Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19
March 2014
Table of Contents
Table of contents
1. Introduction 4
2. MYT Overview 6
3. Financial Principles 9
4. Operational Norms 21
Appendix A. - Comparison of UPERC regulations with CERC Tariff Regulations, 2014 27
Appendix B. - Performance of existing generating stations in the state during last 5 years 36
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List of Abbreviations
Abbreviation Full form
MW Megawatt
PPA Power Purchase Agreement
GDP Gross Domestic Product
ABT Availability Based Tariff
ROE Return on Equity
O&M Operation and Maintenance
R&M Renovation and Modernization
COD Commercial Operation Date
SCOD Scheduled Commercial Operation Date
ICB International Competitive Bidding
PAT Perform Achieve Trade
IDC Interest during Construction
AAD Advance Against Depreciation
GFA Gross Fixed Asset
NFA Net Fixed Asset
ROI Return on Investment
PLR Prime Lending Rate
WACC Weighted Average Cost of Capital
IWC Interest on Working Capital
GSHR Gross Station Heat Rate
GCV Gross Calorific Value
PLF Plant Load Factor
GoI Government of India
CEA Central Electricity Authority
CERC Central Electricity Regulatory Commission
FOR Forum of Regulators
NAPAF Normative Annual Plant Availability Factor
MYT Multi Year Tariff
PBR Performance based regulations
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1. Introduction
Legal and regulatory framework
The Uttar Pradesh Electricity Regulatory Commission (the Commission) has been vested with the functions
under the Section 86 of the Electricity Act, 2003 (the Act) to determine the tariff for generation, supply,
transmission and wheeling of electricity, wholesale, bulk or retail, as the case maybe, within the State. Section
61 of the Act requires the Commission to be guided by the multi year tariff principles while specifying the terms
and conditions for determination of tariff.
“The Appropriate Commission shall, subject to the provisions of this Act, specify the terms and
conditions for the determination of tariff, and in doing so, shall be guided by the following, namely:-
a. The principles and methodologies specified by the Central Commission for
determination of the tariff applicable to generating companies and transmission
licensees;
b. The generation, transmission, distribution and supply of electricity are conducted on
commercial principles;
c. The factors which would encourage competition, efficiency, economical use of the
resources, good performance and optimum investments;
d. Safeguarding of consumers' interest and at the same time, recovery of the cost of
electricity in a reasonable manner;
e. The principles rewarding efficiency in performance;
f. Multi year tariff principles;
g. That the tariff progressively reflects the cost of supply of electricity and also reduces
cross-subsidies in the manner specified by the Appropriate Commission;
h. The promotion of co-generation and generation of electricity from renewable sources
of energy;
i. The National Electricity Policy and tariff policy"
Further, Section 181(2) (zd) of the Act empowers the State Commission to make regulations on the Terms and
Conditions for the determination of tariff under section 61. Section 61(i) of the Act provides that while
specifying the terms and conditions of tariff, the Commission shall be guided by the National Electricity Policy
and Tariff Policy.
UPERC Generation Tariff Regulations
The Commission after enactment of Electricity Act, 2003, issued the Uttar Pradesh Electricity Regulatory
Commission (Terms and Conditions of Generation Tariff) Regulations, 2004 which remained in force for a
period of 3 years from its date of notification on 7th June 2005. The Commission then issued Uttar Pradesh
Electricity Regulatory Commission (Terms and Conditions of Generation Tariff) (First Amendment)
Regulations, 2007 which remained in force from 1st April, 2008 to 31st March 2009. The Uttar Pradesh
Electricity Regulatory Commission (Terms and Conditions of Generation Tariff) Regulations, 2009 (“UPERC
Generation Tariff Regulations, 2009”) came into force with effect from 1st April, 2009 and shall remain in force
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up to 31st March, 2014. The UPERC Generation Tariff Regulations, 2009 were amended through the Uttar
Pradesh Electricity Regulatory Commission (Terms and Conditions of Generation Tariff) (First Amendment)
Regulations, 2012 vide notification dated 20th March 2012.
Need for review of Generation Tariff Regulations
In accordance with powers vested with the Commission under the Act and the aforesaid regulations the
Commission has been determining the tariff of the various generating stations covered within its jurisdiction via
a consultative process. The Commission during the control period 2009-14 has noticed areas of improvement
which can be revisited afresh in the existing framework to arrive at a framework which is more reflective of the
current scenario of the sector. Section 61 of the Act further provides that State Electricity Regulatory
Commissions shall be guided by the principles and methodologies specified by the Central Electricity
Regulatory Commission (CERC) for determination of tariff applicable to generating companies. The Central
Commission has published Terms and Conditions of Tariff Regulations for the tariff period 2014-19 (“CERC
Tariff Regulations, 2014”) in February 2014. Thus for the tariff period 2014-19, the existing tariff norms may
have to be reviewed by keeping in view the developments in the sector during the ongoing tariff period, current
and perceived challenges in the power sector and the principles adopted by CERC in fixation of tariff for the
next tariff period 2014-19.
The objective of publication of this discussion paper is to solicit views of all the concerned stakeholders in the
state of Uttar Pradesh on the approach that the Commission plans to adopt with regard to different aspects of
tariff setting during next control period (2014-19). The paper expects to generate a debate amongst the
stakeholders on the various aspect of the tariff framework. This involvement of various stakeholders provides
the element of transparency to the exercise and increases stakeholder participation. The Commission seeks to
enrich its approach and information base through the suggestions received from public.
This discussion paper is divided into 4 sections:
1. SECTION 1: Introduction 2. SECTION 2: MYT Principles 3. SECTION 3: Financial Principles 4. SECTION 4: Operating Norms
The APPENDIX to this discussion paper provides
a. A comparison of the terms and conditions for generation tariff specified by CERC in CERC Tariff Regulations, 2014 and the principles adopted by the Commission in UPERC Generation Tariff Regulations, 2009
b. Performance of the existing generating stations in the state of Uttar Pradesh during the past 5 years
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2. MYT Overview
General principles
This discussion paper outlines the framework of Multi Year Tariff (MYT) Principles as the guiding light towards
arriving at Regulations for determination of tariff for the next control period (2014-19). The Commission
through the MYT Regulations aims to meet the following objectives:
• Provide Regulatory Certainty to the investors and consumers by promoting transparency, consistency and predictability of regulatory approaches thereby minimizing perceptions of regulatory risk.
• Ensure financial viability of the sector to attract investments and safeguard consumers.
• Provide incentivisation framework to reward performance, promote efficiency and competition.
• Address risk sharing mechanism between utility and consumers based on controllable and uncontrollable factors.
Control period
Control Period means a multi-year period fixed by the Commission from time to time typically 3 to 5 years, for
which the principles for determination of ARR shall be fixed. Clause 5.3 (h)(1) of the Tariff Policy stipulates:
"Section 61 of the Act states that the Appropriate Commission, for determining the terms and
conditions for the determination of tariff, shall be guided inter-alia, by multi-year tariff principles.
The MYT framework is to be adopted for any tariffs to be determined from April 1, 2006. The
framework should feature a five-year control period. The initial control period may however be of 3
year duration for transmission and distribution if deemed necessary by the Regulatory Commission
on account of data uncertainties and other practical considerations. In cases of lack of reliable data,
the Appropriate Commission may state assumptions in MYT for first control period and a fresh
control period may be started as and when more reliable data becomes available."
The Control Period can be staggered for generation segments of the power sector in Uttar Pradesh, ensuring a
more focused review at the end of Control Period. The proposed option is that for the generation segment the
control period may be kept for a period of 5 years from FY 2014-15 to FY 2018-19.
Multi Year Tariff principles provide a certainty and clarity to the Generating Companies, consumers and other
stakeholders in the state regarding the various principles governing the process of tariff determination in the
state of Uttar Pradesh. It also details out the methodology to be adopted by the Commission in determining the
tariffs of various entities and acts as a roadmap for the planning and growth of the sector in the state.
Performance based regulations
The Commission in line with the objectives of safeguarding consumer interest and to ensure recovery of cost of
electricity in a reasonable manner, adopted the performance based regulation (PBR approach) in previous tariff
periods which essentially takes a long term view of the performance of the Generation Companies. In a regime
following the PBR approach an efficiently operating system leads to higher profits for the Generating
Companies while any poor performance on their part leads to lower profits. FOR Report on “MYT framework
and Distribution Margin” mentions in the context of cost plus vis-à-vis performance based regulations
"6.1.1 Annual revision of performance norms and tariff might not be desirable. During the first
control period, which should not be more than three years, the opening levels of performance
parameters should be specified as close to the actual level of performance as possible and a trajectory
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of improvement of norms to desired level be provided with an incentive and disincentive mechanism
to share efficiency gains with consumers."
Under the Availability Based Tariff (ABT), two part tariff structure (fixed + variable cost) is being followed for
generation tariff with incentive and disincentive mechanism. Recovery of fixed charges is based on the
availability of plant while the recovery of variable charges is linked to operational parameters like normative
Gross Station Heat Rate (GSHR), auxiliary consumption etc. The fixed charges have five components namely
Return on Equity (ROE), Interest on Loan, Depreciation, Operation & Maintenance cost, and Interest on
Working Capital. There are incentive/ disincentives built in for over/under achievement of target availability
and normative parameters.
It is important that the basic premise of the performance based approach i.e. improvement in operational
efficiency where good performance should lead to higher profits, while poor performance should lead to lower
profits is kept in mind. Thus under the PBR mechanism the Generating Companies' bottom-lines depends on
how efficiently they plan and operate their systems. At the same time an equitable approach needs to be
adopted towards tariff determination keeping in mind the growth of the sector and the challenges being faced
by the sector.
Financial Norms
The current approach in tariff setting follows a hybrid approach where it is a mix of performance based cost of
service approach by considering actual cost for cost of debt and normative parameters as specified in the
regulations for components like return on equity, operation and maintenance expenses and interest on working
capital. The capital cost of project including interest during construction and financing charges, any gain or loss
on account of foreign exchange rate variation, capitalized initial spares and additional capital expenditure etc.
have been admitted after prudence check.
The normative parameters are expected to induce operational and financial efficiency. While continuing with
the hybrid approach, tariff regulations for the control period 2014-19 may also provide more weightage for
normative parameters to induce efficiency during operation as well as in development phase.
Operational Norms
The operational norms and the methodology to determine such norms should reflect the optimum level of
efficiency during next tariff period.
Process to be followed in the MYT regime
Process to be followed in the beginning of the control period
The MYT framework shall inter alia consist of the parameters within the control of Generation Companies. The
MYT framework shall be finalised considering all the parameters duly specifying targets for these parameters
under the control of the Generation Companies. Some of the critical parameters in the business of Generation
of electricity are as follows:
• Norms of operation and cost of fuel – This is a significant cost component for the Generation Company and depends both on how efficiently fuel is utilized in the generating station and the price of fuel used by the station, the latter being generally beyond the control of the Company.
• Operating Costs – O&M Expenses are considered to be within the control of company, and it is expected to run its operations in an efficient manner with suitable allocation of costs between different heads, based on its individual requirements.
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These above mentioned features of a generation company's business provide a useful basis for shaping the MYT
principles. The ARR and tariff for a generation company would be determined for each year of the Control
Period at the beginning of the Control Period, keeping in view the following:
• Based on a detailed examination of the Generation Companies' filings and taking into account the
suggestions and views expressed in public hearings, ARR for Generation Companies, as applicable for the Control Period, shall be determined.
• The targets shall be set for items that are deemed as “controllable” which include operating and maintenance expenditure, financing costs including depreciation pertaining to capital investments for all Generation Companies.
• Any financial loss or gain arising from the performance falling short of the targets in these controllable items may be shared in a pre specified ratio between the Generating Companies and the beneficiaries.
• The Generation Companies shall not bear the burden of items that are considered beyond their control or “uncontrollable”, and the consequent financial gain or loss shall be adjusted in the annual revenue requirement.
• Adequate investments in the business for asset creation, loss reduction, quality improvements and working capital shall be ensured, and the Generation Companies shall be compensated for it.
