ASIAN DEVELOPMENT BANK

PCR: LAO 23173

PROJECT COMPLETION REPORT

ON THE

NAM SONG HYDROPOWER DEVELOPMENT PROJECT

(Loan No. 1214-LAO [SF])

LAO PEOPLE'S DEMOCRATIC REPUBLIC

October 1997
 CURRENCY EQUIVALENTS
(as of 31 December 1996)

Currency Unit - Kip

At Appraisal
At Project Completion

KN1.O0 = $0.0014
$0.00 10593

$1.00 = KN720 KN944

ABBREVIATIONS

EdL Electricité du Laos

EIRR Economic Internal Rate of Return
FIRR Financial Internal Rate of Return
FY Fiscal Year
IDC Interest During Construction

WEIGHTS AND MEASURES

V (volt) unit of voltage

kV (kilovolt) 1,000 volts
W (watt) unit of real power
kW (kilowatt) 1,000 watts
MW (megawatt) 1,000,000 watts
Wh (watt-hour) unit of energy
kWh (kilowatt-hour) 1,000Wh
GWh (gigawatt-hour) million kWh

NOTES

(i) The fiscal year (FY) for all Government agencies ends on 31 December.
(ii) In this Report, "$" refers to US dollars.
 CONTENTS

Page

BASIC DATA

MAPS vi

A. Map No. 1 - Project Area VI

B. Map No. 2 - Area of Nam Song Diversion vii

PROJECT DESCRIPTION 1

EVALUATION OF IMPLEMENTATION 1

A. Project Components 1
B. Implementation Arrangements 2
C. Project Costs 3
D. Project Schedule 3
E. Engagement of Consultants, and Procurement of
Goods and Services 4
F. Performance of Consultants, Contractors, and Suppliers 5
G. Conditions and Covenants 6
H. Disbursements 6
I. Environmental Impact 6
J. Performance of the Borrower and Executing Agency 7
K. Performance of the Bank 7

III. EVALUATION OF INITIAL PERFORMANCE AND BENEFITS 7

A. Financial and Economic Performance 7

B. Attainment of Benefits 9

IV. CONCLUSIONS AND RECOMMENDDATIONS 9

A. Conclusions 9
B. Recommendations 10

APPENDIXES 12
 BASIC DATA

A. Loan Identification

1. Country Lao People's Democratic Republic (PDR)

2. Loan Number 121 4-LAO(SF)
3. Project Title Nam Song Hydropower Project
4. Borrower Lao PDR
5. Executing Agency Electricité du Laos (EdL)
6. Amount of Loan SDR 22.405 million
7. PCR Number 428

B. Loan Data

1 Appraisal
- Date Started 02 September 1992
- Date Completed 11 September 1992
2. Loan Negotiations
- Date Started 12 November 1992
- Date Completed 14 November 1992
3. Date of Board Approval 21 December 1992
4. Date of Loan Agreement 22 January 1993
5. Date of Loan Effectiveness
- In Loan Agreement 22 April 1993
- Actual 13 April1993
- Number of Extensions None
Closing Date
- In Loan Agreement 30 June 1996
- Actual 21 April 1997
- Number of Extensions One
Terms of Loan
- Service Charge 1 percent
- Maturity (number of years) 40
- Grace Period (number of years) 10
8. Terms of Relending
- Interest Rate OCR Rate
- Maturity (number of years) 25
- Grace Period (number of years) 5
- Second-step Borrower Electricité du Laos

9. Disbursement
a. Dates

Initial Disbursement Final Disbursement Time Interval

10 August 1993 21 April 1997 44 months

Effective Date Original Closing Date
Time Interval
13 April 1993 30 June 1996 38 months


iii

b. Amount ($ million)

Last Net Undis-

Original Revised Amount Amount Amount bursed
2
Category Allocation Allocation Cancelled Available Disbursed Balance

1 18200000 16,907,508 1,292,492 16,907,508 16,907,508 0

2 2,400,000 962,152 1,437,848 962,152 962,152 0
3 6,200,000 8,244,246 (2,044,246) 8,244,246 8,244,246 0
4 300,000 322,531 (22,531) 322,531 322,531 0
5 4,400,000 4,400,000 0

Total 31,500,000 26,436,437 5,063,563 26,436,437 26,436,437 0

10. Local Costs (Bank-financed): None

C. Project Data

1 Project Cost ($ million)

Appraisal Estimate Actual

Foreign Exchange Cost 31.5 26.4

Local Cost 5.2 s 5.8

Total Cost 36.7 32.2

2. Financing Plan ($ million)

Appraisal Estimate Actual
Foreign Local Total Foreign Local Total

Implementation Cost
Borrower financed 0 2.9 2.9 0 2.6 2.6
Bankfinanced 31.2 0 31.2 26.1 0 26.1
Other External Financing 0 0 0 0 0 0
Total 31.2 2.9 34.1 26.1 2.6 28.7

IDC Costs
Borrower financed 0 2.4 2.4 0 3.2 3.2
Bank financed 0.3 0 0.3 0.3 0 0.3
Other External Financing 0 0 0 0 0 0
Total 0.3 2.4 2.7 0.3 3.2 3.5

Category 1: Civil Works

Category 2: Materials and Equipment
Category 3: Consultants
Category 4: Service Charge During Construction
Category 5: Unallocated
2
At signing of the Loan Agreement on 21 December 1992.
At closing of the loan accounts on 21 April 1997.
 iv

3. Cost Breakdown by Project Components ($ million)

Appraisal Estimate Actual

Foreign Local Total Foreign Local Total

Part A: Nam Song Hydropower

(a) Civil Works 18.192 1.506 19.698 )
(b) Hydraulic Steelworks, )
Mechnical Equipment and ) 16.908 1.249 18.157
Communications 1.538 0.036 1.574 )
(C) Power Supply 0.300 0.100 0.400 0.529 ) 0.529
(d) Rural Electrification 0.350 0.150 0.500 0.200 ) 0.200
(e) Engineering 2.300 0.100 2.400 2.342 ) 2.342
(f) Administration - 0.400 0.400 ) 1.374 1.374
Base Cost 22.680 2.292 24972 19.979 2.623 22.602

Part B: Nam Leuk Engineering

(a) Supplementary Site
Investigations 0.285 - 0.285 0.206 0.206
(b) Detailed Design and
Tender Documents 2.250 0.100 2.350 4.364 4.364

(c) Administration 0.006 0.006

Base Cost 2.535 0.100 2.635 4.570 0.006 4.576

Part C: Nam Mang 3 Engineering

(a) Site Investigations 0.180 - 0.180
(b) Engineering 1.200 0.100 1.300 ) 1.332 1.332
(C) Administration 0.015 0.015
Base Cost 1.380 0.100 1.480 1.332 0.015 1.347

