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Warning Text %XTableStyleMedium9PivotStyleLight16`cREADMEwMRCP_CalculationANNUALISED_CAP_COSTèCOST_OPTIMISATION ANNUALISED_FIXED_O&M KWACC )PC 4.M 0TC VFFC {LCZESCALATION_FACTORS= :#MROUND     _CAPSDFWherecThe Maximum Reserve Capacity Price to apply in a reserve Capacity Auction held in a calendar year tIs the CAPCOST[t], expressed in Australia dollars in year t, annualised over a 15 year period, using a Weighted Average Cost of Capital (WACC) as determined as part of the Maximum Reserve Capacity Price Market Procedure and updated as requiredNIs the Capacity of an open cycle gas turbine, expressed in MW and Equals 160MWIs the annualised fixed operating and maintenance costs for a typical open cycle gas turbine power station and any associated electricity transmission facilities, expressed in Australian dollars in year t, per MW per yearMAXIMUM RESERVE CAPACITY PRICE PRICECAP[t]ANNUALISED_FIXED_O&M[t]MPRICECAP[t] = ANNUALISED_FIXED_O&M[t] + (ANNUALISED_CAP_COST[t]) / (CAP/SDF))'Weighted Average Cost of Capital (WACC)CAPM ChecklistCAPM Parameter ComponentValueMajorMinorExpected Inflation (%)!Real risk free rate of return (%) Asset beta Equity betaCorporate tax rate (%)Debt to total assets ratio (%) Equity to total assets ratio (%)$Nominal Risk Free Rate of Return (%)Market Risk Premium (%)Franking credit valueANNUALISED_CAP_COST[t]WACC CAP_COST[t]Term of Finance (Years)PC[t]sCapital cost of an open cycle gas turbine power station in year t, expressed in Australian dollars in year t per MWMFMargin to cover legal, approval, and financing costs and contingenciesTC[t](Cost of electrcity transmission assts required to connect an open cycle gas turbine power station to the SWIS, plus an estimate of the costs of augmenting the shared netowrk to facilitate the connection of the open cycle gas turbine power station expresses in Australian million dollars in year tFFC[t] Is the fixed fuel costs and must represent the fixed costs associated with an onsiteliquid storage tank with sufficient capacity for 24 hours of liquid fuel including the cost of keeping this tank half full at all times expressed in Australian mission dollars in year tLC[t]'Is the Weighted Average Cost of Capital'Is the cost of land purchased in year tMIs the capacity of an open cycle gas turbine, expressed in MW, and equals 160%MWYearsValue (For Calculation)$AUD/MW$AUD $AUD/Year $AUD/MW/YearN/A:Nominal post-tax Cost of Equity (Nominal return on equity)5Nominal pre-tax Cost of Debt (Nominal return on debt) WACC (Real)WACC (Nominal) Capacity (MW)Total Cost Per MWSKM Total EPC Cost ($) Total M as a percentage of CAPEX?Fixed Fuel Costs (GHD Report 2008 - Table 1 - Estimate Summary)+ITEM A - Sub total for facility intallation Generation Transmission 6 to 10 years11 to 15 years 1 to 5 years 6 to 20 years21 to 25 years26 to 30 years31 to 35 years36 to 40 years41 to 45 years46 to 50 yearsYear Year Factor Yearly Cost Present ValueTotal PV (Sum)Switchyard O&M 5 Year CostCost Per MW Per YearAnuity51 to 55 years56 to 60 yearsDebt Margin (%) , DRP (%)Per MW Per YearRegionPinjarKwinanaKemertonCollieEneabba KalgoorlieLand Area (Hectares) GeraldtonPrice Per