Process during the Control Period
The Generation Companies shall submit the actual capital expenditure incurred, capitalisation and the
performance of the generating stations during the year to the Commission at the end of each year of the Control
Period. The adjustment in tariff on account of actual capital investment vis-à-vis approved capital investment
may be carried out during the control period and at the end of Control Period.
Process at the end of Control Period
The Commission shall review the effectiveness of the implementation of the MYT principles and the success in
achieving the intended objectives. The Commission shall then seek to suitably modify the procedures and the
methodologies used for the next Control Period, based on the experience of the existing Control Period. The
Commission shall also conduct a comprehensive review and take into account, amongst other things, the sector
reality, consumer and other stakeholder expectations and Generation Companies' requirements at that point in
time.
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Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 9
3. Financial Principles
Capital cost
Power projects are capital intensive in nature and to promote growth in the sector it is important that the
regulators provide for an environment where investors are provided good returns on their investment. Capital
cost is one of the most important components for determination of tariff, and hence returns, available to a
generation company. The capital cost approved by the Commission forms the rate base for determination of
return on investment. Capital cost also includes interest during construction, financing charges and foreign
exchange rate variation up to the date of commercial operation of the project.
During the control period 2004-09, capital cost was determined by CERC based on the actual cost as per the
balance sheet of the regulated entities. For the control period 2009-14, CERC switched over to the methodology
of determination of capital cost based on the projected capital expenditure. In the UPERC Generation Tariff
Regulations, 2009, the Commission prescribed that a provisional tariff in advance of the anticipated date of
completion of a project may be allowed based on the capital expenditure actually incurred up to the date of
making of the application. This enabled the generating companies to file their tariff application prior to
commissioning of the project. The capital cost for the purpose of determination of final tariff is the actual
expenditure incurred by the generation company as on date of commercial operation (COD) duly certified by its
Auditors and after prudence check by the Commission.
For projects which were commissioned prior to the tariff control period, the capital cost admitted by the
Commission during that tariff period is considered and any additional capitalization during the tariff control
period is only allowed after due diligence. Areas for improvement in existing approach for determination of
capital cost include following:
Capital cost for new power plants
1. It has been observed in many cases across the country that the projected capital cost on actual COD has changed drastically owing to numerous reasons such as deferment in commissioning of projects, non placement of orders due to limited vendor responses etc. It was noticed that the objective of faster disposal of petitions by doing away with provisional tariff got defeated due to considerable variations in projected capital cost vis-à-vis actual capital cost as on COD. The Commission also observed that in general more than 90% expenditure on capital cost occurs in the initial years of the project commissioning stage.
2. Efficiency during construction phase is key towards avoiding delays in project commissioning which directly impacts the capital cost and hence the approved tariff for the project. As a result of any delay the capital cost would increase as a result of an increased cost on account of interest during construction (IDC), escalation in prices and increase in establishment charges.
It is important that all the stakeholders realise the importance of bringing in efficiency during construction phase and a provision may be made for normative IDC. The Central Commission in its CERC Tariff Regulations, 2014 has already taken a step in this regard and has introduced the concept of “Scheduled Commercial Operation Date” (SCOD).
The treatment of expenditure on account of delays after the SCOD is attributed to controllable and uncontrollable factors. As per the CERC Tariff Regulations, 2014, the “controllable factors” shall include the following:
• Variations in capital expenditure on account of time and/or cost overruns on account of land acquisition issues;
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• Efficiency in the implementation of the project not involving approved change in scope of such project, change in statutory levies or force majeure events; and
• Delay in execution of the project on account of contractor, supplier or agency of the generating company.
The “uncontrollable factors” shall include the following:
• Force Majeure events, such as acts of war, fire, natural calamities, etc.; and
• Change in law.
The Central Commission through its CERC Tariff Regulations, 2014 has emphasized that there is a need to ensure that any delays as a result of controllable parameters are not passed onto the beneficiaries. The Central Commission has also stated that in case of non-commissioning of a generating station on the SCOD, the generating company shall bear the IDC or transmission charges if the transmission system is declared under commercial operation by the Commission.
3. In the area of project execution to ensure competitiveness of prices there is a need for introducing mandatory International Competitive Bidding (ICB) for main plant packages/ major packages and competitive bidding for remaining packages to ensure competitiveness of prices. In case of a single bidder, it would be difficult to consider the discovered cost as efficient cost due to lack of competition.
4. The commissioning of the generating stations and their commercial operation, is declared after successful completion of the trial operation/run. It is being felt that there is a need to specify a methodology of trial operation for generating station as in some cases, non availability of evacuation system has delayed the trial operation and commissioning of the plants.
There is also an issue of the mismatch between the commercial operation of a generating station and the associated transmission systems which needs to be addressed as it has an impact on the COD as well as IDC of the generating station. For the benefit of the consumers no additional impact of time overrun or cost overrun should ideally be allowed on account of non-commissioning of the generating station or associated transmission system by scheduled COD, as the same should be recovered through Indemnification Agreement between the generating company and the transmission licensee
5. The benchmark capital cost, as notified by the Central Commission, for coal based thermal generation is being used as a guiding parameter for allowing capital cost during 2009-14 period. The benchmark capital cost may be used as normative capital cost to induce efficiency in procurement of plant & machinery and timely development of project. The benchmark capital cost needs periodical review as it varies over a period of time due to escalation in prices, technological improvement and market competition etc.
Additional capitalisation/ de-capitalisation
1. Any addition at the fag end of the project life has a significant impact on its tariff as also the depreciation will have to be considered in the balance life of the plant. Any such expenditure is only justified if it results in a reasonable extension of the project life. Thus such a situation warrants a relook at the current useful life so that any investment during the fag end is justified.
2. Also there is a need to address the additional expenditure incurred by the generators to meet targets mandated under the Perform, Achieve & Trade (PAT) scheme.
3. The UPERC Generation Tariff Regulations, 2009 also provide for compensation allowance for the coal based stations depending upon years of operation for meeting any expenditure of capital nature. The efficacy of continuation of the same needs to be reviewed. Also there needs to be a discussion amongst the stakeholders on the necessity for extending a similar allowance to hydro projects in Uttar Pradesh.
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Key discussion points
Renovation & Modernisation
There is shortage of power generation capacity in the country which makes it necessary to improve the current
generation supply and its reliability. Renovation and modernization schemes increase the generation capacity
of existing stations. Thus these schemes of current generating stations should be encouraged in public interest
and supported with recovery of cost incurred for improvement in plant load factor, reduction in fuel cost and
extension in useful life of the plant.
The Commission in UPERC Generation Tariff Regulations, 2009 made a separate provision for making
application by the generating company for meeting expenditure on renovation & modernisation (R&M) for the
purpose of extension of useful life of the generating station or a unit thereof along with a Detailed Project
Report giving complete scope, justification, cost-benefit analysis, estimated life extension from a reference date,
financial package, phasing of expenditure, schedule of completion, reference price level, estimated completion
cost including foreign exchange component, if any, record of consultation with beneficiaries and any other
information considered to be relevant by the generating company. The Commission has noticed that the R&M
proposals of the state generating companies were made without any clear cost benefit analysis or estimates of
extension in life of generating stations.
Servicing of R&M expenditure towards the fag end is an issue given the impact on depreciation schedule and
tariff to beneficiaries. There may, therefore, be a need to specify a period over which any R&M expenditure with
In view of the above, the stakeholders may furnish their comments and suggestions on the following:
a. Should provisional tariff for new power plants be computed based on projected capital expenditure or should tariff be approved on the basis of actual capital expenditure incurred by the Generating Companies as per their audited balance sheet upto the time of filing of the petition?
b. Is there a need to relook at the existing provision based on experience of considerable delays resulting into higher IDC on actual basis? Should IDC for equity infusion above desired level be allowed till the date of capitalization (COD) along with actual IDC in case of allowance of time over run or should such IDC be capped up to scheduled construction time period decided upfront?
c. Whether to make ICB mandatory for the procurement of main plant packages/ major packages and competitive bidding for the other packages to ensure competitiveness of prices?
d. Suggestions/comments on the existing methodology followed for the trial operation of generating station. Furnish alternative methodologies followed by State generating stations, Central generating stations and others, if any. Suggestions on addressing the issue of trial operation and commissioning of the project when a generating station is ready but cannot be operated due to non availability of load or evacuation system.
e. Suggestions on the treatment of various controllable and uncontrollable factors for arriving at their subsequent impact on the capital expenditure of the project and the sharing of gains and losses on account of these factors.
f. Suggestions to deal with capital expenditures made by generator to achieve targets of the efficiency improvement under the Perform, Achieve & Trade (PAT) scheme. Comments on type of expenditure to be considered as necessary for successful operation and efficient operation in case of hydro projects.
g. Suggestions/comments are invited on aspects to be covered in truing up of capital cost.
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Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 12
or without life extension or any additional capital expenditure at the fag end of useful life be provided to be
serviced over a period of 15-20 years.
An alternative provision was also made in the UPERC Generation Tariff Regulations, 2009 in the form of
special allowance to be allowed in lieu of R&M for coal based thermal power stations. This provision enabled
generating companies to meet the requirement of expenses including R&M on completion of 25 years of useful
life to a unit /station without any need for seeking for resetting of capital base. The Central Commission in the
CERC Tariff Regulations, 2014 has increased the compensation allowance to Rs 7.5 lakhs/MW (for FY 2014-15).
Key discussion point
Depreciation
Depreciation is a major component of annual fixed cost. The concept of depreciation and the associated rate has
been a subject of debate. There have been suggestions of linking depreciation to creation of a reserve fund for
replacement of assets versus the linking of depreciation to cash flow for repayment of loans taken by the
generation company. It is accepted in regulatory regime that the depreciation represents service to capital
subscribed and is normally considered a cash flow available for repayment of loan. The clause 5(c) of the Tariff
Policy stipulates that
"The Central Commission may notify the rates of depreciation in respect of generation and
transmission assets. The depreciation rates so notified would also be applicable for distribution with
appropriate modification as may be evolved by the Forum of Regulators."
The rates of depreciation so notified would be applicable for the purpose of tariffs as well as
accounting.
There should be no need for any advance against depreciation.
Benefit of reduced tariff after the assets have been fully depreciated should remain available to the
consumers. "
The Para 5.8.2 of the National Electricity Policy, provides that
“depreciation reserve is created so as to fully meet the debt service obligation.”
This regulatory meaning of depreciation has gained precedence in tariff setting approach. Accordingly, the
Central Commission, in CERC Tariff Regulations, 2009, prescribed that there should be enough cash flow
available to the generating companies to meet the repayment obligations during first 12 years of operation,
which is the average tenure of loans available to power generation companies. The depreciation rates were set at
an average rate of 5.28% accordingly. The provision of Advance Against Depreciation (AAD) was dispensed with
in line with Tariff Policy, 2006 and fair life got delinked at least for first 12 years of operation, while setting the
depreciation rates.
In the previous tariff periods, the Commission has been allowing depreciation at an average rate of 3.60% for
thermal power plants and 2.57% for hydro power plants along with the provision of Advance Against
Depreciation (AAD) for meeting repayment obligations of the generators. Thus the key areas of discussion
regarding depreciation are as follows:
In light of this discussion, comments/suggestion are solicited on whether there is a need to address the above issues & review the provision relating to Renovation & Modernisation and Special allowance to make it more responsive to the requirement of generating stations?
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1. Whether, in line with the approach followed by CERC, the depreciation rates should be linked with debt
service obligation of the generators considering a repayment period of 12 years or should the existing
practice of allowing a lower depreciation rate along with AAD be continued.
2. While combining assets or units, the treatment of weighted average life may have a mismatch in respect
of completion of 12 years of each individual units or assets. Similarly, there will be a mismatch at the
end of completion of useful life of combined units vis-à-vis individual units. Since useful life is linked
with depreciation after 12 years, there will be a consequential impact on recovery of depreciation. In
view of point (2), the need for re-assessment of useful life for treatment of additions during fag end of
life has been recognized. The re-assessment of useful life is also been supported by Accounting
Standard-6. It is perceived that extension by way of re-assessment of useful life will provide certainty to
distribution licensee for getting supply beyond useful life and consumers will be benefited by availing
supply of electricity at lower cost.
