final tl presentation_10 04 2012
TRANSCRIPT
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Power Generation & Transmission
20,000 MW
Current
4620 MW
FY 2020
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Adani Power: Power Generation & Transmission
Dahej
Under Implementation:
3,300 MW
Under Implementation: 1,320 MW
Kawai August 2013
Commissioned: 4,620MW
Under Planning: 2,640 MW
Under Planning : 1,320 MW
Chhindwara
Mundra
Tiroda July 2013
Under Planning
3,300 MW
Bhadreshwar
Sr. No. Connecting Locations Length(Kms)
1 Mundra Dehgam
1000 MW, 400 KV
433
2 Tiroda Warora
1000 MW, 400 KV DC
219
3 Mundra Mohindergarh
2500 MW, 500 KV HVDC
1000
4 Tiroda Aurangabad1
4500 MW, 765 KV SC
1290
Total 2,942
Power Generation
Power TransmissionDehgam
Mohindergarh
Aurangabad Warora
Notes:1 Project under AEL Subsidiary
No Location Capacity (MW)1 Mundra (Gujarat)* 4,660
2 Tiroda (Maharashtra) 3,300
3 Kawai (Rajasthan) 1,320
Total - Implementation 9,280Under Planning
(Pench, Dahej & Bhadreshwar)7,260
Grand Total 16,540
Adani Power projects are in high growth states of India.
40 MW Operational Solar Power Project in Gujarat1* In Operation 4660 MW
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Power Scenarioin India at a Glance
As per the 17th Electric Power Survey (EPS), energy demand is estimated to
increase at a CAGR of 7.4%, to 1392 billion kWh during the Eleventh Five-Year Planperiod (2012-17).
The government has targeted a capacity addition of 1,00,00 MW during the Twelfth
Five-Year Plan period.
The central sector is expected to account for a major portion of the capacity additions(21.5%), followed by the state sector (15%) the private sector (45.5%) and captive
power addition of 12%.
The total installed capacity in the Northern region was 53,925 MW as on 31 th March,
2012. The peak power deficit in Haryana as recorded in June, 2008 was 10.2% which
is greater as compared to the overall figure for the entire northern region.
The peak deficit for the whole of northern region was recorded at 8.5%.
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Power Generation & Transmission: The Story So Far Adani
Thermal Operational Capacity 4,620 MW
Five operational Super Critical units (660 MW each) first time in India
Lower carbon and green house emission
Current Projects under implementation
At Advanced Stage : 4,620 MW (Tiroda 3,300 MW & Kawai 1,320 MW)
At Development Stage : 7,260 MW
(Pench 1,320 MW, Dahej 2,640 MW, Bhadreshwar 3,300 MW)
Long term off take arrangement for 7,269 MW in place (79 % of 9,240 MW Mundra, Tiroda, Kawai)
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Installed Capacity in Haryana as on 30.06.2008
Sector Hydro Thermal Nuclear R.E.S Total
Coal Gas Diesel Total
State 884.2 1,602.5 0.0 3.9 1,606.4 0.0 0.3 2,553.3
Private 0.0 0.0 0.0 0.0 0.0 0.0 6.0 6.0
Central 366.9 380.0 534.0 0.0 914.0 53.0 0.0 1,333.9
Total 1,313.5 1,982.5 534.0 3.9 2,520.4 53.0 6.3 3,893.2
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Supply and Demand situation in Haryana 30.06.2008
Period PeakDemand
(MW)Peak
Met
(MW)Peak Deficit
/
Surplus
(MW)
Peak
Deficit
/
Surplus (%)
Energy
Require-
ment (MU)Energy
Avail-
ability
(MU)
Energy
Deficit
/
Surplus (MU)
Energy
Deficit
/
Surplus
(%)
9th Plan
End3,000 2,900 -100 -3.3 18,138 17,839 -299 -1.6
2002-03 3,411 3,325 -86 -2.5 20,298 19,688 -610 -3.02003-04 3,465 3,278 -187 -5.4 20,743 19,779 -964 -4.62004-05 4,037 3,621 -416 -10.3 21,801 20,562 -1,239 -5.72005-06 4,333 3,931 -402 -9.3 23,791 21,631 -2,160 -9.12006-07 4,837 4,201 -636 -13.1 26,249 23,132 -3,117 -11.92007-08 4,956 4,821 -135 -2.7 29,353 25,652 -3,701 -12.6Apr 08 4,965 4,461 -504 -10.2 6,396 5,809 -587 -9.2June 08 4,965 4,461 -504 -10.2 2,180 2,089 -91 -4.2
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HVDC Project Back Ground
ADANI POWER LIMITED has acquired an order for 1424
MW of Power sale for 25 years to Haryana State fromHaryana Vidyut Prasaran Nigam Lt. ( HVPNL) under stiff
competition with other Independent Power Producers in
India.
