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

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PETITION FOR TRUE-UP OF FY 2004 TO FY 2011-12 &MYT PETITION FOR THE CONTROL PERIOD FY 2013-14 TO FY 2015-16Particulars 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 36.87Interest on Working Capital 0.86 1.09 1.45 2.36 2.60 3.06 3.65 5.39Return on Equity 0.07 0.50 1.94 4.58 6.59 7.79 9.95 15.14Fringe Benefit Tax 0.05Prior Period Expenses 0.02Total Expenditure 28.48 35.96 54.32 83.95 96.10 109.18 123.85 160.08Non-Tariff Income 0.79 2.30 1.79 2.70 0.51 2.87 1.09 2.35Revenue from Wheeling 23.90 30.77 42.98 78.02 86.71 75.81 101.74 132.93Total Revenue 24.69 33.07 44.77 80.72 87.22 78.68 102.83 135.27Revenue Gap 3.79 2.89 9.55 3.23 8.87 30.50 21.02 24.81A comparison of the above actual expenditure against those approved by the Hon‟ble Commission in itsrespective Tariff orders/ True-up Orders has been presented in Annexure-III.2.11 CARRYING COST ON UNDER-RECOVERED AMOUNTSThe Petitioner humbly submits to Hon‟ble Commission that it should be eligible for carrying cost on theunder-recovered amount computed as a result of the truing up exercise as such amounts are in thenature of deferred payments and requires additional financial burden on the utility. The Hon‟bleCommission has also recognized the financial hardship in this regard and has included the concept ofcarrying cost in its UERC (Terms and Conditions for Truing Up of Tariff) Regulations, 2008, which statesthat-“The Commission may allow carrying cost of such variations which shall be limited to the interest rateapproved for working capital borrowings”In this regard, it is also noteworthy to mention the APTEL judgment in Appeal No. 117 of 2008 filed byReliance Infrastructure Ltd. Distribution Business- (RInfra-D) against the MERC‟s Order dated June 4,2008 on APR Petition for FY 2007-08.The relevant extract of the said Judgment regarding carrying cost is reproduced as under:“47. As the MERC Regulations deploy the Short Term Prime Lending Rate of State Bank of India forworking out interest on Working Capital there is no reason why the same yardstick is not used when itcomes to applying interest rate on deferred payments. The licensee shall have to arrange the amount ofdeferred payment in the same way as the Working Capital. We, therefore, direct the Commission to allowShort Term Prime Lending Rate of SBI for deferred payments and incorporate the same while carryingout the truing up exercise for the year 2008-09.”Power Transmission Corporation of Uttarakhand Ltd. Page 15
PETITION FOR TRUE-UP OF FY 2004 TO FY 2011-12 &MYT PETITION FOR THE CONTROL PERIOD FY 2013-14 TO FY 2015-16Accordingly, the Petitioner submits that it has computed the carrying cost on the yearly under-recoveredamount based on the applicable SBI PLR rate as approved by the Hon‟ble Commission in the years FY2004-05 to FY 2012-13 towards interest on working capital in the respective tariff orders.The Petitioner requests the Hon‟ble Commission to allow carrying cost to the tune of Rs. 56.92 Crore asper carrying cost computations shown in the Table below:Table 8: Computation of Revenue Gap with Carrying Cost (Figures in Rs Crore)Particulars FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12 FY 13Total Gap for year 3.79 2.89 9.55 3.23 8.87 30.50 21.02 24.81Interest Rates 10.25% 10.25% 10.25% 10.25% 10.25% 12.25% 11.75% 13.25% 13.25%Cost including carrying cost forFY 05 GapCost including carrying cost forFY 06 GapCost including carrying cost forFY 07 GapCost including carrying cost forFY 08 GapCost including carrying cost forFY 09 GapCost including carrying cost forFY 10 GapCost including carrying cost forFY 11 GapCost including carrying cost forFY 12 GapTotal Gap (including carryingcost)3.99 4.40 4.85 5.34 5.89 6.61 7.39 8.37 9.483.04 3.35 3.69 4.07 4.57 5.11 5.78 6.5510.04 11.07 12.20 13.70 15.31 17.33 19.633.39 3.74 4.20 4.69 5.31 6.029.33 10.47 11.70 13.25 15.0132.37 36.17 40.96 46.3922.26 25.21 28.5526.45 29.95161.58Total Gap without carrying cost 104.66Total Carrying Cost 56.922.12 SUMMARY OF FINAL TRUING UP FROM FY 2004-05 TO 2011-12The summary of the final trued-up amount of Rs.161.58 Crore for the period FY 2004-05 to FY 2011-12including carrying cost is shown in the Table below:Table 9: Summary of Revenue Gap (Figures in Rs Crore)Particulars FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12 TotalRevenue Gap forrespective year3.79 2.89 9.55 3.23 8.87 30.50 21.02 24.81 104.66Carrying Cost up to FY2012-1356.92Total Revenue Gapincluding carrying cost161.58Power Transmission Corporation of Uttarakhand Ltd. Page 16
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Multi-Year Tariff Petition for FY 2013-14 to FY 2015-16 - UERC

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