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Marubeni WSP and WSW assets technical due diligence

Anticipated annual CAPEX plan

For Unit 1 & 2 GTs


2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total Avg
GTG1 Life extension (Frame 5 3,281,000 3,281,000 3,281,000
GTG2 Life extension (Frame 6B 4,375,000 4,375,000 4,375,000

For Unit 1 Steam turbine


2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Minor 58,000 58,000 58,000 58,000 58,000 58,000 58,000 58,000 58,000 58,000 58,000 58,000 696,000 58,000
Major 580,000 580,000 1,160,000 580,000
Life extension 1,500,000 1,500,000 1,500,000

For Unit 1 Boilers (3 boilers)


2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Major Maintenance 720,000 720,000 945,000 720,000 945,000 4,050,000 810,000
Life extension 4,080,000 4,080,000 4,080,000

For Unit 2 Boilers (2 HP boilers and 1 HRSG)


2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Major Maintenance 655,000 880,000 655,000 880,000 3,070,000 767,500
Life extension 4,080,000 4,080,000 4,080,000

BOP
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Major Maintenance 1,070,000 1,070,000 1,070,000 1,070,000 1,070,000 1,070,000 1,070,000 1,070,000 1,070,000 1,070,000 10,700,000 1,070,000
Life extension 1,925,000 1,925,000 3,850,000 1,925,000

Total Major Maintenance Costs 1,848,000 1,128,000 580,000 2,503,000 1,128,000 58,000 2,953,000 1,128,000 580,000 2,503,000 1,128,000 58,000 2,953,000 1,128,000 19,676,000 1,405,429
Total Life Extension/Capex Costs - - - - 3,281,000 - 1,925,000 5,580,000 - 8,455,000 1,925,000 - - - 21,166,000 1,511,857
Total annual MM/CAPEX Costs 1,848,000 1,128,000 580,000 2,503,000 4,409,000 58,000 4,878,000 6,708,000 580,000 10,958,000 3,053,000 58,000 2,953,000 1,128,000 40,842,000 2,917,286

Routine Maintenance costs 1,575,000 1,575,000 1,575,000 1,575,000 1,575,000 1,575,000 1,575,000 1,575,000 1,575,000 1,575,000 1,575,000 1,575,000 1,575,000 1,575,000 22,050,000 1,575,000
CSA fees 970,000 970,000 970,000 970,000 970,000 970,000 970,000 970,000 970,000 970,000 970,000 970,000 743,000 515,000 12,898,000 921,000
Total Routine maintenance & CSA 2,545,000 2,545,000 2,545,000 2,545,000 2,545,000 2,545,000 2,545,000 2,545,000 2,545,000 2,545,000 2,545,000 2,545,000 2,318,000 2,090,000 34,948,000 2,496,000

Total Maintenance costs 4,393,000 3,673,000 3,125,000 5,048,000 3,673,000 2,603,000 5,498,000 3,673,000 3,125,000 5,048,000 3,673,000 2,603,000 5,271,000 3,218,000 54,624,000 3,902,000
Total Capex costs - - - - 3,281,000 - 1,925,000 5,580,000 - 8,455,000 1,925,000 - - - 21,166,000 1,512,000

Total costs 4,393,000 3,673,000 3,125,000 5,048,000 6,954,000 2,603,000 7,423,000 9,253,000 3,125,000 13,503,000 5,598,000 2,603,000 5,271,000 3,218,000 75,790,000 5,414,000

ASSUMPTIONS

HGP inspection every 24000 hours of operation


Major overhauls is done every 48000 hours of operatio
Life extension is done every 200,000 hours
Reuse benefits of GT components during major inspections is not considered in the analys
Assumed turn around every 3 years starting 2010
All reference plant costs has been escalated to 3% from the year of the origin da
Unit 1 TA schedule April, 2011 (Includes GTG1 HGPI) and Unit 2 TA schedule 2012 (Includes GTG 2 Major Inspectio
All estimates is in USD

