Opções reais como instrumento para a regulação economica dos sistemas eletricos isolados da Amazonia

AUTOR(ES)
DATA DE PUBLICAÇÃO

2000

RESUMO

In the Amazon Region, due to the market dimension in the opposite sense of the developed regions of the country, the economic viability will only be reached if a unique utility provides the electric energy services. With this monopoly, the regulation assumes an essential character for these systems, in order to reduce the consumers vulnerability and to assure the access to energy services for the whole population. This work presents a methodology for the regulation of isolated power systems in the Amazon Region, inserted in the context ofthe Brazil s new economical and social policies, where the state reduces its condition of utilities ownership and intensifies its actions as a regulator. Starting from the point that the fundamental objective of the regulation is to approach the market of its perfect competitive condition. The regulators must understand the dynamics of the market, in order to formulate and to implement regulation strategies, with the best adherence for the market behavior. The main proposal is to show that the objectives can be reached if the regulator takes advantages of the common financial markets concepts normally used for options valuation, or, more specifically, Real Options, when non-financial assets are considered. The Real Option approach will line up the regulation and the actual market aspects, assuring that the regulatory issues won t be arbitrarily adjusted, leading the agents towards the desired behavior. With these analysis methodologies, this work is completed with an overview on isolated systems competitiveness making use of auctions to establish the electric energy services concession. This study sustains the viability of using the Real Options theory as a regulatory methodology, and also shows that the regulator, when making use of it, starts to look at the market with a point of view very dose to the investors one. This turns possible the identification of all the alternatives, and so makes feasible the efforts needed for public policies implementation. Finally, the benefits of competition in isolated systems can be held by means of auction practices, in an area considered impermeable for competitiveness

ASSUNTO(S)

sistemas de energia eletrica energia eletrica - produção

ACESSO AO ARTIGO

Documentos Relacionados