A estruturação e conformação do investimento na geração de energia por meio hidráulico: uma contribuição aos estudos das variáveis influentes no retorno

Abstract

This study deals with the structure of the electric energy industry in Brazil starting with the privatization process that occurred in the second half of the 90's; it encloses the revision and systematization of the current legislation on the concessions in the sector. By means of bibliographical and documentary research it composes a revision of the Investment Theory and its relation with investment projects in Hydroelectric Energy Generation (HEG); taking into account the new conformation of the investors groups in the energy generation market. Through a quantitative and qualitative character research a case study of a medium sized HEG unit implementation was developed, detailing the phases, from the bidding to the investment consolidation, operational and financial results projections. From the analysis that includes pre-operational and operational phases, the budgetary deviation and its effects are shown according to the macroeconomic context that influence the capital cost (rate of return). As main results, we have observed the critical elements of technical (relevant), environmental and financial order; such results are discussed under the current regulatory conditions as the results of the governmental strategies (privatization of these enterprises) for the sector and, emphasizing the competences required by the investor groups in these enterprises.