$4
-
Cost of
It is expected that 90% of the total investment can be financed by loan and the remaining 10% by share equity. It was agreed that GPC would take up 60% share (US$244m) and the other 40% share (US$163m) would be taken up by a Hong Kong company tentatively called Hong Kong
Investment Nuclear
Company (HKNIC) which will be managed and controlled by CLP. Equipment and fuel loans valued at US$2223m would constitute 55% of the total investment and would be provided by the equipment and fuel supplying countries. In carrying out the financial evaluation, it has been assumed that these loans would bear an interest rate of about 7.5% p.a.. The equipment loans are to be repaid in 15 years and the fuel loan in 3 years. The remaining 35% of the total investment (US$1437m) would be financed by commercial loans which would normally bear an interest rate of 10% P.a., repayable in 7 years.
In GPC's opinion. 60% of the long term loans should be guaranteed by the Bank of China and the remaining 40% should be guaranteed by reputable international banks in Hong Kong and/or U.K. or by ECGD of
However, CLP firmly believes that unless U.K.
the Bank of China guarantees all foreign loans, it would not be possible to raise the 90% loans required by GNPC.
nuclear
priver. 1988
power
After commissioning in 1988 and till the end of the joint venture period in 2008, the levelised cost of electricity generated by the
station (i.e.. an
unit
is cost average
which time-weighted with inflation taken into account over the period from 1988 to 2008) is estimated to be 14.3 US¢/kWh. The corresponding cost for an equivalent coal-fired station built in Hong Kong would be 17.6 US¢/kWh. Calculations using the assumed parameters show that the cost of electricity from the nuclear station during the initial four years will be higher than that from an equivalent coal-fired plant because of the low availability and high capital costs. However, nuclear power will be more competitive in the long-run as the costs of electricity generated by the nuclear station will be considerably lower in the subsequent years.
Assuming the capacity factor of the joint nuclear power station is 65%, the total unit sent out per annum would be about 10,249 GWh. In proportion to the equity ratio. CLP will purchase 40% of the total annual generation and will pay GNPC in Hong Kong currency while GPC will purchase the remaining 60% using RMB and supplemented when necessary by foreign exchange.
To maintain the foreign currency balance of the
necessary
GNPC, it will be
for GPC to sell between
of 1/3 to 1/2
its share of
electricity to CLP. In the economic evaluation, it has been assumed that the resale price is 10% higher than the electricity price of GNPC. The actual resale price will be subject to negotiation before signing of the contract.
According to the financial analyses. all loans fifteen years.
will be repaid
in
The profit level of the GNPC is expected to be 30% over and above the total generation cost including taxation. As an indication, in the year 1992, when the nuclear station is operating at full commercial availability, the profit for the year is expected to be US$278m. The profit earned will be distributed to GPC and HKNIC according to their equity ratio.
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