{"text_format":"1","workbook":"xlsx","n_sheets":5,"sheets":["Contents","Total Cost of Ownership","Summary","Electric Vehicles","LCOE Points"],"not_rendered":{"charts":0,"images":23,"macros":1,"external_links":0,"defined_names":13,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Contents","index":0,"n_rows":60,"n_cols":13,"rows_kept":60,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,"Contents"]
[null,null,null,null,null," Colour Codes ",null,null,null,null," File Name: ",null,{"$f":"IFERROR(File_name(),\"\")","v":""}]
[null,null,"Big Points",null,null,null," Inputs ",null,"1234567890"]
[null,null,null,"Use PMT with project finance IRR  (WACC) to find the LCOE -- you don't need a financial model",null,null," Section Titles ",null,"TITLE ROW",null," Last Save Date ",null,{"$f":"IFERROR(lastsaved(),\"\")","v":""}]
[null,null,null,"A financial model is just a proof",null,null," Sum Column ",null,"1000000000"]
[null,null,null,"LCOE with PMT can account for different lives",null,null," True or 1 ",null,{"$f":"1=1","v":true},null," Last Save By",null,{"$f":"IFERROR(last_save_by(),\"\")","v":""}]
[null,null,null,"If you know the project IRR and the life, you just need the capital cost, operating cost and the production",null,null," False or 0 ",null,{"$f":"1=2","v":false}]
[null,null,null,"Use the formula Adj IRR = (1+IRR)/(1+Inflation) to adjust carrying charge for inflation",null,null," Other Sheet Links ",null,"|||||||||||||||||||"]
[null,null,null,"Use the formula Adj IRR = (1+IRR)/(1-Degradation) to adjust carrying charge for degradation"]
[null,null,null,"Don’t worry about carrying charge factor -- just tells you how much money you need to get back your capital cost and also the financing cost"]
[null,null,null,"You can use a financal model to derive the project IRR required to arrive at the equity IRR -- Finance people are obsessed with equity IRR"]
[null,null,null,"The big test in financial model verification is the IRR"]
[null,null,null,"Taxes on Equity"]
[null,null,null,"PV of Tax Shield"]
[null,null,null,"Tax Shields must be at the nominal discount rate because they are in nominal currency"]
[null,null,null,"After tax WACC"]
[]
[null,null,"LCOE Calculator"]
[null,null,null,"Generating Plant Operating Drivers"]
[null,null,null,"Storage/Battery Characteristics"]
[null,null,null,"Financing Drivers"]
[null,null,null,"Summary Drivers"]
[null,null,null,"Operating Model - Driven by Total Costs, Generation, Degradation"]
[null,null,null,"Financing Analysis"]
[]
[null,null,"Natural Gas"]
[]
[null,null,"Batery Sensitivity"]
[]
[null,null,"Battery Cost"]
[]
[null,null,"LCOD Calculator"]
[null,null,null,"Operating Characteristics of Autos"]
[null,null,null,"Financing Drivers"]
[null,null,null,"Summary Drivers"]
[]
[null,null,"Electric Vehicles"]
[null,null,null,"Efficiency"]
[null,null,null,"Battery Life"]
[null,null,null,"Degradation"]
[null,null,null,"Up-Front Cost"]
[null,null,null,"Nissan Up-front"]
[null,null,null,"Battery Replacement"]
[]
[null,null,"Hydrogen Vehicles"]
[]
[null,null,"Malaysia Load"]
[]
[null,null,"One Day Analysis"]
[null,null,null,"Shape Data"]
[null,null,null,"Difference between Demand and Supply"]
[null,null,null,"Sorted Load and Production and Balance"]
[null,null,null,"Graphs"]
[]
[null,null,"Sheet1"]
[]
[null,null,"Chart5"]
[]
[null,null,"Malaysia Hourly Solar"]

{"sheet":"Total Cost of Ownership","index":1,"n_rows":109,"n_cols":20,"rows_kept":109,"cut":false,"hidden":false,"merged":[]}
["          ",null,null,null,null,null,1,"Nissan Sentra","Fancy","Nissan Leaf","Tesla 3","Tesla Model S","Mirai","NEXO",null,null,null,null,null,{"$f":"INDEX(J1:R1,G1)","v":"Nissan Leaf"}]
