Philippines - Power Distribution Project - Manila

Document of The World Bank FOR OFFICIAL USE ONLY Repor No. P-5070-PH MEMORANDUM ALD RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN IN AN AMOUNT EQUIVALENT TO US$65.5 MILLION TO THE DEVELOPMENT BANK OF THE PHILIPPINES WITH THE GUARANTEE OF THE REPUBLIC OF THE PHILIPPINES FOR A MANILA POWER DISTRIBUTRION PROJECT MAY A, 1989 This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization.  CURRENCY EQUIVALENTS (As of December 1988) Currency Unit = Philippine Pesos (W) US$1.00 - P 21.4 P 1,000 = US$46.73 WEIGHTS AND MEASURES kW = Kilowatt (1,000 watts) MW = Megawatt (1,000 kilowatts) k'h Kilowatt-hours (1,000 watts) MWh Megawatt hour (1,000 kilowatt-hours) MkWh Million kilowatt-hours G.Wh Gigawatt-hours (million kilowatt-hours) TWh = Terrawatt-hours (billion kilowatt-hours) kV - Kilovolt (1,000 volts) m Meter (3.2808 foot) km - Kilometer (0.6214 mile) ABBREVIATIONS AND ACRONYMS DBP Development Bank of the Philippines ICB - International Competitive Bidding IFC - International Finance Corporation KfW Kreditanstalt fur Wiederaufbau (Germany) LCB - Local Competitive Bidding MERALCO = Manila Electric Company OECF * Overseas Economic Cooperation Fund (Japan) FISCAL YEAR January 1 to December 31  FOR OF}lCLUL USE ONLY PHILIPPINES MANILA POWER DISTRIBUTION PROJECT Loan and Project Summary Borrower: Development Bank of the Philippines (DBP) Guarantor: Republic of the Philippines Beneficiary: Manila Electric Company (MERALCO) Amount: US$65.5 million equivalent Lending Terms: Repayable over 20 years, including five years of grace, at the standard variable intere,t rate. Relending Terms: DBP would relend the funds to MERALCO u der terms that include a twenty year maturity and a five- year grace period, and a fixed spread not to exceed 3.652 over the Bank's interest rate. Financing Plan: IBRD US$65.5 Million MERALCO US$64.5 Million Total US$130.0 Million Economic Rate of Return: 322 Staff Appraisal Report: Report No. 7754-PH; May 4, 1989 MapR: IBRD 21390 - Expansion of the MERALCO System . This document has a restricted distribution and may be used by recipients only in the performance of their official duties. its contents may not otherwise be discksed without World Bank authorization.  FOR OFFICIAL USE ONLY PHILIPPINES MANILA POWER DISTRIBUTION PROJECT Loan and Project Summary Borrower: Development Bank of the Philippines (DBP) Guarantor: Republic of the Philippines Beneficiary: Manila Electric Company (MERALCO) Amount: US$65.5 million equivalent Lending Terms: Repayable over 20 years, including five years of grace, at the standard variable interest rate. Relending Terms: DBP would relend the funds to MERALCO under terms that include a twenty year maturity and a five- year grace period, and a fixed spread not to exceed 3.65Z over the Bank's interest rate. Financing Plan: IBRD US$65.5 Million MERALCO US$64.5 Million Total US$130.0 Million Economic Rate of Return: 32Z Staff Appraisal Report: Report No. 7754-PH; May 4, 1989 Hap: IBRD 21390 - Expansion of the MERALCO System This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Itr contents may not otherwise be disclosed without World Bank authoniation.  MEMORANDUM AND RECOMMENDATION OF THE PRESIDENT OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT TO THE EXECUTIVE DIRECTORS ON A PROPOSED LOAN TO THE DEVELOPMENT BANK OF THE PHILIPPINES, FOR A MANILA POWER DISTRIBUTION PROJECT 1. The following memorandum and recommendation on a proposed loan for US$65.5 million equivalent is submitted for approval. The proposed loan would be extended to the Development Bank of the Philippines (DBP) for relending to the Manila Electricity Company (MERALCO). The Bank loan would have a term of 20 years, including five years of grace, with interest at the standard variable rate; the Republic of the Philippines would guarantee the loan. The proceeds would help finance the extension and improvement of the electricity distribution system serving Metro Manila and its environs. Background. 