China Hydroelectric 20-F 2011 FY Annual report (foreign)

EXHIBIT 15.1

Calculation of Effective Tariff and Effective Utilization Rate

		Total Revenues (RMB)		Total Electricity Sold (kWh)		Installed Capacity (MW)		Number of days		Tax Rate*		Effective Tariff** (RMB)		Effective Utilization Rate*** (%)
Our Company	the year ended Dec 31, 2008		110,076,549		333,964,005		271.0		N/A		N/A		0.33		29.2
	the year ended Dec 31, 2009		247,120,130		798,945,372		376.6		N/A		N/A		0.34		30.8
	the year ended Dec 31, 2010		448,218,584		1,480,742,042		548.8		N/A		N/A		0.33		39.4
	the year ended Dec 31, 2011		383,371,322		1,374,178,037		563.8		N/A		N/A		0.30		28.0
Binglangjiang I	the year ended Dec 31, 2006		16,472,000		106,646,530		21.0		365		1.06		0.16		58.0
	the period ended Apr 24, 2007		4,433,000		23,495,595		21.0		114		1.06		0.20		40.9
	the period from Apr 25 to Dec 31, 2007		12,988,764		88,545,602		21.0		251		1.06		0.16		70.0
	the year ended Dec 31, 2007		17,421,764		112,041,197		21.0		365		1.06		0.17		60.9
	the year ended Dec 31, 2008		19,410,025		117,278,061		21.0		366		1.06		0.18		63.6
	the year ended Dec 31, 2009		16,556,208		95,514,582		21.0		365		1.06		0.18		51.9
	the year ended Dec 31, 2010		16,818,484		94,591,565		21.0		365		1.06		0.19		51.4
	the year ended Dec 31, 2011		15,531,109		86,994,684		21.0		365		1.06		0.19		47.3
Binglangjiang II	the year ended Dec 31, 2009		3,706,529		29,141,455		20.0		118		1.06		0.13		51.5
	the year ended Dec 31, 2010		11,386,666		64,041,599		20.0		365		1.06		0.19		36.6
	the year ended Dec 31, 2011		16,531,143		92,596,193		21.0		365		1.06		0.19		52.9
Liyuan	the period from May 21 to Dec 31, 2007		5,405,584		19,758,343		12.0		225		1.06		0.29		30.5
	the year ended Dec 31, 2007		5,405,584		19,758,343		12.0		365		1.06		0.29		18.8
	the year ended Dec 31, 2008		6,866,482		25,098,176		12.0		366		1.06		0.29		23.8
	the year ended Dec 31, 2009		6,411,614		23,435,555		12.0		365		1.06		0.29		22.3
	the year ended Dec 31, 2010		4,436,922		16,217,714		12.0		365		1.06		0.29		15.4
	the year ended Dec 31, 2011		3,583,081		13,096,779		12.0		365		1.06		0.29		12.5
Yingchuan	the year ended Dec 31, 2006		38,925,000		97,116,588		40.0		365		1.06		0.43		27.7
	the year ended Dec 31, 2007		42,998,000		102,700,957		40.0		365		1.06		0.44		29.3
	the period from Jan 31 to Dec 31, 2008		37,594,669		90,254,137		40.0		336		1.06		0.44		28.0
	the year ended Dec 31, 2008		37,659,160		90,768,127		40.0		366		1.06		0.44		25.8
	the year ended Dec 31, 2009		44,925,331		107,225,642		40.0		365		1.06		0.44		30.6
	the year ended Dec 31, 2010		56,172,286		138,329,823		40.0		365		1.06		0.43		39.5
	the year ended Dec 31, 2011		43,375,819		101,896,872		40.0		365		1.06		0.45		29.1