[null,null,null,null,null,null,null,"ICE","ICE","BEV","BEV","BEV","FCEV","FCEV"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Financial Model"]
[null,null,"Nominal LCOD",null,null,"MYR/km",null,{"$f":"H105","v":0.25200304272286589},{"$f":"I105","v":0.39728852747688165},{"$f":"J105","v":0.17593981400436981},{"$f":"K105","v":0.27619414950771953},{"$f":"L105","v":0.46478921787855687},{"$f":"M105","v":0.34375022799792626},{"$f":"N105","v":0.42220055151652125}]
[null,null,"Real LCOD",null,null,"MYR/km",null,{"$f":"H106","v":0.21811383885498478},{"$f":"I106","v":0.34380194335478043},{"$f":"J106","v":0.15207155171692666},{"$f":"K106","v":0.24478809794603407},{"$f":"L106","v":0.4079385502482229},{"$f":"M106","v":0.2972000254170436},{"$f":"N106","v":0.36491893030152189}]
[]
[null,null,"Nominal Total Cost of Operation",null,null,"USD/ 100 km",null,{"$f":"H108","v":25.200304272286587},{"$f":"I108","v":39.728852747688165},{"$f":"J108","v":17.593981400436981},27.619414950771954,{"$f":"L108","v":46.47892178785569},34.375022799792625,{"$f":"N108","v":42.220055151652126}]
[null,null,"Real Cost of Operation",null,null,"USD/100 km",null,{"$f":"H109","v":21.811383885498479},{"$f":"I109","v":34.380194335478045},15.207155171692666,24.478809794603407,{"$f":"L109","v":40.793855024822292},29.720002541704361,{"$f":"N109","v":36.491893030152191}]
[]
[null,"Operating Characteristics of Autos"]
[]
[null,null,"Use of Automobile"]
[null,null,null,"KM Driven per Year",null,"Km/Year",null,25000,25000,{"$f":"H13","v":25000},{"$f":"J13","v":25000},25000,25000,25000,null,null,null,null,null,{"$f":"INDEX(J13:R13,$G$1)","v":25000}]
[null,null,null,"Km/Mile",null,"km/mile",null,1.60934,1.60934,1.60934,1.60934,1.60934,1.60934,1.60934]
[null,null,null,"Miles per Year",null,"Miles",null,{"$f":"H13/H14","v":15534.318416245169},{"$f":"I13/I14","v":15534.318416245169},25000,{"$f":"H15","v":15534.318416245169},{"$f":"K15","v":15534.318416245169},15534.318416245169,{"$f":"M15","v":15534.318416245169}]
[null,null,null,"Maximum Life (Battery)",null,"Miles",null,200000,200000,200000,120000,120000,120000,120000]
[null,null,null,"Car Life",null,"Years",null,15,15,15,{"$f":"J17","v":15},15,15,15,null,null,null,null,null,{"$f":"INDEX(J17:R17,$G$1)","v":15}]
[]
[null,null,"Up-Front Cost"]
[null,null,null,"Initial Cost of Car",null,"USD",null,{"$f":"'Electric Vehicles'!F275","v":19460},35000,{"$f":"'Electric Vehicles'!D275","v":31670},50000,100000,50000,69240]
[]
[null,null,"Drivers of Operating Cost"]
[null,null,null,"Maintenance Cost from IEA",null,"USD/km",null,0.08,0.09,6.5000000000000002E-2,6.5000000000000002E-2,6.5000000000000002E-2,7.7600000000000002E-2,7.7600000000000002E-2]
[null,null,null,"Computed Maintenance Cost",null,"USD/Year",null,{"$f":"H23*H15","v":1242.7454732996136},{"$f":"I23*I15","v":1398.0886574620652},{"$f":"J23*J15","v":1625},{"$f":"K23*K15","v":1009.730697055936},{"$f":"L23*L15","v":1009.730697055936},{"$f":"M23*M15","v":1205.4631091006252},{"$f":"N23*N15","v":1205.4631091006252}]
[null,null,null,"Maintenance Cost",null,"USD/year",null,{"$f":"'Electric Vehicles'!$H$648","v":1382.2},{"$f":"'Electric Vehicles'!$H$648","v":1382.2},{"$f":"'Electric Vehicles'!J578","v":713},{"$f":"H25","v":1382.2},{"$f":"K25","v":1382.2},{"$f":"M23/L23*L25","v":1650.1341538461538},{"$f":"M25","v":1650.1341538461538}]
[null,null,null,"Maintenance Cost",null,"USD/year",null,{"$f":"H25","v":1382.2},{"$f":"I24","v":1398.0886574620652},{"$f":"J25","v":713},1382.2,1382.2,1650.1341538461538,1650.1341538461538]
[]
[null,null,null,"Efficiency Petrol",null,"Miles/gallon",null,35,20]
