January 31, 2012

Alaknanda Hydro Power Company Ltd-330 MW Shrinagar Hydroelectric project (Addendum to the Information Memorandum dated December 2011)
A. Background
Alaknanda Hydro Power Company Ltd (AHPCL) is a special purpose company of GVK group to implement 330 MW (4x82.5 MW) run of the river hydroelectric power project on Alaknanda River at Shrinagar, Uttarakhand. At 90% dependability and 95% availability, the project is expected to generate primary energy of 1397 Million Units. The project has been awarded to AHPCL by Government of Uttar Pradesh (GoUP) and Govt. of Uttarakhand (GoU). According to the Implementation Agreement signed between AHPCL, GoUP and GoU, AHPCL shall have the right to own, operate and maintain the project for a concession period of 30 years from the Commercial Operation Date (COD) of the last unit and the period may be extended for a further period of 20 years with the consent of all parties. While 12% of the saleable energy shall be supplied to GoU as free power, UPPCL shall offtake the balance 88% of the saleable energy generated by the project under a firm Power Purchase Agreement (PPA) based on two part tariff calculation which guarantees AHPCL payment of capacity charges at normative availability index of 90%. The project achieved financial closure in August 2007. The cost of implementing the project at the time of financial closure was estimated as Rs.2069.00 crores and was financed in a D:E ratio of 80:20. The term loan facility of Rs.1655.00 crores (Rupee Term Loan of Rs.1494.00 crores and ECB of USD 40 mio) was raised from a consortium of 13 banks/financial institutions. Subsequently, the Project cost has undergone a revision from Rs.2069.00 crores to Rs. 2697.70 crores on account of a) reclassification of seismic Zones and revision in the codal provisions of earthquake design parameters by the Government of India that necessitated the project to adopt higher seismic parameters in designs and drawings of various project components and b) unprecedented increase in the cost of construction materials based on the preliminary assessment done during May 2008. AHPCL has taken up the process of tie up of funds during the period September 2009 to October 2009 and tied up the funds for the above additional project cost of Rs.628.70 crores during August 2010 considering that the additional project cost was identified and was approved by UPERC. The additional debt of Rs.503 crores was met through rupee term loan limits given by some of the existing banks while the balance was by way of equity contribution. Consequently on completion of the excavation for preparing the project site for the construction, the work designs have been completed duly considering issues relating to seismic, geological, geo technical, topographical and constructional features duly conducting Model Studies which are specific to the site, besides addressing certain geological surprises encountered by the project during the implementation of the project. The changes in construction parameters along with changes in design to address the same have resulted in increase in BoQs substantially. Further, there has been an increase in the cost of Resettlement and Rehabilitation (R&R) on account of meeting the requirements of the R&R policy of the State Government and also the resettlement and rehabilitation requirements as stipulated by various State, District and other local Village Bodies. These factors have contributed to an increase in cost of the project. The original scheduled Commercial Operations Date (COD) of the project was July 31, 2011. Due to various reasons like geological surprises, delay in land acquisition and R&R issues, the project got delayed and is expected to commence commercial operations by May 31, 2013.

Due to the above mentioned reasons, the project cost is estimated at Rs.4192 crores including IDC (Interest during construction) upto May 31, 2013. AHPCL is proposing to finance the additional project cost amount of Rs.1494.30 crores in the existing D:E ratio of 80:20. The term debt component works out to Rs.1195.50 crores. AHPCL proposes to raise the same in the form of Rupee Term Loan from Banks/ NBFCs/ FIs. The repayment schedule of the proposed Rupee Term Loan facility of Rs.1195.50 crores shall be as per the rescheduled repayment structure of the existing Rupee Term Loan facility of Rs.1997.00 crores. Due to the delay in the COD of the project, repayment schedule of the existing Rupee Term Loan facility of Rs.1997.00 crores is proposed to be rescheduled. B. Project cost details Estimated project cost details (including IDC upto May 31, 2013) are provided below: (Rs. Crores) S. Description No. 1 Infrastructure Works (Land & Buildings) 186.93 2 Major Civil Works including pre-op expenses 2526.35 Plant & Equipment including Initial Spares 3 and taxes & duties 446.00 4 Payment to GoUP 60.26 Total 3219.54 5 Management Fees 34.04 6 Interest During Construction 912.51 25.91 7 Margin Money Total Capital Cost 4192.00 C. Means of finance The estimated project cost of Rs.4192.00 crores is proposed to be financed as mentioned below: (Rs.crores) Description Equity Term Debt RTL Total 838.50 3353.50 3192.50

