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ORDER (SUO-MOTU)
Dated: July 14, 2010
In exercise of the powers vested under Section 61 read with Section 181 of the
Electricity Act 2003 (EA 2003), the Commission has notified the Maharashtra
Electricity Regulatory Commission (Terms and Conditions for determination of RE
Tariff) Regulations, 2010, ( the RE Tariff Regulations) on June 7, 2010. The RE Tariff
Regulations provide for Terms and Conditions and the Procedure for determination of
generic tariff on suo-motu basis in respect of following Renewable Energy (RE)
generating stations:
(a) Wind Power Projects;
(b) Small Hydro Projects, Mini and Micro Hydro Projects;
(c) Biomass Power Projects;
(d) Qualifying and Non-Qualifying Non-fossil fuel-based co-generation Plants;
(e) Solar Photo Voltaic (PV) Projects,
(f) Solar Thermal Power Projects,
(g) Solar Rooftop PV and other small Solar Power Projects.
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2.
The RE Tariff Regulations require the Commission to suo-motu determine the
Generic Tariff for the RE technologies for which norms have been specified in the said
Regulations.
3.
Regulation 8.1 of the RE Tariff Regulations specifies as follows :8.1 The Commission shall notify the generic preferential tariff on suo-motu
basis pursuant to issuance of revised norms by Central Electricity Regulatory
Commission at the beginning of each year of the Control Period for renewable
energy technologies for which norms have been specified under the Regulations.
Provided that for the first year of Control Period, (i.e. FY 2010-11), the generic
tariff on suo-motu basis may be determined within a period not exceeding three
months from the date of notification of these Regulations.
In accordance with the above Regulations, the Commission, vide its public notice dated
June 21, 2010, issued a Draft Order for the Determination of Generic Tariff for RE
Technologies for the First year of the Control Period, i.e., FY 2010-11 on suo-motu basis,
and invited comments from various stakeholders. The Commission received written
suggestions and objections from various persons.
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1.
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Regulations, 2010 have been notified after considering various relevant materials,
information and data and after undertaking the required regulatory process of prior
publication, invitation of comments, etc. As such, the norms specified in the Regulations
require observance of sanctity and should not be modified on case to case basis. .
1.2. O&M EXPENSES OF WIND PROJECTS
Stakeholder Comments/Suggestions
RCF submitted that the proposed O&M cost of Rs 6.87 Lakh/MW is on the lower side and
O&M cost of Rs. 10 Lakh/MW may be considered for the first year with an annual
escalation of 6%.
Acciona Energy India Pvt. Ltd. submitted that O&M cost of 2% of the capital cost with a
yearly escalation of 5.72% may be considered for wind energy projects.
Commissions Ruling
As regards O&M Expenses for wind power projects, Regulation 27 of the MERC (Terms
and Conditions for determination of RE Tariff) Regulations, 2010 provides for normative
O&M expenses as Rs 6.87 Lakh/MW for the first year of the Control Period (FY 2010-11)
with escalation factor of 5.72% per annum. Accordingly, the same has been considered
while determining the generic tariff for the plants to be commissioned during FY 2010-11.
Moreover, the MERC (Terms and Conditions for determination of RE Tariff) Regulations,
2010 have been notified after undertaking the required regulatory process of prior
publication, invitation of comments, etc. As such, the norms specified in the Regulations
require observance of sanctity and should not be modified on case to case basis.
1.3. MINIMUM ALTERNATE TAX
Stakeholder Comments/Suggestions
RCF and Welspun Renewable Energy Ltd submitted that the MAT rate of 19.93% may be
considered for determination of tariff.
Commissions Ruling
MERC_Final RE Tariff Order(SuoMotu)_14July_2010.doc
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The MERC (Terms and Conditions for determination of RE Tariff) Regulations, 2010
provides for normative return on equity in pre-tax terms. Accordingly, any gains or losses
on account of any change in tax rate, MAT or Corporate Tax, as the case may be, shall be
to the account of the renewable energy project developer since the returns have been
specified in pre-tax terms. Besides, the Commission observes that MAT rate or change
thereof has no bearing on the present tariff determination exercise. Moreover, the MERC
(Terms and Conditions for determination of RE Tariff) Regulations, 2010 have been
notified after undertaking the required regulatory process of prior publication, invitation
of comments, etc., and the norms specified in the Regulations should not be modified
through this Order.
1.4. LINE LOSSES TILL INTERCONNECTION POINT FOR WIND PROJECT
Stakeholder Comments/Suggestions
RCF and CLP Windfarms (India) Pvt Ltd (CLP) submitted that line losses and
transformation losses to wheel the electricity from generator level to the inter-connection
point may be taken into account while determining tariff.
Commissions Ruling
The interconnection point has been clearly defined under Regulation 2.1(p) of the
MERC (Terms and Conditions for determination of RE Tariff) Regulations, 2010. The
generic norms for capital cost, performance parameters, etc., have been stipulated taking
into consideration this aspect. Thus, any internal line losses/transformation losses up to
interconnection point are to the account of RE generator. Thus, the Commission does not
consider it necessary to factor in any additional line losses/transformation losses for
determination of tariff.
1.5. CONTROL PERIOD AND TARIFF PERIOD FOR WIND PROJECT
Stakeholder Comments/Suggestions
InWEA submitted that Para 1.1 of the Draft Order may be modified to rightly represent
the Control Period (FY 2010-11 to FY 2015-16) as per the MERC RE Tariff Regulations,
2010.
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RCF submitted that there should be provision of periodic review of Tariff and also Tariff
beyond 13 years should be determined for wind projects. Acciona submitted that a tariff
period of 25 years instead of the proposed 13 years may be considered for wind energy
projects.
Commissions Ruling
The Commission has noted the observation of InWEA and necessary changes have been
incorporated in this final Tariff Order.
As regards revision of Control Period and Tariff Period, Regulation 5 and Regulation 6 of
the MERC (Terms and Conditions for determination of RE Tariff) Regulations, 2010
specifies the Control Period and the Tariff Period of RE projects. Accordingly the
Commission has considered a Control Period of five years and a Tariff Period of 13 years
for wind power projects.
1.6. LINKING TARIFF TO INDEXATION MECHANISM
Stakeholder Comments/Suggestions
Acciona Energy submitted that the tariff for wind projects should be fixed for the entire
Control Period and should not be linked to any indexation mechanism.
Commissions Ruling
Regulation 25 of the MERC (Terms and Conditions for determination of RE Tariff)
Regulations, 2010 specifies that the capital cost of wind energy projects for each year of
the Control Period shall be notified pursuant to the issuance of indexed capital cost for
wind energy projects by CERC in accordance with the indexation mechanism stipulated
under CERC RE Tariff Regulations. Thus, Tariff for each year of the Control Period is
subject to changes in the indexed Capital Cost of wind projects for that particular year.
However, the Commission clarifies that Tariff determined for a particular year shall
continue to be applicable for the entire duration of the Tariff Period as per Regulation 6.5
of MERC (Terms and Conditions for determination of RE Tariff) Regulations, 2010.
1.7. CUF OF WIND POWER PROJECTS
Stakeholder Comments/Suggestions
MERC_Final RE Tariff Order(SuoMotu)_14July_2010.doc
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Shri Dwaraknath V Iyer, a power plant consulting engineer, submitted that the CUF
figures for various wind zones as proposed are not being achieved in many wind projects
in Maharashtra. He suggested that a reduction of 2% in CUF may be considered across the
board form Zone-1 to Zone 4. IWTMA submitted that as per C-WET WPD map, there is
no Class 4 WPD site available in the State of Maharashtra, hence, Zone-4 classification
may be removed and CUF for other wind zones may be re-classified.
Commissions Ruling
In this Tariff Order, Capacity Utilisation Factor (CUF) for wind projects has been
considered based on the CUF norms specified in Regulation 26.1 of MERC (Terms and
Conditions for determination of RE tariff) Regulations, 2010. As regards IWTMA
submission for modification/reclassification of wind zones, the MERC (Terms and
Conditions for determination of RE Tariff) Regulations, 2010 have been notified after
undertaking the required regulatory process of prior publication, invitation of comments,
etc., and as such, the norms specified in the Regulations require observance of sanctity
and should not be modified on case to case basis.
1.8. USEFUL LIFE OF WIND POWER PROJECTS
Stakeholder Comments/Suggestions
InWEA submitted that project life of 20 years instead of 25 years may be considered for
determination of tariff for wind projects. InWEA added that the life of WTG is 20 years as
per the Provisional Type Certification Scheme for Wind Turbine in India as amended in
April 2003 by Ministry of New and Renewable Energy (MNRE) and which is presently
being considered by C-WET for Type certification of WTGs. Further, InWEA submitted
that all the wind turbine manufacturers are claiming the designed life of WTG as 20 years
in their product catalogue.
Commissions Ruling
Regulation 2.1 (ff) of MERC (Terms and Conditions for determination of RE Tariff)
Regulations, 2010 specifies useful life of 25 years for wind power projects. Accordingly,
the Commission has considered the same in determination of tariff for wind projects in FY
2010-11.
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Shri Dwaraknath V Iyer submitted that though capital cost of Solar PV Projects is
proposed as Rs. 1690 Lakh/MW for FY 2010-11, there is still some ambiguity about the
power evacuation scheme, interconnection point, etc.
Welspun Renewable Energy Ltd submitted that capital cost of Solar PV projects were
determined by CERC for FY 2010-11 on the basis of the then prevalent module prices and
exchange rate of USD and hence, consider the latest USD exchange rate to adjust the
capital cost accordingly.
Commissions Ruling
The interconnection point has been clearly defined under Regulation 2.1(p) of the
MERC (Terms and Conditions for determination of RE Tariff) Regulations, 2010 and the
grid connectivity framework/evacuation arrangement has also been specified under
Regulation 17.1 of MERC (Renewable Purchase Obligation, its compliance and REC
Framework Implementation) Regulations, 2010. Further, Regulation 12.1 and Regulation
65 of MERC (Terms and Conditions for determination of RE Tariff) Regulations, 2010
specifies the premise for normative capital cost for setting up Solar PV Power Project as
1690 Lakh/MW for FY 2010-11.
1.11. O&M COST NORMS FOR SOLAR PV POWER PROJECTS
Stakeholder Comments/Suggestions
Welspun Renewable Energy Ltd submitted that an O&M cost of 10.05 Lakhs/MW may be
considered for FY 2010-11 instead of the proposed 9.51 Lakhs/MW.
Acciona Energy submitted that O&M cost of Rs. 13 Lakh/MW may be considered for FY
2010-11.
Commissions Ruling
Regulation 67 of MERC (Terms and Conditions for determination of RE Tariff)
Regulations, 2010 specifies the normative O&M cost for Solar PV Power Project as 9.51
Lakh/MW for FY 2010-11, which has been considered in the suo-motu Order for
determination of tariff.
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determined for Solar thermal projects during FY 2010-11 shall also be applicable for such
projects during FY 2011-12 and FY 2012-13 subject to certain conditions outlined under
said Regulations. Further, the proviso to Regulation 5.2 also specifies the project
commissioning duration of Solar PV and Solar thermal projects. The aforesaid Regulation
along with the said proviso was incorporated in the MERC (Terms and Conditions for
determination of RE Tariff) Regulations, 2010 by the Commission upon due regulatory
consultation process. The Commission observes that solar power development is at
nascent stage in India and capital cost norms are still evolving with changing market
dynamics. The operational performance norms are yet to be ascertained based on ground
realities in Indian conditions. Thus, stipulating the tariff or norms for extended period
would not be appropriate unless experience of few projects is gathered.
1.14. CAPITAL COST OF SOLAR THERMAL POWER PROJECTS
Stakeholder Comments/Suggestions
Acciona Energy submitted that Capital Cost of Rs 1797 Lakh/MW may be considered for
tariff determination for Solar thermal power projects.
Commissions Ruling
Regulation 70 of the MERC (Terms and Conditions for determination of RE Tariff)
Regulations, 2010 specifies the normative capital cost for setting up Solar thermal power
project as 1530 Lakh/MW for FY 2010-11, which has been considered in the suo-motu
Order for determination of tariff.
1.15. O&M COST AND CUF FOR SOLAR THERMAL POWER PROJECTS
Stakeholder Comments/Suggestions
Acciona Energy submitted that, compared to the direct normal irradiance (DNI) data
available for Maharashtra, CUF considered in the Draft Order is on the higher side and
hence, a CUF of not more than 12% may be considered for determination of tariff for
solar thermal projects. Further, O&M cost of Rs. 23 Lakh/MW may be considered.
Commissions Ruling
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...
Accordingly, the Commission shall determine the tariff for Biomass power projects based
on technologies other than Rankine cycle on a project specific basis, provided such
Petition is filed with requisite supporting information in accordance with the relevant
Regulations.
1.18. TAXES AND DUTIES
Stakeholder Comments/Suggestions
CLP submitted that the Commission may clarify the process to be followed by investors
for claiming reimbursement of taxes from the Utility, which is already allowed as a pass
MERC_Final RE Tariff Order(SuoMotu)_14July_2010.doc
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through. CLP also requested to consider permitting the projects to submit a certificate
from a Chartered Accountant confirming the tax paid by a particular project for the
purpose of claiming tax reimbursement in case multiple projects are developed by single
entity.
Commissions Ruling
The provision regarding recovery of taxes and duties as may be applicable on generation
and sale of electricity is provided in Regulations 23.1 of the MERC (Terms and
Conditions of determination of RE Tariff) Regulations, 2010. On the process to be
followed, the Parties may mutually discuss and agree on detailed modalities for
operationalising the same as a part of Energy/Power Purchase Agreement.
1.19. GRID AVAILABILITY
Stakeholder Comments/Suggestions
CLP submitted that in the wake of wind projects being treated as 'Must Run' Plants, a
suitable mechanism may be devised to compensate the project developers in case grid
availability goes below 98%.
Commissions Ruling
Regulation 11.1 referred to by CLP is in the context of non-applicability of merit order
despatch principles for scheduling and despatch of wind power projects in accordance
with the provisions under State Grid Code Regulations. Accordingly, the issue of grid
availability is not relevant in the context of Regulation 11.1 and cannot be addressed in a
generic way unless factual position in the matter is ascertained on a case to case basis.
1.20. CAPITAL COST OF SMALL HYDRO PROJECTS
Stakeholder Comments/Suggestions
IREDA submitted that the capital cost of Rs 668 Lakh/MW to Rs 681 Lakh/MW may be
considered for tariff determination of small hydro power projects. Further, MSEDCL
submitted that the capital cost proposed in the Draft Order is on the lower side and the
actual capital cost is much more.
Commissions Ruling
MERC_Final RE Tariff Order(SuoMotu)_14July_2010.doc
Page 14 of 80
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The Commission has recognised the requirement of higher capital cost and enhanced tariff
for SHPs of lower capacity (< 1 MW), while framing the MERC (Terms and Conditions
for determination of RE Tariff) Regulations, 2010, which stipulates that Tariff for
Mini/Micro Hydro Projects shall be higher by Rs 0.50 /kWh or such other higher amount
as may be stipulated by the Commission from time to time over and above the tariff
applicable for Small Hydro Projects with installed capacity more than 1 MW but upto and
including 5 MW. Accordingly, the Commission will issue appropriate directions in such
cases, if necessary.
1.22. EVACUATION OF POWER FROM MINI AND MICRO HYDRO
PROJECTS
Stakeholder Comments/Suggestions
Four Eyes Research (P.) Ltd. submitted that Utilities may be asked to provide grid
connectivity at 11/22 kV level for micro hydro projects.
Commissions Ruling
The Inter-connection point for Mini/Micro/Small Hydro power projects has been defined
under Regulation 2.1(p) of MERC (Terms and Conditions for determination of RE Tariff)
Regulations, 2010 and the same is reproduced as under:
...