[null,null,null,"Efficiency Petrol",null,"km/Gallon",null,{"$f":"H28*H14","v":56.326900000000002},{"$f":"I28*I14","v":32.186799999999998}]
[null,null,null,"Conversion",null,"Gallons/Litre",null,0.26,0.26]
[null,null,null,"Efficiency Petrol",null,"km/Litre",null,{"$f":"H29*H30","v":14.644994000000001},{"$f":"I29*I30","v":8.3685679999999998}]
[]
[null,null,null,"Efficiency - Electric",null,"kWh/mile",null,null,null,0.21,0.27,0.28999999999999998]
[null,null,null,"Efficiency - Electric",null,"kWh/km",null,null,null,{"$f":"J33/J14","v":0.13048827469645941},{"$f":"K33/K14","v":0.16777063889544783},{"$f":"L33/L14","v":0.18019809362844394}]
[]
[null,null,null,"Efficiency - Hydrogen",null,"kg/km",null,null,null,null,null,null,7.6E-3,8.3999999999999995E-3]
[]
[null,null,null,"Petrol Cost",null,"USD/Litre",null,1.5,1.5]
[null,null,null,"Conversion",null,"Litre/Gallon",null,{"$f":"1/H30","v":3.8461538461538458},{"$f":"1/I30","v":3.8461538461538458}]
[null,null,null,"Petrol Cost",null,"USD/Gallon",null,{"$f":"H38*H39","v":5.7692307692307683},{"$f":"I38*I39","v":5.7692307692307683}]
[]
[null,null,null,"Electricity Cost",null,"USD/kWh",null,null,null,0.15,{"$f":"J42","v":0.15},{"$f":"J42","v":0.15}]
[null,null,null,"Hydrogen Cost",null,"USD/kg",null,null,null,null,null,null,10,{"$f":"M43","v":10}]
[]
[null,null,null,"Total Petrol",null,"Litres",null,{"$f":"H13/H31","v":1707.0679578291395},{"$f":"I13/I31","v":2987.3689262009939}]
[null,null,null,"Total Electricity",null,"kWh",null,null,null,{"$f":"J13*J34","v":3262.2068674114853},{"$f":"K34*K13","v":4194.2659723861952},{"$f":"L34*L13","v":4504.9523407110983}]
[null,null,null,"Total Hydrogen",null,"kg",null,null,null,null,null,null,{"$f":"M36*M13","v":190},{"$f":"N36*N13","v":210}]
[]
[null,null,null,"Total Petrol Cost",null,"USD",null,{"$f":"H45*H38","v":2560.6019367437093},{"$f":"I45*I38","v":4481.0533893014908},{"$f":"J46*J42","v":489.33103011172278},{"$f":"K46*K42","v":629.13989585792922},675.74285110666472,{"$f":"M47*M43","v":1900},{"$f":"N47*N43","v":2100}]
[]
[null,null,null,"Total Operating Cost",null,"USD",null,{"$f":"H49+H26","v":3942.8019367437091},{"$f":"I49+I26","v":5879.1420467635562},{"$f":"J49+J26","v":1202.3310301117228},2011.3398958579292,2057.9428511066649,3550.1341538461538,3750.1341538461538]
[]
[null,null,null,"Degradation",null,"%/year",null,0,0,5.0000000000000001E-3,{"$f":"J53","v":5.0000000000000001E-3},{"$f":"K53","v":5.0000000000000001E-3},0,0]
[]
[null,"Financing Drivers"]
[]
[null,null,null,"Inflation Rate",null,"%/annum",null,0.02,0.02,0.02,0.02,0.02,0.02,0.02,null,null,null,null,null,{"$f":"INDEX(J57:R57,$G$1)","v":0.02}]
[null,null,null,"Project IRR Used in LCOE Calculation",null,"%",null,0.04,0.04,0.04,0.04,0.04,0.04,0.04,null,null,null,null,null,{"$f":"INDEX(J58:R58,$G$1)","v":0.04}]
[]
[]
[null,"Summary Drivers"]
[]
[null,null,"Part 1: Production from Capacity and Storage"]
[null,null,null,"Total Production",null,"km",null,{"$f":"H13","v":25000},{"$f":"I13","v":25000},{"$f":"J13","v":25000},{"$f":"K13","v":25000},{"$f":"L13","v":25000},{"$f":"M13","v":25000},{"$f":"N13","v":25000},null,null,null,null,null,{"$f":"INDEX(J64:R64,$G$1)","v":25000}]
[null,null,null,"Degradation Adjustment",null,"%/annum",null,{"$f":"H53","v":0},{"$f":"I53","v":0},{"$f":"J53","v":5.0000000000000001E-3},{"$f":"K53","v":5.0000000000000001E-3},{"$f":"L53","v":5.0000000000000001E-3},0,{"$f":"N53","v":0},null,null,null,null,null,{"$f":"INDEX(J65:R65,$G$1)","v":5.0000000000000001E-3}]
[]
[null,null,"Part 2: Total Capital Cost and Captial Recovery"]
