Avaliação Econômico-Financeira do Projeto de Integração do Rio São Francisco sob a forma de Parceria Público-Privada
Autor(a) principal: | |
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Data de Publicação: | 2017 |
Tipo de documento: | Dissertação |
Idioma: | por |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | https://hdl.handle.net/10438/18657 |
Resumo: | The present work aimed to study a proposition of a financially sustainable operation of the Project for the Integration of São Francisco River and the Watershed of the Northern Northeast (PISF, acronym in Portuguese), known as the Transposition of São Francisco River Project. We have studied the possibility of a sponsored public-private partnership (PPP) concession, i.e. in addition to the tariffs charged to users, the concessionaire is also entitled to the payment of a compensation from the public partner (the Brazilian Government). The option for a PPP brings benefits mainly because of the difficult methodological and management aspects of the project, the most relevant initiative of the Brazilian government in the context of the institutional National Water Resources Policy. In addition, one of the major problems of the concession, the provision of guarantees by the government, can be solved through the Guarantor Fund for PPPs, already implemented and managed by Banco do Brasil. Concerning the financial modeling of the proposition, the costs of setting up the works, setting up the concessionaire, its operation and maintenance were calculated. The revenues and the tariffs required to the private partner´s remuneration were also estimated. The modeling results determined the average tariff to be charged for the PISF operation. An analysis of the sharing of this tariff between users and the Federal Government in different scenarios was made. The tariff model was studied in 2 scenarios, depending on the management fee charged by the operator and the initial financing of the project. The initial average tariff defined for the project ranged from R$0,512/m³ for the scenario with a management fee of 2% p.y., with no financing, to R$0,528/m³ for the scenario with a management fee of 4% p.y., being the initial investment of the project financed. For these tariffs, in a possible PPP, the initial government subsidy in the form of monetary consideration varied from R$0,010/m³ to R$0,020/m³, while the initial user tariff ranged from R$0,502/m³ to R$0,507/m³. |
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Moraes, Luiz Flavio Mathias de MelloEscolas::EPGEFGVDutra, Joísa CampanherSampaio, Patrícia Regina PinheiroSaraiva, Eduardo Cesar GomesGonçalves, Edson Daniel Lopes2017-08-18T13:45:43Z2017-08-18T13:45:43Z2017-05-31MORAES, Luiz Flavio Mathias de Mello. Avaliação Econômico-Financeira do Projeto de Integração do Rio São Francisco sob a forma de Parceria Público-Privada. Dissertação (Mestrado em Finanças e Economia Empresarial) - Escola de Pós-Graduação em Economia, Fundação Getúlio Vargas - FGV, Rio de Janeiro, 2017.https://hdl.handle.net/10438/18657The present work aimed to study a proposition of a financially sustainable operation of the Project for the Integration of São Francisco River and the Watershed of the Northern Northeast (PISF, acronym in Portuguese), known as the Transposition of São Francisco River Project. We have studied the possibility of a sponsored public-private partnership (PPP) concession, i.e. in addition to the tariffs charged to users, the concessionaire is also entitled to the payment of a compensation from the public partner (the Brazilian Government). The option for a PPP brings benefits mainly because of the difficult methodological and management aspects of the project, the most relevant initiative of the Brazilian government in the context of the institutional National Water Resources Policy. In addition, one of the major problems of the concession, the provision of guarantees by the government, can be solved through the Guarantor Fund for PPPs, already implemented and managed by Banco do Brasil. Concerning the financial modeling of the proposition, the costs of setting up the works, setting up the concessionaire, its operation and maintenance were calculated. The revenues and the tariffs required to the private partner´s remuneration were also estimated. The modeling results determined the average tariff to be charged for the PISF operation. An analysis of the sharing of this tariff between users and the Federal Government in different scenarios was made. The tariff model was studied in 2 scenarios, depending on the management fee charged by the operator and the initial financing of the project. The initial average tariff defined for the project ranged from R$0,512/m³ for the