Cogeneration Feed-In Tariff, Levelized Cost and Financial Model with CDM Carbon Credits
Cogeneration Feed-In Tariff, Levelized Cost and Financial Model
The following is a snippet of my state-of-the-art project finance model for calculating feed-in tariff, levelized cost of energy, and financial model (generation, fuel requirement, income statement, cash flow statement, balance sheet and financial ratios). To secure a copy of the spreadsheet, click the ENERGY DATA page for arrangements.
| PROJECT FINANCE MODEL: CO-GENERATION | Name: | CO-GENERATION PLANT | ||||
| (C) Copyright 2009 by Marcial T. Ocampo (November 2009) | ||||||
| INSTRUCTIONS | NOTE: NEEDS TO BE UPDATED IN VIEW OF THE NEW RENEWABLES ENERGY LAW AND ITS IRR | |||||
| (This example is in US$ Thousand, except for the unit prices which are in US$) | ||||||
| Year 0 reflects the starting assumptions, which will be applicable starting in year 1. | ||||||
| Blue cells must be filled out by the user. | ||||||
|
0 |
1 |
press ctrl + d to converge model (set cell E9 to zero by changing cell E11) | ||||
| CALCULATION OF GROSS OPERATING MARGIN |
NPV-Dividends |
NPV-Equity |
used |
IRR |
years |
|
|
24 |
(8,994.18) |
(0.00) |
(0.00) |
15.00% |
6.31 |
|
| A) Operating income: ’000 $ |
365 |
days per year |
Year |
0 |
1 |
2 |
|
|
2008 |
2009 |
2010 |
|||
| Days per year |
days / year |
366 |
365 |
365 |
||
| Hours per day | capacity factor |
80% |
hours / day |
19.2 |
19.2 |
19.2 |
| Rated Capacity | rated capacity |
22.00 |
MW |
22.00 |
22.00 |
22.00 |
| Gross Generation |
|
MWh |
154,598 | 154,176 | 154,176 | |
| Less: Power Plant Own Use |
5% |
MWh |
7,730 | 7,709 | 7,709 | |
| Net Generation |
|
MWh |
146,868 | 146,467 | 146,467 | |
| Less: Transmission Line Lose |
2% |
MWh |
2,937 | 2,929 | 2,929 | |
| Net Electricity Sales |
|
MWh |
143,931 | 143,538 | 143,538 | |
|
PhP/kWh |
PhP/$ |
|||||
| Electricity tariff for sales to the network (US$/kWh) |
|
8.7294 |
50.00 |
0.1746 |
0.1746 |
0.1746 |
| Annual increase of the tariff |
0% |
0.00% |
0.00% |
0.0% |
0.0% |
|
| Electricity volume of sales to the network (mWh) |
MWh |
143,931 | 143,538 | 143,538 | ||
| Annual increase of the volume |
0.0% |
0.0% |
||||
| Income from sales to the network, ’000 US$ |
25,060 |
25,060 |
||||
| Tariff for sales to the production plant (US$/kWh) |
0.030 |
0.000 |
0.000 |
0.000 |
||
| Annual increase of the tariff |
0.0% |
0.0% |
||||
| Electricity volume of sales to the production plant (mWh) |
80,000 |
80,000 | 80,000 | |||
| Annual increase of the volume |
0.0% |
0.0% |
||||
| Income from electricity sales to the production plant, ’000 US$ |
0 |
0 |
||||
| Price for sales of steam to the production plant (US$/Ton) |
6.500 |
0.000 |
0.000 |
0.000 |
||
| Annual increase of the price |
0.0% |
0.0% |
||||
| Steam volume of sales to the production plant (Tons) |