Part D: Electrical Metering Equipment

Meters and Accessories 0.250 - 0.250 0.233 0.002 0.235

Total Base Cost 26.845 2.492 29.337 26.114 2.646 28.760
Contingencies 4.340 0.404 4.744

Interest During Construction 0.307 2.308 2.615 0.323 3.162 3.485

Total 31 .492 5.204 36.696 26.437 5.808 32.245
 V

4. Project Schedule
Event Appraisal Estimate Actual
Date of Contract with Consultants
Part A August 1992 06 October 1992
PartB January1993 l4March 1994
Part C November 1992 10 November 1993
PartD - -
Completion of Engineering Designs
Part A May 1993 31 July 1993
Part B February 1994 31 March 1996
Part C March 1994 21 December 1994
Part D (by EdL) December 1992 31 March 1993
Civil Works Contract
Date of Award May 1993 22 December 1993
Completion of Work June 1995 31 December 1996
Equipment and Supplies
Part A
First Procurement April 1993 30 September 1993
Last Procurement September 1993 30 October 1996
Completion of Equipment Installation June 1995 30 October 1996
Part D
First Procurement April 1993 06 June 1995
Last Procurement September 1993 04 October 1996
Start of Operations
Completion of Tests and
Commissioning June 1995 11 November 1996
1
Effective Diversion June 1995 30 November 1995

0. Data on Bank Missions

No. of No. of Specialization

Name of Mission Date Persons Person-days of Members 2

Fact-finding 6-14 May 1992 2 18 AandB

Appraisal 2-11 Sep 1992 5 50 A,B,C,D&F

Reviews 29 Sep - 6 Oct 1993 1 3 A

21-25Nov1994 2 10 AandB
6-16 Mar 1995 1 3 A
21-29May1996 1 3 A

PCR 3 01-10 Jul1997 18 AandE

Diversion was effected using a temporary cofferdam across the Nam Song on the date shown. Work on the
main dam was completed in the dry behind the cofferdam.
A - Project Engineer; B - Financial Analyst; C - Programs Officer; D - Counsel ; E - Project Administration
Assistant; and F - Secretary.
The Mission comprised M. Bristol, Project Engineer; and E. Panlilio, Project Administration Assistant.
 Vi
Mapi
12°30E 1 03°OOE

LAO PEOPLES DEMOCRATIC REPUBLIC

NAM SONG HYDROPOWER DEVELOPMENT PROJECT
Layout of Project Components
(as completed)

1 9°OON

I NAMSONG
DIVERSION AREA
Ban $-tôuaypamom f

Namlsgum
Hydropower tion NAM LEUK
I HYDROPOWER
PROJECT AREA

18°20N 18°20N
15

Kilometers
NAMMANG3
\\ HYDROPOWER

Areas are indicative

r5 \\ PROJECT AREA

* National Capital
Q Hydropower Station
==J= Highway
River/Creek
- - - International Boundary
(Boundaries not necessarily authoritative)

(F

97-1719a HR
 102°27E

LAO PEOPLE'S DEMOCRATIC REPUBLIC

NAM SONG HYDROPOWER DEVELOPMENT PROJECT
Diversion Layout
(as completed)

'A'
CANAARTUCTE
18°49N 18°49N

DAM AND SPILLWAY

WATER LEVEL
CONTROL STRUCTURE

Ban Houaypamom
DROP
STRUCTURE

msanou

0 Town
Saddle Dam
Ban Nampat
=@H== Highway
Access Road to Dam
Canal
River

'0

'0
0•
I 1 02°27E
 I. PROJECT DESCRIPTION

1. The Project has four components, i.e., Part A, construction of works to divert the
majority of the flow of the Nam Song into the Nam Ngum reservoir to increase generation at the
existing Nam Ngum power station; Part B, provision of consultancy services for the design of
the Nam Leuk Hydropower Project; Part C, provision of consultancy services for a feasibility
study of the Nam Mang 3 Hydropower Project; and Part D, reduction of electricity losses by
repairing and replacing where necessary, consumer's watt-hour meters in areas of Vientiane.
Part A also includes a minor rural electrification component in the Project area. The Nam Leuk1
project will divert water into Nam Ngum reservoir via a 40 megawatt (MW) power station. The
Nam Mang 3 Project will have an installed capacity of 60 MW and the potential to irrigate 2,500
hectares (ha) of farm land. The objective of the Project is to expand the country's electricity
generation capacity thereby allowing for (i) increased foreign exchange earnings from the
export of surplus electricity to Thailand; (ii) enhanced development of agro-based and other
industries; and (iii) savings of foreign exchange resources by substituting domestically
produced hydroelectricity for imported hydrocarbon fuels. The rationale for the Project is
consistent with the country's policy for medium-sized hydro development, whereby projects that
are within easy reach of existing grids and can be financed through the normal investment
program of Electricité du Lao (EdL) are pursued with the highest priority.

2. The Borrower was the Lao People's Democratic Republic (PDR) and the
Executing Agency was EdL. The chronological order of major events in the implementation of
the Project is given in Appendix 1.

II. EVALUATION OF IMPLEMENTATION

A. Project Components

1. Part A: Nam Song Diversion Scheme2

3. The scope of work covered detailed design of the Project and supervision of
construction by the consultant and construction of the works under two contracts. The diversion
scheme consists of (i) a 2.5 kilometer (km) canal across the low ridge between the Nam Song
valley and the Nam Ngum reservoir; (ii) 3 regulating/control/drop structures along the canal; (iii)
a concrete and earthfill dam, 21 meters (m) high, on the Nam Song to raise the water level to
that of the canal; (iv) power supplies to the dam and gate control structure; and (v) access
roads to all the structures. The diversion is designed for a maximum flow of 210 cubic meters
per second (m 3Js) with an estimated average flow of 65 m 3/s. A minimum flow of 2 m 3/s is
designed to be maintained past the Nam Song dam for downstream users. A significant
tributary, the Nam Ken enters the Nam Song about 800 m downstream of the dam. The works
were constructed substantially as originally designed with minor variations as work progressed
mainly relating to the improvement of the road works. The contractor made several changes to

Currently under construction financed by Loan No. 1456-LAO(SF): Nam Leuk Hydropower Project, for
$52 million approved on 10 September 1996.
2
In both, the Appraisal Report of November 1992 and the Loan Agreement dated 22 January 1993, Part A of
the Project is referred to as Nam Song Hydropower Development. However as Part A comprises only a dam
across the Nam Song River to divert water to the Nam Ngum reservoir, and does not comprise a
hydropower station, this name is misleading. In this report. Part A will be referred to as the Nam Song
Diversion Scheme.
 2

the planned temporary works necessary to divert the Nam Song to allow construction of the
main dam. These changes were necessitated by the severe floods that occurred during the two
wet seasons, and resulted in delays to final Project completion as described in paras. 11-17.