HectareAssessed ValueWESTERN POWER COSTINGSConnection Assets Shared AssetsCost for 330kV substation ESCALATION FACTORSCPI Switch_YardEscalation Type EscalationWestern Power ChargesTotal WP ChargesNIs the Summer derating factor of a new open cycle gas turbine, and equals 1.18Deep augmentation costsRaw Costs (WP Letter)Proportion of Total CostsFinal Cost for Shared Assets+Cost for 330kV substation - Escalation Type#Deep augmentation - Escalation TypeFinal Shared Costs (WP Letter)Pwhere ANNUALISED_CAP_COST[t] = Annualised CAPCOST[t] = -PMT(WACC,TERM,CAPCOST[t]M = -PMT(WACC,15,(PC[t] x (1+M) x CAP + TC[t] + FFC[t] + LC[t]) x (1+ WACC)^2)Labour<ITEM B - Base Fuel Storage of 6863^3 (576 tonne) @ A$0.691/L LC[by site]Optimisation of Fixed O&MLowest Cost SolutionLocation PRICECAP[t] Total Transmission O&M Costseasement - Escalation Type#Proportionate Costs with EscalationCost Per MW Per yearITransmission Line O&M Costs (SKM Non Power Station Elements - Table 4-2) CSwitchyard O&M Costs (SKM Non Power Station Elements - Table 4-1) FFC[t-1]PC[t-1]?Generation O&M Costs (SKM Power Station Elements - Table 3-2) -Use of system Charge (unit price is $/kW/day)6Control system service charge (unit price is $/kW/day)2Transmission Metering (unit price is $/meter/day)This spreadsheet performs the calculation of the Maximum Reserve Capacity Price (MRCP). It has been published to improve the transparency of the MRCP determination for Market Participants.=Throughout this spreadsheet, the following conventions apply: * The green cells are input values. These cells are editable to allow Market Participants to test the sensitivity of the various input values.HIMO Calculation Spreadsheet for Maximum Reserve Capacity Price (2013/14)2The following worksheets contain input parameters: * The WACC sheet calculates the Weighted Average Cost of Capital from the parameters provided by the Allen Consulting Group (ACG).a * The M sheet contains the margin M for legal, financing and approval costs as provided by SKM.e * The PC sheet calculates the annualised power station capital cost from the costs provided by SKM.} * The ANNUALISED_FIXED_O&M sheet calculates the annualised fixed O&M cost from the costs provided by SKM and Western Power.f * The TC sheet calculates the transmission connection cost from the costs provided by Western Power.P * The FFC sheet calculates the fixed fuel cost from the costs provided by GHD.A * The LC sheet contains the land costs as provided by Landgate. * The ESCALATION_FACTORS sheet contains the various cost escalation factors provided by SKM and the Australian Bureau of Statistics.s * The COST_OPTIMISATION sheet determines the optimal (least cost) location for construction of the power station._ * The ANNUALISED_CAP_COST sheet determines the annualised capital cost for the power station.] * The MRCP_Calculation sheet displays the final MRCP equation and the various input values.SThe following worksheets perform or display the calculations that lead to the MRCP:W * Some pricing is referenced to the year t (e.g. PC[t]). This refers to 2011 pricing.