		Total Revenues (RMB)		Total Electricity Sold (kWh)		Installed Capacity (MW)			Number of days		Tax Rate*		Effective Tariff** (RMB)		Effective Utilization Rate*** (%)
Wuliting	the year ended Dec 31, 2007		27,532,000		65,423,294		42.0			365		1.06		0.45		17.8
	the period from Jan 31 to Dec 31, 2008		29,946,906		69,232,680		42.0			336		1.06		0.46		20.4
	the year ended Dec 31, 2008		30,371,102		70,224,000		42.0			366		1.06		0.46		19.0
	the year ended Dec 31, 2009		40,143,784		92,554,440		42.0			365		1.06		0.46		25.2
	the year ended Dec 31, 2010		61,927,235		148,943,520		42.0			365		1.06		0.44		40.5
	the year ended Dec 31, 2011		37,850,518		92,118,840		42.0			365		1.06		0.44		25.0
Jiulongshan	the year ended Dec 31, 2009		27,124,666		73,964,924		37.6	(1)		280		1.17		0.43		20.0
	the year ended Dec 31, 2010		27,706,976		69,618,958		37.6	(1)		365		1.06		0.47		21.1
	the year ended Dec 31, 2011		28,414,330		67,157,924		37.6	(1)		365		1.06		0.45		20.4
Zhougongyuan	the year ended Dec 31, 2009		1,197,109		2,934,316		16.0	(1)		61		1.17		0.48		12.5
	the year ended Dec 31, 2010		16,976,305		41,837,946		16.0	(1)		365		1.06		0.47		29.9
	the year ended Dec 31, 2011		16,923,433		39,827,794		16.0	(1)		365		1.06		0.45		28.4
Ruiyang	the year ended Dec 31, 2007		31,513,675		68,645,855		32.0			365		1.06		0.49		24.5
	the year ended Dec 31, 2008		22,862,842		51,237,120		32.0			366		1.06		0.47		18.2
	the period from Jan 1 to Aug 19, 2009		24,167,675		55,261,800		32.0			231		1.06		0.46		31.1
	the period from Aug 20 to Dec 31, 2009		3,109,994		7,191,974		32.0			134		1.06		0.46		6.1
	The year ended Dec 31, 2009		27,277,669		62,453,774		32.0			365		1.06		0.46		22.3
	The year ended Dec 31, 2010		31,933,990		77,819,280		32.0			365		1.06		0.43		27.8
	The year ended Dec 31, 2011		21,305,440		49,810,200		32.0			365		1.06		0.45		17.8
Shapulong	the period from Jan 1 to Dec 24, 2007		18,313,000		43,292,057		25.0			358		1.06		0.45		20.2
	the year ended Dec 31, 2008		17,723,482		42,308,157		25.0			366		1.06		0.44		19.3
	the period from Jan 1 to Aug 2, 2009		9,702,244		22,279,828		25.0			215		1.06		0.44		17.3
	the period from Aug 3 to Dec 31, 2009		7,581,398		18,351,068		25.0			150		1.06		0.44		20.0
	the year ended Dec 31, 2009		17,283,642		40,630,896		25.0			365		1.06		0.44		18.6
	the year ended Dec 31, 2010		26,947,680		64,624,002		25.0			365		1.06		0.44		29.5
	the year ended Dec 31, 2011		16,141,486		36,611,340		25.0			365		1.06		0.54		14.4
Banzhu	the year ended Dec 31, 2006		55,561,000		180,461,022		45.0			365		1.17		0.36		45.8
	the year ended Dec 31, 2007		52,029,000		169,092,862		45.0			365		1.17		0.36		42.9
	the year ended Dec 31, 2008		47,872,768		155,536,410		45.0			366		1.17		0.36		39.3
	the year ended Dec 31, 2009		38,972,232		126,659,753		45.0			365		1.17		0.36		32.1
	the year ended Dec 31, 2010		57,011,622		185,287,772		45.0			365		1.17		0.36		47.0
	the year ended Dec 31, 2011		34,535,879		112,241,606		45.0			365		1.17		0.36		28.5