FCL (USD 40 Mn) 161.00* * Conversion taken at the prevailing exchange rate at the time of financial closure which was 1USD=Rs.40.25. D. Rescheduled repayment structure of existing/proposed RTLs In view of the delay in implementation of the project, the repayment schedule of existing Rupee term loan facility of Rs.1997 crores is rescheduled to be paid in 53 installments commencing from December 01, 2013 after a moratorium of 6 months from the expected date of commencement of commercial operations of the project ie. May 31, 2013. The last installment of RTLs as per the rescheduled repayment structure falls due on December 01, 2026 (Last installment of the existing RTLs/ECB as per the original repayment structure was scheduled on October 01, 2026).

Tenor of the rescheduled RTLs of Rs.1997 crores, calculated from December 31, 2011 (cut-off date) till the last installment which falls due on December 01, 2026 is 15 years. The repayment schedule of the proposed Rupee Term Loan facility of Rs.1213.00 crores shall be as per the rescheduled repayment structure of the existing Rupee Term Loan facility of Rs.1997.00 crores. The proposed rescheduled repayment structure of existing RTL of Rs.1997 crores is as under: Instalme nt 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Subtotal Total Date 1-Dec-13 1-Mar-14 1-Jun-14 1-Sep-14 1-Dec-14 1-Mar-15 1-Jun-15 1-Sep-15 1-Dec-15 1-Mar-16 1-Jun-16 1-Sep-16 1-Dec-16 1-Mar-17 1-Jun-17 1-Sep-17 1-Dec-17 1-Mar-18 1-Jun-18 1-Sep-18 1-Dec-18 1-Mar-19 1-Jun-19 1-Sep-19 1-Dec-19 1-Mar-20 1-Jun-20 1-Sep-20 1-Dec-20 Repaymen t% 1.25% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.25% 1.25% 1.25% 1.25% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.75% 1.75% 1.75% 1.75% 1.75% 1.75% 2.00% 2.00% 2.00% 2.00% 42.25% 100.00% Instalme nt 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 Date 1-Mar-21 1-Jun-21 1-Sep-21 1-Dec-21 1-Mar-22 1-Jun-22 1-Sep-22 1-Dec-22 1-Mar-23 1-Jun-23 1-Sep-23 1-Dec-23 1-Mar-24 1-Jun-24 1-Sep-24 1-Dec-24 1-Mar-25 1-Jun-25 1-Sep-25 1-Dec-25 1-Mar-26 1-Jun-26 1-Sep-26 1-Dec-26 Repaymen t% 2.00% 2.00% 2.25% 2.25% 2.25% 2.25% 2.25% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%

Subtotal

57.75%

E. Financial Analysis
The following assumptions have been made while preparing the financial projections.

a) Supply of 12% of saleable energy to GoU as royalty payments. b) Supply of 88% of the saleable energy to UPPCL under a Power Purchase Agreement (PPA). c) Two-part tariff structure as defined in PPA. d) Expected date of commencement of commercial operations as May 31, 2013. A snapshot of the financial projections are as under. (Rs.crores) FY ending March 31, FY14 FY15 FY16 FY17 FY18 FY19 FY20 Installed Cap. (MW) 330 330 330 330 330 330 330 Availability Factor 95.00% 95.00%95.00%95.00%95.00%95.00%95.00% Availability for Fixed Charges Recovery 90.00% 90.00%90.00%90.00%90.00%90.00%90.00% Net Generation (Mus) 1499 1499 1503 1499 1499 1499 1503 Royalty to GoU (Mus) 180 180 180 180 180 180 180 Power sold to UPPCL (Mus) 1319 1319 1323 1319 1319 1319 1323 Income from Sale of Power 689 772 788 810 810 819 817 Less: Rebate -13 -15 -15 -15 -15 -15 -15 Add: Other Income 0 0 0 0 0 0 0 Total Income 676 758 773 795 795 804 802 PBDIT 620 701 714 735 734 741 737 Depreciation 82 99 99 99 99 99 99 Interest 380 402 386 366 342 317 289 PBT 157 200 229 270 293 325 349 PAT 126 160 183 216 234 260 279 Cash Accruals 208 259 282 315 333 359 378 PBDIT Margin 91.8% 92.5% 92.4% 92.5% 92.3% 92.2% 91.9% PAT Margin 18.6% 21.1% 23.7% 27.2% 29.5% 32.4% 34.8% Equity & Preference Share Capital 838 838 838 838 838 838 838 Reserves & Surplus 14 53 106 192 294 420 562 TNW 852 891 945 1031 1132 1258 1401 TTL 3281 3144 2992 2807 2606 2382 2140 TOL 3354 3222 3070 2886 2686 2461 2219 TOL/ TNW 3.93 3.61 3.25 2.80 2.37 1.96 1.58 TTL/ TNW 3.85 3.53 3.17 2.72 2.30 1.89 1.53 Interest Coverage 1.55 1.64 1.73 1.86 1.97 2.13 2.31 The detailed Assumptions, projected Profit & Loss Statement, projected Balance Sheet Statement and projected Cash Flow Statement are provided in Annexures.

