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Power Tariff Calculation
Power Tariff Calculation
Power Tariff Calculation
3X50 MW THERMA
INPUT
(A
FINANCIAL ASSUMPTIONS
UNIT(I,II,III)
Project Cost (Rs.Crores / MW) 4.00
Sale of Infirm Power 0.0
Total Project Cost 600.0
Levelised Tariff (Rs/kWh) Err:522
Capital Structure
Debt(Percentage) 70%
Equity(Percentage) 30%
Debt 420.0
Equity 180.0
Upfront Equity 51%
Upfront Equity Funding 91.8
Assumptions for Capacity Charges
Interest on Loan capital 12%
Interest on Working capital 12%
Return on Equity 15.50%
O&M expenses ( in % of TPC ) 2.00%
O&M Expenses 12.0
O&M Expenses Escalation 5.75%
Maintenance Spares ( % of Project Cost ) 20% of O&M Expense p.a.
Maintenace Spares Cost Escalation 6%
Depreciation (for Tariff Clculation) 5.28%
Depreciation as per IT Act 7.84%
Total number of Years of Operation 25.0
Loan Duration (years) 12.0
Assumptions for Variable Charges
Cost of Coal(Rs./Ton)(Price + Freight) 804.0
Coal consumption(million tonnes) 0.30
Secondary Fuel Prices (Rs./kl) 35250.0
Secondary Fuel Consumptions(ml/kWh) 1.00
Taxes
Basic Tax 30.00%
Development Surcharge 3.00%
Net Corporate Tax 33.00%
Add Edu Cess(3%) 0.99%
Total Tax 33.99%
Dividend Distribution Tax 14.03%
Statutory Reserves 0.00%
MAT 11.33%
Other Miscellaneous Assumptions
Exchange Rate 45.5
Fx Variation 2%
Financing Charges & Upfront Fee 1.00%
Bank Guarantee Charges 2.00%
Avg.Acc.Receivables( in months) 2.0
Upfront Equity Funding 51%
Debt Service Reserve Acc.(in Months) 3%
Margin Money 25%
MOSER BAER PROJECTS LIMITED
TECHNICAL ASSU
PROJECT SUMM
(CERC Norms 2009-14)
(CERC Norms 2009-14) Total Project Cost
(CERC Norms 2009-14) Equity
(CERC Norms 2009-14) Debt
(CERC Norms 2009-14) Upfront Equity
(CERC Norms 2009-14) IDC for unit I
IDC for unit II
(CERC Norms 2009-14) IDC for unit III
Tariff
Rserve Bank of India website NPV
Rserve Bank of India website IRR
(CERC Norms 2009-14) WACC
State Bank of India Charges DSCR
(CERC Norms 2009-14)
(CERC Norms 2009-14)
(CERC Norms 2009-14)
(CERC Norms 2009-14)
TECHNICAL ASSUMPTIONS
UNIT(I,II& III)
alled Capacity of single unit 50.0 MW
No. of installed units 3.0
Total Installed Capacity 150.0 MW
Total units generated 1314.0 million units
Target Availability Factor 95%
PLF 85% (CERC Norms 2009-14)
Gross Station Heat Rate 2780.0 kcal/kWh (CERC Norms 2009-14)
GCV of Coal 3420.0 kcal/kg Ministry of Coal
GCV of Oil 10.7 kcal/ml Ministry of Petroleum
Auxiliary Consumption 10% (CERC Norms 2009-14)
Coal Transit Loss 0.80% Ministry of Coal
Delivered ExBus (Million units)
PLANT IS COAL FIRED WITH COOLING TOWER
IMPORTANT DATES
Date of Construction 04/01/09 ( MM-DD-YY) Assumption
COD of unit I 07/01/12 ( MM-DD-YY)
CoD of unit II 01/01/13 ( MM-DD-YY)
CoD of unit III 07/01/13 ( MM-DD-YY)
Months required for unit I 39
Months required for unit II 6
Months required for unit III 6
PROJECT SUMMARY
Cost of Land
Cost of Land ( Rs Lakh/Acre)
Plant site (incl Green land & Switch Yard)
Ash Pond
BOP Area
Coal Handling Plant Area
Cooling Tower Area
Sea Water Outfall
Basic Cost of Land
Stamp Duty
Transfer Duty
Registration Fees
Statutory Taxes / Charges
Documentation Charges
Land Related Misc. Charges
Sub Total ( Rs Cr)
Civil Works
Rehab & Resettlement( Permanent Township)
Temp Const & Enabling work
Sub Total : R & R
EPC Costs(BTG)
BTG Chinese ( Rs Cr / MW )
Indian ( BHEL) ( Rs Cr/ MW )
Choice
According to Chinese (BTG)
Washeries
Vehicles
Furnitures & Fixtures
Other Misc Assets
