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.

Outright Sale (2015)

01 May 2015

2014 Special Regime Overcost tariff deficit (Adjustments from 2012 and 2013 – Receivables)

ISIN

n/a

Amount

186Millions/€

Maturity

5Years

Priv.Private

Securitisation (Volta III)

01 Mar 2015

2014 Special Regime Overcost tariff deficit (Adjustments from 2012 and 2013 – Receivables)

ISIN

PTTGUOOM0017

Amount

465Millions/€

Maturity

5Years

Securitisation (CMEC Volta)

01 Dec 2014

2012 tariff deficit related to CMEC

ISIN

PTTGUTOM0012

Amount

229Millions/€

Maturity

5Years

Outright Sale (2014)

01 Jun 2014

2014 Special Regime Overcost tariff deficit (Adjustments from 2012 and 2013 – Receivables)

ISIN

n/a

Amount

200Millions/€

Maturity

5Years

Priv.Private

Securitisation (Volta II)

01 Mar 2014

2013 Special Regime Overcost tariff deficit (Adjustments from 2011 and 2012 – Receivables)

ISIN

PTTGUFOM0018

Amount

695Millions/€

Maturity

4Years

Outright Sale (2014)

01 Feb 2014

2013 Special Regime Overcost tariff deficit (Adjustments from 2011 and 2012 – Receivables)

ISIN

n/a

Amount

138Millions/€

Maturity

5Years

Priv.Private

Outright Sale (2013)

01 Dec 2013

2012 Special Regime Overcost tariff deficit (Adjustments from 2010 and 2011 – Receivables)

ISIN

n/a

Amount

149Millions/€

Maturity

5Years

Priv.Private

Outright Sale (2013)

01 Dec 2013

2011 tariff deficit related to CMEC

ISIN

n/a

Amount

149Millions/€

Maturity

2Years

Priv.Private

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