2. MERALCO, a privately-owned company, is responsible for distributing power in the Metro Manila area. As a result of absorbing the franchises of failing rural electric cooperatives along its fringes, its service area expanded by 172% from 3,244 sq. km. in 1982 to 8,813 sq. km. in 1987, and its number of customers rose by 48? from 1.1 million to 1.7 million during the same period. Its energy sales, which rose to a peak of 9.2 TWh in 1983, have fluctuated with the performance of the economy and currently represent about 7O0 of all commercial electricity sold in Luzon. 3. Financially, MERALCO has been averaging a healthy 8S return on revalued assets. However, this indicator has masked liquidity constraints that have kept MERALCO's capital expenditures at less than 702 of the level needed to sustain its service, especially during the economic recession of 1982-86. (During that period, system losses increased from 12? to 21?, and accounts receivable increased from 65 days' sales to 105 days' sales. To generate cash, MERALCO rolled over its short-term loans and long-term debt as it matured, and delayed its payments for power purchases by more than three months). The results realized in 1987 and estimated for 1988 indicate a major turnaround in MERALCO's commercial and financial performance. In 1987, accounts receivable turnover dropped to about 90 days and losses stabilized at about 21Z. Estimates for 1988 suggest continuing improvement in both of these critical indicators; losses have dropped to about 17? and accounts receivable to about 78 days' sales. MERALCO has now rescheduled its arrears for power purchases; is meeting its cutrent obligations for power purchases on time; and is amortizing its long-term debt on time. 4. To continue improving its technical, commercial and financial performance, MERALCO needs to strengthen and augment its distribution system. During 1989-93, MERALCO expects to implement an investment program of about US$460 million. It plans to finance this extensive program with, inter alia, (a) a loan of US$32 million from the International Finance Corporation (IFC) to provide general support for its 1989-91 investment program; (b) a loan of US$36 million equivalent from the Kreditanstalt fur Wiederaufbau (KfW) to support implementation of a project to upgrade about half of its substations; (c) two loans, totaling US$56 million equivalent, from the Overseas Economic  - 2 - Cooperation Fund (OECF) to support extensions of Its iistribution system to depressed areas within Metro Manila and to unserved rural areas surrounding Metro Manila that are within its franchise area; and (d) the proposed Bank loan, which would support the expansion and upgrading of its subtransmission networks and its remaining substations while improving its distribution lines in underserved areas. While MERALCO is attempting to tap some private sources of long-term finance, the current economiic environment necessitates that it rely heavily on official Government borrowings to meet its long-term financial needs. 5. Given the substantial financing requirements the power sector faces in the foreseeable future, the us8 of Government budget allocations and official foreign borrowings for financing investments will need to be supplemented with domestic investment capital mobilized from other sources. Following its successful restructuring and institutional strengthening during the last two years, DBP has been designat.d as a wholesale financial institution responsible for (a) tapping long-term domestic funds currently available in the Philippines (e.g., funds available for investment from the Social Security System, insurance companies, pension funds. etc.) for channeling into capital-intensive sectors through retail financial institutions; (b) acting as a conduit for official foreign borrowings to be used for financing private sector enterprises. In keeping with its function as a wholesale bank, DBP will onlend the proceeds of the Bank loan to MERALCO. 