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2011 2012 2013 2014 2015 2016 2017 2018 2019 2020Gross final electricity consumption 57.28 58.36 59.45 60.56 61.70 63.52 65.41 67.34 69.34 71.39

Net final electricity consumption 45.32 46.40 47.49 48.60 49.74 51.56 53.45 55.38 57.38 59.43

E-RES generation, of which: 17.54 19.43 21.55 23.33 24.78 25.63 25.76 25.89 26.16 26.42

Hydro > 10 MW 16.04 16.31 16.62 17.10 17.49 17.62 17.75 17.88 18.15 18.41

Hydro

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General AssumptionsGross electricity consumption 2010-GEC (MWh) 56230000

Yearly forecasted increase of consumption (%) 1.87% 2.96%2010-2015 2016-2030

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Yearly GEC (GWh) 57283 58356 59449 60563 61697 63524 65405 67343 69337 71390

Yearly NEC (GWh) 45323 46396 47489 48603 49737 51564 53445 55383 57377 59430

Yearly obligation NEC quota from supported renewables (%) 10.0% 12.0% 14.0% 15.0% 16.0% 17.0% 18.0% 19.0% 19.5% 20.0%

Inflation rate EUR (%) 2%

Market electricity price (EUR/MWh) 2010 47

Yearly forecasted increase of electrici ty price (%) 2.0%

Specific assumptions

Renewables installed capacity (MW) 1797 2559 3331 3902 4349 4677 4677 4677 4677 4677Wind -new equipment 1250 1850 2450 2880 3200 3400 3400 3400 3400 3400

Wind - reused 12 14 16 18 20 20 20 20 20 20

Hydro - new 117 167 217 267 317 367 367 367 367 367

Hydro - upgrade 34 59 84 109 134 159 159 159 159 159

Hydro - existing 286 261 236 211 186 161 161 161 161 161

BiomassCogen - new 45 83 126 150 175 210 210 210 210 210

Landfill/SewageGas - new 5 8 11 14 17 20 20 20 20 20

BiomassE - new 20 37 56 70 85 100 100 100 100 100

BiomassECropsE - new 20 37 57 70 85 100 100 100 100 100

Solar - new 8 43 78 113 130 140 140 140 140 140

Renewables production (GWh) 1501 3127 4925 6233 7286 8009 8009 8009 8009 8009Wind -new equipment 0 942 1989 2758 3271 3395 3395 3395 3395 3395

Wind - reused 17 20 22 25 28 28 28 28 28 28

Hydro - new 287 410 532 655 778 900 900 900 900 900

Hydro - upgrade 71 124 177 229 282 334 334 334 334 334

Hydro - existing 514 469 424 379 334 289 289 289 289 289

BiomassCogen 327 603 916 1091 1272 1527 1527 1527 1527 1527

Landfill/SewageGas 28 46 63 80 97 114 114 114 114 114

BiomassE 130 240 363 454 551 648 648 648 648 648

BiomassECropsE 116 214 330 405 491 578 578 578 578 578

Solar 11 60 109 158 182 196 196 196 196 196

Supported renewable production (GWh) 4239 6237 8301 9404 10689 11772 11772 11755 11752 11749Wind -new equipment-prior 2738 4052 4052 4052 4052 4052 4052 4052 4052 4052

Wind -new equipment-new 1314 2256 2957 3395 3395 3395 3395 3395

Wind - reused -prior 17 20 20 20 20 20 20 3 0 0

Wind - reused -new 3 6 8 8 8 8 8 6

Hydro - new -prior 287 410 410 410 410 410 410 410 410 410

Hydro - new -new 123 245 368 491 491 491 491 491

Hydro - upgrade -prior 71 124 124 124 124 124 124 124 124 124

Hydro - upgrade -new 53 105 158 210 210 210 210 210

Hydro - existing 514 469 424 0 0 0 0 0 0 0

BiomassCogen - prior 327 603 603 603 603 603 603 603 603 603

BiomassCogen - new 313 487 669 923 923 923 923 923Landfill/SewageGas - prior 28 46 46 46 46 46 46 46 46 46

Landfill/SewageGas - new 17 34 51 68 68 68 68 68

BiomassE - prior 130 240 240 240 240 240 240 240 240 240

BiomassE - new 123 214 311 408 408 408 408 408

BiomassECropsE - prior 116 214 214 214 214 214 214 214 214 214

BiomassECropsE - new 116 191 278 364 364 364 364 364

Solar - prior 11 60 60 60 60 60 60 60 60 60

Solar - new 49 98 122 136 136 136 136 136

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Supported production as percent of GEC (%) 7.4% 10.7% 14.0% 15.5% 17.3% 18.5% 18.0% 17.5% 16.9% 16.5%

GC Budget (mill. EUR) 8829

454 720 847 579 583 662 1343 1316 1152 1175Wind -new equipment 301 455 464 358 329 363 666 629 451 460

Wind - reused 2 2 3 1 2 2 3 1 1 0

Hydro - new 47 69 90 53 60 70 160 163 166 169

Hydro - upgrade 8 14 19 12 14 17 38 39 39 40

Hydro - existing 14 13 12 0 0 0 0 0 0 0

BiomassCogen - new 43 81 122 70 79 95 215 219 223 228

Landfill/SewageGas - new 2 3 3 2 2 3 6 6 6 6

BiomassE - new 14 27 41 25 29 35 78 80 81 83

BiomassECropsE - new 19 36 55 33 39 46 104 106 108 110

Solar - new 4 20 38 26 30 32 73 74 76 77

Hydro generation, Pi>10 MW (GWh) 16043 16306 16622 17095 17490 17621 17753 17884 18147 18410

Unsupported renewables production (GWh) 13306 13197 13246 13925 14087 13859 13991 14138 14404 14670

Total electricity from renewables (GWh) 17544 19433 21547 23328 24776 25630 25762 25893 26156 26419

Total electricity from renewables as percent of GEC (%) 30.6% 33.3% 36.2% 38.5% 40.2% 40.3% 39.4% 38.5% 37.7% 37.0%

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2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032

73505 75682 77923 80231 82607 85053 87572 90166 92836 95586 98417 101331

61191 63003 64869 66790 68768 70804 72901 75060 77283 79572 81929 84355

20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0%

4677 4677 4677 4677 4677 4677 4677 4677 4677 4677 3005 2218

3400 3400 3400 3400 3400 3400 3400 3400 3400 3400 2150 1550

20 20 20 20 20 20 20 20 20 20 8 6

367 367 367 367 367 367 367 367 367 367 250 200

159 159 159 159 159 159 159 159 159 159 125 100

161 161 161 161 161 161 161 161 161 161 0 0

210 210 210 210 210 210 210 210 210 210 165 127

20 20 20 20 20 20 20 20 20 20 15 12

100 100 100 100 100 100 100 100 100 100 80 63

100 100 100 100 100 100 100 100 100 100 80 63

140 140 140 140 140 140 140 140 140 140 132 97

8009 8009 7993 7990 7698 7695 7692 7692 7692 7692 41559 31823395 3395 3395 3395 3395 3395 3395 3395 3395 3395 3395 3142

28 28 11 8 6 3 0 0 0 0 235 2

900 900 900 900 900 900 900 900 900 900 8070 5

334 334 334 334 334 334 334 334 334 334 2428 3

289 289 289 289 0 0 0 0 0 0 4721 0

1527 1527 1527 1527 1527 1527 1527 1527 1527 1527 11793 4

114 114 114 114 114 114 114 114 114 114 894 2

648 648 648 648 648 648 648 648 648 648 4687 4

578 578 578 578 578 578 578 578 578 578 4180 6

196 196 196 196 196 196 196 196 196 196 1156 15

11675 11620 11567 11515 11462 7773 5785 3731 2260 1030 0 04052 4052 4052 4052 4052 1314 0 0 0 0 0 0