(p) Inter-connection Point shall mean interface point of renewable energy
generating facility with the transmission system or distribution system,
as the case may be:
1. ...
2. in relation to mini/micro hydro power, small hydro power,
biomass power and non-fossil fuel based co-generation power
projects and Solar Thermal Power Projects the, inter-connection
point shall be the line isolator on outgoing feeder on HV side of
generator transformer; (emphasis added)
...
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Further, the Grid Connectivity framework and responsibility of power evacuation has
been clearly stipulated under Regulation 17.1 of MERC (Renewable Purchase Obligation,
its Compliance and REC Framework Implementation) Regulations, 2010, which outlines
the responsibility for evacuation arrangement with concerned licensee, i.e., distribution
licensee or transmission licensee depending upon whether RE project is required to be
connected to distribution system or transmission system, respectively.
1.23. WATER ROYALTY CHARGES FOR SHP PROJECTS
Stakeholder Comments/Suggestions
Dodson Lindblom Hydro Power Private Limited submitted that the Draft Order has not
stated about Water Royalty and Maintenance Charges that are required to be paid to the
Water Resources Department, Government of Maharashtra. However, as per the earlier
SHP Policy and also as per Government of Maharashtra Policy of September 2005, Water
Royalty is a pass-through expense.
Commissions Ruling
The Commission clarifies that the water royalty charges imposed by the State Government
have not been factored in while determining tariff and the same shall be allowed as pass
through as actually incurred.
1.24. TARIFF FOR BIOMASS POWER PROJECTS
Stakeholder Comments/Suggestions
IREDA submitted that the capital cost of Rs 419 Lakh/MW to Rs 465 Lakh/MW may be
considered for tariff determination of biomass power projects. MBEDA submitted that the
capital cost of Rs 500 Lakh/MW may be considered for determination of tariff for such
projects.
MBEDA submitted that SHR of 4125 kcal/kWh, GCV of 3328 kcal/kg and an Auxiliary
Consumption of 12% have been arrived at based on the study by National Productivity
Council and should be adopted to determine the Variable charge component of tariff for
biomass Projects.
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MBEDA further submitted that an increment of Rs. 0.46/kWh in the Fixed Charge
component may be applied to cater for the increment in fixed cost component of existing
Biomass power projects over the years due to the natural inflation in the market towards
O&M and other fixed costs such as interest rates, etc.
MBEDA submitted that a minimum sustainable tariff rate of Rs 5.78/kWh (Fixed Charge
of 2.16/ kWh {1.70+0.46} +Variable Charge Rs 3.62/kWh{computed based on SHR,
GCV and Aux norms mentioned in the NPC report}) may be allowed for the first year of
the Control Period, i.e., FY 2010-11.
MSEDCL submitted that fixed component of Tariff for existing Biomass Project goes on
decreasing with time, which may be considered while specifying tariff for such projects.
Commissions Ruling
Regulation 35.1 of MERC (Terms and Conditions of determination of RE Tariff)
Regulations, 2010, specifies that the capital cost and performance norms as specified
under Regulation 36 to Regulation 40 shall be applicable for new biomass power projects
only with effect from April 1, 2013.
Further, in accordance with Regulations 3.3 of the aforesaid Regulations, the tariff rate,
tariff structure and other conditions as specified under earlier RE Tariff Order shall
continue to be applicable for first three years of the Control Period, i.e., FY 2010-11, FY
2011-12 and FY 2012-13.
1.25. APPLICABILITY OF TARIFF FOR EXISTING BIOMASS PROJECTS
Stakeholder Comments/Suggestions
MBEDA submitted that the net tariff rate of Rs 4.28/kWh (Fixed 1.70 + variable 2.58)
approved by the Commission in its Order dated March 25, 2009 may be allowed w.e.f.
April 1, 2008 and net tariff rate of Rs 4.98/kWh (Fixed 1.70+Variable 3.28) approved by
the Commission in its Order dated December 14, 2009 may be allowed w.e.f April 1, 2009
for FY 2009-10, ending on March 31, 2010.
Commissions Ruling
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The retrospective review of applicability of earlier Orders (Case No. 83 of 2008), i.e.,
Order dated March 25, 2009 and Order dated December 14, 2009 is not the subject matter
of present regulatory process, which has been initiated for determination of Tariff based
on norms specified under the notified Regulations.
1.26. CAPITAL COST OF NON FOSSIL FUEL BASED CO-GENERATION
PROJECTS
Stakeholder Comments/Suggestions
IREDA submitted that the capital cost of Rs 383 Lakh/MW may be considered for nonfossil fuel based cogeneration projects. MSEDCL submitted that the capital cost proposed
in the Draft Order is on the lower side and the actual capital cost is much more.
Commissions Ruling
As per Regulation 49.1 of MERC (Terms and Conditions of determination of RE Tariff)
Regulations, 2010, the capital cost and performance norms as specified under Regulation
50 to Regulation 54 shall be applicable for new non-fossil fuel based co-generation
projects only with effect from April 1, 2013.
Further, in accordance with Regulations 3.3 of the aforesaid Regulations, the tariff rate,
tariff structure and other conditions as specified under earlier RE Tariff Order shall
continue to be applicable for first three years of the Control Period, i.e., FY 2010-11, FY
2011-12 and FY 2012-13.
1.27. SHARING OF SUBSIDY AND INCENTIVE BENEFITS AND CDM
BENEFITS
Stakeholder Comments/Suggestions
MSEDCL submitted that the subsidies that have not been considered while determining
the tariff, if materialized in future, should be shared between the licensee and developer
equally. MSEDCL also submitted that the CDM benefit should be equally shared between
the Host Licensee and Generator.
Commissions Ruling
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As per Regulation 22.1 of MERC (Terms and Conditions for determination of RE Tariff)
Regulations, 2010, the Commission observes that it shall take into consideration the
incentive or subsidy offered by the Central or State Government while determining Tariff.
However, the issue raised by MSEDCL pertains to future subsidies if and when
materialised for the RE project which were not factored in while determining tariff. The
Commission is of the view that in the absence of specific information as regards nature of
subsidy, its purpose, eligibility and applicability etc, the Commission is not inclined to
pass generic ruling in the matter at this stage. The issue of sharing of such subsidies can
be taken up in accordance with the provisions under Regulations based on application to
be filed by concerned party.
As regards sharing of CDM benefits, Regulation 21.1 of MERC Terms and Conditions for
determination of RE Tariff) Regulations, 2010 specifies that all risks, costs and efforts
associated with the availing of carbon credits shall be borne by the generating company.
1.28. TARIFF FOR EXISTING RE PROJECTS
Stakeholder Comments/Suggestions
MSEDCL submitted that REC mechanism may not be allowed for the old projects whose
EPAs/EWAs/ Validity Period have expired, and for such projects Commission may
rationalise the tariff.
Commissions Ruling
The eligibility of existing RE projects to participate in the REC mechanism shall be
governed by provisions of MERC (Renewable Purchase Obligation, its compliance and
REC framework Implementation) Regulations, 2010. Regulation 16 of the said
Regulations clearly outlines conditions for eligibility for existing RE projects to
participate in the REC mechanism. The review of such conditions is not the subject matter
of the present regulatory process, which has been initiated for determination of Tariff
based on provisions outlined under the notified Regulations.
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2.
This section of the Order details the applicable norms for determination of Generic
Levellised Tariff, which are common to all type of renewable technologies as specified in
the MERC (Terms and Conditions for determination of RE Tariff) Regulations, 2010.
2.1. CONTROL PERIOD
Regulation 5 of the MERC (Terms and Conditions for determination of RE Tariff)
Regulations, 2010 specifies that the Control Period for determination of tariff for RE
projects shall be five years, starting from the date of notification of the MERC (Terms and
Conditions for determination of RE Tariff) Regulations, 2010. The Proviso to Regulation
5.1 stipulates that the tariff determined for the RE projects commissioned during the
Control Period shall continue to be applicable for the entire duration of the Tariff Period
(as specified in Regulation 6 of the MERC (Terms and Conditions for determination of
RE Tariff) Regulations, 2010).
Further, as stipulated under Regulation 5.2 of MERC (Terms and Conditions for
determination of RE Tariff) Regulations, 2010, the generic tariff determined for Solar PV
projects based on the Capital Cost and other norms applicable for FY 2010-11 shall also
apply for such projects to be commissioned during FY 2011-12, and the generic tariff
determined for Solar thermal projects based on the Capital Cost and other norms for FY
2010-11 shall also apply for such projects to be commissioned during FY 2011-12 and FY
2012-13, provided that (i) the Power Purchase Agreements (PPA) in respect of the Solar
PV projects and Solar thermal projects as mentioned in this Clause are signed on or before
March 31, 2011; and (ii) the entire capacity covered by the Power Purchase Agreements is
commissioned on or before March 31, 2012 in respect of Solar PV projects and on or
before March 31, 2013 in respect of Solar thermal projects.
2.2. TARIFF STRUCTURE
Regulation 9.1 of the MERC (Terms and Conditions for determination of RE Tariff)
Regulations, 2010 stipulates that the tariff for RE projects shall be single part tariff
consisting of the following fixed cost components:
(a) Return on equity;
MERC_Final RE Tariff Order(SuoMotu)_14July_2010.doc
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10.3
Levellisation shall be carried out for the useful life of the Renewable
Energy project while tariff shall be specified for the period equivalent to
Tariff Period.
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The discount factor considered for this purpose is equal to the weighted average
cost of capital on the basis of normative debt:equity ratio (70:30) specified in the
Regulations, and weighted average rates for debt and equity component.
Interest Rate considered for the loan component (i.e., 70%) of Capital Cost is
13.37% (as explained later in this Order). For equity component (i.e., 30%) rate of
Return on Equity (ROE) for the first ten (10) years is 19%, and for 11th year
onwards till useful life of the RE project, the rate is 24%. Based on these rates, the
weighted average ROE has been calculated, which is around 22% (ranging from
21.50% to 22.57% depending on useful life of RE technologies). The discount
factor for each technology derived by this method is detailed in the respective
technology specific sections of this Order.
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Accordingly, for the projects availing the benefit of accelerated depreciation as per
applicable Income Tax rate of 33.99% (30% IT rate + 10% surcharge + 3% Education
cess) has been considered. For the purpose of determining net depreciation benefits,
depreciation @ 5.28% as per straight line method (Book depreciation as per Companies
Act, 1956) has been compared with depreciation as per Income Tax rate, i.e., 80% of the
written down value method and depreciation for the first year has been calculated at the
rate of 50% of 80%, i.e., 40%, assuming the project is capitalized during the second half
of the financial year as per proviso (ii) to Regulation 22. Tax benefit has been worked out
as per normal tax rate on the net depreciation benefit. Per unit levellised accelerated
depreciation benefit has been computed considering the weighted average cost of capital
as discounting factor. Detailed computation of benefit of accelerated depreciation in
respect of each RE technology has been covered under technology specific sections.
Further, as per the second Proviso under Regulation 22.1 of MERC (Terms and
Conditions for determination of RE Tariff) Regulations, 2010, in case any Central
Government or State Government notification specifically provides for any Generation
based Incentive over and above tariff, the same shall not be factored in while determining
tariff. Thus, while determining Tariffs for RE projects in this Order, no such incentives
have been considered.
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Existing RE Project: As per Regulation 2.1 (k) of MERC (Terms and Conditions for
determination of RE Tariff) Regulations, 2010, Existing RE project has been defined as
the renewable energy project whose date of commissioning falls prior to date of
notification of MERC (Terms and Conditions for determination of RE Tariff) Regulations,
2010.
New RE Project: As per Regulation 2.1 (s) of MERC (Terms and Conditions for
determination of RE Tariff) Regulations, 2010, New RE project has been defined as the
renewable energy project whose date of commissioning is subsequent to the date of
notification of MERC (Terms and Conditions for determination of RE Tariff) Regulations,
2010. The following sections of the Order outline the technology-wise norms and
corresponding Generic Tariff for Projects based on various renewable energy
technologies.
3.
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Page 26 of 80
140.14
Return on Equity for the first 10 years @19% (Rs lakh per MW)
26.63
Return on Equity after first 10 years @24% (Rs lakh per MW)
33.63
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SBAR
1-April-2009 to 28-June-2009
12.25%
29-June-2009 to 31-March-2010
11.75%
Avg. SBAR
11.87%
3.7. DEPRECIATION
Regulation 15 of the MERC (Terms and Conditions for determination of RE Tariff)
Regulations, 2010 provides that depreciation is allowed up to a maximum of 90% of the
Capital Cost of the asset and the depreciation rate for the first 10 years of the Tariff Period
shall be 7% per annum and the remaining depreciation shall be spread over the remaining
useful life of the project from 11th year onwards.
Accordingly, for Wind Energy Projects, depreciation rate is 7% for the first 10 years, and
works out to 1.33% thereafter, for the remaining useful period of 15 years for the wind
energy projects.
3.8. INTEREST ON WORKING CAPITAL
Regulation 17.1 of the MERC (Terms and Conditions for determination of RE Tariff)
Regulations, 2010 provides for computation of the working capital requirements of the
wind projects as under:
"(a) Operation & Maintenance expenses for one month;
(b) Receivables equivalent to 2 (Two) months of energy charges for sale of electricity
calculated on the normative CUF;
MERC_Final RE Tariff Order(SuoMotu)_14July_2010.doc
Page 28 of 80
CUF
2
20%
23%
27%
30%
In accordance with Regulation 26.2 of the MERC (Terms and Conditions for
determination of RE Tariff) Regulations, 2010, the annual mean wind power density
specified above is to be measured at 50 metre hub-height and as per Regulation 26.3, for
the purpose of classification of wind energy project into particular wind zone class, the
State-wise wind power density map prepared by Centre for Wind Energy Technology (C-
Page 29 of 80
WET) annexed as schedule to the MERC (Terms and Conditions for determination of RE
Tariff) Regulations, 2010, is to be considered.
3.11. LEVELLISED TARIFF FOR NEW WIND ENERGY PROJECTS IN FY
2010-11
Accordingly, the generic tariffs for Wind Energy Projects for FY 2010-11 has been
determined as under. The discount factor for carrying out levellisation of Tariff for wind
energy projects works out to 15.96%.
Tariff for New RE Projects-Wind
Particular
Wind Zone -1
Wind Zone -2
Wind Zone -3
Wind Zone -4
Benefit of
Accelerated
Depreciation
(if availed)
Net Levellised
Tariff(upon
adjusting for
Accelerated
Depreciation
benefit) (if availed)
(Rs / kWh)
Wind Energy Projects
(Rs/kWh)
(Rs/kWh)
13
5.07
(0.78)
4.29
13
4.41
(0.68)
3.73
13
3.75
(0.58)
3.18
13
3.38
(0.52)
2.86
Tariff Period
Levellised Total
Tariff (FY2010-11)
Notes:
Page 30 of 80
for such existing RE projects over the duration of the Tariff Period as stipulated under
respective RE Tariff Orders.
The Commission had issued a Tariff Order for Wind power technology dated November
24, 2003 in Case No. 17(3), 3, 4 & 5 of 2002. The validity of the Tariff Order as stipulated
in the said Order was initially till March 31, 2007, which was further extended to March
31, 2010 through the RPS Order dated August 16, 2006 (Case No.6 of 2006) issued by the
Commission. The applicability of the same was subsequently extended vide Order dated
March 31, 2010 (Case No. 116 of 2009) till issuance of new Tariff Orders for FY 201011.