300,000 |
300,000 | 300,000 | |||
| Annual increase of the volume |
0.0% |
0.0% |
||||
| Income from steam sales to the production plant, ’000 US$ |
0 |
0 |
||||
| TOTAL OPERATING INCOME |
25,060 |
25,060 |
||||
| Annual increase |
0.0% |
|||||
| B) Expenses: ’000 $ |
33,000.00 |
Year |
0 |
1 |
2 |
|
| Price of normal gas (US$/therm) |
0.012 |
0.012 |
0.012 |
|||
| Price of post-combustion gas (US$/therm) |
0.010 |
0.010 |
0.010 |
|||
| Annual increase of these prices |
0.0% |
0.0% |
||||
| Volume of normal gas consumption (Therm) |
800,000 |
800,000 | 800,000 | |||
| Volume of post-combustion gas consumption (Therm) |
10,000 |
10,000 | 10,000 | |||
| Annual increase of these volumes |
% of EPC |
months |
working capital |
0.0% |
0.0% |
|
| Expenses from gas consumption |
2 |
1,617 |
9,700 |
9,700 |
9,700 |
|
| Maintenance of cogen plant (spares) |
1.20% |
2 |
66 |
396 |
396 | 396 |
| Utilities (fuel, lubes, electricity, water) |
1.10% |
2 |
61 |
363 |
363 | 363 |
| Maintenance of the rest of the plant |
5.00% |
2 |
275 |
1,650 |
1,650 | 1,650 |
| Personnel expense |
4.00% |
2 |
220 |
1,320 |
1,320 | 1,320 |
| Land lease, rent |
4.00% |
2 |
220 |
1,320 |
1,320 | 1,320 |
| Taxes, Insurance, services, and others |
4.00% |
2 |
220 |
1,320 |
1,320 | 1,320 |
| Annual increase of these expenses |
19.30% |
0.0% |
0.0% |
|||
| Total O&M expenses |
$/kW/yr |
0.2550 |
5,610 |
6,369 |
6,369 |
|
| DSRF Expense |
0.30% |
9 | 9 | |||
| Special Privilege Tax – 2% |
2.00% |
of Electricity Revenue |
|
501 |
501 |
|
| Special Realty Tax – 2.5% |
2.50% |
of Depreciated Project Cost |
|
1,057 |
952 |
|
| DOE 1-94 : 0.01 PhP/kWh sales |
0.01 |
PhP/kWh sales |
0.000200 |
29 |
29 |
|
| Total Regulatory Expenses |
1,587 |
1,482 |
||||
| TOTAL OPERATING EXPENSE | 17,665 | 17,560 | ||||
| Annual increase |
-0.6% |
|||||
| GROSS OPERATING MARGIN | 7,395 | 7,500 | ||||
| Annual increase |
1.42% |
|||||
| PROFIT AND LOSS STATEMENTS | ||||||
| In ’000 US$ |
Year |
0 |
1 |
2 |
||
| Operating income |
25,060 |
25,060 |
||||
| Operating expense |
17,665 |
17,560 |
||||
| Operating gross margin |
7,395 |
7,500 |
||||
| - Depreciation & amortization |
4,180 |
4,180 |
||||
| - Interest |
3,245 |
2,904 |
||||
| PROFIT BEFORE TAX |
-30 |
416 |
||||
| (Tax rate) and Income Tax Holiday (ITH) years |
30% |
0 |
30% |
30% |
||
| - Income tax |
0 |
125 |
||||
| PROFIT AFTER TAX |
-30 |
291 |
||||
| Percentage of increase |
-1061.3% |
|||||
| NET CASH FLOW | ||||||
|
Year |
0 |
1 |
2 |
|||
| Net profit after tax |
-30 |
291 |
||||
| Addback: | ||||||
| Depreciation & Amortization |
4,180 |
4,180 |
||||
| Working Capital | ||||||
| Salvage Value | ||||||
| Add: | ||||||
| DSRF Income |
4.00% |
DSRF Income |
122 |
115 |
||
| Less: | ||||||
| Principal Repayment |
2,847 |
2,847 |
||||
| Profit Sharing |
0.00% |
of income after tax |
0 |
