Vous êtes sur la page 1sur 31

TABLE 16.

1 ASSUMPTION SHEET FOR TARIFF CALC


Assumption
Sub Head
head
S.No.
1
Power Generation
Capacity

Project Cost
Capital Cost / MW

Financial Assumption
Debt: Equity

Dedt Component

Equity Component

Depreciation

Interest on Working Capital


Operation & Maintenance

Incentives

Operation & Maintenance

Working Capital

State Tarif
Assumption
Assumption

Taxes

MPTION SHEET FOR TARIFF CALCULATION


Sub Head 2

Unit

Installed Capacity
Capacity Utilization Factor
Generation per MW
Total Generation
Time Involved in Construction
Useful Life
Auxilary consumption

MW
%
KWh
KWh

Normative Capital Cost


Capital Cost
Capital Subsidy, if any
Net Capital Cost

Crore/MW
Rs.Crore
Rs. Crore
Rs. Crore

Tariff Period

Years

Debt
Eqity
Total Debt Amount
Total Equity Amount

%
%
Rs. Crore
Rs. Crore

years
%

Parameter
Value

5
19%
0.16
0.81
13 months
25
3%

16.9
84.5
0
84.5

25
70%
30%
59.15
25.35

Repayment Schedule
Intrest Rate

Term of Loan

Years

Eqity Amount
Return on Equity for first 10 years
Return on Equity 11th year onward

Rs. Crore
% p.a
% p.a

25.35
19%
24%

Depreciation rate for first 10 years


Depreciation rate 10 year onward
Salvage Value
Depreciable Limit

% p.a
% p.a
%
%

7%
1.33%
10%
90%

Working capital as per CERC Regulation


O&M Cost
Total O&M Cost

Quarterly
12%
12

12%
Rs. Crore/MW
Rs Crore

0.09
0.45

O&M esclation

% p.a

GBI per unit (max under MNRE)

Rs. / unit

Generation Based Incentive if any


Period for GBI
GBI for a project

Rs. Crore/ annum


Years
Rs/kWh

5.72%
11.4
9.2025
10
8

Normative O&M Expense


O&M Expense per Annum
Escalation Factor for O&M Expense

Rs. Crore/ MW
Rs. Crore
%

0.09
0.45
5.72%

O&M Expense per Month


Maintenance Spare
Recievables for one and half month
Intrest Rate on Working Capital

Rs. Crore
% of O&M Cost
Rs. Crore
%

0.02
15%

State electricity Board (PPA)


Escalation Factor
Escalation after year

Rs/KWh
%
year

3.92
5%
10

MAT
Corporate Tax

%
%

12%

20%
33.99%

OPERATION & MAINTENANCE COST


O&M COST PER MW
Rs.Crore
TOTAL O&M COST
Rs.Crore
ESCALATION PER YEAR
%
YEAR
ANNUAL O&M COST
Rs. Crore
MONTHLY O&M COST
Rs. Crore

WORKING CAPITAL CALCULATION


INTREST RATE FOR WC
MAINTENANCE SPARE
MONTHLY O&M COST
MAINTENANCE SPARE
1&1/2 MONTH RECIEVABLES
TOTAL WORKING CAPITAL
INTREST ON WC

