ISA CTEEP Investment and Infrastructure Update
RBSE (BASIC NETWORK OF EXISTING SERVICE) CASH FLOW BOOSTS CASH
GENERATION FOR THE NEXT YEARS
isa
CTEEP
RBSE: receivables related to the non
depreciated assets in operation in
May/2000
BRL 12 billion to be received, of
which approximately BRL 1.6 billion
were paid in the 2017/2018 cycle
April of 2017 injunction determined
temporary exclusion of Ke
ANEEL recalculated the RAP for
2018/2019 cycle, excluding Ke¹ and
considering the linearization of the
Economic Component so that payments
will be flat until 2022/2023 cycle (REH
2,408/18)
Bill for the restructuring of the electric
sector proposes change from Ke to
WACC from financial component
Notes:
1 Technical Note 170/17 | 2 Net of
PIS/COFINS
RBSE Receivables Schedule² (BRL million)
1,812
1,714
1,714
1,714
1,714
1,714
246
253
253
253
253
253
1,335
729
253
750
750
750
750
750
1,003
253
750
837
711
711
711
711
711
750
332
2017/2018
2018/2019
2019/2020
2020/2021
2021/2022
2022/2023
2023/2024
2024/2025
Economic Component
Financial Component ex-Ke
Ke
Assumptions
pursuant to
RES ANEEL
762/2017
IPCA (Dec/12-Jun/17): 34.45%
WACC: 6.64% p.a.
Cost of Equity (Ke): 10.74% p.a.
(1H13) and 10.44% p.a. (from Jul/13 to
Jun/17)
Estimated amounts. WACC will be
defined in tariff reset and asset base is
subject to write-offs.
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