IPWI1 WIRiR CiT D-
RESTRICTED
Report No. TO-325b
Public Disclosure Authorized I~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ This report was prepared for use within the Association. It may not be published nor may it be quoted as representing the Association's views. The Association accepts no responsibility for the accurocy or completeness of the contents of the L report,..
INTERNATIONAL DEVELOPMENT ASSOCIATION Public Disclosure Authorized
APPRAISAL OF
KOYNA HYDROELECTRIC PROJECT
STAGE II
TNTrTA Public Disclosure Authorized
July 30, 1962 Public Disclosure Authorized
Djepartment of0 Tech.nical Operations CURRENCY EQUIVALENTS
USu,T$1 411d'' J -z.A. '76tIVU ±1LTndi4an Q L"RDupees
I Runee or = Zi cents (US) 100 Naya Paisa
US $1 Million = Rs. 4, 760, 000
Rs. 1 Million = US $210, 000 TABLE OF CONTENTS
Paragraphs
SUMARY i- ix
I. INTRGDUCTION 1 - 5
II. THE BORROWIE 6- 9
The Maharashtra State Electricity Board 7 - 9
III. THE POCMER 1ARKET 10 16
Forecast of Demand and Energy Consumption 13 - 16
IV. THE KOYNA DEVELOPMENT 17 - 21
VI TME PROJECr 22 - 34
Cost of Project 24 - 26 Arrangements for Engineering and Construction 27 - 29 Operation after Completion 30 - 32 Construction Schedule 33 .EXpenditure Schedule 34
VI. FINANCIAL ASPECTS 35 - 8
Tariffs 35 - 37 FinanG-ia1 Plnn 38 -4 Estimated Future Earnings 44 - 45 De o I _ 1.7 -- t- Vw*ss VX L4 I Auditors 48
VII. CONCLUSIONS 49 - 5
A MMT TT__T__-- _ _- -' I = _ * _'m;- aA; _ ;{ | afiI.:r1 ~ fvH.l nyuvut tUt;V±.t Prouject - Therarzsv> Vw: Electricity Board A %TnT2 el2 ---- a ny-d-o c Proj,ect- Stage II - --- - ~I~I~I~L&~- flUcL nyurve-±eculi*±c ElQt:;'aUru V:=-tJ" Bombay-Poona Interconnected System; Per Capita ConsumptiLon of Eleectricity kannual kwh) ANNEK 3 - Peak Loads, System Capabilities and Installation Schedule of the Bomlbay-Poona-Koyna System (Chart) ANNEK l - Description of the Koyna Hydroelectric Development ANNEK > _ Detailed Description oI the Project ANNEI 6 - Tariffs Recommended for the Sale of Koyna Produced Power and Ene:rgy ANNEX 7 Forecast of Cash Flow ANNEX 8 _ Forecast of Income Statements ANNEK 9 - Financial Ratios 1962/63 - 1971/72
MAP - Koyna Hydroelectric Project, Stages I and II MAP - Bombay-Poona-Koyna Integrated System APFR-13SAL OF TIE KOYNA HYDROELECTRIC PROJECT STAGE II
INDIA
SUMMARY i The &-nk in April 1959 made loan 223-IN to the Government of India t* finance the foreigrL exchange cost of the first stage of the Koyna Hydroelectric Development. IIA has now been asked to consider a credit of 17,5 million to cover about; one-half the cost of the second stage, the total cost of which is estimated 1to be $35,.4 million, ii. The Borrower would be the Government of India and the proceeds of the proposed credit would be lent by the Central Government to the Maharashtra State Government along with the remainder of the funds required to carry out the project. iii. Additional generating capacity in the area is urgently required and continuation of the Koyna development is the quickest and most economic means of meeting this need, iv. The project would include raising the height of Koyna dam by 72.5 feet, a 40 IW power station at the base of the dam, the installation of 300 MW in the Koyna underground power station, the construction of which was initiated in Stage I, and the construction of 220 kv transmission facilities between Koyna and load ceniters. v. The incremental cost per kilowatt to be installed in Stage II would be only $104 per kf because the principal civil works were built in connection with Stage I. The cost per kt of combined Staees I and II is estimated to be $218. wiAtb.is reasonable. The civil works for Stage II would be constructed under an extension of the contract for the firm now constructing Stage :[. Power station equi-pment and transmission line materials not produced locally will be obtained for Stage TT through international comnetitive bidding,. The project is expected to be completed in the latter half of 1967. Arrangements for supervision of construction are satisfactory. vi. The dispatching of energv prodiined at Koyna will be handled tirough the use of Tata facilities and personnel until such time as the Board has the necessary facilitiess and qualified nerarnnnel to psrform t-his fmnction effi- ciently. vii. Initially, practically all of the output of the Koyna developnent -1 be supplied ton the Tata system. where th.ere is a ready market. It is estimated, however, that by the time Koyna Stage II has been completed only 30% of the Koyna energyr T.l1 1e avTala-1bl1e for Tata, the reai.der of Ko.-Ina production would be absorbed by the prior requirements of the new transmission nebt.3ork to be constructed by the State Board, and an aluwinin. factory to be constructed at Jaigad at a site about 45 miles from the Koyna powerhouse. viii. Tariffs to be charged for the sale of energy from Koyna are those recomrmended 'by the Koyna Tariff Committee. Tnese tariffs will provide revenues - -i X. suffi.cient to earn a return on net fixed assets of Koyna, including worlk in prosgress, - not Is than 7% afte StageIisin fulloperation. Debt service and interest coverages would be satisfactory, after Stage I is in f.u.LJl orat iLon
millionIUJ~I.IT project under%A ±Qs cons"t uUsULaL tems fL such.1r cr_-_TA ^,nrej+ of a hbout $17. -_5 mill-Lon equivalent., under the usual terms for such creditsi T TTTT M r,nTTPrrT(1\T
o Trhe Gover-nment of India has requested IDA to consider a credit 4the of-J.L 61,754P.JLI .) r,il Ck.L.AfIeLJU,Vc" r11U4n 4quvdenIA .L±L1U0I1I.= LUli-Ia..L.Ln-hal1 jj 4-4-'u'L.iLAU- est4.adco1W.u.iMauted- 0-t".~' of approximately $35 million equivalent for Stage II of the Koyna hydro-- elUcUric UevU±o-pznent, sout-esst of onunLay iln the Duuuue Uo ±WiMih±z-asht The Borrower would be the Government of India which would relend the pro- ceeds to the Maharashtra State Government. * ne Central Government wouldl also provide the remainder of the funds required to carry out the project.
2, In April 1959 a Bank loan (223-IN) of $25 million was made to help finance tin first stage of the Koyna development. Tnis consistied of a dlam with a 240 Hi underground power station, with four generating unilts, and transmission lines to load centers. In addition, Koyna Stage I in- cluded excavations and hydraulic works to permit the installation of four additional units under Stage II.
3. The Koyna Stage I work is nearing completion. Because of the urgent need of additional generating capacity in the area steps have been taken to proceed with Koyna Stage II under one continuous construction pro- gram.
4. The Stage II project, to be financed with the aid of the re- quested creadit, would provide for increasing the height of the Koyna daia, the addition of 340 NW of generating capacity in two power stations and the extension of the transmission system. The project is scheduled to be completed by October 1967.
5. This report is based on information supplied by the Koyna Control Board and the Maharashtra State Electricity Board to IDA missionls which visited India during July and August 1961 and again in March 1962.
II. THE BORROWER
6~. The B'nrrrwPr wroxldi be the frnvrPrrimAnt. of Tndiia whinh has under- taken to provide all the local and foreign currency requirements for the Koyna proiRnt- Prnneeds of the proposed credit would be lent by the Central Government to the Maharashtra State Government along with the re- mqindpr of t-he funds required to cnrry out the projects As in +he case of the Bank loan for Stage I of Koyna, a Project Agreement would be enSteredC Sat be. .lID' an4.d't'. .heState of Maharahtra.
17. Up-or completion cosrcino hepoetis 44f nager,ent and operation will be the responsibility of the Maharashtra State Elec- U -icitoY DUdLUBoa Uri O(ba BAdUUJ whichWLL() was esCablis,lhed .51- 1960' ±U4-JoWnJg, the reorganization of the states. The State Board, like its predecessor -2-
thne Iformer MOTIDay eTaTe Eiectricity Boarct, nas responsibiii-.y for plsl- ning and fostering the development of the supply of electricity within the iMiaharashtra State which includes the city of Bombay. It grants licenses for generating plants and for distribution systems and fixes tariffs. rTne Board may also purchase the rights of an undertaking upon expiration or revocation of its license. A more detailed description of the State Board and its functions is given in Annex 1.
8. Besides Koyna, the State Board now owns and operates about 136t NW of generating plant capacity in 42 power stations. IMost of these are small systems in various parts of the State, the largest of their operations being an interconmected grid serving the northeastern portion of the State and comprising generating capacity of about 100 MW. It was recognized at the time of the earlier Bank loan in 1959 that the Board would have to obtain a marnagement and operating staff for Koyna and the Bank was assured by the Board that it would obtain qualified supervisory assistance for as long as would be required. 9. 'TMe Project Agreement in connection with Loan 223-IN (Stage I) between the Bank and the State of Bombay provided that the proiect con- struction and operation accounts would be kept separate so that the fi-- nancial position of Kovna might be ascertained at any time. This agree-- ment also provided that accounting, operation and maintenance be in ac- cordance with sound publie utilIty nrantiee. Similar provisions have been incluided in the proposed Credit Agreement.
