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World Bank Document Document ef The World Bank FOR OFFICIAL USE ONLY Public Disclosure Authorized - ' Hhpi;'! s.. f . ' 1H .'Report No. 10696-AR k/ I . ,.. I ., 1! ' STAFF APPRAISAL REPORT Public Disclosure Authorized ARGENTINA YACYRETAHYDROELECTRIC PROJECT II AUGUST 31, 1992 Public Disclosure Authorized Public Disclosure Authorized Infrastructureand Energy Division Country Department IV Latin America and the Caribbean Regional Office This documenthas a restricteddistribution and may be used by recipientsonly in the perfonnanceof their official duties. Its contentsmay not otherwisebe disclosedwithout World Bank authorization. CURRENCY EQUIVALENTS Currency = Peso (P) P1.00 = US$1.00 [exchange rate as of January 1, 1992 (fixed in March 1991)] E:ASURES MMTOE million tons of oil equivalent W watt Wh watt-hour V volt VA volt ampere k kilo thousand (103) M mega million (106) G giga billion (109) T tera trillion (1012) ACRONYMS AyE Agua y Energia Electrica S. E. (federally-owned, nationwide electric utility and irrigation agency) CFE Consejo Federal de Electricidad (Federal Electricity Council) CNEA Comisi6n Nacional de Energia At6mica (National Nuclear Energy Commission) CTMSG Comisi6n T6cnica Mixta del Salto Grande (A-gentine/Uruguayan commission in charge of the Salto Grande hydroelectric plant) DC Despacho Unificado de Carga (Dispatch Center) EBY Entidad Binacional Yacyreta (Argentine/Paraguayan entity in charge of the Yacyreta hydroelectric plant) HIDRONOR Hidroelectrica Norpatag6nica (federally owned, electricity generation aaud transmission utility) ME Ministerio de Economia y Obras y Servicios Piablicos (Ministry of Economy and Public Works and Services) NIS National Interconnected System SE Sucretaria de Energia Electrica (Secretariat of Electric Energy, under the ME) SEGBA Servicios Electricos del Gran Buenos Aires (federally owned, electric utility serving the Buenos Aires metropolitan area) UESTY Unidad de Ejecuci6n del Sistema de Transmisi6n de Yacyret& (Execution Unit for the Yacyret& Transmission System, under the SE) UNDP United Nations Development Program FISCAL YEAR January 1 - December 31 FOR OmCL USE ONLY AROBTRWI YACYRET& II PROJECT STAFF APPRAISAL REPORT Table of Cantents LOAN AND PROJECT S .T...RY .. ... iii-iVi............ 1. THE ENERGY AND POWER SECTORS A. The Energy Sector .1..................... I Energy Resources, Demand and Supply . 1 Energy Policy, Sector Objectives, and Institutional Structure 1 B. The Electric Power Sector ................... 2 Organization, Regulation, and Private Participation . 2 Expansion Planning .... 5 Investment and Finances . ................. 9 Sector Strategy . 12 Bank Participation: Lesoons Learned, Assistance Strategy, and Rationale ...................... 12 2. TH PROJECT A. Background .16 Project Origin and Status of Preparation .16 Project Objectives and Description . 18 Estimated Cost and Financing Plan . 20 B. Execution .. 23 Legal Arrangements .. 23 The Beneficiary .. 23 Implementation and Monitoring .. 27 Resettlement and Environttental Management Programs. 30 Procurement and Disbursement .. 32 C. Economic Justification .................... 35 D. Risks .......................... 36 3. AGRBEE1NTS REACHED AND REC.NDATIO . .37 7his repo s basedon the fndingsof an rsl miion conist of Meu. Nesonde Francoodison LAder),Ricado Kiockner, Hean Garcia, Vrliam Paridge, nd GeorgeLed, whichvisied Agni d theproject site in April 992. Mesrs. Jor6Lreono Vieti, Robet Schneider,nd BdwinMoore wee pecrreviewer. SupervisonManue include:Mr. minIhys, DivisionChief and Mr. PiFngCbeungLob, Depament Direcor. This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents -nay not otherwise be disclosed without World Bank authorization. (ii) LIST OF ANNBXS 1.1 Energy Sector Organization Chart . 1.2 The New Regulatory Fri tework . 1.3 The Power Market . i . Attachments 1-2, Demand Projections for High and Low Scenario . 1.4 Capacity and Energy Balances . Attachment 1, Installed Capacity . Attachment 2, Energy Requiremants for High and Low Demand Scenarios . Attachments 3-6, Balances for High/Low Scenarios & Normal/Dry Conditions 1.5 Finances of the National Utilities . Attachment 1, Electricity Tariff of SEGBA and Provincial Utilities Attachment 2, Combined Income and Source, and Application of Fund Statemento of the National Utilities (1991-1992) . Attachment 3, Balance Sheets of the National Utilities (1991-1992). .. 2.1 The Yacyret& Treaty. 2.2 The Yacyreta Hydroelectric Sclenme . Attachment 1, Status of Execution . Attachment 2, Execution Schedule . Attachment 3, Estimated Cost of the Hydro Project Component (19Q2-1995) Attachment 4, Estimated Cost and Financing (1992-1995) . Attachment 5, Cost Variations Since the Project's Inception . Attachment 6, Reduced Elevation Operation Study . 