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UNIVERSITAS INDONESIA

PRELIMENARY DESIGN OF POWER-TO-GAS SYSTEM TO


ABSORB PHOTOVOLTAIC POWER

Report Assignment 5

GROUP 23
GROUP PERSONNEL:
AHMAD HAMIDI (1306446370)
ASTRINI PRADYASTI (1306370404)
CHAIRANI SHAFIRA U. (1306370732)
IMAM TAUFIQ R. (1306370612)
MARIA ULFA (1306370625)
RADEN RIDZKI ADITYA (1306370530)

CHEMICAL ENGINEERING DEPARTMENT


ENGINEERING FACULTY
DEPOK
NOVEMBER, 2016
EXECUTIVE SUMMARY
Cost index is used to determine equipment cost in a specific year. In this
assignment of plant design, we have to predict plant equipment price in the year
when the item bought in present time. We use price index to know equipment cost
in 2020. By extrapolating the data and graphic, we can get a cost index value of
711.9 on 2020. In our power to gas plant, there are 30 equipments. The calculation
of equipment or total bare module cost is begun with the calculation of FOB. FOB
(Free On Board) is the bases cost of the equipment. The parameter and the
formula we used is in Process and Product Design Principles by Seider or based
on the vendor (catalog).
Building cost is based on the area of each of the buildings that will
determine the cost of materials to construct the building and also include the
supporting facilities within the building. We also calculated bulk material cost
from piping and controller cost, site preparation cost and land cost. The
calculation of offsite facilities cost is including Reverse Osmosis and Sand Filter.
The engineering costs include the costs of detailed design and other engineering
services required to carry out the project construction. The calculation gives the
total of capital investment (CAPEX) for our product is $47,933,575.
Operating cost is the expenses that is needed to operate a device, component, and
piece of equipment or facilities that is used for producing both hydrogen and
oxygen. Operational cost is usually paid in every year of production. There are
some factors that is needed to be calculated such as direct production cost, fixed
charge, and plant overhead cost. Such costs are called manufacturing cost. For
production cost, it is the cost that directly connected to the cost of production cost
such as raw material, operating labor, utility, and maintenance. Operating cost
consists of manufacturing cost and general expenses. The total operating cost
(OPEX) in our project is $ 3,516,127.94
Hydrogen and oxygen are products that we get in this power-to-gas plant.
Product capacities that we will get are 246 ton/year of hydrogen and 1,949
ton/year of oxygen. Since hydrogen is a commodity product, the only way to
determine product price is to benchmark hydrogen price in the market and project
the price to the year of our production which is 2020. We have hydrogen price

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history data that we got from ITM Power. We can project hydrogen price in 2020
by making a graph and find its trend line. Based on the graph, we got hydrogen
price in 2020 is $ 7.64. Because oxygen is also a commodity product, we will
determine oxygen price by benchmarking with the market and project the price to
the year when we are ready to begin our production. We got oxygen price in 2020
is $7.33.
MARR is the minimum rate of return of a project a company is willing to
accept before starting the project, given its risk and the opportunity cost of
forgoing other projects. The value of MARR is 7.2%. On the first year of cash
flow, we do not have any capital, so in order to start the business, we need to loan
from institution like bank. We need at least $ 47,933,574 for our first capital. we
do some research about loan system in Indonesia called Cash Collateral. We
chose Bank Mandiri with interest rate is 2% higher than mortgage interest rate.
For the design of this plant, we will be used 65% equity loan from bank and 35%
from investor.
Rate of Investment (ROI) is the annual profit generated by one unit of
capital invested. The ROI obtained from this plant is 25.40%. From the ROI
calculation, we can see that our plant is attractive to investor because it has rate of
investment value that is high than WACC. Payback Period is the duration (in
year) of an investment will be returned. Payback Period can also be seen from the
plot of graph between the net profit by the time (year), so we can obtain the
payback period for this plant is 6.78years.
Internal Rate of Return (IRR) is a measure of the maximum interest rate
paid on a project and still break even at the end of the project life. We obtain IRR
of 15.86% from our power-to-gas plant. If we compare the IRR with MARR
(15.86% (IRR) > 7.2% (MARR)), the difference is quite high (8.69%). This
means that our plant is attractive to investor.
Net Present Value (NPV) shows the net benefit received by a project over
the life of the project at a certain interest rate. A project can be counted as feasible
if the NPV>0, which means that the project is profitable. By MARR 7.2%, we
obtained NPV $49,294,031.

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TABLE OF CONTENTS

EXECUTIVE SUMMARY ................................................................................... ii


TABLE OF CONTENTS ..................................................................................... iv
LIST OF FIGURE ............................................................................................... vi
LIST OF TABLE ................................................................................................ vii
CHAPTER 1 CAPITAL INVESTMENT ........................................................... 1
1.1. Cost Index ...................................................................................................... 1
1.1. Purchased Equipment Cost ............................................................................ 3
1.2. Total Equipment Cost (CTBM) ........................................................................ 7
1.3. Bulk Material Cost (Piping, Instrumentation, and Controller) .................... 10
1.4. Site Development Cost ................................................................................ 11
1.5. Building Cost ............................................................................................... 12
1.6. Offsite Facilities Cost .................................................................................. 14
1.7. Engineering and Supervision Cost............................................................... 14
1.8. Construction Expenses................................................................................. 14
1.9. Contingency Cost......................................................................................... 15
1.10. Contactor Fee ............................................................................................... 15
1.11. Additional Cost ............................................................................................ 15
1.12. Working Capital........................................................................................... 17
1.13. Calculation of Total Capital Investment ...................................................... 18
1.14. Cost Breakdown........................................................................................... 19
BAB II OPERATING COST ............................................................................. 21
2.1. Utility Cost .................................................................................................. 21
2.2. Labor Cost ................................................................................................... 25
2.2.1. Direct Labor Cost ................................................................................... 25
2.2.2. Indirect Labor Cost ................................................................................. 27
2.2.3.Total Labor Cost ...................................................................................... 30
2.3. Maintenance Cost ........................................................................................ 30
2.4. Other Costs .................................................................................................. 30
2.5. Cost Breakdown ............................................................................................. 33
CHAPTER 3 PROFITABILITY ANALYSIS .................................................. 35
3.1 Product Price Prediction .............................................................................. 35
3.1.1 Hydrogen Price Prediction ...................................................................... 35
3.1.2 Oxygen Price Prediction .......................................................................... 36
3.2 Cash Flow .................................................................................................... 37
3.2.1 Equity ...................................................................................................... 38
3.2.2 Depreciation ............................................................................................ 40
3.2.3 Before andAfter Tax Cash Flow ............................................................. 42
3.3 Profitability Analysis ................................................................................... 43
3.3.1 Rate of Investment................................................................................... 43
3.3.2 Payback Period ........................................................................................ 43
3.3.3 Break Even Point ..................................................................................... 44
3.3.4 Internal Rateof Return(IRR) .................................................................... 44
3.3.5 Net Present Value (NPV) ........................................................................ 45
3.4 Sensitivity Analysis ..................................................................................... 45

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3.4.1 Hydrogen Price Fluctuations ................................................................... 46


3.4.2 Total Capital Investment Fluctuation (Photovoltaic Power Plant) .......... 46
3.4.3 Total Capital Investment Fluctuation Equipment) .................................. 47
3.4.4 Sensitivity Graph ..................................................................................... 47
CHAPTER 4 CONCLUSION ............................................................................ 52
REFERENCE ...................................................................................................... 53
APPENDIX .......................................................................................................... 54

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LIST OF FIGURE

Figure 1.1 Chemical Engineering Plant Cost Index (CEPCI) Graphic ................... 2
Figure 1.2 Graph for calculating separator FOB cost ............................................. 6
Figure 1.3 Direct Cost Breakdown........................................................................ 19
Figure 1.4 Indirect Cost Breakdown ..................................................................... 20
Figure 1.5 Capital Cost Breakdown ...................................................................... 20
Figure 2.1 Cost Breakdown................................................................................... 34
Figure 3.1 Hydrogen Price .................................................................................... 36
Figure 3.2 Oxygen Price ....................................................................................... 37
Figure 3.3 Before and After Tax Cash Flow ......................................................... 42
Figure 3.4 Payback Period .................................................................................... 44

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LIST OF TABLE

Table 1.1 Chemical Engineerings Plant Cost Index .............................................. 1


Table 1.2 Chemical Engineerings Plant Cost Index Projection ............................. 2
Table 1.3 Purchase Equipment Cost For Tank ....................................................... 3
Table 1.4 Purchase Equipment Cost For Pump ...................................................... 4
Table 1.5 Purchase Equipment Cost For Compressor ............................................ 4
Table 1.6 Purchase Equipment Cost For Heat Exchanger ...................................... 5
Table 1.7 Purchase Equipment Cost For Separator ............................................... 6
Table 1.8 Purchase Equipment Cost For Electrolyzer ............................................ 6
Table 1.9 Purchase Equipment Cost For Photovoltaic Solar Cell .......................... 7
Table 1.10 Purchased Equipment Cost ................................................................... 8
Table 1.11 Piping cost ........................................................................................... 10
Table 1.12 Controller cost ..................................................................................... 11
Table 1.13 Bulk Material Cost .............................................................................. 11
Table 1.14 Site Preparation Cost........................................................................... 11
Table 1.15 Land Cost ............................................................................................ 11
Table 1.16 Site Development Cost........................................................................ 12
Table 1.17 Building Cost ...................................................................................... 12
Table 1.18 Supporting Cost .................................................................................. 13
Table 1.19 Site Development Cost........................................................................ 13
Table 1.20 Offsite Facilities Cost ......................................................................... 14
Table 1.21 Engineering and Supervision Cost ...................................................... 14
Table 1.22 Construction Expenses ........................................................................ 15
Table 1.23 Contingency Cost ................................................................................ 15
Table 1.24 Contractor Fee ..................................................................................... 15
Table 1.25 Royalties Cost ..................................................................................... 16
Table 1.26 Plant Startup Cost................................................................................ 16
Table 1.27 Distribution equipment cost ................................................................ 16
Table 1.28 Additional Cost ................................................................................... 16
Table 1.29 Working Capital Cost.......................................................................... 17
Table 1.30 Total Capital Investment ..................................................................... 18
Table 2.1 Process Equipment Electricity Needs ................................................... 21
Table 2.2 Supporting Facilities Electricity Requirement Needs ........................... 22
Table 2.3 Supporting Facilities Water Costs ........................................................ 24
Table 2.4 Refrigerant Utility Cost ......................................................................... 24
Table 2.5 Total Electricity Needs.......................................................................... 25
Table 2.6 Water and Refrigerant Utility Costs...................................................... 25
Table 2.7 Direct Operating Labor Requirements for Chemical Plant ................... 26
Table 2.8 Direct Labor Salaries ............................................................................ 27
Table 2.9 Indirect Labor Salaries .......................................................................... 27
Table 2.10 Annual Labor Costs ............................................................................ 30
Table 2.11 Insurance Cost ..................................................................................... 31
Table 2.12 Distribution Cost ................................................................................. 32
Table 2.13 Other Cost ........................................................................................... 33
Table 2.14 Total Operational Cost ........................................................................ 33

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viii

Table 3.1 Hydrogen Price ..................................................................................... 35


Table 3.2 Oxygen Price ......................................................................................... 36
Table 3.3 Bank Mandiri Equity............................................................................. 38
Table 3.4 Investor Equity ...................................................................................... 39
Table 3.5 Total Payment of Equity ....................................................................... 39
Table 3.6 Total Depreciation and Salvage Value.................................................. 41
Table 3.8 Hydrogen Price Fluctuations ................................................................. 46
Table 3.9 Photovoltaic Power Plant Fluctuation ................................................... 47
Table 3.10 Equipment Cost Fluctuation................................................................ 47

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CHAPTER 1
CAPITAL INVESTMENT
1.1. Cost Index
In this sub chapter, cost index is used to determine equipment cost in a
specific year. In this assignment of plant design, we have to predict plant
equipment price in the year when the item bought in present time. So we use
Chemical Engineering Cost Index. The price index is the data obtained as shown
in Table 1.1 below.
Table 1.1 Chemical Engineerings Plant Cost Index
Year CEPCI
2001 394.0
2002 400.5
2003 410.0
2004 448.0
2005 468.2
2006 499.6
2007 525.4
2008 570.0
2009 521.9
2010 550.8
2011 585.7
2012 584.6
(Source: Chemical Engineering Online, 2014)

We use price index to know equipment cost in 2020 which is can be


calculated by inteIDRolating the known index cost above. Figure 1.1 below
shown the ploting data of price index.

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700
y = 15.095x - 29780
600

500

400

300

200

100

0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Figure 1.1 Chemical Engineering Plant Cost Index (CEPCI) Graphic

By extrapolating the data and graphic, we can get a cost index value of
711.9 on 2020, as stated in Table 1.2 .
Table 1.2 Chemical Engineerings Plant Cost Index Projection
Year CEPCI

2013 606.2
2014 621.3
2015 636.4
2016 651.5
2017 666.6
2018 681.7
2019 696.8
2020 711.9

This projection of Chemical Engineerings Plant Cost Index will be used for
the equipment cost prediction because the equipment will be purchased in 2020.
In estimating equipment cost, we use index value to estimating price at present
time, the equation is:

= ( )

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1.1. Purchased Equipment Cost


In our power to gas plant, there are 30 equipments. The calculation of each
equipment purchased cost will be explained below.
a. Storage Tank
To calculate the cost of demineralized water, chilled water, oxygen,
hydrogen and liquid nitrogen storage tank, using formula below (Seider,
2003):
=
Where Ce = purchased equipment cost ($)
S = characteristic size parameter
C = cost constant
n = index for that type of equipment
We use n factor is 0.55 because the material of tank is stainless steel and
C constants is 4350.
Table 1.3 Purchase Equipment Cost For Tank
Tank Volume Quantity Price/Unit Total Price Total Price
(IDR) ($)
S-101 8 1 177,470,000 177,470,000 13,652
S-102 5 1 137,050,000 137,050,000 10,542
S-103 0.058 2 11,810,000 23,620,000 908
S-104 4.96 1 136,440,000 136,440,000 10,495
S-105 3.182 1 106,890,000 106,890,000 8,222
Total 581,470,000 43,820
(source: Seider, 2003)
Note:
S-101 Demineralized water storage
S-102 Chilled water storage
S-103 Liquid Nitrogen Storage
S-104 Oxygen Storage
S-105 Hydrogen Storage

b. Pump
To calculate the pump cost, the formula that will be using is below
(Seider, 2003).
= ()0.5
= exp[9.2951 0.6019[ln()] + 0.0519[ln()]2 ]
=