REFERENCE CALCULATIONS
DESCRIPTION TERM COSTS REMARKS & REFERENCE SITES

Frame 5 to Frame 6B factor 0.75 Based on the ratio of new engine unit cos

GTG #1 Life Extension 3,281,000 Ratio between frame 5 and frame 6B

GTG #2 Life Extension 4,375,000


Rotor 3,000,000 Recent pricing for a 7FA adjusted for size
GT Exhaust Repairs 156,000 Averaged from SmithField
Package Repairs and Painting 112,000 Averaged from SmithField
Gas Turbine Inlet Duct Repairs 92,000 Averaged from SmithField
Compressor blades/vanesR1 = 105,000 1,015,000 Averaged from SmithField
Mark VI Upgrade 350,000 Averaged from SmithField
Generator Rotor Rewind 425,000 Recent rotor quotation (pro-rated for size

Steam Turbine Major Maintenance


Major (w/ Generator 580,000 Average ST major from Daesan +100,000 for generator (estimate
Minor 58,000 Ichon (Average across the time frame

STG Life Extension 1,500,000 Allocations from the Marubeni fleet experience
Last row blade replacement 800,000
Nozzle block replacement 300,000
Condenser Tubes 400,000

Boiler or HRSG Combination of Daesan, Ichon and Smithfield Budgets and Actua
Minimal Outage Work per boile every 3 yrs 175,000
Boiler Life Extension 1,000,000
Chemical cleaning per boiler or HRSG 75,000

ESP
Outage Work every 3 yrs 65000 Marubeni Fleet experience estimate
ESP Life Extension 360,000

BOP Turnaround Major Maintenance per unit 1,070,000 Averaged from Daesan figures (includes all equipments except STG & Boiler

Life Extension per extension per unit 1,925,000 Accommodating Marubeni fleet experience estimate
Tank inspection/repai (one per unit) 175,000
Stack Repairs 150,000
Battery Replacements 400,000 Current 2011 WSP CAPEX budget
Cooling Tower Fill and nozzle replacemen 350,000 Estimate from Ichon
GSU Transformer/Breaker 850,000 Complete replacement of the transformer - Mindana

DCS Upgrade per unit 1,000,000 Daesan estimate (does not include the total replacement of the DCS upgrade

Routine Maintenance both units 1,575,000 Daesan Budgeted average Routine Maintenanc
1,600,000 SmithField 15 year Average Budgeted Routine Maintenanc

CSA

Fixed 21,000 month


Variable 41 up until 102900/119700 hrs
15 after 102900/119700 hrs
Unit 1 Oct-10 contract start-date
Unit 2 Oct-08 contract start-date

Accumulated FFH (Unit 1) 10,968 19,728 28,488 37,248 46,008 54,768 63,528 72,288 81,048 89,808 98,568 107,328 116,088 124,848
Accumulated FFH (Unit 2) 28,488 37,248 46,008 54,768 63,528 72,288 81,048 89,808 98,568 107,328 116,088 124,848 133,608 142,368

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Unit 1 FFH 8,760 8,760 8,760 8,760 8,760 8,760 8,760 8,760 8,760 8,760 8,760 8,760 8,760 8,760
Unit 2 FFH 8,760 8,760 8,760 8,760 8,760 8,760 8,760 8,760 8,760 8,760 8,760 8,760 8,760 8,760
Fixed Fee 252,000 252,000 252,000 252,000 252,000 252,000 252,000 252,000 252,000 252,000 252,000 252,000 252,000 252,000
Variable Fee 718,000 718,000 718,000 718,000 718,000 718,000 718,000 718,000 718,000 718,000 718,000 718,000 491,000 263,000
Unit 1 schedule HGP M HGP M HGP
Unit 2 schedule M HGP M HGP M
Total CSA Fees 970,000 970,000 970,000 970,000 970,000 970,000 970,000 970,000 970,000 970,000 970,000 970,000 743,000 515,000