Info Report Check
Submission incomplete:
1: The DOE is requested to include information on how it has validated sensitivity analysis of the investment analysis as per VVM v1.2 paragraph 111 (e).
In doing so please provide information justifying why the O&M costs were omitted from the sensitivity analysis.

2: The DOE is requested to provide information on how it has validated the suitability of the benchmark as per VVM v 1.2 paragraph 114 (b).
In doing so please clarify the: i) beta value used to calculate the risk-free rate as the VR (page 17) mentions that the minimum re-levered beta value was used while the PDD (Table 5) shows that the average re-levered value of 1.71 was applied and ii) information provided on market return, Rm, (validation report page 17) mentions that "the investment capital of project sponsor (equity) in the project must be accounted for at least 30%" and thisappears to be inconsistent with the PDD (page 14) which indicates that the market return is determined based on historical data from stock returns.

3: The DOE is requested to provide information on how it has assessed the existence of the similar projects for common practice analysis as per VVM v 1.2 paragraph 121 (b)
considering that PDD (page 18) mentions that before 2001 only state-owned entities were allowed to invest in and generate electricity while the VR (page 21) shows that Independent Power Producers (IPPs) were also involved.