-B 0 No. Loan M121 RESTRICTED

ritr rCPYJrILL VJAiI'

This report is restricted to use within the Bank. |

i-JNdTERNATiOUNAL BAINK FOR RE C 0 NSTR 11 UT CI TIO AW IN'l V E LOiPMkIV1LN'_

IEr" Jr7%^ _ r%Lk .1 Eim

LA INSULA HYDROELECTRIC PROJECT

(CALDAS HYDROELECTRI[C COMPANY)

IN

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December 20, 1950

LUoan DeparUtelLt

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REPORT ON LA IiSuLA FifUDROELECTRIC PVWJJECT

(Caldas Hydroelectric Company)

I. Purpose and Scope of this ReDort

l. This report Dresents an analysis of the Ta Insula hydroelectric:project which is designed to determine its suitability for a Bank loan.It includes the recommendations of the Engineering Staff concerning theproject. The report is based primarily on information supplied by themanagement of the project, supplemented by investigations made for theBank by Mr. Gail Hatlhaway of the U. S. Army Engineers and bv .Ir. CarlFlesher of the Bank's Engineering Staff.

II. The Borrower

2. The Rorrower will be the Gentral Hidroelectrica ds Ca]das; TLtda.

(Caldas) which will own and operate a system consisting of:

(a) a hydroelectric project, under construction, locatedon the Chinchina Rvr

(1D) sevT-era hydroelectri+.-c p.lan.ts fo.ern,ly owne by raA, the

Mfunicipality of Manizales, but now owned by Caldas;

kc a S U b=r1LUU W V 11 tiy r b'uw W |bluut bIU l' ;vd JU

Manizales, which will later be extended to neighbor-ing communities.

3. Caldas was organized in February i944 under Colombian law as acommercial company of limited liability, its shares being held by theNational Government, the Department of Calaa, tne 'Municipality oI vianizmdles-and several smaller municipalities. As a result of mounting constructionand equipmenlt costs, the authorized capital was increased several times.Payment of subscribed capital was chiefly in the form of bonds and promie-sory notes, because the cash resources of the shareholders were limitedand subject to annual budget appropriations. Because Colombian law relat-ing to companies of this type requires that authorized capital must befully paid np in cash or physical assets et the time of incorporation,part payment in bonds and promissory nQtes led to a "nulidad absoluta,"

NOTES: (1) Rates of exchange 'rsed in this report:$1 - 1.96 pesQoI peso w $.51

(2) The $ sign is used exclusively for U.S. dollars; pesos aredesignated as such.

a technical defect in the incorporation. In oirder to remedy this legaluefec', and up aut l furtd tWU; u±nie pruv±ut aUU±Lw± LUJ iU bo CUiUibIUU cutnuic-uv

tion, the old company was dissolved on September 9, 19502 and a new comp?'.nysimultaneously incorporated under the same name, but with a larger canLta±.The new company took over all assets and liabilities of the old corapany.in forming the new company, the shareholders were credited with their pro-portionate share in the net ass ts of the old company, and paid the balanceof thei,r subscriT½tion in cashO.*'/ The following table summarizes the salientfinancial features of the actions taken:

______S_ zbac:vicvptionsValue of In net assets By

Shareholder New Shares of old Coriany In Cash Other eans(pesos) (pesos) (pesos) (pesos)

,,/

National GovtV-' 8,160,000 6,120,000 2,040,000 0Dep't of Caldas 3,200,000 2,091,285 1,108,715 0Municipality of:

llanizales 4,3459000 1,151,354 0 3,193,6461/Santa Rosa 85,000 46,067 389933 0Neira 48,000 16,500 31s500 0Palestina 24,000 4,000 20,000 0Chinchina 24,000 24,000 0 0taria 24,000 33000 21,000 0i4prsella 60OO0O 1.110 58.690 0Aranzazu 30,000 0 30000 0

Total 16,000,000 9,457,516 3,348,838 3,193,64*6

1 ITn 1 4lie of ch, the PI-J-nr- 4+ty if If--nP I1 n hao tonsfe-red Aits

generation and distribution facilities to the Central HidroelectricaAr r.l^S-. rT+A. T;_+.41a ^ F +Inia+Wn!e+>nCT Ar!ohr ; Qme,-

de Caldas In. tda0.- Details of this --ncact ion exidtion VIII.

g/ The government instrumentality holding the shares of the Nationaluoverrum-ernt is the Instit_uteU of_ Wacter Ut~.ili.zation aLer.d e Elctlrica.lDevelopment.

4. 1i th'e opirL3-on o Bank ouUser-vers whL t UtLI bee - LnLcnac W-LUAI

this company, the management of Caldas is competent and capable of satis-factory exec.ution oI the project and its operatLon atUr colm1pletUon.

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III. Description of the Project

5. B2enk financing has been requested for the hydroelectric project(La Insula) under construction and for the modernization and expansion ofthe distribution system, mainly within the municipal limits of l4anizales.

6. At a point about 11 air kilometers distant from 'fanizales (seeMaps A and r,i. a diversion dam and intake will be built on the ChinchinaRiver, below its confluence with the Rig Claro. The water will be carriedfrom an elevration of 1;365 meters ahnve sea level; thrnouh a svytem of orencanals with a total length of about 5 km,, two siphons with a total lengthof 1/2 km- annd a gravityr tunnel about 1/2 -n in length, discharging at asomewhat lower elevation into the stream bed of the Cama de Guadua. iinearth dfam having a maximum height of 15 meters and a +o+al leng+h of 0meters will be built across this stream, creating a reservoir with a uskhlesltorage capacit y of abu 1L-.4I Iullo cubi mees sufC-1r, for -ek4~ H~'.Y LJ4. Mu'-Jut, .L.4 LU.LLJ_.LVL1 UL.L~LJLLU IZLJ. I C l LL±±Z, ;iAL .ULL U J.V1 JI:t W i".L %

regulation of the power station.

7. At a future date, the waters of the Rio Campoalegre will bediverted into the stream bed of the Cama de Guadua or the water supplyincreased by other methods acceptable to the Bank. This step will ulti-mately be necessary in order to ensure that there will be sufficient waterduring the dry seasons to permit satisfaction of anticipated demand.

