Summary of Financial Analysis

Project Name : MFOnisation of PLTD Kanaan

Period Study : 5 years (assume: machine remaining life time is 5 years)

Installed Capacity 4 x 2,035 kW = 8,140 kW

Year 2017 (EPC) 2018 2019 2020 2021 2022 2023 2024
Capacity Factor 56.65% 63.11% 70.96% 76.7% 76.0% 75.2% 74.5% 73.5%
Energy generated (kWh) 40,392,127 44,998,970 50,598,262 54,692,009 54,192,864

Debt/Equity Financial Indices

Debt Equity Income tax 10%
70% 30% Value Added Tax 10%
Discount rate 12%
Construction Cost Book life 4 yr
Before Price Escalation 16,668,579,491 Rp Period for IRR Calculation 5 yr
After Price Escalation 17,190,193,353 Rp Payback Period at Discount Rate of 12% - months
Net Present Value at Discount Rate of 12% 40,094,810,645 Rp
Financial Budget 20,177,465,272 Rp BCR at Discount Rate of 12% 61.90
Internal Rate of Return Err:523 monthly
Financial Structures Rp Loan Condition
Equity 5,672,763,807 Interest Rate 14.0% per year
Loan Portion 14,504,701,465 Repayment Period 3 year
Construction Loan 13,236,448,882 Grace Period - year
Commitment Fee 26,472,898 Commitment Fee 0.20%
IDC 1,241,779,686 Interest During Construction (IDC) 1241779685.69
Total 20,177,465,272 Generation Condition
Initial generation in month 0 100% capacity
Time now Des-07 Energy from MFO 100% of energy generated
Commission time (month 0) Des-08 Fuel Cost - US $ /kWh
Working Capital 209,668,800
Fuel cost saving (Sept 07) Additional OM cost
Expression in Rp. 723.92 Rp/kwh OM Cost (Fixed) 427,604,218 Rp/year 46,479 US $ /year
Expression in US $ 0.0787 US $/kwh OM Cost (Variable) 21.18 Rp/kWh 0.0023 US $ /kWh
Additional Energy Consumption 2%

Income Statement Rp
Price Escalation 7.00% /year Sales Revenues 158,378,297,610
Escalation of Power Tariff N/A /year Operating Expenses 26,254,054,320
Escalation of Fuel cost 2.0% /year Financial Expenses 1,572,602,932
Exchange of 1 US $ by year now 9,200 Rp. Net Income before Tax 130,551,640,358
Income Tax 15,837,829,761
Net Income after tax 114,713,810,597
 INVESTMENT COST
FUEL CONVERSION from HSD to MFO
PLTD KANA'AN - BONTANG
4 UNITS x 2,544 kW

PLTD Kana'an
Remark
No. Item Unit Cost
Qty. Specification (each unit) Maufacturer

A MFO Unloading Unit Rp. 613,182,300 2 units from mobile tank to storage tank ex. local
cap. 30 m3/h main equip. ex. Japan
B METAL & CIVIL WORKS
1 Unloading Facilities & Piping System 474,376,100 2 units from storage tank to settling tank, cap. 30 m3/h
2 Transfer pump module 325,666,400 2 units from settling tank to pruifier & daily tank, cap. 10 m3/h
3 Separator module 3,099,954,200 2 units type PU 150; cap 2,500-2,750 ltr/h ex. Europe
c/w. fuel/oil filter module (Alfa Laval or equiv.)
4 Booster Module (Fuel Conditioning Module) 2,167,168,200 2 units type FM 1200; cap. 1,200 ltr/h ex. Europe
(complete standard module with cold-side filter) (Alfa Laval or equiv.)
c/w. fuel/oil filter module c/w. control module for 2 units engine
5 Steam Boiler 1,904,189,800 1 unit type HRSG (heat recovery steam generator) ex. local
cap. 6 ton/h, steam temp. 160-165 oC (saturated)
6 Steam & Fuel Piping System 783,954,800 1 lot Steel Pipe ASTM A53 Grade A, SCH.40 ex. local
7 Control Panel for MFO System 368,962,500 1 set
8 MFO Settling Tank 477,577,200 2 units cap. 15 kL, c/w steam heater & insulation ex. local
9 MFO Daily Tank 238,788,600 1 unit cap. 15 kL, c/w steam heater & insulation ex. local
###
Sludge Tank 74,403,600 1 unit cap. 3 kL, c/w. sludge pump ex. local
###
MFO Storage Tank 1,328,903,200 1 unit cap. 750 kL, c/w steam heater & accessories ex. local
###
Services work 1,437,765,500 consist of:
Civil work, fuel & steam piping system
Subtotal 12,681,710,100 Design Work
Equipments installation
Commissioning & Supervising

