Generation Charge. ILPI shall pay the generation charge consisting of variable and fixed charges, subject to annual adjustments. The generation charge to be paid by ILPI will depend on whether power is delivered before the Commercial Operation Date or beginning on Commercial Operation Date. ILPI will pay the Monthly Payments for electricity supplied beginning on Commercial Operation and the Commissioning Output Charge for electricity supplied prior to the Commercial Operation Date; A. Beginning on Commercial Operation Date A.1 Capital Recovery Fees (CRF) Capital Recovery Fees which shall be computed as follows: CRF Where: CRFba•• = CRFba•• - CC - [Forexadj + 100%) Base Capital Recovery Fee, in PhP1,414.52/ kW The weighted average Foreign exchange rate (in PhP per US$). as certified by an independent external auditor, based on actual receipts for dollar-denominated payments made to contractors during construction and ERC Case No. 2015-007 RC DECISION/May 18, 2015 development until the Scheduled Operations Date The total amount subject to adjustment for changes in the Foreign exchange rate shall not exceed US$45.5 million To illustrate, if PSPEI pays for US$ 20 Million of the total US$45.5 Million budget at a Foreign Exchange rate of PhP45.00 per US$1.00 and pays for the remaining US$ 25.5 Million in PhP40.00 per US$1.00, the Forexadj shall be computed as ((PhP45.00 per US$1.00)*(US$20 Million) + (PhP40.00 per US$1.00) * (US$25.5 Million))/(US$45.5 per US$1.00 Million) or PhP42.20 FOreXadj = CRFbase = CC = The factor to adjust the CRFbase for changes in the Foreign exchange rate (PhP per US$) during construction and development. It shall be computed as the percent increase or decrease of the ForexCONST to the ForexbaSemultiplied by 98.69% To illustrate, if ForexCONST equals PhP42.20 per US$1.00, FOreXadsj hall be [(PhP42.20 per US$1.00/ PhP42.00 per US$1.00) - 1] * (98.69%) or 0.46% Base Capital Recovery Fee, In PhP1 ,414.52/ kW PhP42.00 per US$1.00 Contracted Capacity, in kW ERC Case No. 2015-007 RC DECISION/May 18, 2015 A.2 Fixed Operation & Maintenance Fee (Fixed O&M) The Fixed O&M Fee covers the operating and maintenance costs of the Power Plant. It shall be computed according to the following formula: Fixed O&M = [(PH O&Mbase • PH CPI Index) + (US O&M base' US CPI Index' FX Index) ] • Where: PH O&Mbase = Actual Base Philippine Peso O&M Fee in PhP418.34/kW PH CPI Index = Which shall be calculated as the ratio of the Philippine Consumer Price Index (CPI) for All items, as posted by the Bangko Sentral ng Pilipinas (BSP) in ▇▇▇.▇▇▇.▇▇▇.▇▇ for the month in which the Billing period starts and the Philippine CPI [for All Items] as of the month of the signing of the agreement US O&Mbase = Actual Base US Dollar O&M Fee in PhP220.97/kW US CPI Index = Which shall be calculated as the ratio of the United Stated (US) CPI for All Items, as posted by the Bureau of Labor Statistics (BLS) in ▇▇▇.▇▇▇.▇▇▇ for the month in which the Billing period starts and the US CPI for All Items as of the month of the signing of the agreement FX Index = Which shall be calculated as the ratio of the Peso to US Dollar exchange rate, as published by the BSP on the meter reading date and PhP42.00 per US$1.00 = Contracted Capacity of 12,000 kW ERC Case No. 2015-007 RC DECISION/May Page 9 of 46 18, 2015 A.3 Variable Operation & Maintenance Fee (VAR O&M) The Variable O&M Fee covers the cost of the use of, among other items, chemicals, lubricants, spare parts, that are directly related to the generation of the Power Plant. It shall be computed according to the following formula: VARO&M = VAR O&Mbase* PH CPllndex * ED Where: VAR O&Mbase = Actual Base Philippine