4. The rural electrification element was accomplished through the electrification of

three villages along the 22 kilovolt (kV) line from the yang Vieng substation to the Nam Song
dam and control structure.

2. Part B: Nam Leuk Engineering

5. The scope of the work includes (I) all the aspects discussed in the Appraisal
Report, i.e., confirmation of Project feasibility through additional geotechnical investigations,
followed by Project design and prequalification of contractors; (ii) Addendum No. I to the
contract for the preparation of an environmental impact assessment, which would propose
mitigation measures for the environmental impacts identified in the preliminary assessment
prepared during the feasibility stage; and (iii) Addendum No. 2: a hydraulic model study for the
spillway structure to confirm the adequacy of the design. All this work was satisfactorily
completed, but resulted in the cost increase shown in Basic Data (page iii) and the
postponement of the Project completion date described in paras. 11-17.

3. Part C: Nam Mang 3 Feasibility Study

6. The scope of the work remained as discussed in the Appraisal Report, i.e.,
Phase I, which consisted of geological and hydrological investigations to confirm the general
layout of the hydropower component of the study, and Phase II, which included a feasibility
study of the hydropower component plus field investigations and preliminary design of the
irrigation component of the Project. The study recommended that both components should
proceed.

4. Part 0: Electrical Metering Equipment

7. This part of the Project was carried out in Vientiane and comprised (I) a survey of
the condition of 37,000 consumers' watt-hour meters; (ii) repairs and calibrations of about 50
percent of those tested; and (iii) replacement of a further 33 percent of those tested, requiring
purchase and installation of 12,225 new meters, compared with 10,400 anticipated at the time
of appraisal.

B. Implementation Arrangements

8. As agreed during loan negotiations, 1 EdL's general manager was responsible for
the overall management of Project implementation. Part A was implemented by a Project team
that comprised 18 engineers plus 4 ancillary staff, and was headed by the Project manager
under the supervision of the director, Dams and Power Plants, Projects Department. Parts B
and C were implemented by the Division for Feasibility Studies and Detailed Engineering
(Hydropower Plants) under the supervision of the above director. The Project manager for Part
D was the manager of the Loss Reduction Unit, Technical Inspection Department, in

Loan Agreement, Schedule 6, paras. 1 2, and 3.

 3

association with the Billing Department. A Project organization chart of the Executing Agency is
given in Appendix 2.

C. Project Costs

9. The Project was estimated to cost $36.7 million equivalent. Of this, $31 .5 million
was in foreign exchange and $5.2 million equivalent in local costs. The actual costs are $32.2
million equivalent, comprising $26.4 million in foreign exchange and $5.8 million equivalent in
local costs. A breakdown of the costs as estimated and as actually incurred are given on
page iv of Basic Data.

10. The main difference between the estimated and actual costs arises from (i) the
value of the main civil works, which was estimated to be $18.2 million but was actually
$16.9 million (comprising a bid price of $16.1 million, plus $0.8 million in variations); (ii) the price
difference for the hydraulic gates and power supply between the estimate of $2.4 million and
the actual cost of $0.96 million; and (iii) no requirement to use the physical and financial
contingencies. These savings were partially offset by (i) a slight increase in consultancy
services for Part A, (ii) an increase in the scope of work for Part B, (iii) a slight increase in
interest during construction, and (iv) an increase in local costs due to the need for more staff for
a slightly longer period. However, the total Project cost was only 88 percent of the estimate.

0. Project Schedule

11. A bar chart showing the planned and actual activities is given in Appendix 3.

1. Part A: Nam Song Diversion Works

12. The appointment of consultants, detailed design, and prequalification of

contractors were all undertaken according to the program. Tendering and contract negotiations
took a little longer than expected due to the cumbersome approval procedures within
the Government so that the main civil works contract was awarded three months late
(i.e., 22 December 1993 compared with the end of September 1993). The contractor was slow
to mobilize with the result that work on the main dam was severely hindered by the extreme
weather of the 1994 wet season. Progress was further severely disrupted by extreme conditions
in the following wet season with the result that the contract completion date was extended by
116 days (almost 4 months). However diversion was effected on 30 November 1995 just five
months later than the original contract completion date. Therefore the contractor adhered very
nearly to the contractual rate of progress and did not incur any liquidated damages. Completion
of the main dam continued after the river diversion with handover of the works on 15 March
1996. Final adjustment of the control-gate mechanism was the last item for completion (on 11
November 1996).

2. Part B: Nam Leuk

13. Additional site investigations and the verification of Project feasibility were
carried out by the incumbent consultant according to the program. The selection of the
consultant for detailed design was delayed by about six months due to the cumbersome internal
procedures for contract approval. This resulted in a change of the consultant.
 4

14. Part B services were programmed to take nine months, but have in fact taken 21
months for the following reasons:

(i) the increased scope of work as mentioned in para. 5;

(ii) delays in completion of the topographic survey and additional areas

required;

(iii) delays in the third stage of the geotechnical investigations due to adverse
weather conditions;

(iv) modifications to the Project layout as dictated by the results of the above
studies published in a new preliminary design report (January 1995);

(v) deferment of the prequalification of the civil works contractors by the Bank to
coordinate with the Overseas Economic Cooperation Fund (OECF), which is
funding the electromechanical works.

15. To accommodate claims by the consultant for the detailed design of Part B, the
original loan closing date was extended by six months from 30 June 1996 to 31 December
1996.

3. Part C: Nam Mang 3

16. The appointment of consultants was delayed by eight months until December
1993 because of the slow procedure for award of the contract by EdL. Thereafter the studies
were completed in 13 months compared to the 12 months envisaged. The feasibility study
report was issued in December 1994.

4. Part D: Electrical Metering Equipment

17. The survey of the condition of the existing watt-hour meters was conducted in
time to meet the original supply contract award date of April 1993, but slow internal procedures
resulted in a delay of six months in the award of the procurement contract. The delivery of
meters by the supplier was completed 30 months later than contracted, with the result that Part
o was completed 18 months later than originally scheduled, although before the loan closing
date.

