Summary of revised methodology for setting the allowed revenue for electricity transmission
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1 Public Cnsultatin, December 2013 Summary f revised methdlgy fr setting the allwed revenue fr electricity transmissin Summary f revised methdlgy fr setting the allwed revenue fr electricity transmissin Intrductin This dcument prvides a brief summary f the revised methdlgy prpsed by RAE t apply fr an interim perid t set the allwed revenues f the Transmissin System Operatr (TSO, namely ADMIE), which are in turn used t determine Transmissin Use f System (TUOS) tariffs. The frm f regulatin being applied in this revised methdlgy is revenue cap incentive regulatin. The first regulatry perid will be three years, frm 2015 t Determining allwed revenues Allwed revenues will be determined such that the TSO recvers the reasnable and efficient csts f prviding use f system services in a reliable, safe, and secure manner. These csts cmprise: Operating csts (pex) Depreciatin Return n capital. Prjected revenues t the TSO, ther than revenue frm TUOS charges, that is earned by incurring the abve csts will be deducted frm allwed revenues, unless the csts f ther TSO activities are separately identifiable and verifiable and if any csts that are shared between use f system services and ther activities are allcated t each n the basis f a reasnable, nn-discriminatry and transparent cst allcatin methdlgy apprved by RAE, in which case such csts wuld be deducted befre determining allwed revenues. At regulatry reviews, the csts and deductible revenue (if any) will be frecast fr the frthcming regulatry perid in real terms. The determinatin f these csts and deductible revenues are detailed belw. Opex Opex will include, but is nt limited t, the fllwing csts: Payrll csts. Cntracting csts. Utility expenses. Page 1 f 6
2 Public Cnsultatin, December 2013 Summary f revised methdlgy fr setting the allwed revenue fr electricity transmissin Materials and cnsumables. Third party csts. Administratin csts, including crprate verheads. Frecasts f pex will have regard t: The trade-ff between pex and capital expenditure (capex). Service quality standards defined by RAE. The TSO s business plans. Netwrk develpment plans apprved by RAE. Frecasts will be develped based n the fllwing high-level apprach: Frecast pex will be cmpared t ut-turn pex in the previus regulatry perid/s, as well as prpsed and allwed frecasts in the previus regulatry perid/s. Engineering cnsultants may be hired t cnduct technical studies n pex requirements. Benchmarking may be used, recgnising that it will be inherently challenging t draw meaningful cmparisns with ther TSOs in Eurpe. Varius analytical tls may be applied t investigate specific issues relating t significant pex categries. Depreciatin Depreciatin n capex will be calculated, by asset class, n a straight line basis as a functin f the Regulatry Asset Value (RAV) and ecnmic asset lives. Depreciatin will be calculated frm the date in which the assciated capex is incurred. Fr the purpses f calculating depreciatin, all capex is assumed t ccur in the middle f the regulatry year. Depreciatin n the pening RAV at the start f the first regulatry perid will be calculated n a straight line basis as a functin f the pening RAV and its remaining ecnmic asset life as defined by RAE. Return n capital Return n capital will be calculated as the average f the start f year and end f year RAV, multiplied by the apprved Rate f Return (RR). The RR will be a pre-tax real value. It will be determined at regulatry reviews based n a set f principles defined by RAE. In exceptinal cases, fr investments f natinal significance r where there are demnstrated benefits fr the verall electricity system r market, RAE may allw the TSO t earn an additinal premium Page 2 f 6
3 Public Cnsultatin, December 2013 Summary f revised methdlgy fr setting the allwed revenue fr electricity transmissin n the RR. The criteria under which prjects can qualify fr the premium and the manner in which the premium is calculated will be defined by RAE as part f the apprval prcess fr the transmissin netwrk develpment plan. Deductible revenue Deductible revenue will include, but is nt limited t, the fllwing: Intercnnectin revenue, including revenue frm intercnnectr capacity auctins (subject t a maximum cap defined by RAE) and net revenue (after assciated csts are subtracted) earned under the Inter-TSO Cmpensatin Mechanism. Revenue frm unregulated activities, including but nt limited t ptical fibre leases, sale f scrap metals, and external cntracting wrks, t the