[null,null,null,"Net Up-Front Capital Cost",null,"MYR",null,{"$f":"H20","v":19460},{"$f":"I20","v":35000},{"$f":"J20","v":31670},50000,100000,50000,69240,null,null,null,null,null,{"$f":"INDEX(J68:R68,$G$1)","v":31670}]
[]
[null,null,null,"Inflation Adjustment",null,"%/annum",null,{"$f":"H57","v":0.02},{"$f":"I57","v":0.02},{"$f":"J57","v":0.02},0.02,{"$f":"L57","v":0.02},0.02,{"$f":"N57","v":0.02},null,null,null,null,null,{"$f":"INDEX(J70:R70,$G$1)","v":0.02}]
[null,null,null,"Nominal IRR",null,"%/annum",null,{"$f":"H58","v":0.04},{"$f":"I58","v":0.04},0.04,0.04,{"$f":"L58","v":0.04},0.04,{"$f":"N58","v":0.04},null,null,null,null,null,{"$f":"INDEX(J71:R71,$G$1)","v":0.04}]
[null,null,null,"Real Project IRR",null,"%/annum",null,{"$f":"(1+H71)/(1+H70)-1","v":1.9607843137254832E-2},{"$f":"(1+I71)/(1+I70)-1","v":1.9607843137254832E-2},{"$f":"(1+J71)/(1+J70)-1","v":1.9607843137254832E-2},{"$f":"(1+K71)/(1+K70)-1","v":1.9607843137254832E-2},{"$f":"(1+L71)/(1+L70)-1","v":1.9607843137254832E-2},1.9607843137254832E-2,{"$f":"(1+N71)/(1+N70)-1","v":1.9607843137254832E-2},null,null,null,null,null,{"$f":"INDEX(J72:R72,$G$1)","v":1.9607843137254832E-2}]
[null,null,null,"Degradation Adjusted IRR Nominal",null,"%/annum",null,{"$f":"(1+H71)/(1-H65)-1","v":4.0000000000000036E-2},{"$f":"(1+I71)/(1-I65)-1","v":4.0000000000000036E-2},{"$f":"(1+J71)/(1-J65)-1","v":4.5226130653266416E-2},{"$f":"(1+K71)/(1-K65)-1","v":4.5226130653266416E-2},{"$f":"(1+L71)/(1-L65)-1","v":4.5226130653266416E-2},{"$f":"(1+M71)/(1-M65)-1","v":4.0000000000000036E-2},{"$f":"(1+N71)/(1-N65)-1","v":4.0000000000000036E-2},null,null,null,null,null,{"$f":"INDEX(J73:R73,$G$1)","v":4.5226130653266416E-2}]
[null,null,null,"Degradation Adjusted IRR Real",null,"%/annum",null,{"$f":"(1+H73)/(1+H70)-1","v":1.9607843137254832E-2},{"$f":"(1+I73)/(1+I70)-1","v":1.9607843137254832E-2},{"$f":"(1+J73)/(1+J70)-1","v":2.4731500640457149E-2},{"$f":"(1+K73)/(1+K70)-1","v":2.4731500640457149E-2},{"$f":"(1+L73)/(1+L70)-1","v":2.4731500640457149E-2},1.9607843137254832E-2,{"$f":"(1+N73)/(1+N70)-1","v":1.9607843137254832E-2},null,null,null,null,null,{"$f":"INDEX(J74:R74,$G$1)","v":2.4731500640457149E-2}]
[]
[null,null,null,"Life",null,"Years",null,{"$f":"H17","v":15},{"$f":"I17","v":15},{"$f":"J17","v":15},15,15,15,15,null,null,null,null,null,{"$f":"INDEX(J76:R76,$G$1)","v":15}]
[]
[null,null,null,"Nominal Carrying Charge Factor",null,"%/annum",null,{"$f":"PMT(H73,H76,-1)","v":8.994110037097322E-2},{"$f":"PMT(I73,I76,-1)","v":8.994110037097322E-2},{"$f":"PMT(J73,J76,-1)","v":9.3258622569905719E-2},{"$f":"PMT(K73,K76,-1)","v":9.3258622569905719E-2},{"$f":"PMT(L73,L76,-1)","v":9.3258622569905719E-2},{"$f":"PMT(M73,M76,-1)","v":8.994110037097322E-2},{"$f":"PMT(N73,N76,-1)","v":8.994110037097322E-2},null,null,null,null,null,{"$f":"INDEX(J78:R78,$G$1)","v":9.3258622569905719E-2}]
[null,null,null,"Real Carrying Charge Factor",null,"%/annum",null,{"$f":"PMT(H74,H76,-1)","v":7.759732963159871E-2},{"$f":"PMT(I74,I76,-1)","v":7.759732963159871E-2},{"$f":"PMT(J74,J76,-1)","v":8.0607016242705179E-2},{"$f":"PMT(K74,K76,-1)","v":8.0607016242705179E-2},{"$f":"PMT(L74,L76,-1)","v":8.0607016242705179E-2},{"$f":"PMT(M74,M76,-1)","v":7.759732963159871E-2},{"$f":"PMT(N74,N76,-1)","v":7.759732963159871E-2},null,null,null,null,null,{"$f":"INDEX(J79:R79,$G$1)","v":8.0607016242705179E-2}]
[]
[null,null,null,"Nominal Carrying Charges",null,"MYR/Year",null,{"$f":"H78*H68","v":1750.2538132191389},{"$f":"I78*I68","v":3147.9385129840625},{"$f":"J78*J68","v":2953.5005767889143},{"$f":"K78*K68","v":4662.9311284952855},{"$f":"L78*L68","v":9325.862256990571},{"$f":"M78*M68","v":4497.0550185486609},{"$f":"N78*N68","v":6227.5217896861859},null,null,null,null,null,{"$f":"INDEX(J81:R81,$G$1)","v":2953.5005767889143}]