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Where S is the size factor, Q is the flow rate in gpm, H is the pump head in
feet, FM is a material and FT is pump-type factor. The cost is:
Table 1.4 Purchase Equipment Cost For Pump
Total Price Total Price
Pump Quantity Price/Unit
(IDR) ($)
P-101 1 58,850,000 58,850,000 4,527
P-102 1 49,780,000 49,780,000 3,829
P-103 1 43,590,000 43,590,000 3,353
P-104 1 22,840,000 22,840,000 1,757
P-105 1 22,860,000 22,860,000 1,758
P-106 1 24,290,000 24,290,000 1,868
P-107 1 45,060,000 45,060,000 3,466
P-108 1 53,140,000 53,140,000 4,088
Total 320,410,000 24,647
(source: Seider, 2003)
c. Compressor
In our plant there are 2 compressor. The equation for tank process is shown
below,
= exp{7.2223 + (0.8[()]}
=
Where:
PC = Power (hp)
FM = Compressor Material (SS =2.5)
FD = Compressor type
The cost is:
Table 1.5 Purchase Equipment Cost For Compressor
Tank Quantity Price/Unit Total Price Total Price
(IDR) ($)
C-101 1 621,610,000 621,610,000 51,801
C-102 1 982,200,000 982,200,000 81,850
Total 1,603,810,000 133,651
(source: Seider, 2003)

d. Heat Exchanger
To calculate the purchased cost of this equipment, the formula is
below (Seider, 2003).
= exp{11.967 0.8709[ln(A)] + 0.09005[ln(A)]2 }

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= + ( )
100
2
= 0.9803 + 0.018 ( ) + 0.0017 ( )
100 100
=
Where A is the tube outside surface area in ft2, FM is material factor with a
and b value is according to the material, FL is tube length correction and
FP is the pressure factor. The cost is:
Table 1.6 Purchase Equipment Cost For Heat Exchanger
Tank Quantity Price/Unit Total Price Total Price
(IDR) ($)
E-101 1 461,720,000 461,720,000 38,477
E-102 1 783,510,000 783,510,000 65,293
E-103 1 693,200,000 693,200,000 57,767
E-104 1 475,010,000 475,010,000 39,584
E-105 1 238,190,000 238,190,000 19,849
Total 2,651,630,000 220,969
(source: Seider, 2003)
e. Separator
We also use SSL book (2003) for calculating separator Purchaseds Cost.
For separators purchased cost is based from diameter, height, material factor. So
that by using all of that factor we can calculate the price from the graph as below

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Figure 1.2 Graph for calculating separator FOB cost


(Source: Seider, 2003)
So, The cost is,
Table 1.7 Purchase Equipment Cost For Separator
Tank Quantity Price/Unit Total Price Total Price
(IDR) ($)
V-101 1 24,000,000 24,000,000 1,846
Total 24,000,000 1,846
(source: Seider, 2003)
f. Electrolyzer
In our plant there are 1 electrolyzer for eletrolysis water. Because there is
not equation provided in Book, we use vendor price as purchase price. The
cost is,
Table 1.8 Purchase Equipment Cost For Electrolyzer
Tank Quantity Price/Unit Total Price Total Price
(IDR) ($)
T-101 1 20,700,000,000 20,700,000,000 1,725,000
Total 20,700,000,000 1,725,000

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g. Photovoltaic Solar Cells equipments


For Photovoltaic Solar Cells equipments, there are 4 main equipment
whrere we got the price from vendors. The table below show the cost of
Photovoltaic Solar Cells equipments,
Table 1.9 Purchase Equipment Cost For Photovoltaic Solar Cell
Tank Quantity Price/Unit Total Price Total Price
(IDR) ($)
Solar pv 30114 4,350,000 130,995,900,000 10,076,607.69
modul
Solar 1883 15,936,000 30,007,488,000 2,308,268.31
surge
controller
Baterries 3480 30,960,000 107,740,800,000 8,287,753.85
bank
Inverter 1 40,200,000 40,200,000 3,092.31
Total 268,784,388,000 20,675,722

1.2. Total Equipment Cost (CTBM)


The calculation of equipment or total bare module cost is begun with the
calculation of FOB itself. FOB (Free On Board) is the bases cost of the
equipment. The parameter and the formula we can see in Process and Product
Design Principles by Seider exactly in Table 16.32 or based on the vendor
(catalog). To get an estimate of the purchase cost at a later date, we need to
multiply the cost from an earlier date by the ratio called cost index at that date a
base cost index.
From the planning, the equipment purchasing on this plant will be done on
2020. So, we need to know the cost index on the year 2020 which is after
extrapolating about 711.9. Using the design specification for all equipment, the
purchase cost can be determined and later converted into 2020 purchase cost using
the cost index. The overall calculation can be seen on the Table xx below total
bare module cost than will be depreciated. The depreciation will be conducted in
the main equipment costs using declining balance method of depreciation within
20 years of recovery period.

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Table 1.10 Purchased Equipment Cost


Bare
Year Cost Index in CTbm in 2020 CTbm in 2020
No Equipment Qty. Price/Unit Total Price Module
Basis Year Basis (Rp) ($)
Code Factor
A Tank
1 S-101 1 177,470,000 177,470,000 2004 444.2 1.41 401,040,000 30,849
2 S-102 1 137,050,000 137,050,000 2004 444.2 1.41 309,700,000 23,823
3 S-103 2 11,810,000 23,620,000 2004 444.2 1.41 53,380,000 4,106
4 S-104 1 136,440,000 136,440,000 2004 444.2 1.41 308,320,000 23,717
5 S-105 1 106,890,000 106,890,000 2004 444.2 1.41 241,550,000 18,581

B Pump
1 P-101 1 58,850,000 58,850,000 2000 394 3.47 368,980,000 28,383
2 P-102 1 49,780,000 49,780,000 2000 394 3.47 312,110,000 24,008
3 P-103 1 43,590,000 43,590,000 2000 394 3.47 273,300,000 21,023
4 P-104 1 22,840,000 22,840,000 2000 394 3.47 143,210,000 11,016
5 P-105 1 22,860,000 22,860,000 2000 394 3.47 143,330,000 11,025
6 P-106 1 24,290,000 24,290,000 2000 394 3.47 152,300,000 11,715
7 P-107 1 45,060,000 45,060,000 2000 394 3.47 282,520,000 21,732
8 P-108 1 53,140,000 53,140,000 2000 394 3.47 333,180,000 25,629

C Compressor
1 C-101 1 621,610,000 621,610,000 2000 444.2 3.24 3,227,780,000 248,291
2 C-102 1 982,200,000 982,200,000 2000 394 3.24 5,750,000,000 442,308

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Table 1.10 Purchased Equipment Cost (Contd)


D Heat
Exchanger
1 E-101 1 461,720,000 461,720,000 2000 394 3.17 2,644,610,000 203,432
2 E-102 1 783,510,000 783,510,000 2000 394 3.17 4,487,730,000 345,210
3 E-103 1 693,200,000 693,200,000 2000 394 3.17 3,970,460,000 305,420
4 E-104 1 475,010,000 475,010,000 2000 394 3.17 2,720,730,000 209,287
5 E-105 1 238,190,000 238,190,000 2000 394 3.17 1,364,290,000 104,945

E SEPARATOR
1 V-102 1 24,000,000 24,000,000 2004 448 4.15 158,280,000 12,175

F Electrolyzer
1 T-101 1 20,700,000,000 20,700,000,000 2010 550.8 1 26,754,420,000 2,058,032

G PLTS
1 Solar pv modul 30114 4,350,000 130,995,900,000 2020 711,9 1 130,995,900,000 10,076,608
2 Solar surge 1883 15,936,000 30,007,488,000 2020 711,9 1 30,007,488,000 2,308,268
controller
3 Baterries bank 3480 30,960,000 107,740,800,000 2020 711,9 1 107,740,800,000 8,287,754
4 Inverter 1 40200000 40,200,000 2020 711,9 1 40,200,000 3,092

TOTAL 323,185,608,000 24,860,431

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1.3. Bulk Material Cost (Piping, Instrumentation, and Controller)


Bulk material cost calculated from piping and controller cost. The details
of each component can be seen in Table 1.11
Table 1.11 Piping cost
Main Process Cost
Length
Mass indeks Bare
Length ID OD Density (kg)
Price/kg
year module
Price ($)
Stream
(m) (inch) (inch) (kg/m) reference
1-4. 5 0.614 0.84 1.27 6.35 2.5 651.5 1.14 19.7753
5-6. 9 0.614 0.84 1.27 11.43 2.5 651.5 1.14 35.59555
7 4 0.617 0.84 1.27 5.08 2.5 651.5 1.14 15.82024
8 32 1.779 8.625 42.55 1361.6 2.5 651.5 1.14 4240.323
9-11. 32 1.779 2.375 5.44 174.08 2.5 651.5 1.14 542.1236
12 73 4.51 1.66 3.39 247.47 2.5 651.5 1.14 770.6763
13 11 0.0617 5.563 21.77 239.47 2.5 651.5 1.14 745.7625
14-16. 7 0.0617 0.675 0.84 5.88 2.5 651.5 1.14 18.31162
17 8 0.0617 0.675 0.84 6.72 2.5 651.5 1.14 20.92757
18 10 4.468 5.563 21.563 215.63 2.5 651.5 1.14 671.5195
19 41 5.097 6.625 28.26 1158.66 2.5 651.5 1.14 3608.323
20 92 4.872 5.563 21.563 1983.796 2.5 651.5 1.14 6177.979
Water treatment
Q ID OD
Stream
(m3/h) (inch) (inch)
1-3. 100 0.409 0.84 1.27 127 2.5 651.5 1.14 395.5061
4-5. 5 0.4 0.84 1.27 6.35 2.5 651.5 1.14 19.7753
6 2 0.39 0.84 1.27 2.54 2.5 651.5 1.14 7.910121
7 16 0.39 0.84 1.27 20.32 2.5 651.5 1.14 63.28097
Chilling Process
Q ID OD
Stream
(m3/h) (inch) (inch)
1 72 1.43 1.9 4.05 291.6 2.5 651.5 1.14 908.1069
2-5. 12 1.43 1.9 4.05 48.6 2.5 651.5 1.14 151.3511
6 72 1.43 1.9 4.05 291.6 2.5 651.5 1.14 908.1069
7-8. 10 0.628 1.05 1.69 16.9 2.5 651.5 1.14 52.63034
9 3 9.333 10.75 60.31 180.93 2.5 651.5 1.14 563.456
10-13. 75 1.43 1.66 3.39 254.25 2.5 651.5 1.14 791.7907
TOTAL 20,729

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Table 1.12 Controller cost


Type Qty Spare Price/Unit ($) Total Price ($)
Level Transmitter 1 1 122 244
Level Control
Level Indicator 1 1 39 78
Analysis Transmitter 1 1 120 240
Analysis Control
Analysis Indicator 1 1 51 102
Pressure Transmitter 6 3 101 909
Pressure Control
Pressure indicator 6 3 51 459
Temperature Temperature Transmitter 4 2 95 570
Control Temperature Indicator 4 2 282 1,692
Total 4,294

So total for bulk material cost is calculated in Table 1.13


Table 1.13 Bulk Material Cost
Type Price (US$)
Piping 20.729
Controller 4,294
Total 25.023

1.4. Site Development Cost


In our plant site development cost consist of site preparation cost and land
cost.
Table 1.14 Site Preparation Cost
Type Price (US$/m2) Quantity (m2) Total Price
Site Preparation 25.5 10,000 $255,000
Asphalt 10.5 4150 $44,000
Total $299,000

In addition to the site development, we also consider the land cost of our
plant. In Bontang the land cost is IDR 150,000,- every m2 .The total area we need
for our plant is 10 hectare.
Table 1.15 Land Cost
Type Price/Unit Quantity Total Price Total Price
(IDR/m2) (m2) (IDR) (US$)
Land 115,000 100,000 11,500,000,000 884,620

So total for site development cost is calculated in Table 1.16

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Table 1.16 Site Development Cost


Type Price (US$)
Site Preparation 299,000
Land 884,620
Total 1,183,620

1.5. Building Cost


Building costs are costs required to build some buildings that exist in our
factory based on the results of our calculations in Plant Layout. This cost is based
on the area of each of the buildings that will determine the cost of materials to
construct the building. And also it also include the supporting facilities within the
building.
Table 1.17 Building Cost

Area Occupied Total Cost


Facility Price($)/m2
(m2) ($)
Office 500 230.8 115,400
Control Room 300 230.8 69,240

Maintenance 300
230.8 69,240
Clinic 100 230.8 23,080
Mosque 100 230.8 23,080
Canteen 100 230.8 23,080
Parking Lot 500 10.5 5250
Fire Station 150 230.8 34,620
Truck Parking Area 500 10.5 5,250
Garden 1,300 10.5 13,650
Production Room 2000 230.8 461,600
Total 843,490

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Table 1.18 Supporting Cost

Price/unit
No Supporting Equipment Quantity Price ($)
($)
1 Computers 5 167 833
2 Facsimiles machine 2 80 159
Photocopy, scanner, and
3 2 833 1,667
printer machine
4 Office stationary 1 167 167
5 Clock 5 2 8
6 Table 6 33 200
7 Chair 12 21 250
8 Filling cabinet 1 100 100
9 Laboratory set 1 500 500
10 Sofa 5 100 500
11 CCTV 4 49 194
12 Meeting room set 2 125 250
13 White board 7 38 263
14 Pantry utensils 3 250 750
15 Dispenser 3 11 33
16 PPE 1 292 292
17 Neon lamps 17 3 43
18 Recycle bin 3 3 8
19 Air conditioner 1 PK 6 333 2,000
20 Telephone 3 17 50
21 Television 5 92 458
Total 8,724

So total for building cost is calculated in Table 1.20


Table 1.19 Site Development Cost
Type Price (US$)
Building 843,490
Supporting Facilities 8,724
Total 852,214

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1.6. Offsite Facilities Cost


The calculation of offsite facilities cost is including Reverse Osmosis and
Sand Filter. The calculation is below summarized in the Table 1.21
Table 1.20 Offsite Facilities Cost
Equipment Qty. Price/Unit Total Price Year Cost Bare CTbm in CTbm in
Basis Index Module 2020 (Rp) 2020 ($)
in Year Factor
Basis
Reverse 1 60,000,000 60,000,000 2016 651.5 2.32 152,110,000 11,700
Osmosis
Sand 2 12,000,000 24,000,000 2016 651.5 2.32 4.680
60,850,000
Filter
TOTAL 91,800,000 16.381

1.7. Engineering and Supervision Cost


The engineering costs, sometimes referred to as home office costs or
contractor charges, include the costs of detailed design and other engineering
services required to carry out the project construction design and engineering,
drafting, purchasing, accounting, construction and cost engineering, travel,
reproductions, communications. We use 8% of Total Direct Permanent Investment
Cost. The calculation shown in Table 1.22.
Table 1.21 Engineering and Supervision Cost
Based Cost
No Type of Cost N Cost (US$)
(US$)
Engineering
1 and 8% 26,937,670 2,155,014

Supervision
Total 2,155,014

1.8. Construction Expenses


Construction is the item else that is included into indirect plant cost and
consist temporary construction and operation, construction tools and rentals, home
office personnel located at the construction site, construction payroll, travel and
living, taxes and insurance, and other construction overhead. This expense item is
occasionally included under equipment installation, or more often under
engineering, supervision, and construction. We use 10% of Total Direct
Permanent Investment Cost. The calculation shown in Table 1.23.