3. The treatment of depreciation on account of additional capital expenditure at the fag end of life and
also the Special allowance approved in lieu of renovation and modernisation as the same have
consequential impact on the tariff due to recovery of depreciation over balance useful life.
Similarly, the additional capital expenditure after allowing the Special allowance has an impact on
recovery of depreciation. As more assets of regulated entities are approaching towards completion of
useful life, this issue requires attention. The need is felt that pre-specified useful life could be revised
and extended after re-assessment of useful life for spread of balance depreciation.
Key issues for discussion
In view of the above discussion the stakeholders may furnish their comments and suggestions on
the following:
a. Should the Commission allow depreciation rates as prescribed by CERC and the concept of
AAD be dispensed with?
b. Whether the treatment of weighted average useful life in case of combination, due to gradual
commissioning of units, shall continue or alternatives if any ?. Can additional expenditure
during fag end of life be considered for the re-assessment of useful life? Can additional
expenditure after Renovation and modernization (or special allowance) be restricted to
limited items/equipments? Can a regulatory method be derived wherein life gets reassessed at
the start of every tariff period or every additional capital expenditure through a provision in
the same way it is prescribed in accounting standard?
c. In case of re-assessment of useful life, can depreciation be charged over the balance life of the
assets along with the original written down value up to 90% value OR add cap and original
amount depreciate over revised/reassessed useful life of asset. ?
Uttar Pradesh Electricity Regulatory Commission
Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 14
Net Fixed Asset v/s Gross Fixed Asset Approach
The Gross Fixed Assets approach creates internal resources for capacity replacement/addition through return
on equity base of 30% (normative equity) even though the assets are written off up to 10% (salvage value). The
interest on loan is computed duly taking into account the loan repayment equivalent to the depreciation and
considering weighted average rate of interest calculated on the basis of the actual loan portfolio at the beginning
of each year applicable to the project. Under the Net Fixed Assets approach the entire capital base including
debt and equity is depreciated. The return on equity available to the Generation Company is only allowed upto
the time the equity investment has not been recovered through the depreciation allowed to the generator.
Key points for discussion
Debt/Equity Ratio
Debt: Equity ratio is the most important factor for the promoters as it has an impact on return on investment.
The financing pattern which is usually allowed on normative basis as 70:30 (debt: equity). The provision 5.3(b)
of the tariff policy stipulates that
"For financing of future capital cost of projects, a Debt: Equity ratio of 70:30 should be adopted.
Promoters would be free to have higher quantum of equity investments. The equity in excess of this
norm should be treated as loans advanced at the weighted average rate of interest and for a weighted
average tenor of the long term debt component of the project after ascertaining the reasonableness of
the interest rates and taking into account the effect of debt restructuring done, if any. In case of equity
below the normative level, the actual equity would be used for determination of Return on Equity in
tariff computations."
Key discussion point
The suggestions of stakeholders are invited on whether there is a need to revisit the existing approach
for debt: equity ratio or to continue with the existing composition?
The comments of stakeholders are invited on following issues :
a. Should the Commission follow the NFA model where NFA is arrived at by deducting the
accumulated depreciation from the Gross Capital Cost admitted for tariff purposes ?
b. Or should the Commission follow a modified GFA approach where gross capital may be divided
in the ratio of loans and equity and the loan amount may be reduced to the extent of depreciation
accrued. Once the loan amount is fully repaid and reduced to zero, further depreciation would be
allowed to reduce the equity component.
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Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 15
Return on Equity (RoE)
To provide returns on investments made by Generating Companies and to incentivise capacity addition in the
sector providing a sound return on equity is important. In this context, the Tariff Policy stipulates:
"a) Return on Investment
Balance needs to be maintained between the interests of consumers and the need for investments
while laying down rate of return. Return should attract investments at par with, if not in preference
to, other sectors so that the electricity sector is able to create adequate capacity. The rate of return
should be such that it allows generation of reasonable surplus for growth of the sector."
The following aspects can be taken into account while specifying Return on Equity (ROE):
1. It is noticed that power market has grown up substantially after enactment of the Electricity Act, 2003
hence; the risk premium to be built in ROE would then be further discounted. The cost plus tariff
regime would protect regulated entity from market risk as it is pass through in regulated regime. The
discounting of risk premium for arriving at the norm for ROE could be justified in cost plus regime.
While taking a view on risk premium for specifying the level of ROE, it is important to look at the
project risks and market risks involved in cost plus regime.
2. CERC in its Explanatory Memorandum to the draft CERC Tariff Regulations, 2014 has deliberated
upon the use of scientific models for determining return on equity and has stated that it does not favour
the calculation of RoE by use of scientific models at present. The Commission has stated in the
Explanatory Memorandum as under:
"The rate of return on equity can be fixed by using scientific models like dividend growth model,
price/earning ratio, capital asset pricing model, risk premium model, etc. However, the
limitation of using any of these scientific models is the availability of sufficient volume of
historical data. Thus, scientific method of determining cost of equity is still not practicable, as
adequate number of entities operating in the power sector have not entered the primary market
for providing a decent representative sample of the companies operating in the power sector.
Accordingly the Commission does not favour determination of the cost of equity using any of the
scientific models."
3. Further, the Central Commission in its CERC Tariff Regulations, 2014, has proposed to continue with
the existing base rate of return on equity of 15.50% with the additional 0.5% return on equity for timely
completion of projects. It is noted that the Commission had allowed ROE at a base rate of 15.50% in
UPERC Generation Tariff Regulations, 2009 for entire tariff period in line with the ROE provided by
CERC in its CERC Tariff Regulations, 2009.
4. It is to be noted that the Commission in UPERC Generation Tariff Regulations, 2009 had allowed tax
on actual basis limited to tax on return on equity while the Central Commission in CERC Tariff
Regulations, 2014, has continued with the pre-tax approach for calculation of RoE.
5. The Central Commission in the CERC Tariff Regulations, 2014 has also incorporated a provision of
reduction of 1% in the rate of return on equity in case generation station declares COD without
commissioning of RGMO/FGMO, data telemetry and communication system to respective load
dispatch centre, and protection system.
Uttar Pradesh Electricity Regulatory Commission
Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 16
In view of above, fresh look is required on following issues on which comments/suggestions of
stakeholders are solicited:
a. Can we continue the existing method of working out cost of debt by considering weighted
average rate of interest, calculated on the basis of actual loan, actual interest rate and
scheduled loan repayment, or switchover to normative cost of debt calculated on the basis of
present debt market condition? What should be the criteria for working out normative cost of
debt?
b. How can we address the variation of cost of debt among different rating Companies? Can
allowable cost of debt be linked to a benchmark yield on comparable bonds or Government
securities? Can ceiling be specified linking with benchmark yield? Any other alternatives.
Key discussion points
Cost of Debt
In UPERC Generation Tariff Regulations, 2009 interest on loan is pass through and is computed by considering
weighted average rate of interest on the basis of actual loan, actual interest rate and scheduled loan repayment.
The recent development of financial market/ debt market contemplates changes in following area:
1. As of now, debt market is gradually structuring and foreign debt market is becoming accessible to the
Indian companies. The rising cost of domestic borrowing as seen presently could lead to an increase in
demand for External Commercial Borrowings (ECBs) amongst Indian Companies; however, there are
several constraints like limit on borrowing, shorter tenures of up to 5 years, high hedging costs,
exposure to foreign exchange risks etc. Keeping in view of the limitation on ECBs, the existing
mechanism of encouraging developer for reduction of cost of debt through swapping, hedging is to be
examined.
2. It is being felt that allowable cost of debt may be linked to a benchmark yield on comparable bonds or
normative debt for achieving financial efficiency. The possibility of normative cost of debt or
benchmarking of debt is to be examined. Alternately, the ceiling for cost of debt may also require to be
examined as the cost of debt varies depending upon credit rating and financial condition of project
developer.
Key discussion points
The suggestions/comments of stakeholders are invited on
a. Comments are invited on issues relating to the return on equity to be allowed to generating stations in the state during the next control period.
b. Should the Commission follow the approach of the Central Commission where storage type generating stations including pumped storage hydro stations and run of river generating station with pondage are provided an additional return of 1%.
c. Is there a need to deliberate the inclusion of the provision of reducing return on equity by 1% in case the generating station declares COD without commissioning of RGMO/FGMO, data telemetry and communication system to respective load dispatch centre
Uttar Pradesh Electricity Regulatory Commission
Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 17
Truing Up
The Commission presently allows for a truing up of capital expenditure along with the tariff petition filed for the
next tariff period. The Central Commission in the CERC Tariff Regulations, 2014 stated that it shall carry out
truing up of tariff of generating station based on the performance of the station on following controllable
parameters:
1. Gross Station Heat Rate
2. Secondary Fuel Oil Consumption
3. Auxiliary Energy Consumption
4. Re-financing of Loan
The net gain as a result of the controllable parameters will be calculated as per the following formula
Net Gain = (ECRN – ECRA) x Scheduled Generation
where ECRN – Normative Energy Charge Rate computed on the basis of norms specified for Gross Station Heat
Rate, Auxiliary Consumption and Secondary Fuel Oil Consumption.
ECRA – Actual Energy Charge Rate computed on the basis of actual SHR, Auxiliary Consumption and
Secondary Fuel Oil Consumption for the month.
The Central Commission has stated that the financial gains to a generating company on account of controllable
parameters shall be shared between generating company and the beneficiaries, in the ratio of 60:40.
Key discussion points
Interest on Working Capital (IWC)
The working capital is separately specified by Commission for coal-fired thermal generating station, open-cycle
/combined cycle gas generating stations and hydro generating stations. The working capital is determined
based on fuel stock, inventory of maintenance spares, operation and maintenance cost and receivables
depending on type of thermal generating station and hydro projects.
The following areas are identified for discussion/consideration by stakeholders:
1. Stock of fuel considered for working capital in respect of various type of generating stations requires
fresh deliberations. The actual fuel stock is required to be examined while determining working capital
or some benchmark need to be fixed. The Central Commission has allowed fuel stock of 15 days for pit
head generating stations and 30 days for non pit head generating stations corresponding to the
normative annual plant availability factor.
a. Whether the existing principle of only truing up the capital expenditure should be continued or is there a need to take a relook at the current methodology and also allow truing up on account of change in performance parameters? Should there be a mechanism for truing up of O&M expenses?
b. Additionally what should be the frequency for truing up of controllable factors? Also suggestions are invited on the methodology for sharing of gains/losses on account of truing up with the beneficiaries?
Uttar Pradesh Electricity Regulatory Commission
Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 18
2. The resources created from return and depreciation are used as internal resources for capacity addition
programmes and hence, is not available for meeting working capital requirements. This position led to
conclusion that the short-term funding has to be obtained from banking institutions for which interest
liability has to be borne by the regulated entity.
Therefore, IWC based on the cash credit was followed during previous tariff period. It was observed
that tariff recoverable includes returns and depreciation which are not cash expenses, and the
additional recoveries would provide enough funds to meet the working capital requirements for
operation.
3. In respect of working capital allowed for maintenance spares, it is to be examined from the view point
that O&M expenses also covers maintenance spares expenditure. It is to be deliberated whether the 15%
maintenance spares should be made as part of working capital or O&M expenses in the existing
methodology.
Key discussion points
Tariff for co-generating stations using coal for
generation during off peak season
The Commission had via UPERC (Terms and Conditions of Tariff) (First Amendment) Regulation, 2012
provided for a methodology for tariff determination in respect of 50% generation of co-generating plants
generating electricity via coal during off - season supplying to the state distribution companies. The tariff
determined was on the basis of actual cost incurred by the co generating stations via separate orders and as per
the terms and conditions of their supply agreements. The Commission has observed that during fag end of the
current control period none of the co-generating plants have made use of this provision.