III. TKV PRAT-RHMART?P
10. The outpult of power from the Koyna project will be sold in buLk to t r 1~tk~~-'''cflKflt +he Tata .L teo.ected4L------grid -ystem se.f the Bombay-Poona area; a new aluminum factory to be built by a private company
~.Vat UJLr%AT.,-;d -a C. coast_'-U41.Lu siJteCL UC dAAJUUabout-45 44).1 i1L.L±L1-r-les- WOJOC-est U L.Lof' IIV.JYILCIjV--l C.LU.-d t1e4JL±, IIVVWnew 4-ns=VJ C4A. mission network of the State Board now being conmissioned and extended to serw;-ntr'=;ot t.oe rn --- -P 4of 04ha 4tae .n ;.e trn&isio s'lok=-- served by the project is shown on the mipat the back of this report.
11. 'rhe Tata system, which is interconnected with the 110 kv system of thleL_.16 Cent:ra.L_ _ ". RlWyIn _:! - _ _ __. andU__ I3 WiLtI_ _: JL bth1L _ IneW_ _- _- _10n KV1 __ sybUstem____ L _ _ Uof_ D JLthe _- .n.Dtate - ._ - m_ d,- -I hlas1- _ _ been in operation since 1915, and now supplies electricity in bulk to 178 large Iidusrial consumers, 10 distrib9uting licensees (most imlportn.t oi' which is the munic:Lpally owned Bombay Electric Supply and Tramway Under'taking) and t-le State Boarud (at nine points). The Central Railway system s-uppl:Les ener'gy for traction only. Energy supplied by the combined Tata and Rai:Lway system over the past 10 years has increased at an annual average oI 8.85a. Part of the increase has been due to increased double and triple shift working of the Bombay textile mills with consequent increase in annual system load factor. The system maximum demand has increased from 254 MW in 1951 to 514 MW at the end of 1961. This is average annual rate of growth of 7.5%o. 12. Ehile the! per capita annual consumption of electricity in India is apprx-ciiavtely 40 ^rI_ he?_cons-curption Jun the area serv-ed by sw.ev4 mayPon interconnected system is 432 kwh per capita, and is continually increasing (Annex 2). The consumption of electricity in thls comparatively small c-ea, containing about two percent of the country's population, accounts for about; i8% of the total used in India.
Forecast of Demand and Energy Consumption
13. The most recent forecast of demand was made jointly Dy tne SoIaTve Board, the Central Railway and Tata for the Bombay-Poona-Koyna system. This forecast wLth modit'ications has been used in this report. These estimates are shown graphically in Annex 3. They indicate an expected increase in the comb-ined system demand from 514 MW at the end of 1961 to 895 MW by Apri:L 19066, when the first unit of Koyna Stage II (Unit No. 5) should be in operation, and t"o 1,060 MW by October 1967 when the second stage of Koyna should be com- pleted. The annual system energy requirements, at that time, are expected to be about 5,700 miLLion kwh, 40% of which would come from Koyna.
14. The aluminum factory at Jaigad is scheduled to begin operations in early 1966, and this would add 55 MW to the demand at that time. The a:Luminumn plant would be served by separate transmission lines (220 kv) operated by the State Board.
15. The new transmission network of the State Board will be gradually energized during the second half of 1962. It is expected that this new net- work will pick up a load of 15 MW during the year 1962-63 which would double in each of the two succeeding years, then approximate 100 MW by April 1966.
16. It was concluded from the load study that all the firm generating capacity to be provided by Koyna Stages I and II would be fully absorbed bv the time the project is completed in October 1967. This indicates that ad- ditional capanity wouild hp rAniiired imnmediat lv thereafter. If the load continued to increase at the same rate beyond 1967, between 80 MW and 100 MW of new canacitv would have to be nrovidied annually.
IV. THE KOYNA DEVELOPMENT
17. The K.onma river is n imn-Porte-nt tributan?r of the -rischn-a river -hire irrigation schemes are being, or will be established downstream by the States of MPharashtra, Nrsore =a.d A- hm Aesh. TVTV+er 4 m" 1de4 * +he on-arer voir will be diverted through the continental divide into the Vashisti river, about 40 mlles from,^ its ..mouth orn the Aabian Sea, T qusntity of diversion was established by interstate agreement in 1951. After the reorganiz- atiLo J. UfStates L NoIveJJ,,be 1956UI, he water r.eeds of t,h r,ew S utae of.. M ashC& were reassessed. It was confirmed that 67.5 billion cubic feet annually could be diVerted LILLIJuga ULA1 KUyId Lunudergriound po-wer stabion aI.dU UIIda a[I adUUd.,tion1.± 16 billion cubic feet (gross) could be used each year for irrigation within the State. 7-he planning oI the project has been based on this agreed-upon water allocation. 18. The Koyna. development is to be carried out in three stages: Stage I which -will prnvide capacity of 2)JiO kvW. nd for which a Rbnk loan was made in 1959, is nearing completion; Stage II, the present project, will add 31t0 MW; and Stage on which prelmilnary_II, investigations ae now being m.de, *^rl1 provi.de about 100 DU in a tai]lwater plant. The ultimate Koyna development will therefo-me have a- t:t-al capaci+y approx -..+t-I 680 --W. AI t 1 desc. ptior of the Koyna development is given in Annex 4.
19. Koyna Stage I consists of: (a) a concrete gravity dam., with an over- flow spilLway equipped wit. taintor gates; (D) a reservoir with a capacity of approximately 36 billion cubic feet; (c) tunnels and pressure shafts to divert water to an underground power plant in which four 60 IMW Pelton type turbo-gener- atinr sets are beinE installed; (d) a tailrace tunnel to the Vashisti ri.ver; and (e) transmlssion lines to load centers.
20, The intake tunnel, surge tank., pressure shafts, powerhouse excavation and tailrace tunne:L will be large enough for the four additional units of Stage II. The transmission system included in Stage I comprises a 143 rile double circuit 220 kv transmission line to the Greater Bombay area, a substation adjacent to the Trombay thermal power plant and a 44 mile single circuit 220 kv transnission line eastward to Karad from which point a newl 110 kv transmission system ixouli radiate to the north, east and south.
21. The goyna darn spillway has been compl terl to the height envisfLoned under Stage I and water in the reservoir has reached elevation 2075 feet above project datum as anticipated during the 1962 monsoon season. One generating unit and one transmission line to Bombay began operating on May 16th, 1962 and the second unit and second transmission line are expected to be in operation by t]:-e first cart of August. The third vP_npratinp unit snloild hi- rrachv for operation by November 1962 and the fourth during the second quarter of 1963.
V. THh PRO,.w.CT
22. The Droject consists of: (a) raising the height of the dam from ePI ation 2;107.5 :fet. to its degned height of 2-l80feet; (b) completing the Koyna underground power station and installing four 75 MW Pelton type turbo- ,generangJf sets wth t
atd U.,iCadU Uand(f) tupplellt,e OUtar.WIJ4ge I transrissionb"± capacLU.y AWU.L-U D.0,1UdL A detailed description of the project is given in Annex 5. 23. Construction work on the first and second stages of Koyna would merge into one continuous program. Under Stage I the dam was to be constructed only to an elevation of 2,107.5 feet. Stage II construction wqould add 72.5 feet to the height of the dam, resulting in its being 280 feet above the river bed and 340 feet above the deepest foundations. The added height of the dam, while increasing its total volume by only about 25%, would increase the reservoir's storage from 36 billion to 98 billion cubic feet (2.25 million acre feet). Cost of Project
24. The estinated cost of the project is as follows:
Millions of Dollars Equivalent Foreimn Local IEllicns of Exchange Currency Total Rupees
Civil Works and 'Undlerground Power Strt.i n wbith Iiiniir 75 WiLT Units Installed 6,83 10.87 17.70 84,28
Power Station at the F'oot of the 220- trnt-wT ison Ja Ir. e 1-706't 1023 1.80 1847 l)nnf -__ nn- - __:- _ .!--: j T- -: -- n e--I -1 1) Q}-I. Q ~7. C-4V IL 1 J 'r ldJILUlll;:iN u U12 t, eJovg,aU VoU'L -eLo ) -Lou4 L'a 14
Supplementary 22J kv Transmission to Load Centers and Associated Substations 3.50 5.27 8.77 _4L 78
12.64 19.57 32.21 153,36
10% Contingencies 1.26 1.96 3.22 15,34
Totals 13.90 21.53 35.43 168,.70 (Note: A more detailed cost estimate is included in Annex 5).
25, Civil works contracts have already been let and bids have recently been received for the plant and equipment. Having regard to this and to the costs being incurred for Koyna Stage I, the estimates appear realistic and the comparatively small contingency allowance of 10% should be adequate. Interest during construction is assumed to be financed from Koyna1 s earnings from the beginning of June .1962.