0 |
||
| Social Benefit Fund – Host Community |
0 |
per month |
0 |
0 |
||
| NET CASH FLOW |
1,425 |
1,740 |
||||
| Percentage of increase |
22.1% |
|||||
| Total Initial investment |
|
47,447 |
||||
| Project Cash Flow |
-3.89% |
11.70% |
WACC |
-47,447 |
1,425 |
1,740 |
|
IRR |
NPV |
-33,213 |
-47,447 |
1,239 |
1,316 |
|
|
check |
-30,473 |
-47,447 |
1,276 |
1,394 |
||
|
cumulative |
0 |
-47,447 |
-46,022 |
-44,282 |
||
|
project payback |
0.00 |
|
|
|
||
| Invested capital |
30.00% |
14,234 |
||||
| Equity Cash Flow |
15.00% |
15.00% |
Equity IRR |
-14,234 |
1,425 |
1,740 |
|
IRR |
NPV |
0 |
-14,234 |
1,239 |
1,316 |
|
|
check |
0 |
-14,234 |
1,239 |
1,316 |
||
|
cumulative |
0 |
-14,234 |
-12,809 |
-11,069 |
||
|
equity payback |
6.31 |
|
|
|
||
| CALCULATION OF CASH FLOW FOR DEBT SERVICE | ||||||
|
Year |
0 |
1 |
2 |
|||
| Operating gross margin |
7,395 |
7,500 |
||||
| - Income tax |
0 |
125 |
||||
| - Increase in working capital needs (WCN) |
2,399 |
0 |
||||
| - Profit Sharing |
0 |
0 |
||||
| + DSRF Income |
122 |
115 |
||||
| - Social Benefit Fund |
0 |
0 |
||||
| Cash flow available for debt service (CFD) |
5,118 |
7,490 |
||||
| CALCULATION OF DEBT SERVICE COVERAGE RATIO (DSCR) | ||||||
|
Year |
0 |
1 |
2 |
|||
| Cash flow available for debt service (CFD) |
5,118 |
7,490 |
||||
| Annual debt service (DS) |
6,092 |
5,751 |
||||
|
min |
ave |
max |
||||
| DEBT SERVICE COVERAGE RATIO (DSCR) |
0.840 |
1.656 |
2.387 |
0.84 |
1.30 |
|
| CALCULATION OF DIVIDENDS PAYABLE | ||||||
|
Year |
0 |
1 |
2 |
|||
| Cash flow available for debt service (CFD) |
5,118 |
7,490 |
||||
| Annual debt service (DS) |
6,092 |
5,751 |
||||
| CF available for dividends (CFDiv = CFD-DS) |
0 |
1,740 |
||||
| Accumulated CFDiv |
0 |
0 |
1,740 |
|||
| Current year profit after tax |
-30 |
291 |
||||
| Accumulated profit: limit for dividend payable |
0 |
-30 |
261 |
|||
|
-30 |
261 |
|||||
| Accumulated dividend payable |
0 |
0 |
261 |
|||
| Annual dividend payable |
0 |
261 |
||||
| CALCULATION OF NPV, IRR AND PAY-BACK ACCORDING TO INVESTED CAPITAL AND DIVIDENDS PAYABLE | ||||||
|
Year |
0 |
1 |
2 |
|||
| Invested capital |
14,234 |
|||||
| Annual dividend payable |
0 |
0 |
261 |
|||
| Discount rate to be applied for NPV calculation |
15.00% |
15% |
15% |
|||
| Discount factor for this rate |
1 |
1.0000 |
1.1500 |
1.3225 |
||
| Discounted dividends |
0 |
0 |
197 |
|||
| Present value of dividends |
5,240 |
|||||
| NPV of the investment |
-8,994 |
|||||
|
Year |
0 |
1 |
2 |
|||
| Investment schedulle |
-0.28% |
15.00% |
Equity IRR |
-14,234 |
0 |
261 |
| IRR of Invested Capital |
IRR |
NPV |
-8,994 |
-14,234 |
0 |
197 |
|
|
check |
-8,994 |
-14,234 |
0 |
197 |
|
|
cumulative |
0 |
-14,234 |
-14,234 |
-13,973 |
||
| Pay-back term of invested capital, years |
equity payback |
0.00 |
|
|
|
|
| BALANCE SHEET ACCOUNTS | ||||||
