natgillin/translations-raw huggingface dataset:
26).
Analiza relativnega tveganja
[46] The particular situation of the UK electricity sector is undergoing is described in Section 2.1 of the Opening Decision.
(na podlagi projekta)
See press release at the following address: http://europa.eu/rapid/press-release_IP-14-865_en.htm
Primerjava donosa pri vetrni energiji na morju in javno-zasebnem partnerstvu/zasebni finančni pobudi med gradnjo ter komunalna podjetja/jedrski operaterji, ki jih regulira Združeno kraljestvo, v fazi obratovanja
The Commission required DECC to run sensitivity analyses using their forecast model and carefully assessed input and output for each of the scenarios.
Primerjalna analiza
DECC's Dynamic Dispatch Model (DDM) is an integrated power market model covering Great Britain's (‘GB’) power market over the medium to long term.
6–13
It simulates electricity dispatch from GB power generators and investment decisions in generating capacity from 2010 through to 2049, based on the estimation of electricity demand and supply on a half-hourly basis.
Primerjava komunalne storitve, ki jo regulira Združeno kraljestvo/javno-zasebnega partnerstva/neodvisnih proizvajalcev vode in energije/primerljivih jedrskih projektov
Investment decisions are based on projected revenue and cash flow allowing for policy impacts and changes in the generation mix.
Analiza minimalne stopnje donosnosti projekta
The DDM therefore enables comparative analysis of the impact of different policy decisions on generation, capacity, costs, prices, security of supply and carbon emissions.
10,5–14,5
In particular, the UK has provided the call for interest in the Investment Contract, which was open to all prospective investors, but to which only EDF responded.
Analiza financiranja
See HM Treasury submission of 5 September 2014.
9–13 – gradnja
In particular, HM Treasury outlines three sets of benchmarks: Recent limited recourse project finance bank loans (low carbon energy); Corporate debt (rated BB+) spreads as at 21 August 2014; and Mean 10-year Credit Default Swaps and iTraxx Europe XOver (BB+ area).
6–9,5 – obratovanje
IUK's submission of 26 August 2014.
Analiza morebitnih struktur financiranja med gradnjo in med obratovanjem
In particular, the punitive scenario made the following assumptions in terms of annual default probabilities and recovery rates:loss given default in years 1-6 is zero as, if the Base Case Condition is not satisfied by December 2020, full debt repayment occurs with 100 per cent recovery,no default assumed to occur in years 7 to 10 as there is no principal repayment obligation, and all interest during construction (including guarantee fees) will be covered either within the Base Equity amount or by Base and/or Contingent Equity,14-year construction phase (including 4 year delay) and 30 years of operation phase,cumulative default probability of 10 per cent during 4-year construction delay (0 per cent in years 11 and 12 and 5 per cent in years 13 and 14) and a 100 per cent loss given default,5,6 per cent probability of default in any given year of operations.
Predvidena dolžniško financirana struktura z jamstvom Združenega kraljestva
This is assumed constant at 5,6 per cent to match average rates for non-US power projects.
10,2 – notranja stopnja donosnosti projekta
As shown in the HM Treasury responses of 19 September 2014, the probability of a 1,5 per cent increase associated with 20-30 years bond tenors is approximately 17 to 20 per cent.
12,8 – notranja stopnja donosnosti lastniškega kapitala na podlagi obstoječega vzvoda
As shown in the HM Treasury responses of 12 September 2014 (Annex B — IUK Sensitivity Analysis), an increase in the gilt curve of 1,5 per cent during the time of bond issuance (ceteris paribus) will draw down equity by GBP […] billion (Model version 19.7).
Analiza donosnosti projekta in donosnosti lastniškega kapitala na podlagi obstoječega vzvoda (za predlagano višino dolga, za katero jamči Združeno kraljestvo) in po dogovorjeni izvršilni ceni.