C MECHANICAL WORKS
1 Engine Part 3,372,020,400 4 set consist of:
Exhaust valve & rotocap, ex. Nimonic
Fuel Nozzle Assy.
Plunger & Barrel
Shim (to increase pressure)
Nozzle Cooling
Return pipe for nozzle cooling
Cleaning device for Turbocharger
Lubricator with drive assy.
Lubricator
Insulation for fuel distribution pipe
Connection fitting
Services

Rp. 16,666,912,800
TOTAL INVESTMENT COST a)
Rp/kW 2,047,532.3
 Tabel Perhitungan Fuel Cost Saving Tabel untuk Sens
Nilai tukar rupiah Rp9,200.00
Persentase perubahan harga M
Jenis Bahan Bakar HSD MFO
SFC (lt/kWh) 0.2677 0.2512 Jenis Bahan Bakar
Harga bahan bakar SFC (lt/kWh)
Harga beli (Rp/ltr) 6,371.04 3,774.00 Harga bahan bakar
Ongkos angkut (Rp/ltr) 20.00 155.00
Harga netto dalam Rp/ltr 6,391.04 3,929.00
Harga netto dalam c US $/ltr 69.47 42.71 Biaya penggunaan bahan bakar
Biaya penggunaan bahan bakar
(Rp/kWh) 1,710.88 986.96
(c US $/kWH) 18.60 10.73 Fuel Cost Saving per kWh
Fuel Cost Saving (Rp/kWh) 723.92

Tabel Perhitungan Fuel Cost Saving

Jika MFO Naik 10%

Jenis Bahan Bakar HSD MFO

SFC (lt/kWh) 0.2677 0.2512

Harga bahan bakar

Harga netto (Rp/ltr) 6,391.04 4,321.90

Harga netto (c US $/ltr) 69.47 46.98

Biaya penggunaan bahan bakar

dalam rupiah (Rp/kWh) 1,710.88 1,085.66

dalam US$ (c US $/kWH) 18.60 11.80

Fuel Cost Saving per kWh 625.22

Tabel Perhitungan Fuel Cost Saving

Jika MFO Naik 20%

Jenis Bahan Bakar HSD MFO

SFC (lt/kWh) 0.2677 0.2512

Harga bahan bakar

Harga netto (Rp/ltr) 6,391.04 4,714.80

Harga netto (c US $/ltr) 69.47 51.25

Biaya penggunaan bahan bakar

 dalam rupiah (Rp/kWh) 1,710.88 1,184.36

dalam US$ (c US $/kWH) 18.60 12.87

Fuel Cost Saving per kWh 526.52

Tabel Perhitungan Fuel Cost Saving

Jika MFO Turun 10%
Jenis Bahan Bakar HSD MFO
SFC (lt/kWh) 0.2677 0.2512
Harga bahan bakar
Harga netto (Rp/ltr) 6,391.04 3,536.10
Harga netto (c US $/ltr) 69.47 38.44
Biaya penggunaan bahan bakar
dalam rupiah (Rp/kWh) 1,710.88 888.27
dalam US$ (c US $/kWH) 18.60 9.66
Fuel Cost Saving per kWh 822.61
 Tabel untuk Sensitivitas Harga MFO Untuk sensitivitas
harga MFO: ganti
persentase
Persentase perubahan harga MFO = 0% perubahan harga
MFO
Jenis Bahan Bakar HSD MFO
SFC (lt/kWh) 0.2677 0.2512
Harga bahan bakar
Harga netto (Rp/ltr) 6,391.04 3,929.00
Harga netto (c US $/ltr) 69.47 42.71
Biaya penggunaan bahan bakar
dalam rupiah (Rp/kWh) 1,710.88 986.96
dalam US$ (c US $/kWH) 18.60 10.73
Fuel Cost Saving per kWh 723.92
 0 0.0