0.09
0.45
5.72%
1
0.45
0.04

2
0.48
0.04

3
0.50
0.04

4
0.53
0.04

5
0.56
0.05

6
0.59
0.05

7
0.63
0.05

1
0.04
0.07
1.13
1.23
0.15

2
0.04
0.07
1.00
1.11
0.13

3
0.04
0.08
0.88
1.00
0.12

4
0.04
0.08
0.76
0.89
0.11

5
0.05
0.08
0.65
0.78
0.09

6
0.05
0.09
0.54
0.68
0.08

7
0.05
0.09
0.43
0.58
0.07

4
7%

5
7%

6
7%

7
7%

12%
15%
YEAR
Rs.Crore
Rs.Crore
Rs.Crore
Rs.Crore
Rs.Crore

TABLE 16.2 DEPRECIATION CALCULATION


PLANT COST
DEPRICIATION RATE
DEPRICIATION METHOD

YEAR
RATE OF DEPRECIATION

Rs. Crore
7%
1.33%
Differential
St. Line

84.50
FOR FIRST 12 YEARS
FOR 13 YEAR ONWARDS
FOR FIRST 12 YEARS
FOR 13 YEAR ONWARDS
1
7%

2
7%

3
7%

WDM opening balance


depriciation
WDM closing balance

Rs. Crore
Rs. Crore
Rs. Crore

84.50
5.92
78.59

78.59
5.50
73.08

73.08
5.12
67.97

67.97
4.76
63.21

63.21
4.42
58.79

58.79
4.11
54.67

54.67
3.83
50.84

8
0.66
0.06

9
0.70
0.06

10
0.74
0.06

11
0.78
0.07

12
0.83
0.07

13
0.88
0.07

17
1.10
0.09

18
1.16
0.10

19
1.22
0.10

20
1.29
0.11

21
1.37
0.11

22
1.45
0.12

8
0.06
0.10
0.33
0.48
0.06

9
0.06
0.11
0.23
0.39
0.05

10
0.06
0.11
0.13
0.30
0.04

11
0.07
0.12
1.36
1.54
0.19

12
0.07
0.12
1.27
1.46
0.18

13
0.07
0.13
0.95
1.15
0.14

17
0.09
0.16
0.97
1.23
0.15

18
0.10
0.17
0.98
1.25
0.15

19
0.10
0.18
0.99
1.27
0.15

20
0.11
0.19
1.00
1.30
0.16

21
0.11
0.21
1.00
1.32
0.16

22
0.12
0.22
1.01
1.35
0.16

8
7%

9
7%

10
7%

11
7%

12
7%

13
1.33%

17
1.33%

18
1.33%

19
1.33%

20
1.33%

21
1.33%

22
1.33%

50.84
3.56
47.28

47.28
3.31
43.97

43.97
3.08
40.90

40.90
2.86
38.03

38.03
2.66
35.37

35.37
0.47
34.90

33.53
0.45
33.08

33.08
0.44
32.64

32.64
0.43
32.21

32.21
0.43
31.78

31.78
0.42
31.36

31.36
0.42
30.94

23
1.53
0.13

24
1.62
0.13

25
1.71
0.14

23
0.13
0.23
1.02
1.38
0.17

24
0.13
0.24
1.03
1.41
0.17

25
0.14
0.26
1.05
1.44
0.17

23
1.33%

24
1.33%

25
1.33%

30.94
0.41
30.53

30.53
0.41
30.12

30.12
0.40
29.72

Statement showing calculation of estimated interest


(Rs. In Crores)
Sr.

Year

Repayment of Principal Amount

No.

