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 (2013)

01 May 2013

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

ISIN

n/a

Amount

141Millions/€

Maturity

5Years

Priv.Private

Securitisation (Volta)

01 May 2013

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

ISIN

PTTGUNOM0018

Amount

423Millions/€

Maturity

5Years

Outright Sale (2013)

01 Apr 2013

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

ISIN

n/a

Amount

150Millions/€

Maturity

5Years

Priv.Private

Outright Sale (2012)

01 Dec 2012

2010 tariff deficit related to CMEC

ISIN

n/a

Amount

142Millions/€

Maturity

2Years

Priv.Private

Outright Sale (2011)

01 Sep 2011

Reclassification of cogeneration 2009-2011

ISIN

n/a

Amount

185Millions/€

Maturity

3Years

Priv.Private

Securitisation (EnergyOn No.2)

01 Dec 2009

2009 tariff adjustment

ISIN

PTTGUDOM0002

Amount

448Millions/€

Maturity

15Years

Securitisation (EnergyOn No.1)

01 May 2009

2007-2008 tariff adjustment

ISIN

PTTGUAOM0005

Amount

1276Millions/€

Maturity

15Years

Outright Sale (2008)

01 May 2008

2006 – 2007 tariff deficits

ISIN

n/a

Amount

176Millions/€

Maturity

15Years

Priv.Private

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