Peso O&M Fee in PhPO.5722/kWh PH CPllndex = As defined In Section 2.2 of this Schedule B A.4 Fuel Cost = Electricity delivered during the billing period in kWh Fuel Cost shall be computed according to the following formula: Fuel Cost Where: Coal Cost - [(Coal Cost * CReoal* Y ) + (Biomass Cost * CRblomass* (1-Y))]/Conversion Factor * ED + Savingsblomass = [Coal Pricebase* Coal Price Index + Transport + Tax] * FX Index * FXbase ERC Case No. 2015-007 RC DECISION/May 18, 2015 Coal Pricebase = Fifty percent (50%) of the globalCOAL Monthly Index for Newcastle (reported under the heading "NEWC Index") adjusted for coal quality and fifty percent (50%) of the Indonesian low-ranked coal (HBA) price index for Eco Coal, in US$/MT, for the month in which the Agreement was signed Coal Price Index = the ratio of 50% of the globalCOAL Monthly Index for Newcastle (reported under the heading "NEWC Index") adjusted for coal quality and 50% of the from Indonesian low- ranked coal (HBA) price index for Eco Coal, in US$/ton, for the month in which the billing period starts to Coal Pricebase FX Index Transport Tax CRooa' y = As defined above = Actual cost of transporting coal from source to plant site including coal handling costs, in US$/MT = Shall be the Bureau of Customs duties and any other similar government charges on coal that Supplier has actually incurred, in US$/MT, for the month in which the billing period starts = PhP42: 1US$ = Coal consumption rate equal to 0.8235 kg/kWh and escalated thereafter at rate of 1.5% per year = Percentage of energy derived from Coal ERC Case No. 2015-007 RC DECISION/May 18, 2015 .--_._'_ ..~ ~ . ,". Biomass Cost = Actual delivered cost of Biomass for rice hulls, in PhP/MT CRbiomass = Biomass consumption rate equal to 1. 1157 kg/kWh and escalated thereafter at rate of 1.5% per year. In the event that any types of Biomass other than rice hulls are available for the use in the Plant and such use is technically and commercially feasible, the CRbiomass shall be adjusted to reflect the applicable consumption rate. for such type of biomass (1- Y) = Percentage Biomass of energy derived from Conversion Factor = 1,000 kg/MT ED = As defined in A.3 Savingsbiomass = Zero or 50% • [(Coal Cost. CReca,)- (Biomass Cost • CRbiomass)J/ConversionFactor' ED • (1 - V), whichever is higher PSPEI has the option to source coal from local sources or procure biomass if the fuel cost for the locally sourced coal or biomass is lower than the fuel cost for foreign sourced fuel as computed in accordance with the above formula A.5 Taxes Taxes shall mean Value Added Tax and other applicable taxes, if any ERC Case No. 2015-007 RC DECISION/May 18, 2015 A.6 Reimbursable Cost Payments (RCP) The Reimbursable Cost Payment for each billing period shall be derived from the definitions of Replacement Capacity and Energy and Back-up Capacity and Energy under Section 8.6, based on the following formula: RCP = RCEC + BCEC + ORC Where: A.6.1 Replacement Capacity and Energy Costs (RCEC) ILPI shall pay PSPEI Replacement Capacity and Energy Costs in accordance with the invoice provided by PSPEI of the Replacement Capacity and Energy A.6.2 Backup Capacity and Energy Costs (BCEC) ILPI shall pay PSPEI Backup Capacity and Energy Cost equivalent to the Monthly Payment had there been no Forced Outage
Appears in 1 contract
Sources: Power Supply Agreement (Psa)
Generation Charge. ILPI shall pay the generation charge consisting of variable and fixed charges, subject to annual annual. adjustments. The generation charge to be paid by ILPI will depend on whether power is delivered before the Commercial Operation Date or beginning on Commercial Operation Date. ILPI will pay the Monthly Payments for electricity supplied beginning on Commercial Operation and the Commissioning Output Charge for electricity supplied prior to the Commercial Operation Date;