8. The powerhouse will be located at the La Tnsula site on theCampoalegre River at an elevation of about 1,205 meters. The effective headon the turbines will be about 124 meters, or 100 feet. The headworks fromthe reservoir will ienc'ude a pressure tunnel apd pipe 3 Igm long, equippedwith a surge tank and connecting via a steel penstock to the powerhouse.The tailworks will be simple, the wate- discharging directly into theCampoalegre River.

9. A'Ll canals and tunnels will be concrete or raasonry lined. Thesiphons will be of steel. The penstocks will be of conventional steel ccn-struction. The powerhouse will be above ground, of concrete constructionand will initially be built to accommodate three generating units. Gener-ating equipment will consist of two units using Francis type turbines, eachdirectly connected to a generator rated at 11,800 kva at 85% power factor(i.e. about 10,000 kw) and generating at L.160 volts, 60 cycles.

10 The substation at the power plant will be of the o tdoor type.Two 9,000/12,QOO kva three-phase transfitmers, each directly connected toeach of the gRneArtnrs- will sten un the oenerator voltage to the transm'.s-sion voltage of 33,000 volts. Oil circuit breakers will be used. Auxiliaryelectrical eqyuip,m.^en.t 4for t.he station will be conv.iona1

11, A 33,000 volt single-circut transmission line will be run fl-A,the power station to the outskirts of NManizales, The transmission line willbe made of aluminlm- cable with a steel core to give added strength. It willbe strung on steel towers. A second single-circuit transmission line to74lanizales will be constructed in the future, by a diffel-ent route.

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120 At 4r-laniz4 a co,.bned step-dow- s-u-- a-io anda switcning s axion

will be constructed. Provision will be made on the high-tension side (33,000volts) for connection to aduitional transmission lines to be constructed ata future date, and on the low voltage side (4,160 volts) for interconnectionwith the transmission lines originating in the existing plants purchasedfrom the urunicipality of ilanizales. The step-down substation will be equippedwith two 33/4d16 kv transformers having a rated capacity of 9,000/12,030 iva,and with the necessary switching, protective, and control devices.

13. The distribution system for the Municipality of Aanizales willihavean initial capacity of 12,000 kva, with provision for future expansion asthe demand for power increases. The basic scheme involves the initial su'b-division of the City of 'Ianizales into four zones: Central, Industr'al,Residential and Palogrande-Enoa. These will be supplied by eight radialprimary feeders of 1,500 kva nominal capacity each. The Central and Incus-trial zones will carry three feeders each. with the remaining two supplviagthe last two zones. The primary feeders will be Partly of underground ru'bberinsulated cable and rarUlv of weathernroofed cable strung on steel oosts.The primary distribution voltage of 4,160 volts will be reducad by means oftransforners to the final consumption voltages of /n0 and ip0. 7'aeh trcna-forrmer will be connected to its own secondary distribution grid. Intercoa-nectionS 11ill-- b10e providied for +oh h y "imry and seonn " tiJc1iQri,JnJ

systems, in order to furnish a high degree of continuity of service.

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able features of this project as presermly conceived. River gauging nearthe UvVerJion point was btarted as late as a 945* Rainfall rtecordu are avall-able for lianizales since 1929, but these records cannot be correlated withstreamflow data. Gaugings are available from the lianizales municipal hydro-plant on the Chinchina River above its confluence with the Rio Claro. Theserecords are available from 1940 and include the exceptionally dry year of1941.

15. In the absence of adequate streamflow data, iTarsons, Brinckerhooff,Hogan and IMacDonald, the design engineers for the project, adopted the methodof using the minimum recorded flow of the Chinchina Rirer at Mlanizales andcalculating the flow of the Claro on the basis of ratio of drainage areas.They arrived at a minimum daily flow available for the new station of 4.6eubic meters per second. The duration of this minimum may be as much as15 davs.

16. Thera are two drv seasons in this region. each lasting about twomonths. During the dry seasons, the average flow in the Chinchina River isonly about 25% higher than the Tinirmum flow_ Tn the absence of adequateflow data for the Chinchina River below its conrfluence with the Claro, itseemed advisable to allow for the possibilitv that. ilh minimTnm flow of theriver could be augmented Qnly from the small amount of storage available in

the Cama de Guadua reservoir. On that basis, the regulated flow of wateravailable to the turbines during the dry seasons would arnount to only 4.Scubic meters per second, which would permit the generation of energy at anaverage daily rate of 112,100 kwh. DarinS, the same period the plants pur-chased from the liunicipality of >¶anizales could be depended on for an aver-age daily generation of about 62,400 kwh, or a total daily production of173,500 kwh. VThen expressed on an annual basis, and after allowing fortransmission losses, these figures correspond to an annual rate of 60.4million kwh, which implies (cf. table 2, column 3) that a shortage of watermight occur during the dry seasons as early as 1958. As the two units atLa Insula are rated at 20,000 kw, whi,le demand in that year is expected t.oaveregp nnlvr i.,;0no kw; it woulri anpper that the sunnlv of water dur-ng thedry seasons will then be inadequate to operate the two units at full capa-c'+y.

been studied for the Bank by iœr. Gail Hathaway of the U. S. Corps of E-gin-eers and by '.r. C. ". Flsher, while serving as a meber of +he urreMlission to Colombia. 'Both men have concluded that the supply of water isiLnaudeq-uate fLor th'e t`wo unitUs, althughQ6 on1 the1 basis. VI th-nicptd eu

lated flow mentioned above, about 12,500 kw can be produced at La Insulathroughout the dryest years. Since the llanizales plarnts can generate aminimum. of 2,600 kv during these dry periods, the combined output wouldamount to about 15,100 kw during the dry seasons.

18. While it is probable that the estimat-ed mninimum flow of 4.6 cubicmeters per second is too low because of the fact that tile Claro River isfed, in addition to norrmal rainfall by melting snow, it is necessary tomake provision for the eventual shaortage of water. A number of possiblesolutions to this problem have been studied by Caldas t engineers. The mostpromising one inviolves the diversion, at a cost of about 800,000 pesos, ofthe waters of the Campoalegre River into the Cama de Guadua Reservoir.Diversion of' this stream would'provide an additional minimum flow of about4.3 cubic meters per second, which would yield a minimum average flow ofabout 9 cubic meters per second during the dry season, and a probable mini-mum of about 11 cubic meters per second if the estimate of the flow of theRio Claro is ad.justed to take into account the effect of melting snow. Anassuired minimum flow of about 11 cubic meters per second would be sufficientto allow the present installation of 20,000 kw to operate at 60% load factorif required, and would permit the operation of 30,000 In; at 40% load factor.