Total Misc. Fixed Assets(Incl Washeries)
SOFT COST
Operator's Training
Construction Insurance
Startup Fuel & Startup Power
Special T&P
Salary
Consultancy and Legal
Design and Engineering
Development Expenses
Establishment
Aduit & Accounts
Sub-Total of Soft Cost
Contingency
6.26
0.85
0.30
0.70
1.10
0.50 40000.0
0.60
4.05
10.31
0.41 4%
10.7
7.50
0.30
7.80
7.8
1.8
2.1
270.0
0.0 0%
0.0 0%
0.0 0%
0.0 0%
0.0 0%
0.0 0%
0.0
270.0
270.0
1.60
0.00
240.00
0.0 0.0
0.0
0.0
0 0.0
0
240.00
1.81
0.90
1.06
3.77
6.6
0.84
3.60
6.90
2.25
1.60
0.75
3.04
3.60
9.50
0.25
32.3
Err:522 4%
Err:522
Err:522
Err:522 Rs.Cr/MW
Area ( in Hectare) According to DPR provided
3X50 MW THERMAL
INTEREST DUR
ALL V
Quarterly Expense
Upfront Equity 51%
Equity 30% Err:522
Cumulative Equity
Debt 70% Err:522
Cumulative Debt
Interest ( Including Financial Charges) 12.25% Err:522
Quarterly Interest 3.06%
Cumulative Interest
Project Cost Including IDC & FC Err:522
IDC Err:522 Rs Cr
Total Project Cost Err:522 Rs Cr
MOSER BAER PROJECTS LIMITED
2 3 4 5 6 7 8 9 10 11
1st 2nd 3rd 4th
May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10
25.00%
9.00% 11.00%
1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96%
1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96%
2 3 4 5 6 7 8 9 10 11
1 2 3 4
May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10
0.00 0.00 0.00 2.68 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 21.60 0.00 0.00 0.00 0.00 26.40
0.63 0.63 0.63 0.63 0.63 0.63 0.63 0.63 0.63 0.63
1.33 0.00 0.00 1.33 0.00 0.00 0.00 1.56 0.00 0.00
0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
12.00%
1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96%
1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96%
12 13 14 15 16 17 18 19 20 21
4 5 6 7
Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 40.50 0.00 0.00 45.90 0.00 0.00 0.00 21.60 0.00
0.00 0.00 0.00 0.00 0.00 0.00 28.80 0.00 0.00 0.00
0.63 0.63 0.63 0.63 0.63 0.63 0.63 0.63 0.63 0.63
1.72 0.00 0.00 0.94 0.00 0.00 0.00 0.94 0.00 0.00
0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96%
1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96%
22 23 24 25 26 27 28 29 30 31
8 9 10 11
Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 35.10 0.00 0.00 0.00 45.90 0.00 0.00 37.80
26.40 0.00 0.00 0.00 16.80 0.00 0.00 0.00 45.60 0.00
0.63 0.63 0.63 0.63 0.63 0.63 0.63 0.63 0.63 0.63
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
11.00% 5.00%
9.00% 15.00%
1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96%
1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96%
32 33 34 35 36 37 38 39 40 41
11 12 13 14
Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12
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 29.70 0.00 0.00 0.00 13.50 0.00
0.00 0.00 21.60 0.00 0.00 0.00 0.00 36.00 0.00 0.00
0.63 0.63 0.63 0.63 0.63 0.63 0.63 0.63 0.63 0.63
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
7.00%
1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96%
1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96% 1.96%
42 43 44 45 46.00
14 15 16 17
Sep-12 Oct-12 Nov-12 Dec-12
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 16.80 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.63 0.63 0.63 0.63 0.63 0.63 0.63 0.63 0.63 0.63
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
FUEL EXPEN
ALL VALUES IN
CALCULATION O
SECONDARY Fuel
PRIMARY FUEL
2012-13 2013-14
Units to be generated ( million units) 657.60 1314.00
FUEL EXPENSES
ALL VALUES IN RS. Cr.
