01088)
100%
2025 1 21
100%
85,264.95
14A
14.07
0.1% 5%
14A
1
14 14.04(1)(b)
14.73 14.75(1)
2025 1 21
100% 85,264.95
100%
85,264.95
15
15
100%
2
(a)
(b)
(i)
(ii)
T1500002016081010053153
T1500002008111010019105
T1500002008071010011486
3
2024 9-12 2025-2029
38,310.27
(1) =
÷
×
(2)
15
(1)
1
(2) 927
1
[2023]10
4
(3)
200 2
200
60 3 4
4.6
(1) 800
1,000
(2)
200 60
2
1,000 2017
1,000 800
1,000 200
3
2022 6 600
800 210 270
200 60
4
[2016]1602
[2018]151
5
(3)
(1)
(2)
(3)
2005 10 22
216,312.15
100%
577,955.45
6
2023 12 31
2024 8 31
2022 2023 2024
12 31 12 31 8 31
1,186,539.45 1,073,892.68 1,077,121.75
251,648.33 441,376.42 619,099.96
2022 2023 2024
12 31 12 31 8 31
525,391.21 511,531.22 304,452.09
8,356.38 (193,612.68) (263,750.19)
6,196.31 11,187.22 3,052.00
2023 2022 8,356.38
927 2023 9 2024 10
2023 13.50
2024 8 31 (1) 927 2023
9 2024 10 (2)
2024
15.43
2014 10 2023 3
43.19 2024 8
2024 11
2023 4 2028
2029
7
1 3
2 × 600MW
227.25
4,904 20.54 10.50
1,000 77.76 75.11
37.60 2023 4
2028 2029
2025 1 4
(1)
2019
10 8 044
8
(2)
(3)
C1000002012061110126071
1,000
345.5272
2012 6 27 2042 6 27
[2007]1388 1,000 227.25
400 118.28
9
3
1 2,920 4.24 2.47 270 20.16
2 3,060 1.88 1.05 800 12.12
3 3,180 11.75 6.85 500 99.33
17.87 10.37 1,570
C1000002011061140113392 C1000002017081110145300 C1000002015071110139418
270 800 500
28.5455 8.7536 49.0468
2008 4 8 2017 8 17 2015 7 30
2028 7 31 2047 8 17 2045 7 30
10
2 ×600MW
2 × 600MW 1020513-00102
2033 12 25
2022 2023 2024 1-8
2024 1-8 2023 2022
36.84 60.36 59.59
33.30 54.22 53.32
3,070 5,030 4,966
2024 8 31
425,448.70 85,264.95
2014 10 2023 3
43.19
2023 4 2028 2029
100%
85,264.95
11
14.61
14.60A
1.
2023 4
12
2.
38.41 20.87 2024
6 11.40% 13.59% 2024 6
375.3
174.5
2,570 1,000
1,200MW 2029
3.
1.
927
2024
2025 2024
2028
2024
9-12 2025-2029
13
2.
1 14,042,340
3. 2008
19,667 2008 8 29 2027 8
28 2013 2023
28,881.96
2024 8
31
14A
14.07
0.1% 5%
14A
14
14.04(1)(b) 14.73
14.75(1)
13,824,302,724 A 69.5789%
14
2025 1 21
927 2023 9 27
100%
H A
15
2024 8
100%
100%
2024
3
97.46%
2005 5 24
2018 4 27
2023 4 28
2014 6 27
2014 6
27 2018 3 2 2023 4 28 H
16
100%
2024 8 31
[2025]
72
100%
%
2025 1 21
17
2028
(i)
(ii)
85,264.95
84,812.40
(i)
(ii)
1.
18
2.
3.
4.
5.
6.
7.
8.
1.
5
2. 30 2012 6 27 2042
6 27 2024 9 2105 12
3. 2028 3
2029 1,000
4.
5.
19
6.
200 60 200
4.6
7. 301
2.1
8. 927
4.36 2024 9-12 70
2025 300 2026 380 2027
500 500
9. 2033 12
1.
= ×
A.
20
= +
+
a.
2017
(2017)
[2019]113
21
b.