The Power to Haryana will be supplied from Adani PowerLtd.(APL) 4620 MW Mundra Power Plant situated in Gujarat.
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The Task
The 1424 MW of Power will be delivered at HVPNLs 400
kV Mohindergarh Substation in Haryana state which is
situated 960 kM away from Mundra Power Plant in Gujarat.
The Power Delivery date to HVPNL is August 2012.
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Criteria
The system decision is based on the fulfillment of the following criteria:
i) Minimum Losses in Transmission
ii) Minimum Right of way for Line corridors (to save environment
and save time and avoid disputes for obtaining ROW).
iii) High reliability under system/ grid disturbances.
iv) High availability to take care of contingencies.
v) Proven Technology.
vi) Possibility to control the Power flow.
vii) Most optimum cost of the system to control investment.
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POWER DELIVERY TO HARYANA VARIOUS OPTIONS:
In addition to PPA agreement with Haryana for 1424 MW of Power,
about 416 MW of Power is available for trading and Northern Regionis already in need of Power, it is considered prudent to deliver this
additional power to Northern Grid through Central Transmission
Utility (CTU).
Therefore the Transmission system to Haryana should have Powerhandling capacity = 1508 + 412 MW = 1920 MW ( say 2000 MW).
Whatever opotion is chosen, any single contingency should be able to
deliver atleast 1424 MW power to Haryana to fulfill PPA commitment.
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POWER DELIVERY TO HARYANA VARIOUS OPTIONS:
Contd..
3 Nos 400 kV Double Circuit quad conductor Lines with switching
stations at every 300 kM with Reactive compensation and Seriescompensation.
2 Nos Single Circuit 765 kV quad conductor Lines with 400/765 kV
station at Mundra, 2 Nos 765 kV Switching stations in between with
Reactive compensation and Series compensation.
2500 MW, +/- 500 kV HVDC Bipole system with Quad Bipole line, 2
Nos.Electrode stations 25 to 35 kM from Mundra and Mohindergarh,
2 Nos. Optical communication booster stations.
From the Techno- Economic Analysis, the 2500 MW, HVDC System
becomes an obvious choice.
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Power Limited
FINANCIALS
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Project Cost
The Project cost has been estimated to be Rs. 2,750crores which includes the turnkey cost of the EPC
Contractor, Project management fee, financing charges
and IDC, other miscellaneous expenditure, developmentexpenses, contingency and margin money towards
working capital.
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Details of Project Cost
Sr.No Particulars Amount
1. Land 50.002. HVDC Converter stations, Electrode station and booster stations 1,457.81
3. Transmission Lines and other Tower materials 304.88
4 Conductor 181.91
Insulators 126.81
5. Hardware and Line Accessories 29.00
Earth Wire 7.00
PTCC/Forest Clearance 1.50
Earth Electrode 22.66
Miscellaneous Fixed Assets 30.00
Sub Total 2,211.57
7. Contingency 245.20
8. PreOperative Expenses 48.00
9. Margin money 6.49
10. Interest during Construction 238.25
Sub Total 537.94
Total Project Cost ~ 2,750.00
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Means of Finance of the Project
Particulars Amount PercentageCapital Contribution
- Adani Power Limited 550.00 Cr 20%
Debt Finance
- Rupee Term Loans
- Sub-Ordinate Debt2,062.50 Cr
137.50 Cr75%
5%
Total 2,750.00 Cr 100%
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PROJECTED FINANCIAL INDICATORS - ASSUMPTIONS
Debt Equity Ratio 4:1
Upfront Equity 25%
Tenure of Loan 12.5 years