A. Beginning on Commercial Operation Date
A.1 Capital Recovery Fees (CRF) Capital Recovery Fees which shall be computed as follows: CRF Where: CRFba•• = CRFba•• - CRFbase* CC - * [Forexadj + 100%) ] CRFbase = Forexconst = Base Capital Recovery Fee, in PhP1,414.52/ kW The weighted average Foreign exchange rate (in PhP per US$). , as certified by an independent external auditor, based on actual receipts for dollar-denominated payments made to contractors during construction and ERC Case No. 2015-007 RC DECISIONORDER/May 18February 2, 2015 development until the Scheduled Operations Date The total amount subject to adjustment for changes in the Foreign exchange rate shall not exceed US$45.5 million To illustrate, if PSPEI pays for US$ 20 Million of the total US$45.5 Million budget at a Foreign Exchange rate of PhP45.00 per US$1.00 and pays for the remaining US$ 25.5 Million in PhP40.00 per US$1.00, the Forexadj FOreXadj shall be computed as ((PhP45.00 per US$1.00)*(US$20 Million) + (PhP40.00 per US$1.00) * (US$25.5 Million))/(US$45.5 per US$1.00 Million) or PhP42.20 FOreXadj = CRFbase = CC ForeXbase = The factor to adjust the CRFbase for changes in the Foreign exchange rate (PhP per US$) during construction and development. It shall be computed as the percent increase or decrease of the ForexCONST to the ForexbaSemultiplied Forexbasemultiplied by 98.69% To illustrate, if ForexCONST equals PhP42.20 per US$1.00, FOreXadsj hall be [(PhP42.20 per US$1.00/ PhP42.00 per US$1.00) - 1-1] * (98.69%98.690/0) or 0.46% Base Capital Capital. Recovery Fee, In PhP1 ,414.52/ in PhP1,414.52/ kW PhP42.00 per US$1.00 Contracted Capacity, in kW ERC Case No. 2015-007 RC DECISIONORDER/May 18February 2, 2015 A.2 Fixed Operation & Maintenance Fee (Fixed O&M) The Fixed O&M Fee covers the operating and maintenance costs of the Power Plant. It shall be computed according to the following formula: Fixed O&M = [(PH O&Mbase • * PH CPI Index) + (US O&M base' base * US CPI Index' Index * FX Index) ] • * CC Where: PH O&Mbase = Actual Base Philippine Peso O&M Fee in PhP418.34/kW PH CPI Index = Which shall be calculated as the ratio of the Philippine Consumer Price Index (CPI) for All items, as posted by the Bangko Sentral ng Pilipinas (BSP) in ▇▇▇.▇▇▇.▇▇▇.▇▇ for the month in which the Billing period starts and the Philippine CPI [for All Items] as of the month of the signing of the agreement US O&Mbase = Actual Base US Dollar O&M Fee in PhP220.97/kW US CPI Index = Which shall be calculated as the ratio of the United Stated (US) CPI for All Items, as posted by the Bureau of Labor Statistics (BLS) in ▇▇▇.▇▇▇.▇▇▇ for the month in which the Billing period starts and the US CPI for All Items as of the month of the signing of the agreement FX Index = Which shall be calculated as the ratio of the Peso to US Dollar exchange rate, as published by the BSP on the meter reading date and PhP42.00 per US$1.00 = Contracted Capacity of 12,000 kW ERC Case No. 2015-007 RC DECISIONORDER/May Page 9 of 46 18February 2, 2015 A.3 Variable Operation & Maintenance Fee (VAR O&M) The Variable O&M Fee covers the cost of the use of, among other items, chemicals, lubricants, spare parts, that are directly related to the generation of the Power Plant. It shall be computed according to the following formula: VARO&M = VAR O&Mbase* PH CPllndex CPI Index * ED Where: VAR O&Mbase = Actual Base Philippine Peso O&M Fee in PhPO.5722/kWh PH CPllndex = As defined In in Section 2.2 of this Schedule B
