ESTIMATED COST OF CAPITAL BY ANEEL AND ACCORDING TO FINANCIAL THEORY FOR THE ELECTRICITY DISTRIBUTION SECTOR: A comparative analysis

Detalhes bibliográficos
Autor(a) principal: Bueno, Emilene Francisco
Data de Publicação: 2024
Outros Autores: Albuquerque, Andrei Aparecido de, Carvalho, Flávio Leonel de
Tipo de documento: Artigo
Idioma: por
Título da fonte: Revista Universo Contábil
Texto Completo: https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/10680
Resumo: This study aimed to compare the cost of capital obtained from the regulation of ANEEL (National Electric Energy Agency) for use in tariff reviews within the sector during the triennium 2015-2017 with the cost of capital earned by electric power distributors using six alternative calculation models based on financial theory. To achieve this, data from a sample of 10 publicly traded electricity distribution companies that had their definitive tariff review processes concluded during this triennium were analyzed. Through the non-parametric Wilcoxon signed-rank test for a single sample, the hypothesis of equality of the median cost of capital calculated using models indicated by financial theory with the cost of capital determined by ANEEL was evaluated. As a main result, it was found that the remuneration determined by the agency is, in most of the analyzed models, higher than the calculated cost of capital. Thus, the cost of capital determined by the State is remunerating investors of electricity distribution concessionaires above the opportunity cost of the business calculated in this study, providing greater attractiveness for investments, but burdening consumers.    
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spelling ESTIMATED COST OF CAPITAL BY ANEEL AND ACCORDING TO FINANCIAL THEORY FOR THE ELECTRICITY DISTRIBUTION SECTOR: A comparative analysisCOSTO DE CAPITAL ESTIMADO POR ANEEL Y SEGÚN TEORÍA FINANCIERA PARA EL SECTOR DE DISTRIBUCIÓN ELÉCTRICA: un análisis comparativoCUSTO DE CAPITAL ESTIMADO PELA ANEEL E SEGUNDO A TEORIA FINANCEIRA PARA O SETOR DE DISTRIBUIÇÃO DE ENERGIA ELÉTRICA: uma análise comparativaCost of CapitalElectricity Distribution CompaniesANEELTariff ReviewCosto de CapitalDistribuidoras de Energía EléctricaANEELRevisión TarifariaCusto de CapitalDistribuidoras de Energia ElétricaANEELRevisão TarifáriaThis study aimed to compare the cost of capital obtained from the regulation of ANEEL (National Electric Energy Agency) for use in tariff reviews within the sector during the triennium 2015-2017 with the cost of capital earned by electric power distributors using six alternative calculation models based on financial theory. To achieve this, data from a sample of 10 publicly traded electricity distribution companies that had their definitive tariff review processes concluded during this triennium were analyzed. Through the non-parametric Wilcoxon signed-rank test for a single sample, the hypothesis of equality of the median cost of capital calculated using models indicated by financial theory with the cost of capital determined by ANEEL was evaluated. As a main result, it was found that the remuneration determined by the agency is, in most of the analyzed models, higher than the calculated cost of capital. Thus, the cost of capital determined by the State is remunerating investors of electricity distribution concessionaires above the opportunity cost of the business calculated in this study, providing greater attractiveness for investments, but burdening consumers.    