Key discussion point
Operation and Maintenance Cost
The Commission has notified normative cost of O&M for thermal and hydro generating stations in the UPERC
Generation Tariff Regulations, 2009. The expansion of capacity and use of latest technology is expected to
reduce O&M cost. However O&M expenses of generating stations have increased significantly owing to the high
The following issues have emerged for considerations on which stakeholders comments/suggestions
are solicited:
a. Whether amount and stock of fuel oil/O&M expenses/maintenance spares/receivables specified in
the existing regulations should continue or, any change is required? Whether O&M expenses should
form a part of the working capital as per the existing methodology?
b. In this regard it is to be deliberated whether the Depreciation and Return of equity should be
considered as part of annual fixed costs while working out two months receivable for working
capital as no working capital is required to fund the depreciation and return on equity.
Commission wishes to invite comments from stakeholders on whether there is a need for continuing this
provision in the next control period.
Uttar Pradesh Electricity Regulatory Commission
Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 19
inflationary trends in the economy. These factors call for the review of normative O&M cost. The Commission
feels that there is a need to engage in a debate on the norms for O&M from the following angles:
1. The fixed escalation rate does not capture the variation due to unexpected expenses on account of wage
revision, increase of water charges etc. Does the approach involving the use of a fixed escalation rate,
for arriving year on year O&M cost require any change.
2. In respect of generation by hydro, although each hydro plant is different based on the location, type of
plant, mode of operation, siltation, hydrological aspects, there is still a need for bringing cost of O&M of
a hydro station on normative basis as in case of thermal station. In this context, the existing
methodology of allowing O&M as a percentage of capital cost in new hydro stations and based on the
previous year's actual O&M expenses for existing stations needs to be reviewed.
Key discussion points
Stabilisation period
The Commission in UPERC Generation Tariff Regulations, 2009 in relation to a unit identified the stabilisation
period as a) 180 days from the COD for a coal based generating station b) 90 days from the COD for a gas based
generating station. In the Uttar Pradesh Electricity Regulatory Commission (Terms and Conditions of
Generation Tariff) (First Amendment) Regulations, 2012 the Commission has not provided for norms for GSHR
during stabilization period for all units except 200/210/250/300 MW and 500 MW units. Also, CEA in its
advice to the Central Commission on "Norms of operation for the tariff period 2009-14" had stated that:
"The present norms provide for stabilization period of 180 days for coal/lignite fired units. As the
commissioning procedures have been significantly improved and very high PLF are being sought by
the utilities to be demonstrated during the trial operation by the suppliers, there appears to be no
need of such a stabilization period. Further, the CERC tariff notification of 2004 also stipulated that
the stabilization period and relaxed norms applicable during the stabilization period shall cease to
apply from 1.4.2006. In view of the above the provision of stabilization period existing in the present
norms may be withdrawn and the usual norms be made applicable from the date of commissioning
(completion of trial operation) of the unit."
In view of the above, the stakeholders may furnish their comments and suggestions on the following:
a. Comments on adequacy of the existing O&M norms with regard to the O&M requirement and
resultant cash flows. Whether to review the existing O&M norms?
b. Comments on the requirement of mid-term review of normative O&M cost. How to deal with
variations in O&M cost during the tariff period? Is there a need for introduction of truing up after
specifying normative parameters?
c. Efficacy of the method of determining O&M cost based on the percentage of Capital Expenditure for
new hydro projects. Alternatives to develop O&M Cost norms for the Hydro generating stations?
Should O&M expenses for new hydro power stations be graded with the size of the power stations
i.e. the level of O&M expenses allowed/ MW be different for power stations of lower and higher
capacities.
d. Treatment of income from other business and other income like interest on deposits, advances etc.
while arriving at the O&M cost? Suggestion on treatment of license fees, taxes and duties.
Uttar Pradesh Electricity Regulatory Commission
Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 20
Key discussion point
Comments/suggestions are invited from stakeholders regarding the need for stabilisation period in view
of the CEA's advice and provisions of CERC Tariff Regulations 2014.
Uttar Pradesh Electricity Regulatory Commission
Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 21
4. Operational Norms
Approach for Operational Norms
The target value for various operational parameters namely Availability, Plant Load Factor (PLF), Gross Station
Heat Rate, Auxiliary Consumption, Specific Fuel Oil Consumption etc. are specified by the Commission in its
tariff regulations. The Tariff Policy, 2006 has set a principle for specifying operational norms. Clause 5.3 (f) of
the Tariff Policy stipulates that:
"Suitable performance norms of operations together with incentives and disincentives would need be
evolved along with appropriate arrangement for sharing the gains of efficient operations with the
consumers. Except for the cases referred to in para 5.3 (h)(2), the operating parameters in tariffs
should be at “normative levels” only and not at “lower of normative and actuals”. This is essential to
encourage better operating performance. The norms should be efficient, relatable to past
performance, capable of achievement and progressively reflecting increased efficiencies and may also
take into consideration the latest technological advancements, fuel, vintage of equipments, nature of
operations, level of service to be provided to consumers etc. Continued and proven inefficiency must
be controlled and penalized.
The Central Commission would, in consultation with the Central Electricity Authority, notify
operating norms from time to time for generation and transmission. The SERC would adopt these
norms. In cases where operations have been much below the norms for many previous years, the
SERCs may fix relaxed norms suitably and draw a transition path over the time for achieving the
norms notified by the Central Commission"
In line with the principle stated in the Tariff Policy the Commission had taken cue from recommendations of
the Central Commission while specifying norms for Generating Stations for the previous control period. In
addition the norms of operation for the existing power stations also were based on historical data analysis and
consideration of efficiencies, technological advantage, vintage etc.
Operational Norms for thermal power generating
stations
Gross Station Heat Rate
Along with the price and gross calorific value (GCV) of the fuel, Gross Station Heat rate (SHR) has an important
impact on computation of energy charges. In the UPERC Generation Tariff Regulations, 2009-14 norms for
GSHR were prescribed for existing power plants based on performance of the plants during 2004-05 to 2007-
08. Norms for GSHR for new power stations were prescribed in line with the norms approved by the Central
Commission. The actual performance of the stations vis-à-vis the prescribed norm is given in Appendix B.
Key discussion points
The following issues have emerged for which comments are sought from the different stakeholders
a. Whether the existing norms of gross station heat rate are required to be strengthened? Alternative
methodology for arriving at revised norms, if any, and present level of station heat rate based on
the technological improvement that may also be specified.
b. What are the important criteria to be considered while specifying norms for gross station heat rate?
Uttar Pradesh Electricity Regulatory Commission
Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 22
Secondary Fuel Oil Consumption
The existing norm for the Secondary Fuel Oil Consumption is 1.0 ml/kWh for coal based projects commissioned
on or after 1.4.09 and 2.0 ml/kWh for projects commissioned before 1.4.09. This is in addition to the relaxed
norms specified for some generating stations. The actual performance of the stations vis-à-vis the prescribed
norm is given in Appendix B.
Key discussion point
Auxiliary Energy Consumption
The existing norms of auxiliary consumption for coal based generating stations vary from 6.0% (for unit size of
500 MW and above) to 9.0% (for 200 MW series units with steam driven boiler feed pumps and electrically
driven boiler feed pumps). The Commission had also specified relaxed norms for certain existing generating
stations. The actual performance of the stations vis-à-vis the prescribed norm is given in Appendix B.
Key discussion points
Target Availability for recovery of full Capacity (Fixed) charges
In control period 2009-14, the target availability was kept at 85% for generating stations commissioned on or
after 1.4.09 and 80% for generating stations existing on or before 31.3.09. The Commission had also specified
relaxed norms for certain existing generating stations. The actual performance of the stations vis-à-vis the
prescribed norm is given in Appendix B.
Now with the increase of private participation, access to imported fuel by private developer and technological
improvement may have improved the availability. However, on the other hand the recent shortage of domestic
fuel has affected availability of the plants and their scheduling in case of shortage of fuel. The availability may
also be linked to availability of coal under the FSA as it may lead to a dispute amongst different parties on the
a. In view of the above, the stakeholders are requested to share their experiences to assess if there is
scope for improvement in the norms for auxiliary consumption.
b. Further, the norm for 45 MW/ 250 MW/ 660 MW units may have to be specified separately for
which suggestions/comments are invited along with authentic support data available, if any.
c. Comments on operating parameters for small capacity CFBC technology based thermal power
plants are also invited.
In view of the above, stakeholders are requested to share their experiences with the supporting data to
assess if there is a scope for revision of the existing norms of secondary fuel oil consumption.
c. The need for continuation of relaxed norms for specific stations? Changes required in the existing
norms given in UPERC Generation Tariff Regulations 2009 may be commented duly supported with
authentic data if any.
d. The need for examining the impact of use of imported coal on the gross station heat rate of
generation plants.
Uttar Pradesh Electricity Regulatory Commission
Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 23
In view of the above, comments/suggestions are invited from the stakeholders regarding any need for
revision of the above norms.
point of availability which remained unutilized on account of fuel shortage. The existing norm for availability
may therefore needs to be revisited with fresh look. In the event of bridging gap through e-auction or imported
coal (other than fuel arrangement agreed in purchase agreement), the need of prior consent, maximum
permissible limit of blending etc. also need to be deliberated. The issues of treatment of availability and fixed
charges, if the consent is not given by beneficiaries, are to be considered in the context of normative availability
for recovery of full fixed charges.
Key discussion point
Target Plant Load Factor for Incentive
The Commission in UPERC Generation Tariff Regulations, 2009 has specified Target Plant Load Factor for
providing incentive to generating stations for higher generation. In control period 2009-14, the target PLF was
kept at 85% for generating stations commissioned on or after 1.4.09 and 80% for generating stations existing on
or before 31.3.09. The Commission had also specified relaxed norms for certain existing generating stations.
The actual performance of the stations vis-à-vis the prescribed norm is given in Appendix B.
Transit & Handling losses
The Commission in UPERC Generation Tariff Regulations, 2009 has specified a norm of 0.2% for transit losses
in case of pit head stations and 0.8% in case of non- pithead stations in line with the norm prescribed by CERC.
The same may have to be reviewed based on the past data in this regard.
Operating Norms for hydro power generating stations
The existing operational norms for hydro power generating stations include norms for normative capacity
index, auxiliary consumption, and transformation losses. Capacity Index as a measure of plant availability was
implemented by the Commission in continuation with the approach followed by it during previous tariff
periods. The norms of auxiliary power consumption of hydro generating stations vary from 0.7% to 1.2% (based
on the technical configuration of the plants). The transformation losses from generation voltage to transmission
voltage equivalent to 0.5% of energy generated were also allowed.
Key discussion point
Suggestion/comments of stakeholder are solicited with supporting data to review existing norms of
transit & handling losses
In view of the above, stakeholders are requested to share their experiences with the supporting data to
assess if there is a scope for revision of the existing norms.
Whether the existing norms of annual plant availability should be reviewed for thermal generating
stations? What should be the treatment of normative availability in the event of fuel shortages and of
procuring alternative fuel in case of shortage condition?
Uttar Pradesh Electricity Regulatory Commission
Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 24
Incentive
1. The UPERC Generation Tariff Regulations, 2009 provide for incentive to all thermal power stations (except certain plants), at 25 paise per kWh for energy corresponding to scheduled generation in excess of energy corresponding to target plant load factor.
2. In case of hydro generating stations, during 2009-14 incentive was linked to the capacity charges and capacity index in accordance with the following formula:
Incentive = 0.65 x Annual Fixed Charge x (CIA – CIN)/100
(If incentive is negative, it shall be set to zero.)
Where, CIA is the Capacity Index achieved and CIN is the normative capacity index whose values are
90% for purely run of the river hydro stations and 85% for pondage/storage type hydro generating
stations.
3. In the UPERC Generation Tariff Regulations, 2009 generating companies are eligible for an incentive equivalent to reduction of interest during construction (IDC) as a result of commissioning of the plant/unit ahead of schedule. The Commission has also provided for an additional return on equity of 0.5% for in case of timely commissioning of projects in absence of any provision made in the PPA.