E. Engagement of Consultants, and Procurement of Goods and Services

18. The advance procurement of consultants, and the request by EdL to retain the
consultants who had carried out the feasibility studies for the Nam Song Diversion Project was
approved by the Bank. Consequently contracts with the consultants for supplementary site
investigations at Nam Leuk (Part B) and for detailed design and site supervision for Nam Song
Diversion (Part A) were awarded nine months and eight months respectively before the
effective date of the loan. A subconsultancy contract for study and preparation of an action plan
for aquaculture on the Nam Song was awarded to the Department of Livestock and Veterinary
Service (DLVS).
 5

19. The selection of the consultants for the Nam Song Diversion Scheme (Part A);
for detailed design of Nam Leuk (Part B); and for detailed studies of Nam Mang 3 (Part C) were
carried out in accordance with the Bank's guidelines.

20. The construction of the Nam Song Project was undertaken under two contracts,
namely: the major contract: Lot 1 (97 percent of the Project cost) which covered all civil and
mechanical works; and a minor contract: Lot 2 for provision of power supply to the control
structure and dam. These contracts were awarded under international and local competitive
procedures respectively.

21. The meters, under Part D of the Project, were procured using international
competitive bidding procedures and installed under force account. The rural electrification
component was also undertaken by EdL staff. Appendix 4 summarizes the major contracts and
all disbursements under the loan.

F. Performance of Consultants, Contractors, and Suppliers

1. Part A: Nam Song Diversion Scheme

22. The Consultants performed well, with the possible exception of the design of the
canal control structure. 1 EdL was particularly impressed with the thoroughness of the work of
the consultant's chief supervising engineer and also with the training program conducted by the
consultant, e.g., one hour of English language instruction before work each day for all EdL site
staff, as well as formal training on technical subjects based on specially prepared training
manuals.

23. The performance of the main contractor (Lot 1) was satisfactory in spite of the
two years with exceptionally severe floods, for which appropriate extensions of time were
granted. The actual cash flow was close to the contracted rate (see Appendix 5). The quality of
the work is high. The local contractor for supply and installation of a 22 kV power supply to the
works (Lot 2) performed satisfactorily.

2. Parts B and C: Nam Leuk and Nam Mang 3

24. The consultants performed satisfactorily throughout.

3. Part D: Electrical Metering Equipment

25. The delivery of meters from suppliers in India was very slow. A letter of credit
was opened on 29 December 1993 with complete delivery scheduled within 3-6 months. First

One serious mishap occurred to the works on 06 May 1996 while the contractor was commissioning the
hydraulic gates of the canal control structure. The gates were operated in a way not anticipated by the
designers, and considerable erosion of the canal bed and banks occurred. In conjunction with the repairs,
which were being undertaken during the Mission, the concrete protection to the canal was being extended.
This raised the question of whether the designer should have anticipated the events that actually occurred
and specified the extended lining originally. The matter is currently being investigated. The cost of repairs
and extension of the canal lining, estimated to be $200,000, are being financed by the Bank from the loan
for Nam Leuk Project [Loan No. 1456-LAO(SF)] and is included in the operation and maintenance (O&M)
cost for 1997 in the calculations of the economic and financial internal rates of return.
 6

delivery did not occur until June 1995 and was not complete until October 1996 (39 months
later than programmed at appraisal). The delay was due to relocation of the supplier's factory.
Liquidated damages were imposed (up to the maximum value of 5 percent of the contract price)
for late delivery. All meters were installed and the quality is satisfactory.

G. Conditions and Covenants

26. A report on the status of compliance with the key loan covenants is given in
Appendix 6. Covenants relating directly to the implementation of the Project were fully complied
with; those relating to the sound financial management of EdL achieved much less compliance.
Overall accounts receivable are below or only slightly above the covenanted value of three
months of sales, but until 1995 the prompt receipt of export sales masked the high level of
domestic arrears. However there was a significant improvement in the level of domestic arrears
(from 7.6 months in 1992 to 4 months in 1996). The Government still owes about $1.0 million to
EdL, whose general manager stated that, starting this year, this amount will be reduced by
offsetting part of the arrears against taxes payable to the Government.

27. Part of the distribution system in Vientiane is old and increasingly overloaded.
EdL has an effective Loss Reduction Unit that has an ongoing program to correct or replace
defective meters. Although there was a 20 percent increase in demand, domestic losses have
decreased from a peak of 35 percent of domestic sales in 1994 to 28 percent in 1996.
Investment in new lines, and the rehabilitation of old facilities and power factor improvement
equipment is expected to maintain a downward trend in the percentage of losses. EdL's debt-
service ratio, covenanted to be greater than 1.1 was below this value in 1994 and 1995,
although it rose to 1.2 in 1996.

28. The self-financing ratio, covenanted to be above 22 percent, was below this
value in 1994 (12 percent) and was even negative in 1995 and 1996. This noncompliance was
due to the inadequate tariff level for domestic consumers, which averaged KN25.52 ($0027)
per kilowatt hour (kWh) in 1966. On 14 August 1997 the Government announced revised
electricity tariffs to be effective 1 October 1997. The lifeline block was reduced from 100 kWh
per month to 50. Residential consumers using more than 500 kWh per month will now pay
KN8O ($0.0769) per kWh. The average revenue rate for residential consumers is expected to
rise to KN33.45 ($0.032) per kWh and the overall Lao PDR average to KN55.12 ($0.053) per
kWh. The financial covenants are expected to be met in 1998 as a result of this increase.

H. Disbursements

29. The estimated and actual disbursements under the loan are compared in
Appendix 7. By the original loan closing date, only 82 percent of the final disbursements were
made due to the delays in implementation described in paras. 11-17.

I. Environmental Impact

30. Eight small villages are located between the Nam Song dam and the confluence
with the Nam Lik. Their inhabitants will be affected by the reduced Nam Song flow. Six 35m
deep wells were bored in the villages, compared to two envisaged at appraisal, to provide a
water supply during the dry season. During the wet season there is sufficient spill over the Nam
Song dam for the purposes of the villagers.
31. In December 1993, DLVS was commissioned to carry out an appraisal of the
impact of the Project on the fisheries in the Nam Song and develop an aquaculture program.
A report and program were issued in April 1995 and DLVS was commissioned to proceed. The
program was canceled because a much larger Socio-Economic Study produced by the Japan
International Cooperation Agency (JICA) was about to commence, which would have
superseded the DLVS program. However, the Nam Song reservoir has been impounded since
November 1995, and DLVS implemented a modest fish-stock policy in 1996. Catches from the
reservoir are reported to be well in excess of those formerly from the reach of the river
downstream of the dam. Villagers from the eight downstream and two upstream villages fish in
the reservoir and have surplus catches for sale. The rural electrification program was
implemented as envisaged and all households in each village have a supply with individual
meters. The people in the area regard the new Project roads as a benefit as they give them
access to the nearby National Highway. The reservoir was cleared of vegetation and has the
potential for use for recreation and as a tourist attraction, as many points along the perimeter
are accessible via the access road.