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Table 1.22 Construction Expenses


Based Cost
No Type of Cost n Cost (US$)
(US$)
Construction
1 10% 26,937,670 2,693,767
Expenses
Total 2,693,767

1.9. Contingency Cost


Contingency charges are extra costs added into the project budget to allow
for variation from the cost estimate. In order to compensate for unpredictable
expense, minor process changes, price changes, and estimating errors, a
contingency charge is applied against the direct plant cost. We use 15% of Total
Direct Permanent Investment as contingency cost because in this plant there might
be unpredictable costs due to the miss-calculation. The calculation shown in
Table 1.24.
Table 1.23 Contingency Cost
Based Cost
No Type of Cost n Cost (US$)
(US$)
1 Contingency 15% 26,924,261 3,729,065

Total 3,729,065

1.10. Contactor Fee


The contractors fee depends upon the size, complexity, and location of the
plant. We use 3% of Total Direct Permanent Investment. The calculation shown in
Table 1.25.
Table 1.24 Contractor Fee
Based Cost
No Type of Cost n Cost (US$)
(US$)
1 Contractor Fee 3% 26,924,261 745,813

Total 745,813

1.11. Additional Cost

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Additional cost consist of royalties cost, plant startup cost, distribution cost
and others. Estimate royalties cost is equal to 2% of CTDC and plant startup cost is
equal to 10% of CTDC.
Table 1.25 Royalties Cost
Component Cost (US$)
Royalties Cost 725,227
Total 725,227

For plant startup cost is shown below.


Table 1.26 Plant Startup Cost
Component Cost (US$)
Plant Startup Cost 3,626,133
Total 3,626,133

For distribution equipment cost is shown below.


Table 1.27 Distribution equipment cost
Cost
Bare CTbm in
Total Year Index
Equipment Quantity Price($)/unit Module 2020
Cost Basis in Year
Factor ($)
Basis
Truck for
transport 2 30,000 60,000 2016 651.5 1 70,000
H2
Truck for
transport 2 19,000 38,000 2016 651.5 1 50,000
O2
O2 Tube 100 108 10,769 2016 651.5 1 20,000
TOTAL 140,000

The additional cost in our plant is shown below.


Table 1.28 Additional Cost
Component Cost (US$)
Market Research 3,846
Industry Design Permission 119
Brand 538
Water Installment 385
Communication Line Installment 35
Hydrant Installment 1,538
Internet Network Installment 692
Total 7,154

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1.12. Working Capital


We use 17.6% of Total Permanent Investment for working capital. The
calculation shown in Table 1.29.
Table 1.29 Working Capital Cost
Based Cost
No Type of Cost n Cost (US$)
(US$)
1 Working Capital 17.6% 40,742,120 7,170,613

Total 7,170,613

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1.13. Calculation of Total Capital Investment


Table 1.30 Total Capital Investment
Type Cost Kind of Cost Symbol Cost Note
Total Bare-Module Cost CTBM $24,860,431 Calculated
Cost of Bulk Material CBulk $25,023 Calculated
Direct Site Development Cost CSite $1,183,620 Calculated
Cost Building Cost Cbuild $852,214 Calculated
Offsite Facilities Cost Coffsite $16,382 Calculated
Total Direct Permanent Investment CDPI $26,937,670 (CDPI = CTBM + Cbulk + Cbuild + Csite + Coffsite)
Engineering and Supervision Ceng $2,155,014 (8% CTDPI)
Construction Expenses Cconstruction $2,693,767 (10% CTDPI)
Indirect Contingencies Cost Ccontingency $3,729,065 (15% CTBM)
Cost
Contractors Fee Ccontractor $745,813 (3 % CTBM)
(CTDC = CDPI + Ceng + Ccontruction + Ccontingency
Total Depreciable Capital CTDC $36,261,328
+ C contractor)
Royalties Cost Croyal $725,227 (2% CTDC)
Plant Start Up Cost Cstartup $3,626,133 (10% CTDC)
Additional Distribution cost Cdist $140,000 Calcuated
Cost
Additional Cost Cadd $7,154 Calculated
Total Permanent Investment CTPI $40,759,841 (CTPI = CTDC + Croyal + Cstart up+ Cdist + Cadd)
Working
Working Capital CWC $7,173,732 (CWC = 17.6 % CTPI)
Capital
Total Capital Investment CTCI $47,933,573 (CTCI = CTPI + CWC)

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1.14. Cost Breakdown
Capital cost breakdown consisted of direct cost breakdown, indirect cost
breakdown, total capital cost breakdown. The direct cost breakdown is shown in
Figure 1.3

4.39% 3.16%

0.09% 0.06%
Total Bare-Module Cost
Cost of Bulk Material
Site Development Cost
Building Cost
Offsite Facilities Cost
92.29%

Figure 1.3 Direct Cost Breakdown

As we can see in Figure 1.3, the major component that have high
contribution in direct cost is total bare module cost which is the equipment cost
following by the site development cost. Because we are power to gas plant which
uses photovoltaic cell as the energy source, we need an area of 10 ha to build our
plant, where 9 ha of it is for PV cell and 1 ha for plant building. Because of that,
the total bare modul of our plant is significantly high compare to other cost due to
its expenxsive equipments cost.

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8%
23%
Engineering and Supervision
Construction Expenses

40% Contingencies Cost


Contractors Fee
29%

Figure 1.4 Indirect Cost Breakdown

As we can see in Figure 1.4, the major component that have high
contribution in indirect cost is the contingencies and construction expenses.
Because there might be error in design calculation that should be added to the
capital cost. The capital cost breakdown is shown in Figure 1.5 below

15%
Totac Direct Cost
9%
Total Indirect Cost

56% Additional Cost

20% Working Capital

Figure 1.5 Capital Cost Breakdown

As we can see in Figure 1.5 , the major component that have high
contribution in capital cost is direct cost because equipment cost is really
expensive to invest.

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BAB II
OPERATING COST

Operating cost is the expenses that is needed to operate a device,


component, and piece of equipment or facilities that is used for producing both
hydrogen and oxygen. Operational cost is usually paid in every year of
production. The operational cost is conducted into two types which are
manufacturing cost and general expense. There are some factors that is needed to
be calculated such as direct production cost, fixed charge, and plant overhead cost.
Such costs are called manufacturing cost. For production cost, it is the cost that
directly connected to the cost of production cost such as raw material, operating
labor, utility, and maintenance.
2.1. Utility Cost
Utility costs are needed to maintain the main processes of the production
such as water, electricity, and plant infrastructure.
a. Electric utility cost
Table 2.1 Process Equipment Electricity Needs
Working Energy
Power Power
Equipment Quantity Time Required
(hp) (kW)
(h/day) (kWh/day)
P-101 0.0057 0.0042 1 24 0.1008
P-105 0.0127 0.0095 1 24 0.228
P-104 0.0253 0.0188 1 24 0.4512
Process
T-101 - 1674 1 24 40176
C-100 - 33.11 1 24 794.64
C-101 - 16.44 1 24 394.56
Chilled P-102 1.69 1.26 1 24 30.24
Water P-103 1.556 1.16 1 24 27.84
P-106 2.922 2.1789 1 24 52.2936
Utility P-107 0.02 0.0149 1 24 0.3576
P-108 0.009 0.0067 1 24 0.1608
Total 41,477

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Table 2.2 Supporting Facilities Electricity Requirement Needs


Operation Total
Supporting Power
No Quantity Time Power
Equipment (kWh)
(h/day) (kWh/day)
Office building area
1 1 0.02 13 0.26
lighting
Compressor station
2 1 0.02 24 0.48
lighting
3 Control room lighting 1 0.02 24 0.48
4 Maintenance lighting 1 0.02 24 0.48
5 Clinic lighting 1 0.02 24 0.48
6 Mosque lighting 1 0.02 24 0.48
7 Canteen lighting 1 0.02 24 0.48
8 Security lighting 1 0.02 24 0.48
9 Fire station lighting 1 0.02 24 0.48
10 Parking lot lighting 1 0.02 24 0.48
11 Computer 5 0.35 12 21.00
12 Facsimile machine 2 0.03 12 0.72
Photocopier, scanner,
13 2 0.01 12 0.24
and printer
14 Office stationary 1 - - -
15 Clock 5 - - -
16 Table 6 - - -
17 Chair 12 - - -
18 Filing cabinet 1 - - -
19 Laboratory set 1 - - -
20 Sofa 5 - - -
21 CCTV 4 0.005 24 0.48
22 Meeting room set 2 - - -
23 White board 7 - - -
24 Pantry utensils 3 - - -
25 Dispenser 3 0.35 12 12.60

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Table 2.2 Supporting Facilities Electricity Requirement Needs (contd)


Operation Total
Supporting Power
No. Quantity Time Power
Equipment (kWh)
(h/day) (kWh/day)
26 PPE 1 - - -
27 Neon lamps 17 0.018 24 7.34
28 Recycle bin 3 - - -
29 1 PK air conditioner 6 0.82 12 59.04
30 Telephone 3 - - -
31 Television 5 0.055 12 3.30
Total 109.28

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b. Water and Refrigerant utility cost


We calculated supporting facilities water need are based on Pergub DKI Jakarta No : 122/2005. The cost are based on water cost in
Pontianak. Refrigerant utility cost is already calculated in previous chapter. The details of supporting facilities water cost and refrigerant
utility cost shown in table 2.3 and 2.4 below.
Table 2.3 Supporting Facilities Water Costs
Need Price Cost Cost
Location
(m3/day) (USD/m3) (USD/day) (USD/year)
Office 5 0.77 3.83 1,265.41
Maintenance 2 0.77 1.53 506.17
Control room 5 0.77 3.83 1,265.41
Clinic 0.5 0.77 0.38 126.54
Mosque 1 0.77 0.77 253.08
Canteen 2 0.77 1.53 506.17
Fire station 3 0.77 2.30 759.25
Total 4,682.03

Table 2.4 Refrigerant Utility Cost


Need (L/h) Price (USD/L) Cost (USD/h) Cost (USD/day) Cost (USD/year)
610.04 0.11 68.80 1,651.24 544,907.91

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c. Total utility cost


Table 2.5 Total Electricity Needs
Need
Category
(kWh/day)
Process Equipment 41,477
Supporting Facilities Electricity Needs 109.28
Total 41,586

Table 2.6 Water and Refrigerant Utility Costs


Cost
Category
(USD/year)
Refrigerant Utility 544,907.91
Supporting Facilities Water Utility 4,682.03
Total 549,589.94

2.2. Labor Cost


Labors that will be working at our plant consist of two types, direct and
indirect labor. Direct labors are who in charge during direct operational process in
our plant, whereas indirect labors are who in charge monitoring plant survivability
and relationship with outside world. When considering the amount of wages for
each operator, we followed the standard regulation.
2.2.1. Direct Labor Cost
To determine the number of labors, we have to see the shift scheduling of
our plant. The cost for labor-related operation covered the direct wages and
benefit (DW&B) of operators and direct salaries & benefit (DS&B) of supervisors
and engineering personnel. The DW&B and DS&B can be calculated from an
hourly rate for the labors of a proposed plant. Estimation of all labor-related
operations will include the estimation of number operators that is needed for the
plant per shift (Seider, et al., 2003). The direct operating labor requirements will
be estimated by the basis of plant with 10-100 ton of product as seen in Table 2.8
below

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Table 2.7 Direct Operating Labor Requirements for Chemical Plant

(Source: Seider, 2003)

Our plant is categorized as continuous processing with subcategory fluid


processing. Our plant consists of 10 process sections, there are 3 pump in main
process, 3 pump in utility process, 2 compressor in one compressor station,
electrolyser, and photovoltaic power plant. The number of operators needed are 1
person in pump section, 4 person in compressor section, 3 person in photovoltaic
power plant and 2 person in electrolyser. Total of our operators are 15 person, 5
foreman and 5 technician in each section. Because the plant operates for 24 hour
and the working time of labors is 8 hours per shift, roughly there will be 3 shifts.
Total salary/year each labor cost multiplied by 14 with details of salary per month
for a year, THR allowance and incentive fees Using the data on figure above, this
estimation is shown on Table 2.9

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Table 2.8 Direct Labor Salaries


Total
Salary/Month/Person Amount of
Position Total Workers Salary/Month
(USD) Workers /Shift
(IDR)
Operator 150.38 15 45 6,766.92
Foreman 169.17 5 15 2,537.59
Technician 263.16 5 15 3,947.37
Total 13,251.88

2.2.2. Indirect Labor Cost


Indirect cost is needed to ensure management and operation of the firm. The indirect labor cost can be seen in Table 2.10
Table 2.9 Indirect Labor Salaries
Salary/Month/Person Total Total Salary/Month
Department Position
(IDR) Workers (IDR)
President Director 1,879.70 1 1,879.70
Stakeholder Secretary of President
902.26 1 902.26
Director
Vice President Director 1,503.76 1 1,503.76

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Table 2.9 Indirect Labor Salaries (contd)


Salary/Month/Person Total Total Salary/Month
Department Position
(IDR) Workers (IDR)
Finance Accounting
827.07 1 827.07
Finance Department Manager
Assistant Finance
676.69 1 676.69
Manager
SCM Manager 1,353.38 1 1,353.38
Security 263.16 4 1,052.63
General Support and
Receptionist 263.16 2 526.32
Service Department
Cleaning Service 263.16 6 1,052.63
Procurement & Contract
676.69 676.69
Supervisor 1
HR Manager 827.07 1 827.07
HRD Department
HR Planning &
488.72 488.72
Recruitment Coordinator 1

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Table 2.9 Indirect Labor Salaries (contd)


Total
Salary/Month/Person Total Salary/Month
Department Position Worker
(IDR) (IDR)
s
HES Department HES Manager 827.07 1 827.07
Safety Engineer 676.69 3 676.69
Production and Production and
827.07 827.07
Maintenance Department Maintenance Manager 1
Process Engineer 751.88 3 751.88
Product Planning and Quality Control team 488.72 2 977.44
Development
Quality Control
Department 488.72 488.72
Supervisor
1
Sales and Marketing Marketing Manager 751.88 1 751.88
Department Marketing Staff 375.94 2 751.88
Total 35 21,203.01

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2.2.3. Total Labor Cost


Table 2.10 Annual Labor Costs
Total Salary
Category
(USD/year)
Direct Labor 185,526.32
Indirect Labor 296,842.11
Total 482,368.42

2.3. Maintenance Cost


Maintenance is needed to maintain the condition of the facilities or plant
equipment by repairing or replacing unusable things in order to obtain a
satisfactory state of production operation. Maintenance is required both for
factories, offices, and supporting equipment so it can be used continuously and
optimal production quality can be assured.
Maintenance process is performed with the three parts, i.e. major
equipment maintenance. Maintenance cost consists of cost for maintaining and
repairing equipment. It is usually takes 10% of total investment cost Production
(Ir. Yuriadi Kusuma, M.Sc. Effective Maintenance Management). This can be
calculated by

Maintenance Cost = 10%

From chapter 1, we get TCI = $47,933,675. So, maintenance cost is $479,336.75

2.4. Other Costs


a. Insurance
Insurance is cost that paid to insurance company that cooperate
with our Plant. Insurance is the way to protect the company assets, both movable
and fixed. For calculating the insurance, we have some assumption based on
www.bpjsketenagakerjaan.go.id with high degree of risk. Building and plan
insurance are based on SURAT EDARAN OTORITAS JASA KEUANGAN
NOMOR 21/SEOJK.05/2015, that is stated the assumption below

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Table 2.11 Insurance Cost


Cost
Category Specification
(USD/year)
1.27 % of Worker
Workers Insurance 6,126.08
Salary
Building and Plan
2.11 % of TPI 860,032.68
Insurance
Total 866,159

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b. Distribution cost
From assignment 1, we have decided that our plant will supply nationwide demand. The distribution means will use FedEx with
Bulker ship where the cost estimation is listed below
Table 2.12 Distribution Cost
Distance Cost Driver Cost Cost Cost
Product Route Capacity
(km) (USD/km) (USD) (USD/week) (USD/year)
Pontianak
Hydrogen Pelabuhan 5208 kg/week 23.40 0.09 15.04 17.15 823.15
Pontianak
Pontianak (Jl.
Pembaruan
Oxygen 5904 kg/day 24.8 0.09 15.04 120.93 5,804.46
Jl. Putri Dara
Hitam)
Total 6,627.61

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c. Patent, CSR, and R&D


In general expenses, there are CSR, R&D and royalty for operating cost.
Corporate Social Responsibility is consisted of national disaster, academic and
social infrastructure. According to Indonesian Law, the CSR cost is 5% of the
revenue of the plant. For royalty, the cost is 2% of revenue. For Research and
Development, the cost is 1% from CAPEX.
Table 2.13 Other Cost
Other Cost Total Cost
(USD/year)
Patent 2% 323,442
Royalty revenue
5% 808,605
CSR
revenue
1% 479,336
R&D
CAPEX
Total 1,611,383

And table 2.17 show calculation of total operational cost.