| Calculation of WCN: |
|
|||||
| Cash needed for operations |
1.000 |
months of expenses |
2.12% |
531 |
531 |
|
| Receivables |
1.000 |
months of revenue |
8.33% |
2,088 |
2,088 |
|
| Stocks |
1.000 |
months of fuel & chemicals |
3.36% |
841 |
841 |
|
| Suppliers |
1.000 |
months of payables |
4.23% |
1,061 |
1,061 |
|
| WCN |
9.57% |
% of operating income |
2,399 |
2,399 |
||
| CALCULATION OF DEPRECIATION | ||||||
| In ’000 US$ |
1 ha = 10,000 m2 |
Year |
0 |
1 |
2 |
|
| Initial investment in land, $/ha |
$100 |
10 |
1,000 | |||
| Freight on Board = FOB USA = $/kW |
$1,032 |
22.00 |
22,714 |
|||
| Ocean Freight = FRT = 5% x FOB |
5% |
1,136 |
||||
| Insurance = INS = 1% x FOB |
1% |
227 |
||||
| Cargo, Insurance & Freight = CIF = FOB + FRT + INS |
24,077 |
|||||
| Value Added Tax = VAT = 12% x CIF |
12% |
2,889 |
||||
| Customs Duty = (CIF + VAT) x (% Duty) x (1 + % VAT) |
3% |
906 |
||||
| Duty-Paid Landed Cost = DPLC = CIF + VAT + Duty |
27,872 |
|||||
| Local Freight Cost = LFC = 3% x CIF |
3% |
722 |
||||
| Delivered Cost at Site = DCS = DPLC + LFC |
28,594 |
|||||
| Installation Cost = IC = 5% x FOB |
5% |
1,136 |
||||
| Total EPC = DCS + IC |
29,730 |
|||||
| Contingency (10%) = EPC x 10% |
10% |
2,973 |
||||
| Documentary Stamps (1%) = EPC x 1% = DS |
1% |
297 |
||||
| Total Fixed Assets (EPC + Contingency + DS) |
33,000 |
|||||
| Depreciation term (years) |
salvage value |
10.00% |
2,970 |
10 |
34,000 |
|
| Development costs (modeler) |
2.00% |
680 | ||||
| Other Costs including taxes, contingencies |
12.00% |
4,080 | ||||
| Initial investment in capitalized expenses | 7,438 | |||||
| Amortization term (years) |
salvage value |
10.00% |
669 |
10 |
||
| Working Capital: | ||||||
| Working capital (initial stocks – biomass fuel) – 2 months | 1,617 | |||||
| Working capital (initial stocks – chemical materials) – 2 months | 66 | |||||
| Working capital (mobilization – utilities) – 2 months | 61 | |||||
| Working capital (mobilization – maintenance) – 2 months | 275 | |||||
| Working capital (mobilization – personnel expense) – 2 months | 220 | |||||
| Working capital (pre-paid expense – advance rent) – 2 months | 220 | |||||
| Working capital (pre-paid expense – taxes, insurances, etc) – 2 months |
2,678 |
220 |
41,438 |
|||
| Interest During Construction: | ||||||
| Dev’t fees (loan arranger) |
1.00% |
414 | ||||
| Front end fees (loan arranger) |
1.00% |
414 | ||||
| Commitment fees (bank) |
0.50% |
207 | ||||
| Interest During Construction (bank) – 12 months |
12.00% |
4,973 | ||||
| Amortization term (years) |
salvage value |
10.00% |
541 |
10 |
||
| Total Investment (land, fixed, capitalized expenses, working capital) | 47,447 | |||||
| Depreciation of fixed assets |
2,970 |
2,970 |
||||
| Amortization of capitalized expenses |
669 |
669 |
||||