% %
1 0.50 0.50 [2016]504
2 2.77 2.61
[2015]299
[2002]10
3 1.28 1.21
[2015]299
[2007]670
4 0.01 0.01
[2015]299
[2011]543
5 0.08 0.08
[2015]299
[1999]1283
6 0.03 0.03
[2015]299
[2002]125
7 0.38 0.35
(2015)
[2016]116
8 - -
(2015)
[2016]116
22
% %
9 0.02 0.02
(2015)
[2016]116
10 0.02 0.02
(2015)
[2016]116
11 0.35 0.33
(2015)
[2016]116
5.44 5.16
c.
2024 8 20
20 1 3.45% 5
3.85% 1-5
3.6%
=[ +
]× × ×1/2
d.
= (1+ ×
+
23
= +
+
B.
= + ×100%
51%-98%
C.
= ×
2.
P=P ×A×B×C×D×E
P P
A B
C D
E
24
93,669.12 23,944.47
291.19%
2009 2021
2014 10
= ×
= + + + +
= +
15%-99%
27,785.89
7,023.71 295.60%
2014
10
25
1 2
26
199,308.77
75,620.51 163.56%
2014 10
n
P = ∑ (CI
t =1
CO) t
1
(1+i )t
P
CI
CO
i
t
n
27
2024
1
<
> <
>
2024 9
2023 12 31 205,414.90
67,465.10 39,647.70
98,302.10
=∑ +∑ ×
=188,180.68
2-2 3-2 5-1
85% 3-1 4-1 4-2 80%
104,971.27
1,000
77.76 2028 3 2105 12
411.00
411,000.00
28
751,117.09
659,221.87
318,834.48 308,351.20
130,441.59 104,299.36
301,841.02 246,571.30
28.50
44.09
53.28
21,899.06
21.90
[2004]119 7.00
2.50 3.50
3.50
7,986.00 7.99
30.00
7.66
0.46
28.37
(CMVS30800-2008)
29
= + + +
+ + + + +
+ + + = 233,968.94
233.97
=
= 203,386.00
203.39
(CMVS30800-2008)
= +
(CCDC)
2024 8 31 10
2.17%
1.15% 2.00%
1.50% 1.50%
6.15%
8.32%
357,863.31
65,777.44 444.05%
30
74,401.97
74,478.98 -0.10%
15,226.32 12,154.21
24.26% 4,694.57
3,236.98 45.03%
687,685.00
(A) = 74,401.97
+ + +
+ + + =
93,669.12 + 27,785.89 + 199,308.77
+ 357,863.31 + 15,226.32 + 4,694.57
687,685.00 =
85,264.95
(B) = 74,478.98
+ + +
+ + + =
23,944.47 + 7,023.71 + 75,620.51
+ 65,777.44 + 12,154.21 + 3,236.98
687,685.00 =
-425,448.70
31
1.
2.
3.
4.
5.
6.
411.00
7.
233.97 203.39
8. 751,117.09
659,221.87
375,976.73 284,081.51
9. (WACC) 8.27%
10.
32
1.
E =BD (1)
E
84,812.40
B 748,187.40
D 663,375.00
E = P + I +C (2)
P
I
33
C
∑ Ri Rn+1
n
P = + (3)
i=1 (1+r) r(1+r)n
i
Ri i
r 8.27%
n
C = C1 + C2 (4)
C1
C2
2.
R= ×(1-t)+ (5)
34
3.
(WACC) r
r = rd × wd + re × we (6)
Wd 42.72%
wd = D (7)
(E +D )
We 57.28%
we = E (8)
(E +D )
rd 2.89%
re (CAPM)
re 12.28%
re = rf × βe × (rm–rf)+ ε (9)
rf 10
2.17%
rm 8.82%
ε
3.60%
35
βe
0.628
βe = βu × (1 + (1–t) × D ) (10)
E
βu
βt
βu = (11)
D
1+(1–t) i
Ei
βt
βt = 34%K + 66%βx (12)
K K=1
βx
Di Ei
36
2025 1 5
2024 8 31
14.61
1
14.60A(2)
37
3000
14.60A(2)
2025 1 21
38
100%
2025 1 21
2025 1 5
14.61
2025 1 21
39