2.3 The Yacyret& Transmission System . Attachment 1, Estimated Cost and Financing . 2.4 -Estimated Project Costs and Financing (1992-1995) . Attachment 1, Summary of Estimated Project Cost and Financing . Attachment 2, Project Financing Plan . 2.5 EBY's Organization Chart . 2.6 BBY's Finances . Attachment 1, Detailed Total Cost and Financing . Attachment 2, Actual and Forecast Income Statements . Attachment 3, Actual and Forecast Balance Sheets . Attachment 4, Long-term Debt Schedule ................. Attachment 5, Forecast of Debt Service - Amortization . Attachment 6, Forecast of Debt Service - Interest . Attachment 7, Disbursement of Loans and Credits . 2.7 Resettlement and Environmental Management Progrms . Attachment 1, Resettlement Program . Attachment 2, Environmental Management Program . Attachment 3, Execution Timetable for the Resettlement and Environmental Management Programs . ... 2.8 Project Disbursement .. 2.9 Bconomic Justification ............... .......... Attachments 1-5, Net Present Value and Rate of Return for Various Schemes . 2.10 Project File ....... ... .. ... .. .. ........ IS=: IBRD Nos. 14128R and 21188R - ifii - ARGZNTINA YACYRSTI HMDROBLECTRICPROJZCT IT ETAFF APPRAISAL REPORT LOANAND PROIRCT SX-MARY Borrower: The Argentine Republic Beneficiaries: Entidad Binacional Yacyrett (EBY) and the Executing Unit for the Yacyret6 TransmissionSystem (URSTY) Amount: US$300 million equivalentof which US$299 million for EBY and US$1 million for URSTY Terms: Repayment in 17 years including four years of grace, with interest at the Bank's standard variable rate. Proiect Oblectives: The project is designed to achieve the following objectives: (a) help provide efficient supply of energy in the mid 19905 by ensuring completion of Yacyret§'s civil works and commissioning of its first six units with an adequate transmission system; (b) bring about tighter environrmcntal protection and appropriate handling of social aspects in Yacyreta; and (c) encourage private capital participation in EBY. Prolect Benefits: The project would enhance the allocation of Argentina's scarce financial resources by facilitatingthe completion of the two largest ongoing projects (Yacyreta, by direct financing,and Piedra del Aguila, by use of 4reed Treasury resources originally shared with Yacyrera) with relatively modest additional investments. Yacyreta's cost of completion is about half of the cost of the next best option for system expansion. Risk: The major risks facing the Project would be: a) unavailabilityof siafficientfunds or supply of electromechanical equipment at the time required for proper execution of the works, mainly due to: (i) untimely contributionfrom Goverzment for payment of the ccntractorsand; (ii) delays in the negotiation with suppliers (or export credit agencies) for financing of electrical equipment that remains to be contracted out; (b) failure to implement satisfactorily the programs for Rer.ttlementand EnvironmentalManagement; and (c) failure to implement the transmissionsystem in a timely manner. - iv - La Cas Foreiun lecal CetCt TotalcostC - - YacyretfGeneration pj 402.5 814.0 1216.5 48 Yacyret6Transmission 54.5 51.3 105.8 4 Base Cost bt 457.0 865.3 1322.3 52 PhysicalContingencies 29.0 31.4 60.4 2 PriceContingencies 29.0 78.1 107.1 4 Total Investuent 515.0 974.8 1489.8 58 DebtService Interest/OtherCharges S/ 27.6 630.8 658.4 25 Amortization 41.1 401.8 442.9 17 TotalDebt Service 68.7 1032.6 1101.3 42 |Investnt and Debt Service 583.7 2007.4 2591.1 100 [_ _I ' -- -' -"LL Net Internal Funds 57.1 37.7 94.8 3 Loans Governoent 335.8 1268.8 1604.6 62 IBRD S/ 137.4 162.6 300.0 12 IDB 15.8 15.7 31.5 1 Export/Supplier Credits 37.6 522.6 560.2 22 Estimated Disbursement: 1" I "" I I 1 tow Annualt 196 68 31 4 1 Cumulative 196 264 295 299 300 Rate of Return: Economic Rate of Return: 17* IBRD Nos. 14128R and 21188R I/ Thisbasically corresponds to theperiod 1992-1995, except for someUSS1.5 million of Bank-financed technicalassistance for resettlementand environmentalmanagement programs after this period. ki January 1992price level. I/ Includes US$390million interest during theperiod 1992-95 on currentand proposed IBRD and IOBloans financing the YacyretUproject. SV Local componentof existing civil worksand engineering services already procured internationally according to Bankguidelines. 1. 5HE EERGY AdD POWER SBCTORS T The JEner-cvSector Bnerav Resources. Demand. nduly 1.1 Resources. Argentina's energy resources are diverse and abundant. Proven and potential gas reservesere estimatedat 481 MMTOE (milliontons of oil equivalent)and proven and potential oil reserves at 221 MNTOE. Potential coal reserves are also trge,estimated at 280 HMTOE, but the low quality
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