[null,null,null,"Real Carrying Charges",null,"MYR/Year",null,{"$f":"H79*H68","v":1510.0440346309108},{"$f":"I79*I68","v":2715.9065371059551},{"$f":"J79*J68","v":2552.8242044064732},{"$f":"K79*K68","v":4030.3508121352588},{"$f":"L79*L68","v":8060.7016242705176},{"$f":"M79*M68","v":3879.8664815799357},{"$f":"N79*N68","v":5372.8391036918947},null,null,null,null,null,{"$f":"INDEX(J82:R82,$G$1)","v":2552.8242044064732}]
[]
[null,null,"Part 3: Operating Costs Adjusted for Inflation and Degradation"]
[null,null,null,"Operation Cost",null,"USD/Year",null,{"$f":"H51","v":3942.8019367437091},{"$f":"I51","v":5879.1420467635562},{"$f":"J51","v":1202.3310301117228},2011.3398958579292,2057.9428511066649,3550.1341538461538,3750.1341538461538,null,null,null,null,null,{"$f":"INDEX(J85:R85,$G$1)","v":1202.3310301117228}]
[null,null,null,"Real IRR ",null,"%/annum",null,{"$f":"H72","v":1.9607843137254832E-2},{"$f":"I72","v":1.9607843137254832E-2},{"$f":"J72","v":1.9607843137254832E-2},{"$f":"K72","v":1.9607843137254832E-2},{"$f":"L72","v":1.9607843137254832E-2},{"$f":"M72","v":1.9607843137254832E-2},{"$f":"N72","v":1.9607843137254832E-2},null,null,null,null,null,{"$f":"INDEX(J86:R86,$G$1)","v":1.9607843137254832E-2}]
[null,null,null,"Real IRR Adjusted for Degradation",null,"%/annum",null,{"$f":"(1+H86)/(1-H65)-1","v":1.9607843137254832E-2},{"$f":"(1+I86)/(1-I65)-1","v":1.9607843137254832E-2},{"$f":"(1+J86)/(1-J65)-1","v":2.4731500640457149E-2},{"$f":"(1+K86)/(1-K65)-1","v":2.4731500640457149E-2},{"$f":"(1+L86)/(1-L65)-1","v":2.4731500640457149E-2},{"$f":"(1+M86)/(1-M65)-1","v":1.9607843137254832E-2},{"$f":"(1+N86)/(1-N65)-1","v":1.9607843137254832E-2},null,null,null,null,null,{"$f":"INDEX(J87:R87,$G$1)","v":2.4731500640457149E-2}]
[null,null,null,"Degradation Adjustment Factor",null,"Index",null,{"$f":"PV(H86,H76,-1)/PV(H87,H76,-1)","v":1},{"$f":"PV(I86,I76,-1)/PV(I87,I76,-1)","v":1},{"$f":"PV(J86,$J$76,-1)/PV(J87,$J$76,-1)","v":1.0387859559780612},{"$f":"PV(K86,K76,-1)/PV(K87,K76,-1)","v":1.0387859559780612},{"$f":"PV(L86,L76,-1)/PV(L87,L76,-1)","v":1.0387859559780612},1,{"$f":"PV(N86,N76,-1)/PV(N87,N76,-1)","v":1}]
[]
[null,null,null,"Nominal IRR",null,"%/annum",null,{"$f":"H71","v":0.04},{"$f":"I71","v":0.04},{"$f":"J71","v":0.04},{"$f":"K71","v":0.04},{"$f":"L71","v":0.04},{"$f":"M71","v":0.04},{"$f":"N71","v":0.04}]
[null,null,null,"Adjusted for Inflation",null,"%/annum",null,{"$f":"(1+H90)/(1-H70)-1","v":6.1224489795918435E-2},{"$f":"(1+I90)/(1-I70)-1","v":6.1224489795918435E-2},{"$f":"(1+J90)/(1+J57)-1","v":1.9607843137254832E-2},{"$f":"(1+K90)/(1-K70)-1","v":6.1224489795918435E-2},{"$f":"(1+L90)/(1-L70)-1","v":6.1224489795918435E-2},{"$f":"(1+M90)/(1-M70)-1","v":6.1224489795918435E-2},{"$f":"(1+N90)/(1-N70)-1","v":6.1224489795918435E-2}]
[null,null,null,"Adjusted for Degradation",null,"%/annum",null,{"$f":"(1+H91)/(1+H65)-1","v":6.1224489795918435E-2},{"$f":"(1+I91)/(1+I65)-1","v":6.1224489795918435E-2},{"$f":"(1+J90)/(1-J65)-1","v":4.5226130653266416E-2},{"$f":"(1+K91)/(1+K65)-1","v":5.5944765966088106E-2},{"$f":"(1+L91)/(1+L65)-1","v":5.5944765966088106E-2},{"$f":"(1+M91)/(1+M65)-1","v":6.1224489795918435E-2},{"$f":"(1+N91)/(1+N65)-1","v":6.1224489795918435E-2}]
[null,null,null,"Adjustment for Inflation",null,"Index",null,{"$f":"PV(H91,$J$76,-1)/PV(H90,$J$76,-1)","v":0.86658372918603677},{"$f":"PV(I91,$J$76,-1)/PV(I90,$J$76,-1)","v":0.86658372918603677},{"$f":"PV(J91,$J$76,-1)/PV(J90,$J$76,-1)","v":1.1590746846312581},0.86658372918603677,{"$f":"PV(L91,$J$76,-1)/PV(L90,$J$76,-1)","v":0.86658372918603677},0.86658372918603677,{"$f":"PV(N91,$J$76,-1)/PV(N90,$J$76,-1)","v":0.86658372918603677}]