| Amortization of capitalized interest during construction |
541 |
541 |
||||
| TOTAL DEPRECIATION & AMORTIZATION EXPENSE |
4,180 |
4,180 |
||||
| Evolution of fixed assets and capitalized expenses |
Year |
0 |
1 |
2 |
||
| Land (non-depreciable) |
1,000 |
1,000 |
1,000 |
|||
| Gross fixed assets |
33,000 |
33,000 |
33,000 |
|||
| Accumulated depreciation |
0 |
2,970 |
5,940 |
|||
| Net fixed assets |
33,000 |
30,030 |
27,060 |
|||
| Gross capitalized expenses |
7,438 |
7,438 |
7,438 |
|||
| Accumulated amortization |
0 |
669 |
1,339 |
|||
| Net capitalized expenses |
7,438 |
6,769 |
6,099 |
|||
| Gross capitalized interest during construction |
6,009 |
6,009 |
6,009 |
|||
| Accumulated amortization |
0 |
541 |
1,082 |
|||
| Net capitalized intereset during construction |
6,009 |
5,468 |
4,927 |
|||
| Total Depreciable Assets (fixed assets, capitalized expenses, IDC) |
46,447 |
42,266 |
38,086 |
|||
| DEBT SERVICE CALCULATION | ||||||
| In ’000 US$ |
Year |
0 |
1 |
2 |
||
| Total Initial investment |
47,447 |
|||||
| % to be financed by capital |
Equity IRR |
15.00% |
30% |
|||
| % to be financed by non refundable subsidy |
Subsidy |
0.00% |
10% |
|||
| % to be financed by debt |
Debt Interest |
12.00% |
60% |
|||
| Initial amount of capital |
WACC |
11.70% |
14,234 |
|||
| Amount of subsidy |
4,745 |
|||||
| Initial amount of debt |
28,468 |
|||||
| Repayment term (years) | 2,847 |
10 |
||||
| Constant Repayment Method: | ||||||
| Annual repayment | 2,847 | 2,847 | ||||
| Amount of debt at year end |
28,468 |
25,621 |
22,774 |
|||
| Average amount of debt |
27,045 |
24,198 |
||||
| Reference interest rate (Libor or other) |
10.00% |
10.00% |
10.00% |
|||
| Spread |
2.00% |
2.00% |
2.00% |
|||
| Interest rate of debt |
1 |
12.00% |
12.00% |
12.00% |
||
| Interest based on average amount of debt |
3,245 |
2,904 |
||||
| Declining Balance Method: | ||||||
| Beginning Balance | 28,468 | 26,846 | ||||
| Interest |
0 |
17.70% |
12.00% |
3,416 | 3,221 | |
| Principal repayment | 5,038 |
10 |
1,622 | 1,817 | ||
| Remaining balance |
28,468 |
26,846 | 25,029 | |||
|
Year |
0 |
1 |
2 |
|||
| Beginning Balance |
28,468 |
25,621 |
||||
| Annual amount of interest |
3,245 |
2,904 |
||||
| Annual amount of principal |
2,847 |
2,847 |
||||
| Annual debt service (principal + interest) |
6,092 |
5,751 |
||||
| Ending Balance |
28,468 |
25,621 |
22,774 |
|||
| Debt Service Reserve Fund |
6 |
months |
3,046 |
2,875 |
||
| DSRF Income |
4.00% |
DSRF Income |
122 |
115 |
||
| Withholding Tax on Forex Fund |
7.50% |
WhTax | ||||
| DSRF Expense |
0.30% |
DSRF Expense |
9 |
9 |
||
| BALANCE SHEET | ||||||
| BALANCE SHEET BEFORE DIVIDEND PAYMENT | ||||||
| In ’000 US$ |
Year |
0 |
1 |
2 |
||
| Cash needed for operations |
0 |
531 |
531 |
|||
| Additional cash (if negative, it would represent additional debt) |
0 |
-1,096 |
529 |
|||
| Receivables |