260 The incr,emental cost per kilowatt of power to be installed in the project is only 4104 per kw, due to the fact that the principal civil works are already built in the previous stage. The cost per kw of combined Stage,s I and II is estimated at A218/kw, which is reasonable. The route and length of the supplementary 220 kv transmission line toward Bombay is being reviewed "Dv the consultants and may cost less than shown in the estimate. No disbursements for the line would be authorized until the consultants have completed their revie-wu
Arrangements for Engineerino and Construction
27a Be-cause of +-he- size -nn.d ir,portance of thke Koyna devel opment th Bor >^y (now Maharashtra) Government in June 1954 established a special Koyna Control project. The Board is an administrative and advisory body similar to several other such Doar-ds in. India. Its ieSpuoniblty Is to ake quick decisions on matters pertaining to the project and to exercise general supervision over its execution. Tlle present Board consists of three memnbers from-n the Centrtal Govern- ment, eight members from the State Government and three industrialists. The - 6 -
chief Engineer is the Chief Executive Officer of the Koyna Control Boardi and is responsible for-r Gar-ring outt nnticies and nroarams. The Kovn;a Control Board's responsibilities will be completed and it will cease to exist upon completion rfcn+>tof tha nKyia eeopet
280 The civil works constrction contracts for Stage I, in_Tirded 1955 as a result of competitive bidding, have been extended to include Stage II. .;+1_ +1nW V-7r1,1 - - -'_I rn41 ; -s+i C!Tnn+ny"r l,h'.h_ T{n5lu-v.l r+>-W S. a^i'.J . w I o v lJ'./UU 5 1X 0 V ~+_A t extensions of the present contracts so as to provide for continuous constru- tion1. Ssi,,etadJuDwar,ents vwere made J--l UheV nit.L pr_lcesU to. elc ncreased labor and equipment costs which had taken place since the original contracts were signed. Poweur si eU±ULtJ)qumLeIs tVnU and. urarisrI-.Lssion line imaterials not.pr duced locEa1y will be obtained for Stage II through international competitive biddintg.
29. A consortium of Swiss consuiting engineering firms, Societe Generale pour IlIndustrie and Messrs. Conrad Szchokke together with Mr. H. Gicot, has been retained by the Koyna Control Board to review all designs and specifica- tions prepared by Koyna engineers and to supervise construction of Stage I. This arrangement has been extended for Stage II to cover the dam and undergrounu power station and to include the review of plans and specifications for the genetrating equipment to be installed in the power station at the foot of the dam and for the supplemental transmission line to the Bombay-Poona system. The consultants have stationed two of their representatives at the project.
Operation after Completion
30. While the responsibility of management and operation of the project will be transferred to the State Board on completion, the ownership will re- main with the State of Maharashtra. A lease arrangement for Koyna is being made between the State and the Electricity Board.
31. Koyna and its connecting transmission lines will form an integral part of a large electrical system that has grown up in the Bombay-Poona area over the past 47 yrears. The existing Tata organization which has been handling the dispatching on this system has a well-organized and experienced operating department capable of dispatching the combined system. The State Boarcd has obtained clearance from the Ministry of Irrigation and Power and the Central Water and Power Commission to use Tata facilities and personnel for the dis- patching of Koyna'ls production until such time as the Board has the necessary facilities and oualified nersonnel to nerform this function efficiently, and Tata has indicated its agreement. Arrangements are being made accordingly.
32. The combined system should be operated within the framework of general policies Laididoer.m, from. tim.e to tim.=e by nn operating conittee. The committee, in the first instance, will include representatives of the ';tate Board, 'Tata A. +1he C1en+-al ,.TIa.Vi;i..' . Its 5jcIst5JVir= T.T.. be0..15.o IS'k'bt 14 -thps le service with maximum combined system operating efficiency. The State 130 ard 0. . ha eed t~"o set up su4ch a. c,UI e -7-
Construction Schedule
33. The project is scheduled to be completed by October 1967 which is realistic. The first of the units (No.5) is due to be commissioned in April 1966.. Successive units should be completed as follows: unit tlo. 6 in October 1966; unit No- 7 in Anril 1Q67 and unit No. 8 in October 1967. The power stat:ion at the base of Koyna dam is scheduled for completion during 1966.
3h - The estimated scheA,le of expen tue for the project is as follows:
Foreign Local Millions of YeV rEL&ihae Crency Total ''-pees
1',61 t2 - .21 .2~~~~~~~~~~~~~~~~~-1 *1.00r
19162-631L,fUC- U4 0.02xy 19/64-65 4.19 6.31 1o.50 50.00 96>-66 4.36 2.99 7.35 35.00 1i66-67 2.09 3.10 519 24 .70 c967-68 0.75 3.03 3.78 18.00 13.90 21.53 35.43 168.70 VI. FINANCIAL ASPECTS Tariff s 35. In the beginning, practically all of Koyna output will be supplied to the Tata Sv.st.em where there is a readv market. Tt is estimated. however. that by the time Koyna Stage II has been completed only 30% of the Koynna enerry will be avaiIlable for Tata. - y an exchange of letters Tata has agreed to take power and energy from Koyna at the tariff recommended by the Koyna TaPrif'f .nmrni t+.+. Tar'iff recommendations ha nl SO bn marie fo-r bulk supplies of power and energy to other customers, but no final agreements have yet be-le.". sir-,A.ed. 36. Revenues shown in the forecast of income statements are there- fore based on the tariffs recommended by the Koyna Tariff Committee (Annex 6) which would produce an average revenue from energy sales of Rs. 0.033 irn 1962/63 and Rs. 0.032 (6.7 US mills) per kwh for every year thereafter. 37. The power requirements of the proposed aluminum factory at Jaigad deserve special attention in their effect on Koyna's revenues. The estimated revenue from this source (Rs. 0.021 per kwh) was based on a maxi- mum demand of 55 NW. Future plans, however, call for doubling the capacity of the factory, and an increased electricity consumption which would result in a reduction of Koynats total revenues unless rates to other consumers were increased. Such tariff modifications, designed to compensate for lower rates charged to the aluminum industry, should be a prerequisite to any supply in excess of' 55 MW to the aluminum factory. The Association will be given reasonable opportunity to review, and comzment upon, the proposed tarif'fs for the supply of electricity to Jaigad before the Board commits itself to supply more than 55 MW. Financial Plans 38. Although from the beginning of operation of Stage I to the end. of Stage II construction (1962/63 - 1967/68) the Kovna proJect could pro- duce cash generation from power sales to supply almost all of the estima.ted local= currency financing for Stage TT. the State of Mahashtra has been. assured of the financing of local currency costs of Koyna Stage II through Ionnnn frnym Gen+.ra1 rAvrYnmmn+. Thisq rocedAre sqhmould permit the Mahnranh+.rq State Electricity Board to apply Koyna produced cash balances to finance the loca:x'l crwntrejncy nc.s of +he fuit+.ure St+.aera TTT ans wll a1s a z par+ of i+s gcn.oer:al expansion program. 39. A summary of sources and applications of funds for the ten-year If'orecast after provis onof d4(eb seovnc page) (table on following page) - 9 - Sources of Funds kin Mall ons of Rupees) Stage II Construction Period 10 Years 1962/63-1967/60) 0 i9Oe/-5-01 I'IC 70 internal Cash Generation 288.o47 551.63 Less: Provision for Debt Service 189.39 390.03 99.08 2 '028 16i.o0u 3 Long-term Borrowing: 1/ Balance of IBIRD Loan 223-I- 2390 7 23.90 Proposed IDA Credit 2/ 83.30 23 83.30 lb Central Govermment Loans for Stage I--- 44.89 13 44.89 10 Central Government Loans for Stage II"' 84.40 24 84.10 19 Future Foreign Currency Loan for Stage III 17.00 5 60,00 13 Total Loans 253.49 72 296.49 65 Total Sources 352.57 100 458.09 100 Application of Funds Koyna: V/ Completion of Staee P- 68I79 68.79 Proposedl Stage IIY 167.70 167.70 hi,tm-rp Ftrp -rTT IQ)Ch 0n n Total XoVI--1aa Conn--ru;ction 99549KAo4 =_=====n :====== l/Tisaontdesntinld dsursmn of- Rs.L-65-11 milio ($36 m--lin -2- U 44.. J/4.. *1)'II * ' 1/ This amount does not include disbursement of Rs. 65ell million ($13t68 million) £IJUUt 14JIA L ) J.IOLI1.Lp .L7'UJ-. 2/ Balance after lMarch 31, 1962. .2i'Th1.Lbs ai-Lo,unl dUoes noltU inclJude Me-&4JZnd.iUU.L-ZO L-.cUrLred up to) ±.Ial-Ull _).j L731, cL1192i1U.