The financial indicators for the project are as follows. Particulars Average DSCR Min DSCR 13 Years Levelized (Rs./kwh)

Tariff

1.29 1.23 5.90

30 Years Levelized Tariff (Rs./kwh) Tariff (First full year of Generation)

4.86 5.76

The levelized tariff and Tariff for first full year of generation has been computed on primary and secondary energy after factoring for foreign exchange variation and income tax as these shall be reimbursed by UPPCL to the company. The levelized tariff has been calculated for a period of 13 years (repayment period) and 30 years (PPA Tenor). The detailed computation of DSCR and tariff is placed in Annexures. F. Sensitivity analysis A sensitivity analysis has been carried out for the following adverse scenarios. The results for the same are as follows. Avg. DSC R 1.29 1.27 1.28 Min DSCR 1.23 1.22 1.23 Levelized Tariff-13 Years 5.90 5.90 5.96 Tariff (1st full year of operation) 5.76 5.76 5.84

Particulars Base Case O & M costs increase by 10% Interest cost up by 25 bps

As shown above, the project indicators are comfortable under the various scenarios shown above.

G. Other information/developments
Project company had filed a Special Leave Petition (SLP) before Supreme Court on Dec 10th 2011 against the Order of the High Court of Uttarakhand directing MoEF to conduct a Public Hearing. In response to the above SLP, Supreme Court has on 30th January 2012 passed the following order: We make it clear that the construction of the Dam may go without any hindrance. However, during the interregnum period, public hearing by the Ministry of Environment and Forest as directed by the High Court, shall remain stayed. The above development is expected to facilitate construction activity at the project site without any hindrance. The order is expected to help company in faster implementation of the project.

H. Conclusion
The financial projections for the project have been revised with the new Capital cost estimates and considering the expected date of commencement of commercial operations as May 31, 2013. The average DSCR for the project works out to 1.29 with a minimum DSCR of 1.23. The levelized tariff for the project works out to Rs.5.90/kwh for 13 years (repayment period) after factoring for reimbursement of foreign exchange variation and income tax. Based on assumptions detailed in Annexures, the project can be considered financially viable.

Annexure I Financial Assumptions a) Key Time Lines 3rd August 2007 3rd August 2007 70 Months 31st May 2013 1st June 2013 31st March 2014 30 year 31st May 2043

Project Financial Closure Project Commencement Date Construction Period Project COD First Tariff Year Begins First Tariff Year Ends Project Life / Term of PPA Last Tariff Year Ends b) Plant Characteristics Gross Capacity Turbine No of Turbines Gross Total Capacity Aux. Consumption Transformation Losses Design Energy Secondary Energy Free Energy to GoU Saleable Primary Energy Saleable Secondary Energy PLF

82.5 MW 4 330 MW 0.50% 0.50% 1397 MU 117 MU 12% 1,217 102 ~52% 85% 90% 95 paise / per unit

Normative Capacity Index for recovery of Capacity Charges (First Year) Normative Capacity Index for recovery of Capacity Charges (Second Year Onwards) Secondary Energy Rate of Sale

c) Incentives Above Eligibility (First Year) 90%

Above Eligibility(Second Year Onwards) Incentives Return on Equity d) Financing Assumptions

90% 0.65 of capacity charges for each % increase in plant availability 14%

Construction Period Interest Rate on Term Loan* Interest Rate on ECB Construction Period -months Moratorium after construction period Repayment Tenor No. of Installments per Year No. of Installments 12.50% 3.23% 70

