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Assessment of the Costs of Geothermal Power Generation in New Zealand A.1 Input Financial Analysis - NZGA Cost Study Options Input Data Sheet Key Outputs copied from the other worksheets: Date in Year 0 (thereafter inflated, inVersion 12-Oct-09 Key to worksheet colours: Energy Tariff in year 0 Cents / kWh $ 7.3 $814,652,527 NZGA Option # 1 Final 300C 50MWe Inputs Calculated Cells SF POWER PLANT CAPACITY 7-Oct-09 CAPTAL COSTS OPERATIONAL DATA ECONOMIC DATA Establishment Costs Operating Parameters Energy Tariff Permitting Land acquisition Geoscientific / Environmental Well Testing Civil works and Infrastructure Site Operations Pre Feas/ Feas Repors Commerical negotiations 0.2 $M 6% 0.6 $M 17% 0.5 $M 14% 0.5 $M 14% 1.0 $M 29% 0.5 $M 14% 0.2 $M 6% - $M 0% 3.5 $M 2% Auxiliary Load Plant Nominal Net Output Recoverable Output Degradation Non-Recoverable Output Degradation Scheduled maintenance Unscheduled outages 1st Overhaul (after commissioning) Overhaul Cycle Overhaul Outage Dispatch Factor 6.0% 47 1.0% 0.10% 240 200 1.5 3 14 98% of gross MW (net) per year per year hrs/year hrs/year years years Days Energy Tariff in year 0 Tariff Adjustment 7.25 0.000% NZcperkWh year from commissioning Construction Costs Corporate Income Tax Rate Average Depreciation Insurance (on Original Capital Value) Interest on Bank Account 30.0% 8.0% 0.0% Power plant capital cost 1,900 $/kW installed (gross) 95 $M 71% % [This Factor Not Used] Spares Steamfield costs - $M 0% 650 $/kW installed (gross) Power Plant O&M (fixed) Power Plant O&M (variable) Overhaul Cost 40.00 0.0015 200,000 NZ$ /kW gross year NZ$/kWh NZ$/Overhaul Dividend Payout (% of After Tax Profit) Target Debt/Equity Debt Equity Sub Total 1 Electrical transmission - 20km transformer 3.0 $M Switchyard / Sub station 3 0 Months NZ$ Drilling Costs 21 2.00 30 Months after Constr. Start Years After Project Start Years After First Power Loan Period in years Repayment Moratorium Loan Required 20.0 0.0 0 years years NZ$ Rig DeMobe Cost per Well* 5.2 $M /well Production wells 2.0 wells required 10 $M 49% Project Start year Project Completion Date 1-Jan-10 24-Dec-39 Cost Well* Injection wells 4.2 $ M /well 2.0 wells required Carbon Credits Developers Costs Local Govt Either : or : 0.0% 0.00 of Tariff NZc per kWh (nett generation) Incoming Asset Value Sub Total 2 135 $M 79% 2.6 $M 12% Months after Constr. Start As required No At project start Yes At construct start No Yes/No Yes/No Sub Total 3 21 Legal 1.6 Financing 1.6 $M $M $M $M 1% 1% 5% 0.0% Engineering & PM mgt 8.0 - 0.0% of net profit BEFORE tax Total Project Costs 11 171 SCC 3.4 $M $M Sinclair Knight Merz. Sub Total 4 $M 7% 100% SKM Cost of Geothermal Power Report (2007 Cost Basis)R1.doc PAGE 68 50 MWe (gross) Profit after tax Nett Cash Flow Free Cash Flow NPV Internal Rate of Return Levellised Tariff - Real Levellised Tariff - Current Net Generation Levellised Net Generation Current value Current value Current value This is Nominal (No inflation adjustment - ie, if an inflation allowance is assumed, this calc is based on the inflated costs and revenue streams) The discount rate at which PV(Nett Cash Flow [incl. interest received]) equals PV(Capit Includes the impact of the assumed inflation (ie nominal). Wh 33 $M 24% 20.00 NZ$/kW gross year O&M Costs wells years 4.0 $M 7.0 $M 5% - $M 0% Well Replacement Rate Incoming Asset Value * Equity Input Pro-Rata to Debt Then New Equity Required Or Equity Input Uniformly Spread No Equity Input Spread Over First Equity Input 8.4 $M $M 39% Displaced Carbon 13% Credit value 0.50 0.00 tonne CO2/MWh NZ $/tonne CO2 159.4 Royalties * Note / MWe Generation Revenue Interest income Project Income Total Operating Costs Profit before tax Total tax $ $ $ $ $ $ $ $ IRR $ / MWh $ / MWh MWh MWh $0 $814,652,527 $308,888,143 $505,764,384 $151,729,315 $354,035,069 $524,592,069 $28,886,127 10.0% 73 73 11,230,996 3,641,303 Current value, gross income Status Current value, depends on Intere Current value Current value, O&M (incl replace Current value High Envelope Operating Costs 0% 0% 0% Steamfield O&M (total) Consumables 10% Equity Inputs: Well Replacement Cost Share of Head Office Costs NZ$/well NZ$/year 170,557,000 Project Timing Project Start Date Start Construction Construction Start Date Construction Duration Construction Cost Deviation First Power Available First Power Available Project Duration 1-Jan-08 3 1-Apr-08 21 2.5 Calendar Date Months After Project Start Debt Inputs: autodecline every autodecline 5,200,000 0 0 Yes NZ$ Yes/No NZ$ Impact of inflation is removed (so its real) No inflation re-adjustment (ie it includes inflation) =PV(Income from electricity sales, real dollars)/PV(Electricity delivered at the no =PV(Income from electricity sales, current dollars)/PV(Electricity delivered at the Economic Inputs Discount Rate Inflation 0.00% per annum per annum Corporate Finance Inputs: Loan Interest Loan Drawdown 8.00% Working Capital Debtors Stocks 0 Creditors 0 Days Revenue Days O&M Days O&M 8.00% 100% 0PDF Image | Current Costs of Geothermal Power Generation in New Zealand
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