4. At present there is same incentive for availability during peak and off peak period. There may be need for introducing differential incentive during peak and off peak periods. On the same consideration higher incentive may be provided to storage and pondage type hydro generating station providing peaking support.
Key discussion points
Additional Issues
Availability of Domestic Fuel
The shortage of fuel (Coal and Gas) has a potential to make existing operational capacity remaining stranded.
The Coal India Ltd. has not been able to supply committed quantity of coal as per Fuel Supply Agreement. The
uncertainty with respect to gas supply also continues. In the above circumstances, the generating stations are
Based on above, comments of stakeholders are solicited on following:
a. Should incentive of old and new stations be at same level or differentiated based on vintage?
b. Suggestions are invited on differential incentive for off peak and peak period for thermal and
hydro generating stations. Similarly, comments for differential incentive mechanism for storage
and pondage type hydro generating stations.
c. Should the incentive continue at the current levels or is there a need to take a fresh look at the
incentive available to generating stations?
d. Comments/suggestions are invited from the stakeholders on the need for abolishing additional
incentive amount equivalent to interest during construction keeping in mind the double
incentivisation that would result because of an additional 0.5% ROE.
Uttar Pradesh Electricity Regulatory Commission
Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 25
either forced to procure fuel from spot market (in case of gas and coal) or to procure imported coal at higher
prices.
Consequential Impact
The adoption of this alternate route of procuring fuel leads to a situation in which the generating stations have
to use blended coal to overcome the shortfall in coal through Fuel Supply Agreements. The electricity
generation from blended coal may not be able to get dispatch schedule due to higher prices of imported
coal/gas leading to consequential impact on generation.
If the power plant is heavily relying on this alternative route of fuel procurement, the energy charges will
increase and may not be controllable. On the contrary, the beneficiaries may seek generating station to obtain
their consent prior to procuring costlier fuel. In case the consent is not given by beneficiaries, the generating
companies may not be able to recover capacity charges and may not be able to meet debt service obligations.
If the power plants heavily rely on imported coal, one may argue that blending ratio adopted by generator may
not be commensurate with actual shortage and generator may use higher quantity of imported coal to cover up
inefficiency in procurement of domestic or cheaper coal. It may also be argued that pass-through of actual fuel
charge as per the Tariff Regulations may not enforce the generating companies to achieve efficiency in fuel
procurement in terms of price and quality.
Another area of concern is difficulty in verification of GCV of blended coal, due to unavailability of separate
value of GCV of domestic and imported coal as received. It may therefore, be necessary to provide for payment
of energy charges based on as received GCV of domestic and imported coal.
Further, as alternative, the normative / agreed blending ratio may be decided in advance in consultation with
the beneficiaries in due consideration of technical limitation of steam generator. The blending ratio in the
domestic coal based plants varies depending upon the quality of design coal, the quality of actual coal being
received, age of plant, unit loading etc. The beneficiary may be scheduled to the availability corresponding to
the extent of normative /agreed blending ratio and the beneficiaries not desirous of blending may not be
scheduled, for the power in excess of availability of domestic coal. However, the scheduling and payment of
incentives would need to be debated.
The Central Commission in CERC Tariff Regulations, 2014 has further stated that in case of the energy charge
rate based on weighted average price of use of fuel including alternative source of fuel exceeds 30% of base
energy charge rate as approved by the Commission for that year or energy charge rate based on weighted
average price of use of fuel including alternative sources of fuel exceeds 20% of energy charge rate based on
based on weighted average fuel price for the previous month, whichever is lower shall be considered and in that
event, prior consultation with beneficiary shall be made not later than three days in advance. The Central
Commission has further stated that
" Provided further that copies of the bills and details of parameters of GCV and price of fuel i.e.
domestic coal, imported coal, e-auction coal, lignite, natural gas, RLNG, liquid fuel etc., details of
blending ratio of the imported coal with domestic coal, proportion of e-auction coal shall also be
displayed on the website of the generating company. The details should be available on its website on
monthly basis for a period of three months."
Uttar Pradesh Electricity Regulatory Commission
Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 26
Key discussion points
The following issues have emerged on which comments/suggestions of stakeholders are solicited:
a. Should normative or agreed blending ratio be specified for the existing plants and new plants separately in consultation with the beneficiaries? What should be the methodology to work out normative/agreed blending ratio for existing and new projects?
b. Is it necessary and practical to take prior consent of beneficiaries for blending the imported coal with domestic coal?
c. How to ensure procurement of fuel by the generator namely e-auction coal or imported coal, at reasonable and competitive prices. Should there be need to seek explanation for any variation beyond a pre-specified indexation.
d. Any other suggestions/ measures for addressing above issues.
Uttar Pradesh Electricity Regulatory Commission
Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 27
Appendix A. - Comparison of UPERC regulations with CERC Tariff Regulations, 2014
Financial principles
Capital Cost
The comparative evaluation of different norms for capital cost between the CERC Tariff Regulations, 2014 and
the UPERC Generation Tariff Regulations, 2009 is as follows:
Norms CERC Tariff Regulations, 2014 UPERC Generation Tariff
Regulations, 2009
Interest during construction (IDC), Incidental Expenditure during Construction (IEDC)
IDC to be computed corresponding to loan from date of infusion of fund / financial closure after taking into account prudent phasing of funds up to SCOD
IEDC computed from zero date after taking into account pre operative expenses up to SCOD
Subject to prudence check by the Commission. No separate provision for IEDC.
Controllable and un-controllable factors for IDC and IEDC
Factors leading to cost escalation towards IDC and IEDC:
Controllable factors:
Variation in capex due to cost / time overrun on account of land acquisition issues
Efficiency in implementation of project (not involving change in scope / law)
Delay in execution of project on account of contractor, supplier or agency of Generating Company
Uncontrollable factors:
Force majeure events
Change in law
No such provision but Commission checks reasonableness of expenses
Ceiling norm of initial capital spares
4% of plant and machinery cost 1.5% of original project cost
Uttar Pradesh Electricity Regulatory Commission
Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 28
Norms CERC Tariff Regulations, 2014 UPERC Generation Tariff
Regulations, 2009
Revenue from sale of infirm power
Payment from for from the regional deviation settlement fund accounts in accordance with the Central Electricity Regulatory Commission (Deviation Settlement Mechanism and Related matters) Regulations, 2014. Revenue to be adjusted from capital cost after accounting for fuel cost
Thermal: The cost of infirm power shall be the energy charges calculated on the basis of cost of fuel and the norms of Gross State Heat Rate, Secondary fuel oil consumption and Aux energy consumption.
Hydro: The cost of infirm power shall be equal to the average of the lowest variable charges of central sector thermal power generating station of the Northern Region for all months of the previous year as determined by the Central Commission and half of it shall be treated as an advance made by the beneficiaries to the generating company towards meeting the expenses on the Income Tax in subsequent year(s) and the remaining shall be retained by the generator.
Depreciation
The comparative evaluation of different norms for depreciation of power plants between the CERC Tariff
Regulations, 2014 and UPERC Generation Tariff Regulations, 2009 is as follows:
Norms CERC Tariff Regulations, 2014 UPERC Generation Tariff
Regulations, 2009
Base for depreciation
The base shall be the capital cost of the asset admitted by the Commission.
In case of multiple units in a generating station, weighted average life for the station shall be applied
The base for the purpose of depreciation shall be the historical cost of the asset as admitted by the Commission.
Rate of depreciation
As per depreciation schedule provided in Regulations an average rate of 5.28% has been allowed for all generating stations
As per depreciation schedule provided in Regulations the average rate of depreciation for hydro power plants is 2.57% and for thermal power plants is 3.60%
Advance against Depreciation
No such provision has been provided AAD allowed in addition to depreciation
Capex during fag
end
The generating company may submit details of capital expenditure during fag end (five years before useful life) of project.
The Commission based on prudence checks shall approve depreciation on capital expenditure during fag end of project
No such provision has been provided
Uttar Pradesh Electricity Regulatory Commission
Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 29
Norms CERC Tariff Regulations, 2014 UPERC Generation Tariff
Regulations, 2009
De-capitalization
In case of de-capitalization of assets in respect of generating station or unit thereof, the cumulative depreciation shall be adjusted by taking into account the depreciation recovered in tariff by the de-capitalized asset during its useful services..
No such provision has been provided
Return on equity
The comparative evaluation of different norms for return on equity of power plants between the CERC Tariff
Regulations, 2014 and UPERC Generation Tariff Regulations, 2009 are as follows:
Norms CERC Tariff Regulations, 2014 UPERC Generation Tariff
Regulations, 2009
Base rate
Return on equity shall be computed at a base rate of 15.5%
Return on equity shall be computed at a base rate of 15.5%
Provision of incentive
For Projects having COD on or after 1st April, 2014, an additional return of 0.50 % shall be allowed if projects are completed within timeline
For Projects having COD on or after 1st April, 2009, an additional return of 0.50% shall be allowed if projects are completed within timeline
Provision of penalty
Projects having COD on or after 1st April, 2014, rate of return shall be reduced by 1%, if the generating station is declared commercial operation without commissioning of RGMO/FGMO, data telemetry & communication system up to LDC and protection system.
No such provisions
Income Tax
ROE shall be allowed on pre-tax basis. ROE grossed up by MAT rate or “effective” tax rate applicable to the company. The actual tax income on other income stream (i.e., income of non generation or non transmission business, as the case may be) shall not be considered for the calculation of “effective tax rate”.
Tax on the income streams of the generating company from its core business shall be recovered from beneficiaries; limited to the tax on RoE
Uttar Pradesh Electricity Regulatory Commission
Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 30
Renovation and Modernization
The comparative evaluation of different norms for renovation and modernisation power plants between the
CERC Tariff Regulations, 2014 and UPERC Generation Tariff Regulations, 2009 are as follows:
Norms CERC Tariff Regulations, 2014 UPERC Generation Tariff
Regulations, 2009
Renovation &
Modernization
(R&M)- Special
Allowance –
Thermal
Special Allowance @ Rs.7.5 Lakh/MW/ Year for the year 2014-15 and thereafter escalated @ 6.35% every year during the tariff period FY 2014-19.
Special Allowance @ Rs. 5 Lakh/MW/year in FY 2009-10 and thereafter escalation @ 5.72% every year during the tariff period of FY 2009-14
Interest on loan capital
The following table provides a comparative of provisions regarding interest on loan capital of generating
stations between the CERC Tariff Regulations, 2014 and UPERC Generation Tariff Regulations, 2009:
Norms CERC Tariff Regulations, 2014 UPERC Generation Tariff
Regulations, 2009
Interest on loan capital
The rate of interest shall be the weighted average rate of interest calculated on the basis of the actual loan portfolio after accounting for interest capitalized
The rate of interest shall be the weighted average rate of interest calculated on the basis of the actual loans at the beginning of each year and shall be adjusted based on actual loan each year
Repayment of Loan
Notwithstanding any moratorium period availed by the generation company, the repayment shall be considered from the 1st year of commercial operation of the project and shall be equal to depreciation allowed for the year or part of the year
In case any moratorium period is availed of by the generation company, depreciation provided in the tariff during the years of moratorium shall be treated as repayment during those years and interest on loan shall be calculated accordingly.
Refinancing of loans – sharing of gains
The costs associated with re-financing shall be borne by the beneficiaries and the net savings shall be shared between the beneficiaries and the generating company or the transmission licensee, as the case may be, in the ratio of 2:1
The cost associated with swapping of loan shall be borne by the beneficiaries and the net savings shall be shared between beneficiaries and the generating company in the ratio of 2:1
Uttar Pradesh Electricity Regulatory Commission
Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 31
Interest on working capital
The following table provides a comparative of provisions regarding interest on working capital of thermal
generating stations between the CERC Tariff Regulations, 2014 and UPERC Generation Tariff Regulations,
2009:
Norms CERC Tariff Regulations, 2014 UPERC Generation Tariff
Regulations, 2009
Norms for
working capital
Working Capital shall cover:
Coal-based/lignite-fired thermal
generating stations
(i) Cost of coal for 15 days for pit-head generating
stations and 30 days for non-pit-head generating
stations corresponding to NAPAF
(ii) Cost of coal or lignite and limestone for 30
days for generation corresponding to NAPAF
(iii) Cost of secondary fuel oil for two months for
generation corresponding to NAPAF
(iv) Maintenance spares @ 20% of O&M expenses
(v) Receivables equivalent to two months of
capacity charges and energy charges for sale of
electricity calculated on the normative annual
plant availability factor, and
(vi) Operation and maintenance expenses for one month.