-LI- to Rs.. 300.37 million (U63.1million). This amount does not include Rs. 1 million ($0.21 million) spent up to March 31, 1962. - if0 - 40. A ten-year forecast (1962/63 - 1971/72) of Sources and Applications of fTinds i9 given J n AnvAex 7. This is or nsr4oinv +hm+. +thatth n- struction of the Koyna development during this period would be financed in ,I±XS U P- GA - 4WNUA' ol'JLs .ed A by borrow-. LAg. t.erU4, TTIA J +I-UarA -4. aSl Government. 41. For purposes of this forecast the following assumptions have been made: (a) Loan 223-Th-%' Dearing interest at 5-3/u% would be disoursed bqy the end of fiscal year 1963/64; amortization payments would start in 1965 and terminate in 1984. (b) Interest on the proceeds of the proposed IDA Credit would be 5-3/4% and the term 25 years, including a grace period of five years during construction. Amortization is calculated with equal semi-annual payments of combined principal and interest, and is assumed to begin in fiscal year 1967/68. (c) Central Government rupeie loans for Stage I would be for 30 years including 10 years grace. They would bear interest at 4% and 42. Repayments would start in 1965/66. Central Government loans for Stage II would bear 41% interest and would be for about 27 years with repayments starting in 1968/69 and extending over 20 years. (d) For the purpose of this analvyi-s onstruetion of Stage TTI would start in 1965/66. Stage III power project would harness tailrace watpr from the YOvnaq u]ndergroa nd plant. It would have a capacity of about 100 MW and is estimat,ed to cost approx-,a+tely Rs 150 rllAIAon (41. -E) During its construction period, assumed to extend from 1965/66 t 107-1/792, ----.ta Iash generation would more than cover local currency costs totalling about Rs. 90 million ($18.9 .n4llion)* A i currency "o. of' Rs. 60 rillion ($12.6 million) should cover foreign ex- (e) Interest during construction up to March 31, 1962 has been capitalized and added to the construction cost. Thereafter, all interest, including interest on the loans for Stages-II and III, would be charged to operation. 1J At the request of the Government of India, $6.3 million of Loan 223-IN was cancelled in November and December 1961, following rejection of their request to use this amount for building new transmission lines. 'The can- cellation reduced the loan from $25 million to $18.7 million. v Excluding interest during construction amounting to Rs. 11.78 millLon ($2.47 million) to be covered by internal cash generation. - 11 - (f) During the 10-year period, the Koyna project, after covering the local currency cost of Stage III, could accumulate a cash balance of about Rs. 71.6 million (U5Ll0 million) which might be used by the State Board for its general ex- pansion nrozram, 42-. It should be nointed out that the projections referred to above, and in paragraphs 44 and 45, are theoretical projections designed to show that the Koyna pronect is finnncially vin bl On a normal public utiLity basis-. There- fore, the funds basically derived from foreign credits ((a) and (b) of para- graph UJ) are sho-. ac 2 year _-3/i/% loans, repayable 29 years, although in fact nei.ther the Board nor the State will have to meet this debt service, but ol'h debt service to t.-he Cent(r 'l Goven.=net on t..e lines of (c) in para= graph. 41. The depreciation taken into account in the projections is on a straight line basis. 43. Th-e financial arrangements between the Govealrment and .aharashtra State are reasonably firm, but the exact financial details of the relations between the State and the Board regarding Koyna, although fairly well settled, have not been finally defined. The Government will re-lend to the State the funds derived from Bank loan 223-lN and the proposed IDA credit in the form of 30 year credits carrying interest at a rate of 41%; thus the terms of passing on these fumds from the Government to the State will be different from those on which tthe Government obtains them. A draft bill to amend the Electricity (Supply) Act 1948 will be considered by the Legislature, which provides: "The Board may accept, on lease, for operation and maintenance, generating station, transmission line and other ancillary works connected thereto owned by the Stage Government, on such terms and conditions as may be mutually agreed upon between the Board and the State Government." This will enable the State of INaharashtra to retain legal ownership of h.oyna and transfer it to the Board for operation and maintenance. It will also enable the State and the Board to agree, among other things, the basis cn which a rental will be charged by the State to the Board. It is the intention of the State that the rental shall include amounts sufficient to enable the State to meet, in respect of Koyna financing, interest payable by the St;ate to the Government; to provide an annual amount to set up a depreciation reserve for Koyna, based on the straight-line method; and, to the extent that debt repayment to the Government exceeds the depreciation charge, a provision to cover this excess. The State has offered to supDly to the Association cletails of the renlal agreement, and provided that the agreement does not contai.n any- thing which would orevent nroner perforimnane of the covenaTnts set out ln the Credit docuiments, the agreement would be acceptable to the Association. - 12 - Estimated FEuture Earnings 44. A forecast of income statements for the ten years 1962/63 - 1971/72 is shown in Annex f3 The following anssmntinns hve bhPen mnde: (a) P.even.ue estmates are based on avera-e rt+es discussed in para 16. (b) 0pe-a+1ion d -rn+e-nan^e-e-s-s he been based on n^+ operating cost of the Tata system. (c) Income taxes would not be due until after 1971/72 since devel- op,-,,en'L ;rebDates ar,du infitia-1 Operat-Ing, loss-es, whichU1 cn be carried forward, would offset the profits during this period. (d) Straight-line depreciation has been calculated at 2% of the capital investment. This is sfficient, since Koyn,a cor,sisti3 mainly of hydroelectric plants with a large portion of the expenditure on civil works. (e) Starting with fiscal year 1962/63 aii interest payments (in1- -cluding interest during construction of Stages II and III) have been charged to operation. 45. On the basis of these assumptions, the financial position during the ten years would be as follows: (a) During the first fiscal year of operation (1962/63) Koyna would show losses of Rs, 1.6 million after charging all interest. In fiscal year 1963/64, wivh all four units of Stage I in service, operations would be profitable. Net profits for that year, after interest charges, would amount to Rs. 31.1 million. Profits would increase as the four units of Stage II are suc- cessively commissioned. In 1967/68, with all 8 units operating, profits would amount to Rs. 25.8 million. (b) The rate of return on net fixed assets, including work in pro- gress, would increase from 4.4% in 1962/63 to 6.3% in 1964/65, after the completion of Stage I, and would vary between 7.9% and 10.0% in 1965/66 to 1971/72. (See Annex 9) (c) Debt service coverage would be 1.3 times in 1962/63 and range between 1.2 and 1.9 times during 1963/64 - 1967/68. Coverage would decrease to 1.3 thereafter when amortization would start on the borrowing for Stage II. (See Annex 9) (d) Net income from operation would not cover all interest charges during the first vear of oneTation. Tn 1963/64 through 1965/66 total interest would be covered 1.4 to 1.6 times. The coverage would rise to between 1=0 ndH 2.0 timpqs thPre.fter (Spe Annex 9). However, as mentioned in (c) above, on a cash basis (net in'mAe from operation nlusc deprciation) debt serviee would be covered every year. Rate Covenant 46. Under Section 2.08 of the Project Agreementfer Loan 223-IN (Stage I) the State Government agreed that rates charged for supplies from Koy-na should ensure earnings sufficient to cover all operating expenses including taxes, adequate depreciation and interest, repayment of all loans and advances ior financing the project insofar as it was not covered by depreciation, and. a reasonable contribution toward the cost of future electrIcity expansion in Wne State. It has been found (as shown in the table included in paragraph 39) that the projections at present tariff rates show a reasonable contribution towards expansion. Since, however, Koyna cannot be further developed after completion of Stage III, it will, as the overall expansion of the State's facilities continues, be in a position to contribute proportionately less and less to the growth of the State's total power investment. lience it has been agreed with the State Government that a rate covenant based on return on investment would be more appropriate. Therefore, the lMaharashtra State Electricity Board has agreed to take all necessary steps to obtain adjustments in its rates so as to maintain, after Koyna Stage I is in full commercial operation, revenues sufficient, in relation to the Koyna system: (a) to meet all operating expenses, including taxes if any; adequate maintenance and depreciation; and (b) to earn a return on net fixed assets includinlg work in progress of not less than 7 percent. 