Operation Period 12.50% 3.23% 70 0.5 year 13 years 4 53

Tenor (including construction period) - years 19.3 years * For making the financial projections on a conservative basis, interest rate for RTL is assumed at 12.50% p.a. e) Depreciation Depreciation Civil Works Plant & Machinery Average Rate Depreciation Limit f) O & M and Insurance Tariff O&M Expenses Insurance Expenses p. a. 1.5% of Capital Cost Actual 0.75% 0.50% 1.25% of Capital Cost of Capital Cost of Capital Cost 4% Escalation p.a. UPERC (SLM) 1.80% 2.57% 1.96% 90.00% CO Act (SLM) 1.63% 5.28% 2.41% 95.00%

g) Working Capital Assumption Working Capital Tariff Actual

O&M Expenses Spares Receivables Escalation on Spares Working Capital Interest Rate Working Capital Margin Working Capital Loan h) Tax Tax Rate Corporate Tax Work Contract Tax Dividend Distribution Tax Minimum Alternative Tax i) Dividend Policy

1 1% 60 6% 11.50% 25.00% 75.00%

month(s) of Capital Cost days

1 1% 30 11.50 % 25.00 % 75.00 %

month(s) of Capital Cost days

p.a. of Working Capital of Working Capital

p.a. of Working Capital of Working Capital

Effective Rate 32.45% 3.00% 16.22% 20.01%

% of PAT to Dividend % 0.0% 10.0% 12.5% 15.0% 20.0% <= and < <= and < <= and < <= and < <= and < 10.0% 12.5% 15.0% 20.0% Legal Reserve 0.0% 2.5% 5.0% 7.5% 10.0%

Annexure II Projected Profit & Loss Statement

(Rs. Crores)

FY1 4 Sale of Power Less:Rebate Add:Other Income Net Revenues Expenditure O&M Expenses Insurance Expenses Other Expenses Depreciation Interest Financing Charges Profit Before Tax Tax Profit After Tax Dividend & Dividend Tax Profit Carried to Balance Sheet Cumulative 32 21 0 82 380 2 157 31 126 110 15 14 689 -13 0 676

FY1 5 772 -15 0 758

FY1 6 788 -15 0 773

FY1 7 810 -15 0 795

FY1 8 810 -15 0 795

FY1 9 819 -15 0 804

FY2 0 817 -15 0 802

FY2 1 822 -15 0 808

FY2 2 823 -15 0 809

FY2 3 821 -15 0 807

FY2 4 808 -14 0 794

FY2 5 775 -14 0 761

FY2 6 739 -13 0 726

FY2 7 597 -10 0 587

34 21 0 99 402 2 200 40 160 121 39 53

35 21 0 99 386 2 229 46 183 129 53 106

37 21 0 99 366 2 270 54 216 130 86 192

38 21 0 99 342 2 293 59 234 133 102 294

40 21 0 99 317 2 325 65 260 134 126 420

41 21 0 99 289 2 349 70 279 137 142 562

43 21 0 99 258 3 384 77 307 137 170 732

44 21 0 99 224 3 417 83 333 140 194 926

46 21 0 99 188 3 450 90 360 142 218 114 4

48 21 0 99 148 3 474 95 379 145 234 137 8

50 21 0 99 106 4 481 96 384 147 237 161 6

52 21 0 99 65 4 484 97 387 150 237 185 3

54 21 0 99 23 3 386 77 309 158 151 200 4

Annexure III Projected Balance Sheet Statement

(Rs. Crores)

FY1 4 Gross Block Less: Depreciation Net Block Current Assets Total Assets Equity & Preference Share Capital Reserves & Surplus Term Debt Working Capital Borrowing Total Liabilities 4192 83 410 9 98 420 6