Gas Generating Stations
(i) Fuel cost for 30 days corresponding to the NAPAF
(ii) Liquid fuel stock for 15 days corresponding to NAPAF
(iii) Maintenance spares @ 30% of O&M expenses
(iv) Receivables equivalent to two months of capacity charge and energy charge for sale of electricity calculated on NAPAF
(v) Operation and maintenance expenses for one month.
Working Capital shall cover:
Coal based/ fired generating stations
(i) Cost of coal for one and half months for pit-head generating stations and 2 months for non-pit head generating stations corresponding to target availability
(ii) Cost of secondary fuel oil for 2 months corresponding to target availability
(iii) O&M expenses for one month
(iv) Maintenance spare @20% of O&M charges from FY 2009-10
(v) Receivables equivalent to 2 months corresponding to target availability or actual, whichever is lower
Gas Generating Stations
(i) Fuel cost for one month corresponding to the target availability
(ii) Liquid fuel stock for ½ month
(iii) From 2009-2010, Maintenance spares @ 30% of operation and maintenance expenses
(iv) Receivables equivalent to two months or actual, whichever is lower, comprising of fixed and variable charges for sale of electricity calculated on the target availability.
(v) Operation and maintenance expenses for one month
Uttar Pradesh Electricity Regulatory Commission
Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 32
Norms CERC Tariff Regulations, 2014 UPERC Generation Tariff
Regulations, 2009
Rate of interest on WC
Rate of interest shall be on normative basis and shall be equal to SBI Base Rate points as on 1st April 2014 or 1st of April of the year COD
Rate of interest is shall be equal to the short –term Prime Lending Rate of State Bank of India as on 1st April 2009 or 1st of April of the year COD
The following table provides a comparative of norms of interest on working capital of hydro generating
stations between the CERC Tariff Regulations, 2014 and UPERC Generation Tariff Regulations, 2009:
Norms CERC Tariff Regulations, 2014 UPERC Generation Tariff
Regulations, 2009
Norms for
working capital
Working capital shall cover:
(i) Receivables equivalent to two months of fixed cost:
(ii) Maintenance spares @ 15% of operation and maintenance expenses
(iii) Operation and maintenance expenses for one month.
Working Capital shall cover:
(i) Operation and Maintenance expenses for one month;
(ii) Maintenance spares shall be @ 15% of O&M expenses from FY09-10
(iii) Receivables equivalent to two months of fixed charges for sale of electricity calculated on normative capacity index.
Rate of interest on WC
Rate of interest shall be on normative basis and shall be equal to SBI Base Rate points as on 1st April 2014 or 1st of April of the year COD
Rate of interest is shall be equal to the short –term Prime Lending Rate of State Bank of India as on 1st April 2009 or 1st of April of the year COD
Operation and Maintenance Expenses
The following table provides a comparative of norms of Operation and Maintenance expenses of thermal
generating stations between the CERC Tariff Regulations, 2014 and UPERC Generation Tariff Regulations,
2009:
Norms CERC Tariff Regulations, 2014 UPERC Generation Tariff
Regulations, 2009
Norms for Operation and Maintenance Expenses
Normative base O&M expenses on per MW basis for coal and gas generation companies based on past performance of generating stations
Normative base O&M expenses on per MW basis for coal and gas generation companies based on past performance of generating stations
Compensation allowance for new assets
In case of coal-based or lignite-fired thermal stations a separate compensation allowance unit-wise shall be admissible to meet expenses on new assets of capital nature including in the nature of minor assets. The compensation in the range of
In case of coal-based thermal stations a separate compensation allowance unit-wise shall be admissible to meet expenses on new assets of capital nature including in the nature of minor assets.
Uttar Pradesh Electricity Regulatory Commission
Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 33
Norms CERC Tariff Regulations, 2014 UPERC Generation Tariff
Regulations, 2009
0.20-1.0 (Rs Lakh/MW/Year) for the years of operation in the range of 0-25 years
The compensation in the range of 0.15-0.65 (Rs Lakh/MW/Year) for the years of operation in the range of 0-25 years
The following table provides a comparative of norms of interest on loan capital of hydro generating stations
between the CERC Tariff Regulations, 2014 and UPERC Generation Tariff Regulations, 2009:
Norms CERC Tariff Regulations, 2014 UPERC Generation Tariff
Regulations, 2009
Norms for new
projects
Linked to the original project cost admitted by the Commission
O&M expenses shall be fixed at 2% of the original project cost (excluding cost of rehabilitation & resettlement works) for first year of commercial operation
Linked to capital cost admitted by Commission
O&M expenses shall be fixed at 2% of the capital cost admitted by the Commission.
May be revised to 2.5% of capital cost on case to case basis
Norms for
existing plants
Normative base O&M expenses on per MW basis for hydro generation companies based on past performance of generating stations
Derived on the basis of O&M expense approved for FY 08-09, under tariff orders, escalated by 10%.
Escalation rates Fixed escalation rate of 6.64% per annum for both old and new plants.
Fixed escalation rate of 5.72% per
annum for both old and new plants.
Operational Norms
The comparative evaluation of different operating norms of thermal power plants between the CERC Tariff
Regulations, 2014 and UPERC Generation Tariff Regulations, 2009:
Norms CERC Tariff Regulations, 2014 UPERC Generation Tariff
Regulations, 2009
Plant Availability
Coal 85%, Gas 85% (except for relaxed norm for few existing stations)
All stations existing on or before 31.03.2009: 80% All Stations commissioned on or after 01.04.2009: 85% (except for relaxed norm for few existing stations)
Plant Load Factor for incentive
Coal 85%, Gas 85% (except for relaxed norm for few existing stations)
All stations existing on or before 31.03.2009: 80% All Stations commissioned on or after 01.04.2009: 85% (except for relaxed norm for few existing stations)
Uttar Pradesh Electricity Regulatory Commission
Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 34
Norms CERC Tariff Regulations, 2014 UPERC Generation Tariff
Regulations, 2009
Gross Station Heat Rate
Coal
• Existing stations: 2375 kCal/kWh - 2450 kCal/kWh (few exceptions)
• New stations: 1.045 x Design Heat Rate (kCal/kWh)
Gas
• Existing stations: Station wise norms for combine cycle and open cycle mode
• New stations: 1.05 x Design Heat Rate (kCal/kWh)
Coal
• Existing stations: 2350-2500 kCal/kWh
• New stations: 2350-2500 kCal/kWh Gas
• Advanced Class Machines: 1850 (CC) kCal/kWh - 2685 (OC) kCal/kWh E/EA/EC/E2 Class Machines: 1950 (CC) kCal/kWh - 2830 (OC) (kCal/kWh
Auxiliary Consumption
Coal 200 MW series
• With cooling tower: 8.5%
• Without cooling tower: 8.5% Above 200 MW
• Steam driven boiler feed pumps: 5.25%
• Electrically driven boiler feed pumps: 7.75%
Gas
• Open Cycle: 1%
• Combined Cycle: 2.5%
Coal Below 500 MW
• With cooling tower: 9%
• Without cooling tower: 8.5% Above 500 MW
• With cooling tower: 6%-9%
• Without cooling tower: 5.5%-8.5% Gas
• Open Cycle 1%
• Combined Cycle 3%
Secondary Fuel Oil Consumption
0.5 ml/ kWh • Stations existing on or before 31.3.09: 2.0 ml/kWh
• Stations Commissioned on or after 1.4.09: 1.0 ml/kWh
Generation
Incentive
Coal/Gas Incentive for Plant Load Factor higher than Normative Plant Load Factor: Rs 0.50 / kWh per unit (generation above Normative Plant Load Factor)
Coal/Gas Incentive for Plant Load Factor higher than Normative Plant Load Factor: Rs 0.25 / kWh per unit (generation above Normative Plant Load Factor)
The following table provides a comparative evaluation of different operating norms of hydro generating
stations between the CERC Tariff Regulations, 2014 and UPERC Generation Tariff Regulations, 2009:
Norms CERC Tariff Regulations, 2014
UPERC Generation Tariff Regulations, 2009
Rate of secondary energy
Rate of secondary energy shall be equal to Rs 0.90/kWh
Secondary Energy Rate shall be equal to Primary Energy Rate
Availability
Availability measured by NAPAF:
Storage and Pondage type
(Head variation up to 8% & not affected by
silt): 90%
Storage and Pondage type
(Head variation more than 8%): As per DPR
approved by CEA or State Govt.
Pondage type
Availability measured by Capacity Index:
Storage type and Run-of-river power stations with pondage: 80% during 1st year of commercial operation and 85% thereafter
Uttar Pradesh Electricity Regulatory Commission
Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 35
Norms CERC Tariff Regulations, 2014
UPERC Generation Tariff Regulations, 2009
(availability significantly affected by silt):
85%
Run of river type: Plant wise based on 10 day
design energy data moderated by past
experience where relevant
Purely Run-of-river power stations : 85% during 1st year of commercial operation and 90% thereafter
Norms for
Auxiliary
Consumption
Surface hydro generation plants
(with rotating exciter): 0.7% Surface hydro generation plants (with static excitation): 1.0% Under ground hydro generation plants (with rotating exciter): 0.9% Under ground hydro generation plants (with static excitation): 1.2%
Surface hydro generation plants
(with rotating exciter): 0.7% Surface hydro generation plants (with static excitation): 1% Under ground hydro generation plants (with rotating exciter): 0.9% Under ground hydro generation plants (with static excitation): 1.2%
Incentive Incentive payable based on availability
higher than NAPAF
Incentive payable on the basis of capacity index
higher than normative capacity index
Uttar Pradesh Electricity Regulatory Commission
Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 36
Appendix B. - Performance of existing generating stations in the state during last 5 years
This section provides a snapshot of the performance of the existing generating stations in the state based on a
comparison between the actual operational performance vis-à-vis the targets set by the Commission in UPERC
Generation Tariff Regulations, 2009
Comparison of actual vs. target availability of existing generating stations
during FY 2009-10 to FY 2013-141
1 For FY 2013-14 the figures correspond to performance upto December 2013
72.42
65.25 63.0168.22
65.24
80 80 80 80 80
0
10
20
30
40
50
60
70
80
90
2009-10 2010-11 2011-12 2012-13 2013-14 *
Availab
ilit
y (
%)
Parichha Extension
Actual Availability Target Availability
81.08
73.55 75.25
57.19 57.99
80 80 80 80 80
0
10
20
30
40
50
60
70
80
90
2009-10 2010-11 2011-12 2012-13 2013-14 *
Avaia
lbil
ity (
%)
Anpara 'A'
Actual Availability Target Availability
79.2478.81
85 85
75
76
77
78
79
80
81
82
83
84
85
86
2012-13 2013-14 *
Avail
ab
ilit
y (
%)
Parichha Extension 2nd stage
Actual Availability Target Availability
45.00
37.71
23.3218.64
26.64
65 66 6871
75
0
10
20
30
40
50
60
70
80
2009-10 2010-11 2011-12 2012-13 2013-14 *
Avail
ab
ilit
y (
%)
Parichha
Actual Availability Target Availability
Uttar Pradesh Electricity Regulatory Commission
Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 37
82.15
87.02
82.04
77.17
92.26
80 80 80 80 80
65
70
75
80
85
90
95
2009-10 2010-11 2011-12 2012-13 2013-14 *
Avail
ab
ilit
y (
%)
Anpara'B'
Actual Availability Target Availability
48.4353.16
43.02
26.5123.98
60 61 6366
70
0
10
20
30
40
50
60
70
80
2009-10 2010-11 2011-12 2012-13 2013-14 *
Avail
ab
ilit
y (
%)
Obra ' A'
Actual Availability Target Availability
65.50
54.7152.13
46.4340.94
65 66 67 68 70
0
10
20
30
40
50
60
70
80
2009-10 2010-11 2011-12 2012-13 2013-14 *
Availab
ilit
y (
%)
Panki
Actual Availability Target Availability
43.7239.57
30.93
39.90
21.71
55 56 5861
65
0
10
20
30
40
50
60
70
2009-10 2010-11 2011-12 2012-13 2013-14 *
Avail
ab
ilit
y (
%)
Harduaganj
Actual Availability Target Availability
49.12 47.53
79.1785 85 85
0
10
20
30
40
50
60
70
80
90
2011-12 2012-13 2013-14 *
Availab
ilit
y (
%)
Harduaganj Extn.
