Tanjung Bin Power Sdn Bhd RM4.5 Billion IMTN Programme

Transcription

21. APPENDIX A
26. APPENDIX B
27. APPENDIX C Tanjung Bin Power Sdn Bhd Proposed Amendments to the PPA 20 June 2016 1
28. Abbreviations • AT – Availability Target • ATP – Availability Target Penalty • CAAT – Contracted Average Availability Target • EC – Energy Commission • FY – Financial Year • PPA – Power purchase agreement • TBP – Tanjung Bin Power Sdn Bhd • TNB – Tenaga Nasional Berhad 2
29. Changes Explained  TBP is allowed a Scheduled Outage allowance of 9% every year over a 4-year Contract Year Block, translating to an AT of 91% every year and CAAT of 91% for each Contract Year Block.  Failure to achieve the CAAT will result in a payment of ATP from TBP to TNB.  Due to the boiler tube leak failures in 2010 – 2014, TBP has carried out Scheduled Outages > 9% in 2014 and 2015 to rectify the failures. The Scheduled Outages result in TBP failing to achieve the CAAT for Contract Year Block 2011 – 2014 (“2nd Contract Year Block”).  As the boiler tube leak failure is a common issue for all coal plants in Malaysia, EC has asked TNB to consider waiving the ATP that result from the repair/enhancement works done during the relevant periods.  After several discussions, TNB has agreed to waive the ATP for the period deemed to be arising from the repair/enhancement works done from January 2014 to June 2015 by amending the AT and translating to a lower CAAT for 2nd Contract Year Block and for Contract Year Block 2015 – 2019 (“3rd Contract Year Block”). 3
30. Changes Explained 2nd Contract Year Block Year Contract Year 2011 6 2012 7 2013 8 2014 9 Contract Year Block Current (as specified in PPA) PPA AT (%) CAAT (%) 91.00 91.00 2 91.00 Actual AT (%) CAAT (%) 88.40 91.00 (A) 91.00 91.17 79.61 87.15 Proposed Revisions PPA AT (%) CAAT (%) 91.00 86.58 (B) 91.00 91.00 90.04 (C) 87.15  TBP’s failure to achieve the CAAT for the 2nd Contract Year Block has resulted in an ATP of RM 56.02 million, which was deducted by TNB and provision made in TBP’s P&L in the relevant FY.  If actual CAAT < PPA CAAT, PPA CAAT Actual CAAT ATP Amount (RM’mil) Original - 91.00% 86.58% 56.02 Revised - 90.04% 86.58% 43.82 Amount to be reimbursed by TNB 12.20 4
31. Changes Explained 3rd Contract Year Block Year Contract Year 2015 10 2016 11 2017 12 2018 13  Contract Year Block Current (as specified in PPA) PPA AT (%) CAAT (%) 91.00 3 91.00 91.00 91.00 Actual AT (%) Proposed Revisions CAAT (%) 79.82 91.00 - PPA AT (%) CAAT (%) 79.82 - 91.00 91.00 88.20 91.00 Lowering the CAAT for the 3rd Contract Year Block lowers TBP’s AT obligation and reduces the probability of incurring ATP. 5
32. Conclusion The supplemental letter to the PPA is positive to TBP due to a RM12 .20 million refund from TNB by virtue of the proposed amendments under the PPA. Further, it also lowers the AT requirements for year 2015 hence making it less onerous for TPB in achieving its CAAT for next contract year block. 6