6. As a result of its restructuring, DBP is tow financially solvent and is implementing market-based policies. Precluded from relying on interest free deposits and other goverrnment resources, it is now self-sustaining. In 1988, DBP generated net pretax income of P 898 million, compared to P 800 million in 1987. Earnings indicators look impressive; return on assets is 14.0X; and return on net worth, 32.32. However, if the sale of DBP's holdings in Philippine Commercial and Industrial Bank (PCIB), one of its subsidiaries, is excluded from the calculations, DBP's return on assets drops to 7.22 and return on net worth to 20.12. 7. As the proposed transaction would lead to DBP exceeding its single borrower limit, the Bank explored various alternatives for channelling the Bank funds to MERALCO. The only feasible option which met the requirements of all parties concerned was for DBP to act as the Borrower, with the Government guaranteeing the loan. Given that the investments to be financed by the loan are needed urgently and that MERALCO is one of the nation's better credit risks, DBP sought, on an exceptional basis, a waiver of its single borrower limit for purposes of this project. The Monetary Board has approved the waiver. 8. Rationale for Bank Involvement. The Government is facing major investments in the power sector over the next several years. These investments are intended to provide generation and transmission facilities needed to meet existing demand as well as rapidly increasing new demand resulting from recent and projected economic growth. However, the benefits of new investment in generation and transmission cannot be optimized unless balanced by appropriate investments in distribution. The Government has developed a strategy for least-cost power development and for strengthening the policy and institutional framework in the sector. It has requested Bank assistance in implementing that strategy by supporting a series of projects.  9. Through the Bacon Manito Geothermal Power Project (Loan 2969-1-PH; June 23, 1988), the proposed project, and an Energy Sector Loan that is currently under preparation, the Bank has developed close working relationships with the principal sector entities and is thus in a position to assist the Government in achieving much-needed sector coordination. While the other operations address issues related to generation and transmission, this project addresses issues facing the entity responsible for distributing about half of the country's commercially available electricity. In particular, the project will support overdue system extensions and improvements and will ensure that MERALCO maintains investments at appropti, e levels in the future. Also, the p oject would support specific measures for -crengthening MERALCO's operational and commercial capabilities. 10. The proposed loan would also support DBP in its new wholesale banking role. The Bank's participation in the project will help develop DBP's capacity to appraise and supervise large loans to the power sector. 11. Project Objectives. The proposed project is designed to improve MERALCO's subtransmission and distribution systems, facilitate better communication between substations, and revitalize the organization's maintenance capabilities. In so doing, it will enable MERALCO to meet increasing load demands in the coming years, reduce losses and enst're more effective distribution of electricity within its franchise area. lhe proposed project will also support improvement of MERALCO's technical and commercial operations. 12. Project Description. The main components of the project are: (a) Construction and upgrading of subtransmission lines, and addition of substation capacity; (b) Construction and upgrading of distribution systems; (c) Improvement and expansion of the radio-multiplex facilities for system monitoring and control; and (d) Provision of equipment and vehicles to improve maintenance. The total cost of the project is estimated at US$130 million, with a foreign exchange component of US$65.5 million (50Z), A breakdown of costs and the financing plan are shown in Schedule A. Amounts and methods of procurement and disbursements, and the disbursement schedule are shown in Schedule B. The project includes a provision of US$1 million to finance retroactively expenses incurred after March 1, 1989. A timetable of key project processing events and status of Bank Group operations in the Philippines are given in Schedules C and D, respectively. A map is attached. The Staff Appraisal Report, No.7754-PH dated May 4, 1989, is being distributed separately. 