47. The return on nAt fiYed -snets in nperation including work in pro- gress shown. in para 45 indicates that the tariffs proposed for Koyna would be sufficient to nmet the reqnirements oqf this GnvPnaqnt by 1965= Auditors 48. The ElecAtric-ity Suply Act of 19148 stipulates in Section 69(2) that the accounts of the State Electricity Board shall be audited by the Comptroller and .iirlltnr 1pnrr-rnI nfc TnAln n hir nclh p ernon as he may authorize on his be half. Annual audits by the Auditor General of India will be acceptable to the Association.- - 14 - VII. CUNCL-USIONS 49. The demand for electricity n the Bombay-Poona area warrants sub- stantial additions to generating capacity of the system serving this area as soon as possible. The completion. of the second Stage of the Koyna develop- ment is the quickest and most economical method of providing this addit:ional capacity. 50. The project is sound and the cost estimates, which are based on the experience during the construction of Stage I, are realistic. The arranlgements for the engineering and construction of the project are satisfactory. 51. Suitable integration of Koyna into the existing electric system in the area and economy of joint operation can be expected as the Maharashtra State Electricity Board has undertaken to: (a) conclude arrangements with Tata for the initial dispatching of Koyna output in conjunction with the com- bined electric system and (b) set up an appropriate operating committee to formulate policies for operation aimed toward the best possible service with maximum combined system efficiency. 52. The Stat.e of Maharashtra recognizes that the use of the proposed credits for transmission facilities between Kovna and the Bombay load centers and also for the associated substations must be in accordance with a plan that will ussre optim.im use of tfh-e facilitties now existing in the Area- This n1an; after the appropriate engineering studies have been completed, will be subject +f~ agrempn1-. bP+m!.Tn t1-he Anrand the State. <3. Financial forecasts indicate that the Koymna system will be able to maintain a satisfactory financial position and to earn a reasonable return. 54. The project is considered suitable for an IDA credit of $17.5 million eq4;.J~vaLeniU U dLer thebIIV Usal teUrLmis for such creUt.L U AATfl,T 1 Page 1 Tr VATT A Tfl1 T''InMDTrr TVDr% T1'I,m Ilfl i'4afLInIIflLttA O1ALjk T,lAjIItLiI Bombay Electricity Board In pursuance of the provisions of Section 5, Chapter III of the Electricity Supply Act of 1948, a corporate body called the Bombay Electric- ity Board was constituted by the then Bormbay State Government on November 5, 1954. From that time until 1960, when the Maharashtra State Electricity- Board was formed, the Bombay Electricity Board took over various power gen- erating facilities from the former Saurashtra State Electricity Board, Vidarbha State Electricity Board, the Kutch Area and the Hydrabad State, assuring also the liabilities of these auithorities. Consolidated financial statements for the period 1955-1960 are shown in Tables A and B. As of March 31, 1960 a total of Rs. 477.3 million long-term debt was outstanding. Of this total an amount of Rs. 22.5 million represented 41% bonds, redeemable after 10 years, issued by the Saurashtra Government in. 1956; an arount of Rs. 398.4 million was advanced by the Government up to 19559 bearing interest varying from 3B%to 5%, the principal generally being re- payable within 20 years after 10 years grace; the remaining amount of Rs. 56.4 million was advanced to the Bombay Electricity Board in 1959/60 bearing interest at 65D and being repayable within 30 years. The rate of return on the total net fixed assets of the Bombay Elec- tricity Board rose from 1.5% in 1955 to 4.5% in 1957 and dropped thereafter to 2% in 1960.. The accumulated annual operatine loss of the Bombay Electricity Board during 1954-1960 was Rs. 18.4 million before notional allocation of Rs. 7.7 million to the general reserve After this alloGs-tionn And including a transferred loss of Rs. 9.6 million from its predecessors the total accu- mulated loss of the Bombay Electricity Board was Rs. 35.7 million on March 31, 1960. (Depreciation was calculated on sinking fund basis at 3% interest.. The annual allocation 1:o the gene-rl ireserve PniiAlled ;% of' gros f'ixes assets)- For t1his.- nvsan jo-fPne+rv,%"r f-i vn n n ,l-posii+.e .vrn-"' iou reaonseY'fCY are' given. Among them the fact, that the supply of electricity in most of the large tow.ns ad cit_ies i in the hands of private licensees, whereas the Board is charged with the duty to develop the generation, supply and distribut.ion of w=u *4 _;^;+..'ir4. L,y ...; LI .7";A..vN J.d|.L v.CA0+AXj% I _vbA± . w5_ LU-. , v.La 0.5.wCLL_^_A^wv.D * .5.'LL..Dur& sS UiAwiu h j9Ei.ve _;^, s vv.v5 -A.ro +ht.vvAsv- I--7 Five Year Plan the Government has decided to reimburse the Bombay Electricity … . i~I L.~ .'.!- L.~-- j r'r*d . P .- L -I Board Lor Losses In RUra-80L Electr, -iLLcauUIOI oi[t-j tip toU )VO o.f bt, total. lUosse of the Board. The amount of this subsidy has, however, not yet been determined aud a similaX cUMU'ni.tQnet for tle perUod of tIe Third Five Year plan has not been made. Other reasons for the substantial annual losses of the Bombay Elec- tricity Board are the high rate of interest of 6% charged by the Governm.l.ent for loans advanced since 1959; the increasing amount of funds required for ANNEX 1 Page 2 investment in non-revenue producing items, namely inventories, which amounted to Rs;. 85.3 million in 1960 as against Rs. 12.6 million in 1956; and the large amount of diesel generation with high operating costs. In respect of the Rs. 22.5 million 4e bonds outstanding it must be noted that no sinking fund has been established to redeem the bonds which are due in 1966. Maharashtra State Electricity Board As a result of the reorganization of states and the formation of Gujarat and Maharashtra from the former State of Bombay, the Maharashtra State Government constituited the Maharashtra State Electricity Board with effect from June 20, 1960o The Maharashtra State Electricity Board has the same functions and powers as the former Bombay Electricity Board had. namely: "To Dromote the coordinated1 development of the generation, supply and distribution of elec- triit.y in the State in an efficient and economic manner. To rationali2;e power produ-ction in the State, the Board under the Act has been given the right to reglate pnower rates nnd to approv.e all generating stations before they ran be established or additions or replacements made to existing generating sta- tions. The Bor-d hns +.h. right to prchase t.he undertaking of a licensee on revocation or expir-ation of a license or before a new license is granted. Being a co,;orate bod-yr i-+ has rpertua.il succesion andn rarmrni cal, wt.Tith powers to acqu:ire and hold property both movable and immovable and can at the same time suen"d be v,ed.'' 7Ph- M r ashX-I. I QI qL+ V1A Lii.; --L 4- Y.-i.D A. rt- iA S'r I±'4i -1. Lis.4- i s- 1-1 11 C sU-U UJL CsSwess-WUL %1, %A E D W L V1IVV1iL V D_Ls C XoVlt three and not more than seven members appointed by the State Government.. The Act specieL.Lsc U1106I, Ltihao meiiiniLJu1 1ehl.l Ube (a) al perso WitLhl experience1LV in;:om-11 mercial matters and administration, (b) an electrical engineer, and (c) a persoDn *V±U± 01 aucountig and fu±a± mabers in a public utility undertaking. One of the members with any of the above qualifications is ap- Po'-.&o-± _-by the__ S e G._t MI±e L--U- O_t n U ±_ r U1U1Uu W1e_L-L_[LU U,f UIIe QDUt UUVU1-SLL1R:;ltJ. 111t: Ut::1'11W Ul ...U1 §t- CU-tV PUrevt:w;.L-_lLxU by the Government. The Boardi formulates all the important policies and decides onI prob- lems of organization and administration and generally meets once a week. The Chairman of the Board has been vested with powers to assign duties and functions to the Members and Officers of the Board. The Boardl has constituted a standing committee consisting of its full time members and has delegated certain powers to that committee to faci.Litate the di.sposal of urgent work. In addition, the Board has constituted three other commi-t-tees, namely: (a) jeneral Committee, (b) 'Finance Committee, and (c) Planning and Progress Committee ANA1TTY 1 Page 3 1.1, nsawci". the, -:-U]tsV ofpoer del egated oteSn;. Committee and also the scope of functions assigned to the remaining three Uommttees referred.u awuve a-e pru ibuedu uy relevatV Bdcu-U resolutLons. On December 5, 1960 the State Government also constituted the Maharashtra State Electricity Consultative Council under Section 16 (1) of Chapter II of the Fiectricity Supply Act of 1948 to guide the Board in tneir work.. The Chairman of the Board is the ex-officio Chairman of the Council and the other Board Members are members of the Council. The Council consists of the members of the Boarcl and the other persons numbering not less than seven or more than fifteen as the State Govern- ment may appoint after consultation with representative bodies representing the following interests: (a) local self government, (b) electricity supply in- dustry, (c) commerce, (d) industry, (e) transport, (f) agriculture, and (g) labor. The Council meets at least once every three months and has the following functions: 1) Advise on mEjor questions of policy and major schemes. 