Deskripsi/Tahun 2007 2008 2009 2010

Produksi Energi (GWh) 81.3 92.1 102.6 115.4
Pertumbuhan tenaga listrik (%) 13.3 11.4 12.4
Load factor (%) 66.77 70.56 70.75 71.01
Beban Puncak (MW) 13.90 14.90 16.56 18.55
Pertumbuhan beban puncak (%) 7.2 11.1 12.0

Deskripsi/Tahun 2012 2013 2014 2015

Produksi Energi (GWh) 144.8 161.6 180.1 200.3
Pertumbuhan tenaga listrik (%) 11.9 11.6 11.4 11.2
Load factor (%) 71.54 71.80 72.07 72.33
Beban Puncak (MW) 23.10 25.69 28.52 31.61
Pertumbuhan beban puncak (%) 11.5 11.2 11.0 10.8

2007 2008 2009 2010

Pertumbuhan permintaan tenaga listrik 13.29% 11.41% 12.44%
Estimasi Capacity Factor % 50.0% 56.6% 63.1% 71.0%
Daya mampu max. (MW, derating = 1%) 8,140 8,059 7,978 7,898
Produksi maksimum (GWh) 58.61 58.02 57.44 56.87
Kapasitas terpasang 10176 10176 10176 10176
Presentase daya mampu 79.99% 79.19% 78.40% 77.62%
Daya mampu sesui CF 5,088 5,764 6,422 7,221
Selisih 3,052 2,294 1,556 677

Ganti estimasi CF
untuk melakukan
sensitivitas

2007 2008 2009 2010

Estimasi Capacity Factor % 50.00% 56.65% 63.11% 70.96%
2% 49.00% 55.51% 61.84% 69.54%
4% 48.00% 54.38% 60.58% 68.12%
6% 47.00% 53.25% 59.32% 66.70%
8% 46.00% 52.11% 58.06% 65.28%
10% 45.00% 50.98% 56.80% 63.86%
12% 44.00% 49.85% 55.53% 62.44%
15% 42.50% 48.15% 53.64% 60.32%
20% 40.00% 45.32% 50.49% 56.77%
25% 37.50% 42.48% 47.33% 53.22%
30% 35.00% 39.65% 44.17% 49.67%
35% 32.50% 36.82% 41.02% 46.12%
40% 30.00% 33.99% 37.86% 42.58%
 0.0 0.0

2011 2012 2013 2014 2015 2016 2017

129.4 144.8 161.6 180.1 200.3 222.6 245.5
12.1 11.88% 11.64% 11.43% 11.24% 11.10% 10.29%
71.27 71.54 71.80 72.07 72.33 72.60 72.87
20.72 23.10 25.69 28.52 31.61 34.99 38.45
11.7 11.47% 11.23% 11.01% 10.83% 10.69% 9.88%

2016
222.6
11.1
72.60
34.99
10.7

2011 2012 2013 2014 2015 2016

12.14% 11.88% 11.64% 11.43% 11.24% 11.10%
76.7% 76.0% 75.2% 74.5% 73.5% 73.0%
7,819 7,741 7,664 7,587 7,511 7,436
56.30 55.74 55.18 54.63 54.08 53.54
10176 10176 10176 10176 10176 10176
76.84% 76.07% 75.31% 74.56% 73.81% 73.07%
7,805 7,734 7,652 7,581 7,479 7,428
14 7 11 6 32 8