Table 2.14 Total Operational Cost
Total Operational Cost Price USD)
Utility 549,589.94
Direct and Indirect
Salary 482,368.42
Fixed cost 866,159
Distribution cost 6,627.61
Other Cost 1,611,383
Total 3,516,127.94

2.5. Cost Breakdown


Cost breakdown aims to determine the percentage of each operational cost
made. By using the cost breakdown diagram, we can determine which variables
are most widely affected operational cost. The cost breakdown diagram is shown
in figure 2.1 below.

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Utility Direct and Indirect Salary Fixed Cost Distribution Cost Other Cost

15.63%

45.83% 13.72%

24.63%

0.19%
Figure 2.1 Cost Breakdown

From the cost breakdown above, we can see that the variable are most
widely affected operational cost is other cost with 45.83% The second biggest
variable is fixed cost with 24.63%. The third biggest variable is utility with
15.63%. The other cost consist of patent royalty, CSR, and R&D. R&D calculated
by 1% of TCI, patent royalty and CSR calculated by 2& and 5% of revenue,it is
affected the value of our operational cost.

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CHAPTER 3
PROFITABILITY ANALYSIS

3.1 Product Price Prediction


Hydrogen and oxygen are products that we get in this power-to-gas plant.
Product capacities that we will get are 246 ton/year of hydrogen and 1,949
ton/year of oxygen. Production sale cost for hydrogen and oxygen is determined
by the market because they are commodity products. In this section, we will
determine the price of hydrogen and oxygen based on the market.

3.1.1 Hydrogen Price Prediction


Since hydrogen is a commodity product, the only way to determine
product price is to benchmark hydrogen price in the market and project the price
to the year when we are ready to begin our production which is 2020. We have
hydrogen price history and projection data that we got from ITM Power.
Hydrogen price history and projection data can be seen in Table 3.1.

Table 3.1 Hydrogen Price


Year Hydrogen Price per kg ($)
2012 7.73
2013 5.20
2015 9.82
2025 5.46
(Source: ITM Power, 2013)

From the data above, we can project hydrogen price in 2020 by making a
graph and it is shown in Figure 3.1. Based on the graph, hydrogen price in 2020
will be $ 7.64.

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12.00

10.00

Price per kg ($)


8.00

6.00

4.00

2.00

0.00
2010 2012 2014 2016 2018 2020 2022 2024 2026
Year

Figure 3.1 Hydrogen Price

3.1.2 Oxygen Price Prediction


Because oxygen is also a commodity product, we will determine oxygen
price by benchmarking with the market and project the price to the year when we
are ready to begin our production. We have oxygen price history data that we got
from EVE Market. Oxygen price history data can be seen in Table 3.2.
Table 3.2 Oxygen Price
Year Oxygen Price per kg ($)
2014 4.40
2015 6.40
2016 5.20
(Source: EVE Market, 2016)

From the data above, we can project oxygen price in 2020 by making a
graph and trend line. It is shown in Figure 3.2. Based on the graph, oxygen price
in 2020 will be $ 7.33.

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7.00

6.00
y = 0.4x - 800.67

Oxygen Price ($/kg)


5.00

4.00

3.00

2.00

1.00

0.00
2014 2014 2015 2015 2016 2016 2017
Year

Figure 3.2 Oxygen Price

3.2 Cash Flow


For calculating cash flow, we need MARR. MARR is the minimum rate of
return of a project a company is willing to accept before starting the project, given
its risk and the opportunity cost of forgoing other projects. However, to find
MARR of our project, we can assume the MARR as WACC. WACC or weighted
average cost of capital is the rate that a company is expected to pay on average to
all its security holders to finance its assets. WACC can be calculated by equation
below:
WACC = (Percentage of Investor Loan Equity Rate)
+ (Percentage of Bank Loan
Bank Interest Rate (1 Tax Rate))
Equity Rate = Risk Free Rate + (Risk Premium )

Value of risk free rate in Indonesia based on Market Risk Premia is 7.26%
and value of risk premium is 2.15%. Beta value for green and renewable energy is
1.62. With these values, we can calculate equity rate which is 10.74%.
Equity Rate = 7.26% + (2.15% 1.62) = 10.7%
We will use only 1 bank for loan using system called Cash Collateral in Bank
Mandiri. With this system, we can loan in bank with maximum 90% TCI. But, to
have WACC higher than bank interest rate, we will only use 65% bank loan.

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WACC = (35% 10.7%) + (65% 7% (1 0.25)) = 7.2%

This WACC or MARR should be higher than deposit rate of the bank. The
reason is that we have to ensure the investor that they will get more profit to
invest their money to our plant than save their money in bank. The value of
WACC or MARR is 7.2% which will be used to determine the NPV (Net Present
Value).

3.2.1 Equity
On the first year of cash flow, we do not have any capital, so in order to
start the business, we need to loan from institution like bank. We need at least $
47,933,574 for our first capital. In building a plant, the most important factor that
will be reviewed is whether the plant is profitable or not. Owners can invest a
whole, but it will be very risky if something happens when the plant is still in the
active period. To reduce risk, we do some research about loan system in Indonesia
called Cash Collateral. We chose Bank Mandiri with interest rate is 2% higher
than mortgage interest rate. Mortgage interest rate for foreign exchange is in range
of 3.5-6.5%. We took the median number which is 5%, so interest rate in Bank
Mandiri is 7%. The higher the interest, investors will be more interested in
investing, but investors are constrained by the interest rate bank loan. However,
for the design of this plant, we will be used 65% equity loan from bank and 35%
from investor. So the cost per year can be counted and can be seen in tables
below.
Table 3.3 Bank Mandiri Equity
Year Bank Loan ($) Annual Loan Paid ($) Loan Paid with
Interest ($) Interest ($)
0 31,156,824 0 0 0
1 31,156,824 2,180,978 3,894,603 6,075,581
2 27,262,221 1,908,355 3,894,603 5,802,958
3 23,367,618 1,635,733 3,894,603 5,530,336
4 19,473,015 1,363,111 3,894,603 5,257,714
5 15,578,412 1,090,489 3,894,603 4,985,092

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Table 3.3 Bank Mandiri Equity (contd)


Year Bank Loan ($) Annual Loan Paid ($) Loan Paid with
Interest ($) Interest ($)
5 15,578,412 1,090,489 3,894,603 4,985,092
6 11,683,809 817,867 3,894,603 4,712,470
7 7,789,206 545,244 3,894,603 4,439,847
8 3,894,603 272,622 3,894,603 4,167,225
Total 9,814,399 31,156,824 40,971,223

Table 3.4 Investor Equity


Year Bank Loan ($) Annual Loan Paid ($) Loan Paid with
Interest ($) Interest ($)
0 16,776,751 0 0 0
1 16,776,751 1,802,326 2,097,094 3,899,420
2 14,679,657 1,577,036 2,097,094 3,674,129
3 12,582,563 1,351,745 2,097,094 3,448,839
4 10,485,470 1,126,454 2,097,094 3,223,548
5 8,388,376 901,163 2,097,094 2,998,257
6 6,291,282 675,872 2,097,094 2,772,966
7 4,194,188 450,582 2,097,094 2,547,675
8 2,097,094 225,291 2,097,094 2,322,385
Total 8,110,469 16,776,751 24,887,220

According to the result of calculation, total payment that we have to pay


including the interest is summarized in Table 3.5.
Table 3.5 Total Payment of Equity
Year Bank Loan ($) Annual Loan Paid ($) Loan Paid with
Interest ($) Interest ($)
0 3,595,018 0 0 0
1 3,595,018 431,402 239,668 671,070
2 3,355,350 402,642 239,668 642,310
3 3,115,682 373,882 239,668 613,550
4 2,876,014 345,122 239,668 584,790

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Table 3.5 Total Payment of Equity(contd)


Year Bank Loan ($) Annual Loan Paid ($) Loan Paid with
Interest ($) Interest ($)
5 2,636,347 316,362 239,668 556,029
6 2,396,679 287,601 239,668 527,269
7 2,157,011 258,841 239,668 498,509
8 1,917,343 230,081 239,668 469,749
9 1,677,675 201,321 239,668 440,989
10 1,438,007 172,561 239,668 412,229
11 1,198,339 143,801 239,668 383,469
12 958,671 115,041 239,668 354,708
13 719,004 86,280 239,668 325,948
14 479,336 57,520 239,668 297,188
15 239,668 28,760 239,668 268,428
Total 3,451,217 3,595,018 7,046,236

3.2.2 Depreciation
Depreciation is the reduction in value of an asset. The method used to
depreciation an asset is a way to account the decreasing value of the asset to the
owner and to represent the diminishing value of capital funds invented in it.
Salvage value is the estimated trade-in or market value at the end of the assets
useful life. The salvage value (S) expressed as an estimated amount or as a
percentage of the first cost, may be positive, zero, or negative due to dismantling
and carry-away cost. The equation used to calculate depreciation is declining
balance method.

= (1 )
= 1 (1 )1

where dmax is maximum depreciation ratio, dt is depreciation rate for t-year, BVt is
book value for t-year, and t is year of depreciation.

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The depreciation rate is for main equipment, supporting equipment, and


also building. Total depreciation is shown in table 3.6.

Table 3.6 Total Depreciation and Salvage Value


Year Total Depreciation ($) Total Salvage Value ($)
2020 26,752,119
2021 2,543,941 24,208,178
2022 2,293,485 21,914,693
2023 2,067,956 19,846,737
2024 1,864,866 17,981,871
2025 1,681,974 16,299,898
2026 1,517,263 14,782,635
2027 1,368,918 13,413,717
2028 1,235,307 12,178,410
2029 1,114,958 11,063,452
2030 1,006,549 10,056,904
2031 908,888 9,148,016
2032 820,903 8,327,113
2033 741,630 7,585,483
2034 670,199 6,915,284
2035 605,830 6,309,454
2036 547,818 5,761,637
2037 495,530 5,266,107
2038 448,396 4,817,711
2039 405,903 4,411,808
2040 367,588 4,044,220
2041 333,037 3,711,182
2042 301,875 3,409,307
2043 273,765 3,135,542
2044 248,403 2,887,139
2045 225,518 2,661,621
2046 204,862 2,456,760

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Table 3.6 Total Depreciation and Salvage Value


Year Total Depreciation ($) Total Salvage Value ($)
2047 186,215 2,270,545
2048 169,377 2,101,168
2049 154,170 1,946,998
2050 140,431 1,806,567

3.2.3 Before and After Tax Cash Flow


The annual cash flow contains inflow and outflow. Inflow comes from
income before and after taxes and residual value or salvage value. Cash flow out
of which is the cost of investment and operating. Detail of cash flow before and
after tax can be seen in figure 3.3. For calculating the cash flow, the selling
product is 100% sold out because our products are commodity and the customer is
determined and only one.

20,000,000

10,000,000

0
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
Cash Flow ($)

-10,000,000

-20,000,000 Before Tax


After Tax
-30,000,000

-40,000,000

-50,000,000

-60,000,000
Year

Figure 3.3 Before and After Tax Cash Flow

For after tax cash flow, this cash flow is calculated with tax. The income
tax we assumed is 25% after depreciation. Because it is after tax, the cash flow
will have the lower cumulative income, this after tax cash flow is used for
calculating the profitability analysis, such as ROI, IRR, BEP, and Payback Period.

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3.3 Profitability Analysis


3.3.1 Rate of Investment
Rate of Investment (ROI) is the annual profit generated by one unit of
capital invested. The formula for calculating ROI is as follow:
gross profit
% = ( ) 100% (3.1)
invested capital
Annual profit used is $ 12,176,643 and invested capital is $ 47,933,575. The
calculation is shown by equation below:
12,176,643
% = ( ) 100% = 25.40%
47,933,575
The ROI obtained from this plant is 25.40%. From the ROI calculation, we can
see that our plant is unattractive to investor because it has rate of investment value
that is higher than WACC.

3.3.2 Payback Period


Payback Period is the duration (in year) of an investment will be returned.
If the payback period is less than a pre-determined period, the project is
acceptable. If the payback period exceed the pre-determined period, the project is
rejected. Payback Period can also be seen from the plot of graph between the net
profit by the time (year), so we can obtain the payback period for this plant is
6.78~7 years. Our payback period is matched with the rule of thumb. The rule of
thumb said that the tolerable payback period is about 10 years and should be done
after all the loan are fully paid.

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250,000,000

200,000,000

Cash Flow ($) 150,000,000

100,000,000

50,000,000

0
0 5 10 15 20 25 30 35
-50,000,000

-100,000,000
Year

Figure 3.4 Payback Period

3.3.3 Break Even Point


Break Even Point (BEP) is an analysis to determine and find the amount of
goods or services to be sold to consumers at a given price to cover the costs
incurred and the profit. Calculating BEP can be done with this following equation:
total fixed cost
= (3.2)
price per unit variable cost per unit
Total fixed cost tend to be stable and not influenced by the amount of
production and the variable cost is a value that depends on the amount of goods
produced. BEP also can be seen from Payback Period graph. Payback Period
occurs on 6.78 years when total production reaches 1,667 ton hydrogen and
13,206 ton oxygen.