3395 3395 3395 3395 3395 3395 3395 2081 1139 438 0 0

0 0 0 0 0 0 0 0 0 0 0 0

3 0 0 0 0 0 0 0 0 0 0 0

410 410 410 410 410 123 0 0 0 0 0 0

491 491 491 491 491 491 491 368 245 123 0 0

53 0 0 0 0 0 0 0 0 0 0 0

210 210 158 105 53 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0

603 603 603 603 603 276 0 0 0 0 0 0

923 923 923 923 923 923 923 611 436 254 0 046 46 46 46 46 17 0 0 0 0 0 0

68 68 68 68 68 68 68 51 34 17 0 0

240 240 240 240 240 110 0 0 0 0 0 0

408 408 408 408 408 408 408 285 194 97 0 0

214 214 214 214 214 98 0 0 0 0 0 0

364 364 364 364 364 364 364 249 173 87 0 0

60 60 60 60 60 49 0 0 0 0 0 0

136 136 136 136 136 136 136 87 38 14 0 0

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15.9% 15.4% 14.8% 14.4% 13.9% 9.1% 6.6% 4.1% 2.4% 1.1% 0.0% 0.0%

18410 18410 18410 18410 18410 18410 18410 18410 18410 18410 18410 18410

14744 14800 14835 14885 14646 18332 20317 22371 23842 25072 59969 21592

26419 26419 26403 26400 26108 26105 26102 26102 26102 26102 59969 21592

35.9% 34.9% 33.9% 32.9% 31.6% 30.7% 29.8% 28.9% 28.1% 27.3% 60.9% 21.3%

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EXEMPLU PT ANALIZA DIN PRIMAVARA ANULUI 2012 Coeficienti de reducere

Assumptions 2012 2013 2014

Specific investment cost (EUR/MW) 1570000 1 0.886

Lifetime (years) 20

Average capacity factor (%) 25.0%

Number of GC: 15 years 2 2 2 2 2 2 2 1 1

2012 2 2 2 2 2 2 1 1

2013 1.772 1.772 1.772 1.772 1.772 0.886 0.886

Inflation rate factor 2% 1.02 1.04 1.06 1.08 1.10 1.13 1.15 1.17 1.20

Specific fixed operating costs (EUR/MW) 30000

Specific variable operating costs (EUR/MWh) 10

1 2 3 4 5 6 7 8

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Yearly installed capacity (MW)-prior 0 1250 600 0 0 0 0 0 0 0

Yearly installed capacity (MW)-new 600 430 320 200 0 0 0

Cummulated capacity (MW)-prior 0 1250 1850 1850 1850 1850 1850 1850 1850 1850

Cummulated capacity (MW)-new 600 1030 1350 1550 1550 1550 1550

Investment costs (mill. EUR)-prior 0 1963 942 0 0 0 0 0 0 0 0

Investment costs (mill. EUR)-new 0 0 0 942 675.1 502.4 314 0 0 0 0

Electricity production (GWh)-prior 2738 4052 4052 4052 4052 4052 4052 4052 4052

Electricity production (GWh)-new 1314 2256 2957 3395 3395 3395 3395

Electricity market price (EUR/MWh) 47 48 49 50 51 52 53 54 55 56

Revenues from electricity market (mill. EUR)-prior 0 131 198 202 206 210 214 219 223 228

Revenues from electricity market (mill. EUR)-new 66 115 153 180 183 187 191Number of GC (1000 units) 0 5475 8103 10431 12100 13342 14118 14118 7059 7059

2010 0 0 0 0 0 0 0 0 0 0

2011 5475000 5475000 5475000 5475000 5475000 5475000 5475000 2737500 2737500

2012 2628000 2628000 2628000 2628000 2628000 2628000 1314000 1314000

new 2013 2328408 2328408 2328408 2328408 2328408 1164204 1164204

2014 1668692 1668692 1668692 1668692 834346 834346

2015 1241818 1241818 1241818 620909 620909

2016 776136 776136 388068 388068

Number of GC (1000 units)-prior 0 5475 8103 8103 8103 8103 8103 8103 4052 4052

Number of GC (1000 units)-new 0 0 0 2328 3997 5239 6015 6015 3008 3008

GC price (EUR/GC) 55 55 56 57 28 27 27 62 63 64Revenues from GC (mill. EUR)-prior 0 301 455 464 224 219 222 502 256 261

Revenues from GC (mill. EUR)-new 0 0 133 111 141 164 373 190 194

Total revenues (mill. EUR)-prior 0 432 653 666 430 429 436 721 479 489

Total revenues (mill. EUR)-new 0 0 0 199 225 295 344 556 377 384

Total operating costs (mill. EUR)-prior 0 65 96 96 96 96 96 96 96 96

Total operating costs (mill. EUR)-new 0 0 0 31 53 70 80 80 80 80

Net cash flow (mill. EUR)-new 0 0 0 -942 -507 -330 -89 264 475 296 304

IRR 10.9% IRRref 10.9% dif 0.0%

Discount rate (%) 10%

Discounted cost (mill Euro) 0 0 0 942 706 556 384 80 80 80 80

2,526.57

Discounted electricity (MWh)

25,737.70

Levelised electricity cost (Euro/MWh)

98.17

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1 1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 1 1

0.886 0.886 0.886 0.886 0.886 0.886 0.886 0.886 0.886 0.886 0.886 0.886

1.24 1.27 1.29 1.32 1.35 1.37 1.40 1.43 1.46 1.49 1.52 1.55

10 11 12 13 14 15 16 17 18 19 20 21

2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 20320 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0

1850 1850 1850 1850 1850 1850 1850 1850 1850 1850 600 0

1550 1550 1550 1550 1550 1550 1550 1550 1550 1550 1550 1550

0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 -253

4052 4052 4052 4052 4052 4052 4052 4052 4052 4052 1314 0

3395 3395 3395 3395 3395 3395 3395 3395 3395 3395 3395 3395

58 60 61 62 63 65 66 67 68 70

237 241 246 251 256 261 267 272 277 0 0 0

198 202 206 211 215 219 223 228 232 2377059 7059 7059 7059 7059 4322 3008 1843 1009 388 0 0 144729

0 0 0 0 0 0 0 0 0 0 0 0

2737500 2737500 2737500 2737500 2737500 0 0 0 0 0 0 0

1314000 1314000 1314000 1314000 1314000 1314000 0 0 0 0 0 0

1164204 1164204 1164204 1164204 1164204 1164204 1164204 0 0 0 0 0

834346 834346 834346 834346 834346 834346 834346 834346 0 0 0 0

620909 620909 620909 620909 620909 620909 620909 620909 620909 0 0 0

388068 388068 388068 388068 388068 388068 388068 388068 388068 388068 0 0

4052 4052 4052 4052 4052 1314 0 0 0 0 0 0

3008 3008 3008 3008 3008 3008 3008 1843 1009 388 0 0

67 68 70 71 73 74 76 77 79 80 82 83272 277 283 288 294 97 0 0 0 0 0 0

202 206 210 214 218 223 227 142 79 31 0 0

508 519 529 540 550 359 267 272 277 0 0 0

400 408 416 424 433 442 450 370 312 31 0 237

96 96 96 96 96 96 96 96 96 96 31 0

80 80 80 80 80 80 80 80 80 80 80 80

320 328 336 344 353 361 370 289 231 -49 -80 409

80 80 80 80 80 80 80 80 80 80 80 -172

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Coeficienti de reducere

Assumptions 2012 2013 2014

Specific investment cost (EUR/MW) 650000 1 1

Lifetime (years) 12

Average capacity factor (%) 16%

Number of GC: 7 years 2 2 2 2 2 2 2 1 1 1

2012 2 2 2 2 2 2 1 1 1

2013 2 2 2 2 2 1 1 1

Inflation rate factor 2% 1.02 1.04 1.06 1.08 1.10 1.13 1.15 1.17 1.20 1.22

Specific fixed operating costs (EUR/MW) 45000Specific variable operating costs (EUR/MWh) 10