Q-1

1
2
3
4
5
6
7
8
9
10
11
12
Loan

1
2
3
4
5
6
7
8
9
10
11
12
12%

1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23

Q-2

Q-3

1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23

Closing Balance

Q-4

1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23

Total

1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23
1.23

Q-1

4.93
4.93
4.93
4.93
4.93
4.93
4.93
4.93
4.93
4.93
4.93
4.93

57.92
52.99
48.06
43.13
38.20
33.27
28.34
23.41
18.48
13.56
8.63
3.70

Q-2

56.69
51.76
46.83
41.90
36.97
32.04
27.11
22.18
17.25
12.32
7.39
2.46

Interest

Q-3

55.45
50.52
45.59
40.67
35.74
30.81
25.88
20.95
16.02
11.09
6.16
1.23 -

Q-4

54.22
49.29
44.36
39.43
34.50
29.58
24.65
19.72
14.79
9.86
4.93
0.00

Q-1

Q-2

1.77
1.63
1.48
1.33
1.18
1.04
0.89
0.74
0.59
0.44
0.30
0.15

Q-3

1.74
1.59
1.44
1.29
1.15
1.00
0.85
0.70
0.55
0.41
0.26
0.11

Q-4

1.70
1.55
1.40
1.26
1.11
0.96
0.81
0.67
0.52
0.37
0.22
0.07

Total

1.66
1.52
1.37
1.22
1.07
0.92
0.78
0.63
0.48
0.33
0.18
0.04

6.88
6.28
5.69
5.10
4.51
3.92
3.33
2.74
2.14
1.55
0.96
0.37

TABLE 16.3 TARIFF CALCULATION


UNITS GENERATION
INSTALLED CAPACITY
Total GENERATION

YEAR
MW
crore unit

5
0.81

YEAR
Rs. Crore
Rs. Crore
Rs. Crore
Rs. Crore
Rs. Crore
Rs. Crore
Rs. Crore

6.88
5.92
4.817
0.15
0.45
9.20
9.00

6.28
5.50
4.817
0.13
0.48
9.20
8.01

5.69
5.12
4.817
0.12
0.50
9.20
7.05

5.10
4.76
4.817
0.11
0.53
9.20
6.11

4.51
4.42
4.817
0.09
0.56
9.20
5.20

3.92
4.11
4.82
0.08
0.59
9.20
4.32

3.33
3.83
4.82
0.07
0.63
9.20
3.47

2.74
3.56
4.82
0.06
0.66
9.20
2.63

2.14
3.31
4.82
0.05
0.70
9.20
1.82

1.55
3.08
4.82
0.04
0.74
9.20
1.02

0.96
2.86
6.08
0.19
0.78

0.37
2.66
6.08
0.18
0.83

0.47
6.08
0.14
0.88

0.46
6.08
0.14
0.93

0.46
6.08
0.14
0.98

0.45
6.08
0.14
1.04

0.45
6.08
0.15
1.10

0.44
6.08
0.15
1.16

0.43
6.08
0.15
1.22

0.43
6.08
0.16
1.29

0.42
6.08
0.16
1.37

0.42
6.08
0.16
1.45

0.41
6.08
0.17
1.53

0.41
6.08
0.17
1.62

0.40
6.08
0.17
1.71

10.88

10.12

7.57

7.62

7.66

7.72

7.77

7.83

7.90

7.96

8.03

8.11

8.19

8.28

8.37

YEAR
Rs./Unit
10.00%
Rs./Unit
Rs./Unit

1
11.15
0.91
10.09
8.03

2
9.92
0.83
8.13

3
8.73
0.75
6.56

4
7.57
0.68
5.17

5
6.45
0.62
4.00

6
5.36
0.56
3.02

7
4.29
0.51
2.20

8
3.26
0.47
1.52

9
2.25
0.42
0.95

10
1.27
0.39
0.49

11
13.48
0.35
4.72

12
12.54
0.32
3.99

13
9.38
0.29
2.72

14
9.43
0.26
2.48

15
9.50
0.24
2.27

16
9.56
0.22
2.08

17
9.63
0.20
1.91

18
9.70
0.18
1.75

19
9.78
0.16
1.60

20
9.86
0.15
1.47

21
9.95
0.14
1.34

22
10.05
0.12
1.23

23
10.15
0.11
1.13

24
10.25
0.10
1.04

25
10.37
0.09
0.96

5
0.81

3
5
0.81

4
5
0.81

5
5
0.81

6
5
0.81

7
5
0.81

8
5
0.81

9
5
0.81

10
5
0.81

11
5
0.81

12
5
0.81

13
5
0.81

14
5
0.81

15
5
0.81

16
5
0.81

17
5
0.81

18
5
0.81

19
5
0.81

20
5
0.81

21
5
0.81

22
5
0.81

23
5
0.81

24
5
0.81

25
5
0.81

TARIFF COMPONENTS
INTREST ON CAPITAL
DEPRECIATION
RETURN ON EQUITY
INTREST ON WORKING CAPITAL
O& M COST
GBI
TOTAL COST

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

LEVELLISED TARIFF
NOMINAL TARIFF
DISCOUNT FACTOR
PV OF NOMINAL TARIFF
LEVELLISED TARIFF

Loan Repayment Schedule


Sl.No.