3.3.4 Internal Rate of Return (IRR)


Internal Rate of Return (IRR) is a measure of the maximum interest rate
paid on a project and still break even at the end of the project life. In other words,
the IRR is the interest rate when NPV is 0, so that the formula used to calculate
the IRR is:
=

= = 0 (3.3)
(1 + )
=1

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with the value of i is the IRR. Calculating cash flow, we obtain IRR of 15.86%
from our power-to-gas plant. If we compare the IRR with MARR (15.86% (IRR)
> 7.2% (MARR)), the difference is quite high (8.69%). This means that our plant
is attractive to investor.

3.3.5 Net Present Value (NPV)


Net Present Value (NPV) shows the net benefit received by a project over
the life of the project at a certain interest rate. NPV can also be interpreted as the
present value of the cash flow generated by the investment. In calculating the
NPV, it is necessary to determine the relevant interest rate. In this calculation, the
interest rate used is the interest rate on the bank loan for start-up capital, average
amounting to 10.8%.
A project can be counted as feasible if the NPV>0, which means that the
project is profitable or provide benefit if implemented. If NPV<0, the project is
not eligible to run because it does not generate profit. Cash flow in year-n drawn
into present value with reasonable interest rate by using the following formula:

,0 = (3.4)
(1 + )
MARR value of our product is 10.8% based on average WACC. By
MARR 7.2%, we obtained NPV $ 49,294,031. The rule of thumb of NPV is the
NPV should be positive with high interest. If the NPV is negative, the project will
be stopped. Our NPV is positive, so it means that the project can be implemented.

3.4 Sensitivity Analysis


In this section, we are going to make a sensitivity analysis from cash flow.
The variable that we use to see the effect towards the cash flow is hydrogen price,
photovoltaic power plant cost, and equipment cost. The reason we choose those
photovoltaic power plant cost, and equipment cost as free variable is because
those two have actually contributed a lot in total capital investment.
The reason we choose selling price is because selling price itself is the
most contributed variable that affect the cash flow. Those changes concluded the
selling price fluctuations, changes in operating expenses, and rising raw material

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costs. Parameters-parameters used in the sensitivity analysis is NPV, IRR, and


Payback Period.
3.4.1 Hydrogen Price Fluctuations
This sensitivity analysis was performed in the decrease and increase of the
product sales price. The following is the calculation of the parameters of the
economic viability while a decline in the level of product sales. When a decrease
in the selling price is occur, the percentage IRR obtained is smaller, which means
the rate of return will become more long until undefined. It is also evident from
the lower sales price, then the value of the payback period become higher. Table
3.7 shows Hydrogen price fluctuation.

Table 3. 7 Hydrogen Price Fluctuations


Change (%) Hydrogen Price ($/kg) IRR (%) NPV PP (years)
-60.73 3.00 14.21% 39,551,273 7.51
-47.64 4.00 14.56% 41,651,005 7.34
-34.55 5.00 14.92% 43,750,538 7.18
-21.47 6.00 15.28% 45,850,470 7.03
-8.38 7.00 15.64% 47,950,202 6.87
0.00 7.64 15.86% 49,294,031 6.78
4.71 8.00 15.99% 50,049,934 6.72
17.80 9.00 16.35% 52,149,666 6.58
30.89 10.00 16.70% 54,249,399 6.44

From the table above, we can see that if we change price of hydrogen until
$3/kg the result show that we still can get NPV>0.

3.4.2 Total Capital Investment Fluctuation (Photovoltaic Power Plant)


This sensitivity analysis was performed in the decrease and increase of the
Photovoltaic power plant. When decreases in photovoltaic power plant occur, the
percentage IRR and NPV obtained is higher. The lower PV Cost, then the value of
the payback period becomes lower. Table 3.14 shows Photovoltaic power plant
fluctuation.

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Table 3.8 Photovoltaic Power Plant Fluctuation


% PV PV Cost ($) PLN Cost ($) IRR (%) NPV PP (years)
-100 0 1,070,418 77.18% 88,228,048 1.31
-75 5,168,931 802,814 40.00% 78,494,538 2.58
-50 10,337,861 535,209 26.70% 68,761,040 3.96
-25 15,506,792 267,605 19.96% 59,027,530 5.38
-10 18,608,150 107,042 17.30% 53,187,431 6.23
-5 19,641,936 53,521 16.55% 51,240,731 6.50
0 20,675,722 0 15.86% 49,294,031 6.78

Based on the table above, we can see that even if we decrease PV cost
until its reach 100%, which is mean theres no PV plant and well use electricity,
the NPV we obtained is still minus (-4,943,606 and payback period 14.91 years.

3.4.3 Total Capital Investment Fluctuation (Equipment)


This sensitivity analysis was performed in the decrease and increase of the
equipment cost. When decreases in equipment cost occur, the percentage IRR and
NPV obtained is higher. The lower PV Cost, then the value of the payback period
becomes lower. Table 3.15 shows equipment cost fluctuation. It shows that the
change is not giving significant result to IRR, NPV and PP.

Table 3.9 Equipment Cost Fluctuation


Change (%) Equipment Cost ($) IRR (%) NPV PP (years)
-75 1,050,273 1.93 -33,214,774 23.80
-50 2,100,546 1.70 -35,025,207 24.41
-25 3,150,819 1.48 36,835,641 25.02
-10 3,780,983 1.35 -37,921,901 25.39
-5 3,991,037 1.31 -38,283,987 25.52
0 4,201,092 1.27 -38,646,075 25.64
5 4,411,147 1.22 -39,008,162 25.77

3.4.4 Sensitivity Graph


a. IRR Sensitivity Analysis
We can see that the change of price can give an impact for IRR. IRR and
price of hydrogen are directly proportional, when the price of hydrogen higher, the

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IRR becomes higher. While photovoltaic plant and equipment cost have inversely
proportional correlation with IRR, when photovoltaic power plant and equipment
cost decreases, the percentage IRR obtained is higher. Figure 3.4 shows sensitivity
graph of IRR for hydrogen price, photovoltaic plant and equipment cost.
4.50%

4.00%

3.50%

3.00%

2.50% IRR Hydrogen

2.00% IRR PV Plant

1.50% IRR Equipment

1.00%

0.50%

0.00%
-60 -40 -20 0 20 40

Figure 3.4 IRR Sensitivity Graph

The graphic shows that the decreases cost of PV Plant has higher raise to
IRR. The increases of Hydrogen for about 5% have higher value while the
increases of PV Plant and equipment has close IRR value.
b. NPV Sensitivity Analysis
The change of price can give an impact for NPV. NPV and price of hydrogen
are directly proportional, when the price of hydrogen higher, the NPV becomes
higher. While photovoltaic plant and equipment cost have inversely proportional
correlation with NPV, when photovoltaic power plant and equipment cost
decreases, the percentage NPV obtained is higher. Figure 3.5 shows sensitivity
graph of NPV for hydrogen price, photovoltaic plant and equipment cost.

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0
-60 -40 -20 0 20 40
-5,000,000

-10,000,000

-15,000,000
NPV Hydrogen
-20,000,000
NPV PV Plant
-25,000,000
NPV Equipment
-30,000,000

-35,000,000

-40,000,000

-45,000,000

Figure 3.5 NPV Sensitivity Graph

The graphic shows that the decreases cost of PV Plant has higher raise to
NPV, but the value of NPV still negative. The increases of Hydrogen price raise
the value of NPV, but still require a major increase to generate a positive NPV.

c. Payback Period Sensitivity Analysis


The change of price can give an impact for payback period. Payback period
and price of hydrogen are inversely proportional, when the price of hydrogen higher,
the payback period become shorter. While photovoltaic plant and equipment cost
have direly proportional correlation with payback period, when photovoltaic
power plant and equipment cost decreases, the payback period obtained is longer.
Figure 3.6 shows sensitivity graph of Payback period for hydrogen price, photovoltaic
plant and equipment cost.

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30.00

25.00

20.00
PP Hydrogen
15.00
PP PV Plant

10.00 PP Equipment

5.00

0.00
-60 -40 -20 0 20 40

Figure 3.6 Payback Period Sensitivity Graph

The graphic shows that to have shorter payback period, we have to


increases change of hydrogen cost and decreases PV plant and equipment cost.
But the decreases change of equipment cost is not giving significant impact for
payback period.

d. Strategy
The sensitivity analysis shows that the change in price up to 100% still has
negative NPV value. This shows that based on economic analysis principle, the
project is not eligible to run, because the project is not economically viable. But in
terms of interests, our factory can provide the solution of non-renewable energy.
Fossil fuels are the dominant source of electrical energy, while fossil fuel is a
major contributor to greenhouse gases and contribute to global warming. In
UNFC Climate Change, Indonesia set a target of achieving a 29% reduction in
emissions by 2030 and at least 23% of energy coming from renewable sources by
2025. So the use of solar has an important role as a renewable energy.
In addition, the manufacture of hydrogen is currently using natural gas,
which when viewed in the long term, these resources are non-renewable natural
resources that will be depleted over time so that other alternatives needed to
produce hydrogen. Therefore, our factory provides solutions to these problems

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where the system uses renewable energy from solar and produces hydrogen as a
product.
Based on these considerations, to run our factories, full support from the
government is needed. The plant has a public benefit in the long term, so this
plant should be a government project in the framework of new renewable energy
and energy conservation.

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CHAPTER 4
CONCLUSION

In this section we will conclude all of the report for economic analysis of
our plant, we have done some research towards capital investment, operating cost,
utility, marketing cost and distribution cost.
From the information that weve been processed, we can conclude :
1. The capital investment (CAPEX) for our product is $ 47,933,575.
Meanwhile, operating cost consists of manufacturing cost and general
expenses. The total operating cost (OPEX) in our project is $2,242,896
2. The price of hydrogen is US$ 6.55/kg and price of oxygen is US$ 3.00/kg.
3. ROI for our company is 38.62%.
4. The payback period of our company is 25.64 year.
5. The BEP of our company are 6,130 ton hydrogen and 48,569 ton oxygen.
6. IRR of our company 1.27%. NPV, or Net Present value of our product
with MARR 10.8% the calculation result is -$38,646,075.

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REFERENCE

Bank Mandiri. 2016. Cash Collateral. [ONLINE] Available at:


http://www.bankmandiri.co.id/article/525810841350.asp?article_id=52581
0841350 (Accesses on 9 December 2016)
Coulson & Richardson. 1983. Chemical Engineering Design. Oxford : El-Sevier.
Chemical And Process Design Handbook. New York : McGraw-Hill.
ITM Power. 2013. Hydrogen Cost Structure Update. [ONLINE] Available at:
http://www.itm-power.com/news-item/hydrogen-cost-structure-update
(Accessed on 24 November 2016)
Leonard N. Stern School of Businees, New York University. 2016. Betas.
[ONLINE]
http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/Betas.ht
ml (Accessed on 9 December 2016)
Market Risk Premia. 2016. Implied Market-Risk-Premia: Indonesia. [ONLINE]
http://www.market-risk-premia.com/id.html (Accessed on 9 December
2016)
Perry, Robert H. 1999. Perrys Chemical Engineers Handbook. McGraw-Hill
Companies, Inc.
Seider, W. D., Seader, J. D. & Lewin, D. R. 2003. Product and Process Design
Principles, John Wiley and Sons, Inc.
Sinnott, R. K. 2005. Chemical Engineering Design 4th edition. Elsevier.
Wallas, Stanley M. 1988. Chemical Process Equipment Selection and Design.
Butterworth-Heinemann.

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APPENDIX
Depreciation
Main Equipment Depreciation (Year 1-5)
Equipment Qty Initial Year 1 Year 2 Year 3 Year 4 Year 5
Value ($) Depreciation SV Depreciation SV Depreciation SV Depreciation SV Depreciation SV
S-101 1 30,849 3,085 27,764 2,776 24,988 2,499 22,489 2,249 20,240 2,024 18,216
S-102 1 23,823 2,382 21,441 2,144 19,297 1,930 17,367 1,737 15,630 1,563 14,067
S-103 2 4,106 411 3,696 370 3,326 333 2,993 299 2,694 269 2,425
S-104 1 23,717 2,372 21,345 2,135 19,211 1,921 17,290 1,729 15,561 1,556 14,005
S-105 1 18,581 1,858 16,723 1,672 15,050 1,505 13,545 1,355 12,191 1,219 10,972
P-101 1 28,383 2,838 25,545 2,554 22,990 2,299 20,691 2,069 18,622 1,862 16,760
P-102 1 24,008 2,401 21,608 2,161 19,447 1,945 17,502 1,750 15,752 1,575 14,177
P-103 1 21,023 2,102 18,921 1,892 17,029 1,703 15,326 1,533 13,793 1,379 12,414
P-104 1 11,016 1,102 9,915 991 8,923 892 8,031 803 7,228 723 6,505
P-105 1 11,025 1,103 9,923 992 8,931 893 8,038 804 7,234 723 6,510
P-106 1 11,715 1,172 10,544 1,054 9,489 949 8,541 854 7,686 769 6,918
P-107 1 21,732 2,173 19,559 1,956 17,603 1,760 15,843 1,584 14,259 1,426 12,833
P-108 1 25,629 2,563 23,066 2,307 20,760 2,076 18,684 1,868 16,815 1,682 15,134
C-101 1 248,291 24,829 223,462 22,346 201,116 20,112 181,004 18,100 162,904 16,290 146,613
C-102 1 442,308 44,231 398,077 39,808 358,269 35,827 322,442 32,244 290,198 29,020 261,178
E-101 1 203,432 20,343 183,088 18,309 164,780 16,478 148,302 14,830 133,471 13,347 120,124
E-102 1 345,210 34,521 310,689 31,069 279,620 27,962 251,658 25,166 226,492 22,649 203,843
E-103 1 305,420 30,542 274,878 27,488 247,390 24,739 222,651 22,265 200,386 20,039 180,347
E-104 1 209,287 20,929 188,358 18,836 169,522 16,952 152,570 15,257 137,313 13,731 123,582

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Main Equipment Depreciation (Year 1-5) (contd)


Equipment Qty Initial Year 1 Year 2 Year 3 Year 4 Year 5
Value ($) Depreciation SV Depreciation SV Depreciation SV Depreciation SV Depreciation SV
E-105 1 104,945 10,495 94,451 9,445 85,006 8,501 76,505 7,651 68,855 6,885 61,969
V-102 1 12,175 1,218 10,958 1,096 9,862 986 8,876 888 7,988 799 7,189
T-101 1 2,058,032 205,803 1,852,229 185,223 1,667,006 166,701 1,500,306 150,031 1,350,275 135,027 1,215,247
RO-101 1 11,702 1,170 10,532 1,053 9,478 948 8,531 853 7,678 768 6,910
S-106 2 4,681 468 4,213 421 3,792 379 3,412 341 3,071 307 2,764
PV Module 30,114 10,076,608 1,007,661 9,068,947 906,895 8,162,052 816,205 7,345,847 734,585 6,611,262 661,126 5,950,136
Solar
Control 1,883 2,308,268 230,827 2,077,441 207,744 1,869,697 186,970 1,682,728 168,273 1,514,455 151,445 1,363,009
Battery
Bank 3,480 8,287,754 828,775 7,458,978 745,898 6,713,081 671,308 6,041,773 604,177 5,437,595 543,760 4,893,836
Inverter 1 3,092 309 2,783 278 2,505 250 2,254 225 2,029 203 1,826