A.4 Fuel Cost = Electricity delivered during the billing period in kWh Fuel Cost shall be computed according to the following formula: Fuel Cost Where: Coal Cost - [(Coal Cost * CReoal* Y ) + (Biomass Cost * CRblomass* (1-Y))]/Conversion Factor * ED + Savingsblomass = [Coal Pricebase* Coal Price Index + Transport + Tax] * FX Index * FXbase ERC Case No. 2015-007 RC DECISION/May 18, 2015 Coal Pricebase = Fifty percent (50%) of the globalCOAL Monthly Index for Newcastle (reported under the heading "NEWC Index") adjusted for coal quality and fifty percent (50%) of the Indonesian low-ranked coal (HBA) price index for Eco Coal, in US$/MT, for the month in which the Agreement was signed Coal Price Index = the ratio of 50% of the globalCOAL Monthly Index for Newcastle (reported under the heading "NEWC Index") adjusted for coal quality and 50% of the from Indonesian low- ranked coal (HBA) price index for Eco Coal, in US$/ton, for the month in which the billing period starts to Coal Pricebase FX Index Transport Tax CRooa' y = As defined above = Actual cost of transporting coal from source to plant site including coal handling costs, in US$/MT = Shall be the Bureau of Customs duties and any other similar government charges on coal that Supplier has actually incurred, in US$/MT, for the month in which the billing period starts = PhP42: 1US$ = Coal consumption rate equal to 0.8235 kg/kWh and escalated thereafter at rate of 1.5% per year = Percentage of energy derived from Coal ERC Case No. 2015-007 RC DECISION/May 18, 2015 .--_._'_ ..~ ~ . ,". Biomass Cost = Actual delivered cost of Biomass for rice hulls, in PhP/MT CRbiomass = Biomass consumption rate equal to
1. 1157 kg/kWh and escalated thereafter at rate of 1.5% per year. In the event that any types of Biomass other than rice hulls are available for the use in the Plant and such use is technically and commercially feasible, the CRbiomass shall be adjusted to reflect the applicable consumption rate. for such type of biomass (1- Y) = Percentage Biomass of energy derived from Conversion Factor = 1,000 kg/MT ED = As defined in A.3 Savingsbiomass = Zero or 50% • [(Coal Cost. CReca,)- (Biomass Cost • CRbiomass)J/ConversionFactor' ED • (1 - V), whichever is higher PSPEI has the option to source coal from local sources or procure biomass if the fuel cost for the locally sourced coal or biomass is lower than the fuel cost for foreign sourced fuel as computed in accordance with the above formula A.5 Taxes Taxes shall mean Value Added Tax and other applicable taxes, if any ERC Case No. 2015-007 RC DECISION/May 18, 2015
A.6 Reimbursable Cost Payments (RCP) The Reimbursable Cost Payment for each billing period shall be derived from the definitions of Replacement Capacity and Energy and Back-up Capacity and Energy under Section 8.6, based on the following formula: RCP = RCEC + BCEC + ORC Where:
A.6.1 Replacement Capacity and Energy Costs (RCEC) ILPI shall pay PSPEI Replacement Capacity and Energy Costs in accordance with the invoice provided by PSPEI of the Replacement Capacity and Energy
A.6.2 Backup Capacity and Energy Costs (BCEC) ILPI shall pay PSPEI Backup Capacity and Energy Cost equivalent to the Monthly Payment had there been no Forced Outage
Appears in 1 contract
Sources: Power Supply Agreement (Psa)
Generation Charge. ILPI shall pay the generation charge consisting of variable and fixed charges, subject to annual adjustments. The generation charge to be paid by ILPI will depend on whether power is delivered before the Commercial Operation Date or beginning on Commercial Operation Date. ILPI will pay the Monthly Payments for electricity supplied beginning on Commercial Operation and the Commissioning Output Charge for electricity supplied prior to the Commercial Operation Date;; The formula for computing these charges are as follows:
