National Electric Power Regulatory Authority Islamic Republic of Pakistan. Registrar. No. NEPRA/TRF-299/PQEPCPL-2015/ S 2salo 96 April 13, 2018

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1 National Electric Power Regulatory Authority Islamic Republic of Pakistan NEPRA Tower, Attaturk Avenue (East), G-511, Islamabad. 1 15' 4Vgle1:2 Ph: , Fax: Web: registrar@nepra.org.pk Registrar Mr. Zhong Haiziang Director / Authorized representative Port Qasim Electric Power Company (PQEPCPL) House No. 63, Street No. 5, F-8/3, Islamabad No. NEPRA/TRF-299/PQEPCPL-2015/ S 2salo 96 April 13, 2018 Subject: Decision of the Authority in the matter of Fuel Price Adjustment for Port Qasim Electric Power Company (Private) Limited (PQEPCPL) [Case No. NEPRA/TRF-299/PQEPCPL-2015] Enclosed please find herewith the subject decision of the Authority along with Schedule of Fuel Cost Part of Energy Charge (Annex-I), Details of Shipments (Annex-II) and Marine Freight (Annex-III) (04 pages) regarding the fuel price adjustment on account of Coal price variation for the month of February 2018 in respect of Port Qasim Electric Power Company (Private) Limited. Enclosure: As above 3 M r1a-1 t ( Syed Safeer Hussain ) CC: 1. Secretary Ministry of Water & Power, Islamabad 2. Secretary, Cabinet Division, Cabinet Secretariat, Islamabad 3. Secretary, Ministry of Finance, 'Q' Block, Pak Secretariat, Islamabad. 4. Chief Executive Officer, Central Power Purchasing Agency Guarantee Limited ENERCON Building, Sector G-5/2, Islamabad.

2 Fuel Price Adjustment Case No. NEPRA/TRF-299/PQEPCPL-2015 DECISION OF THE AUTHORITY IN THE MATTER OF FUEL PRICE ADJUSI'MNET FOR PORT QASIM ELECTRIC POWER COMPANY (PRIVATE) LIMITED. Pursuant to the Decision of the Authority dated 13th February 2015 in the matter of approval of upfront coal tariff for coal power plant of Port Qasim Electric Power Company (Private) Limited (hereafter "PQEPCL") and the Decision of the Authority dated 23rd September 2016 regarding Sue Moto Review Proceedings in the Fuel Price Adjustment Mechanism determined in Upfront Coal tariff, the fuel portion of the energy charge part of PQEPCL's tariff needs to be adjusted for variation in coal price(s). PQEPCL requested weighted average coal price of Rs. 9,899/ton (US$ 89.93/ton) for the coal consumed during the month of February PQEPCL further requested fuel cost component of Rs /kWh for February 2018 which was found on higher side. In accordance with the prescribed mechanism and on the basis of information and documents submitted by PQEPCL, the revised coal prices have been worked out and attached as Annex-II. Accordingly, the fuel cost component has been adjusted. The revised fuel cost component of energy charge part of PQEPCL's tariff indicated hereunder shall be immediately applicable to the units delivered during the month. Period Revised Fuel Cost Component Rs./kWh February PQEPCL requested average PDA charges of US$ 73,211 at PQA which are substantially on higher side as compared to the average PDA charges of US$ 39,985 allowed to previous shipments in the month of January In a similar power project, average PDA charges of US$ 39,100 were allowed in the month of February Accordingly, average PDA Charges of US$ 39,985 are being considered in the instant fuel price calculation. The above referred revised fuel cost component along with revised coal prices and revised marine freight charges attached as Annex-I, Annex-II & Annex-III respectively are to be notified in the official gazette, in accordance with the provisions of Section 31(4) of the Regulation of Generation, Transmission and Distribution of Electric Power Act AUTHORITY ").- \-'t 1 4zg, Himayat Ull alivian Syed Masood-ul-Hassan Naqvi Rehmatullah INF Sai Ullah Chat Vice Chairman /.2. 2.<06

3 Schedule of Fuel Cost Part of Energy Charge Adjustment on Account of Coal Price(s) Variation Annex-I Description Quantity Net CV Coal Price Exchange Rate Ton kcal/kg. US$/Ton Rs/Ton Rs/US$ Coal Consumed from stock: Consumption from Shipment No , , , Consumption from Shipment No , , , Consumption from Shipment No , , , Consumption from Shipment No , , , Total consumption 197, , , Description Unit Reference Previous Revised Avg. Price of stock consumed during the month Rs./Ton 12,532 8,784 9,135 Avg. net calorific value of stock consumed during the month kcal/kg 6,441 4,601 4,309 Avg. net calorific value of stock consumed during the month BTU/Kg. 25,556 18,259 17,097 Net Heat Rates BTU/kWh 8,749 8,749 8,749 Revised Fuel cost component for February 2018 RS./kWh Note: The above adjustmnet of fuel cost component on coal shall be subject to verification by a consultant/independent third party to be appointed for the purpose by the Authority. In case the verified delivered coal price is different, the fuel cost component shall be revised accordingly.

4 Details of Shipment Annex-II Shipment Number Vessel Name Greco Libero Loch Crinan Hony World Bill of Lading Date (B/L) 5-Jan Jan Jan-18 L/C Number - - API-4 Index for the month of B/L Date Base Calorific Value kcal/kg 4,600 4,600 4,600 Actual Calorific Value kcal/kg 4,159 4,520 4,340 Quantity MT 52,500 51,180 50,514 FOB Coal Price API-4 Index as per B/L month Adjusted for CV US$/Ton Discount US$/Ton (2.61) Marine Freight Charges US$/Ton Marine Insurance US$/Ton CIF Coal Price US$/Ton Handling Loss 1% or actual whichever is minimum US$/Ton - CIF Coal Price with losses at Karachi US$/Ton Other Charges: US$/Ton (i) Port Handling Charges US$/Ton (a) PQA Royalty Charges US$/Ton (b) Wharfage US$/Ton (c) Port Disbursement Account Charges at Load Port US$/Ton (d) Port Disbursement Account Charges at Discharge Port US$/Ton (ii) Custom Duties US$/Ton (iii) Custom Clearness Charges US$/Ton (iv) Draft Survey, Sampling, Sample preparation & Analysis Charges US$/Ton Delivered Coal Price at Power Plant US$/Ton Exchange Rate Rs./US$ Delivered Coal Price at Power Plant Rs./Ton 8, , , , 3

5 Marine Freight Annex-HI Description Unit Greco Libero Loch Crinan Hony World Delivery Days: Voyage Days At Port Days Total Days Average Time Charter Rate US$/Day 10,478 10,108 10,176 Time Charter Cost US$ 312, , ,366 Bunker Consumption: Bunker during Voyage Ton Bunker during Port Ton MGO Consumption Ton Total Ton Bunker Price $/Ton MGO Price $/Ton Bunker Cost US$ 291, , ,743 Total Voyage Expense US$ 604, , ,109 Quantity Minimum Tons 52,500 51,180 50,514 Marine Freight Mon PDA charges both at load and discharge ports have been included in port handling charges. 4