2) Review the progress of the work of the Board from time to time. 3) Consider such other matters as the Board may place before it. 4'l Consider such matters as the State Government may by rules prescribe. 5) Review annual financial statements before submission to State Govern- I.lith the forming of the Maharasht-ra St-nat Elect.ricityr Rard-+.I-, accoLmts of' the Bombay Board have been transferred partly to this new aut1~horn ity; whi cih z:ft-.er tnmnlPni-.n will also nkover the K(rvn2 SchAmP- and part]Ly to the State of Gujarat. The provisional balance sheet for the new Maharashtra State Elec- trici--j Board sof^ 31, 196 is -- "'- e a follow- A ,~~~~~~~~~~~~4 ~~~~~T.i n'M I -+4 na Fixed assets 265. 7 Reserves 16.0 Less depreciation 27.2 Government loans 290.3 1~ 1 J. .L&eAt: l t.L :uL :)U .rul±lbiui4 .1. WIl Investments 3.2 Unpaid interest 21.9 C.urrentwu [--tr ass ets 101| r%Ui~ *.9 yn;iS OtheU. lir liabI,ii-i LL -t6ti 36U.6-IW Z Z Accumulated losses 21.8 n650>4 3.4 ANNEX 1 BOMBAY STATE: ELECTRICITY BOALRD lalance SheetS 1955-1(60 Years ended March 31 1955 195a ]-957 1958 1959 1960 A,SSETS Fixed assets 132.3 139.7 153.5 292.9 365.2 421.3 Ue s: Depreciation .06)06 25.6 34.3 __4.7 Net fixed assets 129.3 133.7 143.9 267.3 330.9 376.6 Investments - 2.2 2.4 6.7 5.6 5.2 Inventories 10.5 12.6 21.3 66.7 75.1 85.3 Accounts receivable 7.8 3.7 5.5 14.6 15.5 16.9q Other current assets and advances 1.2 4.1- 12.5 45.9 60.4 75.0 Cash and Bank a/c 2.6 16.4, 1]8.9 28.8 25.8 31.9 Transferred losses - - - 9.6 9.6 9.6 Accumulated operating losses 1.0 4.2 11:.3 15.L 26.1 Total Assets 152.4 176.9 209.9 450.9 538.3 626,6 LIABILITIES Reserves 0.9 2.3 3e0 17.2 18.8 20.8 Capital profit - - -- 0.4 0.4__ O4 Total equity 0.9 2.3 3,0 17.6 19.2 21.2 Governmient loans 134,7 151e6 181.6 338.5 391.9 454.8 Bonds - - 22.5 22.5 22.5 Total long-term debt, 134.7 151.6 181.6 36L.0 414.4 477.3 Pension fund - - - - 0.1 0.2 Unpaid interest - 8.4 2.5 24.8 32.3 41.4 Advarnces ileceived 2.4 3 )5 9.2 12.6 15.0 Other current liabilities 14.4 __597 11- L8.3 3'3 __71 Total Liabilities 152-.4 :76.9 209.9 450. 538. 3 626.>6 A i:'lTEX 1 TABLE, B BOMBAY STATE ELECTRICITY BOARtD Income tatement,s 1C55-.960 Years ended Marchi 31 195955 195.7 _1I58 1095Q2 -960 Mill. Rupees Total revenue 10,7 2,6.4 32.9 60,.2 58.0 72.9 Operating expenses 8.3 1.9.0 22.8 43,1 38.5 54.9 Net operating inco:me 2.4 7.4 1C).1 17,1 19.5 :18.o Deprec:iation 0.5 3.0 3.6 7,,9 8.7 10.4 Net prorfit before interest 1.9 4.4 6.5 9,2 10.8 7.6 Interest payable 2.4. 6.2 ,70 13,6 13.3 16.3 Annual losis 0.5 1.8 0.5 4,4 2.5 8.7 Reserve al:location 0.5 1,4 ().7 14,5 1.6 2.0 Loss carried forward 1,0 3.2 1.2 5,,9 4.1 10.7 Return on total ne-t fi:xed assets (based on sink:ing fund depreciatio:n) 1.5 3.3 4.5 3.4 3.3 2.0 ANNEX 2 KOYNA HYDROELECTRIC PROJECT STAGE II A. GENFR-ATTNf CAPAUTTY TW mPnVMAY-POOCJNA TNThRrTn.C1TDTn SYRTRM Date Station Type Ownership Capacity Installed Khopoli Hydro Tata Hydroelectric Co. 72 MW 1915 Bhivpuri Hydro Andhra Valley Power Co. 72 W 1922 Bhira Hydro Tata Power Co. 132 iiw 1927 Chola Thermal Central Railway (old) 40 MW .1/ 1929 Chola Thermal Central Railway (new) 96 mW 1952/,58 Trombay Thermal Tata Companies 188 MW 1956/6o Hydro 276 MW Thermal 324 KW NMW B. PER CAPITA CONSUMPTION OF ELECTRICITY (ANNUAL KWH) Maharashtra Bombay-Poona Increase Orer Year India State System Previous Year (M) 1951 13.3 43.9 234 11 1952 13.8 43.0 262 9 1953 15.5 50.6 284 11 1954 16.9 54.3 316 11 1955 19.1 61.4 349 10 1956 21.8 51.3 2/ 366 5 1957 24.1 56.9 390 7 1958 :26.9 59.2 404 4 1959 30.4 62.7 418 3 1960 )0.0 85.0 432 3 1/ Should be derated because of age of equipment. 2/ Variation caused by enlargement of the state. ANNEX 3 INDIA: KOYNA HYDRO PROJECT I EAK LOADS, SYSTEM CAPABILITIES AND INSTALLATION I ';GHEt)ULEOIF THE BOMBAY-POONA-KOYNA SYSTFM (MEGAWATTS) 1,9800 I I 800 z !, 6 0 0 - 3 3__ ,! 0 4 840 ! ADDITION-O F t: Z w w 1 ja. pv FE I, 2 00 0~3, I °I 1 1t : I I I z : I n ' I' I I I I 4I - 1 F- z 1 1 ff- 4 _pril !962 1215) 4 -~~~~~ I- 800 1 7801 / 96 ATJAIGAD 23 z 1 00 __- 0 r/X=N~~~~.~> 965 1,0000 x~ ~~i20~j065 INSTALLED CAPACITY%, ~ ~ -I 194001 =C 0 I 820j ALMNU ATORY I 1200ROO ______780__ -1 w A AIGAD<,4 n j 8 00 500 -~~~~~~FIHMCAPACITY 600T -- ~ ~ ~ ~ i 60 SYSTEM DEMAND~ 400- V400 0~ 0 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 Anril IqAp I~~~~~~~~~~~~~~~~~~~~~~BRD-Economic Staff ANIEX 4 Page 1. KOYNA HYDROELECTRIC PROJECT IIDIA DESCRIF'TION OF THE KOYNA HYDROELECTRIC DEVELOPMENT The T(mrnn de.lopment is lcated+.al n hniIt. l10 mn les southeast of Bombav on the Koyna river in the vicinity of Helwak bridge. The Koyna river rises in the vicinity of Mahableshwar in the lWlestern Ghats almost 5,000 ft. above sea level. It drops rapidly in the first few miles of its course flowing almost parallel to the continental divic as far as Helwak, then turns sharnlv east and ioins the Krishna river which ultimately empties into the Bay of Bengal. The elevation of the Koyna river bed at Helwak is abort 1.900 ft. above sea level. West of the divide the land falls abruptly. Not fax from Helwak bridge on the western slope, at an elevation of about 500 ft. the Vashlsti river flows on a westerly course lO miles to the Arabian Sea. The Kovn developmuent is designed to use the high head between the above rivers which, when increased by the impounded waters in the Koyna reser- voir, will verageoyer1,60I ft The amPount+ of water+hat can. be diverted for power generation at Koyna is 67.5 billion cu. ft. This amount was established at al- n -stesa+e conference he-ld Jn "l95l anA a4-t+ended by Bombay, Madras, Hyderabad and Mysore; all the states have water rights in the Krishna basin. nlS- Qn4-4- -X -a _ tAerz~-4 ,- 41o_ 4 - 34.--4. -|S11 - 1-r 4-,;- - -- 4-; - ^-r * PU Ct V1J UlU14L-,y WCLI GLVU11 U I'1t 1 1 l- EDrvL. U, CL1I LyJUJ. ,14 0 V1.L water to the west for power generation. The position was re-assessed follow- .11g Uthe reorgar,izt UiorLof sUats i1r NUovI1-L- J-u l6 ad it -was conf.irmeu uthaLt 67.5 billion cu. ft. could be diverted through the Koyna power station by the Suaut of 1IaharaUr1tra. It was further Con'inmed that 10.0U bi on.011 CU. 1t. (gross) could be impounded for irrigation use along the Koyna-Krishna rivers, within the Maiarashtra state boundarieso The catchment area above the dam site is 344' sq. miles and has an annual precipitation between 150 and 250 inches. This rain falls during? the rrionsoon season, which usually begins about mid-June and lasts until the end uo September. Confirming earlier borings, the rock has been found generally good and consists of a large succession of Basaltic lava. There were no major dif- ficulties in the foundations, powerhouse caverns or tunnel excavations. The location has proven to be well suited for the dam as well as the underground power station. The entire Koyna development is being executed in three stages. The timing of Stages I and Il has now merged into one continuous construction pro- gram. Stage I will provide a capacity of 240LIOW, Stage II an additional 340 Jr and Stage III about 100 MW. (See map at the back of this report). ANNEX 1 Koyna Stages I and II The Koyna_dam, gravity type, is being constructed of rubble coacrete, 280 ft. high above the river bed and ft. -above the duepest fowtLda"U0 w1isII go down to 1,840 ft. The total length of the dam will be about 2,675 feet. In the spillway section six 41 x 27 taintor gates will be installed with a sill elevation of 2,131.5 ft. mhe fuii operating ievei oI tne reservoir will be 2,158.5 ft. and will correspond with the elevation of the top of the taintor gates. The maximum water level may -ri4e to elevation 2,165 and under such conditions the total spillway capacity is estimated to be 195,000 cusecs. Water will also pass through the two 20 PM turbines of a power station to be constructed at the base of the dam. Each of these turbines will be supplied with water through penstocks 8 ft. in diameter. A scour sluice is built into the dam. The reservoir, at elevation 2,158.5 ft. will impound 98 billion