Norteadores da taxa de remuneração regulatória no setor de saneamento

Abstract

In the country, much still needs to be invested in sanitation, and its investors need to know its risks in addition to estimating returns to contribute resources to the market. The cost of capital is the economic cost that the business has to attract new capital and retain existing capital. Measuring capital remuneration is a relevant point, as it will attract capital and maintain the sustainability of the business. Sanitation is a regulated market and in discretionary regulations, regulatory agencies have the function of approving service tariffs as well as the rate of return on invested capital. The WACC is the most used method among regulators to remunerate capital and there are a variety of ways to calculate it, which highlights the importance of the study, which is to investigate the aspects that guide the regulatory remuneration rate in sanitation. In this way, the technical notes issued by regulatory agencies were analyzed with the purpose of investigating the premises used by the agencies to determine the WACC. The technical notes of the main regional agencies were analyzed and it was found that they all use CAPM to calculate their cost of equity capital, with the majority focusing on American market indices, as they are considered more stable, but with different periodicity, which will present differentiated results. For the cost of third-party capital and capital structure, the agencies have been arbitrating methods for its calculation. Finally, based on the methodologies analyzed, a WACC calculation model is suggested to be sent to ANA when opening a public consultation process on the regulatory remuneration rate.