19. Although provision of additional water will not be required untilabout 19Q8; it nvevrtheless annears advisable to include the river diver-sion scheme in the project, in order to ensure that as the market develop,,andk In. rlp Ann -innrennAs. there shall he no shortage of water to interfere

with proper utilization of installed capacity. It does not appear that any4A4.ae ac+on byr +;h ^ran i$ reqinred at this timenj hut ae-cording to

uLn d a U V ~ ~Y . f.- I -....- - - - _-_

the proposed loan agreement, Caldas will be required to set aside sufficientLu-unds ouu o' earni ngs 1 to finance the3 i.n cre.ase. f the water . at la:ter

date.

V. Estimated Cost of the _roJect

20. The project as described in Section IIr consists of three parts,nameLy, a) LIte hyduroelectric plant and 'Uransmsas'Lon line, scheduu'e fcrcompletion in June 1951; (b) the modernization and expansion of the dis-tribution system, of which the first 12,0uO0 vca are scheduled for comple-tion in February 1952; and (c) the Campoalegre River diversion scheme,which need not be begun for several years.

21. The estimates presented in this section include only item (a) andthat part of (b) which is scheduled for completion in February 1952, sinceprovision for the diversion of the waters of the Campoalegre River and forfurther expansion of the distribution system will be. made out of accumuilatedearnings. Nor has any account been taken, in the estimates presented inthis section, of the costs of acquiring and repairing the plants obtainedfrom the M4unicipality of Manizales, since theie are not part of the projectfor which Bank financing is being requested.l/

22. In view of the advanced state of construction, and because mnost ofthe orders requiring foreign exohange have been placed, the estimated costof the project may be considered as reasonably firm. Based upon figuressubmitted bly Caldas, the total cost of the project has been estimated asfollows:

Local Currency Foreign Cur-Cost rency Cost Total Cost

(Tn thniisands of nesnos thouisands of U.S. dol-lars equivalents in parentheses)

Expended and committed to9/0,/50 8,900 (4,541) 3,420 (1, 714) 12,-20 (67 235)

Required to complete 3S810 (1,943) 2,250 (1,149) 6o,060 (3,09)2)Interest dur- ,n

tion up to 6 / 3 0/ 51g ( -)100 ( 52) 100

Total 12.710 (6.44)_ 5.770 (2,945) 18.480 (9,_L9)

Note: These figures do not include working capitalrequirements estimated at 500,000 pesos.

Additional details, by subsections of the project, are presented in Table 1.

23. Costs have mounted substantially during the period in which theproject has been under construction. Contributing factors have been (a)the inflationary tendepcies, both within the country and abroad; (b) unfore-seen physical difficulties encountered during construction; and (c) interestcharges and large overhead charges resulting from the extended constructlonperiod, a reflection of' the lack of capital which has been one of the majorproblems of Caldas.

1/ The abovementioned costs are, hoiwever, ta1kef into account in' Section VIII,Methods9. of Finnncini' for rersons which are obvious.

/ Caldas will begin to sell power at that date.

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VI. Schedule of Construction

24. lJork on the hydroelectric development is in an advanced stage. Theintake and desilting bed are virtually completed. The canals were finislhedin June 1950, and tests to determine to what extent, if any, it will benecessary to apply additional waterproofing are scheduled for December 1950.The dam was about 80 per cent complete in L'eptember 1950, and should befinished in January 1951. The gravity tunnel has been finished and substan-tial progress has been made on the power tunnel, which should be comDleted,including lining and high pressure grouting, by April or May 1951. Thepowerhouse structure has been completed and the crane and turbines installed.Installation of the generators should be completed by December 1950, and ofthe remaining electrical equipment by March 1951. The materials for thetransmissior line, except for the towers, which are expected in January 1951,have been delivered. Tt is exnected that the transmission line will be corn-pleted in Mayr 1951.

25. The land for the substation in Manizales has been purchased, thedesigrn of the distri ution system comple+te, n the materialq orderecL Nowork has been done on'tbis phase of the project, but present plans call for0-mrel,+J^" lowr Poa'ks_~r ldr'l;

U<LS u a Jr* @* J . -

VII. Schedule of Expenditures

26. The schedule of expenditures from October 1, 1950, until comple-tion an Febr-uary 29, 1952, as estimated by the company, adjusted to takeinto account; advanees to contractors as well as interest on the proposedBank loan Luntil June 30, 1951, is presented below by quarters:

Local Currency Foreign Currency Total 'xpencituresYear Quarter Exoenditures ExDenditures Expressed in:

(in pesos) (indollar Pesos Dollarsequivalents)

1950: IV .940,000 179.000 1.290,000 658.000

1951; I 1t458,000 625,000 2,680,000 1,369-000II 1,108,000 397,000 1,836,000 962,000III i86,000 - 186,000 95,000IV 87,000 - 87,000 44.000

Yeaar 2,839;000 1.22$00 L.839.000 2.L70,00

1952: I -3100 31_000 16.00

Total 3,810,000 1.201.000 6.160.000 3,1L,O0_

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VIII. Hethods of FinanciXg

27. A Bank loan to meet the foreign exchange costs of this project waEsfirst requiested in July 19h0. A technical. Lission visited Colombia in Janu-ary 1949. On th.-e basis of the report of this imission, the otaff TLoan Com-mittee, at its meeting of ioay 11, 1949, recoiamended the- negotiation of aloan of up to ,2,60O,000. Yl'5i-s sum was estimated to be sufficient to meetall foreign exchange expenditures incurred from August 1, 19L8, to the com--pletion of the project.

2&. A large part of the subscribed capital of the company had ori,i-nallv been paid in the form of bonds and nroniissorv notes. In ordar toobtain sufficient funds to carry on construction, the company had beenforced to resort to local bark borrow.7ing, secqured hy these bonds ar.d pror.s-sory notes. in the opinion of the Bank, this was an unsound situation and,accordingly, Caldas vwas iriformed that the Bank vrould require, as a conr.utAionfor the signing of a Loan Agreement, that all such borrow.ings be liquid,ted.jIn a lette:r se-nt on June 10, 11)!9- to the director of' tThe .Mn-rover i,dr. Garner's signature (see Appendix A)>, the above condition wasrestatedr althnough it wan re A +cgnized -.r. h ++n.r +In +I r+borrowing should be permitted, to be repaid from the local currency coanter-nirt. ofl th1-e rJm. fuvI,-"qAr nr1. f±±ndsz ir,luded i-n t feL, 1- Tla -n vievi o 4-,,-Z-- - --- ~-.- . -.-. , - - - -. - S~"-- -'14. A~S .41 h.dS1 --(A1U .J.anJU 441 V .L0_V U.k 1110

foregoing, re:imbursement of past foreign currency expenditures from August

loan.