[56] These are summarised in the e-mail sent by DG COMP to UK DECC on 9 September 2014, 15:43, ‘CfD for HPC — Note on Rate of Return’.
10,2 % je rezultat učinka davčnega ščita na denarne tokove na ravni projekta ter okvirne določitve cene jamstva oddelka IUK.
This version constituted an update to the notified Financial Model, with further updates to follow.
Preglednica 5
In particular, version 21.10 (of 29 August 2014) shows a project IRR of […] per cent and equity IRR of […] per cent (post-tax nominal) on a drawn basis and […] per cent on a committed basis.
Analiza občutljivosti, ki jo je izvedla Komisija – Model s spremenjenimi letnimi denarnimi tokovi v fazi gradnje
Version 21 corresponds to NNBG's baseline scenario and compared to version 5.1 includes several updates related to construction schedule, the impact of financing arrangements, and macroeconomic parameters.
Osenčeni deli označujejo stroške naložbe v osnovna sredstva pri gradnji – pri scenarijih s ciljno notranjo stopnjo donosa je izvršilna cena nižja od 92,50 GBP/MWh.
[58] In particular, the Commission assumed these changes in cash flows occur in the period between 1 January 2017 to 30 June 2023.
Na podlagi različice 9.8 finančnega modela podjetja NNBG.
In this period project nominal cashflows (post cash taxes) are negative in version 9.8 of the Financial Model.
Preglednica 6
NNBG Document No HPC-NNBGPCP-XX-000-EST-000069, of 27 June 2014.
Scenariji v zvezi s projektom, verjetnosti (stopnje zaupanja, da bodo dejanski dejavniki ugodnejši od predpostavk) in ključni nabor projekta
HPC IUK Model version 21.10, delivered to the Commission on 19 September 2014.
Opombe:
The Commission did not take into account benchmarks where the source of information could not be reliably retraced.
Vključno z delitvijo prihranka pri gradbenih stroških v višini 0,8 GBP/MWh (dejanski podatek iz leta 2012).
The Commission also received several reported realised equity IRRs for projects subject to ex ante rate of return regulation.
Pavšal družbe SZC, ki se je sprostil šele po projektu COD2 in zato ni del zahteve po financiranju.
While the Commission took note of these ex post benchmarks and considered them informative, it put in its assessment more weight on ex ante determined admissible rates of return.
Prilagoditev operativnih stroškov je veljala le prvih 15 let in po obdobju pogodbe na razliko zaradi morebitne zaščite z določbami za ponoven začetek pogajanj, vezanimi na operativne stroške.
The Commission considers that ex ante rates of return determined by regulators approximate better the true hurdle rate of the regulated entities.
Minimalni kazalnik letnega servisiranja dolga brez prvega obdobja.
Also, permissible rates of return are often set as a minimum which regulated entities can achieve.
Dodeljena dejanska notranja stopnja donosnosti lastniškega kapitala, ocenjena kot dodeljena nominalna notranja stopnja donosnosti lastniškega kapitala minus predvideni dolgoročni indeks cen življenjskih potrebščin.
It is then natural that ex post realised rates of returns turn out higher than the ex ante determined value.
Nižja stopnja dodeljenega lastniškega kapitala v tej različici finančnega modela bo pomenila, da je dodeljena notranja stopnja donosa lastniškega kapitala optimistična glede na trenutne modelirane rezultate.
A similar view emerges from assessing the scenarios provided in Table 8.
ZELO MAJHNA
In particular, […].
Zelo majhna verjetnost rezultata, ugodnejšega od predvidenega
See the pricing methodology of the Waste Contract, available at the following address: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/42629/3798-waste-transfer-pricing-methodology.pdf
MAJHNA
See for example case SA.31107 (11/N), where a rate of return on capital between 9,6 per cent and 11 per cent was found to be acceptable.
Majhna verjetnost rezultata, ugodnejšega od predvidenega
See also case N354/09, where a return on capital of 12 per cent was found to be acceptable.
