Return on Investment AnalysisCCPP Power Plant in Base Load
Modewith the optionsOption AF-Class TurbineOption B-Class
TurbineOption !eltaAdvanta"e F over -Class14/ Aug 2015This analysis
was performed by Spemann's Tool for Return on n!estment Analysis
"#$%R&' (ersion )2%01*ashflow +ngineering ,td "-.'/
0istribution by Spemann *onsulting $mb1 "$+R'*opyright 1223%20054o
liabilitiy for 5orre5tness of input data and
results6offi5e7spemann65omspemann #onsultin"CCPP Power Plant in
Base Load Mode*urren5y $RStart 0ate %&' %& (%%)#eriod under
Re!iew 89ears: ((0is5ount Rate &%*%+0ate for #resent (alue
%&' %& (%%)n5ome Ta; Rate ,)*%+F-Class Turbine -Class
Turbine !eltaPower -alue h
()*414?2634125645C246)14246344246C23246210246C252462?02462)4246222256052256020
Operatin" Costs $R'M>h
(4*%0,4?63212362CC2361?)236?53236524236)20236341236C5C23623C2C61042C62522C6220
le#tri#ity Produ#tion Cost LeveliEedle#tri#ity Produ#tion Cost
$R'M>h
,0*41/4?63212362CC?46310?56000?56205?5640??564?0?565)??56)2C?56C4C?)6023?)601C
le#tri#ity Produ#tion M>h ,/h
&0*4%%26355106C501?643414603)146)011462)51563051)60531)65)2136??C1363?41C654C
le#tri#ity Produ#tion Cost LeveliEedle#tri#ity Produ#tion Cost
$R'M>h
,%*,,)26355106C50?5652)?565)2?564C4?565C5?)6)0C?)6)53?36551?C60?5?C615??2620)
le#tri#ity Produ#tion M>h (h ,%*&4, le#tri#ity Produ#tion
Cost LeveliEedle#tri#ity Produ#tion Cost $R'M>h ,,*&/0
le#tri#ity Produ#tion M>h &%hTitel Basis F& unit F&
Per#* F& unit F& Per#*le#tri#al 8et Power
3006006514?6525%060152C%0610)10 l* Full Load oper* =ours h/a
C0006006045?6)?4%06001?4%0610)22 l* net 22i#ien#y =
5)600=Investment -olume mill6 +-R 40060%064)C%16C310601)?3060)543
Fuel +-R/$B ?65%21?6?5?%)6?24)632??4062?5?2 -ariable Rev* le#tr*
+-R/h ?5602C6334106031 -Class Turbine !elta 8P- mill* $R !elta LPC
$R'M>hTitel Basis F& unit F& Per#* F& unit F&
Per#*le#tri#al 8et Power )4060064))262C0%0601452%06022)? l* Full
Load oper* =ours h/a C25060060?526C32%0600102%060C20C l* net
22i#ien#y = 52600=Investment -olume mill6 +-R
?4060%064)C%16520060134C060524? Fuel +-R/$B
?65%22060C)%)644136?02430625552 -ariable Rev* le#tr* +-R/h
?5602)62022641C Advanta"e F over -Class !elta 8P- mill* $R !elta
LPC $R'M>hTitel Basis F& unit F& Per#* F& unit
F& Per#*le#tri#al 8et Power 300600604C06)15%060?422%06?0)2C l*
Full Load oper* =ours h/a C0006006011063)2%0600433%06?5C45 l* net
22i#ien#y = 5)600=Investment -olume mill6 +-R 40060%062C106154?4
Fuel +-R/$B ?65)63??06113%16322?)%060)22C -ariable Rev* le#tr*