Construction & Moratorium period 30 monthsRepayment period 10 years
Interest Rate of the Project Term Debt 11.25%
Notice to Proceed (NTP) October 2009Line Capacity (MW) 2500
Base Case Capacity for Transmission Revenues (MW) 1873
Levelised Tariff for PPA with Haryana (Rs./kWh) 2.94
Transmission Service Charge (Rs.) 0.40
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PROJECTED FINANCIAL INDICATORS
Financial Yearend 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Total Transmission(MW) 557 1873 1873 1873 1873 1873 1873 1873 1873 1873Net generation(In MU) 22.3% 74.9% 74.9% 74.9% 74.9% 74.9% 74.9% 74.9% 74.9% 74.9%
Transmission Tariff (Rs.) 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4
Revenue 196.9 661.7 663.1 662.7 662.4 662.0 661.6 661.2 660.9 660.5
Expenditure 9.2 30.2 31.0 31.9 32.8 48.6 49.6 50.7 51.8 53.0
EBITDA 187.7 631.5 632.1 630.8 629.5 613.4 612.0 610.6 609.1 607.5
Depreciation 46.5 139.6 139.6 139.6 139.6 139.6 139.6 139.6 139.6 139.6
Interest 82.7 239.7 214.9 190.1 165.3 140.5 114.7 89.8 65.0 40.2
PBT 58.5 252.2 277.6 301.2 324.7 333.3 357.8 381.1 404.5 427.7
EBITDA Margin 95.3% 95.4% 95.3% 95.2% 95.0% 92.7% 92.5% 92.3% 92.2% 92.0%
TTL 2062.1 1855.9 1649.7 1443.5 1237.3 1031.1 824.9 618.6 412.4 206.2
TOL 2206.1 1999.1 1779.2 1559.3 1339.4 1119.5 899.6 679.7 459.8 239.9
Interest Coverage 2.20 2.38 2.65 2.98 3.40 3.89 4.74 6.00 8.24 13.23
FACR 1.31 1.38 1.47 1.58 1.73 1.94 2.25 2.78 3.83 6.98
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PROJECTED FINANCIAL INDICATORS - COMPANY
Financial Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Revenue 464 2,108 5,172 9,025 9,069 9,110 9,152 9,204 9,058 9,116 9,180
Expenditure 241 1,053 2,372 3,647 3,709 3,773 3,907 4,090 4,161 4,235 4,311
EBITDA 223 1,055 2,801 5,378 5,359 5,337 5,246 5,114 4,897 4,881 4,869
Depreciation 49 213 551 935 935 935 935 935 935 935 935
Interest 80 383 1,225 1,841 1,678 1,501 1,325 1,149 969 793 616
PBT 94 459 1,025 2,601 2,746 2,901 2,986 3,030 2,992 3,153 3,318
PAT 84 394 804 1,872 1,983 2,100 2,172 2,659 2,623 2,764 2,908
Cash Accruals 133 608 1,355 2,807 2,918 3,035 3,107 3,594 3,558 3,699 3,843
EBITDA Margin 48.0% 50.0% 54.2% 59.6% 59.1% 58.6% 57.3% 55.6% 54.1% 53.5% 53.0%
PAT Margin 18.0% 18.7% 15.5% 20.7% 21.9% 23.1% 23.7% 28.9% 29.0% 30.3% 31.7%
Equity Capital 5,689 5,689 5,689 5,689 5,689 5,689 5,689 5,689 5,689 5,689 5,689
Res. & Surplus 84 478 1,282 2,880 4,589 6,416 8,132 10,335 12,503 14,811 17,263
TNW 5,773 6,167 6,971 8,569 10,279 12,105 13,821 16,024 18,192 20,500 22,953
TTL 6,759 11,324 14,578 13,350 11,829 10,309 8,789 7,268 5,748 4,227 2,707
TOL 7,100 12,460 16,675 15,970 14,813 13,365 11,871 10,294 8,694 7,108 5,523
ROCE 1.4% 4.8% 10.4% 20.3% 20.0% 19.6% 19.1% 17.9% 16.5% 16.0% 15.3%
TTL/TNW 1.17 1.84 2.09 1.56 1.15 0.85 0.64 0.45 0.32 0.21 0.12
TOL/TNW 1.23 2.02 2.39 1.86 1.44 1.10 0.86 0.64 0.48 0.35 0.24
Int. Coverage 2.67 2.59 2.06 2.47 2.68 2.97 3.29 4.07 4.62 5.62 7.19
FACR 1.30 1.19 1.32 1.37 1.47 1.60 1.77 2.01 2.38 3.01 4.36
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Financial Indicator Estimated Value
Minimum DSCR 1.41
Average DSCR 1.74
Project IRR 24.50 %
Key Financial indicator - Project
Key Financial indicator - Company
Financial Indicator Estimated Value
Minimum DSCR 1.26
Average DSCR 1.73
Project IRR 20.27 %
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Own transmission lines for Power evacuation
433 Kms, 400 KV to transmit 1,000 MW - Operational
1000 Kms, 500 KV HVDC to transmit 2,500 MW - Operational
Carbon Credits: Projects certified as CDM Projects by UNFCCC
Mundra Ph III (2 x 660 MW): First Super Critical technology project in the world
Mundra Ph III - 1.84 Mil CER p.a. for 10 years from commissioning.
