Stichting Laka

Publicatie Laka-bibliotheek:
Least-cost electric power system development analysis. Completion of Khmelnitsky 2 and Rovno 4 (1998)

Auteur	Stone & Webster, EBRD
Datum	mei 1998
Classificatie	2.41.8.20/03 (OEKRAÏNE - K2/R4)
Voorkant

UKRAINE

Completion of Khmelnitsky 2 and Rovno 4 Nuclear Power Generators Economic 
Due Diligence
LEAST-COST ELECTRIC POWER SYSTEM DEVELOPMENT ANALYSIS
For European Bank for Reconstruction and Development

Executive Summary

This analysis was undertaken on behalf of the European Bank for Reconstruction 
and Development as part of the economic due diligence on completion of the two 
Ukrainian nuclear power generating units Khmelnitsky 2 ("K2") and Rovno 4 ("R4"), 
which are already about 80% built.

The analysis determines whether the completion ofK2 and R4 by 2002 is likely to 
form part of the least-cost development program for meeting demand on the 
Ukrainian power system over the long term ("least-cost"). Costs are expressed in 
economic terms, that is in constant 1997 prices excluding Ukrainian direct taxes and 
interest during construction. They comprise the construction costs of new power 
generating plant, the rehabilitation costs of existing power plant, decommissioning 
costs, and the operating costs of both existing and new plant (including fuel and 
waste disposal costs). Each cost is discounted to present (1997) values at 10% 
from the time that it is incurred.

The completion of K2 and R4 is evaluated as a component of an integrated program 
of investments over a long period, taken to be between 1998 and 2010, rather than as 
an isolated investment. The analysis considers investments in other forms of power 
supply capacity- both rehabilitation and construction- besides K2 and R4, as well as 
in measures that modify the demand of electricity users. The least-cost program is 
identified as the sequence of investments selected from these options that result in 
system demand being met at the lowest total cost in present value terms. The analysis 
was performed with the widely accepted EGEAS power planning model.

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