extent that the csts f prviding these activities are included in frecast csts. Adjustments t allwed revenues The allwed revenues f the TSO will be adjusted: Annually, At regulatry reviews, and Fr extrardinary events. Annual adjustments Allwed revenues, which have been frecast in real terms, will be adjusted fr inflatin each year based n the cnsumer price index published by the Hellenic Statistical Authrity r any ther price index deemed mre apprpriate by RAE. The price index must reflect the apprximate changes in the TSO s csts, be brad-based, free f interpretatin, and entirely utside f the cntrl f the TSO and RAE. Allwed revenues may als be adjusted annually fr pass-thrugh csts each year as defined by RAE. Pass-thrugh csts will cmprise a share f pex and/r deductible revenue that is deemed t be uncertain, significant, and utside f the cntrl f the TSO. Adjustments at regulatry reviews A regulatry review will be cnducted prir t the cmmencement f each new regulatry perid. Allwed revenues will be adjusted at the regulatry review based n updated frecasts f csts and deductible revenue, as well as the fllwing adjustments: Vlume adjustment Allwed revenues fr the frthcming regulatry perid will be adjusted based n the difference between frecast and actual allwed revenues earned by the TSO in the previus regulatry perid. Adjustments will be made in a Net Present Value (NPV) neutral manner, using the RR. Page 3 f 6
4 Public Cnsultatin, December 2013 Summary f revised methdlgy fr setting the allwed revenue fr electricity transmissin Deductible revenue adjustment Allwed revenues fr the frthcming regulatry perid will be adjusted based n the difference between frecast and actual deductible revenues earned by the TSO in the previus regulatry perid, subject t any maximum cap required by legislatin and defined by RAE. Adjustments will be made in a Net Present Value (NPV) neutral manner, using the RR. Ex-pst review f capex Allwed revenues fr the frthcming regulatry perid may be adjusted fllwing a review f capex in the previus regulatry perid. The revenue adjustment will crrect fr depreciatin and return n capital earned n capex (r a prtin theref) that is disallwed because it was deemed t be inefficient, incurred due t inflated related party margins, recvered twice due t a change in capitalisatin plicy, was deferred withut adequate justificatin, r as therwise defined by RAE. Revenue smthing Allwed revenues fr the frthcming regulatry perid may be adjusted such that either (as determined by RAE) frecast allwed revenues r the frecast weighted average f TUOS charges are cnstant in each year f the regulatry perid. The NPV f allwed revenues after smthing must equal the NPV f allwed revenues befre smthing, using the RR. The change in allwed revenues frm ne regulatry perid t the next may als be smthed t minimise the impact f tariff increases n cnsumers r, exceptinally, t imprve the financeability f large investments. Allwed revenues will nt be smthed beynd ne regulatry perid and smthing will nly ccur after cnsidering the cash flw impacts n the TSO (fr example, t ensure that smthing des nt cause a breach f the TSO s lan cvenants). RAE may als adjust allwed revenues based n pex and capex sharing mechanisms that it defines prir t the cmmencement f the applicable regulatry perid. Any such sharing mechanisms will prvide the TSO with incentives t imprve the efficiency f pex/capex and share a percentage f the benefits r csts f changes in pex/capex in the previus regulatry perid with cnsumers. Fr the avidance f dubt, in the absence f sharing mechanisms (and fr the regulatry perid frm 2015 t 2017), allwed revenues will nt be adjusted fr the difference between frecast and actual pex and capex during the previus regulatry perid, with the exceptin f the ex-pst review f capex described abve. Extrardinary adjustments Allwed revenues may als be adjusted within the regulatry perid due t the ccurrence f extrardinary events as defined by RAE. Extrardinary events will be utside f the cntrl f the TSO and have a material impact n its financial psitin. Any such adjustment f allwed revenues will nt accunt fr any factrs that are nt directly affected by the extrardinary event. Regulatry asset value The regulatry asset value (RAV) will be a regulatry value f the TSO s used and useful fixed assets that are necessary fr prviding TUOS services. It will be kept as a separate asset register and will bear n relatinship t the accunting value f fixed assets. As described abve, depreciatin and return n capital will be calculated based n the RAV. Page 4 f 6
