Monetization in Portugal

funding

Electricity market monetization

We guarantee the stability of the National Electricity System with tariff deficit re-balancing operations.

What are tariff deficits?

Tariff deficits result from the difference between consumption rates and system costs. The recovery of estimated costs which have not been included in regulated revenues for a given year is apportioned between the following years in order to mitigate tariff volatility and ensure an intertemporal balance of the system.

Deficit recovery

To recover the imbalance between costs and rates there is an apportionment of the Global System Use Rate or of other fees paid by all electricity customers.

The existence and recognition of tariff deficits, as well as the way they are recovered, are regulated by specific legislation, viz. Decree Law No. 237-B/2006 of December 19 and Decree Law No. 165/2008 of August 21. This regulatory framework recognizes the unconditional right by regulated electricity operators to recover tariff deficits and transfer tariff deficit collection rights to third parties.

Securitisation (Volta VI)

12 Jun 2018

2018 Tariff Deficit Special Regime Overcost (Adjustments from 2016 and 2017 – Receivables)

ISIN

PTTGCSOM0007

Amount

641Millions/€

Maturity

5Years

Outright Sale (2018)

12 Mar 2018

Overcost with the acquisition of energy from special regime generation (including adjustments for 2015 and 2016).

ISIN

n/a

Amount

150Millions/€

Maturity

5Years

Priv.Private

Outright Sale (2018)

29 Jan 2018

2017 overcost with the acquisition of energy from special regime generation (including adjustments for 2015 and 2016).

ISIN

n/a

Amount

97Millions/€

Maturity

5Years

Priv.Private

Securitisation (Volta V)

22 Nov 2017

2016 Special Regime Overcost tariff deficit 2017 Special Regime Overcost tariff deficit (Adjustments from 2015 and 2016 – Receivables)

ISIN

PTTGCPOM0000

Amount

584Millions/€

Maturity

5Years

Outright Sale (2017)

27 Mar 2017

2017 Special Regime Overcost tariff deficit(Adjustments from 2015 and 2016 – Receivables)
2016 Special Regime Overcost tariff deficit (Adjustments from 2013 and 2014 – Receivables)

ISIN

n/a

Amount

574Millions/€

Maturity

5Years

Priv.Private

Outright Sale (2016)

01 Dec 2016

2015 Special Regime Overcost tariff deficit (Adjustments from 2013 and 2014 – Receivables)

ISIN

n/a

Amount

48Millions/€

Maturity

5Years

Priv.Private

Outright Sale (2016)

01 Oct 2016

2016 Special Regime Overcost tariff deficit

ISIN

n/a

Amount

76Millions/€

Maturity

5Years

Priv.Private

Outright Sale (2016)

01 Oct 2016

2016 Special Regime Overcost tariff deficit

ISIN

n/a

Amount

100Millions/€

Maturity

5Years

Priv.Private

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