+-R/h ?56016C)406)5? F-Class TurbineTitel Basisle#tri#al 8et Power
30060 l* Full Load oper* =ours h/a C00060 l* net 22i#ien#y =
5)600=Investment -olume mill6 +-R 40060 Fuel +-R/$B ?65 -ariable
Rev* le#tr* +-R/h ?560 -Class TurbineTitel Basisle#tri#al 8et Power
)4060 l* Full Load oper* =ours h/a C25060 l* net 22i#ien#y =
52600=Investment -olume mill6 +-R ?4060 Fuel +-R/$B ?65 -ariable
Rev* le#tr* +-R/h ?560 Advanta"e F over -ClassTitel Basisle#tri#al
8et Power 30060 l* Full Load oper* =ours h/a C00060 l* net
22i#ien#y = 5)600=Investment -olume mill6 +-R 40060 Fuel +-R/$B ?65
-ariable Rev* le#tr* +-R/h ?560 CCPP Power Plant in Base Load
ModeMultiple 3ensitivity Analysis8et Present -alue /0*1,( mill* $R
Pay O22 Time 4*( Dears4%*%+ 4(*%+ 40*%+ 4/*%+ 41*%+ 44*%+
&%%*%+ &%&*%+ &%(*%+ &%0*%+ &%/*%+
&%1*%+ &&%*%+ 4%*%+ 4(*%+ 40*%+ 4/*%+ 41*%+ 44*%+
&%%*%+ &%&*%+ &%(*%+ &%0*%+ &%/*%+
&%1*%+2C6CC1?)60314?62)1506451536)41)162?3)46C?2)C6423326022326212C)64022?652210063C21?6201260C11613106?2263426442613C622C6)CC62436C)3651
2C64C2?5635C4?602)5062255365)?)16123)46C?2)C64))326100326?)2C)6)?32?620)10161341?622126141162010642263526452613C621C6)3C62?36C43642
C?654032632C3)6053326?15)C653?))6302)46C?2)262)1)16020536?4C5?6)03426C)54)612?36)036CCC61CC642C6C2C622261326?526542624106?)106C1
12C60)C1156421102633420612)336432316155)46C?25C650C5261C4?265?32)6C201?6322%061?)56)C)613)63?3640C612C6))26132635106?2116231460313652
%446240%20643?26C5424654)446)205463)1)46C?2346202C4623?105611512562531456?2C1)56540126?3146?31161C106032613C6423632)633562C56?5
8et Present -alue )&*144 mill* $R Pay O22 Time &%*,
Dears4%*%+ 4(*%+ 40*%+ 4/*%+ 41*%+ 44*%+ &%%*%+ &%&*%+
&%(*%+ &%0*%+ &%/*%+ &%1*%+ &&%*%+ 4%*%+
4(*%+ 40*%+ 4/*%+ 41*%+ 44*%+ &%%*%+ &%&*%+ &%(*%+
&%0*%+ &%/*%+
&%1*%+2260232C6053?4601C?2623C4562?24C6212516C22546C32536C52)?6C20)263C0356341C163011465)1?6?21264?116)?10624106)1106?210604263C26?0C6CCC642
2?61322C622??46))34064114)6155426023516C22546331536)4?)?6?C3)261?1346C35C06)121462C1?620126?11165510620106)0106?21060526C126?5C625C652
)36C01)46)21)164405C62)05560325?64C2516C22506?024C63124565?C426?5C?26133?56223C6)?C62?2625265226241061?106?210651106321161?1165312604
11)6?0)10?642420654?336))2)463C05C6?40516C2245645C?2601C2)61?)1?6255%06253%146)?2562C)655362?C605260526)5106?21160C116241461013654
%506)3)%2363CC%5625C14622)??60)24264C1516C22)16?133063?5C2653210C6402123624514)60C2136??1263511641106?22641C6)53645)65456C?
