《风电场项目经济评价规范》(NB-T 31085-2016)英文版

ICS27.180

P61

RecordNumber:×××××-201×NB

EnergySectorStandardofthe

People'sRepublicofChina

PNB/T×××××-201×

CodeforEconomicEvaluationofWindFarm

(EnglishTranslation)

Issuedate:201×-××-××Implementationdate:201×-××-××

IssuedbyNationalEnergyAdministrationofthePeople’sRepublicofChina

Foreword

根据《国家能源局关于下达2012年第二批能源领域行业标准制(修)订计划的通知》(国

能科技〔2012〕326号)的要求，规范编制组在总结风电场项目开发、建设、运营和管理经

验的基础上，依据国家现行财税制度，并在广泛征求意见的基础上，结合风电场建设项目的

特点，制定本规范。

Themaintechnicalcontentsofthiscodeare:financialevaluation,Nationaleconomic

evaluation,Uncertaintyandriskanalysis,Economiccomparisonofproposals,andFinancial

evaluationofrenovationandextensionproject.

本规范由国家能源局负责管理，由水电水利规划设计总院提出并负责日常管理，由能

源行业风电标准化技术委员会风电场规划设计分技术委员会负责具体技术内容的解释。执行

过程中如有意见或建议，请寄送水电水利规划设计总院(地址：北京市西城区六铺炕北小街

2号，邮编：100120)。

Thiscodeismanagedbythenationalenergyadministration,proposed

bythegeneralinstituteofhydropowerandwaterconservancyplanning

anddesignandresponsiblefordailymanagement,andexplainedbythe

technicalcommitteeofwindpowerstandardizationtechnicalcommittee

ofenergyindustry.IfyouhaveanycommentsorSuggestionsduringthe

implementation,pleasesendthemtothegeneralinstituteofhydropower

andwaterconservancyplanninganddesign(address:no.2,liupukang

beixiaostreet,xichengdistrict,Beijing,zipcode:100120).

Chiefeditorunit：PowerChinaHebeiElectricPowerEngineeringCo.,Ltd

Participatingunit：JiLinElectricPowerEngineering

DatangHebeiPowerGenerationCo.,Ltd

Themaindrafters：QinchushengYanfuhuaXijinLizhongminTianxiujunLiqinweiZhao

lianjunChenhongjunFengxueminZhangzhiping

Themainreviewers：XiehongwenYiyuechunLi

yulingLijianyingZhaoshengxiaoDongdelanMi

youwanJiangshipingMachengqingZhujianyiLiu

yongWangyaliDengbeichaoLiuhuaqing

ChenxinSunlikunZhangleiLishishengICS27.180NB

P61

RecordNumber:J2182-2016

EnergySectorStandardofthePeople's

RepublicofChina

PNB/T31085-2016

CodeforEconomicEvaluationofWindFarm

(EnglishTranslation)

Issuedate:2016-01-07Implementationdate:2016-06-01

IssuedbyNationalEnergyAdministrationofthePeople’sRepublicofChina

EnergySectorStandardofthePeople's

RepublicofChina

CodeforEconomicEvaluationofWindFarm

NB/T31085-2016

MainlyCompiledby:ChinaRenewableEnergyEngineeringInstitute

Approvedby:NationalEnergyAdministration

Executedon:June1,2016

ChinaElectricPowerPress

2016,Beijing

NationalEnergyAdministration

Announcement

2016NO.1

AccordingtotheNoticeonIssuingMeasuresforStandardizedManagementof

IndustriesinEnergySector(Trial)andRulesforImplementation(NationalEnergy

AdministrationKJ[2009]52),345professionalstandards,consistingof54energy

standards(NB,includingTechnicalSpecificationforConstructionofNuclearPower

ConventionalIslandandBalanceofPlantPart5:TheSystemwithWaterTreatment

andHydrogenGeneration),125electricpowerstandards(DL),and166petroleumand

gasstandards(SY),arepublishedafterapproval.

