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RIHAND
FIXED CHARGES
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Return on Equity:
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Depreciation rate increased to 5.28 per cent, AAD done away
with
The Central Electricity Regulatory Commission (CERC) has done
away with the advance against depreciation (AAD) norm stated in
the CERC Regulation Policy 2004-09 and has increased the
depreciation rate to 5.28 percent for a period of 12 years.
This norm is expected to have a neutral impact. Earlier AAD was
provided in the CERC Regulation 2004-09 in order to balance the
mis-match between tenure of loans (to be paid in 10 years) and
asset life (spread over 25 years). The new CERC regulation
however discontinues the benefit of AAD. In order to compensate
for the same, depreciation rates have been increased to 5.28 per
cent for a period of 12 years and the balance depreciation is spread
equally over the life of the asset.
SOURCE: CRISIL
RIHAND
Long term loans
The generation company or the transmission licensee, as the
case may be, shall make every effort to re-finance the loan as
long as it results in net savings on interest and in that event the
costs associated with such re-financing shall be borne by the
beneficiaries. Also, the net savings shall be shared between the
beneficiaries and the generation company or the transmission
licensee, as the case may be, in the ratio of 2:1. expects this to
be a positive for players. In the past, net savings from any
restructuring activity
had to be completely passed on to the beneficiaries. However,
as per the new regulation, the generation company
would be allowed to retain one-third of the net savings.
SOURCE: CRISIL
RIHAND
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Working capital norms
CERC has proposed that henceforth
maintenance spares would be calculated at
20 per cent of the O&M expenses
as compared to the previous norm of
calculating at 1 per cent of the historical
costs.
As per our calculations, we expect the
impact of this change to be insignificant.
SOURCE: CRISIL
RIHAND
Impact: Negative
RIHAND
Expenses on secondary fuel oil consumption for coal-based and
lignite-fired
generating station.
Normative
Annual
Plant
IC
NAPAF
Installed
Normative
Capacity
Annual
in
MW.
PlantAvailability
AvailabilityFactor
Factorin
inpercentage
percentage
IC - Installed Capacity in MW.
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(2) Initially, the landed cost incurred by the generating
company on secondary fuel oil shall be taken based on
actuals of the weighted average price of the three
preceding months and in the
absence of landed costs for the three preceding months,
latest procurement price for the generating station,
before the start of the year. The secondary fuel oil
expenses shall be subject to fuel price adjustment at the
end of the each year of tariff period as per following
formula:
SFC x NAPAF x 24 x NDY x IC x 10 x (LPSFy LPSFi)
Where,
LPSFy = The weighted average landed price of
secondary fuel oil for the year in Rs. /ml
RIHAND
Incentives
The new CERC regulation states that the incentive would be
based on Plant Availability Factor (PAF) rather than the Plant
Load Factor (PLF), which was the criteria under the previous
regulation. It is expected to be a positive. In the past, players
have suffered due to inadequate fuel supply leading to low
PLFs. Calculation, now based on PAF will provide adequate
incentive to players. The incentive calculation for plants with
less than 10 years of commercial operation would be calculated
as follows:
Annual fixed charges * (NDM/NDY) * (0.5 + 0.5 * Actual
monthly PAF/ Normative PAF)
For plants above 10 years of commercial operation, the
calculation would be as follows:
Annual fixed charges * (NDM/NDY) * (Actual monthly PAF/
Normative PAF)
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EXISTING TARIFF
FIXED COST DISTRIBUTED UNIFORMLY
THROUGHOUT THE YEAR.
FORMULA: (n xACCn (n-1) x ACCn-1
INCENTIVE GIVEN SEPARATELY @ 25 PS.
PER KWH FOR EXBUS SCHEDULED
ENERGY CORRESPONDING TO SCHEDULED
GENERATION IN EXCESS OF NORMATIVE
DC.
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NEW TARIFF
FIXED COST CEILING REMOVED.
INCENTIVE FORMED AS A PART OF
FIXED COST.
NO DEPENDENCE OF INCENTIVE ON
SCHEDULE
NEW TARIFF
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AFC
AFC == Annual
Annual fixed
fixed charge
charge computed
computed for
for the
the
NDM
=
Number
days
the
NAPAF=
NDM
=Normative
Number
ofannual
days in
inplant
the month
month
availability
year,
Rupees.
NAPAF=
Normative
annual
plant
availability
year, in
in
Rupees.of
factor
NDY
factor
NDY == Number
Number of
of days
days in
in the
the financial
financial year
year
PAFM
PAFM == Plant
Plant availability
availability factor
factor achieved
achieved during
during
NEW TARIFF
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VARIABLE CHARGES
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EXISTING TARIFF
FORMULA:
=(100*(LPPF*GHR+ LPSF*SFCn))/(100-AUXn)
VCR
VCR == Energy
Energy charge
charge rate,
rate, in
in Rupees
Rupees per
per kWh
kWh sent
sent
out.
out.
GHR
GHR == Gross
Gross station
station heat
heat rate,
rate, in
in kcal
kcal per
per kWh.
kWh.