0 |
2,088 |
2,088 |
|||
| Stocks |
0 |
841 |
841 |
|||
| Land |
1,000 |
1,000 |
1,000 |
|||
| Fixed assets (net) |
33,000 |
30,030 |
27,060 |
|||
| Capitalized expenses (net) |
7,438 |
6,769 |
6,099 |
|||
| Capitalized IDC (net) |
6,009 |
5,468 |
4,927 |
|||
| Total assets |
47,447 |
45,631 |
43,076 |
|||
| Suppliers |
0 |
1,061 |
1,061 |
|||
| Debt |
28,468 |
25,621 |
22,774 |
|||
| Shareholder’s Advances | ||||||
| Current year profit after tax |
0 |
-30 |
291 |
|||
| Accumulated reserves |
0 |
0 |
-30 |
|||
| Subsidy |
4,745 |
4,745 |
4,745 |
|||
| Capital |
14,234 |
14,234 |
14,234 |
|||
| Total liabilities and net worth |
47,447 |
45,631 |
43,076 |
|||
|
variance |
- | - | - | |||
|
|
||||||
| BALANCE SHEET AFTER DIVIDEND PAYMENT | ||||||
|
Year |
0 |
1 |
2 |
|||
| Cash needed for operations |
0 |
531 |
531 |
|||
| Additional cash (if negative, it would represent additional debt) |
0 |
-1,096 |
268 |
|||
| Receivables |
0 |
2,088 |
2,088 |
|||
| Stocks |
0 |
841 |
841 |
|||
| Land |
1,000 |
1,000 |
1,000 |
|||
| Fixed assets (net) |
33,000 |
30,030 |
27,060 |
|||
| Capitalized expenses (net) |
7,438 |
6,769 |
6,099 |
|||
| Capitalized IDC (net) |
6,009 |
5,468 |
4,927 |
|||
| Total assets |
47,447 |
45,631 |
42,814 |
|||
| Suppliers |
0 |
1,061 |
1,061 |
|||
| Debt |
28,468 |
25,621 |
22,774 |
|||
| Shareholder’s Advances | ||||||
| Current year profit after tax | ||||||
| Reserves |
0 |
-30 |
0 |
|||
| Subsidy |
4,745 |
4,745 |
4,745 |
|||
| Capital |
14,234 |
14,234 |
14,234 |
|||
| Total liabilities and net worth |
47,447 |
45,631 |
42,814 |
|||
|
variance |
- | - | - | |||
|
|
||||||
| Calculation of Dividends Payable | ||||||
| Gross Margin |
7,395 |
7,500 |
||||
| Income Tax (-) |
0 |
125 |
||||
| Increase in Working Capital (-) |
2,399 |
0 |
||||
| Profit Sharing (-) |
0 |
0 |
||||
| DSRF Income (+) |
122 |
115 |
||||
| Social Benefit Fund (-) |
0 |
0 |
||||
| Cash flow available for debt service (CFD) |
5,118 |
7,490 |
||||
| Annual debt service (DS) = Interest + Principal |
6,092 |
5,751 |
||||
| CF available for dividends (CFDiv = CFD-DS) |
0 |
1,740 |
||||
| Accumulated CFDiv |
0 |
0 |
1,740 |
|||
| Current year profit = Income After Tax |
-30 |
291 |
||||
| Accumulated profit: limit for dividend payable |
0 |
-30 |
261 |
|||
| Accumulated dividend payable |
0 |
-30 |
261 |
|||
| Annual dividend payable |
-14,234 |
0.00 |
261.11 |
|||
| Investor 1 |
60.00% |
-8,540 |
0 |
157 |
||
| Investor 2 |
30.00% |
-4,270 |
0 |
78 |
||
| Investor 3 |
10.00% |
-1,423 |
0 |
26 |
||
|
100.00% |
|
|||||
| CASH FLOW STATEMENT |
Year |
0 |
1 |
2 |
||
| OPERATIONS | ||||||
| Net Income (after tax) |
-30.31 |
291.42 |
||||
| Add: Depreciation & Amortization |
4,180.20 |
4,180.20 |
||||
| (Increase) / Decrease in Receivables |
-2,088.33 |
0.00 |
||||
| (Increase) / Decrease in Inventories |