In the above mentioned Tariff Order, Wind Power Projects were classified into three
distinct groups, namely Group-I, Group-II and Group-III Projects based on the date of
commissioning of such Projects. Wind Projects commissioned before December 27, 1999
belonged to Group-I, Projects commissioned after December 27, 1999 but on or before
March 31, 2003 belonged to Group-II, and Projects commissioned from April 1, 2003
onwards belong to Group-III class of Projects.
In view of the extended applicability of the existing Tariff Order in the new Control
Period (through Regulation 3.2) and on the basis of the Tariff, Tariff Structure and other
conditions as stipulated in the existing Tariff Order, the Tariff for existing Wind Power
Projects during FY 2010-11 shall be as under.
Page 31 of 80
FY
1994-95
1995-96
1996-97
1997-98
1998-99
1999-00
2000-01
2001-02
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
2013-14
2014-15
2015-16
Group-II
(Projects Commissioned after 27th December, 1999 but On or before 31 March, 2003)
Year
(before
27th December, 1999)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
2.25
2.36
2.47
2.58
2.69
2.80
2.91
3.02
3.13
3.24
3.24
3.24
3.24
3.35
3.46
3.57
3.68
3.79
3.90
4.01
Year
1999-00
Year
2000-01
Year
2001-02
Year
2002-03
1
2
3
4
5
6
7
8
9
10
11
2.80
2.91
3.02
3.13
3.24
3.35
3.46
3.57
2.52
2.52
2.52
1
2
3
4
5
6
7
8
9
10
2.91
3.02
3.13
3.24
3.35
3.46
3.57
3.68
2.52
2.52
1
2
3
4
5
6
7
8
9
3.02
3.13
3.24
3.35
3.46
3.57
3.68
3.79
2.52
1
2
3
4
5
6
7
8
3.13
3.24
3.35
3.46
3.57
3.68
3.79
3.90
Beyond FY 2009-10, those projects whose PPA has expired shall have
option to continue with the preferential Tariff or opt for pricing under REC
mechanism (Clause 16.1 of MERC (Renewable Purchase Obligation, its
compliance and implementation of REC framework) Regulations, 2010 and in
accordance with second proviso to Regulation 3.1 of RE Tariff Regulations.
(Projects Commissioned
From 1st April, 2003)
Financial Year)
Year
2003-04
1
2
3
4
5
6
7
8
9
10
11
12
13
3.50
3.65
3.80
3.95
4.10
4.25
4.40
4.55
4.70
4.85
5.00
5.15
5.30
Group I- Tariff started with 2.25 Rs/kWh for 1994-95 and escalated at the rate of 5%
(i.e., 11 paise every year) till 10th year, then remained constant for next 3 years, then again
escalated from 14th year onwards till 20th year at the same rate.
Group II- Tariff started with 2.25 Rs/kWh for 1994-95 with 5% simple escalation (i.e.,
11 paise every year) for 8 years.
The Commission has ruled in its Order in Case No. 58 of 2008 that the tariff on ad-interim
basis for wind energy injection into the Grid by Wind Energy developers under Group-II
category post expiry of their respective EPAs, shall be Rs 2.52 per unit. For FY 2010-11,
in case the Wind developer chooses to sell at preferential Tariff, the Tariff of Rs 2.52/kWh
shall be applicable.
Group III- Tariff started with 3.50 Rs/kWh in 2003-04 and increases at the rate of 15
paise per year for 13 years. The starting rate will be applicable from the year of
Commissioning of the Wind Project.
Page 32 of 80
4.
Project Size
Capital Cost
(FY 2010-11)
(Rs. Lakh/ MW)
Page 33 of 80
Capital Cost
Project Size
(FY 2010-11)
(Rs. Lakh/ MW)
498.88
> 5 MW to 25 MW
453.53
Particulars
> 5 MW to
25 MW
149.66
136.06
28.44
25.85
35.92
32.65
Page 34 of 80
Page 35 of 80
determination of the levellised tariff. The table below presents the normative O&M
expenses considered by the Commission for small hydro power for FY 2010-11:
Project Size
O&M expenses
(Rs Lakh/MW)
> 1 MW and up to
and including 5 MW
17.97
5 MW to 25 MW
12.69
Page 36 of 80
Tariff for New RE Projects-Small Hydro Projects, Mini and Micro Hydro Projects
Particulars
1 MW & below
Benefit of
Accelerated
Depreciation (if
availed)
Net Levellised
Tariff(upon
adjusting for
Accelerated
Depreciation
benefit) (if availed)
Tariff
period
Levellised Total
Tariff (FY2010-11)
years
(Rs / kWh)
(Rs/kWh)
Small Hydro Project
(Rs/kWh)
35
4.76
(0.56)
4.20
35
4.26
(0.57)
3.70
13
3.65
(0.51)
3.14
Page 37 of 80
The Commission had issued a Tariff Order for Small Hydro Projects dated November 9,
2005 in Case No. 25 of 2004. The Commission, in the Tariff Order had stipulated that the
Commission would review the tariff rate and structure after 5 years from the date of
applicability of the SHP policy notified by the Government of Maharashtra or on
commissioning of 200 MW of SHPs in the State, whichever is earlier. Validity of this
Tariff was further extended to March 31, 2010 through the RPS Order (Case No.6 of
2006) issued by the Commission. The applicability of the same was subsequently
extended till issuance of new Tariff Orders for the next Control Period (FY 2010-11 to FY
2014-15) through an Order dated March 31, 2010 in Case No. 116 of 2009.
In view of the extended applicability of the existing Tariff Order in the new Control
Period (through Regulation 3.2) and on the basis of the Tariff, Tariff Structure and other
conditions as stipulated in the existing Tariff Order, the Tariff for existing Small Hydro
Projects during FY 2010-11 shall be as follows:
Existing Projects
Year of
Year of
Operation 2005-06
Operation 2005-06
1
2005-06
1
2.84
11
2015-16
11
3.11
2
2006-07
2
2.87
12
2016-17
12
3.11
3
2007-08
3
2.90
13
2017-18
13
3.11
4
2008-09
4
2.93
14
2018-19
14
3.11
5
2009-10
5
2.96
15
2019-20
15
3.11
6
2010-11
6
2.99
16
2020-21
16
3.14
7
2011-12
7
3.02
17
2021-22
17
3.17
8
2012-13
8
3.05
18
2022-23
18
3.20
9
2013-14
9
3.08
19
2023-24
19
3.23
10
2014-15
10
3.11
20
2024-25
20
3.26
Tariff in the first year of the project is Rs 2.84/unit, and increases by Rs.0.03/unit
every year till the debt repayment is over i.e., in the10th year. The tariff shall remain
constant at Rs 3.11/unit between the 10th year and the 15th year after which it again
increases annually at a constant rate of Re 0.03/unit.
Page 38 of 80
5.
Page 39 of 80
In addition, the Regulations also specify that the fuel price for each year of operation, of
both existing and new Biomass Project shall be adjusted based on an indexation
mechanism with effect from April 1, 2013. The relevant extract of the Regulations is
reproduced as under:
"47.1 In case of (existing and new) biomass power projects, the following indexing
mechanism for adjustment of fuel prices for each year of operation, from April 1,
2013, will be applicable for determination of applicable variable charge
component of tariff:
The indexed Biomass Fuel Price (Pn) in case of Biomass Power projects for
each year (n) of the Control Period shall be notified pursuant to notification of
such indexed Biomass Fuel Price norm as applicable for Biomass Power
projects within Maharashtra by Central Electricity Regulatory Commission in
accordance with indexation mechanism stipulated under CERC RE Tariff
Regulations.
Where,
P (n) = Price per ton of biomass for the nth year to be considered for tariff
determination"
From the above mentioned provisions of MERC (Terms and Conditions for determination
of RE Tariff) Regulations, 2010, the Tariff for existing and new Biomass Power Projects
in FY 2010-11 shall be as per the Biomass Tariff Order already issued by the
Commission.
5.2. RELEVANT BIOMASS TARIFF ORDERS
The Commission has issued several Orders for determination of Tariff of Biomass Power
Projects as well as for revising the variable component of the Tariffs to factor in the
increase in biomass price over the years. The Orders issued by the Commission in respect
of Tariff for Biomass Projects and their applicability are as under:
a) Order dated August 8, 2005 in Case No. 37 of 2003 for determination of
tariff and dispensation of related issues in respect of procurement of power
from biomass based power projects.
MERC_Final RE Tariff Order(SuoMotu)_14July_2010.doc
Page 40 of 80
b) The Order was applicable to all biomass based power generation projects in
Maharashtra using the Rankine cycle based technology applications and
commissioned by March 31, 2010, or until installed plant capacity based on
biomass reaches 250 MW, whichever is earlier.
c) This Order was applicable only to those Projects harnessing biomass
potential in Maharashtra and commissioned in the State, and intended for
sale of electricity to Licensees within Maharashtra.
d) Subsequently, the Commission issued Orders for revision of Variable
Charge component of Tariff on March 25, 2009 and thereafter on
December 14, 2009 (Case No. 83 of 2008) upon scrutiny of submissions of
few operational biomass power projects. As stipulated in the Order dated
December 14, 2009, the revised variable charge component was applicable
till March 31, 2010.
e) The applicability of the tariffs as determined thorough the above Orders
was subsequently extended till the issuance of new Tariff Orders for the
next Control Period (FY 2010-11 to FY 2014-15) through an Order dated
March 31, 2010 in Case No. 116 of 2009.
In accordance with Regulation 3.3 of the MERC (Terms and Conditions for determination
of RE Tariff) Regulations, 2010, and on the basis of the Tariff, Tariff Structure and other
conditions as stipulated in the existing Tariff Order, the Tariff for existing and new
Biomass Power Projects during FY 2010-11 shall be as elaborated in the following
section.
1.70
Variable
Charge
(Rs/kWh)
3.28
Tariff
(Rs/kWh)
4.98
Page 41 of 80
The Tariff Rate comprises two parts, viz., (i) fixed charge component, and (ii) variable
charge component and shall be applicable for sale of power by rankine cycle based
biomass power project to distribution licensees within Maharashtra during FY 2010-11.
6.
NON-FOSSIL
FUEL
BASED
CO-GENERATION
PROJECT
6.1. KEY PROVISIONS OF RE TARIFF REGULATIONS
In accordance with MERC (Terms and Conditions for determination of RE Tariff)
Regulations, 2010, the applicable Tariff and terms and conditions of Tariff for new as well
as existing non-fossil fuel based co-generation projects as specified under existing RE
Tariff Order shall continue to be applicable for first three years of the new Control Period
(i.e., FY 2010-11, FY 2011-12, and FY 2012-13). The relevant extract of the MERC
(Terms and Conditions for determination of RE Tariff) Regulations, 2010, namely,
Regulation 3.3 is reproduced as under:
3.3 For existing and new projects based on renewable energy technologies having
fuel cost component, like biomass power projects and non-fossil fuel based cogeneration projects, the tariff, tariff structure and other conditions as specified
under respective RE Tariff Order shall continue to be applicable for first three
years of the Control Period, i.e., FY 2010-11, FY 2011-12 and FY 2012-13.
Further, Chapter 6 of the MERC (Terms and Conditions for determination of RE Tariff)
Regulations, 2010 provides technology specific norms for determination of tariff for nonfossil fuel based co-generation projects and the same are applicable to existing and new
non-fossil fuel based co-generation projects only from fourth year of the Control Period,
i.e., from FY 2013-14. The relevant Regulations specifying the applicability of such
norms is reproduced as under.
"49.1 The capital cost and performance norms as specified under Regulation 50 to
Regulation 54 and Regulation 62 shall be applicable only for new non-fossil
fuel based co-generation projects with effect from April 1, 2013.
MERC_Final RE Tariff Order(SuoMotu)_14July_2010.doc
Page 42 of 80
49.2
In addition, the Regulations also specify that the fuel price for each year of operation, of
both existing and new non-fossil fuel based co-generation projects shall be adjusted based
on an indexation mechanism with effect from April 1, 2013. The relevant extract of the
Regulations is as reproduced as under:
"56.1 In case of (existing and new) non-fossil fuel based co-generation projects, the
following indexing mechanism for adjustment of fuel prices for each year of
operation, from April 1, 2013, will be applicable for determination of applicable
variable charge component of tariff:
The indexed Bagasse Fuel Price (Pn) in case of Non-fossil fuel based Cogeneration projects for each year (n) of the Control Period shall be notified
pursuant to notification of such indexed Bagasse Fuel Price norm as applicable
for Non-fossil fuel based Co-generation projects within Maharashtra by Central
Electricity Regulatory Commission in accordance with indexation mechanism
stipulated under CERC RE Tariff Regulations.
Where,
P (n) = Price per ton of Bagasse for the nth year to be considered for tariff
determination"
Thus, the Tariff for existing and new non-fossil fuel based co-generation projects in FY
2010-11 shall be as per the relevant Tariff Order for non-fossil fuel based co-generation
projects as already issued by the Commission.
Page 43 of 80
In accordance with Regulation 3.3 of the MERC (Terms and Conditions for determination
of RE Tariff) Regulations, 2010, and on the basis of the Tariff, Tariff Structure and other
conditions as stipulated in the existing Tariff Order, the Tariff for existing and new nonfossil fuel based co-generation projects during FY 2010-11 shall be as elaborated in the
following section.
Page 44 of 80
6.3. TARIFF FOR EXISTING AND NEW NON-FOSSIL FUEL BASED COGENERATION PROJECTS
Tariff for Existing and New Non-Fossil based Bagasse Cogen Power Projects
Financial Fixed Charge
Year
(Rs/kWh)
2010-11
2.26
Variable
Charge
(Rs/kWh)
2.53
Tariff
(Rs/kWh)
4.79
The Tariff Rate comprises of two parts, viz., (i) fixed charge component, and (ii) variable
charge component and shall be applicable for sale of power by non-fossil fuel based cogeneration project to distribution licensees within Maharashtra during FY 2010-11.
6.4. TARIFF FOR NON-QUALIFYING NON-FOSSIL FUEL-BASED COGENERATION PLANTS
In this context, the Commission has determined the Tariff for non-qualifying non-fossil
fuel based co-generation (NQNFFC) projects as Rs 1.94/kWh with escalation of 2% per
annum on compounded basis under its Order (Case 26 of 2004) dated May 25, 2005.
MERC_Final RE Tariff Order(SuoMotu)_14July_2010.doc
Page 45 of 80
Accordingly, the Tariff Rate for existing non-qualifying non-fossil fuel based cogeneration projects for FY 2010-11 works out to Rs 2.14/kWh.
Hence, the Commission hereby rules that the Tariff Rate for Non-Qualifying non-fossil
fuel based Co-generation projects (existing and new) shall be Rs 2.14/kWh.
7.
projects as mentioned in this Clause are signed on or before March 31, 2011; and (ii) the
entire capacity covered by the Power Purchase Agreements is commissioned on or before
March 31, 2012 in respect of Solar PV projects.
7.3. TARIFF PERIOD
Regulation 6 of the MERC (Terms and Conditions for determination of RE Tariff)
Regulations, 2010 specifies the Tariff Period for Solar PV projects as 25 years. In terms of
Regulation 6.4 and 6.5 of the MERC (Terms and Conditions for determination of RE
Tariff) Regulations, 2010, the Tariff Period specified shall be reckoned from the date of
commercial operation of the RE projects and the tariff determined under the Regulations
shall be applicable only for the duration of the Tariff Period.
Page 46 of 80
Solar PV
507.00
96.33
121.68
Page 47 of 80
7.8. DEPRECIATION
In accordance with Regulation 15 of the MERC (Terms and Conditions for determination
of RE Tariff) Regulations, 2010, the depreciation will be charged at 7% for the first 10
years and at 1.33% thereafter for the remaining useful period of 15 years for Solar PV
projects.