Actual Availability Target Availability
54.7850.8 47.78
41.38 39.94
70 71 73 7680
0.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
80.00
90.00
2009-10 2010-11 2011-12 2012-13 2013-14 *
Avail
ab
ilit
y (
%)
Financial Year
Availability - Obra 'B'
Actual Availability Target Availability
Uttar Pradesh Electricity Regulatory Commission
Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 38
68.52
84.7285 85
0.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
80.00
90.00
2012-13 2013-14 *
Availab
ilit
y (
%)
Kundarkhi
Actual Availability Target Availability
75.88
95.18
85 85
0.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
80.00
90.00
100.00
2012-13 2013-14 *
Avail
ab
ilit
y (
%)
Maqsoodapur
Actual Availability Target Availability
77.81
92.38
85 85
70.00
75.00
80.00
85.00
90.00
95.00
2012-13 2013-14 *
Avail
ab
ilit
y (
%)
Barkhera
Actual Availability Target Availability
76.80
90.06
85 85
70.00
75.00
80.00
85.00
90.00
95.00
2012-13 2013-14 *
Avail
ab
ilit
y (
%)
Khamberkhera
Actual Availability Target Availability
53.70
94.91
85 85
0.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
80.00
90.00
100.00
2012-13 2013-14 *
Availab
ilit
y (
%)
Utraula
Actual Availability Target Availability
72
8591
96
85 85 85 85
0
20
40
60
80
100
120
2010-11 2011-12 2012-13 2013-14 *
Availab
ilit
y (
%)
Rosa
Actual Availability Target Availability
Uttar Pradesh Electricity Regulatory Commission
Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 39
Comparison of actual vs. target plant load factor of existing generating
stations during FY 2009-10 to FY 2013-142
2 For FY 2013-14 the figures correspond to performance upto December 2013
45
37.7
23.3118.63
26.64
60 61 6366
70
0
10
20
30
40
50
60
70
80
2009-10 2010-11 2011-12 2012-13 2013-14 *
PL
F (
%)
Parichha
Actual PLF Target PLF
81.05
78.81
85 85
75
76
77
78
79
80
81
82
83
84
85
86
2012-13 2013-14 *
PL
F (
%)
Parichha Extension 2nd stage
Actual PLF Target PLF
81.03
73.52 75.11
56.99 57.83
80 80 80 80 80
0
10
20
30
40
50
60
70
80
90
2009-10 2010-11 2011-12 2012-13 2013-14 *
PL
F (
%)
Anpara 'A'
Actual PLF Target PLF
72.4065.25 62.87
68.10 65.14
80 80 80 80 80
00.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
80.00
90.00
2009-10 2010-11 2011-12 2012-13 2013-14 *
PL
F (
%)
Financial Year
PLF - Parichha Extension
Actual PLF Target PLF
Uttar Pradesh Electricity Regulatory Commission
Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 40
65.50
54.71 52.0946.42
40.94
60 61 62 63 65
0
10
20
30
40
50
60
70
2009-10 2010-11 2011-12 2012-13 2013-14 *
PL
F (
%)
Panki
Actual PLF Target PLF
49.09
66.78
16.14 16.0021.66
50 51 53 5660
0
10
20
30
40
50
60
70
80
2009-10 2010-11 2011-12 2012-13 2013-14 *
PL
F (
%)
Harduaganj
Actual PLF Target PLF
49.12 47.39
79.0385 85 85
0
10
20
30
40
50
60
70
80
90
2011-12 2012-13 2013-14 *
PL
F (%
)
Harduaganj Extn.
Actual PLF Target PLF
54.4448.96
45.5041.37 39.92
65 66 6871
75
0
10
20
30
40
50
60
70
80
2009-10 2010-11 2011-12 2012-13 2013-14 *
PL
F (
%)
Obra 'B'
Actual PLF Target PLF
40.5145.10
28.9626.51
23.98
55 5659 61
65
0
10
20
30
40
50
60
70
2009-10 2010-11 2011-12 2012-13 2013-14 *
PL
F (
%)
Obra 'A'
Actual PLF Target PLF
82.13 86.96
98.29
76.76
91.68
80 80 80 80 80
0
10
20
30
40
50
60
70
80
90
100
2009-10 2010-11 2011-12 2012-13 2013-14 *
PL
F (
%)
Anpara 'B'
Actual PLF Target PLF
Uttar Pradesh Electricity Regulatory Commission
Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 41
66.76
84.7285 85
0.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
80.00
90.00
2012-13 2013-14 *
PL
F (
%)
Financial Year
Kundarkhi
Actual PLF Target PLF
51.93
79.7885 85
0.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
80.00
90.00
2012-13 2013-14 *
PL
F (
%)
Financial Year
Utraula
Actual PLF Target PLF
74.19
77.92
85 85
68.00
70.00
72.00
74.00
76.00
78.00
80.00
82.00
84.00
86.00
2012-13 2013-14 *
PL
F (
%)
Financial Year
Maqsoodapur
Actual PLF Target PLF
76.5177.11
85 85
72.00
74.00
76.00
78.00
80.00
82.00
84.00
86.00
2012-13 2013-14 *
PL
F (
%)
Financial Year
Barkhera
Actual PLF Target PLF
75.00 74.83
85 85
68.00
70.00
72.00
74.00
76.00
78.00
80.00
82.00
84.00
86.00
2012-13 2013-14 *
PL
F (
%)
Financial Year
Khamberkhera
Actual PLF Target PLF
60
79 76 7985 85 85 85
0
10
20
30
40
50
60
70
80
90
2010-11 2011-12 2012-13 2013-14 *
PL
F (
%)
Financial Year
Rosa
Actual PLF Target PLF
Uttar Pradesh Electricity Regulatory Commission
Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 42
Comparison of actual vs. target gross station heat rate for existing generating
stations during FY 2009-10 to FY 2013-143
3 For FY 2013-14 the figures correspond to performance upto December 2013
30633099
3259
3388
311731003070
30403010
2980
2700
2800
2900
3000
3100
3200
3300
3400
3500
2009-10 2010-11 2011-12 2012-13 2013-14 *
Gro
ss S
tati
on
Heat
Rate
(kC
al/kW
h)
Parichha
Actual Gross Station Heat Rate
Target Gross Station Heat Rate
2642
2460
2500 2500
2350
2400
2450
2500
2550
2600
2650
2700
2012-13 2013-14 *
Gro
ss S
tati
on
Heat
Rate
(kC
al/
kW
h)
Parichha Extension 2nd stage
Actual Gross Station Heat Rate
Target Gross Station Heat Rate
2374
2231
2390
2286
2204
2500 2500 2500 2500 2500
2050
2100
2150
2200
2250
2300
2350
2400
2450
2500
2550
2009-10 2010-11 2011-12 2012-13 2013-14 *
Gro
ss S
tati
on
Heat
Rate
(kC
al/
kW
h)
Anpara 'A'
Actual Gross Station Heat Rate
Target Gross Station Heat Rate
2976
2758
29162999
2660
2500 2500 2500 2500 2500
2200230024002500260027002800290030003100
2009-10 2010-11 2011-12 2012-13 2013-14 *
Gro
ss S
tati
on
Heat
Rate
(kC
al/
kW
h)
Financial Year
Parichha Extension
Actual Gross Station Heat Rate
Target Gross Station Heat Rate
Uttar Pradesh Electricity Regulatory Commission
Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 43
3195
3111 3124
2945
2892
3000 29902972
2950 2940
2700
2750
2800
2850
2900
2950
3000
3050
3100
3150
3200
3250
2009-10 2010-11 2011-12 2012-13 2013-14 *
Gro
ss S
tati
on
Heat
Rate
(kC
al/kW
h))
Obra 'A'
Actual Gross Station Heat Rate
Target Gross Station Heat Rate
3138
2787 2700 2609 25372636
2900 2890 2880 2870
0
500
1000
1500
2000
2500
3000
3500
2009-10 2010-11 2011-12 2012-13 2013-14 *
Gro
ss S
tati
on
Heat
Rate
(kcal/kW
h)
Obra 'B'
Actual Gross Station Heat Rate
Target Gross Station Heat Rate
3320 3243 3335 3381 3409
2678
3100 3070 3040 3010
0
500
1000
1500
2000
2500
3000
3500
4000
2009-10 2010-11 2011-12 2012-13 2013-14 *
Gro
ss S
tati
on
Heat
Rate
(kcal/
kW
h)
Panki
Actual Gross Station Heat Rate
Target Gross Station Heat Rate
2289
22632280 2274 2274
2450 2450 2450 2450 2450
2150
2200
2250
2300
2350
2400
2450
2500
2009-10 2010-11 2011-12 2012-13 2013-14 *
Gro
ss S
tati
on
Heat
Rate
(kC
al/
kW
h)
Anpara 'B'
Actual Gross Station Heat Rate
Target Gross Station Heat Rate
3486 3436
24632500 2500 2500
0
500
1000
1500
2000
2500
3000
3500
4000
2011-12 2012-13 2013-14 *
Gro
ss S
tati
on
Heat
Rate
(kcal/
kW
h)
Harduaganj Extn.