5 Public Cnsultatin, December 2013 Summary f revised methdlgy fr setting the allwed revenue fr electricity transmissin Opening asset value in the first regulatry perid The pening RAV at the start f the first regulatry perid will equal an amunt defined by RAE. Rlling frward the regulatry asset value The RAV at the cmmencement f a regulatry review will be determined by: Adjusting the pening RAV frm the previus regulatry perid by inflatin (based n the same price index used t adjust allwed revenues), except in the first regulatry perid when the pening RAV will be an amunt defined by RAE. Adding actual capex incurred during the previus regulatry perid, in the year in which it is incurred. Subtracting actual depreciatin, based n actual capex incurred during the previus regulatry perid, frm the year in which that capex was incurred. Subtracting actual asset dispsals during the previus regulatry perid at their dispsal value determined as the higher f prceeds arising frm the sale r transfer f the assets t ther parties and the fair value f any assets sld r transferred t ther parties. Subtracting actual capex funded by third parties (including cnsumer cntributins and gvernment grants) during the previus regulatry perid, i.e. exclude such capex frm the RAV. Frecasting the regulatry asset value T frecast depreciatin and return n capital allwances fr the frthcming regulatry perid, the RAV will be frecast based n frecasts f capex, depreciatin, dispsals, and third party funded capex. Frecasts f capex will have regard t: The trade-ff between pex and capex. Service quality standards defined by RAE. The TSO s business plans. Netwrk develpment plans apprved by RAE. Frecasts will be develped based n the fllwing high-level apprach: Frecast capex will be cmpared t ut-turn capex in the previus regulatry perid/s, as well as prpsed and allwed frecasts in the previus regulatry perid/s. Engineering cnsultants may be hired t cnduct technical studies n capex requirements. Page 5 f 6
6 Public Cnsultatin, December 2013 Summary f revised methdlgy fr setting the allwed revenue fr electricity transmissin Benchmarking may be used, recgnising that it will be inherently challenging t draw meaningful cmparisns with ther TSO s in Eurpe. Varius analytical tls may be applied t investigate specific issues relating t capex. Capex frecasts will be adjusted t ensure that deferred capex is nt funded twice. Service standards RAE will define service quality standards and an assciated cmpensatin and incentive mechanism, addressing indicatrs such as Energy Nt Served (ENS). Infrmatin reprting RAE will define a separate prcess fr cllecting regulatry infrmatin frm the TSO during regulatry perids. The prcess will require the TSO t frequently submit regulatry infrmatin in a frmat and level f detail that is specified in advance by RAE. Future directins This revenue methdlgy has been established as an interim regime in an evlving framewrk f mre incentive-based arrangements. RAE aims t further develp and refine this methdlgy in line with its statutry duties and internatinal best practice regulatin. Belw RAE sets ut sme key issues and directins that will be cnsidered in setting revenues fr the pst-2017 perid. Duratin f revenue cntrl perid The revenue cntrl perid has been prpsed t increase frm ne year t three years in this interim methdlgy, as part f a gradual mve by RAE t mre incentive-based regulatry arrangements. Prir t the next revenue cntrl review RAE, will examine the merits f extending the regulatry perid further, e.g. five years. A lnger regulatry perid has the ptential t strengthen the TSO s incentives t utperfrm ex-ante assumptins fr csts and service quality. Hwever, such a mve will be cntingent upn having established rbust mechanisms fr frecasting and assessing the csts f the TSO. Incentive mechanisms As part f the next regulatry review, RAE intends t further develp the incentive mechanisms f the regulatry regime t prvide rewards fr utperfrmance f ex-ante expectatins acrss a balanced range f measures cvering csts, utputs and service levels (including custmer standards). RAE wuld particularly be lking t ensure that such mechanisms prvide cnsistent incentives fr imprvement ver time. Cst reprting In the future, RAE intends t intrduce a mre rbust cst reprting framewrk that will enable RAE t have a better insight int the perating and capital csts f the electricity transmissin netwrk. RAE expects t have such a system in place s that it prvides infrmatin fr the pst-2017 regulatry review. This will be develped in cnsultatin with the TSO and ther stakehlders. Page 6 f 6
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