29. On neptember 9, 1950, the company wras recapitalized at 16,000,000pesos. If a Bank loan in thle amount of ,.2,6e00000 is granted, the totalfunds available to the company from its owvners as capital and the Bank asa lcan will be equiva'ent to 21.1 million pesos.

3U. As has already been noted, the frenerating plants formerly ownedby the City of' ianizales have novw beco,-,e the property of the company. ilHo-ever, until the hydroelectric plant and transmission 14ne are completed, theCity of i.Ianizales will continue to operate the plants on a rental basis. Asthe agreed-upon valuation of the plants was 4,500,000 pesos, while the sup-plementary capital subscription of ,anizales in the new company vas only3,193,646 pesos, the cormpany a,greed to refund the difference of 10306,30hpesos as followvs; (a) payment of 14 ,CU68 pesos in cash; and (b) assumntionby Caldas of payments on a mortgage debt owed by .anizales in the principalamount of 1,292,266 pesos, held by the Central -Iortgage Bank.' The monthlhrpayments of this mortga-e, vwhich-run until Aulgust 22, 1967, amount to12,416 pesos.

1/ This wivas later accomplished throuigh the sale viitlout recotse of a'l bondsand notes against which funds had been borrovwed, and through the sale onthe sam.e basis of add,itional promssory notes of the National Government.After the liquidation of the above loans, Caldas found it necessary to

AditIoL- funLds 4 o coUnVue con-tructon. The debt status ofCaldas as of beptem,ber 30, 1950, will be found iin its balance sheet as ofthat date. (Table 6).

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31.. The rental agreement, which expires in June 1951, nrovides formonthly payments by Manizales to Caldas of 23,416 pesos, of which 11,0l Cpesos is calculated as depreciation.

32. The tctal resources available to Calda- un to June 1951. when itis scheduled to begin o;erations, can be therefore summarized as follows:

(a) Pzl'.d-up capital . . . . . . . . . . . 16S000,000 pesos(b) 'Rank lolk l = 1== .==n-n(e) lncome from reatals (9 months) . . . . . 2107L/4

Total . . . . 21.3060744

The following items are chargeable against the above sum:

(a) Construction expenditures to June*2fl 1O*10 1 y ~~.'' '9 . .. . X . . . . . . . . .

(b) Part-pa.yment against purchase of

(c) Payments to Central Mortgage Bank(9/ r,ontils) .ill..., ... 1f7L4

.oba ., K.L 0 . . . . ,4081O f 44

33e The company will thus require about 175,000 pesos by the middleof 1951. This requirement will increase to nearly 250,000 pesos by the endof the next quarter (as shown in Table 4). Prudent management wouid requirethat working capital be provided to the extent of about 500,000 pesos, sincein the estimates of operating revenues no account has been taken of nos-sible difficulties or delays in collection of bills5 etc., which may resultin the course of the change-over from flat rate charges to m..etered power.Accordingly, Caldas must provide itself with approxiriately 750,000 pesos.Because it will be in a very strong financial position, there should be noobjection to Caldas borrowing this amount on a two or three-year loan basis.The Bank should be satisfied of the companyts ability to negotiate such aloan before the effective date of the proposed Bank loan.

IX. The Market for Power

34. Manizales is a city with a population of about 130,000, located inthe Department of rAldas- Tt is at present served by five small hydroelectricplants, with a total installed capacity of about 6,300 kw. These plantsvtry in ae fron t.hrep tor n t.wenty yars- Tt iA neeearv that the hendiwor1rs

of most plants be repaired before these plants can be operated in parallelwith the La Insula units a cor._ s -- i

35.JA cr4.ti4c s t of power d l in Man4 als an th

diate vicinity in 1945 and this condition has pr~evailed since that timne.As a consequence, 'local- in"'Wtries andA commerc.iall ffiwlrms have been obligedto install generating units for their own service. Even with these addi-tuios-, voltage on thre existig m11unicipal stations is reported to drop about

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15% to 20t during nesk neriods, New cuistomers are not being nonnectedr to- thesystem except under unusual circumstances.

36. Accurate datze on kw demand and kwh generated and sold are laci:Lng.Figures on generation are more readiy available tha. stales figure, onlyabout 25% of the consuners being metered. Moreover, even if accurate sa'lesdata. .- we.r eV "avVI ab they- -A co 4. Ud no readilybe used as a v^se fro.m Which,

forecasts of demand and sales could be prepared, since the inability of thegenera'ti ng systemul of Mar.izales tLo m-lXirtain voltUage h'as Udistorted tn'le e'le ctric.k-consumption and demand pattern in that city.

37. A careful analysis of available data on kw and kwh generated hz.sled Sr. Posada, design engineer for the new distribution system, to concludethat had it been possible to maintain voltage, consumption of electricityin Manizales would have amounted to 33.7 million kwh in 1948. According toforecasts submitted to the Bank by the management of the company, consumvstion in 1952 is estimated at 35 million kwh. On the basis of these figures,which should be considered as conservative, the estimates presented in Table2 were prepared on the assumption that the rate of growth of consumotionwould amount to 8 per cent per year for the nine-year period 1952-1960.

38. This rate of growth represents a compromise between 'actors wit;hopposing influences on consumption. On the one hand, the backlog of demandis very high in Manizales, as is evidenced by the fact that the city has inthe past been unable to maintain voltage. In addition, it is the intent-.onof the company to extend service to the smaller communities listed in SectionII as shareholders in the enterprise. It is also expected that the provisionof an adequate supply of dependable electric energy will stimulate the usieof electricity for heating and cookXng- as the current prices of fuels suchas wood and coal in M1anizales are considerably higher than the cost of elec-tricity. These growth-promoting factors will, however, be offset in partby the fact that because of its location and tonogranhv. Manizales cannot;expect any rmajor industrial expansion; in part by the fact that, as mneteringof electric current replaces the flat charee system, both thefts and waste-ful use of electricity will diminish sharply; and in part by the fact thetthe rate sehaedule which will- g'o into effeet in M-varh 1Q51 will iincresePrates very substantially above current levels.