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Yearly installed capacity (MW)-prior 0 12 2

Yearly installed capacity (MW)-new 2 2 2 0 0 0 0 0

Cummulated capacity (MW)-prior 0 12 14 14 14 14 14 14 14 14 14

Cummulated capacity (MW)-new 2 4 6 6 6 6 6 6

Investment costs (mill. EUR)-prior 8 1 0 0 0 0 0 0 0 0 0

Investment costs (mill. EUR)-new 0 0 1 1 1 0 0 0 0 0 0

Electricity production (GWh)-prior 0 17 20 20 20 20 20 20 20 20 20

Electricity production (GWh)-new 3 6 8 8 8 8 8 8Electricity market price (EUR/MWh) 47 48 49 50 51 52 53 54 55 56 57

Revenues from electricity market (mill. EUR)-prior 0 1 1 1 1 1 1 1 1 1 1

Revenues from electricity market (mill. EUR)-new 0 0 0 0 0 0 0 0

Number of GC (1000 units) 0 34 39 45 50 56 56 56 11 8 6

2010 0 0 0 0 0 0 0 0 0 0 0

2011 33638 33638 33638 33638 33638 33638 33638 0 0 0

2012 5606 5606 5606 5606 5606 5606 2803 0 0

new 2013 5606 5606 5606 5606 5606 2803 2803 0

2014 5606 5606 5606 5606 2803 2803 2803

2015 5606 5606 5606 2803 2803 2803

2016 0 0 0 0 0

Number of GC (1000 units)-prior 0 34 39 39 39 39 39 39 3 0 0

Number of GC (1000 units)-new 0 0 0 6 11 17 17 17 8 8 6

GC price (EUR/GC) 55 55 56 57 28 27 27 62 63 64 66

Revenues from GC (mill. EUR)-prior 0 2 2 2 1 1 1 2 0 0 0

Revenues from GC (mill. EUR)-new 0 0 0 0 0 0 0 1 1 1 0

Total revenues (mill. EUR)-prior 0 3 3 3 2 2 2 3 1 1 1

Total revenues (mill. EUR)-new 0 0 0 0 1 1 1 1 1 1 1

Total operating costs (mill. EUR)-prior 0 0.7 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8

Total operating costs (mill. EUR)-new 0 0 0 0 0 0 0 0 0 0 0

Net cash flow (mill. EUR)-new 0 0 -1 -1 -1 1 1 1 1 1 0

IRR 9.19% IRRref 9.9% dif -7.2%

Discount rate (%) 10%

Discounted cost (mill Euro) 0 0 1 1 2 0 0 0 0 0 0

5.18

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Discounted electricity (MWh)

52.25

Levelised electricity cost (Euro/MWh)

99.14

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1 1 1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 1 1 1 1 0

1.24 1.27 1.29 1.32 1.35 1.37 1.40 1.43 1.46 1.49 1.52 1.55

2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032

0 0 0 0 0 0 0 0 0 0 0 0

14 14 2 0 0 0 0 0 0 0 0 0

6 6 6 6 4 2 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0

20 20 3 0 0 0 0 0 0 0 0 0 235 1.55

8 8 8 8 6 3 0 0 0 0 0 0 0 058 60 61 62 63 65 66 67 68 70 71 73

1 1 0 0 0 0 0 0 0 0 0 0

0 1 1 1 0 0 0 0 0 0 0 0

3 0 0 0 0 0 0 0 0 0 0 0 364

0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0

2803 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0

3 0 0 0 0 0 0 0 0 0 0 0 364 0

67 68 70 71 73 74 76 77 79 80 82 83

0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0

1 1 0 0 0 0 0 0 0 0 0 0

1 1 1 1 0 0 0 0 0 0 0 0

0.8 0.8 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0

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Coeficienti de reducere

Assumptions 2012 2013 2014

Specific investment cost (EUR/MW) 3700000 1 0.915

Lifetime (years) 20

Average capacity factor (%) 28%

Number of GC: 15 years 3 3 3 3 3 3 3 3 3 3

2012 3 3 3 3 3 3 3 3 3

2013 2.745 2.745 2.745 2.745 2.745 2.745 2.745 2.745

Inflation rate factor 2% 1.02 1.04 1.06 1.08 1.10 1.13 1.15 1.17 1.20 1.22

Specific fixed operating costs (EUR/MW) 30000Specific variable operating costs (EUR/MWh) 10

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Yearly installed capacity (MW)-prior 0 117 50

Yearly installed capacity (MW)-new 50 50 50 50 0 0 0 0

Cummulated capacity (MW)-prior 0 117 167 167 167 167 167 167 167 167 167

Cummulated capacity (MW)-new 50 100 150 200 200 200 200 200

Investment costs (mill. EUR)-prior 432.9 185 0 0 0 0 0 0 0 0 0

Investment costs (mill. EUR)-new 0 0 185 185 185 185 0 0 0 0 0

Electricity production (GWh)-prior 0 287 410 410 410 410 410 410 410 410 410

Electricity production (GWh)-new 123 245 368 491 491 491 491 491Electricity market price (EUR/MWh) 47 48 49 50 51 52 53 54 55 56 57

Revenues from electricity market (mill. EUR)-prior 0 14 20 20 21 21 22 22 23 23 23

Revenues from electricity market (mill. EUR)-new 6 12 19 26 26 27 28 28

Number of GC (1000 units) 0 861 1229 1565 1902 2239 2575 2575 2575 2575 2575

2010 0 0 0 0 0 0 0 0 0 0 0

2011 860932.8 860932.8 860932.8 860932.8 860932.8 860932.8 860932.8 860932.8 860932.8 860932.8

2012 367920 367920 367920 367920 367920 367920 367920 367920 367920

new 2013 336646.8 336646.8 336646.8 336646.8 336646.8 336646.8 336646.8 336646.8

2014 336646.8 336646.8 336646.8 336646.8 336646.8 336646.8 336646.8

2015 336646.8 336646.8 336646.8 336646.8 336646.8 336646.8

2016 336646.8 336646.8 336646.8 336646.8 336646.8

Number of GC (1000 units)-prior 0 861 1229 1229 1229 1229 1229 1229 1229 1229 1229

Number of GC (1000 units)-new 0 0 0 337 673 1010 1347 1347 1347 1347 1347

GC price (EUR/GC) 55 55 56 57 28 27 27 62 63 64 66

Revenues from GC (mill. EUR)-prior 0 47 69 70 34 33 34 76 78 79 81

Revenues from GC (mill. EUR)-new 0 0 0 19 19 27 37 83 85 87 89

Total revenues (mill. EUR)-prior 0 61 89 91 55 54 55 98 100 102 104

Total revenues (mill. EUR)-new 0 0 0 25 31 46 63 110 112 114 117

Total operating costs (mill. EUR)-prior 0 6.4 9.1 9.1 9.1 9.1 9.1 9.1 9.1 9.1 9.1

Total operating costs (mill. EUR)-new 0 0 0 3 5 8 11 11 11 11 11

Net cash flow (mill. EUR)-new 0 0 -185 -162 -159 -147 52 99 101 103 106

IRR 10.2% IRRref 10.2% dif 0.0%

Discount rate (%) 10%

Discounted cost (mill Euro) 0 0 185 188 190 193 11 11 11 11 11

645.61

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Discounted electricity (MWh)

