Chibro Petition - UJVN Limited Dehradun...

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True-up of FY09, FY10, FY11 & MYT Petition for FY14, FY15, FY16capitalisation as approved by the Hon’ble Commission till 2007-08, theopening equity for FY 2008-09 is calculated as Rs. 27.65 Crores. Based on theAdditional Capitalisation occurred from 2008-09 onwards as explained in thesection 1.2 the equity base is increasing at a rate of 30% of additionalcapitalisation in each year from FY 2008-09 onwards. In accordance with TariffRegulations 2004, 14% Return on Equity has been adopted for Chibro HEP. Theresultant returns are as follows:Table 5: Return on Equity for True Up Years (Rs. Crores)1.4.3 It is respectfully prayed that the Return on Equity proposed in accordancewith above table as Rs. 3.91 Crore, Rs. 3.97 Crore and Rs. 4.01 Crore for the FY2008-09, FY 2009-10 and FY 2010-11 respectively may kindly be consideredand allowed by the Hon’ble Commission.1.5 Depreciation1.5.1 The accumulated depreciation in the end of FY 2007-08 on opening capitalcost of Rs. 87.89 Crores is Rs. 79.10 Crores.1.5.1 In the Tariff Order dated April 4, 2012, Hon’ble Commission instructed thePetitioner to claim the depreciation on additional capitalisation from the nextTariff filing in accordance with the rates specified under the Regulations fordifferent class of assets instead of claiming it at 2.66%.1.5.2 It is submitted that the depreciation on Additional Capitalisation from FY2001-02 onwards has been computed based on the rates specified under theTariff Regulations 2004 and 2011 as applicable for relevant year.1.5.3 In the previous Tariff Orders methodology of calculation of depreciation wasbased on only opening balance of additional capitalisation of financial year forChibro HEP November 2012 Page 5
True-up of FY09, FY10, FY11 & MYT Petition for FY14, FY15, FY16which depreciation is being calculated. However, this methodology does notconsider the depreciation of asset and usage of such asset for a particularperiod of the financial year in which asset is commissioned. Hence, Petitioneris proposing to calculate depreciation based on the average of opening andclosing balance of Additional Capitalisation of Asset.1.5.4 The following rates have been considered for the purpose of calculatingdepreciation:1.5.4.1 On Opening GFA – No Depreciation is claimed since 90% depreciation hasalready been recovered.1.5.4.2 On Additional Capitalisation from FY 2001-02 to FY 2011-12 onwards: Ratesof depreciation are as underTable 6: Rates of Depreciation (Tariff Regulations 2004)Table 7: Depreciation for FYs 2008-09 on Additional Capitalisation (Rs. Crore)Table 8: Depreciation for FY 2009-10 on Additional Capitalisation (Rs. Crore)Chibro HEP November 2012 Page 6
Page 3 and 4: A. Specific Legal Provisions under
Page 5 and 6: True-up of FY09, FY10, FY11 & MYT P
Page 11: True-up of FY09, FY10, FY11 & MYT P

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