ZMERNA
In particular, HPC IUK Model v[21.10] (Beta)_2014-09-19_DECC.xlsm, per ‘DECC Output’ worksheet
Zmerna verjetnost rezultata, ugodnejšega od predvidenega
These figures were computed at the time of writing this decision, using Financial Model 21.10 as delivered to the Commission on 19 September 2014.
VELIKA
After the 35-year duration of the CfD the gains will no longer translate into a reduction of the SP, as there will be no SP anymore.
Velika verjetnost rezultata, ugodnejšega od predvidenega
Hence, after the end of the CfD, the gains will be shared directly between the CfD Counterparty and NNBG.
ZELO VELIKA
The analysis was carried out by the Commission taking into account DECC's model and Pöyry's modelling work.
Zelo velika verjetnost rezultata, ugodnejšega od predvidenega
Annex 8 of the UK Government Response to Commission's Opening Decision, 31 January 2014.
Preglednica 7
The match of delivery to trade dates was carried out using the EFA calendar, at https://www.theice.com/publicdocs/EFA_Calendar.pdf retrieved on 13 June 2014.
Profil financiranja med gradnjo in kazalnik letnega servisiranja dolga med obratovanjem
Compass Lexecon submission, ‘Analysis of the impact of HPC on the potential for capacity withholding’, 4 August 2014.
Preglednica 8
Ofgem, Decision to make a market investigation reference in respect of the supply and acquisition of energy in Great Britain, 26 June 2014.
Združeni stroški naložbe v osnovna sredstva, zamuda in drugi neugodni scenariji
Available at the following address: https://www.ofgem.gov.uk/publications-and-updates/decision-make-market-investigation-reference-respect-supply-and-acquisition-energy-great-britain
Preglednica 9
See Ofgem, State of the Market Assessment, 27 March 2014, points 4.41 and infra.
Povzetek rezultatov modela za dinamično distribucijo pri nekaterih scenarijih DDM
Available at the following address: https://www.ofgem.gov.uk/publications-and-updates/state-market-assessment
Številka
See EDF/NNBG response to questions regarding potential impact on market liquidity, 8 September 2014.
Ključne predpostavke
Table 3 of EDF/NNBG response to questions regarding potential impact on market liquidity, 8 September 2014.
Trg proizvodnih zmogljivosti
See Figure 43, Ofgem — State of the Market Assessment, 27 March 2014.
Začetek uporabe jedrske elektrarne
ANNEX A
Ogljična intenzivnost omrežja leta 2030
CFD RATE OF RETURN
Ogljična intenzivnost omrežja leta 2040
Table 3
Ogljična intenzivnost omrežja leta 2049
NNBG Financial Risk Assessment — estimated probability distribution of HPC's total outturn costs
Običajni scenarij
Source: TESLA4, page 12
Običajni scenarij, visoke cene goriva
Figure 2
Običajni scenarij, nizke cene goriva
UK historic forward prices and RP
Običajni scenarij + pogodba na razliko za jedrsko elektrarno
Table 4
Pogodbe na razliko za nejedrske vire energije z nizkimi emisijami ogljika
Summary of approaches taken for analysing an appropriate rate of return, by KPMG
Pogodbe na razliko za nejedrske vire energije z nizkimi emisijami ogljika, visoke cene goriva
Source: Notification, Table 5, based on KPMG
Pogodbe na razliko za nejedrske vire energije z nizkimi emisijami ogljika, nizke cene goriva
Approach
Pogodbe na razliko za nejedrske vire energije z nizkimi emisijami ogljika, več medsebojnih povezav
Range of returns (project IRR; post-tax nominal)
Pogodbe na razliko za vire energije z nizkimi emisijami ogljika
Comments
ne pred letom 2049
Relative risk analysis