Description

Outstanding Loan

59.15

54.22

49.29

44.36

39.43

34.50

Outstanding Equity Capital

25.35

25.35

25.35

25.35

25.35

25.35

Loan Principal Repayment

4.93

4.93

4.93

4.93

4.93

4.93

Interest on Term Loan

6.88

6.28

5.69

5.10

4.51

3.92

11.81

11.21

10.62

10.03

9.44

8.85

Total (c+d)

Profitability Statement

Sl.No.

Description

0 yr

Income
1

Generation in crore KWh

0.81

0.81

0.81

0.81

0.81

0.81

SEB Rate in Rs./KWH

3.92

3.92

3.92

3.92

3.92

3.92

GBI Rs./KWh

8.00

8.00

8.00

8.00

8.00

8.00

Return on Equity

4.82

4.82

4.82

4.82

4.82

4.82

14.44

14.44

14.44

14.44

14.44

14.44

0.45

0.48

0.50

0.53

0.56

0.59

Total Income (Rs. in crores)


5

Operation & Maintenance charges

Interest on Working capital

0.15

0.13

0.12

0.11

0.09

0.08

Interest on term loan

6.88

6.28

5.69

5.10

4.51

3.92

Depriciation

5.92

5.50

5.12

4.76

4.42

4.11

13.39

12.39

11.43

10.50

9.59

8.71

Profit Before Taxation

1.86

2.04

3.01

3.94

4.85

5.73

10

Provision for Taxes MAT (20%) & IT (33.99%)

0.37

0.57

0.76

0.95

1.13

1.31

11

Net Profit

1.49

1.47

2.24

2.99

3.72

4.42

12

Net Cash Accurals Depreciation added back


(Rs. in crore)

1.49

3.77

6.01

9.00

12.72

17.14

Total Expenses (Rs. in crores)


9

Cost of Production
Sl.No.

Description

Total Expenses

Generation

Cost of production / KWH

0 yr

1 yr

2 yr

3 yr

4 yr

5 yr

6 yr

13.39

12.39

11.43

10.50

9.59

8.71

0.81

0.81

0.81

0.81

0.81

0.81

16.59

15.35

14.16

13.00

11.88

10.79

1 yr

2 yr

3 yr

4 yr

5 yr

6 yr

8.73

8.33

8.70

9.04

9.36

9.65

8.73

8.33

8.70

9.04

9.36

9.65

4.93

4.93

4.93

4.93

4.93

4.93

Cashflow Statement
Sl.No.

Description

0 yr

Sources of Funds
a

Profit before taxation with


interest added back

Increase in long term borrowings

59.15

Own Funds

25.35

Total (a+b+c+d) Rs. in lakhs

84.50

Disposition of Funds
d

Capital Expenditure for the project

Decrease in long term borrowings

84.50

Interest on term loan

6.88

6.28

5.69

5.10

4.51

3.92

Taxation

0.37

0.57

0.76

0.95

1.13

1.31

II

Total (d+e+f+g) Rs. in lakhs

84.50

12.18

11.78

11.39

10.98

10.57

10.16

Opening balance of cash in hand

0.00

0.00

-3.44

-6.09

-7.97

-9.10

-10.31

Net Surplus / Deficit (I - II)