J. Performance of the Borrower and Executing Agency

32. The performance of the Government and EdL was satisfactory. Most tasks were
undertaken on time and to a high standard. The exceptions were slow appointment of the
consultants for Parts B and C of the Project, and implementation of financial aspects relating to
compliance with some covenants. In the former instance, 11 months and 15 months
respectively elapsed between the shortlisting of consultants and their appointment for Parts B
and C. This appears to be due to the lack of authority within EdL to award contracts, which
requires the approval of the Ministry of Industry and Handicrafts and also of the Vice Prime
Minister.

33. Part D was delayed in part because the Ministry of Finance took 2.5 months
(14 October to 29 December 1993) to open a letter of credit after receiving a request to do so.

K. Performance of the Bank

34. The Bank cooperated well with the Government and EdL in formulating the
Project and processing the loan. During implementation, the Bank closely monitored and
supported the Project with four review missions visiting the Project during the course of
implementation (see page v of Basic Data).

35. EdL expressed gratitude for the Bank's performance on this and other projects.
The Bank's procedures are perceived as including identification of problems during the course
of loan processing (and during implementation to a lesser extent) and then working together
with EdL to define and implement solutions.

Ill. EVALUATION OF INITIAL PERFORMANCE AND BENEFITS

A. Financial and Economic Performance

1. Introduction

36. The financial and economic performance is calculated only for Part A of the
Project; Parts B and C consist only of studies and investigations, and Part D represents only
 8

about 1 percent of the Project cost and will have an insignificant effect on the overall values. In
the calculation of the financial internal rate of return (FIRR), only incremental cash inflows
(benefits) and cash outflows (costs) are considered. The economic internal rate of return
(EIRR) is calculated by adjusting the benefit and cost flows so that they correspond more
closely to the estimated economic opportunities realized and foregone. All benefits and costs
are expressed in constant 1997 dollars. The benefits per consumer and calculation of the FIRR
and EIRR for the Project are set out in Appendix 8.

2. Demand Forecast

37. The demand forecast now assumes a switch from 100 percent export sates in
2008, which is five years earlier than at appraisal. Since appraisal, demand in the northern grid,
where the Project is connected, increased substantially, thus advancing the time when there is
no surplus for export. It is assumed that there is a 2 percent transmission loss at 115 kV and
that 12.5 percent of the generation is the distribution loss. This represents about 24 percent of
the energy available in the northern grid for sales in the country. The demand forecast for the
northern grid assumes an average growth of about 9 percent per year.

3. Period of Analysis

38. The internal rates of return are calculated based on a five-year construction
period and a useful Project life of 30 years from 1997.

4. Capital Costs

39. Capital costs are as incurred net of interest during construction; taxes and duties
for this Project were waived. More than 90 percent of the investment, and operation and
maintenance cost is denominated in foreign exchange. A standard conversion factor of 0.9 has
been used to reduce the financial costs to economic prices. The incremental cost of
transmission and distribution in the domestic market will depend on the ratio between increased
and diverted demand. While the incremental cost for diverted demand is estimated at
$0.06/kWh, it will not exceed $0.02/kWh for increased demand. It is assumed that diverted and
increased demand will occur equally, and therefore the incremental cost of distribution is
assumed to be $0.04/kWh. The existing facilities are capable of transmitting the additional
power to Thailand.

5. Operation and Maintenance Costs

40. The Project incurred maintenance costs of about $0.25 million in 1997 as a result
of erosion of the canal bed (see para. 22). Thereafter, operation and maintenance is estimated
at 0.05 percent of the capital cost. During appraisal this was assumed to be 1 percent, however
the actual running cost is about $1 10,000 per year.

6. Benefits

41. In all cases, benefits are measured in 1997 prices. Generated energy is actual
for 1995 and 1996, and estimated thereafter based on average water flow. For residential
consumers it is assumed that the first block of consumers use wick lamps. As their
requirements increase, more pressure lamps are used, then small generators, then the local
standalone grids of EdL, and finally the EdL main grid. The shape of this demand curve is
 9

convex and a factor of .8 is used to reduce it from linearity. For nonresidential consumers it is
assumed that as their requirements increase they will use small generators, then larger
generators, then the local EdL grid, and then the main grid. This demand curve is also convex,
and the same factor is used to reduce it from linearity. It is assumed that sates of energy from
the Project will be half residential and half nonresidential.

42. Financial benefits are measured at the tariff in effect on 1 October 1997 for sales
in the country and at the average export pricto Thailand of $00399/kWh.

43. The economic benefits are based on the estimated consumer surplus and
resource savings, and calculated from the demand curve by taking the cost of alternatives and
their use as one point on the curve and then the electricity use as the other, adjusted to
economic prices by using a standard conversion factor of 0.9. The export benefits are valued at
the border price with Thailand.

B. Attainment of Benefits

44. The FIRR of the Project is 20.1 percent. This compares favorably with the
appraised 13.8 percent and reflects lower than forecast Project costs and some real tariff
increases that were not anticipated, particularly the export tariff that was renegotiated after the
appraisal and the recently approved increase on 17 August 1997.

45. The EIRR of the Project is 21.8 percent compared to the appraised 14.9 percent,
which reflects the lower costs and an improved border price with Thailand.

IV. CONCLUSIONS AND RECOMMENDATIONS

A. Conclusions

46. The implementation arrangements envisaged at appraisal worked satisfactorily.

EdL had sufficient staff of suitable standard to benefit from the technology transfer program
implement by the consultant.

47. All four parts (A-D) of the Project were successfully concluded and the final cost
of the Project was 88 percent of the original estimate. Diversion of the Nam Song into the Nam
Ngum reservoir was achieved only one month later than scheduled, taking into account four
months extension to the civil works contract due to unusually severe floods in the two wet
seasons of the construction activities. Although construction work continued for more than one
year after diversion, the FIRR and EIRR are both higher than at appraisal due to the increased
tariff for export of electricity to Thailand and the lower capital costs.

48. Studies and investigations under Parts B and C of the Project confirm the
feasibility of the Nam Leuk and Nam Mang 3 hydropower projects, and tender designs were
completed for the former.1

Construction is financed under Loan No. 1456-LAO(SF): Nam Leuk Hydropower Project for $52 miflion,
approved on 10 September 1996.
 10

49. Part D of the Project included checking and recalibration of about 37,000
domestic watt-hour meters, as well as supply and installation of 12,225 new meters. This work,
in conjunction with the ongoing program of the EdL Loss Reduction Unit, will contribute to
reduced losses and allow EdL to meet increasing customer demand in the Vientiane area.