Pogodbe na razliko za nejedrske vire energije z nizkimi emisijami ogljika, visoki stroški jedrske energije, nizki stroški energije iz obnovljivih virov ter zajemanja in skladiščenje ogljika
8,5-11
(samo do leta 2030)
(project basis)
Pogodbe na razliko za nejedrske vire energije z nizkimi emisijami ogljika, več prilagajanja odjema, večje zmanjšanje povpraševanja po električni energiji, več medsebojnih povezav
Comparison of offshore wind and PPP/PFI returns during construction phase and also UK regulated utilities/nuclear operators during operations phase
ne pred letom 2030
Benchmarking Analysis
ni relevantno
6-13
Pogodbe na razliko za vire energije z nizkimi emisijami ogljika, visoke cene goriva
Comparison of UK regulated utility/PPP/IWPP/comparable nuclear projects
Pogodbe na razliko za vire energije z nizkimi emisijami ogljika, nizke cene goriva
Project Hurdle Rate analysis
Pogodbe na razliko za vire energije z nizkimi emisijami ogljika, visoki stroški jedrske energije, nizki stroški energije iz obnovljivih virov ter zajemanja in skladiščenje ogljika
10,5-14,5
Pogodbe na razliko za vire energije z nizkimi emisijami ogljika, več prilagajanja odjema, večje zmanjšanje povpraševanja po električni energiji, več medsebojnih povezav
Based on EdF WACC estimates plus premium observed in academic studies from a range of corporates
Pogodbe na razliko za vire energije z nizkimi emisijami ogljika, več medsebojnih povezav
Financing analysis
Preglednica 10
9-13 — construction
Primerjalni posli v zvezi z infrastrukturo
6-9,5 — operational
Vir: Predložitev Združenega kraljestva „Answers to the Commission's questions received 16 September 2014“ („Odgovori na vprašanja Komisije, prejeta 16. septembra 2014“) na podlagi spletnih strani sklada, družba Preqin, sporočila za javnost.
Analysis of potential financing structures both during construction and during operations
Opomba: Ciljne notranje stopnje donosa sklada brez odbitka pristojbin in stroškov.
Assumed debt-financed structure with UK Guarantee
Ciljna notranja stopnja donosa družbe Borealis: 9–12 %, ciljna notranja stopnja donosa sklada First State EDIF: 10–15 %.
10,2 — Project IRR
Preglednica 11
12,8 — Levered Equity IRR
Izbrani izračuni regulativno dovoljenih donosov
Analysis of the Project Return and the Levered Equity Return (for the proposed UK guaranteed debt levels) and at the negotiated SP.
Vir: Predstavitev družbe EDF Energy uradnikom Komisije dne 15. julija 2014, diapozitiv „Comparison of HPC with UK regulated utilities“ („Primerjava jedrske elektrarne HPC s komunalnimi podjetji, ki jih regulira Združeno kraljestvo“).
The 10,2 % is due to the tax shield effect on project level cash flows and indicative IUK Guarantee pricing.
Prenos električne energije (Ofgem [1])
Table 5
Ofwat [2] – PR09
Commission sensitivity analysis — Model with changed annual cash flows in the construction phase
Ofwat – PR 14 (ni dokončen) [3]
Shaded cells denote construction cost capex — target IRR scenarios yielding a lower SP than 92,50 GBP/MWh.
Opomba
Project scenarios, probabilities (confidence levels that outturn factors will be more favourable than assumptions) and key project metrics
2010–2015
Notes:
2015–2020
Includes construction gain share benefit of GBP 0,8/MWh (real 2012)
Dejanski
Lump sum from SZC only released post COD2 and therefore does not form part of funding requirement
Stroški lastniškega kapitala na podlagi obstoječega vzvoda (po obdavčitvi)
Opex adjustment only applied for first 15 yrs and after CFD period due to potential opex reopener protection.
