73.33 73.33

1116.90 1116.90 1116.90 1116.90 1116.90 1116.90 1116.90

5026.56 6143.46 7260.36 8377.26 9494.16 10611.06 11727.96

792.76 3909.66 5026.56 6143.46

12 13 14 15 16 17 18 19

161.70 171.49 181.87 192.87 204.55 216.94 230.07 244.00

73.33 73.33 73.33 73.33 73.33 73.33 73.33 73.33

Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

1116.90 1116.90 1116.90 1116.90 1116.90 1116.90 1116.90 1116.90

12844.86 13961.76 15078.66 16195.56 17312.46 18429.36 19546.26 20663.16

7260.36 8377.26 9494.16 10611.06

20 21 22 23 24 25

258.78 274.45 291.08 308.71 327.41 347.24

73.33 73.33 73.33 73.33 73.33 73.33

Err:522 Err:522 Err:522 Err:522 Err:522 Err:522Err:522 Err:522 Err:522 Err:522 Err:522 Err:522

1116.90 1116.90 1116.90 1116.90 1116.90 1116.90

21780.06 22896.96 24013.86 25130.76 26247.66 27364.56

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