13. Agreed Actions. At negotiations, agreement was reached regarding the following: (a) the conduct by DBP, MERALCO, and the Bank, of an annual joint review of MERALCO's (i) investment program for the next five years; and (ii) investment accomplishments for the previous two years; (b) MERALCO's commitment to adopt the mutually acceptable recommendations from those annual reviews; (c) continued implementation by MERALCO of an  - 4 - acceptable action program to reduce system losses and maintain accounts receivable and accounts payable at current acceptable levels; (d) annual realization by MERALCO of rates of return on revalued assets of 82 per year; (e) annual realization by MERALCO of debt service coverage ratios of ?.0 during the period 1989-91, and 1.3 thereafter; (f) DBP's furnishing to the Bank, by June 30 of each year, its annual financial statements certifi-i by ar auditor acceptable to the Bank; and (g) MERALCO's furnishing to the Bank, by June 30 of each year, its annual financial statements certified by an auditor acceptable to the Bank. The execution of a Subsidiary Loan Agreement between DBP and MERALCO il a Condition of Effectiveness of the proposed loan. 14. Benefits and Risks. The benefits of the project, as an integral component of the optimized MERALCO investment program, are primarily (a) the enhancement of the reliability of supply to existing consumers; (b) the decrease of system losses to achieve greater efficiency in transmission and distribution; and (c) the provision of additional distribution capacity to satisfy strongly growing demand. 15. The project faces no substantial physical risk in implementation. Acquisition of land and rights-of-way for substations and transmission lines is not expected to cause any serious problems, as most of the transmission lines are either second circuits of existing systems or new lines along existing rights of way. However, as a result of its liquidity constraints, MERALCO could have difficultv realizing counterpart funds and thereby keeping to the project implementation schedule. The financial strengthening of MERALCO, as asiumed in the financial covenants, is a major step toward minimizing these risks. 16. Recommendation. I am satisfied that the proposed loan would comply with the Articles of Agreement of the Bank and recommend that the Executive Directors approve the proposed loan. Barber B. Conable President Attachments Washington, D.C. May 8, 1989  -5- SCHEDULE A PHILIPPINES MAPILA POWER DISTRIBUTION PROJECT Estimated Costs and Financing Plan Estimated Costs: Local ForeiRn Total --- USS Million------- Subtransmission Lines and Substations 34.3 33.4 67.7 Upgrading of Distribution System 15.1 9.7 24.8 Radio-Multiplex Facilities 0.9 2.0 2.9 Maintenance Equipment and Vehicles 1.4 4.7 6.1 Base Cost 51.7 49.8 101.5 Physical'Contingencies 5.2 5.0 10.2 Price Couzingencies 4.1 4.2 8.3 Total Proj. ot Cost /a 61.0 59.0 120.0 Interest During Construction lb 3.5 6.5 10.0 Total Financing Requirements 64.5 65.5 130.0 Financing Plan: IBRD 6.5 59.0 65.5 MERALCO 58.0 6.5 64.5 Total 64.5 65.5 130.0 /a The project cost includes an estimated US$9 million equivalent of taxes and duties. /b Interest during construction on the Bank loan is calculated by applying the Lank's current interest rate of 7.65Z to the average amount expected to be drawn down in each year of construction. Interest during construction on other loans is calculated similarly, using the aggregate interest rate to MERALCO of 11.32, and adCing applicable costs including the commitment fee for the undrawn portion of the Bank loan before, subtracting the amount payable to the Bank.  -6- SCHEDULE B Page 1 of 2 PHILIPPINES MANILA POWER DISTRIBUTION PROJECT Procurement Method and Disbursements (US$ Million) Procurement Method Project Component ICB LCB Other/a NIAIb Total Cost Subtransmission Lines and Substations 43.6 8.3 1.0 27.2 80.1 (41.1) (2.0) (1.0) (0.0) (44.1) Distribution System Upgrade 11.5 4.1 1.0 12.7 29.3 (10.5) (2.0) (1.0) (0.0) (13.5) Radio-Multiplex Facilities 2.3 0.5 0.0 0.6 3.4 (2.3) (0.0) (0.0) (0.0) (2.3) Maintenance Equipment and Vehicles 5.6 0.0 0.0 1.6 7.2 (5.6) (0.0) (0.0) (0.0) (5.6) Total 63.0 12.9 2.0 42.1 120.0 (59.5) (4.0) (2.0) (0.0) (65.5) NOTE: Figures in parentheses indicate financing from the Bank loan. La Limited international bidding and international and local shopping. /b Refers to expenditures on engineering and administrative overheads and als: duties and taxes of the order of approximately US$9.0 million.  -7 SCHEDULE B Page 2 of 2 PHILIPPINES MANILA POWER DISTRIBUTION PROJECT Disbursements Amount of the Loan Allocated 2 of (Expressed in Expenditures Category Dollars Equivalent) to be Financed (1) Goods 59,000,000 10O2 of foreign expenditures, 1002 of local expenditures (ex- factory cost) of locally manufactured items and 802 of local expenditures for other items procured locally. (2) Works 6,500,000 65Z of works bid according to ICB TOTAL 65,500,000 Estimated Disbursements: IBRD Fiscal Year 1990 1991 1992 1993 1994 1995 ----- (US$ million) ------------ Annual 0.5 5.9 12.8 17.0 14.3 15.3 Cumulative 0.5 6.4 19.2 36.2 50.2 65.5  -8- SCHEDUE C PHILIPPINES MANILA POWER DISTRIBUTION PROJECT Timetable of Key Proiect Processing Events (a) Time taken to prepares 24 months (b) Prepared bys MERALCO, DBP and the Republic of the Philippines, with IBRD assistance (c) First IBRD Mission: March 1987 (d) Appraiel Mission Departure: November 1988 (e) Negotiations: April 1989 (f) Planned Date of Effectiveness: August 1989 (g) List of Relevant PCRs and PPARss Fourth Power Project (PPAR No. P-0980) Fifth Power Project (PCR No. P-4388) Sixth Power Project (PCR No. P-4847) Rural Electrification Project (PPAR No. P-5732) Coal Exploration Project (PCR No. P-6960) Seventh Power Project (PCR No. to be assigned)  Schedule 0 -9- Pag 1 of 2 THE STATUS OF SANK GROUP OPERATIONS IN THE PHILIPPINES A. STATEMENT OF SANK LOANS AND IDA CREDITS / As of March 31, 1959 Loan or credit Fiscal Amount (less cancellations) number Year Borrower Purpose Bank IDA Undisbursed Seventy-nine loans and five credits fully disbursed 2,912.74 72.98 - 923 1979 Rep. of the Philippines Population II - 34.40 2.38 1809 1980 Rep. of the Philippines Medium-Scale Irrigation 36.93 - 11.34 1814 1980 Rep, of the Philippin". Manila Sewerage A Sanitation 45.06 - 1.43 1890 1981 Rep. of the Philippinos Watershed Management 35.64 - 4.72 2030 1981 Rep. of the Philippines Elemntary Educ. Sector Loan 80.50 - 11.12 2040 1982 Rep. of the Philippines Agric. Support Services 22.00 - 8.46 2156 1982 Rep. of the Philippines National Fisheries Development 2.10 - 0.33 2169 1982 Rep. of the Philippines SMI III 67.46 - 4.47 2173 1982 Rep. of the Philippines Communal Irrigation 61.00 - 24.95 2200 1983 Rep. of the Philippines Education VIII 18.40 - 8.24 2202 198 Republic of Phil. A PNOC Petroleum Exploration Promotion 8.44 - 1.14 2206 1983 Rep, of tho Philippines Water Supply and Sanitation 29.00 - 8.41 2257 1983 Rep, of the Philippines Regional Cities Development 47.00 - 31.31 2360 1984 Rep. of the Philippines Central Visayas Regional DOvelopment 26.RO - 15.89 2418 1984 Rep, of the Philippines Highways V 102.00 - 86.10 2435 1984 Rep. of the Philippines Municipal Development 40.00 - 33.26 2496 1986 Rep, of the Philippines Telecom. Tech. Assistance 4.00 - 1.36 2670 1986 Central Bank of the Phil. Agricultural Credit 100.00 - 43.86 2876 198 Rep. of the Philippines MInila Water Distribution 38.00 - 23.19 2716 1986 Rep. of the Philippines Rural Road* II 62.00 - 76.36 279? 