7.9. INTEREST ON WORKING CAPITAL
Regulation 17.1 of the MERC (Terms and Conditions for determination of RE Tariff)
Regulations, 2010 provides for computation of the working capital requirements for Solar
PV Projects as under:
"(a) Operation & Maintenance expenses for one month;
(b) Receivables equivalent to 2 (Two) months of energy charges for sale of electricity
calculated on the normative CUF;
(c) Maintenance @ 15% of operation and maintenance expenses"
In accordance with Regulation 17.3, the Interest on Working Capital for Solar PV Projects
for FY 2010-11 works out to 12.87%.
7.10. OPERATION AND MAINTENANCE EXPENSES
Regulation 68 of the MERC (Terms and Conditions for determination of RE Tariff)
Regulations, 2010 provides the normative O&M expenses for small Solar PV projects for
FY 2010-11 as Rs. 9.51 Lakh/MW, which is to be escalated at the rate of 5.72% per
annum over the Tariff Period, for determination of the levellised tariff.
Page 48 of 80
Particular
Solar PV Projects
Tariff
period
Levellised
Tariff
(FY2010-11)
years
(Rs / kWh)
25
17.91
Net Levellised
Tariff(upon
adjusting for
Accelerated
Depreciation
benefit)
(if availed)
(Rs/kWh)
(Rs/kWh)
Solar Power Projects
(2.96)
14.95
Benefit of
Accelerated
Depreciation (if
availed)
The Tariff specified for Solar PV Projects shall be valid for Projects Commissioned in FY
2010-11 and FY 2011-12 as well, and shall be valid for a tariff period of 25 years from the
Commercial Operation Date (COD).
Page 49 of 80
25
18.41
(2.96)
15.45
The Tariff specified for Solar rooftop PV and Other Small Solar Power Projects shall be
valid for projects Commissioned in FY 2010-11 and FY 2011-12 as well, and shall be
valid for a tariff period of 25 years from the Commercial Operation Date (COD).
8.
Page 50 of 80
Page 51 of 80
Particulars
Solar PV
459.00
87.21
110.16
Page 52 of 80
Further, Regulation 17.3 specifies that Interest on Working Capital shall be computed at
an interest rate equivalent to average State Bank Advance Rate (SBAR) during the
previous year plus 100 basis points.
Accordingly, the Interest on Working Capital for Solar thermal projects for FY 2010-11
works out to 12.87%.
8.10. OPERATION AND MAINTENANCE EXPENSES
Regulation 73 of the MERC (Terms and Conditions for determination of RE Tariff)
Regulations, 2010 provides the normative O&M expenses for solar thermal power
projects for FY 2010-11 as Rs. 13.74 Lakh/MW, to be escalated at the rate of 5.72% per
annum over the Tariff Period for determination of the levellised tariff.
8.11. CAPACITY UTILISATION FACTOR
In accordance with Regulation 72 of the MERC (Terms and Conditions for determination
of RE Tariff) Regulations, 2010, the CUF of 23% is considered for determination of tariff
for solar thermal projects.
8.12. AUXILIARY POWER CONSUMPTION
In accordance with Regulation 74 of the MERC (Terms and Conditions for determination
of RE Tariff) Regulations, 2010, the auxiliary power consumption factor for determination
of tariff of solar thermal power projects is 10.00%.
8.13. LEVELLISED TARIFF FOR SOLAR THERMAL PROJECTS IN FY 2010-11
In light of the parameters discussed in the preceding paragraphs and with respect to the
discount factor of 15.96% derived based on the methodology stipulated in Section 1.4 of
this Order, the generic tariff for Solar Thermal Projects for FY 2010-11 has been
determined as under:
Page 53 of 80
Tariff
period
Levellised
Tariff
(FY2010-11)
years
(Rs / kWh)
25
15.31
Particular
Solar Thermal
Net Levellised
Tariff(upon
adjusting for
Accelerated
Depreciation
benefit)
(if availed)
(Rs/kWh)
(Rs/kWh)
Solar Power Projects
(2.46)
12.85
Benefit of
Accelerated
Depreciation (if
availed)
The Tariff specified for Solar Thermal Power Projects shall be valid for Projects
Commissioned in FY 2010-11, FY 2011-12 and FY 2012-13 as well, and shall be valid
for a tariff period of 25 years from the Commercial Operation Date (COD).
9. The detailed computations of the generic tariff for various RE technologies have been
annexed with this Order, as per the details given hereunder:
S No
Annexure
Wind Zone-I
Annexure 1A
Wind Zone-II
Annexure 1B
Annexure 1C
Wind Zone IV
Annexure 1D
Annexure 2A
Annexure 2B
Solar Projects
Solar PV Projects
Annexure 3
Annexure 4
Sd/(V. L. Sonavane)
Member
Sd/(V. P. Raja)
Chairman
(K. N. Khawarey)
Secretary, MERC
Page 54 of 80
Annexure 1A
(Wind Zone-1)
Form 1.1 Assumptions Parameters
Assumption
Head
S. No.
Sub-Head
Sub-Head (2)
Unit
Power Generation
Capacity
Installed Power Generation Capacity
Capacity Utilization Factor
Deration Factor
Useful Life
MW
%
%
Years
1
20%
0.00%
25
Rs Lacs/MW
467.13
Tariff Period
Years
Debt
Equity
Total Debt Amount
Total Equity Amout
%
%
Rs Lacs
Rs Lacs
70%
30%
326.99
140.14
Loan Amount
Moratorium Period
Repayment Period(incld Moratorium)
Interest Rate
Rs Lacs
years
years
%
326.99
0
10
13.37%
Equity amount
Return on Equity for first 10 years
RoE Period
Return on Equity 11th year onwards
Weighted average of ROE
Discount Rate
Rs Lacs
% p.a
Year
% p.a
140
19.00%
10
24.00%
22.00%
15.96%
Income Tax
80 IA benefits
%
Yes/No
%
%
2 Project Cost
Capital Cost/MW
3 Sources of Fund
13
Debt: Equity
Debt Component
Equity Component
4 Financial Assumptions
Fiscal Assumptions
Depreciation
33.99%
Yes
0.0%
7.00%
1.33%
10
5 Working Capital
For Fixed Charges
O&M Charges
Maintenance Spare
(% of O&M exepenses)
Receivables for Debtors
For Variable Charges
Interest On Working Capital
Months
Months
1
15%
2
12.87%
6.87
5.72%
Page 55 of 80
Form 1.2 Form Template for (Wind Power Projects under Zone - 1) : Determination of Tariff Component
1
Units Generation
Installed Capacity
Gross/Net Generation
Fixed Cost
O&M Expenses
Depreciation
Interest on term loan
Interest on working Capital
Return on Equity
Total Fixed Cost
0.862
0.744
0.641
0.553
0.477
0.411
0.355
0.306
0.264
0.227
0.196
0.169
0.146
0.126
0.108
0.094
0.081
0.070
0.060
0.052
0.045
0.038
0.033
0.029
Unit
MW
MU
Year--->
1
1
1.75
2
1
1.75
3
1
1.75
4
1
1.75
5
1
1.75
6
1
1.75
7
1
1.75
8
1
1.75
9
1
1.75
10
1
1.75
11
1
1.75
12
1
1.75
13
1
1.75
14
1
1.75
15
1
1.75
16
1
1.75
17
1
1.75
18
1
1.75
19
1
1.75
20
1
1.75
21
1
1.75
22
1
1.75
23
1
1.75
24
1
1.75
25
1
1.75
Unit
Rs Lakh
Rs Lakh
Rs Lakh
Rs Lakh
Rs Lakh
Rs Lakh
Year--->
1
6.87
32.70
41.54
2.57
26.63
110.31
2
7.26
32.70
37.17
2.50
26.63
106.25
3
7.68
32.70
32.79
2.42
26.63
102.22
4
8.12
32.70
28.42
2.35
26.63
98.22
5
8.58
32.70
24.05
2.28
26.63
94.24
6
9.07
32.70
19.68
2.21
26.63
90.28
7
9.59
32.70
15.30
2.14
26.63
86.36
8
10.14
32.70
10.93
2.07
26.63
82.47
9
10.72
32.70
6.56
2.01
26.63
78.61
10
11.33
32.70
2.19
1.94
26.63
74.79
11
11.98
6.23
0.00
1.50
33.63
53.35
12
12.67
6.23
0.00
1.54
33.63
54.07
13
13.39
6.23
0.00
1.58
33.63
54.83
14
14.16
6.23
0.00
1.62
33.63
55.64
15
14.97
6.23
0.00
1.66
33.63
56.49
16
15.82
6.23
0.00
1.71
33.63
57.39
17
16.73
6.23
0.00
1.75
33.63
58.35
18
17.69
6.23
0.00
1.80
33.63
59.35
19
18.70
6.23
0.00
1.86
33.63
60.42
20
19.77
6.23
0.00
1.91
33.63
61.54
21
20.90
6.23
0.00
1.97
33.63
62.73
22
22.09
6.23
0.00
2.04
33.63
63.99
23
23.36
6.23
0.00
2.10
33.63
65.32
24
24.69
6.23
0.00
2.17
33.63
66.73
25
26.11
6.23
0.00
2.25
33.63
68.21
1
0.39
1.87
2.37
0.15
1.52
6.30
2
0.41
1.87
2.12
0.14
1.52
6.06
3
0.44
1.87
1.87
0.14
1.52
5.83
4
0.46
1.87
1.62
0.13
1.52
5.61
5
0.49
1.87
1.37
0.13
1.52
5.38
6
0.52
1.87
1.12
0.13
1.52
5.15
7
0.55
1.87
0.87
0.12
1.52
4.93
8
0.58
1.87
0.62
0.12
1.52
4.71
9
0.61
1.87
0.37
0.11
1.52
4.49
10
0.65
1.87
0.12
0.11
1.52
4.27
11
0.68
0.36
0.00
0.09
1.92
3.04
12
0.72
0.36
0.00
0.09
1.92
3.09
13
0.76
0.36
0.00
0.09
1.92
3.13
14
0.81
0.36
0.00
0.09
1.92
3.18
15
0.85
0.36
0.00
0.09
1.92
3.22
16
0.90
0.36
0.00
0.10
1.92
3.28
17
0.95
0.36
0.00
0.10
1.92
3.33
18
1.01
0.36
0.00
0.10
1.92
3.39
19
1.07
0.36
0.00
0.11
1.92
3.45
20
1.13
0.36
0.00
0.11
1.92
3.51
21
1.19
0.36
0.00
0.11
1.92
3.58
22
1.26
0.36
0.00
0.12
1.92
3.65
23
1.33
0.36
0.00
0.12
1.92
3.73
24
1.41
0.36
0.00
0.12
1.92
3.81
25
1.49
0.36
0.00
0.13
1.92
3.89
0.862
0.744
0.641
0.553
0.477
0.411
0.355
0.306
0.264
0.227
0.196
0.169
0.146
0.126
0.108
0.094
0.081
0.070
0.060
0.052
0.045
0.038
Page 56 of 80
0.033
0.029
90%
5.28%
80%
33.99%
467.13
Years
----------------->
Book Depreciation
Book Depreciation
Unit
%
Rs Lakh
1
2.64%
12.33
2
5.28%
24.66
3
5.28%
24.66
4
5.28%
24.66
5
5.28%
24.66
6
5.28%
24.66
7
5.28%
24.66
8
5.28%
24.66
9
5.28%
24.66
10
5.28%
24.66
11
5.28%
24.66
12
5.28%
24.66
13
5.28%
24.66
14
5.28%
24.66
15
5.28%
24.66
16
5.28%
24.66
17
5.28%
24.66
18
2.88%
13.45
19
0.00%
0.00
20
0.00%
0.00
Accelerated Depreciation
Opening
Allowed during the year
Closing
Accelrated Deprn.
%
%
%
Rs Lakh
100%
40%
60%
186.85
60%
48.00%
12%
224.22
12%
9.60%
2.40%
44.84
2%
1.92%
0.48%
8.97
0%
0.38%
0.10%
1.79
0%
0.08%
0.02%
0.36
0%
0.02%
0.00%
0.07
0%
0.00%
0.00%
0.01
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
Rs Lakh
Rs Lakh
MU
174.52
59.32
0.88
1.00
199.56
67.83
1.75
0.93
0.93
20.18
6.86
1.75
0.80
0.80
-15.70
-5.33
1.75
0.69
0.69
-22.87
-7.77
1.75
0.60
0.60
-24.31
-8.26
1.75
0.51
0.51
-24.59
-8.36
1.75
0.44
0.44
-24.65
-8.38
1.75
0.38
0.38
-24.66
-8.38
1.75
0.33
0.33
-24.66
-8.38
1.75
0.28
0.28
-24.66
-8.38
1.75
0.24
0.24
-24.66
-8.38
1.75
0.21
0.21
-24.66
-8.38
1.75
0.18
0.18
-24.66
-8.38
1.75
0.16
0.16
-24.66
-8.38
1.75
0.14
0.14
-24.66
-8.38
1.75
0.12
0.12
-24.66
-8.38
1.75
0.10
0.10
-13.45
-4.57
1.75
0.09
0.09
0.00
0.00
1.75
0.07
0.07
0.00
0.00
1.75
0.06
0.06
0.78
Rs/Unit
Page 57 of 80
Annexure 1B
(Wind Zone-2)