50. The environmental impact of the diversion was modest except for the 8 km reach
of the Nam Song between the diversion and its confluence with the Nam Lik. Fish losses here
will be more than offset by the increased yield in the Nam Song headpond, which was stocked
with suitable species.

51. Local residents have benefited from the construction of tubewells (for a more
convenient water supply), electrification, and improved road access to the highway.

52. It is understood that the civil works contractor lost money on the contract. This is
supported by considering the bid price and the claim for $8.56 million additional payment. It can
be concluded that the original cost estimate is a better guide for the cost of future work of this
type than the actual price paid.

B. Recommendations

1. Project-related

a. Future Monitoring

53. The Bank should monitor the following aspects:

I) EdL's inspection and maintenance program for the diversion works.

Separate cost records should be kept to allow operation and
maintenance costs to be more accurately estimated for future projects.

ii) Fish yields from the Nam Song headpond. These should be recorded by
DLVS. If there are signs of the catch decreasing, the aquaculture plan,
already prepared, should be implemented, if not done so by then under
the program funded by JICA.

iii) Losses in the distribution system should be monitored in the area

covered by Part D of the Project. EdL should calculate or estimate the
reduction in losses to calculate the benefits actually obtained from the
investment in new meters.

b. Covenants

54. All the covenants are still relevant. EdL activities should be consistently
monitored to ensure that where targets were achieved, they are maintained, and that continued
efforts are made by EdL to comply with the remainder. It appears that in the past
noncompliance was, at least in part, due to a lack of understanding of the merits of the
covenanted objectives. Persistent explanations of the benefits of compliance should continue
throughout the further lending activities of the Bank.
 11

55. EdL should prepare an action plan for demand management activities to improve
the system load factor in the domestic and industry sectors. Steps to reduce irrigation pumping
during peak demand hours, as covenanted under the Project Loan Agreement, will not be
significant since irrigation demand is less than 1 percent of the total.

56. It is recommended that, in addition to improving the operating efficiency of EdL,

the tariff structure should be reformed to at least an average cost-recovery level and the
balance sheet restructured to improve the financial position of EdL.

c. Further Actions or Follow-up

57. EdL should continue to measure the daily diverted flow rates to obtain annual
diverted volumes and also the spill over the dam. These should be compared to other
hydrological parameters (such as rainfall and evaporation) for which long-term mean values are
available. In this way the hydrological database of the region can be enhanced. If EdL does not
have the resources for this exercise, a small component could be added to the consultancy
contracts of other Bank-funded hydropower projects in Lao PDR.

58. The Nam Song dam, with height of 21m, is categorized as a high dam by the
International Commission on Large Dams (ICOLD). It would therefore be prudent for the
designers to make an inspection and report on their findings five years after completion, i.e., in
2001. Thereafter, if nothing untoward is found, inspections every 10 years would be normal
practice.

d. Timing of Project Performance Audit Report Preparation

59. In view of the above, a Project audit report after receipt of the designers'
inspection report in 2001 would be appropriate.
 12

APPENDIXES

Number Title Page Cited On

(page, para.)

I Chronology of Major Events 13 1,2

2 Organization Chart of Electricité du Laos 15 3,8

3 Implementation Schedule 16 3,11

4 SummaryofContractAwards 17 5,21

5 Projected and Actual Cashflow - 18 5,23

Lot 1: Civil Works

6 Status of Compliance with Key 19 6,26

Conditions/Covenants

7 Appraised and Actual Disbursements 21 6,29

8 Computation of Benefits 22 836


13 Appendix 1, page 1

CHRONOLOGY OF MAJOR EVENTS

Date Event

1992

5-15 May Bank's Fact-finding Mission.

19 June Bank's Management Review Meeting and approval for

advance procurement action and retroactive financing of
(i) engineering consulting services for Nam Song Diversion
Scheme; and (ii) supplementary investigations for Nam
Leuk.

7 July Contract for supplementary site investigation for Nam Leuk

was signed.

18 August Supplementary site investigation for Nam Leuk completed.

2-1 1 September Bank's Appraisal Mission.

6 October Contract for Nam Song consulting services was signed.

12-14 November Loan negotiations was held in Bangkok, Thailand.

21 December The loan was approved for SDR22.405 million

($31 .5 million equivalent).

1993

22 January The Loan Agreement was signed.

13Apr11 Loan was declared effective.

30 September Contract for Part D: Meters was signed.

10 November Contract for Nam Mang 3 feasibility study was signed.

22 December Contract for Lot 1: Civil Works, Hydraulic Steelworks and

Control was signed.

1994

13 January Contract for Lot 2: Power Supply was signed.

14 March Contract for Nam Leuk consulting services was signed.

21 December Nam Mang 3 feasibility study completed.

 14 Appendix 1, page 2

Date Event

1995

5 May Bank approved the use of a force account approach for

erection works for rural electrification of the Nam Song
Diversion Scheme.

6 June First delivery of procured meters at site.

30 November Effective diversion of Nam Song.

31 December Nam Leuk detailed engineering and tender documentation

completed.

1996

15 January First commissioning test for hydraulic steelwork.

17 May Bank approved the loan closing date extension by six

months from 30 June 1996 to 31 December 1996.

4 October Final delivery of procured meters at site.

11 November Second commissioning test for hydraulic steelwork.

1997

21 April The loan was closed.

1-10 July Bank's Project Completion Review Mission.



ORGANIZATION CHART OF ELECTRICITE DU LAO

General Manager

li
PCorporate
Planning

Deputy Deputy General Manager Deputy

General Manager General Manager Generation, Transmission General Manager
Administration and S y stem ODeration Distribution

Administration Project GTS Distribution

I Office Office Office Office

ic Relations raining Center Substation &

Nam Ngun-1 Xeset Transmission
Lcrmen Kindergarten PP PP Lines

Maintenance FCFbUIIIICI

Selabam Nam Dong

PP I PP

-___
Darnsi
Power Plants
Transmission
Substations &
-
Joint Venture L_Computer J Billing
Technical
.Flrpionj
i IL_AVientiane
geny_J
rVientiane
Lpistributioni
Projects Distribution_j L_Projectsi

- Nam Song - National Grid (IDA) - Theun-Hinboun

[BoIikhaJ Nam Neua 1 Luang riii1
- Nam Leuk - PGI (IDA) - Houay Ho AgenqyJ [Anyj L_
- NNI Extension - IL to Xieng Khouang/ - Nam Theun-2
Paksei Sayaburi (ADB) TKharnmouanej F Saravane lS
avannjj
- Xeset-2 LAgency L Agency j Agency Agency
- VPR-lll (ADB)
- Xeset-3
- VTE Distribution
- Nam Mang-3

- Supply from Vietnam (EdL)

