CÁLCULO DO CUSTO MÉDIO PONDERADO DE CAPITAL PARA O SEGMENTO DE DISTRIBUIÇÃO DE ENERGIA ELÉTRICA NO BRASIL ATRAVÉS DE DADOS DE ECONOMIA NACIONAL E DO APT / CALCULUS OF THE WEIGHTED AVERAGE COST OF CAPITAL OF THE BRAZILIAN ELECTRICITY DISTRIBUTION SECTOR WITH NATIONAL ECONOMY DATA AND APT MODEL
AUTOR(ES)
RENATO DE ALMEIDA ROCHA
DATA DE PUBLICAÇÃO
2009
RESUMO
ANEEL calculates the weighted average cost of capital of the Brazilian electric energy distribution sector (Regulatory WACC) based on American economic data, as it understands that the data from the Brazilian economy does not present consistent series. In the case of the cost of equity, ANEEL uses the CAPM model and inserts the results into the tariffs. Due to the fact that, the results obtained from the American economy in order to reflect the Brazilian reality need further adjustments, aside from the limitation of CAPM which correlates the performance of the sector exclusively with the market; we calculate the average cost of capital of the sector with Brazilian economic data. In the case of the cost of equity, we use the APT model to correlate the performance of the sector with the macroeconomics variables that have greatest impacts. The results indicate that it¿s already possible to work with Brazilian economic data and that the average cost of capital of the sector as calculated by ANEEL might be underestimated, due to the use of American economic data that may not completely capture some risks that the APT model with Brazilian data captures.
ASSUNTO(S)
distribuicao de energia setor eletrico brasileiro brazilian electrical industry energy distribution
ACESSO AO ARTIGO
Documentos Relacionados
- DETERMINAÇÃO DO CUSTO DE CAPITAL PARA EMPRESAS DE DISTRIBUIÇÃO DE ENERGIA NO BRASIL
- INTEREST ON EQUITY AND THE WEIGHTED AVERAGE COST OF CAPITAL
- Implications of the method of capital cost payment on the weighted average cost of capital.
- Cálculo do valor de mercado e a solução da circularidade entre valor e custo médio ponderado de capital CMEPC
- Alternative system of electric energy payment ? ?A national option of low cost equipment"