Título: | ESTIMATING THE WEIGHTED AVERAGE COST OF CAPITAL FOR ELECTRICITY DISTRIBUTION COMPANIES IN BRAZIL | |||||||
Autor: |
SUSANA FURQUIM XAVIER COUTO |
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Colaborador(es): |
CARLOS PATRICIO SAMANEZ - Orientador |
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Catalogação: | 06/ABR/2005 | Língua(s): | PORTUGUESE - BRAZIL |
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Tipo: | TEXT | Subtipo: | THESIS | |||||
Notas: |
[pt] Todos os dados constantes dos documentos são de inteira responsabilidade de seus autores. Os dados utilizados nas descrições dos documentos estão em conformidade com os sistemas da administração da PUC-Rio. [en] All data contained in the documents are the sole responsibility of the authors. The data used in the descriptions of the documents are in conformity with the systems of the administration of PUC-Rio. |
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Referência(s): |
[pt] https://www.maxwell.vrac.puc-rio.br/projetosEspeciais/ETDs/consultas/conteudo.php?strSecao=resultado&nrSeq=6231&idi=1 [en] https://www.maxwell.vrac.puc-rio.br/projetosEspeciais/ETDs/consultas/conteudo.php?strSecao=resultado&nrSeq=6231&idi=2 |
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DOI: | https://doi.org/10.17771/PUCRio.acad.6231 | |||||||
Resumo: | ||||||||
In regulated industries, estimating the weighted average
cost of capital (CMPC) is
important to the regulatory framework in order to establish
both the fair return to the capital
providers (investors and creditors) of the regulated
companies, as well the reasonable price of
goods or services for the customers. The regulated
industries provide, in general, basic or
infrastructure services and, as the whole society is
affected by decisions about this cost, the
determination of such is an important part of the
regulators activities. The theoretical
foundations supporting the concept of the weighted average
cost of capital (CMPC) date back
to the 1950 s and are solidly established in the academic
and business circles, as well as in the
regulating entities. The methodologies applied to estimate
the expected weighted average cost
of capital (CMPC) in future years generate, however, some
controversy among the authors. In
addition, difficulties exist in gathering the necessary
data, especially in emerging markets
with small capital markets and a short history of political
stability. The objective of this
dissertation is to analyze the methodology employed by
Agência Nacional de Energia
Elétrica - ANEEL (Brazilian National Agency for
Electricity - the country s regulator of
electricity generation, transmission and distribution) in
the calculation of the weighted
average cost of capital (CMPC) used in the tariff review
process for the electricity distribution
companies.
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