Attachment:Contentsofprofessionalstandards

NationalEnergyAdministration

January7,2016

Attachment:

Contentsofprofessionalstandards

Number

ReplacedofImplementation

SN.StandardnumberStandardtitleApprovaldate

standardstandarddate

adopted

…

Codefor

Economic

24NB/T31085-20162016-01-072016-06-01

Evaluationof

WindFarm

…

Foreword

AccordingtotherequirementsofNoticeonIssuingtheDevelopment(orRevision)Planof

SecondBatchofEnergyIndustryStandardsin2012byNationalEnergyAdministration(GNKJ[2012]

No.326),thisCodeisformulatedbasedontheexperienceaccumulatedindevelopment,construction,

operationandmanagementofwindfarmprojects,followingthecurrentnationaltaxationsystemand

theextensivecommentssolicited,andcombiningwiththecharacteristicsofwindfarmprojects.

ThisCodemainlyconsistsoffinancialevaluation,nationaleconomicevaluation,uncertainty

andriskanalysis,economiccomparisonofproposals,andfinancialevaluationofrenovationand

extensionproject.

ThisCode,underthechargeofNationalEnergyAdministration,isproposedandmanaged

routinelybyChinaRenewableEnergyEngineeringInstitute.EnergySectorStandardization

TechnicalCommitteeonWindPowerProject—Sub-technicalCommitteeofWindFarmPlanning

andDesignisresponsiblefortheinterpretationofspecifictechnicalcontents.Ifthereareany

commentsorsuggestionsduringtheimplementation,pleasecontact:ChinaRenewableEnergy

EngineeringInstitute(address:No.2,BeixiaojieStreet,Liupukang,Dewai,XichengDistrict,Beijing

100120,China).

Chiefdevelopmentorganization:

PowerChinaHebeiElectricPowerEngineeringCo.,Ltd.

Participatingdevelopmentorganization:

PowerChinaJiLinElectricPowerEngineeringCo.,Ltd.

DatangHebeiPowerGenerationCo.,Ltd.

Maindrafters:

QinChusheng,YanFuhua,XiJin,LiZhongmin,TianXiujun,LiQinwei,ZhaoLianjun,Chen

Hongjun,FengXuemin,ZhangZhiping

Mainreviewers:

XieHongwen,YiYuechun,LiYuling,LiJianying,ZhaoShengxiao,DongDelan,Mi

Youwan,JiangShiping,Machengqing,ZhuJianyi,LiuYong,WangYali,DengBeichao,LiuHuaqing,

ChenXin,SunLikun,ZhangLei,LiShisheng

I

Contents

1GENERALPROVISIONS...............................................................................................................1

2BASICREQUIREMENT.................................................................................................................2

3FINANCIALEVALUATION...........................................................................................................3

3.1FINANCIALBENEFITANDCOSTCALCULATION.............................................................................3

3.2ANALYSISBEFOREFINANCING......................................................................................................6

3.3FINANCINGSOURCEANDPLAN.....................................................................................................6

3.4ANALYSISAFTERFINANCING........................................................................................................9

3.5FINANCIALEVALUATIONINDEX..................................................................................................10

3.6FORMSANDCONCLUSIONS.........................................................................................................13

4NATIONALECONOMICEVALUATION...................................................................................14

4.1GENERALREQUIREMENT.............................................................................................................14

4.2ECONOMICBENEFITANDCOSTCALCULATION...........................................................................14

4.3ECONOMICBENEFITANDCOSTANALYSIS..................................................................................14

5UNCERTAINTYANDRISKANALYSIS.....................................................................................16

6ECONOMICCOMPARISONOFPROPOSALS........................................................................17

7FINANCIALEVALUATIONOFRENOVATIONANDEXTENSIONPROJECT.................18

APPENDIXAPARAMETERSINECONOMICEVALUATION................................................19

APPENDIXBAUXILIARYSHEETSOFFINANCIALANALYSIS...........................................21

APPENDIXCPRIMARYSHEETSOFFINANCIALANALYSIS..............................................24

APPENDIXDPRIMARYSHEETSOFNATIONALECONOMICANALYSIS........................30

APPENDIXESENSITIVITYANALYSISSHEETANDBREAK-EVENPOINTANALYSIS

GRAPH..................................................................................................................................................33

EXPLANATIONOFWORDINGINTHISCODE...........................................................................35

ADDITIONS:EXPLANATIONOFCOMPILATION.......................................................................33

I

1GeneralProvisions

1.0.1ThisCodeisformulatedinordertoadapttotheneedsofthedevelopmentofwindpower

generation,standardizethewindfarmprojecteconomicevaluationwork,guaranteethequalityof

economicevaluation,andimprovethescientificlevelofprojectdecision-making.