cu. ft of which about 29 billion will be dead storage. A masonry weir and concrete intake is located about 2 miles north and 2 miles west of the Koyna dam. From this point an intake canal 21 ft. wide and 3,370 ft. long has been constructed to an inlet tower. The tower 215 ft. high and 70 ft. in diameter is equipped with trash racks and two gates. The headrace tunnel, 12,300 ft. long and 21 ft. in diameter, extends from the tower to a surge system 310 ft. high and 39 ft. in diameter, with necessary lower gallery, riser, expansion chamber and spill. An emergency valve house located 286 ft. from the surge chamber will house four butterfly valves. From this point four steel lined pressure shafts 2,025 ft. long, varying in size from 10 ft. to 81 ft. are being constructed. The pressure shafts, utilizing the rock for part of the pressure, go down to the underground powerhouse at a 45 angle. The main powerhouse, about 650 ft. long, consists of three parallel caverns, the valve house (20 ft. wide), machine hall (50 ft. wide) and trans- former and control hall ( 42.5 ft. wide)0 An underground powerhouse was decided upon on merits of economy and efficiency. The access to the caverns is through a 2,800 ft. long tunnel 22 ft. wide and 20 ft. high with a 5.6% slope. The generating units being installed under Stage I are 4 - 60 MW with 87 mhn turbines having vertical shaft imnulse wheels. Each turbine has one runner and four jets. The units will run at 300 rpm at an effective average head of about 1,6A00 ft - a nd generate 50 rtvre.. I nhase. 11 kv culrrent. A small 2pOOC' kva house turbine is also being installed. The transformer installation of Stage I has four banks of three 25 MVA inits each and v -ltagesof /M-. kv. The energy wtill he nonnriiteti throeugh cables at 2'20 kv to a surface switchyard located just north of the powerhouse. The tailrace is 7,260 ft. long, 26 ft. wide, with vertical sides 8.0 f above which it is somi-circular in shape wit h a radi of 1 ft. T J conecrte lined and is capable of conveying from the station the amount of water necessary to produce 540 iM,. ANNEX 4 Page 3. Stage I included a 220 kv double circuit steel tower transmission line to Bo.mbay. The line, 143 miles long, terminates in a substation adjacent to the Tata Trombay thermal station. The substation consists of three 3 phase, 125 MVA, 220/110/11 kv outdoor transformers and two 30 MVA synchronous condensers with necessary switches and control equipment. Connections have been malie for the delivery of power and energy to the Tata 110 kv bus at Tromba7. Other transmission facilities provided under Stage I consist of a 220 kv single circuit steel tower transmission to Karad where it is stepped down to 110 kv for transmission to Satara, Vishrambag and Sholapur and to 11 kv for locai distribution. The Stage II installation, as more fully described in Annex 5, will consist of the addition of 4 - 75 MW generating units with transformers in the underground power station and expanding the switchyard and supplementing the Stage I transmission capacity, in the most economical manner, as may be necessard to rermit the maximum generation at Koyna. Stage II also consists of ccn- structing a small power station, at the foot of the Koyna dam, in which will be installed 2 x 20 MW generating sets. Two 8 ft. penstocks have been provided for this purpose. ANNEX 5 Page 1. KOYNA HYDROELECTRIC PROJECT, STAGE II DETAILED DESCRIPTION OF THE P1DJECT In summary the Stage II project comprises: (a) raising the height of the dam from elevation 2,107.5 feet to its designed height of 2,180 feet; (b) completing the Koyna underground power station and installing four 75 SW Pelton type turbo-generating sets with transformer equipment; (c) constructing a small power station at the base of Koyna dam with two Kaplan type turbo-generating units of 20 .,I each; (d) expanding the 220 kv switchyard; (e) constructing a 45 mile, 220 kv double circuit line to the site of a new aluminum factory to be located at Jaigad; and (f) supplementing the Stage I transmission capacity toward Bombay. Koyna Dam While the construction of Koyna dam is now planned under one c Dntinuou, program, Stage II project will carry the work from elevation 2,107,5 ft. to 2.180 ft. Tn volume this renresents onlv about 25% of the completed dai' for Stage I. Hydraullic_Work gMI 1;K+inl4-n+ho- n 0vorAo+anl 1ininiT f'^w o%*fezly'm shafts Nos. 3 and 4, along with valves and penstocks for generating units Nos'.~. 9 up I ar . At.L ULIte otlher± hLydUL ic worklxns will h&ave b-teein Colm1plet ed under Stage I. Underground Power Station All the excavation work for the underground power station has already been comp'eted urider Stage I i-I-luding the secUUnd cable uwlUel WhcIXlIw.ilL f.,.11 a part of this project. The generating units included in the project will consist of four Un.is of 752w eachl. TL11e Pelitoun uype t rblines wil.L hIaVe Vert.ica.L Osha.fL LJ11PuJLse.- wheels with one runner and six jets and will operate at 375 rpm. The original Uesign ofi the Koyxia uwderground power station caledu for eight genierat±ini, u-u of 60 iVW capacity similar to those installed in Stage I. Because of the op- port-unity to obtaiUn More peaking capacity at a comparatively SJrall ir1cre-ie in cost, however, the Koyna Control Board decided to install 75 MW units. These u.liits of larger capacity can be accommodated in the avaiiabie space by increasing the number of turbine nozzles from four to six and the speed of the machines from 300 to 375 rpm. The feasibility of the revision in design was verified by means of model tests conducted by the Koyna Board and the consultants Power Station at the Base of the Koyna Dam Two penstocks 8 ft. in diameter, with hydraulically operated valves have alread;y been installed in the dam under Koyna Stage I. The project in- cludes a power station at the base of the dam. In this station the two 20 MW AN NEX 5 Page' 2.'- generating sets will be installed and supplied by the two 8 ft. penstocks. 1These gene.r-ating Wnits wi'll praiyutiliJ_,ze wat4er-which wou'd tes spl during the monsoon and the water released during dry season for irrigation, es-r.atedLU-~ b4I[dU~U atCib aboudUUJU 15LL J bLJonL.VI o WZU.L)Acbc feetLIj carnua.ll.y1U1.Lyc afterIVC".LJW±L1i6 loigfrearto. ±0±. UvCM.cip td.Vll. seepage and other losses. Due to a possible variatioh in reservoir level from C. at the bUgiru- of theUdry season to 2,080 at Lthe end, and a variable discharge t;o accommodate the needs of irrigation, it is possible that Kaplan type burbines will be usea for hLis station, Thle aeslgn OI wilch nas rlno yet been completed. This small plant was originally intended to be a part of Koyna Stage III but it is now being incorporated in the Stage II project. The annual outpllt of this station is estimated to be 94 million kwh. Transformer Installation at Koyna The transformer installation will consist of four banks of 84L,000 kva, stepping up from 1]. kv to 220 kv. High tension cables will be installed. to transmit the output of units 5, 6, 7 and 8 respectively, to the switchyard. To accommodate the incoming cables and two additional outgoing 220 kv lines, the switchyard will be doubled in size. 220 kv Transmission from Koyna Koyna Stage II includes a double circuit 220 kv line 45 miles long to Jaigad where a new aluminum factory will be located. This factory will re- quire, initially, 55 MW. Comparative studies indicate that 110 kv could be employed for this purpose at about 15% lower cost. However, plans call for later doubling the size of the aluminum factory and with this increase in demand coupled with the requirements of other industries that will most likely be established in the vicinity of Jaigad, the higher voltage transmission is warranted. Furthermore, future transmission extensions south along the coast which would ultimately link up with the lIysore electric system will require a transmission voltage of not less than 220 kv. The Koyna Control Board had planned to include in the project a 220 lkv line from Kovna to Apta and Kalwa in the Greater Bombay area (see map) with substations at both of these locations. As this appeared to be a costly way to supplement---to the extent necessary--the existing transmission capacitv from Koyna to the :Load centers, the Association has requested a study by the Consultants to determine the most suitable means (from an engineering, opera- tional and economic standpoint) whereby the maximum output of Koyna can be transmitted to the Ioarld with full us- of rxitinag facilities. Instrun'rions have been given to the Consultants to make such a study and pending their recoimmendations, cost estimnates and financial calcuations in the report are being made on the basis of the more costly transmission all the way to the Grea ter Bombay areaT. ANNEX 5 Page :3. Clost FAtmat. Ak detailed esi.t f -rv o f t.he nrojec-t. is as follows: Mill;-t n< f Tllnr11r _n__ii v_I r_t_ Foreign Local Millions of To -I'os A~~~~~~~~~~hug T…e C-ec Rpe Aa rre'Lu-ILary iJveb Uigab±oru1 - - - B. Land and Rehabilitation - .10 .10 .5( C0.t.WorrKs :i. Dam ald Appurtenances - 4 ".i4 4*.14 l9e7]. 