Multi-Year Tariff Petition for FY 2013-14 to FY 2015-16 - UERC

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2.6 INTEREST ON WORKING CAPITALPETITION FOR TRUE-UP OF FY 2004 TO FY 2011-12 &MYT PETITION FOR THE CONTROL PERIOD FY 2013-14 TO FY 2015-16The working capital has been computed as per the stipulations of Regulation 21 of UERC (Terms &Conditions for determination of Transmission Tariff) Regulations, 2004 on the allowable cost for thepurposes of true-up. This regulation states that“Working Capital shall cover:(a) Operation and Maintenance expenses for one month;(b) Maintenance spares @ 1% of the historical cost escalated @ 6% per annum from the date ofcommercial operation (in case of PTCUL’s transmission system transferred from UPPCL, historical costshall be the cost as on the date of unbundling of UPSEB to be escalated @ 6% p.a. thereafter), and(c) Receivables equivalent to two months of transmission charges calculated on target availability level.”The rate of interest adopted for calculating the interest on working capital is the rate which the Hon‟bleCommission had approved in the respective years‟ tariff orders.The table below depicts the year wise allowable interest on working capital:Table 4: Proposed Interest on Working Capital for True-up (Figures in Rs Crore)Particulars FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12O & M Expenses for one month 1.60 2.20 2.56 4.00 4.15 4.62 5.18 6.57Spare (1% of historical cost) 2.84 3.28 4.45 6.04 6.73 7.69 8.93 11.96Receivable (2 months) 3.98 5.13 7.16 13.00 14.45 12.64 16.96 22.15Total Working Capital 8.42 10.61 14.18 23.04 25.33 24.94 31.07 40.68Interest rate for working capital 10.25% 10.25% 10.25% 10.25% 10.25% 12.25% 11.75% 13.25%Working Capital Interest 0.86 1.09 1.45 2.36 2.60 3.06 3.65 5.392.7 INTEREST AND FINANCE CHARGESThe Petitioner seeks a true-up of Rs.142.87 Crores towards interest and finance expenses on long-termloans for the period FY 2004-05 to FY 2011-12. The year-wise interest and finance charges have beentabulated below:Particulars FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12Interest and finance charges 0.00 0.00 10.38 16.08 22.25 26.99 30.31 36.87The details of the loan profile of the Petitioner in respect of loan balances, loan drawls during the year,loan repayments and the yearly interest charges for the period FY 2004-05 to FY 2011-12 has beenPower Transmission Corporation of Uttarakhand Ltd. Page 13
PETITION FOR TRUE-UP OF FY 2004 TO FY 2011-12 &MYT PETITION FOR THE CONTROL PERIOD FY 2013-14 TO FY 2015-16compiled and presented in “Annexure-I”. The details have been presented for each scheme distinctlynamely Old REC, New REC Schemes, NABARD, REC-IV, REC-V and Computer loans from PFC.2.8 RETURN ON EQUITYThe computation of Return on Equity (RoE) has been undertaken as per the stipulations of Regulation 20of UERC (Terms & Conditions for determination of Transmission Tariff) Regulations, 2004 for thepurposes of true-up. The Regulation states that:“Return on equity shall be computed on the equity base determined in accordance with regulation 15(5)and shall be @ 14% per annum”The equity base has been calculated on the basis of scheme-wise equity contributions. The average ofopening and closing equity balance for a financial year has been considered for calculation of return onequity. The table below shows the return on equity for FY 2004-05 to FY 2011-12.Table 5: Proposed Return on Equity (Figures in Rs Crore)Particulars FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12Return on Equity 0.07 0.50 1.94 4.58 6.59 7.79 9.95 15.14The details of the computation of return on equity have been presented in Annexure-II.2.9 NON-TARIFF INCOMEThe Petitioner requests the Hon‟ble Commission to allow the non-tariff income as per the auditedaccounts as tabulated below:Table 6: Proposed Non-tariff Income (Figures in Rs Crore)Particulars FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12Non-Tariff Income 0.79 2.30 1.79 2.70 0.51 2.87 1.09 2.352.10 SUMMARY OF YEAR-WISE GAPBased on the parameters discussed above, revenue gap for each year from FY 2004-05 to FY 2011-12have been computed as provided in table below:Table 7: Revenue Gap for FY 2004-05 to FY 2011-12 for True-up (Figures in Rs Crore)Particulars FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12O&M Costs 19.16 26.41 30.74 48.00 49.76 55.46 62.20 78.79Depreciation 8.38 7.90 9.81 12.92 14.90 15.90 17.75 23.89Power Transmission Corporation of Uttarakhand Ltd. Page 14
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Multi-Year Tariff Petition for FY 2013-14 to FY 2015-16 - UERC

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