[ * Some pricing is referenced to the year t-1 (e.g. PC[t-1]). This refers to 2010 pricing.)Cost for 330 kV single-circuit line (2KM)CCost for dedicated connection assets at the 330 kV substation (DEA)non-metro escalation (N-ME)Cost for 330kV substation (SC).Capital Contribution for Shared Assets (CCFSA)Deep augmentation costs (DAC)Value for easements (EA)Final Easement CostsCapital Cost of Shared Assets Power_StationG JK'LHL P#PQ |R R uS T, lT U' U=W^X4iYq\_b=ccB  sxv  dMbP?_*+%&ffffff?'ffffff?(?)?M\\IMOPrint\Lanier MP C5000 (Co C 4dXXA4 4 F **`fdd 4 F **`fddd 4 ;XXTimes New RomanH" dXX333333?333333?&<3U} ;      F F F F F F F F F F F F F FF F F F F,| >@ggD    dMbP?_*+%&?'?(?)?M HP CP3525dn (Mkt Adm)C 4dXXA4DINU" {/SJ SMTJ HP Color LaserJet CP3525 PCL 6InputBinFORMSOURCERESDLLUniresDLLHPDocUISUITrueESPRITSupportedTrueResolution600dpiFastResFalseHPPhysicalOrientationPO_PortraitOrientationPORTRAITHPOrientRotate180FalseDuplexNONEPaperSizeA4MediaTypeAUTOCollateOFFHPMediaTypeTreeviewPopupTrueColorMode24bppTextAsBlackFalseTTAsBitmapsSettingTTModeOutlineJPEGEnableAutoAlternateLetterHeadFalseHPPaperSizeALMConstraints8_5X13HPCustomDUplexableRange5.827x8.27_8.5x14PrintQualityGroupPQGroup_1HPDocPropResourceDatahpchl6de.cabHPColorSmartAutomaticHPColorSmart_ColorOptions_EdgeControlNormalHPColorSmart_Text_NeutralGraysBlackOnlyHPColorSmart_Text_HalftoneDetailHPColorSmart_Graphics_NeutralGraysBlackOnlyHPColorSmart_Graphics_HalftoneDetailHPColorSmart_Photo_NeutralGrays4-ColorHPColorSmart_Photo_HalftoneDetailHPColorModeCOLOR_MODEHPPDLTypePDL_PCL6HPPJLEncodingUTF8HPJobAccountingHPJOBACCT_JOBACNT_COLORAUTHHPJobByJobOverrideJBJOHPJobAccWoPinTrueHPXMLFileUsedhpc35256.xmlHPManualDuplexDialogItemsInstructionID_01_FACEDOWN-NOROTATEHPPaperSizeDuplexConstraintsSTATEMENTHPMediaTypeDuplexConstraintsHPCOVERHPPCL6PassThroughTrueHPSmartDuplexSinglePageJobTrueHPSmartDuplexOddPageJobTrueHPManualFeedOrientationFACEUPHPOutputBinOrientationFACEDOWNHPManualDuplexDialogModelModelessHPMapManualFeedToTray1TrueHPManualDuplexPageRotateDriverRotateHPPrintOnBothSidesManuallyFalseHPPrintInGrayScaleFalseHPNUseDiffFirstPageChoiceTRUEHPPageExceptionsFileHPCPE6deHPPageExceptionsInterfaceShowPageExceptionsHPPageExceptionsCoverInsertionHPDuplicateJobNameOverrideSWFWHPPngPassthroughTruePSAlignmentFileHPCLS6deHPSmartHub_OnlinediagnostictoolsTRUEHPSmartHub_SupportandtroubleshootingTRUEHPSmartHub_ProductmanualsTRUEHPSmartHub_CheckfordriverupdatesTRUEHPSmartHub_ColorprintingaccessusageTRUEHPSmartHub_OrdersuppliesTRUEPSServices_PrintcolorusagejoblogTRUEPSServices_DeviceandSuppliesStatusTRUEPSServicesOptionPSServicesDummyOptionHPSmartHubInet_SID_263_BID_514_HID_265HPConsumerCustomPaperTrueHPEnableRAWSpoolingTrueRGBColorDefault-sRGBJRConstraintsJRCHDPartialJRHDInstalledJRHDOffJRHDNotInstalledJRHDOffIUPHxOAǿ&ƠyYMHb҃,6q-&mb=CҖ@??/=x5\ 7}3fvw=.3of%3ۓ) ;IY댴nIZ5qtE^~Ό ax6$z% 6ֱFҊD^+dzV$gQ t~*8EI1ry"+[⟚bRӤ"c AYpޱaso>k>l0yw΄}r3@F 3a~2:+wMÆڕS\m9H˜8Zx7:ΡLɜ=rݔ&;s)LSc$2~>oE~/B'r_ST՜*ΪgFKLv:57ħk] )8+_VA+Rx &eմ5ur6+0oV IZrAp='/W ˜wdOԧ^- LX?yڛ>}t8sy*{CnM!B!Kofn#<QcuD7>ʴBs nWV ~Ks4@d  mR7 Sheet1ggD  &  dMbP?_*+%&?'?(?)?"??&cU} aG} C} $J} $ GwW         Y Z[H C  (AZ  J0 I!H C"+?Z  J, I#I Cd@Z  J- I+ H C$ i|[dDAZ  J1 I% H C&Āt,_DAZ  J1 I'H C(×bP'A Z  J1 H*H C/$?Z  J, H)H CivAZ  J1 TUV C/$?Z J, C.@Z  J. 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