scenario with a management fee of 2% p.y., with no financing, to R$0,528/m³ for the scenario with a management fee of 4% p.y., being the initial investment of the project financed. For these tariffs, in a possible PPP, the initial government subsidy in the form of monetary consideration varied from R$0,010/m³ to R$0,020/m³, while the initial user tariff ranged from R$0,502/m³ to R$0,507/m³.O presente trabalho visou a estudar uma alternativa para operação sustentável, sob o ponto de vista financeiro, do Projeto de Integração do Rio São Francisco com as Bacias Hidrográficas do Nordeste Setentrional (PISF), também conhecido como Projeto de Transposição do Rio São Francisco. A alternativa estudada foi a sua concessão por meio de uma Parceria Público-Privada (PPP), na modalidade concessão patrocinada, que envolve a cobrança de tarifa aos usuários e o pagamento de contraprestação pecuniária pelo Poder Concedente, no caso, o Governo Federal do Brasil. A opção por uma PPP apresenta vantagens decorrentes principalmente da dificuldade metodológica e de gestão do que é considerada a mais relevante iniciativa do governo brasileiro dentro da Política Nacional de Recursos Hídricos institucional. Além disso, um dos grandes problemas da concessão do projeto, a prestação de garantias pelo governo, está equacionado por meio do Fundo Garantidor de PPPs, já implantado e gerido pelo Banco do Brasil. Para a modelagem financeira da alternativa apresentada, foram levantados os custos de implantação das obras, instalação da concessionária, ração e manutenção. Foram também estimadas as receitas e, consequentemente, a tarifa requerida para remunerar o capital privado. Os resultados da modelagem determinaram a tarifa média a ser cobrada pela operação do PISF. Foi feita uma análise da repartição dessa tarifa entre os usuários e o Governo Federal, para diferentes cenários. O modelo tarifário foi estudado para 2 cenários, em função da taxa de administração cobrada pelo operador e do financiamento inicial do projeto. A tarifa média inicial definida para o projeto variou de R$0,512/m³ para o cenário com taxa de administração de 2% a.a., sem financiamento, a R$0,528/m³ para o cenário com taxa de administração de 4% a.a., com financiamento do investimento inicial do projeto. Para essas tarifas, numa eventual PPP, o subsídio governamental inicial na forma de contraprestação pecuniária variou de R$0,010/m³ a R$0,020/m³, enquanto a tarifação inicial aos usuários variou de R$0,502/m³ a R$0,507/m³.porRio São FranciscoParceria público-privadaTarifasCustosSão Francisco RiverPublic-Private PartnershipsTariffsCostsEconomiaProjeto de Integração do Rio São FranciscoParceria público-privadaTarifasCustosAvaliação Econômico-Financeira do Projeto de Integração do Rio São Francisco sob a forma de Parceria Público-Privadainfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisinfo:eu-repo/semantics/openAccessreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVTEXTAVALIAÇÃO ECONÔMICO-FINANCEIRA DO PROJETO DE INTEGRAÇÃO DO RIO SÃO FRANCISCO SOB A FORMA DE PARCERIA PÚBLICO-PRIVADA.pdf.txtAVALIAÇÃO ECONÔMICO-FINANCEIRA DO PROJETO DE INTEGRAÇÃO DO RIO SÃO FRANCISCO SOB A FORMA DE PARCERIA 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 |
dc.title.por.fl_str_mv |
Avaliação Econômico-Financeira do Projeto de Integração do Rio São Francisco sob a forma de Parceria Público-Privada |
title |
Avaliação Econômico-Financeira do Projeto de Integração do Rio São Francisco sob a forma de Parceria Público-Privada |
spellingShingle |
Avaliação Econômico-Financeira do Projeto de Integração do Rio São Francisco sob a forma de Parceria Público-Privada Moraes, Luiz Flavio Mathias de Mello Rio São Francisco Parceria público-privada Tarifas Custos São Francisco River Public-Private Partnerships Tariffs Costs Economia Projeto de Integração do Rio São Francisco Parceria público-privada Tarifas Custos |
title_short |
Avaliação Econômico-Financeira do Projeto de Integração do Rio São Francisco sob a forma de Parceria Público-Privada |
title_full |
Avaliação Econômico-Financeira do Projeto de Integração do Rio São Francisco sob a forma de Parceria Público-Privada |
title_fullStr |
Avaliação Econômico-Financeira do Projeto de Integração do Rio São Francisco sob a forma de Parceria Público-Privada |
title_full_unstemmed |
Avaliação Econômico-Financeira do Projeto de Integração do Rio São Francisco sob a forma de Parceria Público-Privada |
title_sort |
Avaliação Econômico-Financeira do Projeto de Integração do Rio São Francisco sob a forma de Parceria Público-Privada |
author |
Moraes, Luiz Flavio Mathias de Mello |
author_facet |
Moraes, Luiz Flavio Mathias de Mello |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EPGE |