Este estudio tuvo como objetivo comparar el costo de capital obtenido a partir de la regulación de la ANEEL (Agencia Nacional de Energía Eléctrica), para su aplicación en las revisiones tarifarias del sector durante el trienio 2015-2017, con el costo de capital obtenido por las distribuidoras de energía eléctrica a partir de seis modelos alternativos de cálculo basados en la teoría financiera. Para lograr esto, se analizaron datos de una muestra de 10 empresas de distribución de energía eléctrica de capital abierto que completaron sus procesos definitivos de revisión tarifaria durante este trienio, y mediante la prueba no paramétrica de Wilcoxon para una muestra única, se evaluó la hipótesis de igualdad de la mediana del costo de capital calculado utilizando los modelos indicados por la teoría financiera con el costo de capital determinado por la ANEEL. Como resultado, se encontró que la remuneración determinada por la agencia es, en la mayoría de los modelos analizados, superior al costo de capital calculado. Luego, parece que el costo de capital determinado por el Estado está remunerando a los inversionistas de las concesionarias de distribución de energía eléctrica por encima del costo de oportunidad del negocio calculado en este estudio, brindando mayor atractivo para las inversiones, pero sobrecargando a los consumidores.Este estudo teve como objetivo comparar o custo de capital obtido a partir da regulação da ANEEL, para aplicação nas revisões tarifárias do setor durante o triênio 2015-2017, com o custo de capital auferido pelas distribuidoras de energia elétrica, a partir de seis modelos alternativos de cálculo baseados na teoria financeira. Para isso, analisaram-se dados referentes a uma amostra 10 empresas de distribuição de energia elétrica de capital aberto que tiveram seus processos definitivos de revisão tarifária concluídos nesse triênio e, por meio do teste não paramétrico de Wilcoxon para amostra única, avaliou-se a hipótese de igualdade da mediana do custo do capital apurado conforme modelos indicados pela teoria financeira com o custo do capital determinado pela ANEEL. Como principal resultado, constatou-se que a remuneração determinada pela agência é, na maioria dos modelos analisados, superior ao custo do capital calculado. Desse modo, verifica-se que o custo de capital determinado pelo Estado está remunerando os investidores das concessionárias de distribuição de energia elétrica acima do custo de oportunidade do negócio calculado neste estudo, proporcionando uma maior atratividade para os investimentos, porém, onerando os consumidores.Universidade Regional de Blumenau2024-01-30info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/1068010.4270/ruc.2022114Revista Universo Contábil; v. 18 (2022)1809-33371809-3337reponame:Revista Universo Contábilinstname:Universidade Regional de Blumenau (FURB)instacron:FURBporhttps://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/10680/6082Copyright (c) 2024 Revista Universo Contábilinfo:eu-repo/semantics/openAccessBueno, Emilene FranciscoAlbuquerque, Andrei Aparecido deCarvalho, Flávio Leonel de2024-01-30T17:27:20Zoai:ojs.bu.furb.br:article/10680Revistahttps://proxy.furb.br/ojs/index.php/universocontabil/PUBhttps://proxy.furb.br/ojs/index.php/universocontabil/oai||universocontabil@furb.br1809-33371809-3337opendoar:2024-01-30T17:27:20Revista Universo Contábil - Universidade Regional de Blumenau (FURB)false
dc.title.none.fl_str_mv ESTIMATED COST OF CAPITAL BY ANEEL AND ACCORDING TO FINANCIAL THEORY FOR THE ELECTRICITY DISTRIBUTION SECTOR: A comparative analysis
COSTO DE CAPITAL ESTIMADO POR ANEEL Y SEGÚN TEORÍA FINANCIERA PARA EL SECTOR DE DISTRIBUCIÓN ELÉCTRICA: un análisis comparativo
CUSTO DE CAPITAL ESTIMADO PELA ANEEL E SEGUNDO A TEORIA FINANCEIRA PARA O SETOR DE DISTRIBUIÇÃO DE ENERGIA ELÉTRICA: uma análise comparativa
title ESTIMATED COST OF CAPITAL BY ANEEL AND ACCORDING TO FINANCIAL THEORY FOR THE ELECTRICITY DISTRIBUTION SECTOR: A comparative analysis
spellingShingle ESTIMATED COST OF CAPITAL BY ANEEL AND ACCORDING TO FINANCIAL THEORY FOR THE ELECTRICITY DISTRIBUTION SECTOR: A comparative analysis
Bueno, Emilene Francisco
Cost of Capital
Electricity Distribution Companies
ANEEL
Tariff Review
Costo de Capital
Distribuidoras de Energía Eléctrica
ANEEL
Revisión Tarifaria
Custo de Capital
Distribuidoras de Energia Elétrica
ANEEL
Revisão Tarifária