[null,null,null,"Adjustment for Nominal Costs",null,"Index",null,{"$f":"PV(H90,H76,-1)/PV(H92,H76,-1)","v":1.1539565841367438},{"$f":"PV(I90,I76,-1)/PV(I92,I76,-1)","v":1.1539565841367438},{"$f":"PV(J90,J76,-1)/PV(J92,J76,-1)","v":1.0368854971225505},{"$f":"PV(K90,K76,-1)/PV(K92,K76,-1)","v":1.1146413462063907},{"$f":"PV(L90,L76,-1)/PV(L92,L76,-1)","v":1.1146413462063907},1.1539565841367438,{"$f":"PV(N90,N76,-1)/PV(N92,N76,-1)","v":1.1539565841367438}]
[null,null,null,"Combined Adjustment",null,"Index",null,{"$f":"H93*H94","v":1},{"$f":"I93*I94","v":1},{"$f":"J93*J94","v":1.2018277305760454},{"$f":"K93*K94","v":0.96593005450047831},{"$f":"L93*L94","v":0.96593005450047831},1,{"$f":"N93*N94","v":1}]
[]
[null,null,null,"Nominal Operating Costs Applied",null,"MYR/year",null,{"$f":"H85*H94","v":4549.8222548525082},{"$f":"I85*I94","v":6784.2746739379782},{"$f":"J85*J95","v":1444.9947733203308},{"$f":"K85*K94","v":2241.9226091977039},{"$f":"L85*L94","v":2293.8681899733506},4096.7006813994967,{"$f":"N85*N94","v":4327.4919982268457}]
[null,null,null,"Real Operating Costs Applied",null,"MYR/year",null,{"$f":"H85*H88","v":3942.8019367437091},{"$f":"I85*I88","v":5879.1420467635562},{"$f":"J85*J88","v":1248.9645885166931},{"$f":"K85*K88","v":2089.3516365155929},{"$f":"L85*L88","v":2137.7621319350537},{"$f":"M85*M88","v":3550.1341538461538},{"$f":"N85*N88","v":3750.1341538461538}]
[]
[null,null,"Part 4: Total Real and Nominal LCOE"]
[null,null,null,"Total Production",null,"km",null,{"$f":"H64","v":25000},{"$f":"I64","v":25000},{"$f":"J64","v":25000},{"$f":"K64","v":25000},{"$f":"L64","v":25000},{"$f":"M64","v":25000},{"$f":"N64","v":25000},null,null,null,null,null,{"$f":"INDEX(J101:R101,$G$1)","v":25000}]
[null,null,null,"Total Nominal Cost",null,"USD/Year",null,{"$f":"H81+H97","v":6300.0760680716467},{"$f":"I81+I97","v":9932.2131869220411},{"$f":"J81+J97","v":4398.495350109245},6904.8537376929889,{"$f":"L81+L97","v":11619.730446963922},8593.7556999481567,{"$f":"N81+N97","v":10555.013787913031},null,null,null,null,null,{"$f":"INDEX(J102:R102,$G$1)","v":4398.495350109245}]
[null,null,null,"Total Real Cost",null,"USD/Year",null,{"$f":"H82+H98","v":5452.8459713746197},{"$f":"I82+I98","v":8595.0485838695113},3801.7887929231665,6119.7024486508517,{"$f":"L82+L98","v":10198.463756205572},7430.0006354260895,{"$f":"N82+N98","v":9122.9732575380476},null,null,null,null,null,{"$f":"INDEX(J103:R103,$G$1)","v":3801.7887929231665}]
[]
[null,null,null,"Total Cost of Operation",null,"USD/km",null,{"$f":"IF(H101,H102/H101)","v":0.25200304272286589},{"$f":"IF(I101,I102/I101)","v":0.39728852747688165},{"$f":"IF(J101,J102/J101)","v":0.17593981400436981},{"$f":"IF(K101,K102/K101)","v":0.27619414950771953},{"$f":"IF(L101,L102/L101)","v":0.46478921787855687},0.34375022799792626,{"$f":"IF(N101,N102/N101)","v":0.42220055151652125},null,null,null,null,null,{"$f":"INDEX(J105:R105,$G$1)","v":0.17593981400436981}]
[null,null,null,"Total Cost of Operation",null,"USD/km",null,{"$f":"IF(H101,H103/H101)","v":0.21811383885498478},{"$f":"IF(I101,I103/I101)","v":0.34380194335478043},{"$f":"IF(J101,J103/J101)","v":0.15207155171692666},{"$f":"IF(K101,K103/K101)","v":0.24478809794603407},{"$f":"IF(L101,L103/L101)","v":0.4079385502482229},0.2972000254170436,{"$f":"IF(N101,N103/N101)","v":0.36491893030152189},null,null,null,null,null,{"$f":"INDEX(J106:R106,$G$1)","v":0.15207155171692666}]
[]