ml/kwh
litre/kwh
kg/kwh Specific Gravity of Secondary Fuel 0.93
Rs/MT
Rs/kg
Rs/kwh
Rs.Cr
MT
kcal/ml
kcal/kwh
kcal/kwh
kg
Rs/kg
Rs
0.68
0.76
2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24
1314.00 1314.00 1314.00 1314.00 1314.00 1314.00 1314.00 1314.00 1314.00 1314.00
90.68 96.12 101.88 108.00 114.48 121.35 128.63 136.34 144.53 153.20
4.62 4.95 5.29 5.66 6.06 6.49 6.94 7.43 7.94 8.50
15.11 16.02 16.98 18.00 19.08 20.22 21.44 22.72 24.09 25.53
0.77 0.82 0.88 0.94 1.01 1.08 1.16 1.24 1.32 1.42
95.30 101.07 107.18 113.66 120.54 127.83 135.57 143.77 152.47 161.70
0.85 0.90 0.96 1.02 1.08 1.14 1.21 1.29 1.37 1.45
0.95 1.01 1.07 1.13 1.20 1.27 1.35 1.43 1.52 1.61
2024-25 2026-27 2027-28 2028-29 2029-30 2030-31 2031-32 2032-33 2033-34 2034-35
1314.00 1314.00 1314.00 1314.00 1314.00 1314.00 1314.00 1314.00 1314.00 1314.00
162.39 172.13 182.46 193.41 205.01 217.31 230.35 244.17 258.82 274.35
9.10 9.73 10.41 11.14 11.92 12.76 13.65 14.61 15.63 16.72
27.06 28.69 30.41 32.23 34.17 36.22 38.39 40.70 43.14 45.73
1.52 1.62 1.74 1.86 1.99 2.13 2.28 2.43 2.60 2.79
171.49 181.87 192.87 204.55 216.94 230.07 244.00 258.78 274.45 291.08
1.54 1.63 1.73 1.83 1.94 2.06 2.18 2.32 2.46 2.61
1.71 1.81 1.92 2.03 2.16 2.29 2.43 2.57 2.73 2.90
2035-36 2036-37 2037-38
1314.00 1314.00 1314.00
INTEREST ON WORKING C
ALL VALUES IN Rs. Cr.
YEAR OF OPERATION 1 2 3 4 5
Cost Of Coal For 2 Months 7.14 14.26 15.11 16.02 16.98
Cost Of Secondary Fuel For 2 Months 0.36 0.72 0.77 0.82 0.88
O&M Expenses For 1 Month 1.00 1.06 1.12 1.18 1.25
Maintenance Spares Err:522 Err:522 Err:522 Err:522 Err:522
Receivables Of Two Months Err:522 Err:522 Err:522 Err:522 Err:522
Total Working Capital Err:522 Err:522 Err:522 Err:522 Err:522
Increase in Current Asset Err:522 Err:522 Err:522 Err:522 Err:522
Interest App. Part Of Working Capital Err:522 Err:522 Err:522 Err:522 Err:522
Increase in Working Capital Err:522 Err:522 Err:522 Err:522 Err:522
Interest On Working Capital Err:522 Err:522 Err:522 Err:522 Err:522
Working Capital Margin
T ON WORKING CAPITAL
LL VALUES IN Rs. Cr.
6 7 8 9 10 11 12 13 14 15
18.00 19.08 20.22 21.44 22.72 24.09 25.53 27.06 28.69 30.41
0.94 1.01 1.08 1.16 1.24 1.32 1.42 1.52 1.62 1.74
1.32 1.40 1.48 1.56 1.65 1.75 1.85 1.96 2.07 2.19
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
16 17 18 19 20 21 22 23 24 25
32.23 34.17 36.22 38.39 40.70 43.14 45.73 48.47 51.38 54.46
1.86 1.99 2.13 2.28 2.43 2.60 2.79 2.98 3.19 3.41
2.31 2.45 2.59 2.74 2.89 3.06 3.24 3.42 3.62 3.83
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
3x50 MW THERMAL POWER PLA
GE CALCULATION
RE IN RS. Cr.
24.82 26.25 27.76 29.35 31.04 32.83 34.71 36.71 38.82 41.05
2.1 2.2 2.3 2.4 2.6 2.7 2.9 3.1 3.2 3.4
24.0 25.0
43.41 45.91
3.6 3.8
3x50 MW THERMAL P
DEPR
ALL VA
DEPRECIATION
ALL VALUES IN RS. Cr.
7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 15.0 16.0
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 0.0 0.0 0.0 0.0
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
0.0 0.0 0.0 0.0 0.0 0.0 Err:522 Err:522 Err:522 Err:522
502.9 562.2 617.0 667.2 717.4 758.5
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
17.0 18.0 19.0 20.0 21.0 22.0 23.0 24.0 25.0
TARIFF CALCULATIO
ALL VALUES IN Rs.Cr.
