Page 42 - Annual Report KELAG Group 2018
P. 42

Trends in the price of electricity are usually a reflection of key estimate assumptions. If they are
           relevant to the economic appraisal of individual CGUs, they are calculated as follows to determine
           the recoverable amount:

           For recoverable amounts from wind and hydroelectric power calculated on the basis of the value
           in use, price forecasts based on an electricity price forecast model are used. The price structure at
           the beginning of the planning period (2019 to 2022) is determined using the listed price for
           energy forwards or concluded agreements. Thereafter, the price levels are then matched to the
           forecasts of energy prices (using linear interpolation) in the period up to 2025. For the 2025 to
           2040 forecast period, the price structure is determined using an electricity price forecast model
           for the energy industry to prepare medium and long-term electricity price scenarios. A sustainable
           price increase at a rate of 2.0% is assumed for the extrapolation of the forecast electricity prices
           (from 2041 onwards). In cases where the respective public authorities have guaranteed feed-in
           tariffs,  these  were  used  for  the  relevant  period.  For  the  recoverable  amounts  from  heating
           projects, the forecast price developments of the energy sources serve as a price structure to
           calculate the recoverable amount. By means of indexing, these are also used to adjust the heat
           sales prices under the terms of the contract.

           The price structure to calculate fair value less costs to sell is the same as in the aforementioned
           procedure, although costs to sell are subject to a discount.
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