3,083.99

Levelised electricity cost (Euro/MWh)

209.34

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3 3 3 3 3 3 3 3 3 3 4 5

3 3 3 3 3 3 3 3 3 3 4 5

2.745 2.745 2.745 2.745 2.745 2.745 2.745 2.745 2.745 2.745 3.66 4.575

1.24 1.27 1.29 1.32 1.35 1.37 1.40 1.43 1.46 1.49 1.52 1.55

2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032

0 0 0 0 0 0 0 0 0 0 0 0

167 167 167 167 167 167 167 167 167 167 50 0

200 200 200 200 200 200 200 200 200 200 200 200

0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 -93

410 410 410 410 410 410 410 410 410 410 123 0 8070 4.79

491 491 491 491 491 491 491 491 491 491 491 491 0 058 60 61 62 63 65 66 67 68 70 71 73

24 24 25 25 26 26 27 27 28 29 9 0

29 29 30 30 31 32 32 33 34 34 35 36

2575 2575 2575 2575 2575 1715 1347 1010 673 337 0 0 38632

0 0 0 0 0 0 0 0 0 0 0 0

860932.8 860932.8 860932.8 860932.8 860932.8 0 0 0 0 0 0 0

367920 367920 367920 367920 367920 367920 0 0 0 0 0 0

336646.8 336646.8 336646.8 336646.8 336646.8 336646.8 336646.8 0 0 0 0 0

336646.8 336646.8 336646.8 336646.8 336646.8 336646.8 336646.8 336646.8 0 0 0 0

336646.8 336646.8 336646.8 336646.8 336646.8 336646.8 336646.8 336646.8 336646.8 0 0 0

336646.8 336646.8 336646.8 336646.8 336646.8 336646.8 336646.8 336646.8 336646.8 336646.8 0 0 0 01229 1229 1229 1229 1229 368 0 0 0 0 0 0

1347 1347 1347 1347 1347 1347 1347 1010 673 337 0 0

67 68 70 71 73 74 76 77 79 80 82 83

82 84 86 87 89 27 0 0 0 0 0 0

90 92 94 96 98 100 102 78 53 27 0 0

106 108 111 113 115 54 27 27 28 29 9 0

119 121 124 126 129 131 134 111 86 61 35 36 0 0

9.1 9.1 9.1 9.1 9.1 9.1 9.1 9.1 9.1 9.1 2.7 0.0

11 11 11 11 11 11 11 11 11 11 11 11 0 0

108 110 113 115 118 120 123 100 76 50 24 117

11 11 11 11 11 11 11 11 11 11 11 -82

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Coeficienti de reducere

Assumptions 2012 2013 2014

Specific investment cost (EUR/MW) 1700000 1 0.86

Lifetime (years) 20

Average capacity factor (%) 24.0%

Number of GC: 10 years 2 2 2 2 2 2 2 2 2 2

2012 2 2 2 2 2 2 2 2 2

2013 1.72 1.72 1.72 1.72 1.72 1.72 1.72 1.72

Inflation rate factor 2% 1.02 1.04 1.06 1.08 1.10 1.13 1.15 1.17 1.20 1.22

Specific fixed operating costs (EUR/MW) 40000

Specific variable operating costs (EUR/MWh) 10

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Yearly installed capacity (MW)-prior 0 34 25

Yearly installed capacity (MW)-new 25 25 25 25 0 0 0 0

Cummulated capacity (MW)-prior 0 34 59 59 59 59 59 59 59 59 59

Cummulated capacity (MW)-new 25 50 75 100 100 100 100 100

Investment costs (mill. EUR)-prior 57.8 42.5 0 0 0 0 0 0 0 0 0

Investment costs (mill. EUR)-new 0 0 42.5 42.5 42.5 42.5 0 0 0 0 0

Electricity production (GWh)-prior 0 71 124 124 124 124 124 124 124 124 124Electricity production (GWh)-new 53 105 158 210 210 210 210 210

Electricity market price (EUR/MWh) 47 48 49 50 51 52 53 54 55 56 57

Revenues from electricity market (mill. EUR)-prior 0 3 6 6 6 6 7 7 7 7 7

Revenues from electricity market (mill. EUR)-new 3 5 8 11 11 12 12 12um er o un s

2010 0 0 0 0 0 0 0 0 0 0 0

2011 142963.2 142963.2 142963.2 142963.2 142963.2 142963.2 142963.2 142963.2 142963.2 142963.2

2012 105120 105120 105120 105120 105120 105120 105120 105120 105120

new 2013 90403.2 90403.2 90403.2 90403.2 90403.2 90403.2 90403.2 90403.2

2014 90403.2 90403.2 90403.2 90403.2 90403.2 90403.2 90403.2

2015 90403.2 90403.2 90403.2 90403.2 90403.2 90403.22016 90403.2 90403.2 90403.2 90403.2 90403.2

Number of GC (1000 units)-prior 0 143 248 248 248 248 248 248 248 248 248

Number of GC (1000 units)-new 0 0 0 90 181 271 362 362 362 362 362

GC price (EUR/GC) 55 55 56 57 28 27 27 62 63 64 66

Revenues from GC (mill. EUR)-prior 0 8 14 14 7 7 7 15 16 16 16

Revenues from GC (mill. EUR)-new 0 0 0 5 5 7 10 22 23 23 24

Total revenues (mill. EUR)-prior 0 11 20 20 13 13 13 22 23 23 23

Total revenues (mill. EUR)-new 0 0 0 8 10 16 21 34 34 35 36

Total operating costs (mill. EUR)-prior 0 2.1 3.6 3.6 3.6 3.6 3.6 3.6 3.6 3.6 3.6

Total operating costs (mill. EUR)-new 0 0 0 2 3 5 6 6 6 6 6

Net cash flow (mill. EUR)-new 0 0 -43 -36 -35 -32 15 28 28 29 30

IRR 10.3% IRRref 10.3% dif 0.1%

Discount rate (%) 10%

Discounted cost (mill Euro) 0 0 43 44 46 47 6 6 6 6 6

171.96

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Discounted electricity (MWh)

1,520.18

Levelised electricity cost (Euro/MWh)

113.12

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2 2 2 2 2 2 2 2 2 2 3 4

2 2 2 2 2 2 2 2 2 2 3 4

1.72 1.72 1.72 1.72 1.72 1.72 1.72 1.72 1.72 1.72 2.58 3.44

1.24 1.27 1.29 1.32 1.35 1.37 1.40 1.43 1.46 1.49 1.52 1.55

2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032

0 0 0 0 0 0 0 0 0 0 0 0 -34 -25

59 59 59 59 59 59 59 59 59 59 25 0

100 100 100 100 100 100 100 100 100 100 100 100

0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 -21

124 124 124 124 124 124 124 124 124 124 53 0 2428 2.51210 210 210 210 210 210 210 210 210 210 210 210

58 60 61 62 63 65 66 67 68 70 71 73

7 7 8 8 8 8 8 8 8 9 4 0

12 13 13 13 13 14 14 14 14 15 15 15 0 0

0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0

105120 0 0 0 0 0 0 0 0 0 0 0

90403.2 90403.2 0 0 0 0 0 0 0 0 0 0

90403.2 90403.2 90403.2 0 0 0 0 0 0 0 0 0

90403.2 90403.2 90403.2 90403.2 0 0 0 0 0 0 0 090403.2 90403.2 90403.2 90403.2 90403.2 0 0 0 0 0 0 0