1987 Rep, of the Philippines Economic Recovery Loan 300.00 - 100.00 2788 1987 Rep. of the Philippines Economic Recovery Loan TA 5.00 - 4.00 2823 1987 Rep, of the Philippines Provincial Ports 32.00 - 22.66 2948 1988 Rep, of the Philippines Irrigation Operations Support 46.00 - 46.00 2958 1968 Rep. of the Philippines Program for Government Reform 200.00 - 125.00 2989 1986 Philippine Nat'l Oil Co. Sacon-Manito Geothermal Power 41.00 - 40.83 2969-' 1988 Phil. Nat'l Power Corp. Bacon-Manito Geoth-rmaI Power 69.00 - 59.00 2974 1988 Rop, of the Philippines Housing Sector 160.00 - 107.95 Total 4,607.76 107.38 899.65 of which has been repaid 1,031.77 1.90 Total now outstanding 3,665.98 106.48 Amount sold 31.94 Of which has been repaid (third parties) 31.36 Total now held by Bank and IDA (prior to exchange rate adjustments) 3,524.04 105.48 Total undisbursed 897.27 2.38 899.68 /a The status of the projects listed in Part A is descr;bed in a separate report on all Bank/IDA-financed projects in execution, which is updated twice yearly and circulated to the Executive Directors on April 30 and October 31.  Schedule 0 J'- 10- PijTr2 o 8. STATEMENT OF IFC INVESTMENTS (As of Mrch 31, 1989) Investaent Fiscal Loan Equity Total number year Obligor Type of business ---- (USS million) --- 67/288 1963/1901 Privet.. Dcv. Corp. of the Philippines Development finance 16.0 4.4 19.4 116 1967 Manila Electric Company Utilities 8.0 - 8.0 116/1089 1967/1989 Merslco Securities Corporation Utilities 30.0 4.0 34.0 167/899/1091 1970 Phil. Long Distance Telephone Co. Utilities 67.7 0.8 58.5 168/218 1970/1972 Mariwasa Manufacturing, Ine. Cement a constr. mat. 0.8 0.4 1.2 1e6 1970 Paper Industries Corp. of the Phil. Pulp & paper products - 2.2 2.2 188/869 1971/197? Philippine Petroleum Corporstion Chemicals a petrochem. 6.2 2.1 8.3 207 1972 Marinduque Mining & !ndustriol Corp. Mining 16.0 - 16.0 241 1978 Victoria* Chemical Corporation Chemicals A petrochem. 1.9 0.3 2.2 257 1974 Filipinas Synthetic Fiber Corp. Textiles a fibors 1.5 - 1.6 2?2/464 1974/1979 Maria Christina Chem. Ind. Inc. Iron a steol 1.6 0.e 2.2 288 1974 Republic Flour Mills Corp. (RFM) Food A food processing 1.2 - 1.2 300 1975 Philippine Polyamide Industrial Corp. Textiles A fibor 7.0 - 7.0 329 1976/1900 Philegro Edible Oils, Inc. Coconut oil a copra 2.6 0.2 2.8 379/760 1977/1906 Acoje Mining Company, Inc. Mining 2.5 1.2 3.7 374 1977 Saraiento Industries, Inc. Plywood 386 - 3.6 423 1978 Cebu Shipyard & Eng. Works, Inc. Ship repairing 2.1 - 2.1 469 1979 General Milling Corporation Food & food processing 4.0 1.1 5.1 481/665 1980 PISO Leasing Corp. (All Asia capital) Money A capital market 11.0 0.2 11.2 480 1980 Ventures in Industry A Business Money A capital market - 0.3 0.8 Enterprises, Inc. 519 1980 Consolidated Industrial Gases, Ine. Chemicals & potrochee. 4.5 - 4.S 562 1981 Loans to Seven Corp. for SMSE Money A capital market 18.6 0.6 19.1 566 1991 hil. Assoc. Smelting & Retin. Corp. Mining - 5.0 6.0 672 1961 Davao Union Cement Corp. Cement A constr. mat. 16.0 - 18 N 627 1962 NDC-Quthrie Plantations Palm oil 11.0 - 11.0 841 1986 Pure Foods Food A food processing - 1.4 1.4 946 19 8 BPI Agricultural Development 8ank Development finance - 1.0 1.0 1061 1988 Philifund Money A capital markets - 4.2 4.2 Total Gross Comit ents 221.6 80.0 261.6 Less sold, acquired by others, repaid or cnncelled 114.4 16.5 130.9 Total Commitments Now Held by IFC 107.2 18.6 120.7 Total Undisbursed (including participants' portion) 69.0 /a 69.0 / 314,068.00.  io1 B IBRD 21390 A fB LUZON SINGLE LINE SYSTEM MERALCO 1 15 kV SYSTEM PHILIPPINES MANILA POWER DISTRIBUTION PROJECT SUBTRANSMISSION LINES AND SUBSTAT!ONS ~~oSoojo rT EXISTING POWeR PLANTS, 3(1 Hydro 4loolo * < rRoooI(ToIher 4c- 0) (3-th-.1~~~~~~~~ - Soroogloiroy OSoIOOl I1/f *ic Coot Thorr1ol 5L D ' - 6 l \ \t t \t e on9 SJBSTATION5 I~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~UgTAIOS ~~~~~~~~~~~~~~~~~~i*o' ~~~~~~~~~~~~~~~~~~~~~~ 1g2305k 3 L U Z 0 O N P-i ,j , , Exissin 230 kV I 0K1/ ,NoO.kr, 2 kx5e,oQx * o *tI : UExting 115 kV A.6id..(H) 0 cot.