A análise realizada neste estudo incidiu somente na atividade de distribuição de energia elétrica em AT, MT e BT. Seria pertinente, no futuro, analisar as demais atividades do setor, nomeadamente a atividade de transporte, por se tratar também de uma atividade regulada. Por outro lado, com o intuito de analisar como se altera, ou se se altera o preço da energia elétrica quando as tarifas são determinadas numa abordagem depois de impostos, seria interessante, calcular o preço final em resultado da aplicação da taxa de custo de capital depois de impostos.
A este nível seria também interessante verificar como se modificariam os proveitos permitidos se existissem outras alterações ao nível dos parâmetros que compõem a estimativa da taxa de custo de capital, como, por exemplo:
(1) Como se alterariam os proveitos permitidos se a taxa de imposto se alterasse, com tudo o resto constante;
(2) Como se alteraria a taxa de custo de capital, e por sua via os proveitos permitidos, se ocorressem alterações no prémio de risco de mercado (por exemplo, quando Portugal sair da crise financeira é esperada uma redução desse prémio).
71
Apêndice A.
Passos para estimar o custo médio ponderado de capital para a EDP distribuição Para facilitar a compreensão dos parâmetros que compõem a estimativa do custo de capital são apresentados os passos do respetivo cálculo. É apresentado o cálculo da remuneração do custo de capital alheio ( ), do custo de capital próprio ( ) e finalmente da taxa de remuneração do custo de capital antes de impostos ( ) e depois de imposto ( ).
Custo de capital antes de imposto
1. Determinar a remuneração do custo da dívida ( )
A remuneração da dívida é obtida pela soma da taxa livre de risco ( ) pelo prémio da dívida ( ).
;
2. Peso do capital alheio no capital total ou gearing ( )
O peso do capital alheio no capital próprio (Dívida/capital próprio+Dívida) é definido pela ERSE como 0,5.
3. Determinar a remuneração do custo de capital próprio ( )
Custo de capital próprio depois de imposto
;
[7,635; 7,765]
Sendo a taxa livre de risco ( ), o prémio de risco do capital próprio ( e o beta do capital próprio ( definido entre 0,65 e 0,67 .
72
Custo de capital próprio antes de imposto
O custo de capital próprio depois de impostos é dado pela multiplicação do custo de capital próprio antes de impostos por um menos a taxa de imposto.
; ]
4. Com recurso à fórmula número (4.1), substituir os parâmetros determinados para estimar o WACC.
O custo médio ponderado de capital antes de impostos é igual à soma da média ponderada do custo de capital após impostos e de dívida e do custo de capital próprio.
;
[9,43; 9,52]
Sendo o custo da divida ( = 7.71), o custo de capital próprio ( definido entre 11,146 e 11,336), é o gearing ( = 0,5) e t a taxa de imposto ( = 31,5%).
A taxa de remuneração do custo de capital deverá assim variar entre 9,43 e 9,52%.
Custo de capital depois de imposto
Para estimar o custo de capital depois de imposto faz-se uso da fórmula número (4.2) que relaciona o custo médio ponderado de capital sem impostos com o custo de capital depois de impostos.
;
Ou
73
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