17
(b) Sharing and Pricing of Electricity
by the
joint
nuclear
power station
electricity generated The would be shared by GPC and CLP according to the shareholdings of
After i.e. GPC 60% and CLP 40%. GPC and HKNIC,
three years of initial operation, the plant availability is expected to reach about 65% and the total units sent out per annum would be about 10249 GWh of which GPC would share 6149 GWh and CLP 4100 GWh.
The Electricity will be sold to GPC and CLP at the same price. price will be determined by the cost of electricity generated by GNPC. This cost will comprise depreciation, fuel cost, O & M costs, taxation, interests, decommissioning allowances and profit. It is assumed that, for payment of electricity to GNPC, CLP will
will use while
RMB, GPC
to in
be pay
Hong Kong currency supplemented by foreign exchange as required.
For the purpose of maintaining foreign currency balance of GNPC, it will be necessary for
its share of GPC to resell part of electricity to CLP and the foreign currency thus earned by GPC will be used as part of GPC's payment of electricity to GNPC.
electricity to
resold be
to CLP by The
GPC, expressed percentages of total electricity sent out by GNPC is assumed to be as follows:-
as
Period
1988 1992
1993 1995
1996
-
2008
Percentage
30%
25%
20%
The resale price will be higher than the price of electricity of GNPC and the difference has been tentatively assumed to be 10% in the economic evaluations. The actual resale price will be subject to negotiations before signing of the contract.
(c)
Loan Repayment and Decapitalisation
(i)
Payment of Loan Interest
nuclear joint
power
is
During the construction of the station from 1980 to 1988, the accrued loan interest estimated to
to be has be US$902m which
been assumed financed 90% by additional loans and 10% by share equity.
After the commissioning of the nuclear power station, the loan interest to be paid each year will be charged to the cost of electricity of GNPC. In other words, part of the
will be used to electricity revenue of GNPC
pay loan
interest.
the 15 interest during
year is estimated to
total loan The
loan repayment period from 1989 to 2004 be US$1686m (present value of US$457m).