[null,null,null,"Total Cost of Operation",null,"USD/km",null,{"$f":"H105*100","v":25.200304272286587},{"$f":"I105*100","v":39.728852747688165},{"$f":"J105*100","v":17.593981400436981},27.619414950771954,46.47892178785569,34.375022799792625,42.220055151652126,null,null,null,null,null,{"$f":"INDEX(J108:R108,$G$1)","v":17.593981400436981}]
[null,null,null,"Total Cost of Operation",null,"USD/km",null,{"$f":"H106*100","v":21.811383885498479},{"$f":"I106*100","v":34.380194335478045},{"$f":"J106*100","v":15.207155171692666},24.478809794603407,40.793855024822292,29.720002541704361,36.491893030152191,null,null,null,null,null,{"$f":"INDEX(J109:R109,$G$1)","v":15.207155171692666}]

{"sheet":"Summary","index":2,"n_rows":16,"n_cols":10,"rows_kept":16,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,null,null,"Hydrogen"]
[null,null,null,"Battery"]
[null,null,null,"Internal Combustion"]
[]
[]
[null,null,null,"Hydrogen Cost","USD/kg",5,50,"H Applied",3.5,"H Base"]
[null,null,null,"Petrol Cost","USD/litre",1.5,15,"P Applied",1.5,"P Base"]
[null,null,null,"Electricity Cost","USD/kWh",0.15,15,"E Applied",0.15,"E Base"]
[]
[null,null,null,"BEV Life","Years",10,10,"BL Applied",10,"BL Base"]
[null,null,null,"FCEV Life","Years",15,15,"FC Applied",15,"FC Base"]
[null,null,null,"ICE Life","Years",15,15,"ICE Applied",15,"ICE Base"]
[]
[null,null,null,"BEV Degrade","% p.a.",5.0000000000000001E-3,5,"Degrade Ap",5.0000000000000001E-3,"Degrade Base"]

{"sheet":"Electric Vehicles","index":3,"n_rows":648,"n_cols":23,"rows_kept":648,"cut":false,"hidden":false,"merged":[]}
["          "]
[]
[null,"Efficiency"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,100,"km"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,15,"kWh"]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"kwh/km",{"$f":"Q16/Q15","v":0.15}]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,26,100]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"U62/V62","v":0.26}]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,26,100,{"$f":"U66/V66","v":0.26}]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,"Mpg",33]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Battery Life"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
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[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Degradation"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
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[]
[]
[]
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[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Up-Front Cost"]
[]
[null,null,null,31670,null,19460]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Nissan Up-front"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
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[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Battery Replacement"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
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[]
[]
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[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
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[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,6500,40,{"$f":"M532/N532","v":162.5}]
[null,"Tesla Cost"]
[null,null,null,null,69240]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
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[]
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[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Maintenance Cost"]
[]
[null,null,"Maintenance for Leaf",null,null,null,2928,637,{"$f":"H578+G578","v":3565},{"$f":"I578/5","v":713}]
[]
[]
[]
[]
[]
[]
[]
[]
[]
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[]