1.0.2ThisCodeappliestotheeconomicevaluationofgridconnectedonshoreandoffshorewind

farmproject.

1.0.3Windfarmprojecteconomicevaluationincludingfinancialevaluationandnationaleconomic

evaluation,isbasedonthedifferenceofthewith-projectandthewithout-projectsituations,inthe

useofbothquantitativeanalysisandqualitativeanalysis,withprioritygiventotheformer;andof

bothstaticanalysisanddynamicanalysis,withprioritygiventothelatter.

1.0.4InadditiontotherequirementsstipulatedinthisCode,thewindfarmprojecteconomic

evaluationshallcomplywiththosestipulatedinthecurrentrelevantstandardsofthenation.

1

2BasicRequirement

2.0.1Forwindfarmproject,financialevaluationshouldbecarriedout,aswellasnational

economicevaluation,whennecessary.

2.0.2Accordingtotherelationshipbetweentheprojectsandtheoriginalenterpriseassets,wind

farmprojectsaredividedintonewprojectsandrenovationandextensionprojects.

2.0.3Windfarmprojecteconomicevaluationshouldfollowtheprincipleofscopeconsistencyof

costandbenefitcalculationandreliabledeterminationofevaluationparameters.

2.0.4Windfarmprojectfinancialevaluationincludes,inturn,analysisbeforefinancing,analysis

offinancingplan,analysisafterfinancing,sensitivityanalysisandbreak-evenanalysis.

2.0.5Thecalculationperiodinwindfarmprojecteconomicevaluationcoversconstructionperiod

andoperationperiod.Thebenefitandcostofthewindpowergeneratingunitswhichareputinto

operationbeforecompletionshouldbeincludedintheconstructionperiod.

2.0.6Thepriceoffinancialevaluationshouldusethepriceforecastedbasedonmarketpricesystem.

Followingrequirementsshallbecompliedwithateverystageofthecalculationperiod.

1Inconstructionperiod,relativepricechangesandchangesinthegeneralpricelevel

shouldbeconsidered.

2Inoperatingperiod,theinitialpriceofoperationshouldbepredicted,andconstant

priceshouldbeusedforeachoperatingyear.Ifthetrendofthefuturemarketpricevariationcanbe

judgedreasonably,relativevariablepricecanbeusedtocalculatetheinputsandoutputs.

2.0.7WindpowerprojectconstructioninvestmentcalculationshoulduseVAT(value-added

tax)-inclusiveprices.Inputsandoutputsintheoperatingperiodshouldusethepriceexclusiveof

VAT.

2.0.8Windfarmeconomiccost-benefitanalysisinnationaleconomicevaluationshouldusethe

priceforecastedbasedontheshadowpricesystem,regardlessofgeneralpricelevelchanges.

2

3FinancialEvaluation

3.1FinancialBenefitandCostCalculation

3.1.1Windfarmprojectincomeincludessalesrevenueandsubsidyincome.

3.1.2Salesrevenuemainlyinvolvessalesofelectricityandotherrevenue,Computationformulais

asfollows:

Salesrevenue=on-gridenergy(kW·h)×on-gridtariff(yuan/kW·h)+

otherrevenue(3.1.2)

Where:

Otherrevenue——referstotherevenuearisingfromsellinggoods,providinglaborservices,and

assigningtherighttouseassets,exceptforsalesofelectricity.

3.1.3Subsidyincomemainlyincludestherefund-upon-collectionandrefund-after-collection

VAT,andgovernmentsubsidies.

3.1.4Thecostofthewindfarmprojectincludestotalinvestment,totalcost,taxesandfees.

3.1.5Thetotalinvestmentincludesconstructioninvestment,interestincurredduring

construction(IIDC)andworkingcapital.

3.1.6Constructioninvestmentshouldbedeterminedonthebasisofgivenconstructionscaleand

engineeringtechnicalsolutions.Constructioninvestmentconsistsofcostofauxiliaryworks,cost

ofconstructionandinstallationworks,equipmentcost,otherchargesandreservefunds.