8et Present -alue &(*4,, mill* $R Pay O22 Time (*0 Dears4%*%+
4(*%+ 40*%+ 4/*%+ 41*%+ 44*%+ &%%*%+ &%&*%+ &%(*%+
&%0*%+ &%/*%+ &%1*%+ &&%*%+ 4%*%+ 4(*%+ 40*%+
4/*%+ 41*%+ 44*%+ &%%*%+ &%&*%+ &%(*%+ &%0*%+
&%/*%+
&%1*%+)63C4C60142624410643?11630?126?1C1262??1?65431461)2156?221)6)22136C511260C1?624?60126C226))265?2643264226?326?22624261)2610
56?10)6C?4C6?5226CC?11640C1261301262??1?6)251464531562C213650)1260?120655)463C460C?65??602263?26532642262C261)162416C41635
1563?215613C146)1)1460551?64241?621?1262??126)52126?31116C10116242106)CC10612)163216C)162?260C262526??2642265126)026322622?620
1163)211622)1262?11264)5126)22126C1)1262??1?60501?61)31?64011?6)?5146042146423263C263126)?265)26422645264226?C26?5262226222615
563?)36?15C6C12106?21116)231262C01262??1?65C51462?C15654?1)6C4C1C615?12645C4655?6CC?6?)262226)5265?264226?126222604162016C4
F-Class TurbineTitel Basisle#tri#al 8et Power 30060 l* Full Load
oper* =ours h/a C00060 l* net 22i#ien#y = 5)600=Investment -olume
mill6 +-R 40060 Fuel +-R/$B ?65 -ariable Rev* le#tr* +-R/h ?560
-Class TurbineTitel Basisle#tri#al 8et Power )4060 l* Full Load
oper* =ours h/a C25060 l* net 22i#ien#y = 52600=Investment -olume
mill6 +-R ?4060 Fuel +-R/$B ?65 -ariable Rev* le#tr* +-R/h ?560
Advanta"e F over -ClassTitel Basisle#tri#al 8et Power 30060 l* Full
Load oper* =ours h/a C00060 l* net 22i#ien#y = 5)600=Investment
-olume mill6 +-R 40060 Fuel +-R/$B ?65 -ariable Rev* le#tr* +-R/h
?560 CCPP Power Plant in Base Load ModeMultiple 3ensitivity
Analysis&&%*%+3621 3613 1162C 46C5 &&%*%+C615 C62)
12654 5625 &&%*%+2604 16)3 ?642 2602 1633 F-Class
TurbineTitel Basisle#tri#al 8et Power 30060 l* Full Load oper*
=ours h/a C00060 l* net 22i#ien#y = 5)600=Investment -olume mill6
+-R 40060 Fuel +-R/$B ?65 -ariable Rev* le#tr* +-R/h ?560 -Class
TurbineTitel Basisle#tri#al 8et Power )4060 l* Full Load oper*
=ours h/a C25060 l* net 22i#ien#y = 52600=Investment -olume mill6
+-R ?4060 Fuel +-R/$B ?65 -ariable Rev* le#tr* +-R/h ?560 Advanta"e
F over -ClassTitel Basisle#tri#al 8et Power 30060 l* Full Load
oper* =ours h/a C00060 l* net 22i#ien#y = 5)600=Investment -olume
mill6 +-R 40060 Fuel +-R/$B ?65 -ariable Rev* le#tr* +-R/h ?560
CCPP Power Plant in Base Load ModeMultiple 3ensitivity
AnalysisInternal Rate o2 Return &.*)+ le#tri#ity Produ#tion
Cost ,0*/4 $R'M>h4%*%+ 4(*%+ 40*%+ 4/*%+ 41*%+ 44*%+ &%%*%+
&%&*%+ &%(*%+ &%0*%+ &%/*%+ &%1*%+
&&%*%+ 4%*%+ 4(*%+ 40*%+ 4/*%+ 41*%+ 44*%+ &%%*%+
&%&*%+ &%(*%+ &%0*%+ &%/*%+ &%1*%+