7 odstotkov
Min DSCR excluding first period
7,1 odstotka
EIRR committed real approximated as EIRR committed nominal minus long term CPI assumption
5,65 odstotka
Lower level of Committed equity assumed in this version of the Financial Model will mean Committed Equity IRR is optimistic v current modelled results
Stroški dolga (pred obdavčitvijo, dejanski)
VERY LOW
2,92 odstotka
Very low likelihood of more favourable outcome than assumed
3,6 odstotka
LOW
2,75 odstotka
Low likelihood of more favourable outcome than assumed
Nominalno razmerje med zadolženostjo in kapitalom
MODERATE
60 odstotkov
Moderate likelihood of more favourable outcome than assumed
57,5 odstotka
HIGH
62,5 odstotka
High likelihood of more favourable outcome than assumed
Standardni povprečni tehtani stroški kapitala
VERY HIGH
4,55 odstotka
Very high likelihood of more favourable outcome than assumed
5,1 odstotka
Table 7
3,85 odstotka
Funding profile during construction and DSCR during operations
Predpostavka glede inflacije
Table 8
3,5 odstotka
Combined capex, delay and other downside scenarios
Dovoljeni nominalni stroški/donosi (geometrijski izračun)
Table 9
Stroški lastniškega kapitala na podlagi obstoječega vzvoda
Summary DDM results for a selection of scenarios
10,7 odstotka
Run
10,8 odstotka
Key Assumptions
9,3 odstotka
Capacity Market
Stroški dolga (pred obdavčitvijo)
First Nuclear Deployment
6,5 odstotka
Grid carbon intensity 2030
7,2 odstotka
Grid carbon intensity 2040
6,3 odstotka
Grid carbon intensity 2049
Standardni povprečni tehtani stroški kapitala
BAU
8,2 odstotka
BAU, High Fuel Prices
8,8 odstotka
BAU, Low Fuel Prices
7,5 odstotka
BAU + Nuclear CfD
Nominalni (aritmetični izračun)
Non-nuclear Low Carbon CfDs
Stroški lastniškega kapitala na podlagi obstoječega vzvoda*
Non-nuclear Low Carbon CfDs, High Fuel Prices
10,5 odstotka
Non-nuclear Low Carbon CfDs, Low Fuel Prices
10,6 odstotka
Non-nuclear Low Carbon CfDs, more interconnection
9,2 odstotka
Low Carbon CfDs
Stroški dolga (pred obdavčitvijo)
Not before 2049
6,4 odstotka
Non-nuclear Low Carbon CfDs, High Nuclear Costs, Low RES and CCS costs
7,1 odstotka
(only to 2030)
8,1 odstotka
Non-nuclear Low Carbon CfDs, more DSR, more EDR, more Interconnection
8,6 odstotka
Not before 2030
7,3 odstotka
N/A
Preglednica 12
Low Carbon CfDs, High Fuel Prices
Primerjalni projekt proizvodnje jedrske energije
Low Carbon CfDs, Low Fuel Prices
Vir: Predložitev Združenega kraljestva „Answers to the Commission's questions received 16 September 2014“ („Odgovori na vprašanja Komisije, prejeta 16. septembra 2014“) na podlagi javno dostopnih dokumentov (letno poročilo za jedrsko elektrarno Bruce Power – april 2007, str. 14: potrjeno kot stopnja donosa projekta v dopisu banke CIBC World Markets Inc. ministrstvu za energijo, Ontario, 17. oktober 2005, http://www.rds.ontarioenergyboard.ca/webdrawer/webdrawer.dll/webdrawer/rec/67137/view/PWU_Exhibit_K11.3_fairness_opinion_bruce_20080613.pdf.PDF, Dopis banke CIBC World Markets Inc.
Low Carbon CfDs, High Nuclear costs, Low RES and CCS costs
Ministrstvu za energijo, Ontario, 17. oktober 2005, http://www.rds.ontarioenergyboard.ca/webdrawer/webdrawer.dll/webdrawer/rec/67137/view/PWU_Exhibit_K11.3_fairness_opinion_bruce_20080613.pdf.PDF; Mnenje o poštenosti za jedrsko elektrarno Bruce Power (banka CIBC World Markets Inc.) – oktober 2005, str. 5.