2011 2012 2013 2014 2015 2016

76.70% 76.00% 75.20% 74.50% 73.50% 73.00%
75.17% 74.48% 73.70% 73.01% 72.03% 71.54%
73.63% 72.96% 72.19% 71.52% 70.56% 70.08%
72.10% 71.44% 70.69% 70.03% 69.09% 68.62%
70.56% 69.92% 69.18% 68.54% 67.62% 67.16%
69.03% 68.40% 67.68% 67.05% 66.15% 65.70%
67.50% 66.88% 66.18% 65.56% 64.68% 64.24%
65.20% 64.60% 63.92% 63.33% 62.48% 62.05%
61.36% 60.80% 60.16% 59.60% 58.80% 58.40%
57.53% 57.00% 56.40% 55.88% 55.13% 54.75%
53.69% 53.20% 52.64% 52.15% 51.45% 51.10%
49.86% 49.40% 48.88% 48.43% 47.78% 47.45%
46.02% 45.60% 45.12% 44.70% 44.10% 43.80%
Biaya Operasional & Maintenanace
MFO Selisih
(Variable)

Cost of MFOnisasi (Rp)

Water treatment unit (Rp/kWh) 0.198

Lubrication (Rp/kWh) 36 13.20

Electricity (Rp/kWh) 2.59

Manpower (Rp/kWh)

Maintenance (Rp/kWh) 5.20

HSD for starting up (Rp/kWh)

Total (Rp/KWH) 43.96 21.18

Note: Fuel terpisah untuk memudahkan analisa sensitivitas kenaikan/penurunan harga MFO
 HSD

22.78

22.78

unan harga MFO

 DIESEL ENGINE - PLTD KANA'AN BONTANG Year: 2007
Daya mampu (max.)
4 unit x 2,035 kW = 8,140 kW 8,140
Electricity Product
Cost/Unit
No Item Unit Vol. Cost
(Rp.) /kWh (Rp./kWh)

1 Water Treatment Unit Boiler Cap.

a. Make-up Feed Water Boiler (Demin. Unit) m3 5,367 0.000037 0.198 6 m3/h
2 Fuel & Lubrication 0.02% Eddy H. Tjok.:
1.9128 cc/kWh (HSD Fuel).
a. Fuel
In case MFO Fuel: 20%-
- MFO (raw) ltr 3,774 0.2512 948 25% ahead from HSD Fuel
- Transportation cost (from Balikpapan-Bontang) ltr 155 0.2512 39
b. Oil Lubrication ltr 15,675 0.0023 36 1.9128 cc/kWh
c. HSD (for start-up & cooling down) ltr 5,555 0.0011 6
3 Electricity Eddy H. Tjok.: kW kW
a. Boiler Unit kWh 650 0.00039 0.25 Boiler
twice start-up per year 3.13Eddy H. Tjok.:
b. MFO Separator kWh 650 0.00111 0.72 MFO Separator (2 units) 9waiting for the latest
data
c. FCM (Fuel Conditioning Module) kWh 650 0.00172 1.12 FCM (2 units) 14
d. MFO Transfer Pump kWh 650 0.00050 0.32 Transfer Pump (30 & 10 m3/h) 13.93 6.97
e. MFO Unloading Pump kWh 650 0.00027 0.17 Unloading Pump (30 m3/h) 17.41
kWh/year
Operational Cost 1,032.0 32.37
additional equipment Electricity product ###
USD 3.915/year
4 Manpower (7 men) 4.30 27,405.0 USD/year
Rp/year
5 Maintenance Cost 5.20 304,582,946
6 Insurance 0.78 45,687,442

Manpower, Maintenance & Insurance 10.28

Specific Fuel Consumption (SFC) 0.2677 ltr HSD/kWh 1,487.2 Rp/kWh

MFO (purified) 0.2497 ltr/kWh 2,033 ltr/h (MFO, purified)
Sludge (from MFO purificaton process) 0.587% (average) 288 ltr/day (Sludge) electricity 2.59
MFO requirement (raw) 0.2512 ltr/kWh 2,045 ltr/h (MFO, raw) 2.59
49,077 ltr/day (MFO, raw)