title_short ESTIMATED COST OF CAPITAL BY ANEEL AND ACCORDING TO FINANCIAL THEORY FOR THE ELECTRICITY DISTRIBUTION SECTOR: A comparative analysis
title_full ESTIMATED COST OF CAPITAL BY ANEEL AND ACCORDING TO FINANCIAL THEORY FOR THE ELECTRICITY DISTRIBUTION SECTOR: A comparative analysis
title_fullStr ESTIMATED COST OF CAPITAL BY ANEEL AND ACCORDING TO FINANCIAL THEORY FOR THE ELECTRICITY DISTRIBUTION SECTOR: A comparative analysis
title_full_unstemmed ESTIMATED COST OF CAPITAL BY ANEEL AND ACCORDING TO FINANCIAL THEORY FOR THE ELECTRICITY DISTRIBUTION SECTOR: A comparative analysis
title_sort ESTIMATED COST OF CAPITAL BY ANEEL AND ACCORDING TO FINANCIAL THEORY FOR THE ELECTRICITY DISTRIBUTION SECTOR: A comparative analysis
author Bueno, Emilene Francisco
author_facet Bueno, Emilene Francisco
Albuquerque, Andrei Aparecido de
Carvalho, Flávio Leonel de
author_role author
author2 Albuquerque, Andrei Aparecido de
Carvalho, Flávio Leonel de
author2_role author
author
dc.contributor.author.fl_str_mv Bueno, Emilene Francisco
Albuquerque, Andrei Aparecido de
Carvalho, Flávio Leonel de
dc.subject.por.fl_str_mv Cost of Capital
Electricity Distribution Companies
ANEEL
Tariff Review
Costo de Capital
Distribuidoras de Energía Eléctrica
ANEEL
Revisión Tarifaria
Custo de Capital
Distribuidoras de Energia Elétrica
ANEEL
Revisão Tarifária
topic Cost of Capital
Electricity Distribution Companies
ANEEL
Tariff Review
Costo de Capital
Distribuidoras de Energía Eléctrica
ANEEL
Revisión Tarifaria
Custo de Capital
Distribuidoras de Energia Elétrica
ANEEL
Revisão Tarifária
description This study aimed to compare the cost of capital obtained from the regulation of ANEEL (National Electric Energy Agency) for use in tariff reviews within the sector during the triennium 2015-2017 with the cost of capital earned by electric power distributors using six alternative calculation models based on financial theory. To achieve this, data from a sample of 10 publicly traded electricity distribution companies that had their definitive tariff review processes concluded during this triennium were analyzed. Through the non-parametric Wilcoxon signed-rank test for a single sample, the hypothesis of equality of the median cost of capital calculated using models indicated by financial theory with the cost of capital determined by ANEEL was evaluated. As a main result, it was found that the remuneration determined by the agency is, in most of the analyzed models, higher than the calculated cost of capital. Thus, the cost of capital determined by the State is remunerating investors of electricity distribution concessionaires above the opportunity cost of the business calculated in this study, providing greater attractiveness for investments, but burdening consumers.    
publishDate 2024
dc.date.none.fl_str_mv 2024-01-30
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://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/10680
10.4270/ruc.2022114
url https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/10680
identifier_str_mv 10.4270/ruc.2022114
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/10680/6082
dc.rights.driver.fl_str_mv Copyright (c) 2024 Revista Universo Contábil
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2024 Revista Universo Contábil
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Universidade Regional de Blumenau
publisher.none.fl_str_mv Universidade Regional de Blumenau
dc.source.none.fl_str_mv Revista Universo Contábil; v. 18 (2022)
1809-3337
1809-3337
reponame:Revista Universo Contábil
instname:Universidade Regional de Blumenau (FURB)
instacron:FURB
instname_str Universidade Regional de Blumenau (FURB)
instacron_str FURB
institution FURB
reponame_str Revista Universo Contábil
collection Revista Universo Contábil
repository.name.fl_str_mv Revista Universo Contábil - Universidade Regional de Blumenau (FURB)
repository.mail.fl_str_mv ||universocontabil@furb.br
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