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2tritof, I., Kleina, F., Model poticajne regulacije..., Energija, god. 56(2007), br. 1., str. 639tritof, I., Kleina, F., Model for Incentive Regulation, Energija, vol. 56(2007), No. 1, p.p. 639

ENERGIJAPUBLISHED BYHrvatska elektroprivreda d.d., Zagreb

PUBLISHERS REPRESENTATIVEIvan Mravak, MSc

SUPPORTED BYMinistry of Science, Education and Sport

EDITORIAL COUNCILKaimir Vranki, MSc, (Chairman), Zagreb - Assistant Prof Anteurkovi, PhD, Zagreb - Prof Danilo Fereti, PhD, Zagreb - Prof DragoJakovevi, PhD, Zagreb - Vitomir Komen, MSc, Rijeka - Prof SlavkoKrajcar, PhD, Zagreb - Prof Sinia Petrovi, PhD, Zagreb - GoranSlipac, MSc, Zagreb - Mladen Zeljko, PhD, Zagreb

EDITORIAL BOARDEditor-in-Chief Nikola Bruketa, dipl. ing., ZagrebSecretary Slavica Barta-Kotrun, MSc, ZagrebLanguage Editor imun agalj, prof., ZagrebMetrology Dragan Borojevi, dipl. ing., ZagrebTranslation Croatian Association of Scientic and TechnicalTranslators Croatian Translation Agency, Zagreb

HEAD OFFICE AND MANAGEMENTHEP d.d. - EnergijaEditorial BoardUlica grada Vukovara 37, 10000 Zagreb, CroatiaTelephone: +385 (1) 6321963 i 6322641Fax: +385 (1) 6322143 i 6170438e-mail: [email protected]; [email protected];www.hep.hr

Appears 6 times a year.Annual subscription fee excl. VAT (22 %): for individual subscribers HRK 250 for companies HRK 400 for students HRK 60Number of gyro account with Zagrebaka Banka:2360000-1400129978

Annual subscription fee for the overseas: USD 95.Number of foreign currency account with Zagrebaka Banka:2000006299

Cover design Kaimir Vranki, MSc, ZagrebGraphic layout Bestias Dizajn d.o.o., ZagrebPrinted by Intergraka d.o.o., Zagreb

Circulation 1,500 copiesVolume 56(2007)Zagreb, 2007No 6., p.p. 1138

Ads are the size of page. The price of an ad is HRK 3 000 excl.VAT (22%).

ENERGIJAIZDAVAHrvatska elektroprivreda d.d., Zagreb

ZA IZDAVAAMr. sc. Ivan Mravak

POMO U IZDAVANJUMinistarstvo znanosti, obrazovanja i porta

UREIVAKI SAVJETMr. sc. Kaimir Vranki (predsjednik), Zagreb - doc. dr. sc. Anteurkovi, Zagreb - prof. dr. sc. Danilo Fereti, Zagreb - prof. dr. sc.Drago Jakovevi, Zagreb - mr. sc. Vitomir Komen, Rijeka - prof.dr. sc. Slavko Krajcar, Zagreb - prof. dr. sc. Sinia Petrovi,Zagreb - mr. sc. Goran Slipac, Zagreb - dr. sc. Mladen Zeljko, Zagreb

UREIVAKI ODBORGlavni urednik Nikola Bruketa, dipl. ing., ZagrebGlavni tajnik mr. sc. Slavica Barta-Kotrun, ZagrebLektor imun agalj, prof., ZagrebMetroloka recenzija Dragan Borojevi, dipl. ing., ZagrebPrijevod Hrvatsko drutvo znanstvenih i tehnikih prevoditelja Prevoditeljski centar, Zagreb

UREDNITVO I UPRAVAHEP d.d. - EnergijaUre ivaki odborUlica grada Vukovara 37, 10000 Zagreb, HrvatskaTelefoni: +385 (1) 6321963 i 6322641Telefaks: +385 (1) 6322143 i 6170438e-mail: [email protected]; [email protected];www.hep.hr

Godinje izlazi 6 brojeva.Godinja pretplata bez PDV-a (22 %) iznosi: za pojedince 250 kn za poduzea 400 kn za studente 60 kniro raun kod Zagrebake banke broj:2360000-1400129978

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Grako ure enje omota mr. sc. Kaimir Vranki, ZagrebGrako ure ivanje Bestias dizajn d.o.o., ZagrebTisak Intergraka d.o.o, Zagreb

Naklada 1 500 primjerakaGodite 56(2007)Zagreb, 2007Broj 1., str. 1138

Oglasi su veliine jedne stranice. Cijena oglasa je 3 000 knbez PDV (22%).