3.1.7IIDCreferstotheinterestincurredduringtheconstructionperiodforraisingdebtcapital

whichwillbeincludedintheoriginalvalueoffixedassetsafterthefacilityisputintooperation.It

shouldbecalculatedaccordingtothedebtcapitalandusesoffundsdefinedinthefinancingplan.

3.1.8ConstructioninvestmentandIIDCrespectivelyformfixedassets,intangibleassetsandother

assetsaccordingtothefollowingstipulations:

1Costofauxiliaryworks,costofconstructionandinstallationworks,equipmentcost,other

chargesexceptforintangibleassetsandotherassets,aswellasreservefundsandIIDCformfixed

assets.

DeductibleVATisnotincludedintheoriginalvalueoffixedassets.DeductibleVATis

calculatedaccordingtotheformula:

DeductibleVAT=(3.1.8)

deductibleequipmentcost

2Costsforpatentrights,non-pate1n+tVeAdTRtaetcehnolog×y,VAgoToRdawtiell,andlanduserightsform

intangibleassets.

3Productionpersonneltrainingandearlymobilizationfees,plusacquisitionexpenses

foradministrativefurniture,instrumentsandproductionfurnitureformotherassets.

3.1.9Workingcapitalshouldbearrangedbeforetheprojectisputintooperationandcalculated

accordingtotheannualproductionbatchandcapacity.Seethecalculationformulasbelow.The

capitalfundshallnotbelessthan30%oftheworkingcapital.

1Breakdownestimationmethodofworkingcapital:

Workingcapital=currentassets-currentliabilities(3.1.9-1)

Currentassets=receivables+prepayment+stock+cash(3.1.9-2)

Currentliabilities=accountspayable+depositreceived(3.1.9-3)

Currentyearworkingcapitalincrements=currentyearworkingcapital-

3

lastyearworkingcapital(3.1.9-4)

Receivables=(3.1.9-5)

annualoperatingcost

annualnumberofturnovers

Stock=(3.1.9-6)

annualmaterialcost

annualnumberofturnovers

Cash=(3.1.9-7)

Annualsalaryandwelfare+annualothercharges

annualnumberofturnovers

Accountspayable=(3.1.9-8)

annualmaterialcost

annualnumberofturnovers

(3.1.9-9)

360

2Indexaexnpnaunaslionnuemstbimeratoiofntumrneothvoedrso=fwTohreksihnogrtecstatpurintaovl:erdays

Workingcapital=windfarminstalledcapacity(kW)×

workingcapitalrate(yuan/kW)(3.1.9-10)

WorkingcapitalratevaluesshouldcomplywiththeprovisionsofAppendixA.

3.1.10Totalcostincludesallthecostsincurredinoperationperiodforthewindfarmproject,and

thecalculationmethodisasfollows:

1Thetotalcostiscalculatedaccordingtothefollowingformula:

Totalcost=materialcost+salaryandwelfare+repaircost+

depreciation+amortization+insurancepremium+

othercharges+financialcost(3.1.10-1)

2Materialcostincludingthematerials,sparepartsforemergencyuse,lowvalueandeasily

worn-outarticlesconsumedbywindfarmoperationandmaintenanceiscalculatedaccordingto

thefollowingformula:

Materialcost=windfarminstalledcapacity(kW)×materialrate(yuan/kW)(3.1.10-2)

MaterialrateshouldcomplywiththeprovisionsofAppendixA.

3Salaryandwelfareincludingpersonnelwages(includingbonuses,allowancesand

subsidies)forwindfarmoperationandmanagement,employeewelfareandmedicalinsurance,

pensioninsurance,unemploymentinsurance,employmentinjuryinsurance,maternityinsurance

andhousingprovidentfundspaidbytheenterpriseiscalculatedaccordingtothefollowing

formula:

Salaryandwelfare=personnelquota(personal)×salary(yuan/person)×

(1+welfarecostcoefficient)(3.1.10-3)

SalaryandwelfarecoefficientshouldcomplywiththeprovisionsofAppendixA.

