The Challenge of Determining the WACC of Electricity Transmission Service Operators: The Brazilian Case
Autor(a) principal: | |
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Data de Publicação: | 2021 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Contabilidade, Gestão e Governança |
Texto Completo: | https://revistacgg.org/index.php/contabil/article/view/2657 |
Resumo: | Objective: ANEEL, the Brazilian National Electric Energy Agency, regularly renews its tariff model to remunerate the electricity transmission service operators. This study focuses on the conceded rate of return of the operators’ regulatory capital. We aim to contribute to the methodological improvement of the regulator’s approach in future tariff reviews by focusing on issues concerning the calculation of this key figure.Method: We critically review ANEEL’s concept of the regulatory rate of return, stressing issues concerning the calculation of this key figure.Originality/Relevance: We are not aware of any research that analyzes ANEEL’s actual model for calculating the regulatory rate of return. In line with ANEEL’s search for support, we intend that our considerations will help improve the regulator’s approach and serve as stimuli to search for answers to open questions.Results: We revealed five aspects that give rise to deeper reflections. Our findings suggest that the concept for determining the regulatory rate of return could be adapted to better reflect the Brazilian financial market conditions.Theoretical/Methodological contributions: As a main finding, the sample of US electric energy companies involved in calculating the so-called ߠfactor should be reconsidered. Furthermore, to compute the weights of these companies to calculate the sample’s unleveraged ß, companies with missing data should be excluded. Moreover, instead of gathering the data for the WACC calculation from quite different periods, these periods should be aligned on a theoretical basis. |
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The Challenge of Determining the WACC of Electricity Transmission Service Operators: The Brazilian CaseO Desafio para Determinar o WACC das Operadoras de Transmissão de Eletricidade: O Caso BrasileiroRegulationElectricity Transmission OperatorWACCCAPMRate of Return.RegulaçãoOperador de Transmissão de EletricidadeWACCCAPMTaxa de Retorno.Objective: ANEEL, the Brazilian National Electric Energy Agency, regularly renews its tariff model to remunerate the electricity transmission service operators. This study focuses on the conceded rate of return of the operators’ regulatory capital. We aim to contribute to the methodological improvement of the regulator’s approach in future tariff reviews by focusing on issues concerning the calculation of this key figure.Method: We critically review ANEEL’s concept of the regulatory rate of return, stressing issues concerning the calculation of this key figure.Originality/Relevance: We are not aware of any research that analyzes ANEEL’s actual model for calculating the regulatory rate of return. In line with ANEEL’s search for support, we intend that our considerations will help improve the regulator’s approach and serve as stimuli to search for answers to open questions.Results: We revealed five aspects that give rise to deeper reflections. Our findings suggest that the concept for determining the regulatory rate of return could be adapted to better reflect the Brazilian financial market conditions.Theoretical/Methodological contributions: As a main finding, the sample of US electric energy companies involved in calculating the so-called ߠfactor should be reconsidered. Furthermore, to compute the weights of these companies to calculate the sample’s unleveraged ß, companies with missing data should be excluded. Moreover, instead of gathering the data for the WACC calculation from quite different periods, these periods should be aligned on a theoretical basis.Objetivo: A ANEEL, Agência Nacional de Energia Elétrica, regularmente renova seu modelo tarifário para remunerar as operadoras de serviços de transmissão de energia elétrica. Como um componente da abordagem atual, estamos nos concentrando na taxa de retorno regulatória concedida às operadoras. Ao enfatizar as questões relativas ao cálculo deste índice, pretendemos contribuir para a melhoria metodológica da abordagem do regulador em futuras revisões tarifárias.Método: Revisamos criticamente o conceito da ANEEL de taxa de retorno regulatória, destacando questões relativas ao cálculo deste índice.Originalidade/Relevância: Não temos conhecimento de nenhuma pesquisa que analise o modelo atual da ANEEL para cálculo da taxa regulatória de retorno. Em linha com a busca da ANEEL por respaldo, nossa intenção é que nossas considerações ajudem a aprimorar a abordagem do regulador e sirvam de estímulo para a busca de respostas às questões em aberto.Resultados: Encontramos cinco aspectos que suscitam reflexões mais profundas. Nossas considerações sugerem que o conceito de determinação da taxa regulatória de retorno poderia ser adaptado para melhor refletir as condições do mercado financeiro brasileiro.Contribuições teóricas/metodológicas: Como principal achado, deve-se reconsiderar a amostra de empresas norte-americanas de energia elétrica envolvidas no cálculo do chamado fator ß. Além disso, para calcular os pesos dessas empresas para incorporar ao cálculo do ß desalavancado da amostra, as empresas com dados ausentes devem ser excluídas. Também foi observado que, em vez de reunir os dados para o cálculo do WACC de períodos bastante diferentes, esses períodos devem ser alinhados a uma base teórica.Contabilidade Gestão e Governança2021-08-31info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://revistacgg.org/index.php/contabil/article/view/265710.51341/1984-3925_2021v24n2a5Contabilidade Gestão e Governança; v. 24 n. 2 (2021); 222-2381984-39251984-3925reponame:Contabilidade, Gestão e Governançainstname:Universidade de Brasília (UnB)instacron:UNBenghttps://revistacgg.org/index.php/contabil/article/view/2657/691Copyright (c) 2021 Revista Contabilidade, Gestão e Governançainfo:eu-repo/semantics/openAccessSimões, João José FerreiraAhn, Heinzde Souza, Antônio Artur2022-09-22T08:48:45Zoai:oai.jamg.cloud:article/2657Revistahttp://www.revistacgg.org/index.php/contabilPUBhttps://revistacgg.org/index.php/contabil/oaijamg.cgg@gmail.com1516-70111984-3925opendoar:2022-09-22T08:48:45Contabilidade, Gestão e Governança - Universidade de Brasília (UnB)false |
