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HVDC Link Romania – Turkey Short presentation

HVDC Link Romania – Turkey Short presentation. George VISAN Director, Investment Projects Management Direction. A major and complex project to be considered and developed. Pasakoy. Where we are now ?.

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HVDC Link Romania – Turkey Short presentation

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  1. HVDC Link Romania – TurkeyShort presentation George VISAN Director, Investment Projects Management Direction

  2. A major and complex project to be considered and developed Pasakoy

  3. Where we are now ? • Scope of MOU -1 between Transelectrica and TEIAS for the elaboration of the system study is achieved; • System study was analysed and finished by signing the Joint Position Paper of 26 december 2006 ; • What to do next ?

  4. Simplified Roadmap MOU - 1 Opportunity ( system ) study Preliminary Joint Position Paper Political Joint Statement MOU -2 Feasibility Study Business Study Final Joint Position paper ( corporate level ) Project Approvals Project International Agreement between Romania and Turkey Project Implementation

  5. Roadmap – major phases and milestones • Phase 1 – elaboration of the system study ( opportunity study ) • Corporate Level : Transelectrica and TEIAS • Cooperation instrument : MOU 1 • Delivrable : Opportunity study – April 2006 • Validation : Preliminary Joint Position Paper ( P-JPP ) to be included in MOU 2 • Phase 2 – elaboration of the feasibility study and business study • Corporate Level : Transelectrica and TEIAS • Cooperation instrument : MOU 2 • Delivrables : • Feasibility study • Business study • Validation : Final Joint Position Paper ( F-JPP ) • Corporate approval of the business study and the feasibility study

  6. Roadmap – major phases and milestones • Phase 3 – Preparing implementation • Project organization ( project company ) • Financing structure • Project implementation plan • Phase 4 – Project Approvals • Approval of the feasibility study in Romania (by Governmental Decision) • Approval of the feasibility study in Turkey • International agreement between Romania and Turkey • Phase 5 – Implementation • Transelectrica –TEIAS binding agreement to jointly build the HVDC link • Phase 6 – Preparing technical and comercial operation of the HVDC link

  7. Preparing Phase 2 • Transelectrica’s proposal : • To meet in May TEIAS for negotiating MOU -2 for the Feasibility study and the Business study; • Preliminary JPP to be included in MOU -2; • Draft MOU-2 to be prepared by Transelectrica and send in advance to TEIAS

  8. Feasibility study -1 • Structure of the feasibility study : • Part 1 – HVDC link – Conection to the Romanian Transmission grid • Part 2 – HVDC link – Conection to the Turkish Transmission grid • Part 3 – HVDC link – Undersea cable • TOR : • To be written; • To include prefeasibility needs • Needed technical assistance for TOR • Transelectrica intends to use : • the expertise of Fichtner ( available in Romania and with previous expertise in similar projects ) • To cooperate with sister TSO companies having direct experience in such HVDC projects ( ex : Statnett /Norway ); • TEIAS position : TBD ( to be defined )

  9. Feasibility Study - 2 • Financing engineering services for the feasibility study : • Financing scenarios : • Without grant ( 100 % financing by Transelectrica and TEIAS with 50/50 % split for part 3 ) : • Advantage : supply independence of the engineering company; • Superior bankability for the project financing; • With grant for part 3/undersea cable : • Advantage : reducing financing effort • If grand to be taken, from where and when ? • Recommended scenario : without grant (100% corporate financing ); • Contracting engineering services : • Contracting procedure in accordance with legislation and type of financing; • To involve as much as possible local expertise • Romania : Fichtner and ISPE

  10. Business study • Extremely important and sensitive; • TOR to be written; • Consultancy partialy needed • To be done in parallel with the feasibility study; • Contracting : with international technical assistance • Financing : proposal - jointly by Transelectrica and TEIAS ( 50/50% split ) • To explore and facilitate involvement of private investors from Turkey and Romania in order to : • Increase the commercial use of the HVDC link • Reduce the cost of financing;

  11. Business study – main chapters in TOR • Marketing analysis • Clients ( for transmission services ); • Volumes and periods • Contracts and prices; • Regulatory analysis • Requirements of the national authorities; • Acceptance in the RAB ( regulated asset base ); • EU requirements, including UCTE, ETSO • Definition of the business model • Definition of the ownership model • Ownership structure; private investors; • Definition of the business plan • Compatibility cross-checkings • Sensitivity analysis

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