MFO Storage Tank 600,000 kL (existing)

750,000 kL (new)
Stock time 28 days
 Harga
Volume minyak pelumas per mesin = 3344 liter
September
Jumlah mesin = 2007
4 unit
Harga minyak pelumas per liter = 15,675 rupiah

Working capital = 209,668,800 rupiah

 MFO & HSD SPECIFICATION
Value
No. Properties Units Test Method HSD Remarks
MFO

1 Specific gravity at 60/60 oF - D-1298 0.934 0.844

2 Viscosity Redwood 1/100 oF secs D-445 & IP-70 1,274.3
cSt ~ 380 3.86 !!
3 Pour point o
F D-97 42 35
4 Calorific value gross Btu/lb D-240 18,573 19,987
5 Sulphur content %wt D-1551/1552 2.18 0.44 !!
6 Water content %vol D-95 0.4 0.05 !!
7 Sediment %wt D-473 0.096 0.01 !!
8 Ash content %wt D-482 0.079 0.002 !!
9 Neutralization value:
- strong acid number MgKOH/g - - -
10 Flash point P.M.c.c o
F D-93 98 150
11 Contradson carbon residue %wt D-189 8.11 0.093 !!
12 Metal content:
- Sodium (Na) ppm wt F.E.S 31.75 - !!
- Potassium (K) ppm wt F.E.S 0.94
- Magnesium (Mg) ppm wt F.E.S 5.34 0.03 !!
- Calcium (Ca) ppm wt F.E.S 3.77 0.02 !!
- Lead (Pb) ppm wt F.E.S 0.45 0.06 !!
- Vanadium (V) ppm wt F.E.S 22.83 undetected !!
 DATA PENGUSAHAAN 4 UNIT MESIN MAK 8 M 453 B DI PLTD KANAAN BONTANG

NO URAIAN JANUARI S/D DESEMBER TAHUN 2006 AGUSTUS TAHUN 2007

MESIN MAK 1 MESIN MAK 2 MESIN MAK 3 MESIN MAK 4 MESIN MAK 1 MESIN MAK 2 MESIN MAK 3
27028 27029 27030 27031 27028 27029 27030
1 KWH
PRODUKSI Kwh 11,663,702 8,896,980 9,329,590 9,898,600 501,680 182,670 938,810

2 BBM (HSD)
PEMAKAIAN BBM (Ltr) 3,045,393 2,068,524 2,217,741 2,791,457 136,025 48,688 246,272
Harga Dasar BBM (Rp) 17,046,530,297 12,823,329,687 13,439,223,029 14,991,133,319 745,214,323 266,737,695 1,349,203,615
Ongkos Angkut (Rp) 334,993,230 256,525,720 269,015,560 289,369,410 15,710,888 5,623,464 28,444,416

3 PELUMAS
Pemakaian Pelumas (Ltr) 15,102 13,251 15,990 16,153 627 3,344 1,463
Harga Pelumas (Rp) 210,551,480 210,284,400 235,984,100 249,451,120 9,828,225 52,417,200 22,932,525

BIAYA PEMELIHARAAN S/D Des 2006 BIAYA PEMELIHARAAN S/D AGUST 2007

4 Biaya Pemeliharaan
Rutin P0-P5 (Rp) 121,626,660 121,626,660 121,626,660 121,626,660 227,624,000 227,624,000 227,624,000

Periodik (Rp) 480,750,000 1,573,319,000

Gangguan (Rp) 219,450,000 56,839,000 326,920,000

TOTAL 121,626,660 121,626,660 602,376,660 341,076,660 1,857,782,000 227,624,000 554,544,000

SO (Semi Overhaul) : 12.000 Jam

MO (Major Overhaul) : 24.000 Jam
ESIN MAK 8 M 453 B DI PLTD KANAAN BONTANG

AGUSTUS TAHUN 2007

MESIN MAK 4
27031

1,050,610

289,688
1,587,058,605
33,458,964

1,254
19,656,450

BIAYA PEMELIHARAAN S/D AGUST 2007

227,624,000

227,624,000