Financeirização do setor elétrico
Data
2021-08-16
Autores
Moraes, Agatha Ronkovisk [UNIFESP]
Orientadores
Silva, Danilo Tavares da [UNIFESP]
Tipo
Trabalho de conclusão de curso de graduação
Título da Revista
ISSN da Revista
Título de Volume
Resumo
A energia elétrica é um insumo básico e essencial no mundo moderno. Após a liberação do setor elétrico de energia no Brasil, a partir dos anos 90, e da separação das atividades de geração, transmissão, distribuição e comercialização de energia, atualmente, a contratação de energia no país está dividida em dois ambientes, o Ambiente de Contratação Regulada e o Ambiente de Contratação Livre. A presente monografia objetiva explicar como atua o mercado livre de energia elétrica brasileiro e as mudanças que ocorrem com introdução dos derivativos de energia em circulação, sendo elas: os menores custos e riscos nas negociações, menor tributação e burocracia e maior acessibilidade aos agentes, a redução do tempo de fechamento de posições, aumento do giro contratual e consequentemente aumento da liquidez em negociação dos contratos. Para isso, além de explicar como funciona o setor elétrico brasileiro e explicitar algumas possíveis falhas, é feita uma comparação entre o mercado brasileiro e o mercado britânico. Essa comparação é baseada no índice de liquidez mais utilizado em mercados de commodities que é o índice de rotatividade.
O estudo evidencia que ainda há muito a se evoluir na estruturação do setor elétrico brasileiro, e os tipos de derivativos apresentados aqui são só o começo dessa transformação de mercado. Quanto mais maduro o mercado se tornar, mais produtos financeiros vão surgir e outras mudanças serão necessárias.
Electric energy is a basic and essential input in the modern world. From 1990 onwards, after the release of the electric energy sector in Brazil and its separation of the activities of generation, transmission, distribution and commercialization, energy contracting in the country is divided into two environments currently: The Regulated Contracting Environment and the Free Contracting Environment. This monograph aims to explain how the free market of Brazilian electricity operates and demonstrate the changes that occur with the introduction of energy derivatives in circulation, which are: lower costs and risks in negotiations, less taxation and bureaucracy, greater accessibility to agents, time reduction of closing positions, increase in contractual turnover and therefore increasing liquidity in contract negotiation. In order to get this result, besides explaining how the Brazilian electricity sector works and expounding some possible failures, a comparison between the Brazilian market and the British market is carried out based on the liquidity index most used in commodity markets, which is the turnover index. The study evidences that there is still a lot to be done in the structuring of the Brazilian electricity sector, and the types of derivatives presented in this essay are just the beginning of this market transformation. The more mature the market becomes, the more financial products and other changes will emerge and be needed.
Electric energy is a basic and essential input in the modern world. From 1990 onwards, after the release of the electric energy sector in Brazil and its separation of the activities of generation, transmission, distribution and commercialization, energy contracting in the country is divided into two environments currently: The Regulated Contracting Environment and the Free Contracting Environment. This monograph aims to explain how the free market of Brazilian electricity operates and demonstrate the changes that occur with the introduction of energy derivatives in circulation, which are: lower costs and risks in negotiations, less taxation and bureaucracy, greater accessibility to agents, time reduction of closing positions, increase in contractual turnover and therefore increasing liquidity in contract negotiation. In order to get this result, besides explaining how the Brazilian electricity sector works and expounding some possible failures, a comparison between the Brazilian market and the British market is carried out based on the liquidity index most used in commodity markets, which is the turnover index. The study evidences that there is still a lot to be done in the structuring of the Brazilian electricity sector, and the types of derivatives presented in this essay are just the beginning of this market transformation. The more mature the market becomes, the more financial products and other changes will emerge and be needed.