Total Generation Unit (MU) per Year 1314.0 657.6 1314.0 1314.0 1314.0
PLF 85.0%
Actual Unit Generated (MU) 1116.9 559.0 1116.9 1116.9 1116.9
Monthly Generation Unit (MU) 93.1
Annual Receivables Err:522 Err:522 Err:522 Err:522
Monthly Receivables Err:522 Err:522 Err:522 Err:522
ALCULATION SHEET
ALL VALUES IN Rs.Cr.
5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0
2016-17 2017-18 2018-19 2019-20 2020-2021 2021-22 2022-2023 2023-24 2024-25 2025-26
34.94 30.35 25.77 21.19 16.61 12.03 7.45 2.86 0.00 0.00
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16
15.01 15.87 16.78 17.75 18.77 19.85 20.99 22.20 23.47 24.82
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
101.88 108.00 114.48 121.35 128.63 136.34 144.53 153.20 162.39 172.13
5.29 5.66 6.06 6.49 6.94 7.43 7.94 8.50 9.10 9.73
107.18 113.66 120.54 127.83 135.57 143.77 152.47 161.70 171.49 181.87
1.07 1.13 1.20 1.27 1.35 1.43 1.52 1.61 1.71 1.81
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
1314.0 1314.0 1314.0 1314.0 1314.0 1314.0 1314.0 1314.0 1314.0 1314.0
1116.9 1116.9 1116.9 1116.9 1116.9 1116.9 1116.9 1116.9 1116.9 1116.9
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
0.62 0.56 0.51 0.46 0.42 0.38 0.34 0.31 0.28 0.26
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
15.0 16.0 17.0 18.0 19.0 20.0 21.0 22.0 23.0 24.0
2026-27 2027-28 2028-29 2029-30 2030-31 2031-32 2032-33 2033-34 2034-35 2035-36
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16
26.25 27.76 29.35 31.04 32.83 34.71 36.71 38.82 41.05 43.41
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
182.46 193.41 205.01 217.31 230.35 244.17 258.82 274.35 290.81 308.26
10.41 11.14 11.92 12.76 13.65 14.61 15.63 16.72 17.89 19.15
192.87 204.55 216.94 230.07 244.00 258.78 274.45 291.08 308.71 327.41
1.92 2.03 2.16 2.29 2.43 2.57 2.73 2.90 3.07 3.26
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
1314.0 1314.0 1314.0 1314.0 1314.0 1314.0 1314.0 1314.0 1314.0 1314.0
1116.9 1116.9 1116.9 1116.9 1116.9 1116.9 1116.9 1116.9 1116.9 1116.9
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
0.23 0.21 0.19 0.17 0.16 0.14 0.13 0.12 0.11 0.10
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
25.0
2036-37
0.00
Err:522
0.16
45.91
Err:522
Err:522
Err:522
326.76
20.49
347.24
3.45
Err:522
Err:522
1314.0
1116.9
Err:522
Err:522
0.09
Err:522
3x50 MW THERMAL PO
P
A
1 2 3 4 5
Year of Operation 2012-13 2013-14 2014-15 2015-16 2016-17
less-Depreciation
less- Interest
P&L ACCOUNT
ALL VALUES IN Rs. Cr.
6 7 8 9 10 11 12 13 14 15
2017-18 2018-19 2019-2020 2020-21 2021-22 2022-2023 2023-24 2024-25 2025-26 2026-27
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
15.9 16.8 17.7 18.8 19.8 21.0 22.2 23.5 24.8 26.2
108.0 114.5 121.3 128.6 136.3 144.5 153.2 162.4 172.1 182.5
5.7 6.1 6.5 6.9 7.4 7.9 8.5 9.1 9.7 10.4
129.5 137.3 145.6 154.3 163.6 173.5 183.9 195.0 206.7 219.1
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
50.2 50.2 50.2 50.2 50.2 50.2 50.2 50.2 0.0 0.0
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
16 17 18 19 20 21 22 23 24 25
2027-28 2028-29 2029-30 2030-31 2031-32 2032-33 2033-34 2034-35 2035-36 2036-37
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
27.8 29.4 31.0 32.8 34.7 36.7 38.8 41.1 43.4 45.9
193.4 205.0 217.3 230.4 244.2 258.8 274.4 290.8 308.3 326.8
11.1 11.9 12.8 13.7 14.6 15.6 16.7 17.9 19.1 20.5
232.3 246.3 261.1 276.8 293.5 311.2 329.9 349.8 370.8 393.2
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
3x50 MW THERMA
CA
CASH FLOW
Inflow 0 1 2 3 4
PAT Err:522 Err:522 Err:522
Depreciation Err:522 Err:522 Err:522 Err:522
Equity 180.0
Debt 420.0
Increase in Working Capital Err:522 Err:522 Err:522 Err:522