-841.33 |
0.00 |
||||
| Increase / (Decrease) in Accounts Payable |
1,061.33 |
0.00 |
||||
| Net Cash flow from Operations |
2,281.56 |
4,471.63 |
||||
| INVESTMENTS | ||||||
| Additions to PP&E |
33,000.00 |
-33,000.00 |
0.00 |
0.00 |
||
| Additions to Capitalized Expenses |
7,438.17 |
-7,438.17 |
0.00 |
0.00 |
||
| Additions to Capitalized IDC |
6,008.53 |
-6,008.53 |
0.00 |
0.00 |
||
| Additions to Land |
1,000.00 |
-1,000.00 |
0.00 |
0.00 |
||
| Net Cash flow Used for Investments |
47,446.70 |
-47,446.70 |
0.00 |
0.00 |
||
| Cash flow before Financing |
-47,446.70 |
2,281.56 |
4,471.63 |
|||
| FINANCING | ||||||
| Increase (Decrease) in Shareholder Advances |
0.00 |
0.00 |
0.00 |
|||
| Increase (Decrease) in Long-term Debt |
28,468.02 |
28,468.02 |
-2,846.80 |
-2,846.80 |
||
| Increase (Decrease) in Subsidy |
4,744.67 |
4,744.67 |
0.00 |
0.00 |
||
| Increase (Decrease) in Capital Stock |
14,234.01 |
14,234.01 |
0.00 |
0.00 |
||
| Net Cash flow from Financing |
47,446.70 |
47,446.70 |
-2,846.80 |
-2,846.80 |
||
| NET CASH FLOW |
0.00 |
-565.24 |
1,624.82 |
|||
| Add: Beginning Cash Balance |
0.00 |
-565.24 |
||||
| ENDING CASH BALANCE |
0.00 |
-565.24 |
1,059.58 |
|||
| Levelized Price and Generation Cost of Electricity |
Year |
0 |
1 |
2 |
||
| Discounting Rate, % p.a. |
15.00% |
50.00 |
NPV |
|||
| Electricity sales | MWh |
PhP/kWh |
$/kWh |
720,737 |
143,538 |
143,538 |
| TOTAL OPERATING INCOME (levelized price) | 000 PhP |
8.7294 |
0.1746 |
125,832 |
25,060 |
25,060 |
| Expenses from gas consumption | 000 PhP |
3.3772 |
0.0675 |
48,682 |
9,700 |
9,700 |
|
|
|
|||||
| Maintenance of cogen plant (spares) | 000 PhP |
0.1379 |
0.0028 |
1,987 |
396 |
396 |
| Utilities (fuel, lubes, electricity, water) | 000 PhP |
0.1264 |
0.0025 |
1,822 |
363 |
363 |
| Maintenance of the rest of the plant | 000 PhP |
0.5745 |
0.0115 |
8,281 |
1,650 |
1,650 |
| Personnel expense | 000 PhP |
0.4596 |
0.0092 |
6,625 |
1,320 |
1,320 |
|
|
|
|||||
| Land lease, rent | 000 PhP |
0.4596 |
0.0092 |
6,625 |
1,320 |
1,320 |
| Taxes, Insurance, services, and others | 000 PhP |
0.4596 |
0.0092 |
6,625 |
1,320 |
1,320 |
|
|
|
|||||
| DSRF Expense | 000 US$ |
2.578 |
0.0516 |
37 |
9 |
9 |
|
|
|
|||||
| Special Privilege Tax – 2% | 000 US$ |
174.588 |
3.4918 |
2,517 |
501 |
501 |
| Special Realty Tax – 2.5% | 000 US$ |
244.798 |
4.8960 |
3,529 |
1,057 |
952 |
| DOE 1-94 : 0.01 PhP/kWh sales | 000 US$ |
10.000 |
0.2000 |
144 |
29 |
29 |
|
|
|
|||||
| - Depreciation & amortization | 000 PhP |
1.4554 |
0.0291 |
20,979 |
4,180 |
4,180 |
| - Interest | 000 PhP |
0.7275 |
0.0146 |
10,487 |
3,245 |
2,904 |
| - Income tax | 000 PhP |
0.1565 |
0.0031 |
2,255 |
0 |
125 |
|
|
|
|||||
| Total Generation Cost |
8.3661 |
0.1673 |
120,595 |
25,090 |
24,769 |
|
| Net Profit |
0.3633 |
0.0073 |
5,236 |
-30.31 |
291.42 |
|
Leave a Reply