D
- Supply from Thailand (EdL) CD
0.
><
N)
 16
Appendix 3

IMPLEMENTATION SCHEDULE

1992 - 1993 1994 1995 1996 1997

2Q 30 4Q 1Q20 30401020 3Q40 IQ 2Q 3Q40 10203040 IQ 2Q

PartA: Nam Song

Engagement of Consultants
II
Detailed Design and
Tender Documents

Prequalification of Civil
Works Contractors a

Tender and Award

ia

Construction

Commence Complete
Part B: Nam Leuk Diversion Commissioning

Supplementary Site Investigations and

Completion of Feasibility Study

Engagement of Consultants

Detailed Design and

Tender Documents •

Prequalification of Civil Work

Contractor

Part C: Nam Mang 3

Engagement of Consultants

Feasibility Study
I.---

Part 0: Equipment

Procurement
• - _ - - _ _• - _ _ _

Replacement of Meters
•••••u••

Legend:

Appraisal

Actual
 17
Appendix 4

SUMMARY OF CONTRACT AWARDS

(in$)

Category Description Project Contract Amount

Component Amount Disbursed

1 Civil Works Part A - Lot 1 16,982,822 16,907,508

2 Power Supply Part A- Lot2 529,402 529,402

22/0.4 kV Substation and Part A- Rural 200,357 200,357

Distribution Equipment Electrification

KwH Meters Part D 247,500 232,393

3 Consultants
Nam Song Part A 2,376,192 2,342,265
Additional Site Investi- Part B
gation Nam Leuk 281,011 205,815
Nam Leuk Part B 4,363,924 4,363,924
Nam Mang 3 Part C 1,411,186 1,332,243
 18
Appendix 5

L6-Uef

96-AON

96-dOS

96-If

96-JB
0
-J
I 96-Uer
(I)
<U)

-Jf G6-AON
<0
I- m
0—i 96-de S ^
<5
CC.)

< F- S6iflh

0 96IAJ
Ui
—)
0
96-JeLJ

96-Uer

6-AON

P6-deS

P6-11W

P6-A8Vi

P6-JeVg

fr6-uef
C 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
2
UQ!I)!

19 Appendix 6, page 1

STATUS OF COMPLIANCE WITH KEY CONDITIONS/COVENANTS

Reference to -_______
Covenant Loan Document Status of Compliance

1. Project Management LA, Schedule 6, Complied with.

para. 1,2,3,4

2. Project Staff LA, Schedule 6, Complied with.

para. 5

3. Accounts Receivable
(i) GOL to fully pay arears by LA, Schedule 6, Not complied with.
July 1995. para. 6(iii) Current arrears = $1 million.

(ii) GOL to maintain accounts LA, Schedule 6, Not complied with.

payable to EdL at < 3 para. 7(a) Current Government account
months payable = 7 months of
consumption.

(iii) EdL to maintain overall LA, Schedule 6, Year 1992 1993 1994 1995 1996
level of accounts receivable para. 7(b) Months 2.73 2.14 2.05 2.32 3.16
at < 3 months of sales. Status C C C C (C)

4. Reduction of Losses
(i) EdL shall take all necessary
measures to reduce
system losses, including
provision of adequate
resources.
LA, Schedule 6, (i) Part A of this Project has been fully
para. 9 implemented.
(ii) Under the World Bank financed
Provincial Grid Improvement (PCI)
project a contract was signed with the
Energy Efficiency Institute of Thailand
in October 1996 to (a) check and replace
watt-hour meters, and (b) improve the
system power factor. A pilot scheme is
being implemented.

(ii) EdL shall install 80% of LA, Schedule 6, Due to the late delivery of the meters by the
the meters provided under para. 10 supplier, this was not achieved until June
Part D by 30 June 1994. 1995. 100 percent installation was achieved
by October 1996.

20 Appendix 6, page 2

Reference to
Covenant Loan Document Status of Compliance
5. Electricity Sales - Tariffs
(i) Debt service coverage LA, Schedule 6, Year 1992 1993 1994 1995 1996
(DSR)> 1.1 para. 13(a), and DSR 1.85 1.55 0.96 1.00 1.21
PA, Section 2.15 Status C C N/C N/C C

(ii) Self financing ratio> 22% PA, Sction 2.16 SFR(%) 24 43 12 -18 -12
Status C C N/C N/C N/C

(iii) EdL shall introduce LA, Schedule 6 Not complied with.

measures to reduce irrigation para. 13(b)
pumping during peak demand
hours. EdL to submit its action
plan by 31 March 1993.

6. Other Matters
(I) Implementation of LA, Schedule 6, Complied with.
environmental mitigation para. 16
measures for Part A.

(ii) Make provision for LA, Schedule 6, Complied with.

implementation of environ- para. 16
mental mitigation measures
proposed in Parts B and C.

LA Loan Agreement.
PA = Project Agreement.
C = Complied with.
(C) = Almost complied with.
NC = Not complied with.


21
Appendix 7

APPRAISED AND ACTUAL DISBURSEMENTS

($ million)

Projected Actual
Quater Disbursement Cumulative 0-
Year % Disbursement Cumulative ,0

1992 IV 0.500 0.500 2

1993 0.100 0.600 2

II 5.000 5.600 18

ill 1.000 6.600 21 0.685 0.685 3

1.000 7.600 24 0.556 1.24 1 5

1994 I 2.500 10.100 32 2.715 3.956 15

II 2.000 12.100 38 2.269 6.225 24

III 2.500 14.600 46 0.772 6.997 26

IV 2.500 17.100 54 1.041 8.038 30

1995 2.500 19.600 62 2.540 10. 578 40

II 4.000 23.600 75 5.315 15.893 60

III 3.000 26.600 84 1.359 17.252 65

IV 2.000 28.600 91 0.809 18.06 1 68

1996 1.500 30.100 96 2.680 20.741 78

II 1.400 31.500 100 1.019 21. 760 82

III 2.272 24.032 91

IV 0.499 24.531 93

1997 I 1.252 25.783 98

II 0.652 26.435 100
 22
Appendix 8, page 1

COMPUTATION OF BENEFITS

A. Residential Consumers
Economic Cost of Wick Lamp: see below ($/kWh) 0.5287
Use of Wick Lamp (kWh/yr) 13.69
Tariff *scf ($) 0.01 3500
New use (kWh/yr) 610.00
Incremental Value per Consumer ($) 138.18

B. Nonresidential Consumers
Economic price of diesel generation ($/kWh) 0.2526
Use of Generator (kWh/yr) 2737.50
New Tariff *scf ($) 0. 045000
Use (kWh/yr) 3600.00
Incremental Value per Consumer ($) 801.94