FY1 5 4192 182 401 0 104 411 3

FY1 6 4192 281 391 0 104 401 5

FY1 7 4192 380 381 1 106 391 7

FY1 8 4192 479 371 2 106 381 8

FY1 9 4192 578 361 3 106 371 9

FY2 0 4192 678 351 4 105 362 0

FY2 1 4192 777 341 5 105 352 1

FY2 2 4192 876 331 6 105 342 1

FY2 3 4192 975 321 7 105 332 2

FY2 4 4192 1074 311 8 103 322 1

FY2 5 4192 1173 301 9 101 312 0

FY2 6 4192 1272 292 0 98 301 8

FY2 7 4192 1371 282 1 88 290 9

838 14 3281 73 420 6

838 53 3144 78 411 3

838 106 2992 78 401 5

838 192 2807 79 391 7

838 294 2606 79 381 8

838 420 2382 79 371 9

838 562 2140 79 361 9

838 732 1871 79 352 1

838 926 1578 79 342 1

838 1144 1261 78 332 2

838 1378 927 77 322 1

838 1616 590 75 311 9

838 1853 253 73 301 8

838 2004 0 66 290 9

Annexure IV Projected Cash Flow Statement

(Rs. Crores)

FY14 Profit After Tax Depreciation Additions to Equity & Preference Share Capital Additions to Term Debt Increase(Decrease) in Working Capital Borrowings Total Inflow Capital Expenditure Repayment of existing Debt Repayment of prop Debt Dividend Payment Increase in Net Current Assets Total Outflow Opening Cash Balance Change in Cash Balance Closing Cash Balance 126 82 0 5 28 241 0 53 27 110 37 228 -13 13 0

FY1 5 160 99 0 0 5 263 0 87 49 121 6 263 0 0 0

FY1 6 183 99 0 0 1 283 0 97 55 129 1 283 0 0 0

FY1 7 216 99 0 0 1 316 0 118 67 130 1 316 0 0 0

FY1 8 234 99 0 0 0 333 0 128 73 133 0 333 0 0 0

FY1 9 260 99 0 0 0 359 0 143 82 134 0 359 0 0 0

FY2 0 279 99 0 0 0 378 0 154 88 137 -1 378 0 0 0

FY2 1 307 99 0 0 0 406 0 172 97 137 0 406 0 0 0

FY2 2 333 99 0 0 0 432 0 187 106 140 0 432 0 0 0

FY2 3 360 99 0 0 0 458 0 202 115 142 -1 458 0 0 0

FY2 4 379 99 0 0 -1 478 0 213 121 145 -1 478 0 0 0

FY2 5 384 99 0 0 -2 481 0 216 121 147 -2 481 0 0 0

FY2 6 387 99 0 0 -2 484 0 216 121 150 -3 484 0 0 0

FY2 7 309 99 0 0 -7 401 0 162 91 158 -10 401 0 0 0

Annexure V Computation of Debt Service Coverage Ratio (Rs. crores) FY en 31, Profit After Tax Depreciation Interest on Term Debt Total Interest on Term Debt Repayment of Term Debt Total FY14 126 82 371 579 FY15 160 99 392 651 FY16 183 99 376 658 FY17 216 99 355 670 FY18 234 99 332 665 FY19 260 99 306 665 FY20 279 99 279 657 FY21 307 99 247 653 FY22 333 99 214 646 FY23 360 99 177 636 FY24 379 99 138 616 FY25 384 99 97 580 FY26 387 99 56 542 FY27 309 99 15 423