SFCn
SFCn == Normative
Normative Specific
Specific fuel
fuel oil
oil consumption,
consumption, in
in
ml/kWh
ml/kWh
CVSF
CVSF == Calorific
Calorific value
value of
of secondary
secondary fuel,
fuel, in
in
kCal/ml
kCal/ml
LPPF
LPPF == Landed
Landed price
price of
of primary
primary fuel,
fuel, in
in Rupees
Rupees per
per
kg.
kg. = Gross calorific value of primary fuel, in kCal
CVPF
CVPF = Gross calorific value of primary fuel, in kCal
per
kg.
per
kg.
LPSF
LPSF == Landed
Landed price
price of
of sec
sec fuel,
fuel, in
in Rupees
Rupees per
per kg.
kg.
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NEW TARIFF
FORMULA:
VCR = (GHR SFC x CVSF) x LPPF x 100 /
{CVPF x (100 AUX)}
VCR
VCR == Energy
Energy charge
charge rate,
rate, in
in Rupees
Rupees per
per kWh
kWh sent
sent
out.
out.
GHR
GHR == Gross
Gross station
station heat
heat rate,
rate, in
in kcal
kcal per
per kWh.
kWh.
SFC
SFC == Specific
Specific fuel
fuel oil
oil consumption,
consumption, in
in ml/kWh
ml/kWh
CVSF
CVSF == Calorific
Calorific value
value of
of secondary
secondary fuel,
fuel, in
in
kCal/ml
kCal/ml
LPPF
LPPF == Landed
Landed price
price of
of primary
primary fuel,
fuel, in
in Rupees
Rupees per
per
kg.
kg. = Gross calorific value of primary fuel, in kCal
CVPF
CVPF = Gross calorific value of primary fuel, in kCal
per
per kg.
kg.
TRANSIT & HANDLING LOSSES = 0.2%
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NORMS OF OPERATION
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NORMS OF OPERATION OF RIHAND AS PER CERC PROPOSAL FOR 2009-14
HEAT RATE
(KCAL/KWH)
SPECIFIC
OIL
(ML/KWH)
200203
98%
2392
0.22
200304
91%
2385
0.22
200405
90%
2376
0.17
200506
97%
2337
0.25
200607
93%
2360
0.17
RIHAND
AVERAG
E
OVERALL
RANGE
PROPOSED
BY CERC
PREVIOUS
200207
2004-08
2009-14
2004-09
93%
85-96
%
85%
80%
2358
2430
2385
(MDBFP)
2425
(SDBFP)
2410
(MDBFP)
2450
(SDBFP)
0.2
0.150.68
1.0
2.0
5.62 7.1 %
8.5 %
(NO CT);
6.5 %
(CT)
8.5 %
(NO CT);
7.5 %
(CT)
AUX POWER
CONSUMPTI
ON (APC)
%
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Number
=
Actual
of
consumption
days
in
a
year
of
secondary
fuel
oil
during
the
year
NDY
Number
of
days
in
a
year
NAPAF
Normative
Annual
Plant
Availability
Factor
in
percentage
IC
NAPAF
Normative
Capacity
in
Plant
Availability Factor in percentage
in
IC--Installed
Installed
CapacityAnnual
inMW.
MW.
inml
ml
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NORMATIVE DC
STAGE I: 915 MW
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CERC (UI & Related Matters) Regulation 2009
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CERC (UI & Related Matters) Regulation 2009
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IMPORTANT
AMENDMENTS IN
INDIAN
ELECTRICITY GRID
CODE
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While the ISGS would normally be expected to
generate power according to the daily schedules
advised to them, it would not be mandatory to
follow the schedules tightly. In line with the
flexibility allowed to the States, the ISGS may also
deviate from the given schedules depending on the
plant and system conditions. In particular, they
would be allowed/encouraged to generate beyond
the given schedule under deficit conditions.
Deviations from the ex-power plant generation
schedules shall, however, be appropriately priced
through the UI mechanism.
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Provided that when the frequency is higher than 50.3
Hz, the actual net injection shall not exceed the
scheduled dispatch for that time block. Also, while the
frequency is above 50.3 Hz, the ISGS may (at their
discretion) back down without waiting for an advise
from RLDC to restrict the frequency rise. When the
frequency falls below 49.5 Hz, the generation at all
ISGS (except those on peaking duty) shall be
maximized, at least upto the level which can be
sustained, without waiting for an advise from RLDC.
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Revision of declared capability by the ISGS(s) (except
hydro stations) and requisition by beneficiary(ies) for
the remaining period of the day shall also be permitted
with advance notice. Revised schedules/declared
capability in such cases shall become effective from the
6th time block, counting the time block in which the
request for revision has been received in the RLDC to
be the first one. If, at any point of time, the RLDC
observes that there is need for revision of the schedules
in the interest of better system operation, it may do so
on its own, and in such cases, the revised schedules
shall become effective from the 4th time block,
counting the time block in which the revised schedule is
issued by the RLDC to be the first one.
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