C. Cost of Alternatives to Electricity

(All prices in KN except where shown otherwise)

Wick Lamp Small Generator

Base Cost 400.00 750,000.00
less Taxes and Duties 20.00 37,500.00
Economic Price 380.00 712,500.00

Life (Years) 2.00 5.00

Opportunity Cost of Capital 12% 12%

Capital Cost per Year 262.17 276,247.06

Fuel Price per Liter 333.00 315.50

less Taxes and Duties 16.65 15.77
Economic Price 316.35 299.73
Transportation Cost 24.65 21.27
Total Fuel Cost 341.00 321.00
Fuel Consumption (liters/hour) 0.0250 0.7000
Load Factor (efficiency) 0.25
Engine Size (kW 5.00
Use per day (hours) 2.50 6.00
Equivalent Luminosity (watts) 15.00

Cost of Fuel 7,779.06 492,093.00

Capital Cost 262.17 276,247.06
Total Annual Cost 8,041.23 768,340.06

Lighting/Electrical Usage (kWh/Year) 13.69 2737.50

Cost (KN/kWh) 587.49 280.67
Financial Cost ($/kWh) 0.05875 0.02807
Economic Cost ($/kWh) 0.05287 0.02526


23
Appendix 8, page 2

Financial Internal Rate of Return

Local Project Local Export Project Costs Project Benefits Net

Year Demand Generation Sales Sales Generation 0&M Distribution Local Export Benefit
GWh GWh GWh GWh $ million $ million S million $ million $ million $ million
1993 209 1.17 -1.17
1994 213 5.16 -5.16
1995 248 5.0 4.9 9.21 0.16 -9.05
1996 280 150.0 147.0 5.76 4.20 -1.55
1997 305 110.0 107.8 1.11 0.25 4.30 2.95
1998 333 137.0 134.3 0.11 5.36 5.25
1999 363 137.0 134.3 0.11 5.36 5.25
2000 395 137.0 134.3 0.11 5.36 5.25
2001 431 137.0 134.3 0.11 5.36 5.25
2002 470 137.0 134.3 0.11 5.36 5.25
2003 512 137.0 134.3 0.11 5.36 5.25
2004 558 137.0 134.3 0.11 5.36 5.25
2005 608 137.0 134.3 0.11 5.36 5.25
2006 663 137.0 134.3 0.11 5.36 5.25
2007 723 137.0 134.3 0.11 5.36 5.25
2008 788 137.0 58.6 67.1 0.11 2.34 3.12 2.68 3.35
2009 858 137.0 117.1 0.11 4.69 6.25 1.45
2010 936 137.0 117.1 0.11 4.69 6.25 1.45
2011 1020 137.0 117.1 0.11 4.69 6.25 1.45
2012 1112 137.0 117.1 0.11 4.69 6.25 1.45
2013 1212 137.0 117.1 0.11 4.69 6.25 1.45
2014 1321 137.0 117.1 0.11 4.69 6.25 1.45
2015 1440 137.0 117.1 0.11 4.69 6.25 1.45
2016 1569 137.0 117.1 0.11 4.69 6.25 1.45
2017 1710 137.0 117.1 0.11 4.69 6.25 1.45
2018 1864 137.0 117.1 0.11 4.69 6.25 1.45
2019 2032 137.0 117.1 0.11 4.69 6.25 1.45
2020 2215 137.0 117.1 0.11 4.69 6.25 1.45
2021 2414 137.0 117.1 0.11 4.69 6.25 1.45
2022 2631 137.0 117.1 0.11 4.69 6.25 1.45
2023 2868 137.0 117.1 0.11 4.69 6.25 1.45
2024 3126 137.0 117.1 0.11 4.69 6.25 1.45
2025 3408 137.0 117.1 0.11 4.69 6.25 1.45
2026 3715 137.0 117.1 0.11 4.69 6.25 1.45
2027 4049 137.0 117.1 _______ -2.24 0.11 4.69 6.25 _______ 3.69

FIRR 20.1%


24
Appendix 8, page 3

Economic Internal Rate of Return

Local Project Local Export __________ Project Costs Project Benefits Net
Year Demand Generation Sales Sales Generation O&M Distribution Local Export Benefit
________ GWh GWh GWh GWh $ million $ million $ million $ million $ million $ million
1993 209 1.16 -1.16
1994 213 5.10 -5.10
1995 248 5 4.9 9.10 0.20 -8.90
1996 280 150 147.0 5.69 5.87 0.18
1997 305 110 107.8 1.09 0.25 4.30 2.96
1998 333 137 134.3 0.11 5.36 5.25
1999 363 137 134.3 0.11 5.36 5.25
2000 395 137 134.3 0.11 5.36 5.25
2001 431 137 134.3 0.11 5.36 5.25
2002 470 137 134.3 0.11 5.36 5.25
2003 512 137 134.3 0.11 5.36 5.25
2004 558 137 134.3 0.11 5.36 5.25
2005 608 137 134.3 0.11 5.36 5.25
2006 663 137 134.3 0.11 5.36 5.25
2007 723 137 134.3 0.11 5.36 5.25
2008 788 137 58.6 67.1 0.11 2.34 3.04 2.68 3.27
2009 858 137 117.1 0.0 0.11 4.69 6.08 1.29
2010 936 137 117.1 0.0 0.11 4.69 6.08 1.29
2011 1020 137 117.1 0.0 0.11 4.69 6.08 1.29
2012 1112 137 117.1 0.0 0.11 4.69 6.08 1.29
2013 1212 137 117.1 0.0 0.11 4.69 6.08 1.29
2014 1321 137 117.1 0.0 0.11 4.69 6.08 1.29
2015 1440 137 117.1 0.0 0.11 4.69 6.08 1.29
2016 1569 137 117.1 0.0 0.11 4.69 6.08 1.29
2017 1710 137 117.1 0.0 0.11 4.69 6.08 1.29
2018 1864 137 117.1 0.0 0.11 4.69 6.08 1.29
2019 2032 137 117.1 0.0 0.11 4.69 6.08 1.29
2020 2215 137 117.1 0.0 0.11 4.69 6.08 1.29
2021 2414 137 117.1 0.0 0.11 4.69 6.08 1.29
2022 2631 137 117.1 0.0 0.11 4.69 6.08 1.29
2023 2868 137 117.1 0.0 0.11 4.69 6.08 1.29
2024 3126 137 117.1 0.0 0.11 4.69 6.08 1.29
2025 3408 137 117.1 0.0 0.11 4.69 6.08 1.29
2026 3715 137 117.1 0.0 0.11 4.69 6.08 1.29
2027 4049 137 117.1 0.0 -2.24 0.11 4.69 6.08 _______ 3.53

EIRR 21.8%