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 200 � Specific fuel consumption � Fuel cost � Operation and maintenance cost. The various relevant cost components are derived in the next sections. Capital Cost The review of the information available on the magnitude of the investment cost for a HFO thermal plant indicated that a value of 1’300 US $ per kW installed was a good preliminary estimate for the required specific investment cost. If one assumes that the economic life of such a plant is 30 years and the load factor is equal to 7’000 hours per year, the following capacity costs per kWh generated are obtained: � Discount rate 8%: 1.650 US cents per kWh � Discount rate 10%: 1.970 US cents per kWh � Discount rate 12%: 2.306 US cents per kWh. Fixed and Variable Annual Operation and Maintenance Cost For the annual operation and maintenance costs, the following values were retained: � Variable 0.450 US cents per kWh � Fixed: 0.143 US cents per kWh � Tot al: 0.593 US cents per kWh. Fuel Cost Fuel prices have been recently very volatile. Quite generally these prices experienced a strong decline in the second quarter of 2012. For the present economic analysis, a HFO price of 650 US $ per ton was selected, the corresponding WIT barrel price being of the order of 85 US $. If one assumes an average specific fuel consumption per kWh generated of 180 gr, a fuel cost of 11.70 US cent per kWh generated is obtained. For the sensitivity analysis, an increase of 25% of the fuel cost was applied, which led to a unit cost of 14.625 US cents per kWh. Unit Value of the Energy Produced The next table sums up the results obtained in the preceding sections for the selected three discount rates of 8%, 10% and 12%, in US cents per kWh:
WEST AFRICAN POWER POOL (WAPP) PÖYRY ENERGY LTD. Mount Coffee HPP ESIA and RAP 2012-09-18 ESIA Report Page 201 Table 25-17: HFO thermal power plant, production cost Cost component 8% 10% 12% <strong>Investment</strong> 1.650 1.970 2.306 Fixed O & M 0.143 0.143 0.143 Variable O & M 0.450 0.450 0.450 Sum without fuel 2.243 2.563 2.899 Fuel , base case 11.700 11.700 11.700 Total, Fuel base case 13.943 14.263 14.599 Fuel, +25% 14.625 14.625 14.625 Total, Fuel +25% 16.868 17.188 17.524 For the economic analysis, the values of the preceding table were rounded off. Accordingly, the following rounded figures were used for the value of the electricity generated by Mount Coffee for the three discount rates 8%, 10% and 12%, in US cents per kWh: Table 25-18: Value of the electricity generated by MCHPP Fuel price 8% 10% 12% Base case 14.00 14.25 14.50 Fuel price + 25% 17.00 17.25 17.50 25.4.4 Results of the Economic Analysis 25.4.4.1 Studied Cases The economic analysis was carried out for various cases. A Base Case and a few sensitivity cases were defined. For the Base Case, the following parameter values were applied: � Discount rate: 10% � Project cost: amount estimated by Stanley Consultants (February 2012) � In the first five year of operation, progressive increase of the amount of energy sold. For the Sensitivity Cases, the parameter values were varied as follows: � Discount rate: 12% and 8% � Amount of energy sold: 100% starting from the first year � Construction cost: +25% � Fuel cost: + 25%.
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Temperature - European Investment Bank

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