&&%*%+1?655= 146?C= 15612= 15622= 1)63C= 1361)= 13655=
1362?= 1C6?0= 12605= 12632= 20651= 2162?=
?56C30?56)15?56?31?561?5?46202?4632C?46)20?465C4?464C0?46233?460C2??6C2???6310
1?642= 146??= 1561)= 15623= 1)63)= 1361)= 13655= 1362?= 1C6?2=
1260C= 126C?= 20653= 216?0=
?56CC2?56)2??56?35?561?3?46202?46322?46)20?465C4?464C0?4623C?460C???6C2)??6315
206?4= 12635= 12613= 1C6)2= 1C60C= 136C1= 13655= 13622= 1360?=
1)65?= 1)604= 1565)= 15602=
?460?)?461)3?4622C?46422?46552?46)25?46)20?4635)?46C21?46252?560C??56214?56?45
256?2= 2?633= 2261C= 206)1= 12603= 1C6?0= 13655= 1)632= 1)604=
1465)= 1?602= 1165C= 262C=
?26??3?26C0C??6232??6342?46220?46455?46)20?4622)?561)1?56)?2?)6102?)653??36044
46)5= 3653= 106?4= 126C2= 1562?= 1)6?2= 13655= 1C630= 126C)= 2261C=
24650= 2)6C4= 22620=
?46)20?46)20?46)20?46)20?46)20?46)20?46)20?46)20?46)20?46)20?46)20?46)20?46)20
Internal Rate o2 Return &/*,+ le#tri#ity Produ#tion Cost ,0*44
$R'M>h4%*%+ 4(*%+ 40*%+ 4/*%+ 41*%+ 44*%+ &%%*%+
&%&*%+ &%(*%+ &%0*%+ &%/*%+ &%1*%+
&&%*%+ 4%*%+ 4(*%+ 40*%+ 4/*%+ 41*%+ 44*%+ &%%*%+
&%&*%+ &%(*%+ &%0*%+ &%/*%+ &%1*%+
&&%*%+126C1= 1?654= 14624= 14624= 156)?= 15623= 1)6?0=
1)6)4= 1)623= 136)2= 1C623= 1C621= 12654=
?)6013?56324?565C0?56?35?56133?560C1?462C)?46C24?46C0??46)2)?46455?46220?461?1
12623= 1?6)3= 146?5= 15601= 156))= 1562C= 1)6?0= 1)6)2= 1)62?=
13655= 1C615= 1C635= 126?4=
?562C)?563)2?565)1?56?)1?56130?56033?462C)?46C23?46C10?46)40?46433?46?20?461)C
1C6)2= 1C612= 13630= 13622= 1)63)= 1)65?= 1)6?0= 1)60C= 156C)=
15642= 14622= 14653= 1461)=
?46?22?46511?46)?0?46342?46C)C?46223?462C)?5604)?56105?56224?56?4??564)2?565C1
24630= 2262)= 21624= 12653= 13622= 13611= 1)6?0= 15650= 14631=
1?614= 1165C= 2623= C62C=
?264?1?26242??645???62)4?46435?463?1?462C)?56242?5642C?)6002?)6520?360?1?36542
?630= )65)= 2623= 11635= 1460?= 15613= 1)6?0= 1364?= 1C65)= 206C?=
2?611= 25640= 23632=
?462C)?462C)?462C)?462C)?462C)?462C)?462C)?462C)?462C)?462C)?462C)?462C)?462C)
Internal Rate o2 Return ,1*(+ le#tri#ity Produ#tion Cost ,%*,,
$R'M>h4%*%+ 4(*%+ 40*%+ 4/*%+ 41*%+ 44*%+ &%%*%+
&%&*%+ &%(*%+ &%0*%+ &%/*%+ &%1*%+
&&%*%+ 4%*%+ 4(*%+ 40*%+ 4/*%+ 41*%+ 44*%+ &%%*%+
&%&*%+ &%(*%+ &%0*%+ &%/*%+ &%1*%+
&&%*%+2C6))= ?06C2= ?26C?= ?4632= ?)651= ?36?C= ?C622=
?2605= ?26C)= 41644= 4262)= 4464?= 456C5=
??632??26224?26222?16)1)?062)4?06)4)?06??5?0602C2263232261412C65342C602)236425
226)3= 25620= 22605= ?2614= ?5612= ?)631= ?C622= ?263?= 41624=
44624= 43624= 5062?= 5?622=
?46?53??64C??26)45?16C4??1603??06300?06??522623)226)252C62422C62C5236)5?23604?