A. Beginning on Commercial Operation DateDate ILPI will pay PSPEI the Monthly Payments on a monthly basis in accordance with the following formula: Monthly Payments = Where: CRF + Fixed O&M + Variable O&M + Fuel Cost + Taxes + RCP
A.1 Capital Recovery Fees (CRF) Capital Recovery Fees which shall be computed as follows: CRF Where: CRFba•• = CRFba•• - CRFbase* CC - * [Forexadj + 100%) ] Where: CRFbase = Forexconst = FOreXadj = Base Capital Recovery Fee, in PhP1,414.52/ PhP1 ,414.52/ kW The weighted average Foreign exchange rate (in PhP per US$). , as certified by an independent external auditor, based on actual receipts for dollar-denominated payments made to contractors during construction and ERC Case No. 2015-007 RC DECISION/May 18, 2015 development until the Scheduled Operations Date The total amount subject to adjustment for changes in the Foreign exchange rate shall not exceed US$45.5 million To illustrate, if PSPEI pays for US$ 20 Million of the total US$45.5 Million budget at a Foreign Exchange rate of PhP45.00 per US$1.00 and pays for the remaining US$ 25.5 Million in PhP40.00 per US$1.00, the Forexadj FOreXadj shall be computed as ((PhP45.00 per US$1.00)*(US$20 Million) + (PhP40.00 per US$1.00) * (US$25.5 Million))/(US$45.5 per US$1.00 Million) or PhP42.20 FOreXadj = CRFbase = CC = per US$1.00 The factor to adjust the CRFbase for changes in the Foreign exchange rate (PhP per US$) during construction and development. It shall be computed as the percent increase or decrease of the ForexCONST to the ForexbaSemultiplied Forexbasemultiplied by 98.69% To illustrate, if ForexCONST equals PhP42.20 per US$1.00, FOreXadsj hall FOreXadjshall be [(PhP42.20 per US$1.00/ PhP42.00 per US$1.00) - 1] * (98.69%) or 0.46% CRFbase = Forexbase = CC = Base Capital Recovery Fee, In PhP1 ,414.52/ kW PhP42.00 per US$1.00 Contracted Capacity, in kW ERC Case No. 2015-007 RC DECISION/May 18, 2015 kW
A.2 Fixed Operation & Maintenance Fee (Fixed O&M) The Fixed O&M Fee covers the operating and maintenance costs of the Power Plant. It shall be computed according to the following formula: Fixed O&M = [(PH O&Mbase • O&Mbase* PH CPI Index) + (US O&M base' * US CPI Index' Index * FX Index) ] • * CC Where: PH O&Mbase = Actual Base Philippine Peso O&M Fee in PhP418.34/kW PH CPI Index = Which shall be calculated as the ratio of the Philippine Consumer Price Index (CPI) for All items, as posted by the Bangko Sentral ng Pilipinas (BSP) in ▇▇▇.▇▇▇.▇▇▇.▇▇ for the month in which the Billing period starts and the Philippine CPI [for All Items] as of the month of the signing of the agreement US O&Mbase = O&Mbase= Actual Base US Dollar O&M Fee in PhP220.97/kW US CPI Index = Which shall be calculated as the ratio of the United Stated (US) CPI for All Items, as posted by the Bureau of Labor Statistics (BLS) in ▇▇▇.▇▇▇.▇▇▇ for the month in which the Billing period starts and the US CPI for All Items as of the month of the signing of the agreement ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇.▇▇ ▇▇▇▇://▇▇▇.▇▇▇.▇▇▇ FX Index = Which shall be calculated as the ratio of the Peso to US Dollar exchange rate, as published by the BSP on the meter reading date and PhP42.00 per US$1.00 = Contracted Capacity of 12,000 kW ERC Case No. 2015-007 RC DECISION/May Page 9 of 46 18, 2015 A.3 Variable Operation & Maintenance Fee (VAR O&M) The Variable O&M Fee covers the cost of the use of, among other items, chemicals, lubricants, spare parts, that are directly related to the generation of the Power Plant. It shall be computed according to the following formula: VARO&M = VAR O&Mbase* PH CPllndex CPI Index * ED Where: VAR O&Mbase = Actual Base Philippine Peso O&M Fee in PhPO.5722/kWh PH CPllndex = As defined In Section 2.2 of this Schedule BB ED
