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

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3.1.6 INTEREST ON WORKING CAPITAL LOANSPETITION FOR TRUE-UP OF FY 2004 TO FY 2011-12 &MYT PETITION FOR THE CONTROL PERIOD FY 2013-14 TO FY 2015-16The interest on working capital is worked out on normative basis as per the norms specified in the UERCTariff Regulations, 2004. The rate of interest for calculation of interest on working capital has beenconsidered at 13.25% which is similar to the rate considered in the Tariff Order for FY 2012-13.Table 15: Computation of Interest on Working Capital for FY 2012-13 (Figures in Rs Crore)Particulars 2012-13Computation of Working CapitalO&M Expenses of one month 8.59Maintenance spares 11.96Two months receivables 37.70Working Capital Requirement 58.26Rate of interest on working capital 13.25%Interest on Working Capital 7.723.1.7 RETURN ON EQUITYThe closing balance of equity for FY 2011-12 as computed in the true-up section has been considered asthe opening for FY 2012-13 and equity portion of the capitalized assets have been considered as equityaddition during FY 2012-13.ParticularsTable 16: Computation of Reasonable Equity for FY 2012-13 (Figures in Rs Crore)OpeningEquity baseas on1.4.2012Additions toGFA duringthe yearEquity % ofcapitalisedassetsEquity portionof capitalisedassetsClosingEquity as on31.3.2013(a) (b) ('c) (d=b*c) (e=a+d)REC Old Scheme 28.5 54.23 24.5% 13.29 41.79NABARD Scheme 64.8 - 22.0% - 64.80REC New Scheme - 7.14 0.0% - -REC-IV Scheme 13.0 34.84 30.0% 10.45 23.45REC-V Scheme 20.1 22.84 30.0% 6.85 26.95REC-VI - 30.0% - -REC-VII - 30.0% - -REC-VIII - 30.0% - -REC-IX 11.47 30.0% 3.44 3.44REC-X - 30.0% - -Planned Schemes to be- 30.0%funded by PFC/REC- -Grants, Deposit Works, etc - - -Other than schemes 8.6 11.42 30.0% 3.42 12.02Total Eligible Equity 135.0 141.92 37.45 172.45Power Transmission Corporation of Uttarakhand Ltd. Page 21
PETITION FOR TRUE-UP OF FY 2004 TO FY 2011-12 &MYT PETITION FOR THE CONTROL PERIOD FY 2013-14 TO FY 2015-16The rate of return of 14% has been considered as per UERC Tariff Regulations, 2004. The computationof the return on equity for FY 2012-13 is summarized in table below:Table 17: Computation of Return on Equity for FY 2012-13 (Figures in Rs Crore)Particulars FY 2012-13Total Opening Equity as on 1.04.2012 135.00Addition 37.45Closing equity for FY 2012-13 172.45ROE @14% on Average Equity 21.523.1.8 INCOME TAXIt is submitted that any taxes on incomes and any other taxes would be recovered on actual basis at thetime of final true-up for FY 2012-13.3.1.9 NON-TARIFF INCOMEThe non-tariff income has been considered in line with the approved non-tariff income of Rs. 1.24 croreas per the tariff order for FY 2012-13 dated April 4, 2012.3.1.10 AGGREGATE REVENUE REQUIREMENTAs per the parameters discussed above, the revised ARR of PTCUL for FY 2012-13 is summarized in thetable below:Table 18: Approved and Revised Estimated ARR for FY 2012-13 (Figures in Rs Crore)ParticularsApproved ARRRevisedEstimated ARRNet O&M expense 87.83 103.05Interest charges net of capitalization 29.24 41.30Depreciation 16.59 27.99Advance Against Depreciation 21.21 24.15Interest on Working Capital 5.73 7.72Reasonable Return 0.17 21.52Guarantee Fee - 1.73Net Expenditure 160.78 227.46Less: Non-Tariff Incomes 1.24 1.24Aggregate Revenue Requirement (ARR) 159.54 226.22Power Transmission Corporation of Uttarakhand Ltd. Page 22
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Multi-Year Tariff Petition for FY 2013-14 to FY 2015-16 - UERC

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