Low Carbon CfDs, more DSR, more EDR, more Interconnection
Projekt
Low Carbon CfDs, more Interconnection
Tehnologija
Table 10
Sanacija jedrske elektrarne Bruce Power
Benchmark infrastructure transactions
Razmerje med zadolženostjo in kapitalom
Source: UK submission ‘Answers to the Commission's questions received 16 September 2014’ based on Fund websites, Preqin, Press releases.
20–40 odstotkov
Note: Fund target IRRs shown gross of fees and expenses.
Dejanski stroški dolga (pred obdavčitvijo)
Exchange rates used: GBP EUR: 1: 1,26, GBP CAD: 1: 1,81.
6,2 odstotka
HPC post-tax nominal equity IRR used for comparison purposes.
Nominalna ciljna stopnja notranje donosnosti lastniškega kapitala (po obdavčitvi)
Borealis target IRR: 9 – 12 per cent, First State EDIF target IRR: 10 – 15 per cent.
13,7–18 odstotkov (12,8–17,1 odstotka, prilagojeno za veljavno obrestno mero Združenega kraljestva)
Table 11
Ciljna notranja stopnja donosnosti projekta
Selected regulatory allowed returns calculations
10,6–13,8 odstotkov (9,7–12,9 odstotka, prilagojeno za veljavno obrestno mero Združenega kraljestva)
Source: Presentation of EDF Energy to Commission officials of 15 July 2014, slide ‘Comparison of HPC with UK regulated utilities’.
Obdobje naložbe (življenjska doba sredstev)
Electricity Transmission (Ofgem [1])
25 let
Ofwat [2] — PR09
Velikost naložbe
Ofwat — PR 14 (not finalised) [3]
4 milijarde CAD
Note
Stopnja gotovosti prihodka
Period
Pogodba na razliko s fiksno ceno za preostanek življenjske dobe (25 let)
2013-21
Stopnja tveganja, povezanega z gradnjo
2010-15
Nižja – sanacija, ne nova gradnja, delitev preseženih stroškov
2015-20
Stopnja tveganja, povezanega z obratovanjem
Real
Nižja – delitev preseženih stroškov osebja, pretočni stroški goriva
Levered cost of equity (post-tax)
Stopnja tveganja financiranja
7,00 per cent
Nižja – manjši kapitalski projekt, krajše obdobje
7,10 per cent
Potrebni pogojni lastniški kapital
5,65 per cent
Ni znano
Cost of debt (pre-tax real)
Preglednica 13
2,92 per cent
Primerjalni projekti na podlagi pogodb o nakupu električne energije (PPA)
3,60 per cent
Vir: Predložitev Združenega kraljestva, preglednica 2 o stopnji donosa, 10 september, ter točki (1) in (2) v nadaljevanju.
2,75 per cent
Turbina s kombiniranim krožnim procesom
Notional gearing
Projekti PPA
60,0 per cent
< 80 odstotkov
57,5 per cent
Stroški dolga
62,5 per cent
Nominalna ciljna donosnost lastniškega kapitala
Vanilla WACC
> 13 odstotkov
4,55 per cent
Nominalna ciljna donosnost projekta (po obdavčitvi)
5,10 per cent
9–15 odstotkov [6]
3,85 per cent
Različno
Inflation assumption
Stopnja zanesljivosti donosa
3,50 per cent
etna pogodba o nakupu energije
Allowed Nominal Costs/Returns (geometric calc)
Pogodba o nakupu energije
Levered cost of equity
Stopnja tveganja, povezanega z gradnjo, v primerjavi s HPC
10,7 per cent
Nižja, na podlagi pogodbe za dobavo, inženirske in gradbene storitve, dobro znana tehnologija
10,8 per cent
Ni znana, vendar verjetno nižja
9,3 per cent
Stopnja tveganja, povezanega z obratovanjem, v primerjavi s HPC
Cost of debt (pre-tax)
Nižja
6,5 per cent
Nižja, krajši čas gradnje
7,2 per cent
Sklicevanje
6,3 per cent
Preglednica 14
Vanilla WACC*
Primerjave reguliranih poravnav: dovoljeni donosi na regulirana sredstva za podjetja Združenega kraljestva za oskrbo z energijo in vodo v okviru najnovejšega regulativnega nadzorovanja cen
8,2 per cent
Vir: Na podlagi predložitve Združenega kraljestva „Zadeva o državni pomoči SA.34974, Hinkley Point C – odgovori na vprašanja Komisije, prejeta 16. septembra 2014“.