dc.contributor.affiliation.none.fl_str_mv |
FGV |
dc.contributor.member.none.fl_str_mv |
Dutra, Joísa Campanher Sampaio, Patrícia Regina Pinheiro Saraiva, Eduardo Cesar Gomes |
dc.contributor.author.fl_str_mv |
Moraes, Luiz Flavio Mathias de Mello |
dc.contributor.advisor1.fl_str_mv |
Gonçalves, Edson Daniel Lopes |
contributor_str_mv |
Gonçalves, Edson Daniel Lopes |
dc.subject.por.fl_str_mv |
Rio São Francisco Parceria público-privada Tarifas Custos |
topic |
Rio São Francisco Parceria público-privada Tarifas Custos São Francisco River Public-Private Partnerships Tariffs Costs Economia Projeto de Integração do Rio São Francisco Parceria público-privada Tarifas Custos |
dc.subject.eng.fl_str_mv |
São Francisco River Public-Private Partnerships Tariffs Costs |
dc.subject.area.por.fl_str_mv |
Economia |
dc.subject.bibliodata.por.fl_str_mv |
Projeto de Integração do Rio São Francisco Parceria público-privada Tarifas Custos |
description |
The present work aimed to study a proposition of a financially sustainable operation of the Project for the Integration of São Francisco River and the Watershed of the Northern Northeast (PISF, acronym in Portuguese), known as the Transposition of São Francisco River Project. We have studied the possibility of a sponsored public-private partnership (PPP) concession, i.e. in addition to the tariffs charged to users, the concessionaire is also entitled to the payment of a compensation from the public partner (the Brazilian Government). The option for a PPP brings benefits mainly because of the difficult methodological and management aspects of the project, the most relevant initiative of the Brazilian government in the context of the institutional National Water Resources Policy. In addition, one of the major problems of the concession, the provision of guarantees by the government, can be solved through the Guarantor Fund for PPPs, already implemented and managed by Banco do Brasil. Concerning the financial modeling of the proposition, the costs of setting up the works, setting up the concessionaire, its operation and maintenance were calculated. The revenues and the tariffs required to the private partner´s remuneration were also estimated. The modeling results determined the average tariff to be charged for the PISF operation. An analysis of the sharing of this tariff between users and the Federal Government in different scenarios was made. The tariff model was studied in 2 scenarios, depending on the management fee charged by the operator and the initial financing of the project. The initial average tariff defined for the project ranged from R$0,512/m³ for the scenario with a management fee of 2% p.y., with no financing, to R$0,528/m³ for the scenario with a management fee of 4% p.y., being the initial investment of the project financed. For these tariffs, in a possible PPP, the initial government subsidy in the form of monetary consideration varied from R$0,010/m³ to R$0,020/m³, while the initial user tariff ranged from R$0,502/m³ to R$0,507/m³. |
publishDate |
2017 |
dc.date.accessioned.fl_str_mv |
2017-08-18T13:45:43Z |
dc.date.available.fl_str_mv |
2017-08-18T13:45:43Z |
dc.date.issued.fl_str_mv |
2017-05-31 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.citation.fl_str_mv |
MORAES, Luiz Flavio Mathias de Mello. Avaliação Econômico-Financeira do Projeto de Integração do Rio São Francisco sob a forma de Parceria Público-Privada. Dissertação (Mestrado em Finanças e Economia Empresarial) - Escola de Pós-Graduação em Economia, Fundação Getúlio Vargas - FGV, Rio de Janeiro, 2017. |
dc.identifier.uri.fl_str_mv |
https://hdl.handle.net/10438/18657 |
identifier_str_mv |
MORAES, Luiz Flavio Mathias de Mello. Avaliação Econômico-Financeira do Projeto de Integração do Rio São Francisco sob a forma de Parceria Público-Privada. Dissertação (Mestrado em Finanças e Economia Empresarial) - Escola de Pós-Graduação em Economia, Fundação Getúlio Vargas - FGV, Rio de Janeiro, 2017. |
url |
https://hdl.handle.net/10438/18657 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.source.none.fl_str_mv |
reponame:Repositório Institucional do FGV (FGV Repositório Digital) instname:Fundação Getulio Vargas (FGV) instacron:FGV |
instname_str |
Fundação Getulio Vargas (FGV) |
instacron_str |
FGV |
institution |
FGV |
reponame_str |
Repositório Institucional do FGV (FGV Repositório Digital) |
collection |
Repositório Institucional do FGV (FGV Repositório Digital) |
bitstream.url.fl_str_mv |
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repository.name.fl_str_mv |
Repositório Institucional do FGV (FGV Repositório Digital) - Fundação Getulio Vargas (FGV) |
repository.mail.fl_str_mv |
|
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1810023631278833664 |