105 0 0 0 0 0 0 0 0 0 0 0

362 362 271 181 90 0 0 0 0 0 0 0

67 68 70 71 73 74 76 77 79 80 82 83

7 0 0 0 0 0 0 0 0 0 0 0

24 25 19 13 7 0 0 0 0 0 0 0

14 7 8 8 8 8 8 8 8 9 4 0

37 37 32 26 20 14 14 14 14 15 15 15

3.6 3.6 3.6 3.6 3.6 3.6 3.6 3.6 3.6 3.6 1.5 0.0

6 6 6 6 6 6 6 6 6 6 6 6

30 31 26 20 14 7 8 8 8 9 9 30

6 6 6 6 6 6 6 6 6 6 6 -15

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Assumptions

Specific investment cost (EUR/MW) 185000

Lifetime (years) 15

Average capacity factor (%) 20.5%

Number of GC: 3 years 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5

Inflation rate factor 2% 1.02 1.04 1.06 1.08 1.10 1.13 1.15 1.17 1.20 1.22

Specific fixed operating costs (EUR/MW) 52000

Specific variable operating costs (EUR/MWh) 10

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Yearly installed capacity (MW) 0 286 -25 -25 -25 -25 -25 0 0 0 0

Cummulated capacity (MW) 0 286 261 236 211 186 161 161 161 161 161

Investment costs (mill. EUR) 53 0 0 0 0 0 0 0 0 0 0

Electricity production (GWh) 0 514 469 424 379 334 289 289 289 289 289

Electricity market price (EUR/MWh) 47 48 49 50 51 52 53 54 55 56 57

Revenues from electricity market (mill. EUR) 0 25 23 21 19 17 15 16 16 16 17

Number of GC (1000 units) 0 257 234 212 0 0 0 0 0 0 0

0 256799 234352 211904 0 0 0 0 0 0 0

GC price (EUR/GC) 55 55 56 57 28 27 27 62 63 64 66

Revenues from GC (mill. EUR) 0 14 13 12 0 0 0 0 0 0 0Total revenues (mill. EUR) 0 39 36 33 19 17 15 16 16 16 17

Total operating costs (mill. EUR) 0.0 20.0 18.3 16.5 14.8 13.0 11.3 11.3 11.3 11.3 11.3

Net cash flow (mill. EUR) -53 19 18 17 5 4 4 4 5 5 5

IRR 17.7%

Discount rate (%) 10%

Discounted cost (mill Euro) 53 20 18 17 15 13 11 11 11 11 11

129.78

Discounted electricity (MWh)2,429.78

Levelised electricity cost (Euro/MWh)

53.41

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0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5

1.24 1.27 1.29 1.32 1.35 1.37 1.40 1.43 1.46 1.49 1.52 1.55

2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032

0 0 0 0 0 0 0 0 0 0 0 0

161 161 161 161 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0

289 289 289 289 0 0 0 0 0 0 0 0 4721 0.15

58 60 61 62 63 65 66 67 68 70 71 73

17 17 18 18 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 703

0 0 0 0 0 0 0 0 0 0 1 2

67 68 70 71 73 74 76 77 79 80 82 83

0 0 0 0 0 0 0 0 0 0 0 017 17 18 18 0 0 0 0 0 0 0 0

11.3 11.3 11.3 11.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

6 6 6 7 0 0 0 0 0 0 0 0

11 11 11 11 0 0 0 0 0 0

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Coeficienti de reducere

Assumptions 2012 2013 2014

Specific investment cost (EUR/MW) 4700000 1 0.893

Lifetime (years) 20

Average capacity factor (%) 83%

Number of GC (15 years) 2 2 2 2 2 2 2 2 2 2

2012 2 2 2 2 2 2 2 2 2

2013 1.786 1.786 1.786 1.786 1.786 1.786 1.786 1.786

Number of GC for high efficiency cogeneration 1 1 1 1 1 1 1 1 1 1Inflation rate factor 2% 1.02 1.04 1.06 1.08 1.10 1.13 1.15 1.17 1.20 1.22

Specific fixed operating costs (EUR/MW) 270000

Specific cogeneration factor: H/E 1

High efficiency cogeneration quota (of total generation) 0.4

Specific variable operating costs (EUR/MWh) 80

Heat price (EUR/MWh) 19.68 20.02 20.33 20.62 20.92 21.23 21.54 21.86 22.19 22.52

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Yearly installed capacity (MW)-prior 0 45 38

Yearly installed capacity (MW)-new 43 24 25 35 0 0 0 0

Cummulated capacity (MW)-prior 0 45 83 83 83 83 83 83 83 83 83

Cummulated capacity (MW)-new 43 67 92 127 127 127 127 127

Investment costs (mill. EUR)-prior 211.5 178.6 0 0 0 0 0 0 0 0 0

Investment costs (mill. EUR)-new 0 0 202.1 112.8 117.5 164.5 0 0 0 0 0

Electricity production (GWh)-prior 0 327 603 603 603 603 603 603 603 603 603

Electricity production (GWh)-new 313 487 669 923 923 923 923 923

Electricity market price (EUR/MWh) 47 48 49 50 51 52 53 54 55 56 57

Revenues from electricity market (mill. EUR)-prior 0 16 30 30 31 31 32 33 33 34 35

Revenues from electricity market (mill. EUR)-new 16 25 35 49 50 51 52 53Number of GC (1000 units) 0 785 1448 2132 2513 2911 3467 3467 3467 3467 3467

2010 0 0 0 0 0 0 0 0 0 0 02011 785246 785246 785246 785246 785246 785246 785246 785246 785246 785246

2012 663097 663097 663097 663097 663097 663097 663097 663097 663097

new 2013 683441 683441 683441 683441 683441 683441 683441 683441

2014 381455 381455 381455 381455 381455 381455 381455

2015 397349 397349 397349 397349 397349 397349

2016 556289 556289 556289 556289 556289

Number of GC (1000 units)-prior 0 785 1448 1448 1448 1448 1448 1448 1448 1448 1448

Number of GC (1000 units)-new 0 0 0 683 1065 1462 2019 2019 2019 2019 2019

GC price (EUR/GC) 55 55 56 57 28 27 27 62 63 64 66

Revenues from GC (mill. EUR)-prior 0 43 81 83 40 39 40 90 92 93 95

Revenues from GC (mill. EUR)-new 0 0 0 39 29 39 55 125 128 130 133Heat production (GWh)-prior 0 327 603 603 603 603 603 603 603 603 603

Heat production (GWh)-new 0 0 0 313 487 669 923 923 923 923 923

Heat price (EUR/MWh) 20 20 20 21 21 21 22 22 22 23 23

Revenues from heat (mill. EUR)-prior 0 7 12 12 13 13 13 13 13 14 14

Revenues from heat (mill. EUR)-new 0 0 0 6 10 14 20 20 20 21 21

Total revenues (mill. EUR)-prior 0 65 123 125 83 83 85 135 138 141 144

Total revenues (mill. EUR)-new 0 0 0 61 64 88 124 195 199 203 207

Total operating costs (mill. EUR)-prior 0 38 71 71 71 71 71 71 71 71 71

Total operating costs (mill. EUR)-new 0 0 0 37 57 78 108 108 108 108 108

Net cash flow (mill. EUR)-new 0 0 -202 -88 -110 -154 16 87 91 95 99

IRR 10.5% IRRref 10.5% dif 0.1%

Discount rate (%) 10%

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Discounted cost (mill Euro) 0 0 202 143 164 229 88 88 88 87 87

1,043.12

Discounted electricity (MWh)

6,754.40

Levelised electricity cost (Euro/MWh)

