Temperature - European Investment Bank

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WEST AFRICAN POWER POOL (WAPP) PÖYRY ENERGY LTD. Mount Coffee HPP ESIA and RAP 2012-09-18 ESIA Report Page 198 25.4.2 Costs The economic analysis is generally carried out for constant or real prices (no consideration of inflation). In the present case, US Dollars at 2012 level were used. All the costs and benefits were compared over a period of operation of 50 years, which corresponds to the average economic life of a hydropower plant. For the Base Case a discount rate of 10% was used. 25.4.2.1 <strong>Investment</strong> Cost According to the latest report prepared by the firm Stanley Consultants, the total construction cost for the rehabilitation of the Mount Coffee Hydropower Plant is equal, in round figures, to 178 million US $. This amount includes all the costs incurred for the implementation of the rehabilitation of Mount Coffee Hydropower Plant. In the economic analysis, as was mentioned in Section 4.1, all transfer payments, subsidies, taxes have to be excluded. Stanley Consultants estimated that taxes and duties represented a sum of 13.50 million US $. That means that the investment cost to be considered for the economic analysis is equal to 164.1 million US $. The distribution of the investment cost over the construction period is as follows, in million US $: Table 25-15: MCHPP Rehabilitation Project, distribution of cost Year -4 -3 -2 -1 1 Percentage 14.60 17.00 37.90 30.10 0.40 Amount 23.959 27.897 62.194 49.394 0.656 25.4.2.2 Annual Operation and Maintenance Cost The annual operation and maintenance cost covers the following outlays: � Operation and maintenance � Renewals, respectively replacement � Insurance � General and administrative. Usually for hydropower projects, the annual operation and maintenance cost is related to the corresponding investment cost. In the present analysis, it was assumed that the annual operation and maintenance cost is equal to 1% of the investment cost. This percentage takes into account the type and size of the Mount Coffee Hydropower Plant. Hence in the present study, the annual operation and maintenance cost was taken equal to 1.641 million US $.
WEST AFRICAN POWER POOL (WAPP) PÖYRY ENERGY LTD. Mount Coffee HPP ESIA and RAP 2012-09-18 ESIA Report Page 199 25.4.3 Revenues 25.4.3.1 Preliminary Remarks Amount of electricity produced and value of the kWh define the revenues to be attributed to the Mount Coffee Hydropower Plant Rehabilitation Project. These two parameters will be defined in the following sections. 25.4.3.2 Energy Production Stanley Consultants proposed in the report published in the end of February 2012 a new estimate of the average annual amount of energy produced by the rehabilitated Mount Coffee Hydropower Plant. The revised mean annual energy production is equal to 357 GWh, taking into account a constant riparian release requirement equivalent to the “7-day 10-year streamflow”. In the present study, it was assumed that in the first year of operation 80% of the mean annual energy production could be sold. In the following years, this percentage increases in steps of 5% to reach 100% in the fifth year. This gives the following values, in GWh: Table 25-16: MCHPP, annual sales in the first five years of operation Year 1 2 3 4 5 Annual production 285.60 303.45 321.30 339.15 357.00 25.4.3.3 Value of Energy Produced Approach The unit value of the electricity generated is defined as the unit generation cost of the next best option to the Mount Coffee Hydropower Plant Rehabilitation Project. On the basis of the results shown in the Report “Options for the Development of Liberia’s Energy Sector”, a HFO thermal power plant can be considered as the next best alternative to the Mount Coffee Hydropower Plant Rehabilitation Project. The unit cost of electricity generated by a HFO thermal plant with an installed capacity of 10 MW was taken in this report as the measure of the value of the energy produced by Mount Coffee Hydropower Plant Rehabilitation project. The following cost components, respectively factors, must be considered to compute the unit cost of the electricity generated by the HFO thermal plant: � Discount rate � <strong>Investment</strong> cost � Technical duration of life � Load factor
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Temperature - European Investment Bank

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