0.00

-3.44

-2.65

-1.88

-1.13

-1.21

-0.51

Closing balance of cash in hand

0.00

-3.44

-6.09

-7.97

-9.10

-10.31

-10.82

10

11

12

13

14

15

16

17

18

29.58

24.65

19.72

14.79

9.86

4.93

9.86

4.93

0.00

25.35

25.35

25.35

25.35

25.35

25.35

25.35

25.35

25.35

25.35

25.35

25.35

4.93

4.93

4.93

4.93

4.93

4.93

3.33

2.74

2.14

1.55

0.96

0.37

8.26

7.66

7.07

6.48

5.89

5.30

0.00

0.00

0.00

0.00

0.00

0.00

10

11

12

13

14

15

16

17

18

0.81

0.81

0.81

0.81

0.81

0.81

0.81

0.81

0.81

0.81

0.81

0.81

3.92

3.92

3.92

3.92

4.12

4.32

4.54

4.76

5.00

5.25

5.52

5.79

8.00

8.00

8.00

8.00

4.82

4.82

4.82

4.82

6.08

6.08

6.08

6.08

6.08

6.08

6.08

6.08

14.44

14.44

14.44

14.44

9.41

9.57

9.75

9.93

10.12

10.32

10.54

10.76

0.63

0.66

0.70

0.74

0.78

0.83

0.88

0.93

0.98

1.04

1.10

1.16

0.07

0.06

0.05

0.04

0.19

0.18

0.14

0.14

0.14

0.14

0.15

0.15

3.33

2.74

2.14

1.55

0.96

0.37

0.00

3.83

3.56

3.31

3.08

2.86

2.66

0.47

0.46

0.46

0.45

0.45

0.44

7.85

7.02

6.20

5.41

4.79

4.04

1.49

1.53

1.58

1.63

1.69

1.75

6.59

7.42

8.24

9.03

4.61

5.54

8.26

8.40

8.54

8.69

8.85

9.01

1.48

1.65

1.81

1.97

1.57

1.88

2.81

2.85

2.90

2.95

3.01

3.06

5.11

5.78

6.43

7.06

3.04

3.65

5.45

5.54

5.64

5.74

5.84

5.95

22.25

28.02

34.45

41.51

44.56

48.21

53.67

59.21

64.85

70.59

76.43

82.37

7 yr

8 yr

9 yr

10 yr

11 yr

12 yr

13 yr

14 yr

15 yr

16 yr

17 yr

18 yr

7.85

7.02

6.20

5.41

4.79

4.04

1.49

1.53

1.58

1.63

1.69

1.75

0.81

0.81

0.81

0.81

0.81

0.81

0.81

0.81

0.81

0.81

0.81

0.81

9.73

8.69

7.68

6.70

5.94

5.00

1.84

1.90

1.96

2.02

2.09

2.17

(Rs. in Lakhs)
7 yr
8 yr
9 yr

10 yr

11 yr

12 yr

13 yr

14 yr

15 yr

16 yr

17 yr

18 yr

9.91

10.16

10.38

10.58

5.57

5.91

8.26

8.40

8.54

8.69

8.85

9.01

9.91

10.16

10.38

10.58

5.57

5.91

8.26

8.40

8.54

8.69

8.85

9.01

4.93

4.93

4.93

4.93

4.93

4.93

0.00

3.33

2.74

2.14

1.55

0.96

0.37

0.00

0.00

1.48

1.65

1.81

1.97

1.57

1.88

2.81

2.85

2.90

2.95

3.01

3.06

9.74

9.31

8.88

8.45

7.46

7.18

2.81

2.85

2.90

2.95

3.01

3.06

-10.82

-10.64

-9.79

-8.30

-6.16

-8.05

-9.32

-3.87

1.67

7.31

13.05

18.89

0.18

0.85

1.50

2.13

-1.88

-1.27

5.45

5.54

5.64

5.74

5.84

5.95

-10.64

-9.79

-8.30

-6.16

-8.05

-9.32

-3.87

1.67

7.31

13.05

18.89

24.84

19

20

21

22

23

24

25

25.35

25.35

25.35

25.35

25.35

25.35

25.35

0.00

0.00

0.00

0.00

0.00

0.00

0.00

19

20

21

22

23

24

25

0.81

0.81

0.81

0.81

0.81

0.81

0.81

6.08

6.39

6.70

7.04

7.39

7.76

8.15

6.08

6.08

6.08

6.08

