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https://doi.org/10.2478/zireb-2019-0028

Allowed Revenue of Network System Operators in the Croatian Energy Sector and Interest Rate Changes on the Croatian Capital Market

Tomislav Gelo   ORCID icon orcid.org/0000-0002-4804-4315 ; Faculty of Economics and Business, University of Zagreb, Zagreb, Croatia.
Željko Vrban ; Croatian Energy Regulatory Agency, Zagreb, Croatia.
Dalibor Pudić ; Croatian Energy Regulatory Agency, Zagreb, Croatia.

Puni tekst: engleski, pdf (463 KB) str. 73-91 preuzimanja: 302* citiraj
APA 6th Edition
Gelo, T., Vrban, Ž. i Pudić, D. (2019). Allowed Revenue of Network System Operators in the Croatian Energy Sector and Interest Rate Changes on the Croatian Capital Market. Zagreb International Review of Economics & Business, 22 (SCI 2), 73-91. https://doi.org/10.2478/zireb-2019-0028
MLA 8th Edition
Gelo, Tomislav, et al. "Allowed Revenue of Network System Operators in the Croatian Energy Sector and Interest Rate Changes on the Croatian Capital Market." Zagreb International Review of Economics & Business, vol. 22, br. SCI 2, 2019, str. 73-91. https://doi.org/10.2478/zireb-2019-0028. Citirano 27.11.2021.
Chicago 17th Edition
Gelo, Tomislav, Željko Vrban i Dalibor Pudić. "Allowed Revenue of Network System Operators in the Croatian Energy Sector and Interest Rate Changes on the Croatian Capital Market." Zagreb International Review of Economics & Business 22, br. SCI 2 (2019): 73-91. https://doi.org/10.2478/zireb-2019-0028
Harvard
Gelo, T., Vrban, Ž., i Pudić, D. (2019). 'Allowed Revenue of Network System Operators in the Croatian Energy Sector and Interest Rate Changes on the Croatian Capital Market', Zagreb International Review of Economics & Business, 22(SCI 2), str. 73-91. https://doi.org/10.2478/zireb-2019-0028
Vancouver
Gelo T, Vrban Ž, Pudić D. Allowed Revenue of Network System Operators in the Croatian Energy Sector and Interest Rate Changes on the Croatian Capital Market. Zagreb International Review of Economics & Business [Internet]. 2019 [pristupljeno 27.11.2021.];22(SCI 2):73-91. https://doi.org/10.2478/zireb-2019-0028
IEEE
T. Gelo, Ž. Vrban i D. Pudić, "Allowed Revenue of Network System Operators in the Croatian Energy Sector and Interest Rate Changes on the Croatian Capital Market", Zagreb International Review of Economics & Business, vol.22, br. SCI 2, str. 73-91, 2019. [Online]. https://doi.org/10.2478/zireb-2019-0028

Sažetak
The energy sector is characterized by market and monopoly activities. Monopoly activities include network activities, transmission and distribution of electricity, and transport and distribution of natural gas. For this reason, the revenue of the network activities is defined as allowed income, and it is under the control of the national energy regulator. In Croatia, this is the Croatian Energy Regulatory Agency. The allowed revenues of the network system operator in the Croatian energy sector are defined by the methodologies for individual network activities, which are based on the method of eligible costs. Network activities are usually capital-intensive activities. Capital cost is an element of the eligible cost method and is accounted for as a weighted average cost of capital (WACC). WACC affects the allowed revenue of the network system operator and the network tariff. It depends on the interest rates on debt capital, the risk-free rate, the market risk premium and the corporate tax rate. Changing the interest rate on the capital market, which also depends on the credit risk of the country, affects both the change in WACC and the change of tariffs for transport / transmission of energy. Amortization and operating expenses of the network operator, approved by the energy regulator, also have a significant impact on allowed revenues. The impact of the WACC change on the allowed revenue and network tariffs of network system operators has a different impact on the network tariffs, which depends on the structure of the eligible costs of a particular network system operator. Changing WACC affects the changes in tariffs of the network system operator. The aim of the paper is to determine how an interest rate change affects the WACC and how the change in WACC affects the change in the allowed revenue and the network tariff of the gas transport operator and the transmission of electricity in Croatia. The paper will analyse the tariffs of electricity transmission and natural gas transport in Croatia and compare them with those in the European Union.

Ključne riječi
WACC; interest rate; network system operator; allowed revenue; network tariff

Hrčak ID: 233758

URI
https://hrcak.srce.hr/233758

Posjeta: 506 *