Main Equipment Depreciation (Year 6-10)


Equipment Qty Initial Year 6 Year 7 Year 8 Year 9 Year 10
Value ($) Depreciation SV Depreciation SV Depreciation SV Depreciation SV Depreciation SV
S-101 1 30,849 1,822 16,395 1,639 14,755 1,476 13,280 1,328 11,952 1,195 10,756
S-102 1 23,823 1,407 12,661 1,266 11,395 1,139 10,255 1,026 9,230 923 8,307
S-103 2 4,106 242 2,182 218 1,964 196 1,768 177 1,591 159 1,432
S-104 1 23,717 1,400 12,604 1,260 11,344 1,134 10,209 1,021 9,188 919 8,270
S-105 1 18,581 1,097 9,875 987 8,887 889 7,998 800 7,199 720 6,479
P-101 1 28,383 1,676 15,084 1,508 13,576 1,358 12,218 1,222 10,996 1,100 9,897
P-102 1 24,008 1,418 12,759 1,276 11,483 1,148 10,335 1,033 9,301 930 8,371

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Main Equipment Depreciation (Year 6-10) (contd)


Equipment Qty Initial Year 6 Year 7 Year 8 Year 9 Year 10
Value ($) Depreciation SV Depreciation SV Depreciation SV Depreciation SV Depreciation SV
P-103 1 21,023 1,241 11,173 1,117 10,055 1,006 9,050 905 8,145 814 7,330
P-104 1 11,016 650 5,854 585 5,269 527 4,742 474 4,268 427 3,841
P-105 1 11,025 651 5,859 586 5,273 527 4,746 475 4,271 427 3,844
P-106 1 11,715 692 6,226 623 5,603 560 5,043 504 4,539 454 4,085
P-107 1 21,732 1,283 11,549 1,155 10,394 1,039 9,355 936 8,420 842 7,578
P-108 1 25,629 1,513 13,620 1,362 12,258 1,226 11,033 1,103 9,929 993 8,936
C-101 1 248,291 14,661 131,952 13,195 118,757 11,876 106,881 10,688 96,193 9,619 86,574
C-102 1 442,308 26,118 235,060 23,506 211,554 21,155 190,399 19,040 171,359 17,136 154,223
E-101 1 203,432 12,012 108,112 10,811 97,301 9,730 87,571 8,757 78,814 7,881 70,932
E-102 1 345,210 20,384 183,459 18,346 165,113 16,511 148,602 14,860 133,741 13,374 120,367
E-103 1 305,420 18,035 162,313 16,231 146,081 14,608 131,473 13,147 118,326 11,833 106,493
E-104 1 209,287 12,358 111,224 11,122 100,101 10,010 90,091 9,009 81,082 8,108 72,974
E-105 1 104,945 6,197 55,772 5,577 50,195 5,020 45,176 4,518 40,658 4,066 36,592
V-102 1 12,175 719 6,470 647 5,823 582 5,241 524 4,717 472 4,245
T-101 1 2,058,032 121,525 1,093,723 109,372 984,350 98,435 885,915 88,592 797,324 79,732 717,591
RO-101 1 11,702 691 6,219 622 5,597 560 5,037 504 4,533 453 4,080
S-106 2 4,681 276 2,488 249 2,239 224 2,015 202 1,814 181 1,632
30,11
PV Module 4 10,076,608 595,014 5,355,122 535,512 4,819,610 481,961 4,337,649 433,765 3,903,884 390,388 3,513,496
Solar Control 1,883 2,308,268 136,301 1,226,708 122,671 1,104,038 110,404 993,634 99,363 894,270 89,427 804,843
Battery Bank 3,480 8,287,754 489,384 4,404,452 440,445 3,964,007 396,401 3,567,606 356,761 3,210,846 321,085 2,889,761
Inverter 1 3,092 183 1,643 164 1,479 148 1,331 133 1,198 120 1,078

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57

Main Equipment Depreciation (Year 11-15)


Equipment Qty Initial Year 11 Year 12 Year 13 Year 14 Year 15
Value ($) Depreciation SV Depreciation SV Depreciation SV Depreciation SV Depreciation SV
S-101 1 30,849 1,076 9,681 968 8,713 871 7,841 784 7,057 706 6,352
S-102 1 23,823 831 7,476 748 6,728 673 6,056 606 5,450 545 4,905
S-103 2 4,106 143 1,289 129 1,160 116 1,044 104 939 94 845
S-104 1 23,717 827 7,443 744 6,698 670 6,029 603 5,426 543 4,883
S-105 1 18,581 648 5,831 583 5,248 525 4,723 472 4,251 425 3,826
P-101 1 28,383 990 8,907 891 8,016 802 7,215 721 6,493 649 5,844
P-102 1 24,008 837 7,534 753 6,781 678 6,103 610 5,492 549 4,943
P-103 1 21,023 733 6,597 660 5,938 594 5,344 534 4,809 481 4,328
P-104 1 11,016 384 3,457 346 3,111 311 2,800 280 2,520 252 2,268
P-105 1 11,025 384 3,460 346 3,114 311 2,803 280 2,522 252 2,270
P-106 1 11,715 408 3,676 368 3,309 331 2,978 298 2,680 268 2,412
P-107 1 21,732 758 6,820 682 6,138 614 5,524 552 4,972 497 4,474
P-108 1 25,629 894 8,043 804 7,238 724 6,515 651 5,863 586 5,277
C-101 1 248,291 8,657 77,916 7,792 70,125 7,012 63,112 6,311 56,801 5,680 51,121
C-102 1 442,308 15,422 138,801 13,880 124,921 12,492 112,429 11,243 101,186 10,119 91,067
E-101 1 203,432 7,093 63,839 6,384 57,455 5,746 51,710 5,171 46,539 4,654 41,885
E-102 1 345,210 12,037 108,331 10,833 97,498 9,750 87,748 8,775 78,973 7,897 71,076
E-103 1 305,420 10,649 95,844 9,584 86,260 8,626 77,634 7,763 69,870 6,987 62,883
E-104 1 209,287 7,297 65,676 6,568 59,109 5,911 53,198 5,320 47,878 4,788 43,090
E-105 1 104,945 3,659 32,933 3,293 29,640 2,964 26,676 2,668 24,008 2,401 21,607

Universitas Indonesia
58

Main Equipment Depreciation (Year 11-15) (contd)


Equipment Qty Initial Year 11 Year 12 Year 13 Year 14 Year 15
Value ($) Depreciation SV Depreciation SV Depreciation SV Depreciation SV Depreciation SV
V-102 1 12,175 425 3,821 382 3,439 344 3,095 309 2,785 279 2,507
T-101 1 2,058,032 71,759 645,832 64,583 581,249 58,125 523,124 52,312 470,812 47,081 423,731
RO-101 1 11,702 408 3,672 367 3,305 330 2,974 297 2,677 268 2,409
S-106 2 4,681 163 1,469 147 1,322 132 1,190 119 1,071 107 964
PV Module 30,114 10,076,608 351,350 3,162,146 316,215 2,845,932 284,593 2,561,338 256,134 2,305,205 230,520 2,074,684
Solar
Control 1,883 2,308,268 80,484 724,359 72,436 651,923 65,192 586,731 58,673 528,058 52,806 475,252
Battery
Bank 3,480 8,287,754 288,976 2,600,785 260,078 2,340,706 234,071 2,106,636 210,664 1,895,972 189,597 1,706,375
Inverter 1 3,092 108 970 97 873 87 786 79 707 71 637

Main Equipment Depreciation (Year 16-20)


Equipment Qty Initial Year 16 Year 17 Year 18 Year 19 Year 20
Value ($) Depreciation SV Depreciation SV Depreciation SV Depreciation SV Depreciation SV
S-101 1 30,849 635 5,716 572 5,145 514 4,630 463 4,167 417 3,751
S-102 1 23,823 490 4,414 441 3,973 397 3,576 358 3,218 322 2,896
S-103 2 4,106 85 761 76 685 68 616 62 555 55 499
S-104 1 23,717 488 4,395 439 3,955 396 3,560 356 3,204 320 2,883
S-105 1 18,581 383 3,443 344 3,099 310 2,789 279 2,510 251 2,259
P-101 1 28,383 584 5,259 526 4,733 473 4,260 426 3,834 383 3,451
P-102 1 24,008 494 4,449 445 4,004 400 3,604 360 3,243 324 2,919
P-103 1 21,023 433 3,896 390 3,506 351 3,155 316 2,840 284 2,556

Universitas Indonesia
59

Main Equipment Depreciation (Year 16-20) (contd)


Equipment Qty Initial Year 16 Year 17 Year 18 Year 19 Year 20
Value ($) Depreciation SV Depreciation SV Depreciation SV Depreciation SV Depreciation SV
P-104 1 11,016 227 2,041 204 1,837 184 1,653 165 1,488 149 1,339
P-105 1 11,025 227 2,043 204 1,839 184 1,655 165 1,489 149 1,340
P-106 1 11,715 241 2,171 217 1,954 195 1,758 176 1,583 158 1,424
P-107 1 21,732 447 4,027 403 3,624 362 3,262 326 2,936 294 2,642
P-108 1 25,629 528 4,749 475 4,274 427 3,847 385 3,462 346 3,116
C-101 1 248,291 5,112 46,009 4,601 41,408 4,141 37,267 3,727 33,540 3,354 30,186
C-102 1 442,308 9,107 81,961 8,196 73,764 7,376 66,388 6,639 59,749 5,975 53,774
E-101 1 203,432 4,188 37,696 3,770 33,927 3,393 30,534 3,053 27,481 2,748 24,733
E-102 1 345,210 7,108 63,968 6,397 57,571 5,757 51,814 5,181 46,633 4,663 41,969
E-103 1 305,420 6,288 56,595 5,659 50,935 5,094 45,842 4,584 41,258 4,126 37,132
E-104 1 209,287 4,309 38,781 3,878 34,903 3,490 31,413 3,141 28,272 2,827 25,444
E-105 1 104,945 2,161 19,447 1,945 17,502 1,750 15,752 1,575 14,177 1,418 12,759
V-102 1 12,175 251 2,256 226 2,031 203 1,827 183 1,645 164 1,480
T-101 1 2,058,032 42,373 381,358 38,136 343,222 34,322 308,900 30,890 278,010 27,801 250,209
RO-101 1 11,702 241 2,168 217 1,952 195 1,756 176 1,581 158 1,423
S-106 2 4,681 96 867 87 781 78 703 70 632 63 569
PV Module 30,114 10,076,608 207,468 1,867,216 186,722 1,680,494 168,049 1,512,445 151,244 1,361,200 136,120 1,225,080
Solar
Control 1,883 2,308,268 47,525 427,727 42,773 384,954 38,495 346,459 34,646 311,813 31,181 280,632
Battery
Bank 3,480 8,287,754 170,638 1,535,738 153,574 1,382,164 138,216 1,243,947 124,395 1,119,553 111,955 1,007,597
Inverter 1 3,092 64 573 57 516 52 464 46 418 42 376

Universitas Indonesia
60

Main Equipment Depreciation (Year 21-25)


Equipment Qty Initial Year 21 Year 22 Year 23 Year 24 Year 25
Value ($) Depreciation SV Depreciation SV Depreciation SV Depreciation SV Depreciation SV
S-101 1 30,849 375 3,375 338 3,038 304 2,734 273 2,461 246 2,215
S-102 1 23,823 290 2,607 261 2,346 235 2,111 211 1,900 190 1,710
S-103 2 4,106 50 449 45 404 40 364 36 328 33 295
S-104 1 23,717 288 2,595 260 2,336 234 2,102 210 1,892 189 1,703
S-105 1 18,581 226 2,033 203 1,830 183 1,647 165 1,482 148 1,334
P-101 1 28,383 345 3,106 311 2,795 280 2,516 252 2,264 226 2,038
P-102 1 24,008 292 2,627 263 2,364 236 2,128 213 1,915 192 1,724
P-103 1 21,023 256 2,300 230 2,070 207 1,863 186 1,677 168 1,509
P-104 1 11,016 134 1,205 121 1,085 108 976 98 879 88 791
P-105 1 11,025 134 1,206 121 1,086 109 977 98 879 88 792
P-106 1 11,715 142 1,282 128 1,154 115 1,038 104 934 93 841
P-107 1 21,732 264 2,378 238 2,140 214 1,926 193 1,734 173 1,560
P-108 1 25,629 312 2,804 280 2,524 252 2,272 227 2,044 204 1,840
C-101 1 248,291 3,019 27,168 2,717 24,451 2,445 22,006 2,201 19,805 1,981 17,825
C-102 1 442,308 5,377 48,397 4,840 43,557 4,356 39,201 3,920 35,281 3,528 31,753
E-101 1 203,432 2,473 22,259 2,226 20,033 2,003 18,030 1,803 16,227 1,623 14,604
E-102 1 345,210 4,197 37,773 3,777 33,995 3,400 30,596 3,060 27,536 2,754 24,783
E-103 1 305,420 3,713 33,419 3,342 30,077 3,008 27,069 2,707 24,362 2,436 21,926
E-104 1 209,287 2,544 22,900 2,290 20,610 2,061 18,549 1,855 16,694 1,669 15,025
E-105 1 104,945 1,276 11,483 1,148 10,335 1,033 9,301 930 8,371 837 7,534
V-102 1 12,175 148 1,332 133 1,199 120 1,079 108 971 97 874
T-101 1 2,058,032 25,021 225,188 22,519 202,669 20,267 182,402 18,240 164,162 16,416 147,746

Universitas Indonesia
61

Main Equipment Depreciation (Year 21-25) (contd)


Equipment Qty Initial Year 21 Year 22 Year 23 Year 24 Year 25
Value ($) Depreciation SV Depreciation SV Depreciation SV Depreciation SV Depreciation SV
RO-101 1 11,702 142 1,280 128 1,152 115 1,037 104 933 93 840
S-106 2 4,681 57 512 51 461 46 415 41 373 37 336
PV Module 30,114 10,076,608 122,508 1,102,572 110,257 992,315 99,232 893,084 89,308 803,775 80,378 723,398
Solar
Control 1,883 2,308,268 28,063 252,568 25,257 227,312 22,731 204,580 20,458 184,122 18,412 165,710
Battery
Bank 3,480 8,287,754 100,760 906,838 90,684 816,154 81,615 734,538 73,454 661,085 66,108 594,976
Inverter 1 3,092 38 338 34 305 30 274 27 247 25 222

Main Equipment Depreciation (Year 26-30)