6.08

6.08

6.08

10.99

11.24

11.50

11.77

12.05

12.35

12.66

1.22

1.29

1.37

1.45

1.53

1.62

1.71

0.15

0.16

0.16

0.16

0.17

0.17

0.17

0.43

0.43

0.42

0.42

0.41

0.41

0.40

1.81

1.88

1.95

2.03

2.11

2.19

2.28

9.18

9.36

9.55

9.74

9.94

10.16

10.38

3.12

3.18

3.24

3.31

3.38

3.45

3.53

6.06

6.18

6.30

6.43

6.56

6.70

6.85

88.43

94.61

100.91

107.34

113.91

120.61

127.46

19 yr

20 yr

21 yr

22 yr

23 yr

24 yr

25 yr

1.81

1.88

1.95

2.03

2.11

2.19

2.28

0.81

0.81

0.81

0.81

0.81

0.81

0.81

2.24

2.33

2.42

2.51

2.61

2.72

2.83

19 yr

20 yr

21 yr

22 yr

23 yr

24 yr

25 yr

9.18

9.36

9.55

9.74

9.94

10.16

10.38

9.18

9.36

9.55

9.74

9.94

10.16

10.38

3.12

3.18

3.24

3.31

3.38

3.45

3.53

3.12

3.18

3.24

3.31

3.38

3.45

3.53

24.84

30.90

37.08

43.38

49.81

56.37

63.08

6.06

6.18

6.30

6.43

6.56

6.70

6.85

30.90

37.08

43.38

49.81

56.37

63.08

69.93

IRR
Years
PBT
Interest added back
Cash Outflow

Equity IRR
Years
PBT
Cash Flow

Debt Service Coverage Ratio


Year
PAT
Depriciation
Interest on Loan
Repayment of Loan

10.16%
0

-85

1
1.86
6.88
8.73

2
2.85
6.28
9.14

3
3.81
5.69
9.51

4
4.75
5.10
9.85

5
5.66
4.51
10.17

6
6.54
3.92
10.46

1
1.86
1.86

2
2.85
2.85

3
3.81
3.81

4
4.75
4.75

5
5.66
5.66

6
6.54
6.54

1
1.49
5.92
6.88
4.93

2
2.28
5.50
6.28
4.93

3
3.05
5.12
5.69
4.93

4
3.80
4.76
5.10
4.93

5
4.52
4.42
4.51
4.93

6
5.23
4.11
3.92
4.93

20.11%
0
-25.35

1.44
0

7
7.39
3.33
10.72

8
8.23
2.74
10.96

9
9.04
2.14
11.19

10
9.84
1.55
11.39

11
4.61
0.96
5.57

12
5.54
0.37
5.91

13
8.26
0.00
8.26

14
8.40
0.00
8.40

15
8.54
0.00
8.54

16
8.69
0.00
8.69

17
8.85
0.00
8.85

18
9.01
0.00
9.01

7
7.39
7.39

8
8.23
8.23

9
9.04
9.04

10
9.84
9.84

11
4.61
4.61

12
5.54
5.54

13
8.26
8.26

14
8.40
8.40

15
8.54
8.54

16
8.69
8.69

17
8.85
8.85

18
9.01
9.01

7
5.92
3.83
3.33
4.93

8
6.58
3.56
2.74
4.93

9
7.23
3.31
2.14
4.93

10
7.87
3.08
1.55
4.93

11
3.04
2.86
0.96
4.93

12
3.65
2.66
0.37
4.93

13
5.45
0.47
0.00
0.00

14
5.54
0.46
0.00
0.00

15
5.64
0.46
0.00
0.00

16
5.74
0.45
0.00
0.00

17
5.84
0.45
0.00
0.00

18
5.95
0.44
0.00
0.00

19
9.18
0.00
9.18

20
9.36
0.00
9.36

21
9.55
0.00
9.55

22
9.74
0.00
9.74

23
9.94
0.00
9.94

24
10.16
0.00
10.16

25
10.38
0.00
10.38

19
9.18
9.18

20
9.36
9.36

21
9.55
9.55

22
9.74
9.74

23
9.94
9.94

24
10.16
10.16

25
10.38
10.38

19
6.06
0.43
0.00
0.00

20
6.18
0.43
0.00
0.00

21
6.30
0.42
0.00
0.00

22
6.43
0.42
0.00
0.00

23
6.56
0.41
0.00
0.00

24
6.70
0.41
0.00
0.00

25
6.85
0.40
0.00
0.00

KEY RESULTS
Internal Rate Of Return (IRR)
Equity Internal Rate of Return
Debt Service Coverage Ratio (DSCR)

EY RESULTS
10.16
20.14
1.44