Form 1.1 Assumptions Parameters
Assumption
Head
S. No.
Sub-Head
Sub-Head (2)
Unit
Power Generation
Capacity
Installed Power Generation Capacity
Capacity Utilization Factor
Deration Factor
Useful Life
MW
%
%
Years
1
23%
0.00%
25
Rs Lacs/MW
467.13
Tariff Period
Years
Debt
Equity
Total Debt Amount
Total Equity Amout
%
%
Rs Lacs
Rs Lacs
70%
30%
326.99
140.14
Loan Amount
Moratorium Period
Repayment Period(incld Moratorium)
Interest Rate
Rs Lacs
years
years
%
326.99
0
10
13.37%
Equity amount
Return on Equity for first 10 years
RoE Period
Return on Equity 11th year onwards
Weighted average of ROE
Discount Rate
Rs Lacs
% p.a
Year
% p.a
140
19.00%
10
24.00%
22.00%
15.96%
Income Tax
80 IA benefits
%
Yes/No
%
%
2 Project Cost
Capital Cost/MW
3 Sources of Fund
13
Debt: Equity
Debt Component
Equity Component
4 Financial Assumptions
Fiscal Assumptions
Depreciation
33.99%
Yes
0.0%
7.00%
1.33%
10
5 Working Capital
For Fixed Charges
O&M Charges
Maintenance Spare
(% of O&M exepenses)
Receivables for Debtors
For Variable Charges
Interest On Working Capital
Months
Months
1
15%
2
12.87%
6.87
5.72%
Page 58 of 80
Form 1.2 Form Template for (Wind Power Projects under Zone - 2) : Determination of Tariff Component
1
Units Generation
Installed Capacity
Gross/Net Generation
Fixed Cost
O&M Expenses
Depreciation
Interest on term loan
Interest on working Capital
Return on Equity
Total Fixed Cost
0.862
0.744
0.641
0.553
0.477
0.411
0.355
0.306
0.264
0.227
0.196
0.169
0.146
0.126
0.108
0.094
0.081
0.070
0.060
0.052
0.045
0.038
0.033
0.029
Unit
MW
MU
Year--->
1
1
2.01
2
1
2.01
3
1
2.01
4
1
2.01
5
1
2.01
6
1
2.01
7
1
2.01
8
1
2.01
9
1
2.01
10
1
2.01
11
1
2.01
12
1
2.01
13
1
2.01
14
1
2.01
15
1
2.01
16
1
2.01
17
1
2.01
18
1
2.01
19
1
2.01
20
1
2.01
21
1
2.01
22
1
2.01
23
1
2.01
24
1
2.01
25
1
2.01
Unit
Rs Lakh
Rs Lakh
Rs Lakh
Rs Lakh
Rs Lakh
Rs Lakh
Year--->
1
6.87
32.70
41.54
2.57
26.63
110.31
2
7.26
32.70
37.17
2.50
26.63
106.25
3
7.68
32.70
32.79
2.42
26.63
102.22
4
8.12
32.70
28.42
2.35
26.63
98.22
5
8.58
32.70
24.05
2.28
26.63
94.24
6
9.07
32.70
19.68
2.21
26.63
90.28
7
9.59
32.70
15.30
2.14
26.63
86.36
8
10.14
32.70
10.93
2.07
26.63
82.47
9
10.72
32.70
6.56
2.01
26.63
78.61
10
11.33
32.70
2.19
1.94
26.63
74.79
11
11.98
6.23
0.00
1.50
33.63
53.35
12
12.67
6.23
0.00
1.54
33.63
54.07
13
13.39
6.23
0.00
1.58
33.63
54.83
14
14.16
6.23
0.00
1.62
33.63
55.64
15
14.97
6.23
0.00
1.66
33.63
56.49
16
15.82
6.23
0.00
1.71
33.63
57.39
17
16.73
6.23
0.00
1.75
33.63
58.35
18
17.69
6.23
0.00
1.80
33.63
59.35
19
18.70
6.23
0.00
1.86
33.63
60.42
20
19.77
6.23
0.00
1.91
33.63
61.54
21
20.90
6.23
0.00
1.97
33.63
62.73
22
22.09
6.23
0.00
2.04
33.63
63.99
23
23.36
6.23
0.00
2.10
33.63
65.32
24
24.69
6.23
0.00
2.17
33.63
66.73
25
26.11
6.23
0.00
2.25
33.63
68.21
1
0.34
1.62
2.06
0.13
1.32
5.47
2
0.36
1.62
1.84
0.12
1.32
5.27
3
0.38
1.62
1.63
0.12
1.32
5.07
4
0.40
1.62
1.41
0.12
1.32
4.87
5
0.43
1.62
1.19
0.11
1.32
4.68
6
0.45
1.62
0.98
0.11
1.32
4.48
7
0.48
1.62
0.76
0.11
1.32
4.29
8
0.50
1.62
0.54
0.10
1.32
4.09
9
0.53
1.62
0.33
0.10
1.32
3.90
10
0.56
1.62
0.11
0.10
1.32
3.71
11
0.59
0.31
0.00
0.07
1.67
2.65
12
0.63
0.31
0.00
0.08
1.67
2.68
13
0.66
0.31
0.00
0.08
1.67
2.72
14
0.70
0.31
0.00
0.08
1.67
2.76
15
0.74
0.31
0.00
0.08
1.67
2.80
16
0.79
0.31
0.00
0.08
1.67
2.85
17
0.83
0.31
0.00
0.09
1.67
2.90
18
0.88
0.31
0.00
0.09
1.67
2.95
19
0.93
0.31
0.00
0.09
1.67
3.00
20
0.98
0.31
0.00
0.09
1.67
3.05
21
1.04
0.31
0.00
0.10
1.67
3.11
22
1.10
0.31
0.00
0.10
1.67
3.18
23
1.16
0.31
0.00
0.10
1.67
3.24
24
1.23
0.31
0.00
0.11
1.67
3.31
25
1.30
0.31
0.00
0.11
1.67
3.39
0.862
0.744
0.641
0.553
0.477
0.411
0.355
0.306
0.264
0.227
0.196
0.169
0.146
0.126
0.108
0.094
0.081
0.070
0.060
0.052
0.045
0.038
Page 59 of 80
0.033
0.029
90%
5.28%
80%
33.99%
467.13
Years
----------------->
Book Depreciation
Book Depreciation
Unit
%
Rs Lakh
1
2.64%
12.33
2
5.28%
24.66
3
5.28%
24.66
4
5.28%
24.66
5
5.28%
24.66
6
5.28%
24.66
7
5.28%
24.66
8
5.28%
24.66
9
5.28%
24.66
10
5.28%
24.66
11
5.28%
24.66
12
5.28%
24.66
13
5.28%
24.66
14
5.28%
24.66
15
5.28%
24.66
16
5.28%
24.66
17
5.28%
24.66
18
2.88%
13.45
19
0.00%
0.00
20
0.00%
0.00
Accelerated Depreciation
Opening
Allowed during the year
Closing
Accelrated Deprn.
%
%
%
Rs Lakh
100%
40%
60%
186.85
60%
48.00%
12%
224.22
12%
9.60%
2.40%
44.84
2%
1.92%
0.48%
8.97
0%
0.38%
0.10%
1.79
0%
0.08%
0.02%
0.36
0%
0.02%
0.00%
0.07
0%
0.00%
0.00%
0.01
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
Rs Lakh
Rs Lakh
MU
174.52
59.32
1.01
1.00
199.56
67.83
2.01
0.93
0.93
20.18
6.86
2.01
0.80
0.80
-15.70
-5.33
2.01
0.69
0.69
-22.87
-7.77
2.01
0.60
0.60
-24.31
-8.26
2.01
0.51
0.51
-24.59
-8.36
2.01
0.44
0.44
-24.65
-8.38
2.01
0.38
0.38
-24.66
-8.38
2.01
0.33
0.33
-24.66
-8.38
2.01
0.28
0.28
-24.66
-8.38
2.01
0.24
0.24
-24.66
-8.38
2.01
0.21
0.21
-24.66
-8.38
2.01
0.18
0.18
-24.66
-8.38
2.01
0.16
0.16
-24.66
-8.38
2.01
0.14
0.14
-24.66
-8.38
2.01
0.12
0.12
-24.66
-8.38
2.01
0.10
0.10
-13.45
-4.57
2.01
0.09
0.09
0.00
0.00
2.01
0.07
0.07
0.00
0.00
2.01
0.06
0.06
0.68
Rs/Unit
Page 60 of 80
Annexure 1C
(Wind Zone-3)
Form 1.1 Assumptions Parameters
Assumption
Head
S. No.
Sub-Head
Sub-Head (2)
Unit
Power Generation
Capacity
Installed Power Generation Capacity
Capacity Utilization Factor
Deration Factor
Useful Life
MW
%
%
Years
1
27%
0.00%
25
Rs Lacs/MW
467.13
Tariff Period
Years
Debt
Equity
Total Debt Amount
Total Equity Amout
%
%
Rs Lacs
Rs Lacs
70%
30%
326.99
140.14
Loan Amount
Moratorium Period
Repayment Period(incld Moratorium)
Interest Rate
Rs Lacs
years
years
%
326.99
0
10
13.37%
Equity amount
Return on Equity for first 10 years
RoE Period
Return on Equity 11th year onwards
Weighted average of ROE
Discount Rate
Rs Lacs
% p.a
Year
% p.a
140
19.00%
10
24.00%
22.00%
15.96%
Income Tax
80 IA benefits
%
Yes/No
%
%
2 Project Cost
Capital Cost/MW
3 Sources of Fund
13
Debt: Equity
Debt Component
Equity Component
4 Financial Assumptions
Fiscal Assumptions
Depreciation
33.99%
Yes
0.0%
7.00%
1.33%
10
5 Working Capital
For Fixed Charges
O&M Charges
Maintenance Spare
(% of O&M exepenses)
Receivables for Debtors
For Variable Charges
Interest On Working Capital
Months
Months
1
15%
2
12.87%
6.87
5.72%
Page 61 of 80
Form 1.2 Form Template for (Wind Power Projects under Zone - 3) : Determination of Tariff Component
1
Units Generation
Installed Capacity
Gross/Net Generation
Fixed Cost
O&M Expenses
Depreciation
Interest on term loan
Interest on working Capital
Return on Equity
Total Fixed Cost
0.862
0.744
0.641
0.553
0.477
0.411
0.355
0.306
0.264
0.227
0.196
0.169
0.146
0.126
0.108
0.094
0.081
0.070
0.060
0.052
0.045
0.038
0.033
0.029
Unit
MW
MU
Year--->
1
1
2.37
2
1
2.37
3
1
2.37
4
1
2.37
5
1
2.37
6
1
2.37
7
1
2.37
8
1
2.37
9
1
2.37
10
1
2.37
11
1
2.37
12
1
2.37
13
1
2.37
14
1
2.37
15
1
2.37
16
1
2.37
17
1
2.37
18
1
2.37
19
1
2.37
20
1
2.37
21
1
2.37
22
1
2.37
23
1
2.37
24
1
2.37
25
1
2.37
Unit
Rs Lakh
Rs Lakh
Rs Lakh
Rs Lakh
Rs Lakh
Rs Lakh
Year--->
1
6.87
32.70
41.54
2.57
26.63
110.31
2
7.26
32.70
37.17
2.50
26.63
106.25
3
7.68
32.70
32.79
2.42
26.63
102.22
4
8.12
32.70
28.42
2.35
26.63
98.22
5
8.58
32.70
24.05
2.28
26.63
94.24
6
9.07
32.70
19.68
2.21
26.63
90.28
7
9.59
32.70
15.30
2.14
26.63
86.36
8
10.14
32.70
10.93
2.07
26.63
82.47
9
10.72
32.70
6.56
2.01
26.63
78.61
10
11.33
32.70
2.19
1.94
26.63
74.79
11
11.98
6.23
0.00
1.50
33.63
53.35
12
12.67
6.23
0.00
1.54
33.63
54.07
13
13.39
6.23
0.00
1.58
33.63
54.83
14
14.16
6.23
0.00
1.62
33.63
55.64
15
14.97
6.23
0.00
1.66
33.63
56.49
16
15.82
6.23
0.00
1.71
33.63
57.39
17
16.73
6.23
0.00
1.75
33.63
58.35
18
17.69
6.23
0.00
1.80
33.63
59.35
19
18.70
6.23
0.00
1.86
33.63
60.42
20
19.77
6.23
0.00
1.91
33.63
61.54
21
20.90
6.23
0.00
1.97
33.63
62.73
22
22.09
6.23
0.00
2.04
33.63
63.99
23
23.36
6.23
0.00
2.10
33.63
65.32
24
24.69
6.23
0.00
2.17
33.63
66.73
25
26.11
6.23
0.00
2.25
33.63
68.21
1
0.29
1.38
1.76
0.11
1.13
4.66
2
0.31
1.38
1.57
0.11
1.13
4.49
3
0.32
1.38
1.39
0.10
1.13
4.32
4
0.34
1.38
1.20
0.10
1.13
4.15
5
0.36
1.38
1.02
0.10
1.13
3.98
6
0.38
1.38
0.83
0.09
1.13
3.82
7
0.41
1.38
0.65
0.09
1.13
3.65
8
0.43
1.38
0.46
0.09
1.13
3.49
9
0.45
1.38
0.28
0.08
1.13
3.32
10
0.48
1.38
0.09
0.08
1.13
3.16
11
0.51
0.26
0.00
0.06
1.42
2.26
12
0.54
0.26
0.00
0.07
1.42
2.29
13
0.57
0.26
0.00
0.07
1.42
2.32
14
0.60
0.26
0.00
0.07
1.42
2.35
15
0.63
0.26
0.00
0.07
1.42
2.39
16
0.67
0.26
0.00
0.07
1.42
2.43
17
0.71
0.26
0.00
0.07
1.42
2.47
18
0.75
0.26
0.00
0.08
1.42
2.51
19
0.79
0.26
0.00
0.08
1.42
2.55
20
0.84
0.26
0.00
0.08
1.42
2.60
21
0.88
0.26
0.00
0.08
1.42
2.65
22
0.93
0.26
0.00
0.09
1.42
2.71
23
0.99
0.26
0.00
0.09
1.42
2.76
24
1.04
0.26
0.00
0.09
1.42
2.82
25
1.10
0.26
0.00
0.10
1.42
2.88
0.862
0.744
0.641
0.553
0.477
0.411
0.355
0.306
0.264
0.227
0.196
0.169
0.146
0.126
0.108
0.094
0.081
0.070
0.060
0.052
0.045
0.038
Page 62 of 80
0.033
0.029
90%
5.28%
80%
33.99%
467.13
Years
----------------->
Book Depreciation
Book Depreciation
Unit
%
Rs Lakh
1
2.64%
12.33
2
5.28%
24.66
3
5.28%
24.66
4
5.28%
24.66
5
5.28%
24.66
6
5.28%
24.66
7
5.28%
24.66
8
5.28%
24.66
9
5.28%
24.66
10
5.28%
24.66
11
5.28%
24.66
12
5.28%
24.66
13
5.28%
24.66
14
5.28%
24.66
15
5.28%
24.66
16
5.28%
24.66
17
5.28%
24.66
18
2.88%
13.45
19
0.00%
0.00
20
0.00%
0.00
Accelerated Depreciation
Opening
Allowed during the year
Closing
Accelrated Deprn.
%
%
%
Rs Lakh
100%
40%
60%
186.85
60%
48.00%
12%
224.22
12%
9.60%
2.40%
44.84
2%
1.92%
0.48%
8.97
0%
0.38%
0.10%
1.79
0%
0.08%
0.02%
0.36
0%
0.02%
0.00%
0.07
0%
0.00%
0.00%
0.01
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
Rs Lakh
Rs Lakh
MU
174.52
59.32
1.18
1.00
199.56
67.83
2.37
0.93
0.93
20.18
6.86
2.37
0.80
0.80
-15.70
-5.33
2.37
0.69
0.69
-22.87
-7.77
2.37
0.60
0.60
-24.31
-8.26
2.37
0.51
0.51
-24.59
-8.36
2.37
0.44
0.44
-24.65
-8.38
2.37
0.38
0.38
-24.66
-8.38
2.37
0.33
0.33
-24.66
-8.38
2.37
0.28
0.28
-24.66
-8.38
2.37
0.24
0.24
-24.66
-8.38
2.37
0.21
0.21
-24.66
-8.38
2.37
0.18
0.18
-24.66
-8.38
2.37
0.16
0.16
-24.66
-8.38
2.37
0.14
0.14
-24.66
-8.38
2.37
0.12
0.12
-24.66
-8.38
2.37
0.10
0.10
-13.45
-4.57
2.37
0.09
0.09
0.00
0.00
2.37
0.07
0.07
0.00
0.00
2.37
0.06
0.06
0.58
Rs/Unit
Page 63 of 80
Annexure 1D
(Wind Zone-4)
