Metodologia alternativa de avaliação de empresas de distribuição de energia no Brasilestudo de caso da CEMAR

Resumo

This work proposes an alternative methodology for the evaluation of power utilities distribution companies in Brazil, by studying the case of CEMAR, the power concessionaire of Maranhão state. The power utilities distribution companies are monopolistic by nature and are therefore, subject to high regulation by the Brazilian Electrical Energy Agency, ANEEL. The regulator determines the tariffs charged by the companies, and an important characteristic is that energy costs are fully passed on to the consumers. As the cost of energy is difficult to predict, due to hydrological, geographic and macroeconomic factors, it becomes impossible to estimate the future revenues of a power utilities distribution company. However, as already mentioned, the power cost is fully passed on, and has little influence on the profitability of the company; the profitability is due to the operational efficiency in comparison to the regulatory operational parameters determined by ANEEL. The concept of operational efficiency is the main driver of the methodology to evaluate a power utilities distribution company. The work passes through a description of the Brazilian Power Utilities sector, the Distribution segment, the tariff composition, and all the financial theory of business valuation necessary to achieve the proposed objective. At the end of the paper it is possible to conclude that the proposed methodology is satisfactory, the projections through the methodology are quite adherent to the results reported by both, the company and the regulator. From now on, the reader will have access to an easy-to-understand methodology to deal with the challenge of evaluating a distribution company, without requiring deep technical knowledge of the power utilities sector and the electricity distribution market.

Ficha do documento

Tipo

Dissertação

Ano

2018

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.fgv.br:10438/25831

Temas

EconomiaInfraestrutura

Palavras-chave

Avaliação de empresasDistribuição de energiaSetor elétricoValuationBusiness valuationPower utilitiesDistribution companiesEconomiaEmpresas - AvaliaçãoEnergia elétrica - DistribuiçãoValor (Economia)