TAILIEUCHUNG - CE09-32-41.0-2012-04-27-15312224

FULBRIGHT ECONOMICS TEACHING 12, : Sep 13, 2010NGUYEN XUAN THANHTHE DPE POWER International Electrical Engineering Firm (IEEF) is proposing a combined-cycle gas power plant Mekong Delta. The project will use gas purchased from Petro Vietnam (PVN) and sell electricity of Vietnam (EVN)IEEF has an established long experience in designing and managing power plants in many countriesThe project proposed by IEEF is a 700 MW combined-cycle gas power plant1, 2 with a total of more than US$ 400 million. This is a relatively low-risk project as its technology is proven. gas power plants are operating successfully in Phu My, Ca Mau and Nhon TrachIn order to limit its financial exposure to the project, IEEF has invited the equity investment from passive investment fund (Fund) and a local state-owned enterprise (SOE) and decided to the project as BOT. A new project company is to be set up under the name of DPE. Under the , DPE will build the project from 2009 to 2011, operate it for 20 years from 2012 to 2031, transfer it at no cost to the government. will sign an Engineering, Procurement and Construction (EPC) contract with IEEF as a . The total value of the EPC contract is fixed at US$295 million. This is the largest of the project. Other costs include initial spare parts, consulting services, administration,.initial fuels, insurance, financial commitments, interests during construction, and physical and . The total cost is US$ millionInvestment costs (US$ million).EPC spare during investment to single-stage gas turbines, combined-cycle gas plants are more expensive to put in place, but are also more fuel efficient, more for base load and intermediate-load megawatt (MW) = KW (kilowatt).This case study was prepared by Nguyen Xuan Thanh, lecturer at Fulbright Economics Teaching Program. Fulbright Program’s cases are intended to serve as the basis for class discussion, and not to make policy recommendationsCopyright © 2009, 2010 Fulbright Economics Teaching DPE Power on the construction schedule in the EPC contract, the investment cost schedule is as followsInvestment cost schedule (US$ million). cost (2009 prices).Interests during simplicity, assume that the total investment cost of $ million can be treated as eligible constitute the project’s fixed assets, and there fore can be depreciated over the 20-year life of , the Fund, and the SOE will contribute US$ million (accounting for 30% of the ). IEEF, the Fund and the SOE shares in the total equity are 50%, 45% and 5% respectivelyThe remaining investment costs (US$ million) will be financed by banks’ loans. As the project , the Asian Development Bank is considering using its Ordinary ’ (OCR) to loan US$ million (US$120 million face value plus US$ million interests during construction) to DPE at interest rate. US$ million of the face US$120 million will be disbursed in 2009 and US$ million in 2010. There are two years of in 2011 and 2012, after which, the whole principal of US$ million will be paid to the following schedule.

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