4Repaircostisthechargeincurredbynecessaryrepairingtokeepwindfarmoperatingwell

andfunctioningeffectively.Repaircostiscalculatedbythefollowingformulaaccordingtothe

windfarmoperationconditionsandoverhaulplan,combiningwiththewearconditionofthefixed

assets,inuseofwithholdingapproach:

Annualrepaircost＝originalvalueoffixedassets(IIDCdeducted))×

repairrate×productionrate(3.1.10-4)

RepairrateandoperationrateshallcomplywiththeprovisionsofAppendixA.

5Depreciationisthemonetaryestimateoftheconsumedvalueinuseofthewindfarm

fixedassets,andtheannualshareofthecostiscalculatedaccordingtoitsvalueanddepreciable

life.Depreciationofwindfarmprojectshouldusestraight-linemethodandbecalculated

4

accordingtothefollowingformula:

Annualdepreciation=×originalvalueoffixedassets

1−Residualsrateoffixedassets

depreciablelife(3.1.10-5)

ResidualrateoffixedassetanddepreciablelifeshallcomplywiththeprovisionsofAppendix

A.

6Amortizationistheshareofthecostfortheintangibleassetsandotherassetswithina

certainperiod;straight-linemethodcanbeused,regardlessoftheresidualvalue.Itiscalculated

accordingtothefollowingformula:

Annualamortization=(3.1.10-6)

intangibleassets+otherassets

IntangibleassetsperiodandotherassetsamAomrotritzizaattiionppereioridodshallcomplywiththeprovisions

ofAppendixA.

7Insurancepremiumiscalculatedaccordingtothefollowingformula:

Premium=originalvalueoffixedassets×premiumrate(%)(3.1.10-7)

PremiumrateshallcomplywiththeprovisionsofAppendixA.

8Otherchargesincludethethosethatdonotbelongtotheabovebutshouldbeincludedin

thetotalcostofwindfarm,includingcompanyexpense,unionexpense,employeeeducation

expense,laborinsurancepremium,boardofdirectorsfee,consultingfee,intermediaryfees,legal

fee,businessentertainmentexpense,technologytransferfee,researchanddevelopmentexpense,

propertytax,vehicleandvesselusetax,landusetax,andstampduty.Otherchargescanbe

calculatedbyrate.Inaddition,otherchargesalsoincludechargeforseaareautilizationandland

rentalfee,etc.occurredduringtheoperationperiodofthewindfarmproject.Otherchargesare

calculatedaccordingtothefollowingformula:

Othercharges=windfarminstalledcapacity(kW)×otherchargesrate(yuan/kW)+

chargeforseaareautilization+landrentalfee(3.1.10-8)

OtherchargesrateshallcomplywiththeprovisionsofAppendixA.

9Financialcostisthechargeforraisingfundsintheprocessofwindfarmproductionand

operation,beingcalculatedaccordingtothefollowingformula:

Financialcost=interestexpense+exchangenetloss+closingcosts+

otherfeesforraisingfunds(3.1.10-9)

Interestexpensesarecalculatedaccordingtothedebtcapitalofthefinancingplan.

3.1.11TaxesandfeesrefertotheVAT,salestaxsurchargesandincometaxincurredintheprocess

ofwindfarmproductionandoperation,andarecalculatedaccordingtothefollowingformula:

1VATiscalculatedaccordingtothefollowingformula:

PayableVAT=outputtax-inputtax(3.1.11-1)

Outputtax=salesrevenue×taxrate(3.1.11-2)

Inputtax=fixedassetsVATdeduction+totalcostinputtax(3.1.11-3)

Where：

thetotalcostinputtax——materialinputtaxandrepairinputtax

2Salestaxsurchargesincludeurbanmaintenanceandconstructiontaxandeducation

surcharge,andarecalculatedaccordingtothefollowingformula:

Urbanmaintenanceandconstructiontax=payableVAT×

urbanmaintenanceandconstructiontaxrate(3.1.11-4)

5

Educationsurcharge=payableVAT×educationsurchargerate(3.1.11-5)

3Incometaxiscalculatedaccordingtothefollowingformula:

Incometax=(salesrevenue+taxablesubsidiesrevenue-

deductions-thelossofthepreviousyearsallowedformakeup)×

incometaxrate(3.1.11-6)

Where：

salesrevenue——revenueexcludingVAT;

taxablesubsidiesrevenue——drawbackandothertaxablesubsidiesrevenue;

deductions——allowabledeductionsfromcosts,charges,taxesandotherexpenses;

thelossofthepreviousyearsallowedformakeup——thelossesoftaxyearperiodthatare

carriedforwardtothenextyears.