Actual Gross Station Heat Rate
Target Gross Station Heat Rate
4119
4706 4561 4645
3675
26783100 3070 3040 3010
0500
100015002000250030003500400045005000
2009-10 2010-11 2011-12 2012-13 2013-14 *
Gro
ss S
tati
on
Heat
Rate
(kC
al/
kW
h)
Financial Year
Harduaganj
Actual Gross Station Heat Rate
Target Gross Station Heat Rate
Uttar Pradesh Electricity Regulatory Commission
Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 44
30793106
2900 2900
2750
2800
2850
2900
2950
3000
3050
3100
3150
2012-13 2013-14 *
Gro
ss S
tati
on
Heat
Rate
(kC
al/kW
h)
Kundarkhi
Actual Gross Station Heat Rate
Target Gross Station Heat Rate
3198
3107
2900 2900
2750
2800
2850
2900
2950
3000
3050
3100
3150
3200
3250
2012-13 2013-14 *
Gro
ss S
tati
on
Heat
Rate
(kC
al/kW
h)
Utraula
Actual Gross Station Heat Rate
Target Gross Station Heat Rate
30793093
2900 2900
2800
2850
2900
2950
3000
3050
3100
3150
2012-13 2013-14 *
Gro
ss S
tati
on
Heat
Rate
(kC
al/
kW
h)
Maqsoodapur
Actual Gross Station Heat Rate
Target Gross Station Heat Rate
30773091
2900 2900
2800
2850
2900
2950
3000
3050
3100
3150
2012-13 2013-14 *
Gro
ss S
tati
on
Heat
Rate
(kC
al/
kW
h)
Barkhera
Actual Gross Station Heat Rate
Target Gross Station Heat Rate
31043134
2900 2900
2750
2800
2850
2900
2950
3000
3050
3100
3150
3200
2012-13 2013-14 *
Gro
ss S
tati
on
Heat
Rate
(kC
al/
kW
h)
Khamberkhera
Actual Gross Station Heat Rate
Target Gross Station Heat Rate
2480
2597
2574
2520
2500 2500 2500 2500
2420
2440
2460
2480
2500
2520
2540
2560
2580
2600
2620
2010-11 2011-12 2012-13 2013-14 *
Gro
ss S
tati
on
Heat
Rate
(kC
al/
kW
h)
Rosa
Actual Gross Station Heat Rate
Target Gross Station Heat Rate
Uttar Pradesh Electricity Regulatory Commission
Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 45
Comparison of actual vs. target auxiliary consumption for existing generating
stations during FY 2009-10 to FY 2013-144
4 For FY 2013-14 the figures correspond to performance upto December 2013
16.9117.96
21.7120.19
17.821
11.5 11.3 11.1 10.9 10.7
0
5
10
15
20
25
2009-10 2010-11 2011-12 2012-13 2013-14 *Au
xilia
ry E
nerg
y C
on
su
mp
tio
n(%
)
Parichha
Actual Auxiliary Energy Consumption
Target Auxiliary Energy Consumption
9.88 10.06 9.9110.81 10.783
8.5 8.5 8.5 8.5 8.5
0.00
2.00
4.00
6.00
8.00
10.00
12.00
2009-10 2010-11 2011-12 2012-13 2013-14 *
Au
xilia
ry E
nerg
y C
on
su
mp
tio
n (%
)
Anpara 'A'
Actual Auxiliary Energy Consumption
Target Auxiliary Energy Consumption
10.65 10.95 10.529.2
10.689
9 9 9 9
0.00
2.00
4.00
6.00
8.00
10.00
12.00
2009-10 2010-11 2011-12 2012-13 2013-14 *
Au
xil
iary
En
erg
y C
on
su
mp
tio
n(%
)
Financial Year
Parichha Extension
Actual Auxiliary Energy Consumption
Target Auxiliary Energy Consumption
9.69
9.425
9 9
8.60
8.80
9.00
9.20
9.40
9.60
9.80
2012-13 2013-14 *
Au
xil
iary
En
erg
y C
on
su
mp
tio
n (
%)
Parichha Extension 2nd stage
Actual Auxiliary Energy Consumption
Target Auxiliary Energy Consumption
Uttar Pradesh Electricity Regulatory Commission
Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 46
15.69 15.1816.24 16.71
11.57211 10.8 10.6 10.2 10
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
2009-10 2010-11 2011-12 2012-13 2013-14 *
Au
xil
iary
En
erg
y C
on
su
mp
tio
n (
%)
Obra 'A'
Actual Auxiliary Energy Consumption
Target Auxiliary Energy Consumption
14.9615.97
14.1 14.76
20.525
11.5 11.3 11.1 10.9 10.5
0.00
5.00
10.00
15.00
20.00
25.00
2009-10 2010-11 2011-12 2012-13 2013-14 *
Au
xil
iary
En
erg
y C
on
su
mp
tio
n (
%)
Harduaganj
Actual Auxiliary Energy Consumption
Target Auxiliary Energy Consumption
12.1912.85
10.619.93 10.08510.5 10.3 10.1 9.9 9.7
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
2009-10 2010-11 2011-12 2012-13 2013-14 *
Au
xilia
ry E
nerg
y C
on
su
mp
tio
n (
%)
Obra 'B'
Actual Auxiliary Energy Consumption
Target Auxiliary Energy Consumption
7.667.51
7.42
8.14
7.638
7 7 7 7 7
6.40
6.60
6.80
7.00
7.20
7.40
7.60
7.80
8.00
8.20
8.40
2009-10 2010-11 2011-12 2012-13 2013-14 *
Au
xil
iary
En
erg
y C
on
su
mp
tio
n (
%)
Anpara 'B'
Actual Auxiliary Energy Consumption
Target Auxiliary Energy Consumption
10.02
11.05
9.0079 9 9
0.00
2.00
4.00
6.00
8.00
10.00
12.00
2011-12 2012-13 2013-14 *
Au
xilia
ry E
nerg
y C
on
su
mp
tio
n (
%)
Harduaganj Extn.
Actual Auxiliary Energy Consumption
Target Auxiliary Energy Consumption
13.6712.24
13.68 13.86
11 10.8 10.6 10.2 9.8
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
2009-10 2010-11 2011-12 2012-13 2013-14 *
Au
xil
iary
En
erg
y C
on
su
mp
tio
n (
%)
Panki
Actual Auxiliary Energy Consumption
Target Auxiliary Energy Consumption
Uttar Pradesh Electricity Regulatory Commission
Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 47
11.72
11.12
11 11
10.60
10.80
11.00
11.20
11.40
11.60
11.80
2012-13 2013-14 *
Au
xil
iary
En
erg
y C
on
su
mp
tio
n (
%)
Kundarkhi
Actual Auxiliary Energy Consumption
Target Auxiliary Energy Consumption
12.28
11.1811 11
10.00
10.50
11.00
11.50
12.00
12.50
2012-13 2013-14 *
Au
xilia
ry E
nerg
y C
on
su
mp
tio
n (
%)
Utraula
Actual Auxiliary Energy Consumption
Target Auxiliary Energy Consumption
11.78
11.45
11 11
10.60
10.80
11.00
11.20
11.40
11.60
11.80
12.00
2012-13 2013-14 *
Au
xil
iary
En
erg
y C
on
su
mp
tio
n (
%)
Maqsoodapur
Actual Auxiliary Energy Consumption
Target Auxiliary Energy Consumption
11.78
11.38
11 11
10.60
10.80
11.00
11.20
11.40
11.60
11.80
12.00
2012-13 2013-14 *
Au
xilia
ry E
nerg
y C
on
su
mp
tio
n (%
)
Barkhera
Actual Auxiliary Energy Consumption
Target Auxiliary Energy Consumption
11
9 9 99 9 9 9
0
2
4
6
8
10
12
2010-11 2011-12 2012-13 2013-14 *
Au
xilia
ry E
nerg
y C
on
su
mp
tio
n (
%)
Rosa
Actual Auxiliary Energy Consumption
Target Auxiliary Energy Consumption
11.65
11.17
11 11
10.60
10.80
11.00
11.20
11.40
11.60
11.80
2012-13 2013-14 *
Au
xilia
ry E
nerg
y C
on
su
mp
tio
n (%
)
Khamberkhera
Actual Auxiliary Energy Consumption
Target Auxiliary Energy Consumption
Uttar Pradesh Electricity Regulatory Commission
Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 48
11.97
9.1
3.01
5.65 6.007
3 2.9 2.8 2.7 2.6
0
2
4
6
8
10
12
14
2009-10 2010-11 2011-12 2012-13 2013-14 *
Seco
nd
ary
Fu
el O
il C
on
su
mp
tio
n
(ml/
kW
h)
Parichha
Actual Secondary Fuel Oil Consumption
Target Secondary Fuel Oil Consumption
1.611.32
2.06
2.86
2.532
2 2 2 2 2
0
1
1
2
2
3
3
4
2009-10 2010-11 2011-12 2012-13 2013-14 *Seco
nd
ary
Fu
el O
il C
on
su
mp
tio
n
(ml/
kW
h)
Anpara 'A'
Actual Secondary Fuel Oil Consumption
Target Secondary Fuel Oil Consumption
Comparison of actual vs. target secondary fuel oil consumption for existing
generating stations during FY 2009-10 to FY 2013-145
5 For FY 2013-14 the figures correspond to performance upto December 2013
4.27
5.27
1.351.76
3.491
2 2 2 2 2
0.00
1.00
2.00
3.00
4.00
5.00
6.00
2009-10 2010-11 2011-12 2012-13 2013-14 *
Seco
nd
ary
Fu
el O
il C
on
su
mp
tio
n
(ml/
kW
h)
Financial Year
Parichha Extension
Actual Secondary Fuel Oil Consumption
Target Secondary Fuel Oil Consumption
2.95
3.462
1 1
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
2012-13 2013-14 *
Seco
nd
ary
Fu
el O
il C
on
su
mp
tio
n
(ml/
kW
h)
Financial Year
Parichha Extension 2nd stage
Actual Secondary Fuel Oil Consumption
Target Secondary Fuel Oil Consumption
Uttar Pradesh Electricity Regulatory Commission
Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 49
0.31 0.260.46
0.57
0.309
2 2 2 2 2
0
1
1
2
2
3
2009-10 2010-11 2011-12 2012-13 2013-14 *Seco
nd
ary
Fu
el O
il C
on
su
mp
tio
n
(ml/kW
h)
Anpara 'B'
Actual Secondary Fuel Oil Consumption
Target Secondary Fuel Oil Consumption
9.39
8.34
3.66
5.364.839
4 3.8 3.6 3.4 3.2
0
1
2
3
4
5
6
7
8
9
10
2009-10 2010-11 2011-12 2012-13 2013-14 *S
eco
nd
ary
Fu
el O
il C
on
su
mp
tio
n
(ml/
kW
h)
Obra 'A'
Actual Secondary Fuel Oil Consumption
Target Secondary Fuel Oil Consumption
3.42
4.63
2.322.1
2.8562.5 2.4 2.3 2.2 2.1
0
1
1
2
2
3
3
4
4
5
5
2009-10 2010-11 2011-12 2012-13 2013-14 *Seco
nd
ary
Fu
el O
il C
on
su
mp
tio
n
(ml/
kW
h)
Obra 'B'
Actual Secondary Fuel Oil Consumption
Target Secondary Fuel Oil Consumption
3.62 3.78
2.77
5.926.51
2.5 2.4 2.3 2.2 2.1
0
1
2
3
4
5
6
7
2009-10 2010-11 2011-12 2012-13 2013-14 *Seco
nd
ary
Fu
el O
il C
on
su
mp
tio
n
(ml/
kW
h)
Panki
Actual Secondary Fuel Oil Consumption
Target Secondary Fuel Oil Consumption
9.77
21.7
2.43
9.23 10.157
4.5 4.3 4.1 3.9 3.7
0
5
10
15
20
25
2009-10 2010-11 2011-12 2012-13 2013-14 *S
eco
nd
ary
Fu
el O
il C
on
su
mp
tio
n
(ml/
kW
h)
Harduaganj
Actual Secondary Fuel Oil Consumption
Target Secondary Fuel Oil Consumption
4.075
11.04
4.689
1 1 1
0
2
4
6
8
10
12
2011-12 2012-13 2013-14 *Seco
nd
ary
Fu
el O
il C
on
su
mp
tio
n
(ml/
kW
h)
Harduaganj Extn.
Actual Secondary Fuel Oil Consumption
Target Secondary Fuel Oil Consumption
Uttar Pradesh Electricity Regulatory Commission
Discussion Paper on UPERC (Terms and Conditions of Generation Tariff) Regulations for 2014-19 50
1.65
1.0001 1
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
2012-13 2013-14 *
Seco
nd
ary
Fu
el O
il C
on
su
mp
tio
n
(ml/
kW
h)
Financial Year
Khamberkhera
Actual Secondary Fuel Oil Consumption
Target Secondary Fuel Oil Consumption
1.78
1.001 1
0.000.200.400.600.801.001.201.401.601.802.00
2012-13 2013-14 *
Seco
nd
ary
Fu
el O
il C
on
su
mp
tio
n
(ml/
kW
h)
Financial Year
Kundarkhi
Actual Secondary Fuel Oil Consumption
Target Secondary Fuel Oil Consumption
1.79
1.001 1
0.000.200.400.600.801.001.201.401.601.802.00
2012-13 2013-14 *
Seco
nd
ary
Fu
el O
il C
on
su
mp
tio
n
(ml/
kW
h)
Financial Year
Utraula
Actual Secondary Fuel Oil Consumption
Target Secondary Fuel Oil Consumption
1.71
1.0001 1
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
2012-13 2013-14 *
Seco
nd
ary
Fu
el O
il C
on
su
mp
tio
n
(ml/
kW
h)
Financial Year
Barkhera
Actual Secondary Fuel Oil Consumption
Target Secondary Fuel Oil Consumption
1.72
1.0001 1
0.000.200.400.600.801.001.201.401.601.802.00
2012-13 2013-14 *
Seco
nd
ary
Fu
el O
il C
on
su
mp
tio
n
(ml/
kW
h)
Financial Year
Maqsoodapur
Actual Secondary Fuel Oil Consumption
Target Secondary Fuel Oil Consumption