O texto apresentado é obtido de forma automática, não levando em conta elementos gráficos e podendo conter erros. Se encontrar algum erro, por favor informe os serviços através da página de contactos.
Não foi possivel carregar a página pretendida. Reportar Erro

2.2. Summary of risk profile Based on the above review of risks, it would seem that the PPAs are a low risk asset class, closer to a regulated utility/ regulated network return. The main residual risk would be in a failure to operate e.g. due to fire, against which insurance is available.
This low risk is further evidenced by the fact that it is understood that the private developers geared their coal plant at high levels, whilst KD P over time increased its gearing at the group rather than project level as would be expected. This is illustrated in Figure 2.2 below.
Figure 2,2; EDP gearing 2,3. Analyst views on risk Much of the evidence we present below is quantitative evidence supporting the calculation of a reasonable cost of capital for the generation business enjoying the benefit of the long-term РРЛ agreements. However, it is also relevant to consider the market perceptions of EDP. As can be seen in Figure 2.1., EDP was not listed at the time of the signature of the PPAs in 1996 as the IPC) was in 1997, so evidence of market perceptions relate to a later period, but we believe these arc relevant. To obtain market views we have had conversations with a limited number of analysts covering the European utilities at that time.
European legisladon torcing the opening of electricity markets came into force in February 1999, but by the time of the EDP flotation was already law. This placed threats to the earnings of the large liquid utility companies which were listed at that time. In Germany, the threat to prices appeared to be severe, with no recognition of the need to cut costs, putting pressure on the ratings of the utility conglomerates RWE, VEBA and VIAG. In Spain, the threat was less severe, but the government was overseeing a substantial reform of the sector with the introduction of a wholesale electricity market and new fornís of reguládon for the infrastructure segments.
Valuation of generation assets in these markets required an esumate of a future wholesale market price in an unknown competitive environment.
II SÉRIE-B — NÚMERO 226
___________________________________________________________________________________________________________________
172


Consultar Diário Original