Tiroda Ph I - 1.19 Mil CER p.a. for 10 years from commissioning
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Thank You
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Back up Slides
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Adani Power Limited (APL) owns the following transmission lines:
- 400 kV D/C from Mundra Dehgam
- 500kV HVDC Bipole Trans. Line Mundra Mohindergarh
- 400 kV D/C from Mohindergarh - Bhiwani
- 400 kV D/C from Mohindergarh Dhanonda
Adani Power Maharashtra Limited (APML), subsidiary of APL, owns the following transmission line:
- Tiroda Warora
MEGPTCL, subsidiary of Adani Enterprise Limited (AEL), owns the following transmission line:
- Tiroda - Aurangabad
Current Structure
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Power Sector Scenario
(in MW)
Source Hydro Thermal Nuclear Total
Central 8 ,654 24,840 3,380 36,874
State 3,482 23,301 -- 26,783
Private 3,491 11,552 -- 15,043
Total 15,627 59,693 3,380 78,700
Source: document on M id-Term Appraisal of the eleventh Five Year Plan. Planning Commission, GoI
(in MW)
Source Hydro Thermal Nuclear Total
Central 2,922 14,920 3,380 21,222
State 2,854 18 ,501 -- 21,355
Private 2,461 17,336 -- 19,797
Total 8 ,237 50 ,757 3,380 62,374
Source: document on M id-Term Appraisal of the eleventh Five Year Plan. Planning Commission, GoI
Original Targets f or Capacit y Addit ion in Power Sector during the Eleventh Plan
Revised Targets for Capacity Addit ion in Power Sector during the Eleventh Plan as per
Mid Term Appraisal of Planning Commission
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Power Sector Scenario
Capacity Addition - (April 11 to February 12)Source Hydro Thermal Nuclear Res @ Total
Target (MW) 1,9 80 14,636 1,000 - 17,616
Acheivement 1,28 1 12,052 - - 13,333
@Renewable Energy Sources (RES) includes Small Hydro Project(SHP), Biomass Gas(BG), Biomass Power(BP),
Source : CEA
h f
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Growth of Transmission Sector
Central State JV/ Pvt Total Central State JV/ Pvt Total
6th Plan 1,831 4,198 -- 6,029 1,641 44,364 -- 46,005
7th Plan 13,0 68 6,756 -- 19,824 4,560 55,071 -- 59,631
8 th Plan 23,0 01 13,141 -- 36,142 6,564 73,0 36 -- 79,600
9Th Plan 29,345 20 ,0 33 -- 49,378 8 ,687 88 ,306 -- 96,993
10 th Plan 50 ,992 24,730 -- 75,722 9,444 1,0 5,185 -- 1,14,629
11t h Plan upt o Feb 12 75,337 33,399 7,520 1,16,256 10 ,919 1,28 ,0 53 430 1,39 ,40 2Source: CEA
Central State JV/ Pvt Total Central State JV/ Pvt Total
6th Plan 715 8 ,615 -- 9,330 50 0 36,791 -- 37,291
7th Plan 6,760 14,820 -- 21,58 0 1,881 51,861 -- 53,742
8 th Plan 17,340 23,525 -- 40,865 2,566 81,611 -- 84,177
9Th Plan 23,575 36,80 5 -- 60,380 2,866 1,13,497 -- 1,16,363
10 th Plan 40 ,455 52,487 -- 92,942 4,276 1,52,221 -- 1,56,497
11th Plan upto Feb 12 74,880 73,172 630 1,48,682 5,956 2,13,735 1,567 2,21,258
Source: CEA
SINCE 6TH FIVE YEAR PLAN
Sub Stations (MVA)
220 kV Sub-Stat ions40 0 kV Sub-Stations
At the end of
At the end of
400 kV t ransmission Lines 220 kV Transmission Lines
Transmission Lines (ckm)
h f i i
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Growth of Transmission Sector
Cent ral Sector State Sector JV/ Pvt Total
765 kV 6,0 01 473 -- 6,474
40 0 kV 75,337 33,399 7,520 1,16,256
220 kV 10 ,919 1,28 ,053 430 1,39,402
+/- 500 kV HVDC Lines 5,948 1,504 1,980 9,432
765 kV 13,500 -- -- 13,50 0
40 0 kV 74,880 73,172 630 1,48 ,682
