The Pakistan Atomic Energy Commission (PAEC) has filed a petition with the National Electric Power Regulatory Authority (Nepra) seeking a levelised tariff of Rs16.7354 per unit over 40 years for its 1,200 MW Chashma Nuclear Power Plant-5 (C-5), The News reported.Â
The PAEC has proposed a two-part tariff structure comprising an Energy Purchase Price (variable) and a Capacity Purchase Price (fixed) under a “take or pay” arrangement.
The project, estimated to cost Rs1,124.842 billion, is expected to be completed in 81 months with an equity-to-debt ratio of 19:81.Â
The proposed tariff includes Rs19.8268 per unit for the initial 12 years and Rs9.6320 per unit from years 13 to 40, resulting in the average levelised rate.
The project’s cost breakdown includes Rs965.835 billion for EPC (Engineering, Procurement, and Construction), Rs69.469 billion for non-EPC components, and Rs89.538 billion for interest during construction (IDC).Â
The Return on Equity is projected at 14.50% annually, with a 28-year equity redemption starting in the 13th year. Debt repayments will span 12 years following an 8-year grace period, with Chinese financing provided at a 3 percent interest rate.
The exchange rates assumed for financing are Rs280 per US dollar, Rs38.50 per RMB, and RMB7.27 per US dollar. The project is designed with a 90% plant factor, and the overnight capital cost is estimated at $3,081 per kW.
Currently, Pakistan operates two nuclear power sites with six active units contributing a total of 3,262 MW to the national grid. The Chashma Nuclear Power Generating Station (CNPGS) near Mianwali houses four 300 MW units, while the Karachi Nuclear Power Generating Station (KNPGS) features two 1,100 MW advanced PWR units, KANUPP-2 and KANUPP-3.
Additionally, the 137 MW KANUPP-1 unit, based on a pressurized heavy water reactor design, is being decommissioned after 50 years of operation. Nepra will now evaluate PAEC’s petition and its implications for Pakistan’s energy landscape.