4C623= 4)603= 4?623= 41623= 4060)= ?261?= ?C622= ?36?4= ?)643=
?4632= ??613= ?16)2= ?061?=
2C6321226100226402226313?0602)?061C0?06??5?064C2?06)4??06252?162)1?165)2?16C3C
?56?)= ?562?= ?)650= ?3603= ?36)5= ?3624= ?C622= ?C651= ?C6C0=
?26?C= ?262)= 41600= 4162)=
?062)4?06C?C?06312?065C3?064)1?06?2C?06??5?06232?06202?060C?226253226C?1226305
2?635= 2360)= ?0612= ??62?= ?5634= ?)622= ?C622= ?264)= 406)2=
4?61?= 45653= 4C600= 5064?=
?06??5?06??5?06??5?06??5?06??5?06??5?06??5?06??5?06??5?06??5?06??5?06??5?06??5
CCPP Power Plant in Base Load ModeF-Class Turbine3ensitivity
Analysis - Fuelmill6 +-R 8et Present -alue J 9 Internal Rate o2
Return J 9+-R/$B mill6 +-R +-R/$B =?615 12C603?615 2564=?6??
2)645?6?? 2164=?643 3161)?643 1C6?=?650 )46C??650 1365=?654
5C651?654 1)6C=?6)C ??621?6)C 1?6C=?6C5 %0614?6C5 1060=46?C
%1136)246?C@uel +-R/$B @uel +-R/$B9ears Pay O22 Time J 9 +-R/h
le#tri#ity Produ#tion Cost J 9+-R/$B 9ears +-R/$B +-R/h?615
56)C?615 ?26?4 ?6?? 3605?6?? ??651 ?643 C6))?643 ?464) ?650
2613?650 ?46)2 ?654 2635?654 ?462? ?6)C 1262??6)C ?56C3 ?6C5 ?6C5
?3604 46?C 46?C 40653 @uel +-R/$B @uel +-R/$B2 ? 4 5 ) 3 C 2 10
11024)C10122 ? 4 5 ) 3 C 2 10 11024)C10122 ? 4 5 ) 3 C 2 10
11024)C10122 ? 4 5 ) 3 C 2 10 11024)C1012CCPP Power Plant in Base
Load Mode-Class Turbine3ensitivity Analysis - Fuelmill6 +-R 8et
Present -alue J 9 Internal Rate o2 Return J 9+-R/$B mill6 +-R
+-R/$B =?615 11)6?1?615 2463=?6?? C4610?6?? 2064=?643 5C6?4?643
1361=?650 51620?650 1)6?=?654 4564)?654 1565=?6)C 12630?6)C
1264=?6C5 %146)??6C5 C6?=46?C %1?)65?46?C@uel +-R/$B @uel
+-R/$B9ears Pay O22 Time J 9 +-R/h le#tri#ity Produ#tion Cost J
9+-R/$B 9ears +-R/$B +-R/h?615 562C?615 ?264? ?6?? 36)2?6?? ??631
?643 26)5?643 ?463? ?650 106?2?650 ?4622 ?654 1160C?654 ?5624 ?6)C
15621?6)C ?)62) ?6C5 ?6C5 ?3654 46?C 46?C 416?C @uel +-R/$B @uel
+-R/$B2 ? 4 5 ) 3 C 2 10 11024)C10122 ? 4 5 ) 3 C 2 10 11024)C10122
? 4 5 ) 3 C 2 10 11024)C10122 ? 4 5 ) 3 C 2 10 11024)C1012CCPP
Power Plant in Base Load Mode3ensitivity Analysis - FuelF-Class