2. Underground Powerhouse Plant and Equipment 6.62 2.48 9.10 43.3' 3. 220 kv Transmission Lines to Aluminum Factory .61 1 23 1.84 8.71 4. 220 kv Supplementary Transmission and Sub-_ statiLons 3.5( 5.27 8.77 41.78 5. Power house at Koyna Dam including Plant and Equipment 1.70 2.20 3.90 18.56 D. Construction & Permanent Camp _ .29 .29 1.38 E, Camp Running Expenses - .19 .19 0089 F. (onsultants e21 - o21 1.00 II. Establishment, Overheads, Tools and Plant 3.57 3.57 17,0( III. Indirect Charges, Audit and Secretarial 0.10 0.10 0.h S Sub-Total 12.64 19.57 32.21 153.36 10% Contingprnies 1.26 1.96 3.22 15.3L 1 .Q 21 35- 168.7C) ANNEX. 5 Page 4. Potential &Mergy from the Koyna Project (Stages I & II) Due to the limited amount of water that can be diverted through the Koyna underground power station and also the amount that can be impounded and used by the State of Maharashtra for irrigation, the energy production of the Koyna development wrill be more or less fixed. The estimated quantities that will be available f'rom the underground power station and the smaller plant at the base of Koyna dam are arrived at as follows: Underground Power 'Station Quantity of Water 67? 00 x 106 cu. ft. Average Head 1.637 ft. Assume'd nver-all efficimnc- 85% E.qi;= Energy Potentialni 67?,00 X 10 Y.62.4 x 1637 X .746 x - 2,200 x 106 kwh 550 x 60 x 60 Power Station at the Base of Koyna Dam Net- Quantity of' Water 15,000 x 10 cu. ft. Average Head 207 ft. Assumed over-all efficiency 85% Est. Energy Potential from Storage = 15,00 x 106 x 62.4 x 207 x .746 x .85 = 62 x 106 kwh 550 x 60 x 60 Est. Average Production from Water that would 6 otherwise spill 32 x 10 kwh Total 94 x 10 kwh :,0x 10 Cu. ft. -w-as made for evaporation, seepageU d other losses. ANNEX 6 TARIFFS RECOMMENDED-/ FOR THE SALE OF KOYNA PRODUCED POWER AND ENERGY Demand Charge Energy Charge Rs/kva/mo. Np/'kwh A. Maharashtra State Electricity Board i) at Koyna - 2,5 ii) at Kandalgaon 3 2.5 iii) at Apta for electrochemical industry 3 2.5 iv) Industries in the Bombay area 2 .5 B. Aluzninum Induistry at Chiplun_/ Rs. 166.5/kwyr C. Fertilizer Factory at Trombay 3 2,,5 D. Bulk Supply to Tata 5 2. 1/ by the Koyna Tzriff Committee 2/ The alluminum factory will novr be located at Jaigad 40 miles from Chi.plun. trahsmission csts .creased to take c ae o th a ic transm:Lssion costs. KOYNAHYDROELECTRIC PROJECT Forecaot of Cash Flow (In millions of RLipees) Up to Cumulative Fiscal year ending Yarch 31 March 31, 2A3 % 1964/6 1966/67 9 1969/ 97 97/72 10years 1962 2a61917 SOURCESOF FUNES Interael Cash -genenLtion Net income from operation 16.97 32.62 34.27 40.51 54.52, 53.91 53.73 53.73 53.73 53.73 447.74 Depreciation _4.54 84i97 8 67 8. 69 10.1? .j.88 2.06 1612 06 12 _0 __ 6 Tota.l ~ 7 4~~~~~2.82.94 49.20 64.73 657 5.79 b5.7 5. : - *__t" Borro dnge 4a Mn- 2re3g- 65.]1 22.00 1.90 - .. - -_ _ 23.90 Proprosed IDIL credit - 3.00 12.00 24.00 27.00 12.00 5.30 - - - - 33.30 Government lcans for Stage I 300.37 17.00 27.89 - .. - _ _ _ _ _ 44.89 Govertment 1oas for Stage II 1.(0 12.00 13.00 26.00 8.00 12.70 12.70 - - 84.40 Foreion currency loan for Stage II I - 3- 14.00 16.0D L4.00 10.t)O 3.00 60.00 Total .borrowing 54.00 54.79 50.00 35.00 27.70 32.00 16.0D 14.00 10.00 3.00 296.49 Total sources of fumda 78.84 95.76 92.94 84,.20 92.43 97.79 81.79 79.79 75.79 68.79 848.12 APPLICATIONS OE FUNDS Construction Stage I: Eoreign currency 65.11 22.00 1.90 _ _ - - - - - 23.90 local currency 17.00 27.89 _ _ _ _ 44. Total 365.IN 39.00 29.79 - *------68.79 Stage II: Foreign currency 2.00 5.95 19.94 20.75 9.95 3.57 66.16 Local ctrrency 1.()0 a.00 13 ^30.06 1.25 4.7_ i_4.473_ lO;L._i4_ Total 100 15.00 25.00 50.00 35.00 24.70 18.00 167.70 Stage III: Foreign currency - - - .. 3.00 14.00 16.00 14.00 10.tO 3.00 60.00 L,ocal ecLrrenacy 13. 236 2L.O *L3.00 10.00 4.00 90.00 1otal - - _ 3.00 16.00 40.00 37.00 27.00 20.00 7.00 150.00 Total construction axpenditures 366.48 54.00 54.79 50.00 38.00 40.70 58.00 37.00 27.00 20.00 7.00 386.49 Debt iervice Amortization IEDO loan 223-IN - - - 2.57 2.71 2.88 3.05 3.22 3.41 3.61 21.45 Proposed IDA credit - - - *- - 1.14 2.34 2.47 2.61 2.76 11.32 Government lans for Stage I - - - 11.16 11.6f; 12.16 12.69 13.24 13.82 14.42 89.14 Government lcan fox Stage II - - - * - - 2.63 2.80 2. )2 3 1L.45 Total amortization - - - 13.73 14.36 16.18 20.76 21.73 22.76 23.84 133.36 inter,st IRRD :Loan 223-IN - 5-3/4% 4.48 5.07 5.12 5.12 4.97 4.81 4.65 4.47 4.29 4.09 47.07 Proposed IDA credit - 5-3/4A .35 1.08 1.97 :3.25 4.22 4.72 4.72 4.59 4.45 4.30 33.65 Government lo>ans for Stage I - 4-4i% 13.4.4 14.45 15.08 15.08 14.59 14.08 13.55 IL3.00 12.42 1u.82 137.51 Government loxans fox Stage II - 4t% .32 .88 1.76 2.52 2.99 3.56 3.84 3.72 3.60 3.47 26.66 Foreign currency loaLn for Stage III - 5-3/4% - - - .. -_ .95 1.70 2.45 3.()S 3.37 lL.78 Total interest 18.59 21.48 23.93 2 5.97 27.03 28.12 28.46 28.23 27.811 27.05 256.67 Total, debt service 18.59 21.48 23.93 39.70 41.3S9 44.30 49.22 49.96 50.57 50.89 390.03 S Total applications of funds 72.59 76.27 73.93 77.70 82.09 lC2.30 86.22 76.96 70.57 57.89 776.52 * Net nrAshaccrual 6.25 19.49 19.01 6.50 10.34 (-) 4.51 (-) 4.43 2.83 5.22 10.90 71.60 Cash available at the begiraing of year - 6.25 25.74 44.75 51.25 61.59 57.08 52.65 55.48 60.70 Cash availab:Le at the end cf year 6.25 25.74 44.75 51.25 61.59 57.08 52.65 55.48 60.70 71.60 I{V-, T I'l7nrIv :-'7t'rrmT Ytnnr'm Forecast of Income Statements (In mLllions of Ruotees) Cumulative Fiscal year ending March 31 1962/63 1 ' ?364 1964/65 16/67 , 6l7 1968/69 9&2Q W/7 10 years Power sales in millions of Kwh 838 1,401 1,464 1,654 2,169 2,185 2,185 2,1£5 2,185 2,185 Average price per Kwh (in Rupees) 0.033 0.032 0.032 0.032 0.032 0.032 (.032 0.032 0.032 0.032 Gross revenue fror power sales 27.47 44.52 46.59 52.95 69.58 70.84 70.84 70.84 70.84 70.84 595.31 Cost of operation: Operating expenses including maintenance, a&n administration 2.63 3.55 3.65 3.75 4.85 5.05 5.05 5.05 5. 05 5.05 43.68 Depreciation (2% straight line) 7.87 835 8.67 69 lD.19 1l 88 12 06 12 06 12 06 12' 06 103 Total cosit of coperation 10.50 1.0 12.32 124. 15.04 16.93 17.11 TT IT IT3 Net inccme from operation 16.97 32.62 34.27 40.51 54.54 53.91 5'3.73 53.73 53.73 53.73 447.74 Less: Interest 18.59 21.48 23.93 25.97 2'7.03 2.12 28.46 28.23 27.81 27 Q.0 _ 256.67 Net prof'its (-) 1.62 11.14 10.34 14.54 27.51 25.79 2'5.27 25i.50 2;5.92 26.68 191.07 Cialdative () 1.62 9.52 19.86 34.40 61.91 87.70 112.97 138.47 164.39 191.07 KOYNMHYDROELECTRIC PROJECT Financial RatiosoL 236f13L/72 III millions of Rupees Fiscal year endirur March 31 1962&2 1963/64 1964//6 12W/& 1966/67 1967/68 168/69 1969/70 1970/72 1971/2Z INTEREST COVERAGE liet income from operation 17.1D 32.6 34.3 .40.5 54.5 53.9 53.7 53-7 53.7 53.7 Total interest 18.6 21.5 23.9 26.0 27.0 28.1 28.5 28.2 27.8 27.1 Times covered 0.9 1.5 1.4 1.6 2.0 1.9 1.9 1.9 1.9 2.0 PE;B1 SERVICE C AGER Internal cash generation 24.18 41.0 42.9 49.2 64.7 65.13 65.8 65.8 65.8 65.8 Total debt service 18.65 21.5 23.9 39.7 41.4 44.3 49.2 5D0.0 50.6 50.9 Times covered 1.3 1.9 1.8 1.2 1.6 1.5 1.3 1.3 1.3 1.3 F39-URN ON T1f INESTMN7 Fixed assets 402.:5 432.3 434.3 434.3 585.0 603.0 603.0 603.0 603.0 603.0 Less: Depreciation 7.9 16,.2 24.9 _3.6 __438 _ 557 67L7 ?.7 _ 91.8 -103. iNet fxed assets 394.6 416.1 4Oy.4 400.7 541.2 547.3 535-3 523.3 511.2 499.1 lWork in progress 18.0 43,0 - 91.0 129 ° _ 19.0 - 59.0 96,1 23.0 143.0 150.0 Total 412.15 459.1 5010.4 529.7 560.2 606.3 631.3 645.3 654.2 649.1 Return on net fixed assets 4.3 7.5 7.8 9.2 9.9 9.9 10.1 10.4 10.6 10.9 Return on net fixed assets and work in grogress 4.1 7.0 6.6 7.3 9.6 9.0 8.6 8.4 8.3 8.4 ,~ RPpD SWITCH4 YAkRD \\ INTAKE CWru % WOR~~~~~~~~~~~~~~~KS POPHIL RACE TUNNEL 1 Il"1SURGE j " ' '.k POW'ER HOLISE : ~j R( Kcji R,iri4i'D - I k/~~~~RESERVOIR / 0' .- I~~~~~~~~~m -S~ ~~~~~~~~~~~~~ ~ j1 INDIA / .* KOYNA HYDROIELEClTR I PROJECT EMUHWD I /~ STAGES I ANID II DA J~~~~~~ ~~DAM POIWER HOUSE 02 I 2 2 HELWK MILES - '~~~\1CONTRACTOR'S DUARTEFIS ME LAOR CAMP APRIL 1962 IBRD-933R1 I Nosikt t To < | NDIA I9 /M ;7 iNTEGRATED SYSTEM /t BOMBAY , PA t XHYDRO POWER SlATIONS |A \ KHO O N trRAhrnednago SurSTATIONSSTAIONS \t\j j\\ SiOrAke--G 9 TA TI yE~~~~~~~~~~~~~liE TAIN BHIRAPLuN t VNDAL;AONX c} A ~~~~ ~~Nira << < /as <4 CA TCHM,'NF T'. \ t < X i~~~~~~~~~~~~~~~~~~~~~~~~~~~~~SholoproRa _SW \ VVk Rotnogin I ~ ~~~~S 0 -STATIONS 0RAYf a .1T vcshis[IiR- RVOIbOqMIoRI | \ / t ~ ~ ~~20 ~ 40~ ~ ~~~~~~~~~~~~~~~00 Mile5 I SS j~~~~ JULY 1362 1iD9Z1