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EMC Admin Fees
Admin Fees for FY2011/2012
The Market Rules require EMC to publish EMC's schedule of fees for a given fiscal year as soon as reasonably practicable after the EMA finalises EMC’s proposed expenditures and revenue requirements.
The EMA has approved the Administration Fees ("Admin Fees") of S$29.027 million for FY2011/2012.
Refund of Admin Fees for FY2010/2011
EMC's audited financial statements for FY2010/2011 have been approved and adopted by EMC's Board on 26 May 2011. The following refund in Admin Fees shall be made to Market Participants with effect from 1 September 2011 to 31 March 2012:-
| Refund/(Recovery) | |
|---|---|
| $ | |
| Depreciation Adjustment | 567,238.96 |
| Exogenous Items | 106,701.88 |
| Interest on NEMS bank accounts | 26,022.60 |
| Less: EMA Vesting Contract Project | (8,043.09)¹ |
| Less: PIMS Bonus | (483,007.66) |
| Total Refund of Admin Fees for FY2010/2011 | 208,912.69 |
Accordingly, the net recovery of Admin Fees by EMC to Market Participants in FY2011/2012 will be as follows:
| Refund/(Recovery) | |
|---|---|
| $ | |
| FY2011/2012 Admin Fees | 29,027,116.00² |
| Less: Total Refund of Admin Fees for FY2010/2011 | (208,912.69) |
| Net recovery of FY2011/2012 Admin Fees | 28,818,203.31 |
Refund of Admin Fees for FY2009/2010
EMC's audited financial statements for FY2009/2010 were approved and adopted by EMC's Board on 10 June 2010. The following refund in Admin Fees was made to Market Participants from 1 December 2010 to 31 March 2011:-
| Refund/(Recovery) | |
|---|---|
| $ | |
| Depreciation Adjustment | 405,655.95 |
| Exogenous Items | 304,585.57 |
| Interest on NEMS bank accounts | 13,832.04 |
| Less: EMA Vesting Contract Project | (189,258.19)¹ |
| Less: PIMS Bonus | (481,751.59) |
| Total Refund of Admin Fees for FY2009/2010 | 53,063.78 |
Accordingly, the net recovery of Admin Fees by EMC to Market Participants in FY2010/2011 will be as follows:
| Refund/(Recovery) | |
|---|---|
| $ | |
| FY2010/2011 Admin Fees | 28,833,466.00² |
| Less: Total Refund of Admin Fees for FY2009/2010 | (53,063.78) |
| Net recovery of FY 2010/2011 Admin Fees | 28,780,402.22 |
¹On 8 September 2009, EMC informed the Rule Change Panel (RCP) that it will recover the sums of $286,400 and $11,200 from the market. The EMA had approved the cost recovery arising from EMC effecting system changes pursuant to the implementation of the EMA's decision to tender a portion of the non-contestable load. Full details of the information given to the RCP are in the attachment. The actual amount incurred for the vesting contract project was $189,258.19 and the maintenance cost was $8,043.09. The project cost of $189,258.19 was recovered from 1 December 2010 to 31 March 2011 while the maintenance cost of $8,043.09 will be recovered from the market from 1 September 2011 to March 2012.
²As approved by the EMA on 21 August 2008 under the revenue regulatory regime for a period of five years from FY2008/2009 to FY2012/2013.