371 80 451 1

392 136 528 1 .23

376 152 529 1 .25

355 185 540 1 .24

332 201 532 1 .25

306 225 531 1 .25

279 242 521 1 .26

247 269 516 1 .27

214 293 507 1 .28

177 317 494 1 .29

138 334 472 1 .31 .34

97 337 434 1 .38

56 337 393 1 .58

15 253 268 1

DSCR Average DSCR Min DSCR

.28 1. 29 1. 23

Annexure VI Computation of Tariff FY14 Capacity Normative Capacity Index Capacity Index Achieved Energy Output Auxilliary Consumption & Transformation Losses Saleable Energy Free Power Saleable Primary & Secondary Energy Saleable Primary Energy Saleable secondary Energy Interest on Term Loans Depreciation Advance Against Depreciation Return on Equity O&M Expenses & Insurance Interest on Working Capital Less Carbon Credit Realisation Rebate Total MW 330 90% 95% 1,514 15 1,499 180 1,319 1,217 102 3,707 810 1,174 650 134 (129) 6,345 FY15 330 90% 95% 1,514 15 1,499 180 1,319 1,217 102 3,917 810 500 1,174 676 147 (144) 7,080 FY16 330 90% 95% 1,518 15 1,503 180 1,323 1,220 102 3,761 813 712 1,177 705 151 (146) 7,17 FY1 7 330 90% 95% 1,51 4 15 1,49 9 180 1,31 9 1,21 7 102 3,55 2 810 1,03 6 1,17 4 731 156 (149 ) 7,30 FY1 8 330 90% 95% 1,51 4 15 1,49 9 180 1,31 9 1,21 7 102 3,31 6 810 1,19 6 1,17 4 760 158 (148 ) 7,26 FY1 9 330 90% 95% 1,51 4 15 1,49 9 180 1,31 9 1,21 7 102 3,06 4 810 1,43 7 1,17 4 790 162 (149 ) 7,28 FY2 0 330 90% 95% 1,51 8 15 1,50 3 180 1,32 3 1,22 0 102 2,79 0 813 1,60 5 1,17 7 824 164 (147 ) 7,22 FY2 1 330 90% 95% 1,51 4 15 1,49 9 180 1,31 9 1,21 7 102 2,47 2 810 1,87 8 1,17 4 855 167 (147 ) 7,21 (Rs. Milions) FY2 FY2 FY24 2 3 330 330 330 90% 90% 90% 95% 95% 95% 1,51 4 15 1,49 9 180 1,31 9 1,21 7 102 2,13 9 810 2,11 9 1,17 4 889 170 (146 ) 7,15 1,51 4 15 1,49 9 180 1,31 9 1,21 7 102 1,77 3 810 2,36 0 1,17 4 925 173 (144 ) 7,07 1,518 15 1,503 180 1,323 1,220 102 1,378 813 2,528 1,177 964 174 (141) 6,89 FY2 5 330 90% 95% 1,51 4 15 1,49 9 180 1,31 9 1,21 7 102 967 810 2,56 1 1,17 4 1,00 0 174 (134 ) 6,55

M kWh M kWh M kWh M kWh M kWh M kWh M kWh

2 Rate per Unit PV Factors Present Value Levelised Tariff--Primary 5.21 1.00 5.21 4.68 FY14 Secondary Energy Tariff Rebate on Secondary Energy Tariff Total Rate per Unit PV Factors Present Value Levelised Tariff--Saleable Energy(Primary+Secondar y) FE Variation on Debt Incentives Rebate on Incentives Income Tax Reimbursement Rate per Unit PV Factors Present Value 30 Year Levelised Tariff-Saleable Energy including Exchange variation Incentives and tax) 13 Year Levelised Tariff 97 (2) 6,440 4.88 1.00 4.88 4.39 FY15 97 (2) 7,175 5.44 0.93 5.08 FY16 97 (2) 7,26 7 5.49 0.87 4.79 5.82 0.93 5.43 5.88 0.87 5.12

9 6.01 0.81 4.89 FY1 7 97 (2) 7,40 4 5.61 0.81 4.57

6 5.97 0.76 4.53 FY1 8 97 (2) 7,36 1 5.58 0.76 4.24

9 5.99 0.71 4.25 FY1 9 97 (2) 7,38 4 5.60 0.71 3.97

5 5.92 0.66 3.92 FY2 0 97 (2) 7,32 0 5.53 0.66 3.66

0 5.92 0.62 3.66 FY2 1 97 (2) 7,30 5 5.54 0.62 3.42

5 5.88 0.58 3.39 FY2 2 97 (2) 7,25 0 5.50 0.58 3.17

0 5.81 0.54 3.13 FY2 3 97 (2) 7,16 5 5.43 0.54 2.93

3 5.65 0.50 2.84 FY24 97 (2) 6,98 8 5.28 0.50 2.66

2 5.38 0.47 2.53 FY2 5 97 (2) 6,64 7 5.04 0.47 2.36

20 2 (0) 314 5.14 1.00 5.14 Maximu m Tariff

20 2 (0) 400 5.76 0.93 5.38 6.15

20 2 (0) 458 5.86 0.87 5.10

20 2 (0) 541 6.04 0.81 4.91

20 2 (0) 586 6.04 0.76 4.59

20 2 (0) 650 6.11 0.71 4.33

22 2 (0) 698 6.08 0.66 4.02

29 2 (0) 768 6.14 0.62 3.80

29 2 (0) 834 6.15 0.58 3.55

29 2 (0) 900 6.14 0.54 3.31

32 2 (0) 949 6.03 0.50 3.03

39 2 (0) 961 5.80 0.47 2.72

4.86

5.90