220 kV 5,956 2,13,735 1,567 2,21,258
BTB Stn Converter Terminal (MW) 9,500 1,700 -- 11,200
Source: CEA
GROWTH OF TRANSMISSION SECTOR (As on 29 -0 2-20 12)
Transmission Lines (ckm)
Substations (MVA)
+/- 500 kV HVDC Converter
G h f T i i S
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Eleventh Five Year Plan Rs in BillionsInter - State 750
Int ra - State 650
Total 1,400
Source: Ministry of P ower, Report of the Working Group on Power for Eleventh Plan (2007-2012).
Twelf th Five Year Plan Rs in Billions
Inter - State 2,400
Int ra - State 4 ,000
Total 6 ,400
Source: CEA, Key Inputs fo r XIIth Plan Financing of P ower Sector
Investment Planned in Transmission Sector in Eleventh Plan
CEA est imates for Targetted Investment in Transmission
Sector in Twelfth Plan
Growth of Transmission Sector
T i i S
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Transmission Sector
Transmission Lines (both AC
and HVDC)
6t h Plan 7th Plan 8t h Plan 9t h Plan At the end of
10t h Plan
Add. in first
four yearsof 11th Plan
(2007-11)
Expected at
end of 11thPlan
Expected
additionduring 12th
Plan
Expected by
end of 12thPlan
HVDC Bipole lines - - 1,634 3,138 5,872 1,580 9,432 9,440 18,872
765 kV - - - 971 1,704 1,636 4,616 27,000 31,616
400 kV 6,029 19,824 36,142 49,378 75,722 26,856 1,12,961 38,000 1,50,961220 kV 46,005 59,631 79,600 96,993 1,14,629 19,561 1,40,782 35,000 1,75,782
Total Transmission Line, ckm 52,034 79,455 1,17,376 1,50,480 1,97,927 49,633 2,67,791 1,09,440 3,77,231
Source
Draft National Electricity Plan (Volume - II) Transmission
[In fulf ilment of CEAs obligation under section 3(4) of t he Electricit y Act 200 3]Government of India
Ministry of Power
Central Electricit y Authority
Feb-12
(values in ckm)
T i i S t
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Transmission Sector
Draft National Electricity Plan (Volume II) considers 80 GW generation addition for 12 th Plan over and above 62 GW target as per
Mid Term Assessment for 11th Plan by Planning Commission.
Fund requirement for development of Transmission System estimated to be of the order of Rs. 1,80,000 Crore.
ATL R t d S ti T
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APL / APML would provide following securities to existing lenders for the period they give NOC for release of
Security till the time their money is paid.
Undertaking from Adani Power Limited
Corporate Guarantee of Adani Enterprises Limited
ATL Requested Sanction Terms
P d M h i
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Part II
AEL to infuse Funds to extent of 30% of Total Assets to take over share of APL and APML amounting to Rs.
1,397 Crores
Funds from AEL will be utilized for repayment to APL (Rs 1201 Crs) & APML (Rs. 196 Crs.)
Partnership Firm to be Converted in Company under Part IX of Companies Act, 1956 immediately which shall be
WOS of AEL.
Proposed Mechanism
Ad t f S ti t APL & APML
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Advantages of Separation to APL & APML
Transmission Lines shall be available for transferring Power generated by APL and other Power Generating Units
and surplus capacity will be available to other power producers,
Reduction in transmission cost for APL & APML
To get priority on wheeling our power though other national gird in case of technical shut down / breakdown of
our Transmission Line.
Reduction in Debt of Rs. 3600 Crs in APL and Rs. 455 Crs in APML
Debt Equity Ratio to Improve