Turbine -Class Turbinemill6 +-R 8et Present -alue Internal Rate o2
Return@uel +-R/$B @uel +-R/$B9ears Pay O22 Time +-R/h le#tri#ity
Produ#tion Cost@uel +-R/$B @uel +-R/$B2 ? 4 5 ) 3 C 2 10
11024)C10122 ? 4 5 ) 3 C 2 10 11024)C10122 ? 4 5 ) 3 C 2 10
11024)C10122 ? 4 5 ) 3 C 2 10 11024)C1012CCPP Power Plant in Base
Load ModeAdvanta"e F over -Class3ensitivity Analysis - Fuelmill6
+-R 8et Present -alue J "A' J "A' 9 Internal Rate o2 Return J "A' J
"A' 9+-R/$B +-R/$B mill6 +-R +-R/$B +-R/$B =?615 ?615 1163)?615
?615 ?564=?6?? ?6?? 126?5?6?? ?6?? ?)6C=?643 ?643 126C2?643 ?643
?362=?650 ?650 1262??650 ?650 ?C62=?654 ?654 1?605?654 ?654
?C65=?6)C ?6)C 1?652?6)C ?6)C ?263=?6C5 ?6C5 14650?6C5 ?6C5
4260=46?C 46?C 1C6C446?C 46?C 5062=@uel +-R/$B @uel +-R/$B9ears Pay
O22 Time J "A' J "A' 9 +-R/h le#tri#ity Produ#tion Cost J "A' J "A'
9+-R/$B +-R/$B 9ears +-R/$B +-R/$B +-R/h?615 ?615 263C?615 ?615
?062) ?6?? ?6?? 2652?6?? ?6?? ?06)5 ?643 ?643 2645?643 ?643 ?0640
?650 ?650 2642?650 ?650 ?06?? ?654 ?654 26?C?654 ?654 ?0623 ?6)C
?6)C 2625?6)C ?6)C ?0602 ?6C5 ?6C5 2602?6C5 ?6C5 22630 46?C 46?C
16)346?C 46?C 2C63) @uel +-R/$B @uel +-R/$B2600 2650 ?600 ?650 4600
46500600 2600 4600 )600 C600 10600 12600 14600 1)600 1C600 20600
2600 2650 ?600 ?650 4600 4650060=1060=2060=?060=4060=5060=)060=2600
2650 ?600 ?650 4600 46500600 0650 1600 1650 2600 2650 ?600 2600
2650 ?600 ?650 4600 46500600 5600 10600 15600 20600 25600 ?0600
?5600 +!aluation *riteria2324)??226;ls/+!al *ases 0C/14/2015CCPP
Power Plant in Base Load Mode Results 3ensitivities*urren5y $RStart
0ate &*&'(%%eriod under Re!iew 89ears: ((0is5ount Rate
&%*%+ :pe#ted IRR (%+ 1060= 1560= 2060= 2560= ?060=0ate for
#resent (alue &*&'(%%(n5ome Ta; Rate ,)*%+ 060= 2060= ?060=
?560= 5060=Base Case !erivation Investment Gmi $RHPower
-alue+le5tri5al 4et #ower .%% .%& K 1 &*%&4500 )00 300
C00+l6 @ull ,oad oper6 1ours h/a 1%%% 21= 4*@ 1%1.*/ K 1= 4@
1*%,05000 )000 3000 C000 C000+l6 net +ffi5ien5y = )/*%%+ )422
GB/G>h )/*&%+ K 0/1= eta &*0(0 Operatin" Costs -alue
n5rs6#ersonnel mill6 +-R/a (*) ?60=nsuran5e mill6 +-R/a (@i;ed
