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Preparatory Survey for Indramayu Coal-fired Power Plant Project in Indonesia Final Report

10.2.3

Justification of the Project Cost Estimation

It is evaluated that the substantial project cost is almost at the same level compared to EPC price
for CFPP (World Bank), although there is difference in direct cost components. Therefore, it is
concluded that the estimated project cost of the Indramayu Project is feasible.
Table 10-2-3-1 Comparison to EPC price
Project
EPC price [million USD]
Indramayu (with marine works for IR_B1&2)
1,884
Indramayu (with marine works for IR_B1)
1,749
Indramayu (without marine works)
1,614
EPC price for CFPP (World Bank)
1,711
10.3

The Basic Conditions for Financial and Economic Analysis

Financial and economic analyses of the Project are based on the following conditions and
assumptions.
Table 10-3-1 Summary of Basic Conditions and Assumptions

Item

Conditions

a. Power Production

Capacity: 1,000MW
Plant Factor: 80%
Annual Output: 7,008GWh
Auxiliary Consumption: 6.5%
Net Power Production: 6,552.5GWh

b. Construction Period

6 years (starting from 2011)

c. Project Life

25 years after completing construction

d. Funding
e. Debt Amortization
f. Depreciation

Debt finance of 100%


-ODA loan (Yen Loan) of 85%
-Domestic loan of 15%
ODA sub-loan: 25 years , including grace period of 10 years
Domestic Loan: 10 years
25 years for power plant

Electricity Tariff: 716 Rp/KWh


PSO Margin: 8% of production cost
h. Interest Rate and Interest Yen loan: 1.5%
during Construction (IDC)
Domestic loan: average 12.0%
g. Revenue

i. Physical Contingency

5%

j. Exchange rate

1 USD = Rp. 10,000


* 1 USD = Rp. 10,340 for construction cost at 2009 price

a. Power Production
The expected annual output by the Project will be 7,008GWh by the rated capacity of 1,000MW
and 80% of the plant factor. By the auxiliary consumption of 6.5%, the net power production,
which can be available for sales, will be 6,553.9GWh.
-4

CapitalInvestment

Capacity
Plant Factor
Annual Output
Auxiliary Consumption
Net Units at Busbar
Project Life
Construction to Start
Commercial Operation to Start

1.000 MW
80,00%
7.008 GWh
6,50%
6.554 GWh
25 Year
2.011
June1st,2017

(USDMILLION)
0

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039

2040

2041

NetAnnualEnergyOutput(GWh)

6.553,88

6.553,88

6.553,88

6.553,88

6.553,88

6.553,88

CostofCapital/BiayaInvestasi

13,27

634,41

1.079,25

1.493,08

1.908,40

2.356,98

6.553,88

6.553,88

6.553,88

6.553,88

6.553,88

6.553,88

6.553,88

6.553,88

6.553,88

6.553,88

6.553,88

6.553,88

6.553,88

6.553,88

6.553,88

6.553,88

6.553,88

6.553,88

6.553,88

6.553,88

6.553,88

6.553,88

6.553,88

6.553,88

6.553,88

475,81

469,26

469,26

469,26

469,26

469,26

469,26

469,26

469,26

469,26

469,26

469,26

469,26

469,26

469,26

469,26

469,26

469,26

469,26

469,26

469,26

469,26

469,26

469,26

469,26

726,00
10.000,00

716,00
10.000,00

716,00
10.000,00

716,00
10.000,00

716,00
10.000,00

716,00
10.000,00

716,00
10.000,00

716,00
10.000,00

716,00
10.000,00

716,00
10.000,00

716,00
10.000,00

716,00
10.000,00

716,00
10.000,00

716,00
10.000,00

716,00
10.000,00

716,00
10.000,00

716,00
10.000,00

716,00
10.000,00

716,00
10.000,00

716,00
10.000,00

716,00
10.000,00

716,00
10.000,00

716,00
10.000,00

716,00
10.000,00

716,00
10.000,00

*SteamTurbineandGenerator&Auxiliaries.
*SteamBoiler&Auxiliaries.
*ElectroStaticPrecipitator
*Water,Foam&CO2system
*DesalinationPlant
*WaterTreatmentPlant(WTP)andWasteWaterTreatmentPlant(WWTP)
*DeminWaterandFuelTank
*StepUpTransformer150KV
*ControlEquipment
*PowerhouseandOverheadTravellingCrane
*PumpHouseandCoolingPipe
*StackandFlueLinerwithheight215M
*IntakeCanal&OutletCanal
*Jetty
*Coal&ashHandlingequipment

OperationRevenue/Pendapatan
PenjualanTenagaListrik
BiayaPenyambungan
SubsidiPemerintah
LainLain
TDL
KursRp/dollar

CostOperatingdanMaintenance
Maintenance Cost
Personnel & Other Cost
Fuel Cost
Annual Fuel Consumption
Unit Price of Coal

12,80
4,00
0,26
0,26
0,26
0,26
0,26
0,26
0,26
0,26
0,26
0,26
0,26
0,26
0,26
0,26
0,26
0,26
0,26
0,26
0,26
0,26
0,26
0,26
0,26
0,26
0,26
3.751.529,40 3.751.529,40 3.751.529,40 3.751.529,40 3.751.529,40 3.751.529,40 3.751.529,40 3.751.529,40 3.751.529,40 3.751.529,40 3.751.529,40 3.751.529,40 3.751.529,40 3.751.529,40 3.751.529,40 3.751.529,40 3.751.529,40 3.751.529,40 3.751.529,40 3.751.529,40 3.751.529,40 3.751.529,40 3.751.529,40 3.751.529,40 3.751.529,40
68,00
68,00
68,00
68,00
68,00
68,00
68,00
68,00
68,00
68,00
68,00
68,00
68,00
68,00
68,00
68,00
68,00
68,00
68,00
68,00
68,00
68,00
68,00
68,00
68,00

(USDMILLION)

CostofCapital/BiayaInvestasi
OperationRevenue/Pendapatan(B)
CostOperatingdanMaintenance(C)
CF:(B)(C)
K
r
PV
NPV
IRR

KarenaNPV<0makatidaklayaksecarafinancial

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039

2040

2041

13,27

634,41

1.079,25

1.493,08

1.908,40

2.356,98
475,81

469,26

469,26

469,26

469,26

469,26

469,26

469,26

469,26

469,26

469,26

469,26

469,26

469,26

469,26

469,26

469,26

469,26

469,26

469,26

469,26

469,26

469,26

469,26

469,26

17,06

0,26

0,26

0,26

0,26

0,26

0,26

0,26

0,26

0,26

0,26

0,26

0,26

0,26

0,26

0,26

0,26

0,26

0,26

0,26

0,26

0,26

0,26

0,26

0,26

458,76

469,00

469,00

469,00

469,00

469,00

469,00

469,00

469,00

469,00

469,00

469,00

469,00

469,00

469,00

469,00

469,00

469,00

469,00

469,00

469,00

469,00

469,00

469,00

469,00

13,27

7.485,38
13%
3.428,72
(4.056,66)
3%

634,41

1.079,25

1.493,08

1.908,40

2.356,98