8,8 per cent
Določitev
7,5 per cent
(ni dokončen) [7]
Nominal (arithmetic calc)
NIE 2014 dokončni [9]
Levered cost of equity*
Bristol W 2010 [11]
10,5 per cent
NIE 2014 dokončni [12]
10,6 per cent
WPD 2013 [13]
9,2 per cent
62,5 odstotka
Cost of debt (pre-tax)*
65 odstotkov
6,4 per cent
45 odstotkov
8,6 per cent
2,6 odstotka
7,3 per cent
3,1 odstotka
Table 12
2,9 odstotka
Source: UK submission ‘Answers to the Commission's questions received 16 September 2014’ based on publicly available documents (Bruce Power audit report — April 2007, p. 14.: Confirmed as a project rate of return in letter from CIBC World Markets Inc. to The Ministry of Energy, Ontario, 17 October 2005, http://www.rds.ontarioenergyboard.ca/webdrawer/webdrawer.dll/webdrawer/rec/67137/view/PWU_Exhibit_K11.3_fairness_opinion_bruce_20080613.pdf.PDF, Letter from CIBC World Markets Inc. to the Ministry of Energy, Ontario, 17 October 2005, http://www.rds.ontarioenergyboard.ca/webdrawer/webdrawer.dll/webdrawer/rec/67137/view/PWU_Exhibit_K11.3_fairness_opinion_bruce_20080613.pdf.PDF Bruce Power Fairness Opinion (CIBC World Markets Inc.) — October 2005, p. 5.
3,2 odstotka
Project
3 odstotki
Technology
Dejanski stroški lastniškega kapitala (po obdavčitvi)
Refurbishment of Bruce Power nuclear plant
5,7 odstotka
Gearing
5,0 odstotka
20-40 per cent
7,0 odstotka
Real cost of debt (pre-tax)
6,6 odstotka
6,20 per cent
6,8 odstotka
Nominal target equity IRR (post-tax)
Dejanski standardni povprečni tehtani stroški kapitala
13,7-18 per cent (12,8-17,1 per cent adjusted for current UK interest rate)
3,8 odstotka
Target project IRR
4,1 odstotka
10,6-13,8 per cent (9,7-12,9 per cent adjusted for current UK interest rate)
4,6 odstotka
Investment horizon (asset life)
4,7 odstotka
25 years
4,3 odstotka
Investment size
Inflacija
CAD
3,5 odstotka
Level of Revenue certainty
Nominalni stroški dolga (pred obdavčitvijo)
Fixed price CfD for remainder of plant life (25 years)
6,2 odstotka
Level of construction risk
6,1 odstotka
Lower — refurbishment, not new build, cost overrun sharing
7,4 odstotka
Level of operating risk
6,7 odstotka
Lower — staff cost overrun sharing, fuel cost pass-through
Nominalni stroški lastniškega kapitala (po obdavčitvi) [14]
Level of financing risk
9,9 odstotka
Lower — smaller capital project, shorter period
8,5 odstotka
Contingent equity required
10,1 odstotka
Unknown
10,3 odstotka
Table 13
10,0 odstotka
Benchmark Power Purchase Agreement (PPA) projects
Nominalni standardni povprečni tehtani stroški kapitala