Form 1.1 Assumptions Parameters
Assumption
Head
S. No.
Sub-Head
Sub-Head (2)
Unit
Power Generation
Capacity
Installed Power Generation Capacity
Capacity Utilization Factor
Deration Factor
Useful Life
MW
%
%
Years
1
30%
0.00%
25
Rs Lacs/MW
467.13
Tariff Period
Years
Debt
Equity
Total Debt Amount
Total Equity Amout
%
%
Rs Lacs
Rs Lacs
70%
30%
326.99
140.14
Loan Amount
Moratorium Period
Repayment Period(incld Moratorium)
Interest Rate
Rs Lacs
years
years
%
326.99
0
10
13.37%
Equity amount
Return on Equity for first 10 years
RoE Period
Return on Equity 11th year onwards
Weighted average of ROE
Discount Rate
Rs Lacs
% p.a
Year
% p.a
140
19.00%
10
24.00%
22.00%
15.96%
Income Tax
80 IA benefits
%
Yes/No
%
%
2 Project Cost
Capital Cost/MW
3 Sources of Fund
13
Debt: Equity
Debt Component
Equity Component
4 Financial Assumptions
Fiscal Assumptions
Depreciation
33.99%
Yes
0.0%
7.00%
1.33%
10
5 Working Capital
For Fixed Charges
O&M Charges
Maintenance Spare
(% of O&M exepenses)
Receivables for Debtors
For Variable Charges
Interest On Working Capital
Months
Months
1
15%
2
12.87%
6.87
5.72%
Page 64 of 80
Form 1.2 Form Template for (Wind Power Projects under Zone - 4) : Determination of Tariff Component
1
Units Generation
Installed Capacity
Gross/Net Generation
Fixed Cost
O&M Expenses
Depreciation
Interest on term loan
Interest on working Capital
Return on Equity
Total Fixed Cost
0.862
0.744
0.641
0.553
0.477
0.411
0.355
0.306
0.264
0.227
0.196
0.169
0.146
0.126
0.108
0.094
0.081
0.070
0.060
0.052
0.045
0.038
0.033
0.029
Unit
MW
MU
Year--->
1
1
2.63
2
1
2.63
3
1
2.63
4
1
2.63
5
1
2.63
6
1
2.63
7
1
2.63
8
1
2.63
9
1
2.63
10
1
2.63
11
1
2.63
12
1
2.63
13
1
2.63
14
1
2.63
15
1
2.63
16
1
2.63
17
1
2.63
18
1
2.63
19
1
2.63
20
1
2.63
21
1
2.63
22
1
2.63
23
1
2.63
24
1
2.63
25
1
2.63
Unit
Rs Lakh
Rs Lakh
Rs Lakh
Rs Lakh
Rs Lakh
Rs Lakh
Year--->
1
6.87
32.70
41.54
2.57
26.63
110.31
2
7.26
32.70
37.17
2.50
26.63
106.25
3
7.68
32.70
32.79
2.42
26.63
102.22
4
8.12
32.70
28.42
2.35
26.63
98.22
5
8.58
32.70
24.05
2.28
26.63
94.24
6
9.07
32.70
19.68
2.21
26.63
90.28
7
9.59
32.70
15.30
2.14
26.63
86.36
8
10.14
32.70
10.93
2.07
26.63
82.47
9
10.72
32.70
6.56
2.01
26.63
78.61
10
11.33
32.70
2.19
1.94
26.63
74.79
11
11.98
6.23
0.00
1.50
33.63
53.35
12
12.67
6.23
0.00
1.54
33.63
54.07
13
13.39
6.23
0.00
1.58
33.63
54.83
14
14.16
6.23
0.00
1.62
33.63
55.64
15
14.97
6.23
0.00
1.66
33.63
56.49
16
15.82
6.23
0.00
1.71
33.63
57.39
17
16.73
6.23
0.00
1.75
33.63
58.35
18
17.69
6.23
0.00
1.80
33.63
59.35
19
18.70
6.23
0.00
1.86
33.63
60.42
20
19.77
6.23
0.00
1.91
33.63
61.54
21
20.90
6.23
0.00
1.97
33.63
62.73
22
22.09
6.23
0.00
2.04
33.63
63.99
23
23.36
6.23
0.00
2.10
33.63
65.32
24
24.69
6.23
0.00
2.17
33.63
66.73
25
26.11
6.23
0.00
2.25
33.63
68.21
1
0.26
1.24
1.58
0.10
1.01
4.20
2
0.28
1.24
1.41
0.10
1.01
4.04
3
0.29
1.24
1.25
0.09
1.01
3.89
4
0.31
1.24
1.08
0.09
1.01
3.74
5
0.33
1.24
0.92
0.09
1.01
3.59
6
0.35
1.24
0.75
0.08
1.01
3.44
7
0.36
1.24
0.58
0.08
1.01
3.29
8
0.39
1.24
0.42
0.08
1.01
3.14
9
0.41
1.24
0.25
0.08
1.01
2.99
10
0.43
1.24
0.08
0.07
1.01
2.85
11
0.46
0.24
0.00
0.06
1.28
2.03
12
0.48
0.24
0.00
0.06
1.28
2.06
13
0.51
0.24
0.00
0.06
1.28
2.09
14
0.54
0.24
0.00
0.06
1.28
2.12
15
0.57
0.24
0.00
0.06
1.28
2.15
16
0.60
0.24
0.00
0.06
1.28
2.18
17
0.64
0.24
0.00
0.07
1.28
2.22
18
0.67
0.24
0.00
0.07
1.28
2.26
19
0.71
0.24
0.00
0.07
1.28
2.30
20
0.75
0.24
0.00
0.07
1.28
2.34
21
0.80
0.24
0.00
0.08
1.28
2.39
22
0.84
0.24
0.00
0.08
1.28
2.43
23
0.89
0.24
0.00
0.08
1.28
2.49
24
0.94
0.24
0.00
0.08
1.28
2.54
25
0.99
0.24
0.00
0.09
1.28
2.60
0.862
0.744
0.641
0.553
0.477
0.411
0.355
0.306
0.264
0.227
0.196
0.169
0.146
0.126
0.108
0.094
0.081
0.070
0.060
0.052
0.045
0.038
0.033
Page 65 of 80
0.029
90%
5.28%
80%
33.99%
467.13
Years
----------------->
Book Depreciation
Book Depreciation
Unit
%
Rs Lakh
1
2.64%
12.33
2
5.28%
24.66
3
5.28%
24.66
4
5.28%
24.66
5
5.28%
24.66
6
5.28%
24.66
7
5.28%
24.66
8
5.28%
24.66
9
5.28%
24.66
10
5.28%
24.66
11
5.28%
24.66
12
5.28%
24.66
13
5.28%
24.66
14
5.28%
24.66
15
5.28%
24.66
16
5.28%
24.66
17
5.28%
24.66
18
2.88%
13.45
19
0.00%
0.00
20
0.00%
0.00
Accelerated Depreciation
Opening
Allowed during the year
Closing
Accelrated Deprn.
%
%
%
Rs Lakh
100%
40%
60%
186.85
60%
48.00%
12%
224.22
12%
9.60%
2.40%
44.84
2%
1.92%
0.48%
8.97
0%
0.38%
0.10%
1.79
0%
0.08%
0.02%
0.36
0%
0.02%
0.00%
0.07
0%
0.00%
0.00%
0.01
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
Rs Lakh
Rs Lakh
MU
174.52
59.32
1.31
1.00
199.56
67.83
2.63
0.93
0.93
20.18
6.86
2.63
0.80
0.80
-15.70
-5.33
2.63
0.69
0.69
-22.87
-7.77
2.63
0.60
0.60
-24.31
-8.26
2.63
0.51
0.51
-24.59
-8.36
2.63
0.44
0.44
-24.65
-8.38
2.63
0.38
0.38
-24.66
-8.38
2.63
0.33
0.33
-24.66
-8.38
2.63
0.28
0.28
-24.66
-8.38
2.63
0.24
0.24
-24.66
-8.38
2.63
0.21
0.21
-24.66
-8.38
2.63
0.18
0.18
-24.66
-8.38
2.63
0.16
0.16
-24.66
-8.38
2.63
0.14
0.14
-24.66
-8.38
2.63
0.12
0.12
-24.66
-8.38
2.63
0.10
0.10
-13.45
-4.57
2.63
0.09
0.09
0.00
0.00
2.63
0.07
0.07
0.00
0.00
2.63
0.06
0.06
0.52
Rs/Unit
Page 66 of 80
Annexure 2A
(SHP above 1 MW and upto and including 5 MW)
Assumption Head
Sub-Head
Sub-Head (2)
Unit
Maharashtra
>1 MW up to and
including 5 MW
1
Power Generation
Capacity
Installed Power Generation Capacity
Capacity Utilization Factor
Auxiliary Consumption
Deration Factor
Useful Life
MW
%
%
Years
1
30%
1%
0.00%
35
Rs Lacs/MW
498.88
Tariff Period
Years
Debt
Equity
Total Debt Amount
Total Equity Amout
%
%
Rs Lacs
Rs Lacs
70%
30%
349
150
Loan Amount
Moratorium Period
Repayment Period(incld Moratorium)
Intrest Rate
Rs Lacs
years
years
%
349
0
10
13.37%
2 Project Cost
Capital Cost/MW
3 Financial Assumption
35
Debt: Equity
Debt Component
Equity Component
Equity amount
Rs Lacs
Normative ROE (Post-tax)
Return on Equity for first 10 years
% p.a
RoE Period
Year
Return on Equity 11th year onwards
% p.a
Weighted average of ROE
Discount Rate (equiv. to WACC) 11th year onwards
149.66
16%
19%
10
24.00%
22.57%
16.13%
4 Financial Assumptions
Economic Assumptions
Coal Price Escalation
HSD Price Escalation
Discount Rate
% p.a
% p.a
% p.a
Income Tax
80 IA benefits
%
Yes/No
%
%
0
0%
0%
16%
0%
Fiscal Assumptions
Depreciation
33.99%
Yes
0.0%
7.00%
0.80%
10
5 Working Capital
For Fixed Charges
O&M Charges
Maintenance Spare
(% of O&M exepenses)
Receivables for Debtors
For Variable Charges
Intrest On Working Capital
Months
Months
1
15%
2
12.87%
17.97
5.72%
Page 67 of 80
Form 1.2 Form Template for (>1 MW up to and including 5 MW) : Determination of Tariff Component
1
Units Generation
Installed Capacity
Net Generation
Fixed Cost
O&M Expenses
Depreciation
Interest on term loan
Interest on working Capital
Return on Equity
Total Fixed Cost
Unit
MW
MU
Year--->
Unit
Rs Lakh
Rs Lakh
Rs Lakh
Rs Lakh
Rs Lakh
Rs Lakh
Year--->
0.861
0.741
0.638
0.550
0.473
0.408
0.351
0.302
0.260
0.224
0.193
0.166
0.143
0.123
0.106
0.091
0.079
0.068
0.058
0.050
0.043
0.037
0.032
0.028
0.024
0.020
0.018
0.015
0.013
0.011
0.010
0.008
0.007
0.006
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
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
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
17.97
34.92
44.36
3.31
28.44
129.00
19.00
34.92
39.69
3.26
28.44
125.31
20.08
34.92
35.02
3.21
28.44
121.68
21.23
34.92
30.35
3.17
28.44
118.12
22.45
34.92
25.68
3.13
28.44
114.62
23.73
34.92
21.01
3.10
28.44
111.20
25.09
34.92
16.34
3.07
28.44
107.86
26.52
34.92
11.67
3.04
28.44
104.60
28.04
34.92
7.00
3.02
28.44
101.42
29.65
34.92
2.33
3.00
28.44
98.34
31.34
3.99
0.00
2.52
35.92
73.78
33.13
3.99
0.00
2.62
35.92
75.66
35.03
3.99
0.00
2.72
35.92
77.66
37.03
3.99
0.00
2.82
35.92
79.77
39.15
3.99
0.00
2.93
35.92
82.00
41.39
3.99
0.00
3.05
35.92
84.35
43.76
3.99
0.00
3.18
35.92
86.85
46.26
3.99
0.00
3.31
35.92
89.48
48.91
3.99
0.00
3.45
35.92
92.27
51.71
3.99
0.00
3.60
35.92
95.21
54.66
3.99
0.00
3.75
35.92
98.32
57.79
3.99
0.00
3.92
35.92
101.62
61.09
3.99
0.00
4.09
35.92
105.09
64.59
3.99
0.00
4.27
35.92
108.77
68.28
3.99
0.00
4.47
35.92
112.66
72.19
3.99
0.00
4.67
35.92
116.77
76.32
3.99
0.00
4.89
35.92
121.12
80.68
3.99
0.00
5.12
35.92
125.72
85.30
3.99
0.00
5.36
35.92
130.57
90.18
3.99
0.00
5.62
35.92
135.71
95.34
3.99
0.00
5.89
35.92
141.14
100.79
3.99
0.00
6.18
35.92
146.88
106.56
3.99
0.00
6.48
35.92
152.95
112.65
3.99
0.00
6.80
35.92
159.36
119.09
3.99
0.00
7.14
35.92
166.15
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
0.69
1.34
1.71
0.13
1.09
4.96
0.73
1.34
1.53
0.13
1.09
4.82
0.77
1.34
1.35
0.12
1.09
4.68
0.82
1.34
1.17
0.12
1.09
4.54
0.86
1.34
0.99
0.12
1.09
4.41
0.91
1.34
0.81
0.12
1.09
4.27
0.96
1.34
0.63
0.12
1.09
4.15
1.02
1.34
0.45
0.12
1.09
4.02
1.08
1.34
0.27
0.12
1.09
3.90
1.14
1.34
0.09
0.12
1.09
3.78
1.20
0.15
0.00
0.10
1.38
2.84
1.27
0.15
0.00
0.10
1.38
2.91
1.35
0.15
0.00
0.10
1.38
2.98
1.42
0.15
0.00
0.11
1.38
3.07
1.50
0.15
0.00
0.11
1.38
3.15
1.59
0.15
0.00
0.12
1.38
3.24
1.68
0.15
0.00
0.12
1.38
3.34
1.78
0.15
0.00
0.13
1.38
3.44
1.88
0.15
0.00
0.13
1.38
3.55
1.99
0.15
0.00
0.14
1.38
3.66
2.10
0.15
0.00
0.14
1.38
3.78
2.22
0.15
0.00
0.15
1.38
3.91
2.35
0.15
0.00
0.16
1.38
4.04
2.48
0.15
0.00
0.16
1.38
4.18
2.62
0.15
0.00
0.17
1.38
4.33
2.77
0.15
0.00
0.18
1.38
4.49
2.93
0.15
0.00
0.19
1.38
4.66
3.10
0.15
0.00
0.20
1.38
4.83
3.28
0.15
0.00
0.21
1.38
5.02
3.47
0.15
0.00
0.22
1.38
5.22
3.66
0.15
0.00
0.23
1.38
5.42
3.87
0.15
0.00
0.24
1.38
5.65
4.10
0.15
0.00
0.25
1.38
5.88
4.33
0.15
0.00
0.26
1.38
6.13
4.58
0.15
0.00
0.27
1.38
6.39
0.861
0.741
0.638
0.550
0.473
0.408
0.351
0.302
0.260
0.224
0.193
0.166
0.143
0.123
0.106
0.091
0.079
0.068
0.058
0.050
0.043
0.037
0.032
0.028
0.024
0.020
0.018
0.015
0.013
0.011
0.010
Page 68 of 80
0.008
0.007
0.006
90%
5.28%
80%
33.99%
498.9
Years
----------------->
Book Depreciation
Book Depreciation
Unit
%
Rs Lakh
1
2.64%
13.17
2
5.28%
26.34
3
5.28%
26.34
4
5.28%
26.34
5
5.28%
26.34
6
5.28%
26.34
7
5.28%
26.34
8
5.28%
26.34
9
5.28%
26.34
10
5.28%
26.34
11
5.28%
26.34
12
5.28%
26.34
13
5.28%
26.34
14
5.28%
26.34
15
5.28%
26.34
16
5.28%
26.34
17
5.28%
26.34
18
2.88%
14.37
19
0.00%
0.00
20
0.00%
0.00
21
0.00%
0.00
22
0.00%
0.00
23
0.00%
0.00
24
0.00%
0.00
25
0.00%
0.00
26
0.00%
0.00
27
0.00%
0.00
28
0.00%
0.00
29
0.00%
0.00
30
0.00%
0.00
31
0.00%
0.00
32
0.00%
0.00
33
0.00%
0.00
34
0.00%
0.00
35
0.00%
0.00
Accelerated Depreciation
Opening
Allowed during the year
Closing
Accelrated Deprn.