5 6 7 8 9 10 11 12 13 14
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
15 16 17 18 19 20 21 22 23 24
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
25
Err:522
Err:522
Err:522
Err:522
Err:522
Err:522
Err:522
Err:522
Err:522
3X50 MW THERM
1 2 3 4 5 6
Year of Operation 2012-13 2013-14 2014-15 2015-2016 2016-17 2017-18
Liabilities
Asset
BALANCE SHEET
7 8 9 10 11 12 13 14 15 16
2018-19 2019-2020 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26 2026-27 2027-28
180.0 180.0 180.0 180.0 180.0 180.0 180.0 180.0 180.0 180.0
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
420.0 420.0 420.0 420.0 420.0
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
17 18 19 20 21 22 23 24 25
2028-29 2029-30 2030-31 2031-32 2032-33 2033-34 2034-35 2035-36 2036-37
0 1 2 3 4
Year of Operation
2011-12 2012-13 2013-14 2014-15 2015-16
CALCULATION OF WACC 0 1 2 3 4
2011-12 2012-13 2013-14 2014-15 2015-16
WACC 0.12
33.99%
DSCR CALCULATION
Year 0.0 1.0 2.0 3.0 4.0
DEPRECIATION 0.0 Err:522 Err:522 Err:522 Err:522
INTEREST ON LOAN 0.0 50.4 48.7 44.1 39.5
PAT 0.0 0.0 Err:522 Err:522 Err:522
REPAYEMENT OF LOAN 0.0 0.0 38.2 38.2 38.2
NET OPERATING INCOME (NOI) 0.0 Err:522 Err:522 Err:522 Err:522
TOTAL DEBT SERVICE 0.0 50.4 86.9 82.3 77.7
DSCR (Debt Service Coverage Ratio) 0.0 Err:522 Err:522 Err:522 Err:522
AVERAGE DSCR Err:522
5 6 7 8 9 10 11 12 13 14
2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
5 6 7 8 9 10 11 12 13 14
2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26
0.70 0.70 0.70 0.70 0.70 0.70 0.70 0.70 0.70 0.70
0.30 0.30 0.30 0.30 0.30 0.30 0.30 0.30 0.30 0.30
0.12 0.12 0.12 0.12 0.12 0.12 0.12 0.12
0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16
0.08 0.08
0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.10 0.10
5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
34.9 30.4 25.8 21.2 16.6 12.0 7.4 2.9 0.0 0.0
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
38.2 38.2 38.2 38.2 38.2 38.2 38.2 38.2 0.0 0.0
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
73.1 68.5 64.0 59.4 54.8 50.2 45.6 41.0 0.0 0.0
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 0.0 0.0
15 16 17 18 19 20 21 22 23 24
2026-27 2027-28 2028-29 2029-30 2030-31 2031-32 2032-33 2033-34 2034-35 2035-36
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
15 16 17 18 19 20 21 22 23 24
2026-27 2027-28 2028-29 2029-30 2030-31 2031-32 2032-33 2033-34 2034-35 2035-36
0.70 0.70 0.70 0.70 0.70 0.70 0.70 0.70 0.70 0.70
0.30 0.30 0.30 0.30 0.30 0.30 0.30 0.30 0.30 0.30
0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16
0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08 0.08
0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10
15.0 16.0 17.0 18.0 19.0 20.0 21.0 22.0 23.0 24.0
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
25
2036-37
Err:522
Err:522
Err:522
Err:522
Err:522
25
2036-37
0.70
0.30
0.16
0.08
0.10
25.0
Err:522
0.0
Err:522
0.0
Err:522
0.0
0.0
Years of Operation 1 2 3 4 5 6
Variable Cost 44.97 89.87 95.30 101.07 107.18 113.66
Fixed Cost Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Average Fixed Cost 73.33 73.33 73.33 73.33 73.33 73.33
Total Cost Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Total Revenue Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Actual Generated MU 558.96 1116.90 1116.90 1116.90 1116.90 1116.90
Cumulative Actual Generated MU 558.96 1675.86 2792.76 3909.66 5026.56 6143.46
Cumulative Total Cost Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
Cumulative Total Revenue Err:522 Err:522 Err:522 Err:522 Err:522 Err:522
1.00
Cumulative Total Cost
0.90
0.80
0.70
0.60
0.50
0.40
0.30
0.20
0.10
BEP
0.00 0.00
9494.16 10611.06