A.4 Fuel Cost = Electricity delivered during the billing period in kWh Fuel Cost shall be computed according to the following formula: Fuel Cost Where: Coal Cost - = [(Coal Cost * CReoalCRcoal* Y ) + (Biomass Cost * CRblomassCRbiomass* (1-Y))]/Conversion Factor * ED + Savingsblomass Savingsbiomass Where: Coal Cost Where: = [Coal Pricebase* Coal Price Index + Transport + Tax] * FX Index * FXbase ERC Case No. 2015-007 RC DECISION/May 18, 2015 Coal Pricebase = Fifty percent (50%) of the globalCOAL Monthly Index for Newcastle (reported under the heading "NEWC Index") adjusted for coal quality and fifty percent (50%) of the Indonesian low-ranked coal (HBA) price index for Eco Coal, in US$/MT, for the month in which the Agreement was signed Coal Price Index = the ratio of 50% of the globalCOAL Monthly Index for Newcastle (reported under the heading "NEWC Index") adjusted for coal quality and 50% of the from Indonesian low- ranked coal (HBA) price index for Eco Coal, in US$/ton, for the month in which the billing period starts to Coal Pricebase FX Index Transport Tax CRooa' y = As defined above = Actual cost of transporting coal from source to plant site including coal handling costs, in US$/MT = Shall be the Bureau of Customs duties and any other similar government charges on coal that Supplier has actually incurred, in US$/MT, for the month in which the billing period starts = PhP42: 1US$ CRcoal = Coal consumption rate equal to 0.8235 kg/kWh and escalated thereafter at rate of 1.5% per year Y = Percentage of energy derived from Coal ERC Case No. 2015-007 RC DECISION/May 18, 2015 .--_._'_ ..~ ~ . ,". Biomass Cost = Actual delivered cost of Biomass for rice hulls, in PhP/MT CRbiomass = Biomass consumption rate equal to
1. 1157 to 1.1157 kg/kWh and escalated thereafter at rate of 1.5% per year. In the event that any types of Biomass other than rice hulls are available for the use in the Plant and such use is technically and commercially feasible, the CRbiomass shall be adjusted to reflect the applicable consumption rate. rate for such type of biomass (1- 1-Y) = Percentage Biomass of energy derived from Biomass Conversion Factor = 1,000 kg/MT ED Savingsbiomass = As defined in A.3 Savingsbiomass = Zero or 50% • * [(Coal Cost. CReca,)- Cost * CRcoal)- (Biomass Cost • CRbiomass)J/ConversionFactor' * CRbiomass)]/ConversionFactor * ED • * (1 - VY), whichever is higher PSPEI has the option to source coal from local sources or procure biomass if the fuel cost for the locally sourced coal or biomass is lower than the fuel cost for foreign sourced fuel as computed in accordance with the above formula formula
A.5 Taxes Taxes shall mean Value Added Tax and other applicable taxes, if any ERC Case No. 2015-007 RC DECISION/May 18, 2015
A.6 Reimbursable Cost Payments (RCP) The Reimbursable Cost Payment for each billing period shall be derived from the definitions of Replacement Capacity and Energy and Back-up Capacity and Energy under Section 8.6, based on the following formula: RCP = RCEC + BCEC + ORC Where:
A.6.1 Replacement Capacity and Energy Costs (RCEC) ILPI shall pay PSPEI Replacement Capacity and Energy Costs in accordance with the invoice provided by PSPEI of the Replacement Capacity and Energy
A.6.2 Backup Capacity and Energy Costs (BCEC) ILPI shall pay PSPEI Backup Capacity and Energy Cost equivalent to the Monthly Payment had there been no Forced Outageany
Appears in 1 contract
Sources: Power Supply Agreement