dc.title.none.fl_str_mv |
The Challenge of Determining the WACC of Electricity Transmission Service Operators: The Brazilian Case O Desafio para Determinar o WACC das Operadoras de Transmissão de Eletricidade: O Caso Brasileiro |
title |
The Challenge of Determining the WACC of Electricity Transmission Service Operators: The Brazilian Case |
spellingShingle |
The Challenge of Determining the WACC of Electricity Transmission Service Operators: The Brazilian Case Simões, João José Ferreira Regulation Electricity Transmission Operator WACC CAPM Rate of Return. Regulação Operador de Transmissão de Eletricidade WACC CAPM Taxa de Retorno. |
title_short |
The Challenge of Determining the WACC of Electricity Transmission Service Operators: The Brazilian Case |
title_full |
The Challenge of Determining the WACC of Electricity Transmission Service Operators: The Brazilian Case |
title_fullStr |
The Challenge of Determining the WACC of Electricity Transmission Service Operators: The Brazilian Case |
title_full_unstemmed |
The Challenge of Determining the WACC of Electricity Transmission Service Operators: The Brazilian Case |
title_sort |
The Challenge of Determining the WACC of Electricity Transmission Service Operators: The Brazilian Case |
author |
Simões, João José Ferreira |
author_facet |
Simões, João José Ferreira Ahn, Heinz de Souza, Antônio Artur |
author_role |
author |
author2 |
Ahn, Heinz de Souza, Antônio Artur |
author2_role |
author author |
dc.contributor.author.fl_str_mv |
Simões, João José Ferreira Ahn, Heinz de Souza, Antônio Artur |
dc.subject.por.fl_str_mv |
Regulation Electricity Transmission Operator WACC CAPM Rate of Return. Regulação Operador de Transmissão de Eletricidade WACC CAPM Taxa de Retorno. |
topic |
Regulation Electricity Transmission Operator WACC CAPM Rate of Return. Regulação Operador de Transmissão de Eletricidade WACC CAPM Taxa de Retorno. |
description |
Objective: ANEEL, the Brazilian National Electric Energy Agency, regularly renews its tariff model to remunerate the electricity transmission service operators. This study focuses on the conceded rate of return of the operators’ regulatory capital. We aim to contribute to the methodological improvement of the regulator’s approach in future tariff reviews by focusing on issues concerning the calculation of this key figure.Method: We critically review ANEEL’s concept of the regulatory rate of return, stressing issues concerning the calculation of this key figure.Originality/Relevance: We are not aware of any research that analyzes ANEEL’s actual model for calculating the regulatory rate of return. In line with ANEEL’s search for support, we intend that our considerations will help improve the regulator’s approach and serve as stimuli to search for answers to open questions.Results: We revealed five aspects that give rise to deeper reflections. Our findings suggest that the concept for determining the regulatory rate of return could be adapted to better reflect the Brazilian financial market conditions.Theoretical/Methodological contributions: As a main finding, the sample of US electric energy companies involved in calculating the so-called ߠfactor should be reconsidered. Furthermore, to compute the weights of these companies to calculate the sample’s unleveraged ß, companies with missing data should be excluded. Moreover, instead of gathering the data for the WACC calculation from quite different periods, these periods should be aligned on a theoretical basis. |
publishDate |
2021 |
dc.date.none.fl_str_mv |
2021-08-31 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://revistacgg.org/index.php/contabil/article/view/2657 10.51341/1984-3925_2021v24n2a5 |
url |
https://revistacgg.org/index.php/contabil/article/view/2657 |
identifier_str_mv |
10.51341/1984-3925_2021v24n2a5 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
https://revistacgg.org/index.php/contabil/article/view/2657/691 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2021 Revista Contabilidade, Gestão e Governança info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2021 Revista Contabilidade, Gestão e Governança |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Contabilidade Gestão e Governança |
publisher.none.fl_str_mv |
Contabilidade Gestão e Governança |
dc.source.none.fl_str_mv |
Contabilidade Gestão e Governança; v. 24 n. 2 (2021); 222-238 1984-3925 1984-3925 reponame:Contabilidade, Gestão e Governança instname:Universidade de Brasília (UnB) instacron:UNB |
instname_str |
Universidade de Brasília (UnB) |
instacron_str |
UNB |
institution |
UNB |
reponame_str |
Contabilidade, Gestão e Governança |
collection |
Contabilidade, Gestão e Governança |
repository.name.fl_str_mv |
Contabilidade, Gestão e Governança - Universidade de Brasília (UnB) |
repository.mail.fl_str_mv |
jamg.cgg@gmail.com |
_version_ |
1798315268266524672 |