Assessment of Brazilian Power Transmissions Lines Auctions : Assessment of Initial Investment Valuation Methodology

ISBN-13: 9783330331037 / Angielski / Miękka / 2017 / 60 str.

André Luiz Veiga Gimenes; Raphael Bertrand Heideier Marcio Andrey Roselli; Miguel Edgar Morales Udaeta

Opis

This work aims to assess the Initial Investment Valuation Methodology of the local regulator, facing the results of auctions, due to the high occurrence of low clearing prices observed from 2003 to 2008 and the high percentage of auctions without any bidder recently. The regulator investment forecast defines the maximum value of Yearly Allowed Revenue and the bidder that offers the lowest YAR value wins the auction. The first type of analysis considers project cost, location, execution deadline, transmission line extension and type of all actions from 1999 to 2015, totaling about 3.36 billion USD. It was not found any correlation between those variables and the result of the actions. The second analysis compared the equipment and the additional costs breakdown of the regulator investment forecast with the real investment in projects from 2009 to 2013 and it rarely surpasses 5%. Suggestions are proposed based on the analysis.

O autorze

The authors would like to thank the Brazilian Electricity Regulatory Agency (ANEEL) for all the support in obtaining and analysing the data, likewise, the British Embassy in Brazil for the financing of the research.