		Total Revenues (RMB)		Total Electricity Sold (kWh)		Installed Capacity (MW)		Number of days		Tax Rate*		Effective Tariff** (RMB)		Effective Utilization Rate*** (%)
Wangkeng	the year ended Dec 31, 2006		40,242,000		151,882,677		40.0		365		1.17		0.31		43.3
	the year ended Dec 31, 2007		31,475,000		118,792,231		40.0		365		1.17		0.31		33.9
	the year ended Dec 31, 2008		34,237,226		129,217,917		40.0		366		1.17		0.31		36.8
	the year ended Dec 31, 2009		28,713,380		108,369,852		40.0		365		1.17		0.31		30.9
	the year ended Dec 31, 2010		48,704,698		183,820,955		40.0		365		1.17		0.31		52.5
	the year ended Dec 31, 2011		25,543,219		96,398,922		40.0		365		1.17		0.31		27.5
Yuanping	the year ended Dec 31, 2007		6,274,209		30,071,595		16.0		365		1.06		0.22		21.5
	the year ended Dec 31, 2008		8,004,678		38,393,478		16.0		366		1.06		0.22		27.3
	the year ended Dec 31, 2009		12,624,433		44,316,824		16.0		365		1.06		0.27		31.6
	the year ended Dec 31, 2010		22,682,552		82,908,637		16.0		365		1.06		0.29		59.2
	the year ended Dec 31, 2011		11,565,379		42,273,514		16.0		365		1.06		0.29		30.2
Yuheng	the year ended Dec 31, 2007		9,384,000		54,955,750		30.0		228		1.06		0.18		33.5
	the period from Jan 1 to Oct 20, 2008		14,154,407		82,893,211		30.0		294		1.06		0.18		39.2
	the period from Oct 21 to Dec 31, 2008		2,180,392		8,090,245		30.0		72		1.06		0.29		15.6
	the year ended Dec 31, 2008		16,334,799		90,983,456		30.0		365		1.06		0.19		34.6
	the year ended Dec 31, 2009		16,053,453		69,284,988		30.0		365		1.06		0.29		26.4
	the year ended Dec 31, 2010		34,445,274		134,173,611		30.0		365		1.06		0.27		51.1
	the year ended Dec 31, 2011		19,042,649		69,593,044		30.0		365		1.06		0.29		26.5
Husahe	the year ended Dec 31, 2010		11,413,357		66,801,125		18.7		257		1.06		0.18		57.9
	the year ended Dec 31, 2011		12,046,457		67,753,458		18.7		365		1.06		0.19		41.4
Zilenghe	the year ended Dec 31, 2010		7,730,041		46,546,038		25.2		193		1.06		0.18		39.9
	the year ended Dec 31, 2011		13,961,579		86,162,474		25.2		365		1.06		0.17		39.0
Aluhe	the year ended Dec 31, 2010		2,316,881		13,950,979		10.0		193		1.06		0.18		30.1
	the year ended Dec 31, 2011		4,776,665		29,478,703		10.0		365		1.06		0.17		33.7
Latudi	the year ended Dec 31, 2010		3,730,075		21,312,493		18.9		138		1.06		0.19		34.0
	the year ended Dec 31, 2011		7,159,053		45,296,415		18.9		365		1.06		0.17		27.4
Xiaopengzu	the year ended Dec 31, 2010		5,877,644		29,916,026		44.0		115		1.06		0.21		24.6
	the year ended Dec 31, 2011		13,844,808		68,255,227		44.0		365		1.06		0.22		17.7
Qianling	the year ended Dec 31, 2010		N/A		N/A		10.0		N/A		1.06		N/A		N/A
	the year ended Dec 31, 2011		6,180,492		27,297,172		10.0		365		1.06		0.26		31.2
Jinjiu	the year ended Dec 31, 2010		N/A		N/A		3.0		N/A		1.06		N/A		N/A
	the year ended Dec 31, 2011		3,062,168		11,592,491		3.0		365		1.06		0.26		44.1
Dongguan	the year ended Dec 31, 2010		N/A		N/A		4.8		N/A		1.06		N/A		N/A
	the year ended Dec 31, 2011		2,152,048		8,147,040		4.8		365		1.06		0.26		19.4

		Total Revenues (RMB)		Total Electricity Sold (kWh)		Installed Capacity (MW)		Number of days		Tax Rate*		Effective Tariff** (RMB)		Effective Utilization Rate*** (%)
Jinlong	the year ended Dec 31, 2010		N/A		N/A		10.0		N/A		1.06		N/A		N/A
	the year ended Dec 31, 2011		8,423,034		29,761,388		10.0		365		1.06		0.30		34.0
Jintang	the year ended Dec 31, 2010		N/A		N/A		11.6		N/A		1.06		N/A		N/A
	the year ended Dec 31, 2011		7,229,890		29,475,704		11.6		365		1.06		0.26		29.0
Jinwei	the year ended Dec 31, 2010		N/A		N/A		16.0		N/A		1.06		N/A		N/A
	the year ended Dec 31, 2011		8,854,564		37,846,120		16.0		365		1.06		0.25		27.0
Dazhaihe	the year ended Dec 31, 2011		5,337,079		32,494,133		15.0		265		1.06		0.17		34.1
	Weighted Average Utilization Rate for Consolidated Number 2008****														29.2	%
	Weighted Average Utilization Rate for Consolidated Number 2009****														30.8	%
	Weighted Average Utilization Rate for whole year Number 2008****														33.7	%
	Weighted Average Utilization Rate for whole year Number 2009****														30.2	%

*	Tax rate = 1+VAT (VAT is 6% or 17%, as applicable)
**	Effective Tariff = Total Revenues / Total Electricity Sold *tax rate
***	Effective Utilization Rate=Total Electricity Sold / (Installed Capacity *1000*24*Number of Days)*100
****	Weighted Average Utilization Rate = (Total Sold KWh)/(Total Installed Capacity), with/without Shapulong
*****	Consolidated Utilization Rate=Total Electricity Sold/SUM(Installed Capacity(MW)*1000*24*Number of Days)*100
(1)	Jiulongshan and Zhougongyuan projects were split from Zhougongyuan projects in December 2009. The total installed capacity for Jiulongshan was 37.6 MW and for Zhougongyuan 16.0 MW.