Equipment Qty Initial Year 26 Year 27 Year 28 Year 29 Year 30
Value ($) Depreciation SV Depreciation SV Depreciation SV Depreciation SV Depreciation SV
S-101 1 30,849 221 1,993 199 1,794 179 1,614 161 1,453 145 1,308
S-102 1 23,823 171 1,539 154 1,385 139 1,247 125 1,122 112 1,010
S-103 2 4,106 29 265 27 239 24 215 21 193 19 174
S-104 1 23,717 170 1,532 153 1,379 138 1,241 124 1,117 112 1,005
S-105 1 18,581 133 1,201 120 1,080 108 972 97 875 88 788
P-101 1 28,383 204 1,834 183 1,650 165 1,485 149 1,337 134 1,203
P-102 1 24,008 172 1,551 155 1,396 140 1,256 126 1,131 113 1,018
P-103 1 21,023 151 1,358 136 1,222 122 1,100 110 990 99 891
P-104 1 11,016 79 712 71 641 64 577 58 519 52 467
P-105 1 11,025 79 712 71 641 64 577 58 519 52 467

Universitas Indonesia
62

Main Equipment Depreciation (Year 26-30) (contd)


Equipment Qty Initial Year 26 Year 27 Year 28 Year 29 Year 30
Value ($) Depreciation SV Depreciation SV Depreciation SV Depreciation SV Depreciation SV
P-106 1 11,715 84 757 76 681 68 613 61 552 55 497
P-107 1 21,732 156 1,404 140 1,264 126 1,137 114 1,024 102 921
P-108 1 25,629 184 1,656 166 1,490 149 1,341 134 1,207 121 1,086
C-101 1 248,291 1,782 16,042 1,604 14,438 1,444 12,994 1,299 11,695 1,169 10,525
C-102 1 442,308 3,175 28,578 2,858 25,720 2,572 23,148 2,315 20,833 2,083 18,750
E-101 1 203,432 1,460 13,144 1,314 11,829 1,183 10,647 1,065 9,582 958 8,624
E-102 1 345,210 2,478 22,304 2,230 20,074 2,007 18,066 1,807 16,260 1,626 14,634
E-103 1 305,420 2,193 19,733 1,973 17,760 1,776 15,984 1,598 14,386 1,439 12,947
E-104 1 209,287 1,502 13,522 1,352 12,170 1,217 10,953 1,095 9,858 986 8,872
E-105 1 104,945 753 6,781 678 6,103 610 5,492 549 4,943 494 4,449
V-102 1 12,175 87 787 79 708 71 637 64 573 57 516
T-101 1 2,058,032 14,775 132,971 13,297 119,674 11,967 107,707 10,771 96,936 9,694 87,242
RO-101 1 11,702 84 756 76 680 68 612 61 551 55 496
S-106 2 4,681 34 302 30 272 27 245 24 220 22 198
PV Module 30,114 10,076,608 72,340 651,058 65,106 585,952 58,595 527,357 52,736 474,621 47,462 427,159
Solar
Control 1,883 2,308,268 16,571 149,139 14,914 134,225 13,423 120,803 12,080 108,722 10,872 97,850
Battery
Bank 3,480 8,287,754 59,498 535,479 53,548 481,931 48,193 433,738 43,374 390,364 39,036 351,327
Inverter 1 3,092 22 200 20 180 18 162 16 146 15 131

Universitas Indonesia
63

Supporting Equipment Depreciation (Year 1-5)


Equipment Qty Initial Year 1 Year 2 Year 3 Year 4 Year 5
Value ($) Depreciation SV Depreciation SV Depreciation SV Depreciation SV Depreciation SV
Computer 5 833 25 808 24 784 24 761 23 738 22 716
Fax machine 2 159 5 155 5 150 4 145 4 141 4 137
Printer 2 1,667 50 1,617 49 1,568 47 1,521 46 1,475 44 1,431
Table 6 200 6 194 6 188 6 183 5 177 5 172
Chair 12 250 8 243 7 235 7 228 7 221 7 215
Cabinet 1 100 3 97 3 94 3 91 3 89 3 86
Laboratory set 1 500 15 485 15 470 14 456 14 443 13 429
Sofa 5 500 15 485 15 470 14 456 14 443 13 429
CCTV 4 194 6 189 6 183 5 177 5 172 5 167
Meeting room set 2 250 8 243 7 235 7 228 7 221 7 215
Dispenser 3 33 1 32 1 31 1 30 1 29 1 28
AC 6 2,000 60 1,940 58 1,882 56 1,825 55 1,771 53 1,717
Telephone 3 50 2 49 1 47 1 46 1 44 1 43
Television 5 458 14 445 13 431 13 418 13 406 12 394
H2 Truck 2 70,000 2,100 67,900 2,037 65,863 1,976 63,887 1,917 61,970 1,859 60,111
O2 Truck 2 50,000 1,500 48,500 1,455 47,045 1,411 45,634 1,369 44,265 1,328 42,937
O2 Tank 100 20,000 600 19,400 582 18,818 565 18,253 548 17,706 531 17,175

Universitas Indonesia
64

Supporting Equipment Depreciation (Year 6-10)


Equipment Qty Initial Year 6 Year 7 Year 8 Year 9 Year 10
Value ($) Depreciation SV Depreciation SV Depreciation SV Depreciation SV Depreciation SV
Computer 5 833 21 694 21 673 20 653 20 634 19 615
Fax machine 2 159 4 133 4 129 4 125 4 121 4 117
Printer 2 1,667 43 1,388 42 1,347 40 1,306 39 1,267 38 1,229
Table 6 200 5 167 5 162 5 157 5 152 5 147
Chair 12 250 6 208 6 202 6 196 6 190 6 184
Cabinet 1 100 3 83 2 81 2 78 2 76 2 74
Laboratory set 1 500 13 416 12 404 12 392 12 380 11 369
Sofa 5 500 13 416 12 404 12 392 12 380 11 369
CCTV 4 194 5 162 5 157 5 152 5 148 4 143
Meeting room set 2 250 6 208 6 202 6 196 6 190 6 184
Dispenser 3 33 1 27 1 26 1 25 1 25 1 24
AC 6 2,000 52 1,666 50 1,616 48 1,567 47 1,520 46 1,475
Telephone 3 50 1 42 1 40 1 39 1 38 1 37
Television 5 458 12 382 11 370 11 359 11 348 10 338
H2 Truck 2 70,000 1,803 58,308 1,749 56,559 1,697 54,862 1,646 53,216 1,596 51,620
O2 Truck 2 50,000 1,288 41,649 1,249 40,399 1,212 39,187 1,176 38,012 1,140 36,871
O2 Tank 100 20,000 515 16,659 500 16,160 485 15,675 470 15,205 456 14,748

Universitas Indonesia
65

Supporting Equipment Depreciation (Year 11-15)


Equipment Qty Initial Year 11 Year 12 Year 13 Year 14 Year 15
Value ($) Depreciation SV Depreciation SV Depreciation SV Depreciation SV Depreciation SV
Computer 5 833 18 596 18 578 17 561 17 544 16 528
Fax machine 2 159 4 114 3 111 3 107 3 104 3 101
Printer 2 1,667 37 1,192 36 1,156 35 1,122 34 1,088 33 1,055
Table 6 200 4 143 4 139 4 135 4 131 4 127
Chair 12 250 6 179 5 173 5 168 5 163 5 158
Cabinet 1 100 2 72 2 69 2 67 2 65 2 63
Laboratory set 1 500 11 358 11 347 10 337 10 326 10 317
Sofa 5 500 11 358 11 347 10 337 10 326 10 317
CCTV 4 194 4 139 4 135 4 131 4 127 4 123
Meeting room set 2 250 6 179 5 173 5 168 5 163 5 158
Dispenser 3 33 1 23 1 23 1 22 1 21 1 21
AC 6 2,000 44 1,431 43 1,388 42 1,346 40 1,306 39 1,267
Telephone 3 50 1 36 1 35 1 34 1 33 1 32
Television 5 458 10 328 10 318 10 308 9 299 9 290
H2 Truck 2 70,000 1,549 50,071 1,502 48,569 1,457 47,112 1,413 45,699 1,371 44,328
O2 Truck 2 50,000 1,106 35,765 1,073 34,692 1,041 33,651 1,010 32,642 979 31,663
O2 Tank 100 20,000 442 14,306 429 13,877 416 13,461 404 13,057 392 12,665

Universitas Indonesia
66

Supporting Equipment Depreciation (Year 16-20)


Equipment Qty Initial Year 16 Year 17 Year 18 Year 19 Year 20
Value ($) Depreciation SV Depreciation SV Depreciation SV Depreciation SV Depreciation SV
Computer 5 833 16 512 15 497 15 482 14 467 14 453
Fax machine 2 159 3 98 3 95 3 92 3 89 3 87
Printer 2 1,667 32 1,024 31 993 30 963 29 934 28 906
Table 6 200 4 123 4 119 4 116 3 112 3 109
Chair 12 250 5 154 5 149 4 144 4 140 4 136
Cabinet 1 100 2 61 2 60 2 58 2 56 2 54
Laboratory set 1 500 9 307 9 298 9 289 9 280 8 272
Sofa 5 500 9 307 9 298 9 289 9 280 8 272
CCTV 4 194 4 119 4 116 3 112 3 109 3 106
Meeting room set 2 250 5 154 5 149 4 144 4 140 4 136
Dispenser 3 33 1 20 1 19 1 19 1 18 1 18
AC 6 2,000 38 1,229 37 1,192 36 1,156 35 1,121 34 1,088
Telephone 3 50 1 31 1 30 1 29 1 28 1 27
Television 5 458 9 282 8 273 8 265 8 257 8 249
H2 Truck 2 70,000 1,330 42,998 1,290 41,708 1,251 40,457 1,214 39,243 1,177 38,066
O2 Truck 2 50,000 950 30,713 921 29,791 894 28,898 867 28,031 841 27,190
O2 Tank 100 20,000 380 12,285 369 11,917 357 11,559 347 11,212 336 10,876

Universitas Indonesia
67

Supporting Equipment Depreciation (Year 21-25)


Equipment Qty Initial Year 21 Year 22 Year 23 Year 24 Year 25
Value ($) Depreciation SV Depreciation SV Depreciation SV Depreciation SV Depreciation SV
Computer 5 833 14 440 13 426 13 414 12 401 12 389
Fax machine 2 159 3 84 3 82 2 79 2 77 2 74
Printer 2 1,667 27 879 26 853 26 827 25 802 24 778
Table 6 200 3 105 3 102 3 99 3 96 3 93
Chair 12 250 4 132 4 128 4 124 4 120 4 117
Cabinet 1 100 2 53 2 51 2 50 1 48 1 47
Laboratory set 1 500 8 264 8 256 8 248 7 241 7 233
Sofa 5 500 8 264 8 256 8 248 7 241 7 233
CCTV 4 194 3 103 3 99 3 96 3 94 3 91
Meeting room set 2 250 4 132 4 128 4 124 4 120 4 117
Dispenser 3 33 1 17 1 17 0 16 0 16 0 15
AC 6 2,000 33 1,055 32 1,023 31 993 30 963 29 934
Telephone 3 50 1 26 1 26 1 25 1 24 1 23
Television 5 458 7 242 7 235 7 227 7 221 7 214
H2 Truck 2 70,000 1,142 36,924 1,108 35,816 1,074 34,741 1,042 33,699 1,011 32,688
O2 Truck 2 50,000 816 26,374 791 25,583 767 24,815 744 24,071 722 23,349
O2 Tank 100 20,000 326 10,550 316 10,233 307 9,926 298 9,628 289 9,339

Universitas Indonesia
68

Supporting Equipment Depreciation (Year 26-30)


Equipment Qty Initial Year 26 Year 27 Year 28 Year 29 Year 30
Value ($) Depreciation SV Depreciation SV Depreciation SV Depreciation SV Depreciation SV
Computer 5 833 12 377 11 366 11 355 11 345 10 334
Fax machine 2 159 2 72 2 70 2 68 2 66 2 64
Printer 2 1,667 23 755 23 732 22 710 21 689 21 668
Table 6 200 3 91 3 88 3 85 3 83 2 80
Chair 12 250 4 113 3 110 3 107 3 103 3 100
Cabinet 1 100 1 45 1 44 1 43 1 41 1 40
Laboratory set 1 500 7 226 7 220 7 213 6 207 6 201
Sofa 5 500 7 226 7 220 7 213 6 207 6 201
CCTV 4 194 3 88 3 85 3 83 2 80 2 78
Meeting room set 2 250 4 113 3 110 3 107 3 103 3 100
Dispenser 3 33 0 15 0 14 0 14 0 13 0 13
AC 6 2,000 28 906 27 879 26 852 26 827 25 802
Telephone 3 50 1 23 1 22 1 21 1 21 1 20
Television 5 458 6 208 6 201 6 195 6 189 6 184
H2 Truck 2 70,000 981 31,708 951 30,756 923 29,834 895 28,939 868 28,070
O2 Truck 2 50,000 700 22,648 679 21,969 659 21,310 639 20,670 620 20,050
O2 Tank 100 20,000 280 9,059 272 8,788 264 8,524 256 8,268 248 8,020

Universitas Indonesia
69

Land and Building Depreciation (Year 1-5)


Equipment Qty Initial Year 1 Year 2 Year 3 Year 4 Year 5
Value ($) Depreciation SV Depreciation SV Depreciation SV Depreciation SV Depreciation SV
Land 1 884,620 26,539 858,081 25,742 832,339 24,970 807,369 24,221 783,148 23,494 759,653
Office 1 115,400 3,462 111,938 3,358 108,580 3,257 105,322 3,160 102,163 3,065 99,098
Control Room 1 69,240 2,077 67,163 2,015 65,148 1,954 63,193 1,896 61,298 1,839 59,459
Maintenance 1 69,240 2,077 67,163 2,015 65,148 1,954 63,193 1,896 61,298 1,839 59,459
Clinic 1 23,080 692 22,388 672 21,716 651 21,064 632 20,433 613 19,820
Mosque 1 23,080 692 22,388 672 21,716 651 21,064 632 20,433 613 19,820
Canteen 1 23,080 692 22,388 672 21,716 651 21,064 632 20,433 613 19,820
Parking Lot 1 5,250 158 5,093 153 4,940 148 4,792 144 4,648 139 4,508
Fire Station 1 34,620 1,039 33,581 1,007 32,574 977 31,597 948 30,649 919 29,729
Truck Parking Area 1 5,250 158 5,093 153 4,940 148 4,792 144 4,648 139 4,508
Garden 1 13,650 410 13,241 397 12,843 385 12,458 374 12,084 363 11,722
Production Room 1 461,600 13,848 447,752 13,433 434,319 13,030 421,290 12,639 408,651 12,260 396,392

Land and Building Depreciation (Year 6-10)


Equipment Qty Initial Year 6 Year 7 Year 8 Year 9 Year 10
Value ($) Depreciation SV Depreciation SV Depreciation SV Depreciation SV Depreciation SV
Land 1 884,620 22,790 736,864 22,106 714,758 21,443 693,315 20,799 672,516 20,175 652,340
Office 1 115,400 2,973 96,125 2,884 93,241 2,797 90,444 2,713 87,731 2,632 85,099
Control Room 1 69,240 1,784 57,675 1,730 55,945 1,678 54,266 1,628 52,638 1,579 51,059
Maintenance 1 69,240 1,784 57,675 1,730 55,945 1,678 54,266 1,628 52,638 1,579 51,059
Clinic 1 23,080 595 19,225 577 18,648 559 18,089 543 17,546 526 17,020