39. For these reasons, it was consideted advisable to reject the coim--nanry' ass¶1mrtion that an anniual rat-e oe ncreas cena per yearwould be maintained throughout the entire period covered by Table 2, and tosubstttute lhe far ore consea-at$vo ra+a of i a of > ntpr4.

40. ecaise -hAeA -1LPComparYs p-lar,s are-` base-on an iL , al . insal- 'ed c.a,a-

city of 12,000 kva (equivalent approxinately to 10,000 kw) in its distrillu-.L ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ition system,, it will e necessary- for 'he comipar-y to expand its udisJ u.tr' ion

system as the demand rises abova 10,000 kw.

41. One of the first effects of the provision of' adequate capacity ina market of this type is a marked reduction in the load factor of the syatem.The load factor currently is about 70 per cent. It has been assumed both by

_ 11 -

the c-ompany and its consulting engineer for the distribution system that withthe provision of adequate power the load factor would decline to about 60 peroaent+ -T4f%lr 'r3 +the recrd f^.o +the Cit4 +o fP Cali 4 i wich t he,, + p,ower s,v'+

is far less acute, indicate a load factor of about 47 per cent in 1948. Invie of he ac that the loaA in, Cali is .more dvriedtan in - snz.ls

it seemed advisable to reject the assumption of a load factor of 60 per centan"d to UbLuI.LLI inste.u a load factor Wh4.ich decie ILLe s.±orU UV p cL-. iU

1951 to 40 per cent in 1957. The effect of this assumption is to indicatea uo-re rapid rate of growth of' kw demand than has beea a wUmed by the corUpan-;a result which. leads to the conclusion that the expansion of the distributionsystem will have to be provided for somewhat earlier than the company hasassuned, The finanCial aspects of this conclusion are covered in SectionXII, and in Table 4.

X. The Cost of Power

42, The elements of cost that will determine the cost of power may besummarized as follows:

(a) Operation and maintenance costs - These will be fairlyconstant for the generating plants, but will rise gradu*-ally for the distribution system as the number of linesand the number of customers increcse. These costs wereestimated on the basis of (1) calculations submitted bythe company for La Insula in mid*-1949, increased byabout 10 per cent to allow for price rises in labor andmaterials; and (2) "normal expenses" as recorded by theEmpresas Municipales of TIanizales for the municipal sys-tem, including the cost of power sales at the retaillevel. These figures were also raised by 10 per centto adiust for price increases. and were assufried to in-crease by an additional four per cent per year in orderto take into account additional connection. billing andrelated expenses as the number of consumers increases.

(1D) Financial charges -These include (1) the servicing ofthe nrnnopoe Rank loann and (2) the monthlv nayments onthe mortgage held by the Central Miortgage Bank.

tc) Depreciation charges - These have been calculated bvrGldas in AenonAt with ne 1m.bMan 1lTw Fib_res fur-

nisled by the company have been increased to allow fordepreciation of the replair w rkon th-e M-aniz.ales plan+0

-1 -AI 4 ** '. 4 ± a . L e * 6'.'9S6 4SLJ ... L. k " L

and of the additional investment in distribution facili-

prepared. T'hese indicate that the cost of power will decline from about 4centLavos pei rl k'wh Ln 15 J.7t)4 cen 4 UtaL1VUo b,y 1.L'PU.J*

- 12 -

XI. *The Price of Power

44. Because Caldas will in due course need to finance the constructionof t,ihv secori.U transmissULoi Line (paragraph'l1 l) Wthe tJeIJrU, L fi h U d I sItr

bution system (paragraph 13) andv the increase in the water supply (paragraph7) out of current earning", the average price oI power wili need to exet-edthe average cost by about 30%,. This will mean a substantial increase oVerthe present average price. Part of this increase has neen allowed for inthe rates promulgated by the Municipal Council of Manizales in A.pril 1950,wnich will go into effect on March l, l951. Rates currently in effect aver-age between 1.5 and 2 centavos per kwh. The new rate structure provides forincreases in every class of service and our calculations indicate that theaverage rate will reach about 5.8 centavos in mid-1952. The caief reasonfor the roughly three-fold increase in the average rate will be found inthe planned installation of electric meters, which will have the effect ofincreasing the actual cost of energy to the small consumers far more thantO the larger'ones, as the small consumers are currently being chargedextremely low flat rates. For example, a consumier with one 40-watt outletat present pays 20 centavos per month. Once meters are installed, hismonthly bill (assuming that the outlet will then be used 3 hours per day)will rise to about 38 centavos, an increase of about 90%. The averageprice per kwh will, however, increase considerably more since the introduc-tion of meters will reduce both wasteful use and thefts of electricity.

45. The company plans to ask for a rate revision to a level highenough to earn 6% on the investment. Calculations in this report are, how-ever, based on the assumption that the rates which will go into effect onMarch 1, 1951, will remain in force.

46. Once meters are generally in,talled, the arerage rate is likelyto reach about 7 ce-_ntavos per Itrh fon- re.sirntil one-invers, and abou+ 3;5centavos for industial and commercial consumers. Since about two-thirdsof the power is consumed by residen+ial customers, the average revqe.nue willbe about 5.8 centavos per kwh. It seems likely that the price in rural Clis-tricts will not rdiffe'r qignifioRnt.lv from the above average.

-XII. Earnings and Cash Position

47b The La Insula hydroelectric installation may be cotsidered ainnAa,.a+a nnn+ i-ritA prv0 +h t.ia 4 pmhvae+nt.en eWWL."nr, 4ing toa % abo1u fl prw rf

installed capacity.. Because the company will assume operation of the plantsfor mer'y, -V a.4eA by 11Ar. aes it prba' wi4. 418 ta1 -_U the1 - - - - - -&5.J.U LJ.y %AJ.~ IJJ .LU ~J± J-L.JLJJ,.Y W.L.J4L 4.O YLWZ; UVtI±L 1UJli jjU__~VLLLej.L

of the municipal enterprise, and at the same time will need to recruit addi-tional perisonnei- for the La Insula plarnlt Xt is likely therefore that opera-ting costs in earl4er years will be rather higher than would be the case ifit were possible prope4Jy to ir egrate, from the start, the operations ofthe generating and distributing facilities. This possibility has been takeninto account in developing tne operating expenses shown in Tables 4 and S.