154.44

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21668 0

2 2 2 2 2 2 2 2 2 2 3 4

2 2 2 2 2 2 2 2 2 2 3 4

1.786 1.786 1.786 1.786 1.786 1.786 1.786 1.786 1.786 1.786 2.679 3.572 0 0

1 1 1 1 1 1 1 1 1 1 2 31.24 1.27 1.29 1.32 1.35 1.37 1.40 1.43 1.46 1.49 1.52 1.55

2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032

0 0 0 0 0 0 0 0 0 0 0 0

83 83 83 83 83 83 83 83 83 83 38 0

127 127 127 127 127 127 127 127 127 127 127 127

0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 -72

603 603 603 603 603 603 603 603 603 603 276 0 11793 4.41

923 923 923 923 923 923 923 923 923 923 923 923

58 60 61 62 63 65 66 67 68 70 71 73

35 36 37 37 38 39 40 41 41 42 20 0

54 55 56 57 58 60 61 62 63 64 66 67 0 03467 3467 3467 3467 3467 2682 2019 1335 954 556 0 0 52003

0 0 0 0 0 0 0 0 0 0 0 0785246 785246 785246 785246 785246 0 0 0 0 0 0 0

663097 663097 663097 663097 663097 663097 0 0 0 0 0 0

683441 683441 683441 683441 683441 683441 683441 0 0 0 0 0

381455 381455 381455 381455 381455 381455 381455 381455 0 0 0 0

397349 397349 397349 397349 397349 397349 397349 397349 397349 0 0 0

556289 556289 556289 556289 556289 556289 556289 556289 556289 556289 0 0

1448 1448 1448 1448 1448 663 0 0 0 0 0 0

2019 2019 2019 2019 2019 2019 2019 1335 954 556 0 0

67 68 70 71 73 74 76 77 79 80 82 83

97 99 101 103 105 49 0 0 0 0 0 0

135 138 141 144 146 149 152 103 75 45 0 0603 603 603 603 603 603 603 603 603 603 276 0

923 923 923 923 923 923 923 923 923 923 923 923

23 24 24 25 25 26 26 27 27 28 29 29

14 14 15 15 15 16 16 16 17 17 8 0

22 22 23 23 23 24 24 25 25 26 26 27

147 149 152 155 159 104 56 57 58 59 28 0

211 215 219 224 228 233 238 190 163 135 92 94

71 71 71 71 71 71 71 71 71 71 32 0

108 108 108 108 108 108 108 108 108 108 108 108 0 0

103 107 111 116 120 125 129 81 55 27 -16 58

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87 86 86 85 85 84 84 83 83 82 82 9

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Coeficienti de reducere

Assumptions 2012 2013 2014

Specific investment cost (EUR/MW) 3850000 1 0.96

Lifetime (years) 20

Average capacity factor (%) 74%

Number of GC (15 years) 2 2 2 2 2 2 2 2 2 2

2012 2 2 2 2 2 2 2 2 2

2013 1.92 1.92 1.92 1.92 1.92 1.92 1.92 1.92

Number of GC for high efficiency cogeneration: 15 years 0 0 0 0 0 0 0 0 0 0Inflation rate factor 2% 1.02 1.04 1.06 1.08 1.10 1.13 1.15 1.17 1.20 1.22

Specific fixed operating costs (EUR/MW) 175000

Specific cogeneration factor: Q/E 0

High efficiency cogeneration quota (of total generation) 0

Specific variable operating costs (EUR/MWh) 52

Heat price (EUR/MWh) 19.68 20.02 20.33 20.62 20.92 21.23 21.54 21.86 22.19 22.52

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Yearly installed capacity (MW)-prior 0 20 17

Yearly installed capacity (MW)-new 19 14 15 15 0 0 0 0

Cummulated capacity (MW)-prior 0 20 37 37 37 37 37 37 37 37 37Cummulated capacity (MW)-new 19 33 48 63 63 63 63 63

Investment costs (mill. EUR)-prior 77 65.45 0 0 0 0 0 0 0 0 0

Investment costs (mill. EUR)-new 0 0 73.15 53.9 57.75 57.75 0 0 0 0 0

Electricity production (GWh)-prior 0 130 240 240 240 240 240 240 240 240 240

Electricity production (GWh)-new 123 214 311 408 408 408 408 408

Electricity market price (EUR/MWh) 47 48 49 50 51 52 53 54 55 56 57

Revenues from electricity market (mill. EUR)-prior 0 6 12 12 12 12 13 13 13 13 14

Revenues from electricity market (mill. EUR)-new 6 11 16 22 22 22 23 23Number of GC (1000 units) 0 259 480 716 890 1077 1264 1264 1264 1264 1264

2010 0 0 0 0 0 0 0 0 0 0 02011 259296 259296 259296 259296 259296 259296 259296 259296 259296 259296

2012 220402 220402 220402 220402 220402 220402 220402 220402 220402

new 2013 236478 236478 236478 236478 236478 236478 236478 236478

2014 174247 174247 174247 174247 174247 174247 174247

2015 186693 186693 186693 186693 186693 186693

2016 186693 186693 186693 186693 186693

Number of GC (1000 units)-prior 0 259 480 480 480 480 480 480 480 480 480

Number of GC (1000 units)-new 0 0 0 236 411 597 784 784 784 784 784

GC price (EUR/GC) 55 55 56 57 28 27 27 62 63 64 66

Revenues from GC (mill. EUR)-prior 0 14 27 27 13 13 13 30 30 31 32

Revenues from GC (mill. EUR)-new 0 0 0 14 11 16 21 49 50 51 52Heat production (GWh)-prior 0 0 0 0 0 0 0 0 0 0 0

Heat production (GWh)-new 0 0 0 0 0 0 0 0 0 0 0

Heat price (EUR/MWh) 19.68 20.02 20.33 20.62 20.92 21.23 21.54 21.86 22.19 22.52 23

Revenues from heat (mill. EUR)-prior 0 0 0 0 0 0 0 0 0 0 0

Revenues from heat (mill. EUR)-new 0 0 0 0 0 0 0 0 0 0 0

Total revenues (mill. EUR)-prior 0 20 39 39 25 25 26 43 44 44 45

Total revenues (mill. EUR)-new 0 0 0 20 22 32 43 71 72 73 75

Total operating costs (mill. EUR)-prior 0 10 19 19 19 19 19 19 19 19 19

Total operating costs (mill. EUR)-new 0 0 0 10 17 25 32 32 32 32 32

Net cash flow (mill. EUR)-new 0 0 -73 -44 -52 -50 11 38 40 41 43

IRR 11.8% IRRref 11.8% dif 0.1%

Discount rate (%) 10%

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Discounted cost (mill Euro) 0 0 73 64 75 82 32 32 32 32 32

404.20

Discounted electricity (MWh)

2,983.79

Levelised electricity cost (Euro/MWh)

135.47

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32 32 32 32 32 32 32 32 32 32 32 3

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Coeficienti de reducere

Assumptions 2012 2013 2014

Specific investment cost (EUR/MW) 4250000 1 0.945

Lifetime (years) 20

Average capacity factor (%) 66%

Number of GC (15 years) 3 3 3 3 3 3 3 3 3 3

2012 3 3 3 3 3 3 3 3 3

2013 2.835 2.835 2.835 2.835 2.835 2.835 2.835 2.835

Number of GC for high efficiency cogeneration: 15 years 0 0 0 0 0 0 0 0 0 0Inflation rate factor 2% 1.02 1.04 1.06 1.08 1.10 1.13 1.15 1.17 1.20 1.22

Specific fixed operating costs (EUR/MW) 210000

Specific variable operating costs (EUR/MWh) 75

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Yearly installed capacity (MW)-prior 0 20 17

