Transmission Tariff Revision and Auctions February 2018

Transcription

1 Transmission Tariff Revision and Auctions 2018 February 2018

2 Contents 1 Tariff Revision 2 Auctions

3 Tariff Revision: Expected Schedule¹ Rules for restating the base and Other Revenues ago/17 set/17 out/17 nov/17 dez/17 jan/18 fev/18 mar/18 Abr/18 Mai/18 Jun/18 ublic Hearing 041/2017 (hase 1) Official Circular 02/2017 Data for rices Bank ublic Hearing 041/2017 (hase 2) Revision WACC and O&M Revenue (Stage 1) ublic Hearing 041/2017 (hase 2) Revision WACC and O&M Revenue (Stage 2) ublic Hearing: rices Bank Disclosure of final methodology for BRR. WACC and O&M Revenue Forecast: 1 st half/2018 ublic Hearing(s) for disclosure of new revenue per Concessionaire ¹ as indicated by Official Dates Dates indicated by Expected dates 3

4 Regulatory Operational Costs Fall in the level of revenue recognition disproportional to the gain in efficiency roposed Regulatory Operational Costs vs. Actual Regulatory Operational Costs (Source: NT 164/2017) R$ Millions Company (principal concession agreement) Scores Adjusted scores Informed Operating Costs 2016 Actual Regulatory Operating Costs roposed Regulatory Operating Costs Variation in Reguatory Operating Cost CEMIG-GT 91.3% 106.3% % ISA CTEE 89.5% 104.1% % CEEE-GT 85.4% 99.4% % CELG G&T 72.4% 84.2% % FURNAS 55.5% 64.6% 1, % COEL-GT 48.5% 56.4% % CHESF 38.1% 44.3% 1, % ELETROSUL 37.4% 43.6% % ELETRONORTE 28.3% 33.0% % Total 5, , , % % of the recognized operating costs 77% 59% 4

5 RT A 41 NT 164/2017 Renewal of Concessions NT 383/2012 e RT 579/12 O&M Revenue Changes in criteria result in a reduction in revenue, which does not reflect a fair level for recognition of efficiency Transmission Line Operators 22% 7% 74% 39% ISA CTEE 14% 149% 45% 96% Escore Score Ajuste pela Adjustment Qualidade for Quality Margem Receita Escore Ajuste pela Margin Revenue Score Adjustment Qualidade for Quality Margem Margin Receita Revenue 51% 8% 59% 90% 15% 104% Escore Score Ajuste Adjustment pelo for 3º the Quartil 3 rd Quartile Margem Receita Margin Revenue Escore Score Ajuste Adjustment pelo for 3º thequartil 3 rd Quartile Margin Margem Revenue Receita 5

6 WACC Non-isonomic treatment with the auctions negatively affects the economic-financial equilibrium of the concessions Regulatory WACC as established in NT 161/2017 (6.27%) replaces the provisional WACC for reinforcements and improvements (6.64%) in force since the renewal of the concessions. The value is less than practiced in the auctions for the same period % 13.02% Sector WACCs (%) Demais Other setores infrastructure de infraestrutura sectors 11.04% 10.71% 10.07% 10.00% 9.20% 9.04% 8.55% 8.50% Transmissão Transmission Transmissão Transmission A A % 8.08% 7.16% 6.64% 6.27% Telecom - ANATEL** (01/16) Copasa - ARSAE-MG* (04/17) Ferrovias Raiways - ANTT ANTT (05/17) 05/17 Sabesp - ARSES (11/11) Transmission Leilão Trasmissão Auction - (5/16) (5/16) ortos orts-mf- MF (07/15) (7/15) Highways Rodovias - MF (07/15) Generation Leilão Auction Geração - (12/15) (12/15) Transmission Leilão Auction Transmissão (12/17) (12/17) Aeroportos Airports - Distribuição Distribution- MF (07/15) (03/15) (03/15) Generation Geração - (01/17) (01/17) Geração Generation - (04/14) Transmissão Transmission -Transmissão Transmission - (06/13) (10/17) (10/17) 6

7 Regulatory Remuneration Base A 41 1 ST HASE: REMUNERATION BASE Between August and September, the first phase of A 41/2017 was opened for discussion of the rules for establishing the Regulatory Remuneration Base - BRR and Other Revenues rincipal improvements proposed by : Assessment of BRR primarily through rices Bank Reconciliation of the Accounting Base with the Regulatory Base Delivery of the Incremental Base Report RICES BANK Official Letter 06/2016-SRM/: requested data from the concessionaires for updating the rices Bank Models presented were not consistent with the reality of the companies ISA CTEE with ABRATE spearheaded meetings with for the preparation of a viable model for raising information from the companies ublic Consultation 03/2017: validation of the model for collating data for the rices Bank The regulator accepted the model proposed by ISA CTEE and ABRATE Official Letter 02/2017-SRM/: the transmission line operators to deliver data by September/2017 7

8 Contents 1 Tariff Revision 1 2 Auctions

9 Auction 2018 rospects Two transmission line auctions are expected to be held 2018 reliminary list of projects include 31 projects for the construction of 5.8 thousand km of TL with a rating of 20 thousand MVA Total forecasted investments: R$ 15 billion Revenue associated with the projects: ~R$ 2 billion Auctions: rincipal Numbers and 2018 Estimate (preliminary) Auction Apr/16 Oct/16 Apr/17 Dec/ e Number of lots Capex¹ (R$ billion) Extension TL (thousand km) MVA (thousand) ¹ calculated based on the average for the Auctions held between April/17 and December/17 9

10 ISA CTEE rojects Investments in 8 new pre-operational subsidiaries are in line with budget and forecasted schedule Auctions Auction 03/ /28/2016 Auction 05/ /24/2017 Subsidiaries IE araguaçú (Lot 3) IE Aimorés (Lot 4) IE Itaúnas (Lot 21) ERB (Lot 1) IE Tibaji (Lot 5) IE Itaquerê (Lot 6) IE Itapura (Lot 25) IE Aguapeí (Lot 29) % ISA CTEE 50% Location Bahia Minas Gerais Environmental Licensing (LI) 3Q19 50% Minas Gerais 3Q19 100% Espírito Santo 3Q18 50% araná 1Q20 100% São aulo araná 100% São aulo 100% São aulo 4Q18 Basic roject rotocol REIDI Eligibility Debentures Eligibility 1Q18 1Q18 1Q18 100% São aulo 1Q19 2Q18 1Q18 10

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