- 13 -

48. In calculating operating expenses, depreciation was allowed for onthe full value of the generating and distributtion facilities. Financialcharges Davable by the comnanv include debt service on the nronosed Pank loanof $2.6 milLion which, for the purpose of this report, has been assumed t.orun for 20 years at L-1/.' interest including commission; 'with a onns-yearmoratorium on amortization; and the monthly mortgage payments to the CentralMortgAPe Rank in the arnount of 12j,/1A peso per month. Gapital inrstmPer,tsinclude the following items: (a) until the middle of June 1951, completionof the hydro plant and work on the isrbution (in econdhalf of 1951, completion of the first phase of the distribution system (i.e.12,00 nnt) a) -an -repai r ofP the, lIanizale plar.ts; (c) in- 1Q9,2-- and - ---3, o.i-

uation of repair of N4anizales generating plants; and (d) for the remainingyears, ir.V )UmiLULA in a new transmd ssion ine,

the river dlversion. As has been previously noted, all capital investmentsafter June 1951 wall be niade uout oI current earnings.

49. Revenues were calculated on the basis oI the market forecast in.Table 2 and of an average price per kwh amounting to 4.1 centavos in thethird quarter of 1951, 5,3 centavos in the fourth quarter of the same year,and 5.8 centavos thereafter.

50. AsZ may be seen from Tables 4 and 5, earnings from the sale ofpower will exceed expenditures, including capital expendituares, beginningin the fourth quarter of 1951. In the first half of 1952, when full debtservrice on the proposed Bank loan will be required, the income after deduc-tion of operating qosts including depreciation will be more than double thefinancial charges. In subsequent years, the company should be able to paya return on investment which will amount to about 5% in 1953 and wil' riseto higher levels in later years, even a4Pter allowance is made for invest-ments out of earnings.

51. On the basis of information received from the company, it plans tofollow the principle of setting aside reserves for future expansion beforepaying dividends. In addition, Caldas will be bound to follow this policyunder the proposed Lpan Agreement, The rate increases which already havebeen granted should be sufficient to accomplish this purpose. However, ifthe market-should develop more siowly than is expected,. or if by virtue ofunforeseen circumstances the available revenue per kwh should fall short ofthe figures assumed in this report, the company is prepared to ask for rateincreases.

XIII. Recommended Basis for a Loan

52. A loan on this project appears to be justified for the following

(4.) A "ni sr oln shrtg offe-f poe%yr e:i- in +.he Mntnizales.-

area at the present time, and the construction ofthe La llA0soudL PsoluJti t ao thciirolemcmercially. sound solution to this problem.,

- 14 -

(ii) - All faetors indicate that the future market forpower in the Manizales area will develop at arate which will eeonomically uti]i7e an inqtnllte1capacity of 20,000 kw in the La Insula station.

(iii) Estimated earnings show that the project hasat+ntractive ea-rninerosbiii anrl u,ill allowJ

an adequate rate of return on the entire invest-

4.V .. t4'W4 by no .a com.JJ krc4. WJl.L Q+arard. US.JJ .

(iv) The. new.~ raesfo pwe, hleaAitedy iJ

than rates currently in effect, will still bereaIsonaILe.o Moreover., al ug1 tLh rate WiL.L be

higher, the assurance of an adequate supply ofelectr energ wtu..± e Ld7gUL.naule cu Lty tou sUu-

stitute electricity for wood and coal, at substan-bia.l net savings-.

(v) The provision of adequate power for the area willstimulate a moderate industrial and commercialexpansion, and rural use of power for irrigation,lighting and heating.

53. It should be noted that if a loan is granted on this project, aconsiderable amount of reimbursement will be involved because the projectis very near completion. Nevertheless, a loan of up to dj2'600,000 is recom-mended since this project has been under consideration for about two yearsand the company was advised in May of 1949 that the Bank would considerreimbursements which in effect would go back to August 1, 1948.

54. T'he distribution of foreian exchange requirements by subsections ofthe entire project and for reimbursement are approximately as follows:

Spent 8/1/48 To be spentItem to 9/30/50 after 9/30/50 Total

A. Studies and designs $ 2,700 $ - $ 2,700B. Dam and headworks 855,500 63,300 9 18,800C. Powerhouse, step-up sub-

station & workshops 370,500 171,400 541,900D. Transmission line 31,100 128,900 160,COOE. Constru.tion machinery

for La Insula. only 191,600 63,400 255,COOF. M4ateriEils & eauipment for

distribution system, incl.c-nntrn'ti on mnahinerv 721.600 721.600

Total. $1h,451,400 $>1,48,600 $.2 flflflfl0

tote: vT,'a.d ni o I fees pr1ln §0 foreign exchan nhaver

been allocated in the above table to the relevant specific items.

- 15 -

55. Because orders not yet placed (as of' September 30, 1950) amountto only $333,000 it will be possible for Caldas immediately to submit analmost complete list of goods, totalling about 1?2,267,000. Upon approvalby the Bank, this partial list of goods can serve as a basis for withdrELwals.The list of goods can be completed as soon7 as firm prices are received onthe remaining items.

56. A loan granted on this project should be subject to the conditionthat, before the effective date, additional funds should be provided tocover the additional lccal currency requirements to complete the projectand to provide adeauate working canital for its operation_ The reouiredamount is estimated at approximately 750,000 pesos. There should be noobiectsnn to Calda. ' borrowing1 this amnunnt on a two or three vyer hw-is-

±riis Repori hasb ueen prepaed- in coopera-tion witi-n t1he Assistant T.oan ufficer.

APPENDIX A

June 10, 1949

Dr. Arturo Montes SaenzManaging DirectorCentral Hidroelectrica de Caldas, Ltda.Manizales, Colombia

Dear Dr. Montes;

In our recent conversation, you asked that I clarify for youcertain matters in connection with the proposed loan by the Bank-to CentralHidroelectrica de Caldas Ltda. in an amount not exceeding $2.600.000 or theequivalent thereof in currencies other than U.S. dollars, to be guaranteedby the Republic of Colombia.

As I pointed out to you. we would reauire, as a condition of thesigning of any Loan Agreement, that all current borrowings from local barkswould have been liquidated prior to the date of sip-ature.

