Exhibit 15.1
Calculation of Effective Tariff and Effective Utilization Rate
Total | Total | Installed | Effective | Effective | ||||||||||||||||||||||||||
Revenues | Electricity | Capacity | Number of | Tax | Tariff** | Utilization | ||||||||||||||||||||||||
(RMB) | Sold (kWh) | (MW) | days | Rate* | (RMB) | Rate*** (%) | ||||||||||||||||||||||||
Our Company | the year ended Dec 31, 2007 | 19,498,009 | 108,303,945 | 33.0 | N/A | N/A | 0.18 | 56.6 | ||||||||||||||||||||||
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 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
Binglangjiang II | the year ended Dec 31, 2009 | 3,706,529 | 29,141,455 | 20.0 | 118 | 1.06 | 0.13 | 51.5 | ||||||||||||||||||||||
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 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
Jiulongshan | the year ended Dec 31, 2009 | 27,124,666 | 73,964,924 | 37.6 | (1) | 280 | 1.17 | 0.43 | 20.0 | |||||||||||||||||||||
Zhougongyuan | the year ended Dec 31, 2009 | 1,197,109 | 2,934,316 | 16.0 | (1) | 61 | 1.17 | 0.48 | 12.5 | |||||||||||||||||||||
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 Jan1 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 |
Total | Total | Installed | Effective | Effective | ||||||||||||||||||||||||||
Revenues | Electricity | Capacity | Number of | Tax | Tariff** | Utilization | ||||||||||||||||||||||||
(RMB) | Sold (kWh) | (MW) | days | Rate* | (RMB) | Rate*** (%) | ||||||||||||||||||||||||
The year ended Dec 31,2009 | 27,277,669 | 62,453,774 | 32.0 | 365 | 1.06 | 0.46 | 22.3 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
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 | % |
Total | Total | Installed | Effective | Effective | ||||||||||||||||||||||||||
Revenues | Electricity | Capacity | Number of | Tax | Tariff** | Utilization | ||||||||||||||||||||||||
(RMB) | Sold (kWh) | (MW) | days | Rate* | (RMB) | Rate*** (%) | ||||||||||||||||||||||||
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. |