CONTENTS

tritof, I., Kleina, F.,MODEL FOR INCENTIVE REGULATION IN THE TRANSMISSIONOF ELECTRICAL ENERGY IN THE REPUBLIC OF CROATIA(review article)

Krajcar, S., Skok, M., Androec, I., Blagajac, S., Solem, G., Livik,K., Morland, B.,TRAINING CENTRE FOR ENERGY TRADING(review article)

Mileusni, E.,PROPOSAL FOR REVISING THE CROATIAN REGULATIONS ONPROTECTION FROM ELECTROMAGNETIC FIELDS(review article)

Bari, T., Boras, V., Gali, R.,SUBSTITUTIONAL MODEL OF THE SOIL BASED ON ARTIFICALNEURAL NETWORKS(preliminary information)

Uran, V.,THE PRINCIPLE OF EXERCISING OPTIONS ON THE ELECTRICITYMARKET(review article)

The magazine is registered with the Ministry of Science, Education andSport under No. 161 since 12.11.1992.

The magazine is indexed with the secondary reference source of INSPEC The Institution of Electrical Engineering, England.

SADRAJ

tritof, I., Kleina, F.,MODEL POTICAJNE REGULACIJE U PRIJENOSU ELEKTRINEENERGIJE U REPUBLICI HRVATSKOJ(pregledni lanak)

Krajcar, S., Skok, M., Androec, I., Blagajac, S., Solem, G.,Livik, K., Morland, B.,TRENING CENTAR ZA TRGOVANJE ENERGIJOM(pregledni lanak) Mileusni, E.,PRIJEDLOG UNAPRJEENJA PRAVILNIKA O ZATITI ODELEKTROMAGNETSKIH POLJA(pregledni lanak)

Bari, T., Boras, V., Gali, R.,NADOMJESNI MODEL TLA ZASNOVAN NA UMJETNIMNEURONSKIM MREAMA(prethodno priopenje)

Uran, V.,PRINCIP IZVOENJA OPCIJA NA TRITU ELEKTRINEENERGIJE(pregledni lanak)

asopis je ubiljeen u Ministarstvu znanosti, obrazovanja i sporta podbrojem 161 od 12.11.1992.

asopis je indeksiran u sekundarnom bibliografskom izvoru INSPEC The Institution of Electrical Engineering, England.

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EDITORIAL POLICY The journal Energija is a scientic and professionaljournal with more than a 50-year tradition. Coveringthe areas of the electricity industry and energysector, the journal Energija publishes originalscientic and professional articles with a wide area

of interests, from specic technical problems toglobal analyses of processes in the energy sector.

Among the very broad range of topics relating to thefunctioning of the electricity industry and the energysector in general in a competitive and globalizingenvironment, the Journal has special interest in thespecic circumstances in which these processesunfold in Croatia and the region. The functioningand development of electricity systems in Centraland South Eastern Europe, consequently in Croatiatoo, is burdened with numerous engineering,economic, legal and organizational problems. Theintention of the Journal is to become a scienticand professional forum where these problems willbe critically and constructively elaborated andwhere solutions will be offered.

The Journal is especially interested in the followingtopics: energy sector in general, electricityproduction technologies, renewable sources andenvironmental protection; use and development ofenergy equipment and systems; functioning of theelectricity system in competitive market conditions;construction of electric power facilities and plants;information systems and telecommunications;restructuring and privatization, re-engineering ofbusiness processes; electricity trade and supply,customer relations; knowledge management andtraining; European and regional legislation, initia-tives and cooperation.

The pages of the Journal are equally open toexperienced and young authors, from Croatia andabroad. Such representation of authors providesknowledge and wisdom, inventiveness and courageas well as pluralism of ideas which we believe thereaders of the Journal will appreciate and know howto put to good use in their professional work.