%
%
%
Rs Lakh
100%
40%
60%
199.55
60%
48.00%
12%
239.46
12%
9.60%
2.40%
47.89
2%
1.92%
0.48%
9.58
0%
0.38%
0.10%
1.92
0%
0.08%
0.02%
0.38
0%
0.02%
0.00%
0.08
0%
0.00%
0.00%
0.02
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
Rs Lakh
Rs Lakh
MU
186.38
63.35
1.30
1.00
213.12
72.44
2.60
0.93
21.55
7.33
2.60
0.80
-16.76
-5.70
2.60
0.69
-24.43
-8.30
2.60
0.59
-25.96
-8.82
2.60
0.51
-26.26
-8.93
2.60
0.44
-26.33
-8.95
2.60
0.38
-26.34
-8.95
2.60
0.33
-26.34
-8.95
2.60
0.28
-26.34
-8.95
2.60
0.24
-26.34
-8.95
2.60
0.21
-26.34
-8.95
2.60
0.18
-26.34
-8.95
2.60
0.15
-26.34
-8.95
2.60
0.13
-26.34
-8.95
2.60
0.11
-26.34
-8.95
2.60
0.10
-14.37
-4.88
2.60
0.08
0.00
0.00
2.60
0.07
0.00
0.00
2.60
0.06
0.00
0.00
2.60
0.05
0.00
0.00
2.60
0.05
0.00
0.00
2.60
0.04
0.00
0.00
2.60
0.03
0.00
0.00
2.60
0.03
0.00
0.00
2.60
0.03
0.00
0.00
2.60
0.02
0.00
0.00
2.60
0.02
0.00
0.00
2.60
0.02
0.00
0.00
2.60
0.01
0.00
0.00
2.60
0.01
0.00
0.00
2.60
0.01
0.00
0.00
2.60
0.01
0.00
0.00
2.60
0.01
0.00
0.00
2.60
0.01
0.57
Rs/Unit
Page 69 of 80
Annexure 2B
(above 5 MW to 25 MW)
Assumption Head
Sub-Head
Sub-Head (2)
Unit
Maharashtra
above 5 MW to 25 MW
1
Power Generation
Capacity
Installed Power Generation Capacity
Capacity Utilization Factor
Auxiliary Consumption
Deration Factor
Useful Life
MW
%
%
Years
1
30%
1%
0.00%
35
Rs Lacs/MW
453.53
Tariff Period
Years
Debt
Equity
Total Debt Amount
Total Equity Amout
%
%
Rs Lacs
Rs Lacs
70%
30%
317
136
Loan Amount
Moratorium Period
Repayment Period(incld Moratorium)
Intrest Rate
Rs Lacs
years
years
%
317
0
10
13.37%
2 Project Cost
Capital Cost/MW
3 Financial Assumption
13
Debt: Equity
Debt Component
Equity Component
Equity amount
Rs Lacs
Normative ROE (Post-tax)
Return on Equity for first 10 years
% p.a
RoE Period
Year
Return on Equity 11th year onwards
% p.a
Weighted average of ROE
Discount Rate (equiv. to WACC) 11th year onwards
136.06
16%
19%
10
24.00%
22.57%
16.13%
4 Financial Assumptions
Economic Assumptions
Coal Price Escalation
HSD Price Escalation
Discount Rate
% p.a
% p.a
% p.a
Income Tax
80 IA benefits
%
Yes/No
%
%
0
0%
0%
16%
0%
Fiscal Assumptions
Depreciation
33.99%
Yes
0.0%
7.00%
0.80%
10
5 Working Capital
For Fixed Charges
O&M Charges
Maintenance Spare
(% of O&M exepenses)
Receivables for Debtors
For Variable Charges
Intrest On Working Capital
Months
Months
1
15%
2
12.87%
12.69
5.72%
Page 70 of 80
Form 1.2 Form Template for (>5 MW to 25 MW) : Determination of Tariff Component
1
Units Generation
Installed Capacity
Net Generation
Fixed Cost
O&M Expenses
Depreciation
Interest on term loan
Interest on working Capital
Return on Equity
Total Fixed Cost
Unit
MW
MU
Year--->
Unit
Rs Lakh
Rs Lakh
Rs Lakh
Rs Lakh
Rs Lakh
Rs Lakh
Year--->
0.861
0.741
0.638
0.550
0.473
0.408
0.351
0.302
0.260
0.224
0.193
0.166
0.143
0.123
0.106
0.091
0.079
0.068
0.058
0.050
0.043
0.037
0.032
0.028
0.024
0.020
0.018
0.015
0.013
0.011
0.010
0.008
0.007
0.006
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
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
1
2.60
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
12.69
31.75
40.33
2.81
25.85
113.43
13.42
31.75
36.08
2.76
25.85
109.86
14.18
31.75
31.84
2.71
25.85
106.33
14.99
31.75
27.59
2.66
25.85
102.84
15.85
31.75
23.35
2.61
25.85
99.41
16.76
31.75
19.10
2.56
25.85
96.02
17.72
31.75
14.86
2.52
25.85
92.69
18.73
31.75
10.61
2.48
25.85
89.42
19.80
31.75
6.37
2.44
25.85
86.21
20.94
31.75
2.12
2.41
25.85
83.07
22.13
3.63
0.00
1.96
32.65
60.37
23.40
3.63
0.00
2.03
32.65
61.71
24.74
3.63
0.00
2.10
32.65
63.12
26.15
3.63
0.00
2.17
32.65
64.61
27.65
3.63
0.00
2.25
32.65
66.18
29.23
3.63
0.00
2.33
32.65
67.84
30.90
3.63
0.00
2.42
32.65
69.60
32.67
3.63
0.00
2.51
32.65
71.47
34.54
3.63
0.00
2.61
32.65
73.43
36.51
3.63
0.00
2.72
32.65
75.51
38.60
3.63
0.00
2.83
32.65
77.71
40.81
3.63
0.00
2.94
32.65
80.03
43.14
3.63
0.00
3.07
32.65
82.49
45.61
3.63
0.00
3.20
32.65
85.09
48.22
3.63
0.00
3.33
32.65
87.84
50.98
3.63
0.00
3.48
32.65
90.74
53.89
3.63
0.00
3.63
32.65
93.81
56.98
3.63
0.00
3.79
32.65
97.05
60.24
3.63
0.00
3.96
32.65
100.48
63.68
3.63
0.00
4.15
32.65
104.11
67.32
3.63
0.00
4.34
32.65
107.94
71.18
3.63
0.00
4.54
32.65
112.00
75.25
3.63
0.00
4.75
32.65
116.28
79.55
3.63
0.00
4.98
32.65
120.81
84.10
3.63
0.00
5.22
32.65
125.60
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
0.49
1.22
1.55
0.11
0.99
4.36
0.52
1.22
1.39
0.11
0.99
4.22
0.55
1.22
1.22
0.10
0.99
4.09
0.58
1.22
1.06
0.10
0.99
3.95
0.61
1.22
0.90
0.10
0.99
3.82
0.64
1.22
0.73
0.10
0.99
3.69
0.68
1.22
0.57
0.10
0.99
3.56
0.72
1.22
0.41
0.10
0.99
3.44
0.76
1.22
0.24
0.09
0.99
3.31
0.80
1.22
0.08
0.09
0.99
3.19
0.85
0.14
0.00
0.08
1.26
2.32
0.90
0.14
0.00
0.08
1.26
2.37
0.95
0.14
0.00
0.08
1.26
2.43
1.01
0.14
0.00
0.08
1.26
2.48
1.06
0.14
0.00
0.09
1.26
2.54
1.12
0.14
0.00
0.09
1.26
2.61
1.19
0.14
0.00
0.09
1.26
2.68
1.26
0.14
0.00
0.10
1.26
2.75
1.33
0.14
0.00
0.10
1.26
2.82
1.40
0.14
0.00
0.10
1.26
2.90
1.48
0.14
0.00
0.11
1.26
2.99
1.57
0.14
0.00
0.11
1.26
3.08
1.66
0.14
0.00
0.12
1.26
3.17
1.75
0.14
0.00
0.12
1.26
3.27
1.85
0.14
0.00
0.13
1.26
3.38
1.96
0.14
0.00
0.13
1.26
3.49
2.07
0.14
0.00
0.14
1.26
3.61
2.19
0.14
0.00
0.15
1.26
3.73
2.32
0.14
0.00
0.15
1.26
3.86
2.45
0.14
0.00
0.16
1.26
4.00
2.59
0.14
0.00
0.17
1.26
4.15
2.74
0.14
0.00
0.17
1.26
4.30
2.89
0.14
0.00
0.18
1.26
4.47
3.06
0.14
0.00
0.19
1.26
4.64
3.23
0.14
0.00
0.20
1.26
4.83
0.861
0.741
0.638
0.550
0.473
0.408
0.351
0.302
0.260
0.224
0.193
0.166
0.143
0.123
0.106
0.091
0.079
0.068
0.058
0.050
0.043
0.037
0.032
0.028
0.024
0.020
0.018
0.015
0.013
0.011
0.010
0.008
Page 71 of 80
0.007
0.006
90%
5.28%
80%
33.99%
453.5
Years
----------------->
Book Depreciation
Book Depreciation
Unit
%
Rs Lakh
1
2.64%
11.97
2
5.28%
23.95
3
5.28%
23.95
4
5.28%
23.95
5
5.28%
23.95
6
5.28%
23.95
7
5.28%
23.95
8
5.28%
23.95
9
5.28%
23.95
10
5.28%
23.95
11
5.28%
23.95
12
5.28%
23.95
13
5.28%
23.95
14
5.28%
23.95
15
5.28%
23.95
16
5.28%
23.95
17
5.28%
23.95
18
2.88%
13.06
19
0.00%
0.00
20
0.00%
0.00
21
0.00%
0.00
22
0.00%
0.00
23
0.00%
0.00
24
0.00%
0.00
25
0.00%
0.00
26
0.00%
0.00
27
0.00%
0.00
28
0.00%
0.00
29
0.00%
0.00
30
0.00%
0.00
31
0.00%
0.00
32
0.00%
0.00
33
0.00%
0.00
34
0.00%
0.00
35
0.00%
0.00
Accelerated Depreciation
Opening
Allowed during the year
Closing
Accelrated Deprn.
%
%
%
Rs Lakh
100%
60%
40% 48.00%
60%
12%
181.41 217.69
12%
9.60%
2.40%
43.54
2%
1.92%
0.48%
8.71
0%
0.38%
0.10%
1.74
0%
0.08%
0.02%
0.35
0%
0.02%
0.00%
0.07
0%
0.00%
0.00%
0.01
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
Rs Lakh
Rs Lakh
MU
169.44
57.59
1.30
1.00
19.59
6.66
2.60
0.80
-15.24
-5.18
2.60
0.69
-22.20
-7.55
2.60
0.59
-23.60
-8.02
2.60
0.51
-23.88
-8.12
2.60
0.44
-23.93
-8.13
2.60
0.38
-23.94
-8.14
2.60
0.33
-23.95
-8.14
2.60
0.28
-23.95
-8.14
2.60
0.24
-23.95
-8.14
2.60
0.21
-23.95
-8.14
2.60
0.18
-23.95
-8.14
2.60
0.15
-23.95
-8.14
2.60
0.13
-23.95
-8.14
2.60
0.11
-23.95
-8.14
2.60
0.10
-13.06
-4.44
2.60
0.08
0.00
0.00
2.60
0.07
0.00
0.00
2.60
0.06
0.00
0.00
2.60
0.05
0.00
0.00
2.60
0.05
0.00
0.00
2.60
0.04
0.00
0.00
2.60
0.03
0.00
0.00
2.60
0.03
0.00
0.00
2.60
0.03
0.00
0.00
2.60
0.02
0.00
0.00
2.60
0.02
0.00
0.00
2.60
0.02
0.00
0.00
2.60
0.01
0.00
0.00
2.60
0.01
0.00
0.00
2.60
0.01
0.00
0.00
2.60
0.01
0.00
0.00
2.60
0.01
0.00
0.00
2.60
0.01
0.51
193.75
65.85
2.60
0.93
Rs/Unit
Page 72 of 80
Annexure 3
(Solar PV)
Form 1.1 Form Template for (Solar PV Power Projects) Parameters Assumptions
Assumption
Head
S. No.
1
Sub-Head
Sub-Head (2)
Unit
Asumptions
Power Generation
Capacity
Installed Power Generation Capacity
Capacity Utilization Factor
Deration Factor
Useful Life
MW
%
%
Years
1
19.0%
0.0%
25
Rs Lacs/MW
Tariff Period
Years
Debt
Equity
Total Debt Amount
Total Equity Amout
%
%
Rs Lacs
Rs Lacs
70%
30%
1183
507
Loan Amount
Moratorium Period
Repayment Period(incld Moratorium)
Interest Rate
Rs Lacs
years
years
%
1183.00
0
10
13.38%
Equity amount
Return on Equity for first 10 years
RoE Period
Return on Equity 11th year onwards
Weighted average of ROE
Rs Lacs
% p.a
Year
% p.a
507.00
19.00%
10
24.00%
22.00%
2 Project Cost
Capital Cost/MW
1690
3 Financial Assumptions
25
Debt: Equity
Debt Component
Equity Component
Discount Rate
4
15.97%
Financial Assumptions
Economic Assumptions
Coal Price Escalation
HSD Price Escalation
Discount Rate
% p.a
% p.a
% p.a
0%
0%
15.97%
Income Tax
80 IA benefits
%
Yes/No
%
%
Fiscal Assumptions
33.99%
Yes
Depreciation
5 Working Capital
For Fixed Charges
O&M Charges
Maintenance Spare
(% of O&M exepenses)
Receivables for Debtors
For Variable Charges
Interest On Working Capital
Months
Months
%
Rs Lacs
%
7.00%
1.33%
10
1
15%
2
12.88%
9.51
5.72%
Page 73 of 80
Form 1.2 Form Template for (Solar PV) - Determination of Tariff Component
Unit
MW
MU
Year--->
1
1
1.66
2
1
1.66
3
1
1.66
4
1
1.66
5
1
1.66
6
1
1.66
7
1
1.66
8
1
1.66
9
1
1.66
10
1
1.66
11
1
1.66
12
1
1.66
13
1
1.66
14
1
1.66
15
1
1.66
16
1
1.66
17
1
1.66
18
1
1.66
19
1
1.66
20
1
1.66
21
1
1.66
22
1
1.66
23
1
1.66
24
1
1.66
25
1
1.66
Unit
Rs Lakh
Rs Lakh
Rs Lakh
Rs Lakh
Rs Lakh
Rs Lakh
Rs/kWh
Year--->
1
9.51
118.30
150.42
8.51
96.33
383.07
23.02
2
10.05
118.30
134.59
8.19
96.33
367.47
22.08
3
10.63
118.30
118.75
7.88
96.33
351.89
21.14
4
11.24
118.30
102.92
7.56
96.33
336.35
20.21
5
11.88
118.30
87.09
7.25
96.33
320.84
19.28
6
12.56
118.30
71.25
6.94
96.33
305.38
18.35
7
13.28
118.30
55.42
6.63
96.33
289.95
17.42
8
14.04
118.30
39.58
6.32
96.33
274.57
16.50
9
14.84
118.30
23.75
6.01
96.33
259.23
15.58
10
15.69
118.30
7.92
5.71
96.33
243.95
14.66
11
16.59
22.53
0.00
4.04
121.68
164.84
9.90
12
17.54
22.53
0.00
4.09
121.68
165.84
9.96
13
18.54
22.53
0.00
4.14
121.68
166.89
10.03
14
19.60
22.53
0.00
4.20
121.68
168.01
10.09
15
20.72
22.53
0.00
4.26
121.68
169.19
10.17
16
21.90
22.53
0.00
4.32
121.68
170.44
10.24
17
23.16
22.53
0.00
4.38
121.68
171.76
10.32
18
24.48
22.53
0.00
4.45
121.68
173.15
10.40
19
25.88
22.53
0.00
4.53
121.68
174.62
10.49
20
27.36
22.53
0.00
4.61
121.68
176.18
10.59
21
28.93
22.53
0.00
4.69
121.68
177.83
10.68
22
30.58
22.53
0.00
4.78
121.68
179.57
10.79
23
32.33
22.53
0.00
4.87
121.68
181.41
10.90
24
34.18
22.53
0.00
4.97
121.68
183.36
11.02
25
36.14
22.53
0.00
5.07
121.68
185.42
11.14
Levellised
1
0.82
0.57
5.91
7.11
4.66
9.04
0.41
0.51
6.10
5.79
17.91
23.02
2
0.60
7.11
8.09
0.49
5.79
22.08
3
0.64
7.11
7.13
0.47
5.79
21.14
4
0.68
7.11
6.18
0.45
5.79
20.21
5
0.71
7.11
5.23
0.44
5.79
19.28
6
0.75
7.11
4.28
0.42
5.79
18.35
7
0.80
7.11
3.33
0.40
5.79
17.42
8
0.84
7.11
2.38
0.38
5.79
16.50
9
0.89
7.11
1.43
0.36
5.79
15.58
10
0.94
7.11
0.48
0.34
5.79
14.66
11
1.00
1.35
0.00
0.24
7.31
9.90
12
1.05
1.35
0.00
0.25
7.31
9.96
13
1.11
1.35
0.00
0.25
7.31
10.03
14
1.18
1.35
0.00
0.25
7.31
10.09
15
1.24
1.35
0.00
0.26
7.31
10.17
16
1.32
1.35
0.00
0.26
7.31
10.24
17
1.39
1.35
0.00
0.26
7.31
10.32
18
1.47
1.35
0.00
0.27
7.31
10.40
19
1.56
1.35
0.00
0.27
7.31
10.49
20
1.64
1.35
0.00
0.28
7.31
10.59
21
1.74
1.35
0.00
0.28
7.31
10.68
22
1.84
1.35
0.00
0.29
7.31
10.79
23
1.94
1.35
0.00
0.29
7.31
10.90
24
2.05
1.35
0.00
0.30
7.31
11.02
25
2.17
1.35
0.00
0.30
7.31
11.14
0.227
298.01
0.196
298.01
Units Generation
Installed Capacity
Gross Generation
Fixed Cost
O&M Expenses
Depreciation
Interest on term loan
Interest on working Capital
Return on Equity
Total Fixed Cost
Per unit Fixed Cost
Levellised COG
Per Unit Cost of Generation Unit
O&M expn
Depreciation
Int. on term loan
Int. on working capital
RoE
Total COG
Rs/kWh
Rs/kWh
Rs/kWh
Rs/kWh
Rs/kWh
Rs/kWh
Levellised
Discount Factor
Fixed Cost
Levellised Tariff
17.91
17.91
1
298.01
0.862
298.01
0.744
298.01
0.641
298.01
0.553
298.01
0.477
298.01
0.411
298.01
0.354
298.01
0.306
298.01
0.264
298.01
0.169
298.01
0.146
298.01
0.126
298.01
0.108
298.01
0.093
298.01
0.081
298.01
0.069
298.01
0.060
298.01
0.052
298.01
0.045
298.01
0.038
298.01
0.033
298.01
Rs/Unit
90%
5.28%
80%
33.99%
1690.0
Years
----------------->
Book Depreciation
Book Depreciation
Unit
Accelerated Depreciation
Opening
Allowed during the year
Closing
Accelrated Deprn.