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[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,"Cost of Tesla",null,null,1200,{"$f":"F617/5","v":240}]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Nissan Centra Cost"]
[null,null,null,5520,1391,{"$f":"D648+E648","v":6911},null,{"$f":"F648/5","v":1382.2}]

{"sheet":"LCOE Points","index":4,"n_rows":45,"n_cols":16,"rows_kept":45,"cut":false,"hidden":false,"merged":[]}
["          "]
[]
[null,"Use PMT with project finance IRR  (WACC) to find the LCOE -- you don't need a financial model"]
[]
[null,"A financial model is just a proof"]
[]
[null,"LCOE with PMT can account for different lives"]
[]
[null,"If you know the project IRR and the life, you just need the capital cost, operating cost and the production"]
[]
[null,"Use the formula Adj IRR = (1+IRR)/(1+Inflation) to adjust carrying charge for inflation"]
[]
[null,"Use the formula Adj IRR = (1+IRR)/(1-Degradation) to adjust carrying charge for degradation"]
[]
[null,"Don’t worry about carrying charge factor -- just tells you how much money you need to get back your capital cost and also the financing cost"]
[]
[null,"You can use a financal model to derive the project IRR required to arrive at the equity IRR -- Finance people are obsessed with equity IRR"]
[]
[null,"The big test in financial model verification is the IRR"]
[]
[null,"Taxes on Equity"]
[null,null,"Equity Return",null,100]
[null,null,"Tax Rate",null,0.25,null,null,"Formula: "]
[null,null,"Revenues",null,{"$f":"E22/(1-E23)","v":133.33333333333334},null,null,"Revenue = Base/(1-t)"]
[null,null,"Return",null,{"$f":"E22","v":100}]
[null,null,"Taxes",null,{"$f":"E24*E23","v":33.333333333333336}]
[null,null,"Equity Return",null,{"$f":"E24-E26","v":100}]
[]
[null,"PV of Tax Shield",null,null,null,null,null,null,null,null,null,null,"Equity Cash After tax",null,100]
[null,null,"Depreciation",null,20,20,null,20,20,20,null,null,"Tax Rate",null,0.25]
[null,null,"Pre-tax IRR Nominal",0.06,{"$f":"NPV(D31,E30:J30)","v":84.247275711314273},null,null,null,null,null,null,null,"LOCE - Revenues - Incorrect",null,{"$f":"O29+O30*O29","v":125},{"$f":"_xlfn.FORMULATEXT(O31)","v":"=O29+O30*O29"}]
[null,null,"Value of Tax Shield",null,{"$f":"E31*E23","v":21.061818927828568}]
[null,null,"Total Cost",null,100]
[null,null,null,null,null,null,null,null,null,null,null,null,"Equity Cash After tax",null,100]
[null,"Tax Shields must be at the nominal discount rate because they are in nominal currency",null,null,null,null,null,null,null,null,null,null,"Tax Rate",null,0.25]
[null,null,null,null,null,null,null,null,null,null,null,null,"LOCE - Revenues - Incorrect",null,{"$f":"O34/(1-O35)","v":133.33333333333334},{"$f":"_xlfn.FORMULATEXT(O36)","v":"=O34/(1-O35)"}]
[null,"After tax WACC",null,null,null,null,null,"Tax Rate",0.25,null,null,null,null,null,{"$f":"O36*O35","v":33.333333333333336}]
[]
[null,null,null,null,null,null,null,"Cost of",null,null,null,null,null,null,{"$f":"O36-O37","v":100}]
[null,null,null,null,null,"%",null,"Capital","After tax","WACC"]
[null,null,null,null,"Debt",0.6,"Int Rate",0.04,{"$f":"H41*(1-I37)","v":0.03},{"$f":"I41*F41","v":1.7999999999999999E-2},null,null,"PMT --> Drives Return",null,{"$f":"O34","v":100}]
[null,null,null,null,"Equity",{"$f":"1-F41","v":0.4},"IRR on Eq",7.0000000000000007E-2,{"$f":"H42","v":7.0000000000000007E-2},{"$f":"I42*F42","v":2.8000000000000004E-2},null,null,null,null,{"$f":"O41/(1-O35)","v":133.33333333333334}]
[null,null,null,null,"Total",null,null,null,null,{"$f":"J41+J42","v":4.5999999999999999E-2}]
[]
[null,null,null,null,"Project IRR = WACC"]