Universitas Indonesia
70

Land and Building Depreciation (Year 6-10) (contd)


Equipment Qty Initial Year 6 Year 7 Year 8 Year 9 Year 10
Value ($) Depreciation SV Depreciation SV Depreciation SV Depreciation SV Depreciation SV
Mosque 1 23,080 595 19,225 577 18,648 559 18,089 543 17,546 526 17,020
Canteen 1 23,080 595 19,225 577 18,648 559 18,089 543 17,546 526 17,020
Parking Lot 1 5,250 135 4,373 131 4,242 127 4,115 123 3,991 120 3,871
Fire Station 1 34,620 892 28,837 865 27,972 839 27,133 814 26,319 790 25,530
Truck Parking Area 1 5,250 135 4,373 131 4,242 127 4,115 123 3,991 120 3,871
Garden 1 13,650 352 11,370 341 11,029 331 10,698 321 10,377 311 10,066
Production Room 1 461,600 11,892 384,500 11,535 372,965 11,189 361,776 10,853 350,923 10,528 340,395

Land and Building Depreciation (Year 11-15)


Equipment Qty Initial Year 11 Year 12 Year 13 Year 14 Year 15
Value ($) Depreciation SV Depreciation SV Depreciation SV Depreciation SV Depreciation SV
Land 1 884,620 19,570 632,770 18,983 613,787 18,414 595,373 17,861 577,512 17,325 560,187
Office 1 115,400 2,553 82,546 2,476 80,069 2,402 77,667 2,330 75,337 2,260 73,077
Control Room 1 69,240 1,532 49,527 1,486 48,042 1,441 46,600 1,398 45,202 1,356 43,846
Maintenance 1 69,240 1,532 49,527 1,486 48,042 1,441 46,600 1,398 45,202 1,356 43,846
Clinic 1 23,080 511 16,509 495 16,014 480 15,533 466 15,067 452 14,615
Mosque 1 23,080 511 16,509 495 16,014 480 15,533 466 15,067 452 14,615
Canteen 1 23,080 511 16,509 495 16,014 480 15,533 466 15,067 452 14,615
Parking Lot 1 5,250 116 3,755 113 3,643 109 3,533 106 3,427 103 3,325
Fire Station 1 34,620 766 24,764 743 24,021 721 23,300 699 22,601 678 21,923
Truck Parking Area 1 5,250 116 3,755 113 3,643 109 3,533 106 3,427 103 3,325
Garden 1 13,650 302 9,764 293 9,471 284 9,187 276 8,911 267 8,644
Production Room 1 461,600 10,212 330,183 9,905 320,278 9,608 310,669 9,320 301,349 9,040 292,309

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Land and Building Depreciation (Year 16-20)


Equipment Qty Initial Year 16 Year 17 Year 18 Year 19 Year 20
Value ($) Depreciation SV Depreciation SV Depreciation SV Depreciation SV Depreciation SV
Land 1 884,620 16,806 543,381 16,301 527,080 15,812 511,267 15,338 495,929 14,878 481,051
Office 1 115,400 2,192 70,885 2,127 68,758 2,063 66,696 2,001 64,695 1,941 62,754
Control Room 1 69,240 1,315 42,531 1,276 41,255 1,238 40,017 1,201 38,817 1,165 37,652
Maintenance 1 69,240 1,315 42,531 1,276 41,255 1,238 40,017 1,201 38,817 1,165 37,652
Clinic 1 23,080 438 14,177 425 13,752 413 13,339 400 12,939 388 12,551
Mosque 1 23,080 438 14,177 425 13,752 413 13,339 400 12,939 388 12,551
Canteen 1 23,080 438 14,177 425 13,752 413 13,339 400 12,939 388 12,551
Parking Lot 1 5,250 100 3,225 97 3,128 94 3,034 91 2,943 88 2,855
Fire Station 1 34,620 658 21,265 638 20,627 619 20,009 600 19,408 582 18,826
Truck Parking Area 1 5,250 100 3,225 97 3,128 94 3,034 91 2,943 88 2,855
Garden 1 13,650 259 8,385 252 8,133 244 7,889 237 7,652 230 7,423
Production Room 1 461,600 8,769 283,539 8,506 275,033 8,251 266,782 8,003 258,779 7,763 251,015

Land and Building Depreciation (Year 21-25)


Equipment Qty Initial Year 21 Year 22 Year 23 Year 24 Year 25
Value ($) Depreciation SV Depreciation SV Depreciation SV Depreciation SV Depreciation SV
Land 1 884,620 14,432 466,620 13,999 452,621 13,579 439,043 13,171 425,871 12,776 413,095
Office 1 115,400 1,883 60,871 1,826 59,045 1,771 57,274 1,718 55,556 1,667 53,889
Control Room 1 69,240 1,130 36,523 1,096 35,427 1,063 34,364 1,031 33,333 1,000 32,333
Maintenance 1 69,240 1,130 36,523 1,096 35,427 1,063 34,364 1,031 33,333 1,000 32,333
Clinic 1 23,080 377 12,174 365 11,809 354 11,455 344 11,111 333 10,778

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Land and Building Depreciation (Year 21-25) (contd)


Equipment Qty Initial Year 21 Year 22 Year 23 Year 24 Year 25
Value ($) Depreciation SV Depreciation SV Depreciation SV Depreciation SV Depreciation SV
Mosque 1 23,080 377 12,174 365 11,809 354 11,455 344 11,111 333 10,778
Canteen 1 23,080 377 12,174 365 11,809 354 11,455 344 11,111 333 10,778
Parking Lot 1 5,250 86 2,769 83 2,686 81 2,606 78 2,527 76 2,452
Fire Station 1 34,620 565 18,261 548 17,714 531 17,182 515 16,667 500 16,167
Truck Parking Area 1 5,250 86 2,769 83 2,686 81 2,606 78 2,527 76 2,452
Garden 1 13,650 223 7,200 216 6,984 210 6,775 203 6,571 197 6,374
Production Room 1 461,600 7,530 243,485 7,305 236,180 7,085 229,095 6,873 222,222 6,667 215,556

Land and Building Depreciation (Year 26-30)


Equipment Qty Initial Year 26 Year 27 Year 28 Year 29 Year 30
Value ($) Depreciation SV Depreciation SV Depreciation SV Depreciation SV Depreciation SV
Land 1 884,620 12,393 400,702 12,021 388,681 11,660 377,021 11,311 365,710 10,971 354,739
Office 1 115,400 1,617 52,272 1,568 50,704 1,521 49,183 1,475 47,707 1,431 46,276
Control Room 1 69,240 970 31,363 941 30,422 913 29,510 885 28,624 859 27,766
Maintenance 1 69,240 970 31,363 941 30,422 913 29,510 885 28,624 859 27,766
Clinic 1 23,080 323 10,454 314 10,141 304 9,837 295 9,541 286 9,255
Mosque 1 23,080 323 10,454 314 10,141 304 9,837 295 9,541 286 9,255
Canteen 1 23,080 323 10,454 314 10,141 304 9,837 295 9,541 286 9,255
Parking Lot 1 5,250 74 2,378 71 2,307 69 2,238 67 2,170 65 2,105
Fire Station 1 34,620 485 15,682 470 15,211 456 14,755 443 14,312 429 13,883
Truck Parking Area 1 5,250 74 2,378 71 2,307 69 2,238 67 2,170 65 2,105

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Garden 1 13,650 191 6,183 185 5,997 180 5,818 175 5,643 169 5,474
Production Room 1 461,600 6,467 209,089 6,273 202,816 6,084 196,732 5,902 190,830 5,725 185,105

Cash Flow
Hydrogen Hydrogen Oxygen Oxygen Cash All Net Profit Net Profit
Volume Price Volume Price Revenue Operating Maintenance Expenses Depreciation Expenses Gross Before After Tax
Year (kg/year) ($/kg) (kg/year) ($/year) ($) Cost ($) Cost ($) ($) ($) ($) Profit ($) Tax ($) ($)
- -
0 47,933,575 47,933,575
1 246,000 7.64 1,949,000 7.33 16,172,107 3,516,128 479,336 3,995,464 2,543,941 6,539,404 12,176,643 9,632,702 7,224,527
2 246,000 7.64 1,949,000 7.33 16,172,107 3,516,128 479,336 3,995,464 2,293,485 6,288,948 12,176,643 9,883,158 7,412,369
3 246,000 7.64 1,949,000 7.33 16,172,107 3,516,128 479,336 3,995,464 2,067,956 6,063,420 12,176,643 10,108,687 7,581,515
4 246,000 7.64 1,949,000 7.33 16,172,107 3,516,128 479,336 3,995,464 1,864,866 5,860,330 12,176,643 10,311,777 7,733,833
5 246,000 7.64 1,949,000 7.33 16,172,107 3,516,128 479,336 3,995,464 1,681,974 5,677,437 12,176,643 10,494,669 7,871,002
6 246,000 7.64 1,949,000 7.33 16,172,107 3,516,128 479,336 3,995,464 1,517,263 5,512,726 12,176,643 10,659,380 7,994,535
7 246,000 7.64 1,949,000 7.33 16,172,107 3,516,128 479,336 3,995,464 1,368,918 5,364,382 12,176,643 10,807,725 8,105,794
8 246,000 7.64 1,949,000 7.33 16,172,107 3,516,128 479,336 3,995,464 1,235,307 5,230,770 12,176,643 10,941,336 8,206,002
9 246,000 7.64 1,949,000 7.33 16,172,107 3,516,128 479,336 3,995,464 1,114,958 5,110,422 12,176,643 11,061,685 8,296,264
10 246,000 7.64 1,949,000 7.33 16,172,107 3,516,128 479,336 3,995,464 1,006,549 5,002,012 12,176,643 11,170,094 8,377,571
11 246,000 7.64 1,949,000 7.33 16,172,107 3,516,128 479,336 3,995,464 908,888 4,904,351 12,176,643 11,267,755 8,450,816
12 246,000 7.64 1,949,000 7.33 16,172,107 3,516,128 479,336 3,995,464 820,903 4,816,367 12,176,643 11,355,740 8,516,805
13 246,000 7.64 1,949,000 7.33 16,172,107 3,516,128 479,336 3,995,464 741,630 4,737,093 12,176,643 11,435,013 8,576,260
14 246,000 7.64 1,949,000 7.33 16,172,107 3,516,128 479,336 3,995,464 670,199 4,665,663 12,176,643 11,506,444 8,629,833
15 246,000 7.64 1,949,000 7.33 16,172,107 3,516,128 479,336 3,995,464 605,830 4,601,293 12,176,643 11,570,813 8,678,110

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74

Cash Flow (contd)


Hydrogen Hydrogen Oxygen Oxygen Cash All Net Profit Net Profit
Volume Price Volume Price Revenue Operating Maintenance Expenses Depreciation Expenses Gross Before After Tax
Year (kg/year) ($/kg) (kg/year) ($/year) ($) Cost ($) Cost ($) ($) ($) ($) Profit ($) Tax ($) ($)
16 246,000 7.64 1,949,000 7.33 16,172,107 3,516,128 479,336 3,995,464 547,818 4,543,281 12,176,643 11,628,825 8,721,619
17 246,000 7.64 1,949,000 7.33 16,172,107 3,516,128 479,336 3,995,464 495,530 4,490,993 12,176,643 11,681,113 8,760,835
18 246,000 7.64 1,949,000 7.33 16,172,107 3,516,128 479,336 3,995,464 448,396 4,443,860 12,176,643 11,728,247 8,796,185
19 246,000 7.64 1,949,000 7.33 16,172,107 3,516,128 479,336 3,995,464 405,903 4,401,366 12,176,643 11,770,740 8,828,055
20 246,000 7.64 1,949,000 7.33 16,172,107 3,516,128 479,336 3,995,464 367,588 4,363,052 12,176,643 11,809,055 8,856,791
21 246,000 7.64 1,949,000 7.33 16,172,107 3,516,128 479,336 3,995,464 333,037 4,328,501 12,176,643 11,843,606 8,882,704
22 246,000 7.64 1,949,000 7.33 16,172,107 3,516,128 479,336 3,995,464 301,875 4,297,339 12,176,643 11,874,768 8,906,076
23 246,000 7.64 1,949,000 7.33 16,172,107 3,516,128 479,336 3,995,464 273,765 4,269,229 12,176,643 11,902,878 8,927,159
24 246,000 7.64 1,949,000 7.33 16,172,107 3,516,128 479,336 3,995,464 248,403 4,243,867 12,176,643 11,928,240 8,946,180
25 246,000 7.64 1,949,000 7.33 16,172,107 3,516,128 479,336 3,995,464 225,518 4,220,981 12,176,643 11,951,125 8,963,344
26 246,000 7.64 1,949,000 7.33 16,172,107 3,516,128 479,336 3,995,464 204,862 4,200,325 12,176,643 11,971,781 8,978,836
27 246,000 7.64 1,949,000 7.33 16,172,107 3,516,128 479,336 3,995,464 186,215 4,181,678 12,176,643 11,990,428 8,992,821
28 246,000 7.64 1,949,000 7.33 16,172,107 3,516,128 479,336 3,995,464 169,377 4,164,841 12,176,643 12,007,266 9,005,450
29 246,000 7.64 1,949,000 7.33 16,172,107 3,516,128 479,336 3,995,464 154,170 4,149,633 12,176,643 12,022,473 9,016,855
30 246,000 7.64 1,949,000 7.33 16,172,107 3,516,128 479,336 3,995,464 140,431 4,135,895 12,176,643 12,036,212 9,027,159

Cash Flow
Year Financial Rate ($) Cash Flow ($) Cumulative (Rp)
0 -47,933,575 -47,933,575
1 3,983,304 5,785,163 -42,148,412
2 3,485,391 6,220,462 -35,927,949

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Cash Flow (contd)


Year Financial Rate ($) Cash Flow ($) Cumulative (Rp)
3 2,987,478 6,661,993 -29,265,956
4 2,489,565 7,109,134 -22,156,822
5 1,991,652 7,561,324 -14,595,499
6 1,493,739 8,018,059 -6,577,440
7 995,826 8,478,886 1,901,446
8 497,913 8,943,396 10,844,842
9 0 9,411,222 20,256,064
10 0 9,384,119 29,640,183
11 0 9,359,704 38,999,887
12 0 9,337,708 48,337,595
13 0 9,317,890 57,655,485
14 0 9,300,032 66,955,517
15 0 9,283,940 76,239,456
16 0 9,269,437 85,508,893
17 0 9,256,365 94,765,258
18 0 9,244,581 104,009,839
19 0 9,233,958 113,243,797
20 0 9,224,379 122,468,176
21 0 9,215,742 131,683,918
22 0 9,207,951 140,891,869
23 0 9,200,923 150,092,792
24 0 9,194,583 159,287,375
25 0 9,188,862 168,476,237

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Cash Flow (contd)


Year Financial Rate ($) Cash Flow ($) Cumulative (Rp)
26 0 9,183,698 177,659,935
27 0 9,179,036 186,838,970
28 0 9,174,826 196,013,797
29 0 9,171,025 205,184,822
30 0 9,167,590 214,352,412

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