Yearly installed capacity (MW)-new 20 13 15 15 0 0 0 0

Cummulated capacity (MW)-prior 0 20 37 37 37 37 37 37 37 37 37

Cummulated capacity (MW)-new 20 33 48 63 63 63 63 63

Investment costs (mill. EUR)-prior 85 72.25 0 0 0 0 0 0 0 0 0

Investment costs (mill. EUR)-new 0 0 85 55.25 63.75 63.75 0 0 0 0 0Electricity production (GWh)-prior 0 116 214 214 214 214 214 214 214 214 214

Electricity production (GWh)-new 116 191 278 364 364 364 364 364

Electricity market price (EUR/MWh) 47 48 49 50 51 52 53 54 55 56 57

Revenues from electricity market (mill. EUR)-prior 0 6 10 11 11 11 11 12 12 12 12

Revenues from electricity market (mill. EUR)-new 6 10 14 19 20 20 20 21Number of GC (1000 units) 0 347 642 970 1183 1429 1674 1674 1674 1674 1674

2010 0 0 0 0 0 0 0 0 0 0 0

2011 346896 346896 346896 346896 346896 346896 346896 346896 346896 346896

2012 294862 294862 294862 294862 294862 294862 294862 294862 294862

new 2013 327817 327817 327817 327817 327817 327817 327817 327817

2014 213081 213081 213081 213081 213081 213081 213081

2015 245863 245863 245863 245863 245863 245863

2016 245863 245863 245863 245863 245863

Number of GC (1000 units)-prior 0 347 642 642 642 642 642 642 642 642 642

Number of GC (1000 units)-new 0 0 0 328 541 787 1033 1033 1033 1033 1033

GC price (EUR/GC) 55 55 56 57 28 27 27 62 63 64 66

Revenues from GC (mill. EUR)-prior 0 19 36 37 18 17 18 40 41 41 42

Revenues from GC (mill. EUR)-new 0 0 0 19 15 21 28 64 65 67 68

Heat production (GWh)-prior 0 0 0 0 0 0 0 0 0 0 0

Heat production (GWh)-new 0 0 0 0 0 0 0 0 0 0 0

Heat price (EUR/MWh) 19.68 20.02 20.33 20.62 20.92 21.23 21.54 21.86 22.19 22.52 23Revenues from heat (mill. EUR)-prior 0 0 0 0 0 0 0 0 0 0 0

Revenues from heat (mill. EUR)-new 0 0 0 0 0 0 0 0 0 0 0

Total revenues (mill. EUR)-prior 0 25 46 47 29 28 29 51 52 53 54

Total revenues (mill. EUR)-new 0 0 0 25 25 36 48 84 85 87 89

Total operating costs (mill. EUR)-prior 0 13 24 24 24 24 24 24 24 24 24

Total operating costs (mill. EUR)-new 0 0 0 13 21 31 41 41 41 41 41

Net cash flow (mill. EUR)-new 0 0 -85 -44 -60 -59 7 43 45 46 48

IRR 11.3% IRRref 11.3% dif 0.1%

Discount rate (%) 10%

Discounted cost (mill Euro) 0 0 85 68 85 95 41 41 41 41 41

479.89

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Discounted electricity (MWh)

2,666.48

Levelised electricity cost (Euro/MWh)

179.97

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3 3 3 3 3 3 3 3 3 3 4 5

3 3 3 3 3 3 3 3 3 3 4 5

2.835 2.835 2.835 2.835 2.835 2.835 2.835 2.835 2.835 2.835 3.78 4.725 0 0

0 0 0 0 0 0 0 0 0 0 1 21.24 1.27 1.29 1.32 1.35 1.37 1.40 1.43 1.46 1.49 1.52 1.55

2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032

0 0 0 0 0 0 0 0 0 0 0 0

37 37 37 37 37 37 37 37 37 37 17 0

63 63 63 63 63 63 63 63 63 63 63 63

0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 -32214 214 214 214 214 214 214 214 214 214 98 0 4180 6.01

364 364 364 364 364 364 364 364 364 364 364 364

58 60 61 62 63 65 66 67 68 70 71 73

13 13 13 13 14 14 14 14 15 15 7 0

21 22 22 23 23 24 24 24 25 25 26 261674 1674 1674 1674 1674 1327 1033 705 492 246 0 0 25116

0 0 0 0 0 0 0 0 0 0 0 0

346896 346896 346896 346896 346896 0 0 0 0 0 0 0

294862 294862 294862 294862 294862 294862 0 0 0 0 0 0

327817 327817 327817 327817 327817 327817 327817 0 0 0 0 0

213081 213081 213081 213081 213081 213081 213081 213081 0 0 0 0

245863 245863 245863 245863 245863 245863 245863 245863 245863 0 0 0

245863 245863 245863 245863 245863 245863 245863 245863 245863 245863 0 0

642 642 642 642 642 295 0 0 0 0 0 0

1033 1033 1033 1033 1033 1033 1033 705 492 246 0 0

67 68 70 71 73 74 76 77 79 80 82 83

43 44 45 46 47 22 0 0 0 0 0 0

69 71 72 73 75 76 78 54 39 20 0 0

0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0

23 24 24 25 25 26 26 27 27 28 29 290 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0

56 57 58 59 60 36 14 14 15 15 7 0

91 92 94 96 98 100 102 79 64 45 26 26 0 0

24 24 24 24 24 24 24 24 24 24 11 0

41 41 41 41 41 41 41 41 41 41 41 41 0 0

50 52 54 56 57 59 61 38 23 5 -15 18

41 41 41 41 41 41 41 41 41 41 41 8

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Coeficienti de reducere

Assumptions 2012 2013 2014

Specific investment cost (EUR/MW) 2400000 1 0.767

Lifetime (years) 20

Average capacity factor (%) 65%

Number of GC: 15 years 1 1 1 1 1 1 1 1 1 1

2012 1 1 1 1 1 1 1 1 1

2013 0.767 0.767 0.767 0.767 0.767 0.767 0.767 0.767

Number of GC for high efficiency cogeneration: 15 years 0 0 0 0 0 0 0 0 0 0Inflation rate factor 2% 1.02 1.04 1.06 1.08 1.10 1.13 1.15 1.17 1.20 1.22

Specific fixed operating costs (EUR/MW) 182000

Specific cogeneration factor: Q/E 0

High efficiency cogeneration quota (of total generation) 0

Specific variable operating costs (EUR/MWh) 10

Heat price (EUR/MWh) 19.68 20.02 20.33 20.62 20.92 21.23 21.54 21.86 22.19 22.52

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Yearly installed capacity (MW)-prior 0 5 3

Yearly installed capacity (MW)-new 3 3 3 3 0 0 0 0

Cummulated capacity (MW)-prior 0 5 8 8 8 8 8 8 8 8 8Cummulated capacity (MW)-new 3 6 9 12 12 12 12 12

Investment costs (mill. EUR)-prior 12 7.2 0 0 0 0 0 0 0 0 0

Investment costs (mill. EUR)-new 0 0 7.2 7.2 7.2 7.2 0 0 0 0 0

Electricity production (GWh)-prior 0 28 46 46 46 46 46 46 46 46 46

Electricity production (GWh)-new 17 34 51 68 68 68 68 68

Electricity market price (EUR/MWh) 47 48 49 50 51 52 53 54 55 56 57

Revenues from electricity market (mill. EUR)-prior 0 1 2 2 2 2 2 2 3 3 3

Revenues from electricity market (mill. EUR)-new 1 2 3 4 4 4 4 4Number of GC (1000 units) 0 28 46 59 72 85 98 98 98 98 98