I anpreciate that after such linuidation had been carried out- itmight prove necessary for you to resort to further borrowings in the intervaluntil the Agreement hename effective, although it is unde.rstood, of course,that such borrowings would not be made against the pledge of securitiesreceived from the stockholders. The Bank would expect such borrowings ti berepaid as soon as possible after the effective dete of the loan from thelocal currency ontrpart of_ ha - _ t pa of the proceed o th lo-an whichwould represent reimbursement of past expenditures to foreign suppliers.

The Bank would require, of course, to be satisfied that the Companywould1CLt1 haeXav?ixaL4e1j1 sullficient I tnd:s f-rom all so-urctes, inc.ludingr ULMIt,r

national Bank loan, to enable it to coLiplete the pDoject after having repaidthe local bank borrowings.

You wili understand that the Bank can make no commitment withrespect to a loan until all matters have been satisfactorily worked out anduntil approval has been obtained from the Board of Directors, 'put as I tcldyou, we are hopeful of making a Ican in this case, assuming, of course, thatthe above matters and any other problems which may arise will be satisfac.-torily resolved.

Sincerely yourp,

/8/

Rc L. Garner

TAB L; 1 Source4:- CtDst records andestimates furnished by Caldas

Estimated Cost of Construction and .gquoment ofLa Insuila Proent. Includini Distribution System for Maniziles,

-_(LAn Wurs -in. Do llar Eouival ents)

Estimated Cost Spent to Sep-tember 30 liO _Estimated Cost to be Spent _ Total Estimated Cost_

Lo caL Dollar Local Dollar Locel DcollarCurrenc:e Coslts Total Currency Costs Total Currency- Costs To tl

1.Studies & designls 3635,700 2,700 368,400 800 - 800 366,500 2,700 369,2002,Landd & rights of .wayr 103,300 - 103,300 23,800 - 23,800 127,100 - 127,1003.i1uxiliary works 140,400 140,400 '7,700 - 7,700 148,40O - 148,1004,Intake anLd desilt-

ing wor*k 413.900 9,600 423,500 35,700 1,500 37,200 449,600 11,iOC 460,7005,CanLals 936,000 5,400 941,400 55,600 17,000 72,60o 991 600 22,400 i,,014,0006jDam 465.,500 2.900 468,200 13:',000 - 131,000 596,50C 2,700 599,2007.Tunnels & siphons 1,489,500 295,800 :L,78: 3 O 802,500 38,800 8L41,300 2,292,00C 334,600 2,626,60o8 .Penstocks 486,100 542,400 1,028,500 140,600 6,,ooo 146,600 626,7,oc 548,L400 1,,175,1O9 .Powerhouse,s tep--up

suObstatLtion andmachin,e shop 123,800 ti63,o00 786,800 20:3,900 171,400 375,300 327,700 834,40C) 1,162,100

l0.Transmiesio= line 5,100 31,100 36,200 63,700 128,900 192,600 68,800 160,000 228,180011 Construct ion machinery

and eouipment - :L91,600 19:1, 600 - 63,400 63,400 - 255,000 255o,000SUB-TOTAL 4,529,300 1,,744,,300 6,273,600 1,465,300 427,000 1,892300 5,994,600 2.,171,30CI 8,165,,900

B, Distrib;tioTL Sytem:in Manizales:

lLand for ManLizaleGsu:bstation 11,3(0 _ :11,300 - - - 11,300 - 11,300

2,Materials andequipment - - - 78,400 721,60O 800,000 78,400 721,600 800,l000

3 ,Labor engineering,.overhead - - 306,800 _ 306,80o 306,80 306,800

4.Contingencies - - - 92;700 - 92,700 92,700 _ 92,,700SUB-ETOTAL 11,300 - :1,3(00 477,900 721,600 1,199,500 489,2100 721,60o 1,210,800nTOTAL APO0.E 4,t-2540,60)0 1,,714/4l,3CO 6,284't,90)0. :1,943,2010 1,>48,6GU O ,u,0 6,433,800 2,892,900 9,,37o,700

Interest d.urinLg construction 52,000 52,000 - 52,000 52,,000TOTAL 4,540,600 1,744,300 6,284,900 -1,94:3,200 1,200,600 3,143,800 6,483,800 2,944,900 9,428,700

TABLE 2

Estimate. Devel,opment of the Power Marketof,the Central Hidroelectrica de Caldas. Ltda.

Distribu: Total at KW Demand at Additional r.1Energyj tion 1/ Step-down Load 3.1 Step-down Needed for Distri-Sales losses Substation Factor Substation bution System

Year (In thousands of kwh)

1951 34,700 3,900 38,600 60 7,3001952 35,000 3,900 38,900 55 8,3001953 37,800 4,200 42,000 50 9,6001954 40,800 4,500 45,300 47 11000 1,0001955 44,100 48900 49,000 44 12,700 1,7CO1956 47,600 5,300 52,900 42 14,400 1,7001957 51.400 5.700 57.100 40 16.300 1.9001958 55,500 6,200 62100 40 17,.700 1,4001959 59,900 6.700 66.600 40 19.000 1,3001960 64,700 7,200 71,900 40 20,500 1,500

1/ Includes street lighting, Based on estimate by designer of distributionsystem that, sales would have amounted to 33.7 million Wwh 4n 1948 ifvoltage could have been maintained. Above figure was increased by 800.000kwh per year through 1951. For all subsequent years, an annual rate ofincreasRe f 8& waa assumedi

SI Set at IO I of Pneryv delIVePeI t6 sAbstat.on, based. unon design factors forthe new distribution bystem, Ad the fiist phase of the listr4butior- systemprovides a ann2ri tv of onlv 10,000 kw_ i'!hiV' oEneratinLP eqaba6tV tril1 beabout. 25,000 kw, it wiill be ne6es6ari to iSt,ll additional distributilngfa,iJiti. whepP the demnand at tAA Manizales tbnstatinn ewr eecis 1O000 kw.

Because of this, both kwh, and kt) have been calculated at the lowl tension

I / Thez p 'I )i ftor. me d naer redAiieierd voja1 j-nmo tndreiitions Airtn

hours of pel.k demand, is about 70%. The load factor assumed by both theCom,nm*v4r 1nn f-.1ho eP r nf t.1 Hli i+.vi-iti.onn .v+.om frnv f if-.Xr _rqn is~~~~~~-- ~ -r-v ^ ~c -r-n- v- t

6'0%/.. However, since the load factor in Cali, in which the demand is farmore divQrrifiedbecause of heavier -r.a-s-r-------iwnisolIL eCrt

it was considered advisable to base the forecasts in this table on a loadfactVor bVeginnir.g at ) <0 eece-+ n- A - 1 and 4 i.t4 n 8i .7 to 4-0 perc4 t..

