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Warning Text %XTableStyleMedium9PivotStyleLight16`TREADMEgMRCP_CalculationEANNUALISED_CAP_COSTANNUALISED_FIXED_O&M WACC Y PC M TC m FFC ILC"uESCALATION_FACTORS= >  `,    3 A@@  rWhereMAXIMUM RESERVE CAPACITY PRICE'Weighted Average Cost of Capital (WACC)CAPM ParameterValueExpected Inflation (%)!Real risk free rate of return (%) Asset beta Equity betaCorporate tax rate (%)Debt to total assets ratio (%) Equity to total assets ratio (%)$Nominal Risk Free Rate of Return (%)Market Risk Premium (%)Franking credit valueWACCTerm of Finance (Years)M%MWYearsValue (For Calculation)$AUD/MW$AUD $AUD/Year $AUD/MW/Year:Nominal post-tax Cost of Equity (Nominal return on equity)5Nominal pre-tax Cost of Debt (Nominal return on debt) WACC (Real)WACC (Nominal) Capacity (MW)Total Cost Per MWSKM Total EPC Cost ($) Total M as a percentage of CAPEX+ITEM A - Sub total for facility intallation Generation Transmission 6 to 10 years11 to 15 years 1 to 5 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 yearsPer MW Per YearRegionPinjarKwinanaKemertonCollieEneabba KalgoorlieLand Area (Hectares) GeraldtonPrice Per HectareAssessed ValueESCALATION FACTORSCPIEscalation Type EscalationWestern Power ChargesTotal WP ChargesCost 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) ?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.2The following worksheets contain input parameters: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.P * The FFC sheet calculates the fixed fuel cost from the costs provided by GHD._ * 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:Power_Station_CapitalMRCPJThe Maximum Reserve Capacity Price to apply in a reserve Capacity Auction ANNUALISED_FIXED_O&MIs the annualised fixed operating and maintenance costs for a typical open cycle gas turbine power station and any associated electricity transmission facilities determined in cluase 1.9 and expressed in Australian dollars in year t, per MW per yearANNUALISED_CAP_COSTIs the CAPCOST, expressed in Australia dollars, annualised over a 15 year period, using a Weighted Average Cost of Capital (WACC) as determined in clause 1.13CCPCTC7MRCP =(ANNUALISED_FIXED_O&M + ANNUALISED_CAP_COST / CC)FFCLCCAP_COST3where ANNUALISED_CAP_COST = -PMT(WACC,TERM,CAPCOST)Annual 5- yearlyDebt risk premium (%) , DRP (%)= Average Cost16 to 20 yearsDebt Issuance Costs (%)5-yearlyEscalation typeTotal Transmission CostsGeneration_O&M%Fixed Network Access/ ongoing chargesAsset Insurance Costs Yearly costCost per MW Per YearfITEM B - Fuel sufficient for 14 hours of operation at maximum capacity (litres * fuel price per litre)Fixed Fuel Costs Vis the expected Capacity Credit allocation determined @ 41DegC including inlet cooling Prices as atTo be escalated toTotalReview FrequencyF = -PMT(WACC,15,(PCx (1+M) x CC + TC x CC + FFC + LC) x (1+ WACC)^1/2)gMargin to cover legal, approval, financing and other costs and contingencies as determined in step 1.12Capital cost of an open cycle gas turbine power station, expressed in Australian dollars per MW as determined in step 1.7 for that locationois the expected Capacity Credit allocation determined in conjunction with Power Station costs in step 1.7.1 (b)ois the Transmission Connection Cost Estimate, expressed in Australian dollars per MW, as determined in step 1.81is the Fixed Fuel Cost as determined in step 1.10+is the Land Cost as determined in step 1.11BIs the Weighted Average Cost of Capital as determined in step 1.13Asset replacement insurance'Public and products liability insuranceBusiness interruption insurance * The ANNUALISED_FIXED_O&M sheet calculates the annualised fixed O&M cost from the costs provided by SKM, Western Power and the IMO.Connection_O&MTransmission_ConnectionFinancial Year endingFinancial year ending"Escalation (Financial Year ending)TC (Western Power Costing) * The WACC sheet calculates the Weighted Average Cost of Capital from the parameters provided by Pricewaterhouse Coopers (PwC).k * The TC sheet calculates the transmission connection cost from the parameters provided by Western Power.N * The LC sheet calculates the land cost from the costs provided by Landgate.p * The ESCALATION_FACTORS sheet contains the various cost escalation factors provided by SKM and Western Power.WIMO Calculation Spreadsheet for Maximum Reserve Capacity Price (2014/15) - Draft ReportL= >>'??@p+AAyBBTD/G I J mK-LJM PdQ$ccB ɀ bdf  dMbP?_*+%&ffffff?'ffffff?(?)?M\\IMOPrint\Lanier MP C5000 (Co C 4dXXA4 4 F **`fdd 4 F **`fddd 4 ;XXTimes New RomanH" dXX333333?333333?&<3(U} ; 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XXmP+;fz?XXXmP+;fz?YX YQ1YQ,Yj-@DWDXDTYj+Ks@XY YY LLL,Yj 2@DWDXDTYjNd@XYYjᴈ@XYYjv @XYYj8$3-@X YY jFʹC@X YY jkADZmB Xakkkw&?&&&akkkOC  V V   V V V V   w  WI#n@A %}1 [FW eE W|W~ b@ W}W~ c w@ WW Q@@Z.{Gz?D;BfW=@Z.p= ף?D;BfWWk@Z.zG?D;BfWL @Z.?6D;BfWWWWW WJꢰ@DDD ID$$B$AABDAA BDD DD B$;D$$B$$BDD BDD DD B$;D$$B$$BDD BDD ;D$$B$$BDD BZ  L8V] ^3gPcM@$e$C$!$w$B [["5&&&aggg O< [ j  $  @(    NpX?m~d]4@p`IV XxGC9U> J<KGreg Ruthven: Price for Collie - the maximum rate for the 7 land locations<I  J\S  Tq X?idn]4@q ~ t#/Feu8T <Greg Ruthven: This cell calculated as: $120,000 as at 30 June 2011, escalated forward to 1 April 2014 for consistency with the Asset replacement insurance above. 2% mark-up for terrorism levy 10% mark-up for stamp duty (also applies to terrorism levy)<I  M3  N(rX?jd(n]4@(r  cR:&Bʤ3~ =<>Greg Ruthven: Included within the asset replacement insurance<I  =A'  Tr X?hvo]4@r@  7# D}+Zʚݵ ]<^Greg Ruthven: Includes business interruption insurance Premium calculated as 0.23% of maximum liability, price as at 1 April 2014. 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