2010 0 0 0 0 0 0 0 0 0 0 0

2011 28470 28470 28470 28470 28470 28470 28470 28470 28470 284702012 17082 17082 17082 17082 17082 17082 17082 17082 17082

new 2013 13102 13102 13102 13102 13102 13102 13102 13102

2014 13102 13102 13102 13102 13102 13102 13102

2015 13102 13102 13102 13102 13102 13102

2016 13102 13102 13102 13102 13102

Number of GC (1000 units)-prior 0 28 46 46 46 46 46 46 46 46 46

Number of GC (1000 units)-new 0 0 0 13 26 39 52 52 52 52 52

GC price (EUR/GC) 55 55 56 57 28 27 27 62 63 64 66

Revenues from GC (mill. EUR)-prior 0 2 3 3 1 1 1 3 3 3 3

Revenues from GC (mill. EUR)-new 0 0 0 1 1 1 1 3 3 3 3Heat production (GWh)-prior 0 0 0 0 0 0 0 0 0 0 0

Heat production (GWh)-new 0 0 0 0 0 0 0 0 0 0 0

Heat price (EUR/MWh) 19.68 20.02 20.33 20.62 20.92 21.23 21.54 21.86 22.19 22.52 23

Revenues from heat (mill. EUR)-prior 0 0 0 0 0 0 0 0 0 0 0

Revenues from heat (mill. EUR)-new 0 0 0 0 0 0 0 0 0 0 0

Total revenues (mill. EUR)-prior 0 3 5 5 4 4 4 5 5 5 6

Total revenues (mill. EUR)-new 0 0 0 2 2 4 5 7 7 7 7

Total operating costs (mill. EUR)-prior 0 1 2 2 2 2 2 2 2 2 2

Total operating costs (mill. EUR)-new 0 0 0 1 1 2 3 3 3 3 3

Net cash flow (mill. EUR)-new 0 0 -7 -6 -6 -6 2 4 4 4 4

IRR 11.8% IRRref 11.8% dif 0.0%

Discount rate (%) 10%

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Discounted cost (mill Euro) 0 0 7 8 9 9 3 3 3 3 3

41.18

Discounted electricity (MWh)

494.06

Levelised electricity cost (Euro/MWh)

83.36

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1 1 1 1 1 1 1 1 1 1 2 3

1 1 1 1 1 1 1 1 1 1 2 3

0.767 0.767 0.767 0.767 0.767 0.767 0.767 0.767 0.767 0.767 1.534 2.301

0 0 0 0 0 0 0 0 0 0 1 2

1.24 1.27 1.29 1.32 1.35 1.37 1.40 1.43 1.46 1.49 1.52 1.55

2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032

0 0 0 0 0 0 0 0 0 0 0 0

8 8 8 8 8 8 8 8 8 8 3 012 12 12 12 12 12 12 12 12 12 12 12

0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 -4

46 46 46 46 46 46 46 46 46 46 17 0 894 1.64

68 68 68 68 68 68 68 68 68 68 68 68

58 60 61 62 63 65 66 67 68 70 71 73

3 3 3 3 3 3 3 3 3 3 1 0

4 4 4 4 4 4 4 5 5 5 5 5 0 098 98 98 98 98 69 52 39 26 13 0 0 1469

0 0 0 0 0 0 0 0 0 0 0 0

28470 28470 28470 28470 28470 0 0 0 0 0 0 017082 17082 17082 17082 17082 17082 0 0 0 0 0 0

13102 13102 13102 13102 13102 13102 13102 0 0 0 0 0

13102 13102 13102 13102 13102 13102 13102 13102 0 0 0 0

13102 13102 13102 13102 13102 13102 13102 13102 13102 0 0 0

13102 13102 13102 13102 13102 13102 13102 13102 13102 13102 0 0 0 0

46 46 46 46 46 17 0 0 0 0 0 0

52 52 52 52 52 52 52 39 26 13 0 0

67 68 70 71 73 74 76 77 79 80 82 83

3 3 3 3 3 1 0 0 0 0 0 0

4 4 4 4 4 4 4 3 2 1 0 00 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0

23 24 24 25 25 26 26 27 27 28 29 29

0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0

6 6 6 6 6 4 3 3 3 3 1 0

8 8 8 8 8 8 8 8 7 6 5 5

2 2 2 2 2 2 2 2 2 2 1 0

3 3 3 3 3 3 3 3 3 3 3 3

5 5 5 5 5 5 6 5 4 3 2 6

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3 3 3 3 3 3 3 3 3 3 3 -1

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Coeficienti de reducere

Assumptions 2012 2013 2014

Specific investment cost (EUR/MW) 3500000 1 1

Lifetime (years) 20

Average capacity factor (%) 16.00%

Number of GC: 15 years 6 6 6 6 6 6 6 6 6 6

2012 6 6 6 6 6 6 6 6 6

2013 6 6 6 6 6 6 6 6

Inflation rate factor 2% 1.02 1.04 1.06 1.08 1.10 1.13 1.15 1.17 1.20 1.22

Specific fixed operating costs (EUR/MW) 38000

Specific variable operating costs (EUR/MWh) 10

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Yearly installed capacity (MW)-prior 0 8 35

Yearly installed capacity (MW)-new 35 35 17 10 0 0 0 0

Cummulated capacity (MW)-prior 0 8 43 43 43 43 43 43 43 43 43

Cummulated capacity (MW)-new 35 70 87 97 97 97 97 97

Investment costs (mill. EUR)-prior 28 122.5 0 0 0 0 0 0 0 0 0

Investment costs (mill. EUR)-new 0 0 122.5 122.5 59.5 35 0 0 0 0 0

Electricity production (GWh)-prior 0 11 60 60 60 60 60 60 60 60 60

Electricity production (GWh)-new 49 98 122 136 136 136 136 136

Electricity market price (EUR/MWh) 47 48 49 50 51 52 53 54 55 56 57

Revenues from electricity market (mill. EUR)-prior 0 1 3 3 3 3 3 3 3 3 3

Revenues from electricity market (mill. EUR)-new 2 5 6 7 7 7 8 8

Number of GC (1000 units) 0 67 362 656 950 1093 1177 1177 1177 1177 1177

2010 0 0 0 0 0 0 0 0 0 0 0

2011 67277 67277 67277 67277 67277 67277 67277 67277 67277 67277

2012 294336 294336 294336 294336 294336 294336 294336 294336 294336

new 2013 294336 294336 294336 294336 294336 294336 294336 294336

2014 294336 294336 294336 294336 294336 294336 294336

2015 142963 142963 142963 142963 142963 142963

2016 84096 84096 84096 84096 84096Number of GC (1000 units)-prior 0 67 362 362 362 362 362 362 362 362 362

Number of GC (1000 units)-new 0 0 0 294 589 732 816 816 816 816 816

GC price (EUR/GC) 55 55 56 57 28 27 27 62 63 64 66

Revenues from GC (mill. EUR)-prior 0 4 20 21 10 10 10 22 23 23 24

Revenues from GC (mill. EUR)-new 0 0 0 17 16 20 22 51 52 53 54

Total revenues (mill. EUR)-prior 0 4 23 24 13 13 13 26 26 27 27

Total revenues (mill. EUR)-new 0 0 0 19 21 26 30 58 59 60 61

Total operating costs (mill. EUR)-prior 0 0.4 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2

Total operating costs (mill. EUR)-new 0 0 0 2 4 5 5 5 5 5 5

Net cash flow (mill. EUR)-new 0 0 -123 -105 -42 -13 24 53 54 55 56

IRR 11.5% IRRref 11.6% dif -0.9%

Discount rate (%) 10%

Discounted cost (mill Euro) 0 0 123 124 63 40 5 5 5 5 5

314.76

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Discounted electricity (MWh)

994.22

Levelised electricity cost (Euro/MWh)

316.59