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PECO-PEDC Electric Power Purchase Agreement EXPOSITORY PRESENTATION 9 September 2010

PECO-PEDC Electric Power Purchase Agreement EXPOSITORY PRESENTATION 9 September 2010. Panay Region Power Situation (newspaper clippings). EPC PROJECT: 2 x 82MW CFB POWER PLANT EXPANSION PROJECT Brgy . Ingore , La Paz, Iloilo City GROUND BREAKING : September 2008 DATE STARTED : February 2009

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PECO-PEDC Electric Power Purchase Agreement EXPOSITORY PRESENTATION 9 September 2010

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  1. PECO-PEDC Electric Power Purchase AgreementEXPOSITORY PRESENTATION9 September 2010

  2. Panay Region Power Situation (newspaper clippings)

  3. EPC PROJECT: 2 x 82MW CFB POWER PLANT EXPANSION PROJECTBrgy. Ingore, La Paz, Iloilo City GROUND BREAKING : September 2008 DATE STARTED : February 2009 DATE OF COMPLETION : December 30, 2010 PROJECT COST : PhP19,908,518,700.00 BOILER MANUFACTURER : FORMOSA HEAVY INDUSTRIES, INC. (Under License from Foster-Wheeler) TURBINE MANUFACTURER : KAWASAKI HEAVY INDUSTRIES GENERATOR MANUFACTURER: TOSHIBA ELECTRIC

  4. 2 X 82MW CFB POWER PLANT EXPANSION PROJECTBrgy. Ingore, La Paz, Iloilo City TARGET COMPLETION DATES: UNIT 1 COLD TEST - August 2010 INITIAL IGNITION - September 4, 2010 SYNCHRONIZATION - September 30, 2010 UNIT 2 COLD TEST - November 2010 INITIAL IGNITION - Mid of November 2010 SYNCHRONIZATION - December 30, 2010

  5. Visayas Power SituationPower Demographics – CNP 2010 2010 SUPPLY-DEMAND SCENARIO Luzon Line Capacity 212 MW Line Capacity 360 MW Leyte Geothermal Cap. 400 Line Capacity 80 MW Bohol Capacity 15 Demand 42 Reserve 44 Source: Planning & Development Division, TRANSCO, September 2007

  6. Consolidated CNP Grid Supply-Demand 2009-2020 (As of end October 2009) Note: Additional 219MWwill come in by Year 2010 {146MW from CEDC Units 1 & 2 and 73MW from PEDC Unit-1} Another 565MW will come in by Year 2011 {219MW from 2010, plus 200MW from KEPCO, 73MW from CEDC Unit-3, and 73MW from PEDC Unit-2}

  7. PANAY SUPPLY DEMAND SITUATION

  8. Project Rationale The Panay Expansion Project, to be undertaken by the Project Company, Panay Energy Development Corporation, offers a partial solution to the power crisis in the Island of Panay.

  9. PECO-PEDC EPPA Tariff Computation – General Parameters

  10. PECO-PEDC EPPA Tariff Computation Electricity Fees = (Capital Recovery + Peso O&M Charge + Dollar O&M Charge) + Fuel Cost

  11. PECO-PEDC EPPA Capital Recovery Fee Using the concept of the Time Value of Money (Annuities) Where: PVAn = Present value PMT = value of the annuity n = period i = interest rate

  12. PECO-PEDC EPPA Capital Recovery Fee

  13. PECO-PEDC EPPA Capital Recovery Fee

  14. PECO-PEDC EPPA Peso O&M Fee

  15. PECO-PEDC EPPA Dollar O&M Fee

  16. PECO-PEDC EPPA Fuel Cost Computation Fuel Cost = Current Fuel Cost + Transport Cost x Consumption Rate x Forex 1000 Current Fuel Cost = Base Coal Price x Current Newcastle Index Base Newcastle Index Base Coal Price = US$ 53.22/MT Current New Castle Index = Preceding Quarter’s Average Coal Price as per the Global Coal New Castle Physical Trading Base Newcastle Index = US$ 63.44/MT Consumption Rate = Actual Consumption Rate or 0.7kg/kWh escalated at 1.5% per year, whichever is lower

  17. PEDC RATE COMPUTATION PECO Tariff at Different Load Factors

  18. End of Presentation THANK YOU

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