Info Report Check
Submission incomplete:
1: The DOE is requested to include information on how it has validated the input values to the financial calculations as per VVM v 1.2 paragraph 114 (a).
The crosschecking of the project cost is incomplete. The value from the investment certificate (2 Dec 2009) is not provided. The identification numbers for the 'local registered projects' are not provided. The 'Technical Design Report' (Jan 2010) is not referenced and it is unclear what this is.
Crosschecking of the tariff is incomplete as the government decision 2014QD/BCN is not referenced and no date is provided.

2: 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).
The sensitivity analysis is incomplete as it has excluded operation and maintenance costs from the analysis without an explanation.

3: 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).
The detailed calculations for the cost of equity calculation (CAPM) have not been submitted. The cost of equity, based on Ibbotson, has not been validated. The variable Tc (the average enterprise tax rate) has not been validated, only the enterprise tax rate during certain periods has been validated.

4: The DOE is requested to provide information on how the distinctive differences between the project activity and the similar projects identified in the selected scope are justified as per VVM v 1.2 paragraph 121 (c).
No references have been provided to demonstrate that, of the six hydro projects presented for common practice analysis, four of them were built prior to 2001 and that the remaining two are state owned.