/ For 1954, the over 10,'00 ktI; for other years, the 4nrease over tshepreceding year.

TABLE 3

Average Cost of Electric Energy

Energy Operating,/ Cost per

(millions of kwh) (pesos) (centavos)

1952 35,0 1,402,000 4.0

1953 37.8 1,412,000 3.7

1954 o0.8 1,422,000 305

1955 44.1 1,439,000 3.3

1956 47.6 1,463,000 3.1

1957 51.4 1,487,000 2.9

1958 55.5 1,513,000 2,7

1959 59.9 1,535,000 2,6

1960 64,7 1,559,000 2,4

1/ Includes debt service and depreciation.

_.&.. 4

Estimated Cash Position of Central hidroelectrica de Caldes. Ltda.. 195L-196(0(In Thousands of Pesos)

19S1 _ 1252 195j 125L 1955 1956 ) ¶ (?58 1959 19601st 2nd 3rd 4th 1st 2nd

hUfrter quarter quer quarter half

Cash on hand at 1/beginning- of period - 771 898 - 175 - 241 - 132 103 367 1,048 1,435 1L,886) 2,374 2,798 4,084 5,633

GToss revenues 33 33 382 460 1,01.5 1,015 2,192 2,3o66 2,558 2,76:L 2,981 3,219 3,474 3,-'753I3BRD loan 4,316 780 - - - - -

To tal 3,578 1,711 207 219 883 1,118 2,559 3,414 3,993 4,647 5,355 6,1017 7,558 9,386

Operating andmaintenanlce expenses - - 122 124 247 248 505 515 526 537 548 560 572 585

De-preciat:ion charges - - - - 182 182 364 364 370 383 396 410 420 431Debt service on loans

from:IBPD - - 54 54 197 197 394 394 394 394 394 394 394 394Central Mortgage

Bank 37 37 74 75 149 149 149 149 149 149 149 149Capital expenditures 2,680 2/1,886 2/ 235 2/ 136 3/ 80 32/ 49 99 557 668 810 1,070 420 390 450

Total 2,680 1,886 448 351 780 751 1,511 1,979 2,107 2,273 2,557 1,933 1,925 2,009-

Cash on hand atend of period 898 - 175 - 241 - 132 103 367 1,048 1,435 1,886 2,374 2,798 4,084 5,633 7,377

1/ The shortage of funds prior to granting of a loan from the Bark is3 being covered by loDcal bank borrowing.

Z/ Includes interest during construction on IBRD loan.

3/ Includes cost of repair of Manizales plants.

T.EL-' 5 - FORE!CAST OF CURIE1'=T INICOME ATD EXPENDIfTfR=S BY_':3 C:.rTRAL HIDROELECTRICA DE CALEIAS LTDA.

(All figures in thousands of dollars)

Gross Revenues Net earnings Debt Service Net earnings, Capital Expendli-YerEr from sale of Operating Deprecia- available for IBERD Central Mortg. after debt tures to be met Surelusds

poweBr p debt service Bank__ _ service J rom earnings S _

15952 :L,036 253 186 597 201 76 320 616 25 4

1953 1,l118 258 186 674 201 76 39? 51 34}6

1954 1 ,20? 26_3 186 758 201 7 6 481 284 197

1955 1,305 2,68 189 848 201 76 571 341 2:30

1956 I,409 274 195 940 201 76 663 413 250

195?7 I:,52:" 280 202 1,039 201 76 ,'62 51 2:16

1958 L , 642- 286 209 1,147 201 76 870 2:14 656

1959, 1,7??2 292 214 1,266 201 76 589 199 790

1960 o 1,915 298 220 1,397 201 76 1,120 230 8,90

Tabie O

Balance Sheet of Central ilidroelectricade Caidas, Ltda., as of Septembe- 30,

l 9 5 0-(Pesos)

Assets ' Liabilities

Cash 9,877 1 Banks 996,881l

Accounts receivable 109,989 ' Accounts payable 634,273

Real estate 44,230 ' Mortgage loan 1,292,266l

Deposits made 16,557 Accunnrlateddep-reciation 387,369

Advances made 691,230Subscribed capital 16,000,000

Progress payments onimported items 2,645,703

Construction equwpmentand sunl:I3s 1,842,859

Manizales f'ae1ities AL.500OOO I

Gorst-etion acotn1A qJ4$0fl/ V.

19,310,789 19,310,789

1I0TES: (1) As Caldas is not yet in operation, all expenditures to datehUve been U apU,Ualized and there-ore appear in this suiMnnary. This swrm arybalance sheet has been prepared from a detailed financial statement sub-mitted by the fompany shnoiwing the balances appearing in the variousaccounts as of September 30, 1950.

(2) The term "depositsl" refers to deposits made by Caldas to theCustoms' Office, to the telephone company, etc.

(3) The term "advances made" refers in the main to materials andequipment furnished to contractors.

MAP

A

PRESSURE

SURGE PIPETANK -

[TANK PRESSURE7-TUNNELPE _

==POWER HOUSE CA A O_'.1 DAMCa;paer)No.1LA INSULA ITK

'T ~~~IMPOUNDING AREA

SYPHON ~~~ ~ COLOMBIA

DIVERSION CANAL a TUNNEL "AISL RJC

MAP

\\ t / ARaNzAzI AGDALEyA GU~AANZAU B

A /XAJA~~~~~ER

RIS AVILLA MAIA ATANT B T .. VICHADA .

VALLEBOLIBVAR T ORT'

rc SAN~~~~~~~~~~~~~~~~~~~~*TANE

iSULAG/ PALESTINAstt \ iza8;/./CAUCA HUILA ._.

R OSE*t\*TER MALE S < , VAM PE S!BOGOTA VICHADA

ARSELLA VILA M AMAZONES * N

S~~~~~~~~~~~~ LABERTh AD \ ~LE

% / / ~~~~~~MAP SHOWING MAP SHOWINGotfity ~~~~~~LOCATION OF LOCATION OF THE

LA INS AALPALESTLNADEPARTMENT OF CALDAS

POWER HOUSE..POWER HOUSE

SCALE IT250.000|