Net Depreciation Benefit
Tax Benefit
Energy generation
Discounting Factor
Levellised benefit
Rs Lakh
1
2.64%
44.62
2
5.28%
89.23
3
5.28%
89.23
4
5.28%
89.23
5
5.28%
89.23
6
5.28%
89.23
7
5.28%
89.23
8
5.28%
89.23
9
5.28%
89.23
10
5.28%
89.23
11
5.28%
89.23
12
5.28%
89.23
13
5.28%
89.23
14
5.28%
89.23
15
5.28%
89.23
16
5.28%
89.23
17
5.28%
89.23
18
2.88%
48.67
19
0.00%
0.00
20
0.00%
0.00
%
%
%
Rs Lakh
100%
40%
60%
676.00
60%
48.00%
12%
811.20
12%
9.60%
2.40%
162.24
2%
1.92%
0.48%
32.45
0%
0.38%
0.10%
6.49
0%
0.08%
0.02%
1.30
0%
0.02%
0.00%
0.26
0%
0.00%
0.00%
0.05
0%
0.00%
0.00%
0.01
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
Rs Lakh
Rs Lakh
MU
631.38
214.61
0.83
1.00
721.97
245.40
1.66
0.93
0.93
73.01
24.82
1.66
0.80
0.80
-56.78
-19.30
1.66
0.69
0.69
-82.74
-28.12
1.66
0.60
0.60
-87.93
-29.89
1.66
0.51
0.51
-88.97
-30.24
1.66
0.44
0.44
-89.18
-30.31
1.66
0.38
0.38
-89.22
-30.33
1.66
0.33
0.33
-89.23
-30.33
1.66
0.28
0.28
-89.23
-30.33
1.66
0.24
0.24
-89.23
-30.33
1.66
0.21
0.21
-89.23
-30.33
1.66
0.18
0.18
-89.23
-30.33
1.66
0.16
0.16
-89.23
-30.33
1.66
0.14
0.14
-89.23
-30.33
1.66
0.12
0.12
-89.23
-30.33
1.66
0.10
0.10
-48.67
-16.54
1.66
0.09
0.09
0.00
0.00
1.66
0.07
0.07
0.00
0.00
1.66
0.06
0.06
2.96
Rs/Unit
Page 74 of 80
0.029
298.01
Annexure 4
(Solar thermal)
Form 1.1 Form Template for (Solar Thermal Power Projects) Parameters Assumptions
S. No. Assumption Head
1 Power Generation
Sub-Head
Sub-Head (2)
Unit
Assumptions
Capacity
1
23.0%
10.0%
25
MW
%
%
Years
Rs Lacs/MW
Tariff Period
Years
Debt
Equity
Total Debt Amount
Total Equity Amout
%
%
Rs Lacs
Rs Lacs
70%
30%
1071
459
Loan Amount
Moratorium Period
Repayment Period(incld Moratorium)
Interest Rate
Rs Lacs
years
years
%
1071.00
0
10
13.38%
Equity amount
Return on Equity for first 10 years
RoE Period
Return on Equity 11th year onwards
Weighted average of ROE
Discount Rate
Rs Lacs
% p.a
Year
% p.a
459.00
19.00%
10
24.00%
22.00%
15.97%
% p.a
% p.a
% p.a
0%
0%
15.97%
Income Tax
80 IA benefits
%
Yes/No
%
%
2 Project Cost
Capital Cost/MW
1530
3 Sources of Fund
25
Debt: Equity
Debt Component
Equity Component
Financial Assumptions
Economic Assumptions
Fiscal Assumptions
33.99%
Yes
Depreciation
7.00%
1.33%
10
5 Working Capital
For Fixed Charges
O&M Charges
Maintenance Spare
(% of O&M exepenses)
Receivables for Debtors
For Variable Charges
Interest On Working Capital
Months
Months
%
Rs Lacs
%
1
15%
2
12.88%
13.74
5.72%
Page 75 of 80
Form 1.2 Form Template for (Solar Thermal) - Determination of Tariff Component
Discount Factor
Units Generation
Unit
Installed Capacity
Net Generation
MW
MU
Fixed Cost
Unit
O&M Expenses
Depreciation
Interest on term loan
Interest on working Capital
Return on Equity
Total Fixed Cost
Year--->
Year--->
Rs Lakh
Rs Lakh
Rs Lakh
Rs Lakh
Rs Lakh
Rs Lakh
0.477
0.411
0.354
0.264
0.227
0.196
0.169
0.862
0.744
0.641
0.553
0.306
10
11
12
13
14
0.146
15
0.126
16
0.108
17
0.093
18
0.081
19
0.069
20
0.060
21
0.052
22
0.045
23
0.038
24
0.033
25
0.029
1
1.81
1
1.81
1
1.81
1
1.81
1
1.81
1
1.81
1
1.81
1
1.81
1
1.81
1
1.81
1
1.81
1
1.81
1
1.81
1
1.81
1
1.81
1
1.81
1
1.81
1
1.81
1
1.81
1
1.81
1
1.81
1
1.81
1
1.81
1
1.81
1
1.81
11
12
13
10
14
15
16
17
18
19
20
21
22
23
24
25
13.74
107.10
136.18
7.98
87.21
14.53
107.10
121.85
7.70
87.21
18.15
107.10
64.51
6.64
87.21
19.18
107.10
50.17
6.38
87.21
20.28
107.10
35.84
6.12
87.21
21.44
107.10
21.50
5.87
87.21
22.67
107.10
7.17
5.62
87.21
28.32
20.40
0.00
4.36
110.16
29.94
20.40
0.00
4.44
110.16
31.65
20.40
0.00
4.53
110.16
33.46
20.40
0.00
4.63
110.16
35.37
20.40
0.00
4.73
110.16
37.40
20.40
0.00
4.83
110.16
39.53
20.40
0.00
4.95
110.16
41.80
20.40
0.00
5.07
110.16
44.19
20.40
0.00
5.19
110.16
46.71
20.40
0.00
5.33
110.16
49.39
20.40
0.00
5.47
110.16
52.21
20.40
0.00
5.62
110.16
352.21
338.38
283.60
270.04
256.55
243.12
229.76
163.23
164.94
166.74
168.65
170.66
172.79
175.04
177.42
179.94
182.60
185.41
188.39
Levellised COG
Unit
Levellised
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
O&M expn
Rs/kWh
1.09
0.76
0.80
0.85
0.90
0.95
1.00
1.06
1.12
1.18
1.25
1.32
1.40
1.48
1.56
1.65
1.75
1.85
1.95
2.06
2.18
2.30
2.44
2.58
2.72
2.88
Depreciation
Rs/kWh
4.91
5.91
5.91
5.91
5.91
5.91
5.91
5.91
5.91
5.91
5.91
1.13
1.13
1.13
1.13
1.13
1.13
1.13
1.13
1.13
1.13
1.13
1.13
1.13
1.13
1.13
Rs/kWh
3.87
7.51
6.72
5.93
5.14
4.35
3.56
2.77
1.98
1.19
0.40
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
0.00
Rs/kWh
0.36
0.44
0.42
0.41
0.40
0.38
0.37
0.35
0.34
0.32
0.31
0.23
0.23
0.24
0.24
0.24
0.25
0.26
0.26
0.27
0.27
0.28
0.29
0.29
0.30
0.31
RoE
Total COG
Rs/kWh
Rs/kWh
5.07
4.81
4.81
4.81
4.81
4.81
4.81
4.81
4.81
4.81
4.81
6.08
6.08
6.08
6.08
6.08
6.08
6.08
6.08
6.08
6.08
6.08
6.08
6.08
6.08
6.08
15.31
19.42
18.66
17.90
17.14
16.39
15.64
14.89
14.15
13.41
12.67
8.75
8.83
8.91
9.00
9.10
9.20
9.30
9.41
9.53
9.65
9.78
9.92
10.07
10.23
10.39
Levellised
Levellised Tariff
15.31
Rs/Unit
90%
5.28%
80%
33.99%
1530.0
Years
----------------->
Book Depreciation
Book Depreciation
Unit
%
Rs Lakh
1
2.64%
40.39
2
5.28%
80.78
3
5.28%
80.78
4
5.28%
80.78
5
5.28%
80.78
6
5.28%
80.78
7
5.28%
80.78
8
5.28%
80.78
9
5.28%
80.78
10
5.28%
80.78
11
5.28%
80.78
12
5.28%
80.78
13
5.28%
80.78
14
5.28%
80.78
15
5.28%
80.78
16
5.28%
80.78
17
5.28%
80.78
18
2.88%
44.06
19
0.00%
0.00
20
0.00%
0.00
21
0.00%
0.00
22
0.00%
0.00
23
0.00%
0.00
24
0.00%
0.00
25
0.00%
0.00
Accelerated Depreciation
Opening
Allowed during the year
Closing
Accelrated Deprn.
%
%
%
Rs Lakh
100%
40%
60%
612.00
60%
48.00%
12%
734.40
12%
9.60%
2.40%
146.88
2%
1.92%
0.48%
29.38
0%
0.38%
0.10%
5.88
0%
0.08%
0.02%
1.18
0%
0.02%
0.00%
0.24
0%
0.00%
0.00%
0.05
0%
0.00%
0.00%
0.01
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
0%
0.00%
0.00%
0.00
Rs Lakh
Rs Lakh
MU
571.61
194.29
0.91
1.00
653.62
222.16
1.81
0.93
66.10
22.47
1.81
0.80
-51.41
-17.47
1.81
0.69
-74.91
-25.46
1.81
0.60
-79.61
-27.06
1.81
0.51
-80.55
-27.38
1.81
0.44
-80.74
-27.44
1.81
0.38
-80.77
-27.46
1.81
0.33
-80.78
-27.46
1.81
0.28
-80.78
-27.46
1.81
0.24
-80.78
-27.46
1.81
0.21
-80.78
-27.46
1.81
0.18
-80.78
-27.46
1.81
0.16
-80.78
-27.46
1.81
0.14
-80.78
-27.46
1.81
0.12
-80.78
-27.46
1.81
0.10
-44.06
-14.98
1.81
0.09
0.00
0.00
1.81
0.07
0.00
0.00
1.81
0.06
0.00
0.00
1.81
0.06
0.00
0.00
1.81
0.05
0.00
0.00
1.81
0.04
0.00
0.00
1.81
0.04
0.00
0.00
1.81
0.03
2.46
Rs/Unit
Page 76 of 80
Appendix-1
List of Stakeholders who submitted written/oral Comments/Suggestions
Sl. No Organisation/ Individual
1
Shri Dwarkanath V. Iyer (Individual)
2
7
8
10
11
12
13
Developers
15
16
17
India Energy
18
19
20
21
14
Association
Company
Ltd.
Page 77 of 80
Appendix-2
List of participants of Public Hearing held on July 10, 2010
Sl.
Name
Institution
No
Vestas Wind Tech
1 Shri Ravindra Chavan
2
Shri C P Vishwanathan
Shri N G Nasu
Shri R G Sonwane
Indian Energy
Shri S Parvathinathan
Shri Jagadish F
10
11
12
Shri Dhanorkar
13
14
15
16
Rajesh Peddu
Welspun Energy
17
Consultant
18
Shri H Subramanian
19
20
Individual
21
Shri S S Suryawanshi
22
India Energy
23
24
Shri S A Patil
25
26
27
Shri R R Kulkarni
Page 78 of 80
Sl.
Name
No
28 Shri S P Shinde
Institution
Bajaj Finserv Limited
29
Shri J J Kokate
30
Shri A Ranganath
Magma Fincorp
31
Shri A S Chawla
32
Shri R S Sangle
33
Shri J V Torane
34
Shri S R Patil
35
Shri P C Diwakar
36
37
Individual
38
39
40
Shri G D Rane
Global Energy
41
Shri V S Kale
42
Shri J M Wadhonkar
43
Global Energy
44
45
Smt P V Salurkhe
46
Shri V K Rokade
47
Shri N Ponrathnam
48
Shri R M Vaidya
49
Individual
50
51
52
Shri R Pruthi
Individual
53
54
55
56
Shri Satayjit
CRISIL
Page 79 of 80
Sl.
Name
No
57 Shri Razak Khatri
Institution
CRISIL
58
Shri Ramesh M P
59
GEPL
60
Individual
61
Shri Firoz A G
Individual
Page 80 of 80