Análise do custo médio ponderado de capital na regulação das empresas distribuidoras de energia elétrica

Abstract

This dissertation aims to evaluate the adherence of the weighted average cost of regulatory capital (regulatory WACC) and the implication in the generation of value to an electric energy distributor. When determining the regulatory WACC, ANEEL uses data from the US economy as it considers it a more developed economy; with broader historical data series. However, the US market differs from the Brazilian market in credit conditions, liquidity, business risk and regulation. Thus, the study measured the correlations between the US and Brazilian economy data series and observed a moderate correlation (above 50%) between them; indicating the applicability of the data series of the Brazilian economy in the CAPM to determine the regulatory WACC. As the regulatory WACC is determined ex-ante, an ex-post evaluation is necessary to verify whether this cost adheres to the reality of the distributors. Thus, a distributor was chosen as an example. As a result, it was observed that the data series of the Brazilian economy produce an estimated WACC (in the ex-post evaluation) lower than the regulatory WACC and consequently implies the generation of value.