Enerji Şebeke Şirketleri İçin Sermaye Maliyetinin Tahmini: Düzenleme Kurumları Açısından İncelenmesi

Yıl 2011, Cilt: 26 Sayı: 2, 35 - 66, 25.12.2011

MUSTAFA Gözen

Öz

Enerji şebeke şirketleri için sermaye maliyetinin tahmin edilmesi, enerji piyasası düzenleme kurumlarının aldıkları kararları doğrudan etkilediğinden kritik bir konudur. Enerji piyasası düzenleme kurumları, ulusal kanunlar ile belirlenen görevleri çerçevesinde, bir taraftan tüketicilerin haklarını diğer taraftan yatırımcılara kabul edilebilir getiri sağlayacak şekilde enerji şebeke şirketleri için makul bir getiri oranı belirlemek durumundadır. Tüm ülkelerde uygulanabilecek genel kabul görmüş bir tahmin yöntemi bulunmamaktadır. Özellikle farklı getiri beklentisine sahip ortaklık yapısına sahip enerji şirketi için sermaye maliyetinin tahmininin düzenleme kurumları açısından incelenmesine ihtiyaç bulunmaktadır. Ancak mevcut tahmin yöntemleri ya endüstri bazında ya da ülke bazında sermaye maliyeti değerleri sağlamakta olup şebeke şirketlerinin hissedarlarının farklı getiri bekletilerini dikkate almamaktadır.

Anahtar Kelimeler

Sermaye Maliyeti, Enerji Düzenleme, Enerji Şirketleri

COST OF CAPITAL ESTIMATION FOR ENERGY NETWORK UTILITIES: REVISITING FROM THE PERSPECTIVE OF REGULATORS

Öz

Estimating the cost of capital for energy network utilities is critical because it directly effects decisions energy regulators make. The regulators have to estimate and allow a reasonable rate of return for network utilities as part of their duties under national laws, while balancing the protection of consumers and allowing an acceptable return to network investors. There is no generally accepted method applicable in all countries. Consequently, there is a need to review the estimation methods from the regulator's perspective, especially how to estimate an acceptable return if the network utility has an ownership structure with different return interests. Unfortunately, the available models provide either industry based or countrywide cost of capital values and do not consider different return expectations of network utility shareholders.

Anahtar Kelimeler

Cost of Capital, Energy Regulation, Energy Utility

Kaynakça

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