Without having the numbers to hand, there are several...

Without having the numbers to hand, there are several adjustments that need to be made.

1. The ppa for the power is an indexed price per mwh adjusted for the gas price increase the additional cost is a carry through. Ewc report 100%, or this but 5% belongs to Medco.

2. The 60mw gas turbine will increase gas use by 50%. The steam turbine doesn't need gas. So the proportion of gas to steam will be more favourable. The electricity business should therefore be more profitable at the editda and cashflow lines.

3. The additional gas will also be more profitable as it all comes from the same well. So there will be more profit gas to share. The indo profit share includes what they take as income tax so the editda number includes money that needs to be paid to the indos as part of the psc.

4. In 2012 capacity utilisation fell from 2011 levels, so the revenue ( electricity and gas) slipped compared to what it would have been if utilised closer to the 95% level of previous years. But once the LNG units are commissioned then the demand for electricity will increase because the sengkang power will be used to drive the compressors etc - making the whole thing more profitable.

The calculation of revenues and profits is therefore not going to increase in a straight line with the capacity increase.

I posted a calculation some time back. I have not gone back to reveiw it.