3.2AnalysisBeforeFinancing

3.2.1Analysisbeforefinancingonlyinvolvesprofitabilityanalysis.

3.2.2Incashflowanalysisbeforefinancing,allthecostsandincometaxesshouldbecalculated

withoutconsiderationofinterests.ThetotalinvestmentexcludesIIDC.Totalcostexcludesthe

interestexpenses,andtheincometaxisrecalculated.

3.2.3Financialprofitabilitybeforeincometaxreflectstheeconomicrationalityofwindfarm

projectanditsengineeringtechnicalproposal;mainindexesincludeprojectinvestmentfinancial

internalrateofreturn(FIRR)andfinancialnetpresentvalue(FNPV).Itshallmeetthefollowing

requirements:

1FIRRshouldbegreaterthanthepre-financingandpre-taxfinancialhurdlerateofthe

windpowerindustry.

2Ifthefinancialprofitabilitybeforeincometaxfailstomeettherequirements,thewind

farmengineeringtechnicalsolutionshouldbeadjusted.

3.2.4Financialprofitabilityafterincometaxcanbeusedtojudgethecontributiontotheenterprise

valueofwindpowerprojectinvestmentwithoutconsideringfinancingsolutions.

3.3FinancingSourceandPlan

3.3.1Projectfinancingisdividedonthebasisofdifferententitiesintoboththeexistinglegalentity

financingandnewlegalentityfinancing,namely,corporatefinancingandprojectfinancing.

3.3.2Projectfundingsourcescanbecategorizedasprojectcapitalanddebtcapital.

3.3.3Themethodsofraisingprojectcapitalshouldbebasedonthecharacteristicsofproject

financingentity,andbechosenaccordingtothefollowings:

1Theaddedcapitalofexistinglegalpersonfinanceprojectscanberaisedbythecapital

increaseandshareenlargementbyoriginalshareholder,newshareholderinvestment,issuanceof

stock,governmentinvestment,etc.Investorscanmakecapitalcontributionsincashorinkind,with

industrialpropertyright,non-patentedtechnology,landuseright,resourcesminingrights,etc.as

capital,whichshallmeettherequirementsofrelevantnationalregulations.

2Thecapitalofnewlegalpersonfinancingprojectscanberaisedbytheshareholderdirect

investment,issuanceofstock,governmentinvestment,etc.

3.3.4Debtcapitalsourcescanincludecommercialbankloans,policybankloans,corporatebonds

andfinancinglease,etc.

6

3.3.5Itshouldbeanalyzedwhetherthewindpowerprojectcapitalanddebtcapitalintermsof

quantityandtimeschedulecanmeettheprojectrequirements.

3.3.6Theratioofwindpowerprojectcapitaltodebtcapitalshallcomplywithrelevantstate

regulations,creditregulationsoffinancialinstitutionsandrequirementsofcreditorson

asset-liabilityratios,satisfytheequityinvestor’sexpectationsforinvestmentreturn,andguard

againstfinancialrisks.Theratioofcapitaltodebtshallmeetthefollowingrequirements:

1Reasonablydeterminetheproportionofallkindsofloananddebtaccordingtodebt

financingconditionsofcreditors,,inordertoreducethefinancingcostandfinancingrisk.

2Reasonablyallocatetheshort-termdebtandmid-and-longtermdebt.

3Reasonablyarrangetherepaymentorderofdebtcapital.

4Reasonablydefineinterestratestructure.

3.3.7Theequitycapitalcost,debtcapitalcostandtheweightedaveragecostofcapital(WACC)

canbecalculatedaccordingtothefollowingmethodandformula:

1Thecapitalassetpricingmodel,pre-taxcostofdebtandriskpremium,anddividend

growthmodelcanbeusedtocalculatethecostofequitycapital;alternatively,itmayusethe

investor'sexpectedrateofreturnorexistingreturnonequit