16
3.3.4
(a)
Bank Guarantees for Long-term Loans
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 U.K. However, CLP firmly believes that unless the Bank of China guarantees all foreign loans, it would not be possible to raise the 90% loans required by GNPC.
The Financial Situations of GNPC After Plant Commissioning
(a) Electricity Cost Coal-firing:-
Comparison Between Nuclear Power and
An economic assessment has been made for a coal-fired station of 3 x 660 MW capacity to be built by CLP in Hong Kong. The results indicated that the levelised cost of electricity (i.e. an average unit cost which is time-weighted with inflation taken into account over the period from 1988 to 2008) from the coal-fired station would be about 23% higher than that from a joint nuclear power station in Guangdong, as shown in the following table:
Unit Cost of Electricity (USZ/kWh)
Year
Joint Nuclear Power Station in
CLP Coal-fired Station in
Guangdong
Hong Kong
Difference
(2 x 900 MWe PWR)
(3 x 660 MW)
1988
15.4
13.6
1.8
1989
13.9
11.7
2.2
1990
11.7
11.2
- 0.5
1991
12.1
11.7
0.4
1992
11.8
12.7
0.9
1993
11.8
13.7
1.9
1994
11.9
14.8
2.9
1995
12.1
15.9
3.8
1996
12.6
17.4
4.8
1997
13.2
18.7
5.5
1998
14.3
20.1
5.8
1999
15.1
21.5
6.4
2000
16.0
23.1
7.1
2001
17.1
24.9
7.8
2002
18.2
26.9
8.7
2003
19.5
29.2
9.7
2004
21.0
31.8
10.8
2005
22.8
34.6
11.8
2006
24.7
37.8
13.1
2007
26.8
41.5
14.7
2008
· 27.0
44.6
17.6
Levelised
14.3
17.6
3.3
cost
100%
123%
238