Chibro Petition - UJVN Limited Dehradun...

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True-up of FY09, FY10, FY11 & MYT Petition for FY14, FY15, FY16tax rates, the same may be taken care at the time of Truing Up for relevantyear.2.2.6 In accordance with explanation given as above RoE has been calculated asunder:Table 18: Calculation of RoE for FY 2013-14 to 2015-16 (Rs. Crores)2.2.7 It is respectfully prayed that the Return on Equity proposed in accordancewith above table as Rs. 6.74 Crore, Rs. 6.74 Crore and Rs. 6.74 Crore for the FY2013-14, FY 2014-15 and FY 2015-16 respectively may kindly be consideredand allowed by the Hon’ble Commission.2.3 Depreciation2.3.1 Relevant provisions pertaining to depreciation under Regulation 29 of TariffRegulation 2011 are reproduced as under29(1) – “The value base for the purpose of depreciation shall be the capital costof the asset admitted by the Commission.”29(2) “The salvage value of the asset shall be considered as 10% anddepreciation shall be allowed up to maximum of 90% of the capital cost of theasset.”29(5) “Depreciation shall be calculated annually based on Straight Line Methodand at rates specified in Appendix - II to these Regulations.Provided that, the remaining depreciable value as on 31st March of the yearclosing after a period of 12 years from date of commercial operation shall bespread over the balance useful life of the assets.”29(6) In case of the existing projects, the balance depreciable value as on1.4.2013 shall be worked out by deducting the cumulative depreciation asadmitted by the Commission upto 31.3.2013 from the gross depreciable valueof the assets. The difference between the cumulative depreciation recoveredand the depreciation so arrived at by applying the depreciation rates asspecified in these Regulations corresponding to 12 years shall be spread overChibro HEP November 2012 Page 19
True-up of FY09, FY10, FY11 & MYT Petition for FY14, FY15, FY16the remaining period upto 12 years. The remaining depreciable value as on 31stMarch of the year closing after a period of 12 years from date of commercialoperation shall be spread over the balance life.”2.3.2 In accordance with above provisions and rates provided in Tariff Regulations2011, depreciation has been calculated based on rates tabulated as under:Table 19: Rates of Depreciation as per Tariff Regulations 20112.3.3 In accordance with considerations of Hon’ble Commission, Petitioner hasconsidered only actual Additional Capitalisation to arrive at GFA as on 1 st April2012.2.3.4 Tariff Regulations 2011 are applicable from Ist April 2013. Hence, till FY 2012-13, Petitioner has calculated depreciation based on Tariff Regulations 2004.Table 20: Depreciation in FY 2012-132.3.5 In accordance with explanation made in Section 2.3.2, Tariff Regulations 2011allows recovery of major portion of Depreciation in initial 12 years of projectoperation. Hon’ble Commission has approved depreciation till FY 2007-08Chibro HEP November 2012 Page 20
Page 3 and 4: A. Specific Legal Provisions under
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Chibro Petition - UJVN Limited Dehradun...

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