UREIVAKA POLITIKAasopis Energija znanstveni je i struni asopiss dugom tradicijom vie od 50 godina. Pokrivapodruje elektroprivredne djelatnosti i energetike.asopis Energija objavljuje izvorne znanstvenei strune lanke irokoga podruja interesa, od

specinih tehnikih problema do globalnihanaliza procesa u podruju energetike.

U vrlo irokom spektru tema vezanih za funkci-oniranje elektroprivredne djelatnosti i openi-to energetike u trinim uvjetima i opojglobalizaciji, asopis ima poseban interes zaspecine okolnosti ostvarivanja tih procesau Hrvatskoj i njezinu regionalnom okruenju.Funkcioniranje i razvoj elektroenergetskih sustavau sredinjoj i jugoistonoj Europi, a posljedinoi u Hrvatskoj, optereeno je mnogobrojnimtehniko-tehnolokim, ekonomskim, pravnim iorganizacijskim problemima. Namjera je asopisada postane znanstvena i struna tribina na kojoje se kritiki i konstruktivno elaborirati navedenaproblematika i ponuditi rjeenja.

asopis je posebno zainteresiran za sljedeu te-matiku: opa energetika, tehnologije za proizvodnjuelektrine energije, obnovljivi izvori i zatitaokolia; koritenje i razvoj energetske opreme isustava; funkcioniranje elektroenergetskoga sus-tava u trinim uvjetima poslovanja; izgradnjaelektroenergetskih objekata i postrojenja; infor-macijski sustavi i telekomunikacije; restruk-turiranje i privatizacija, reinenjering poslovnihprocesa; trgovanje i opskrba elektrinom ener-gijom, odnosi s kupcima; upravljanje znanjemi obrazovanje; europska i regionalna regulativa,inicijative i suradnja.

Stranice asopisa podjednako su otvorene iskus-nim i mladim autorima, te autorima iz Hrvatske iinozemstva. Takva zastupljenost autora osiguravaznanje i mudrost, inventivnost i hrabrost, tepluralizam ideja koje e itatelji asopisa, vje-rujemo, cijeniti i znati dobro iskoristiti u svojemprofesionalnom radu.

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Dragi itatelji,prvim brojem asopisa Energija u 2007. godiniotvaramo 56. godinu postojanja asopisa i drugugodinu objavljivanja asopisa kao me unarodnogizdanja. Brojke su to koje obvezuju na odgovornopromiljanje svrhe i uloge asopisa u aktualnomkontekstu opih energetskih zbivanja i kontinuitetuizdavanja.

Zastupljenost globalnih energetskih tema u me u-narodnoj znanstvenoj i strunoj publicistici je vrlodobra. Me utim, zastupljenost regionalne i lokalneenergetske problematike u okruenju sredinje ijugoisone Europe u specijaliziranoj energetskojpublicistici je znatno ispod potreba i predstavljaograniavajui imbenik promjena.

Svjesni potrebe cjelovitog i sustavnog promicanjazajednitva znanosti i struke na rjeavanju speci-ne regionalne energetske problematike, kaodijela ukupne europske energetske problematike,pozivamo autore iz Hrvatske i susjednih zemaljada iskoriste stranice asopisa Energija za promo-viranje svojih spoznaja i ideja na temama od zajed-nikog interesa.

U Energiji 1/2007 objavljujemo sljedeih petlanaka:

- Model poticajne regulacije u prijenosu elek-trine energije u Republici Hrvatskoj,

- Trening centar za trgovanje energijom,- Prijedlog unaprje enja Pravilnika o zatiti od

elektromagnetskih polja,- Nadomjesni model tla zasnovan na umjetnim

neuronskim mreama i- Princip izvo enja opcija na tritu elektrine

energije.

U prvom lanku elaborirana je vrlo aktualna temauvo enja ekonomske regulacije za operatora prije-nosnog sustava. lanak predlae algoritam zauvo enje poticajne regulacije utemeljene na regu-laciji maksimalnog prihoda. Nastavno na algoritamsustavno su obra ene potrebne predradnje zanjegovu implementaciju, kao to je razdvajanjedjelanosti unutar vertikalno integriranog poduzea,

Dear Readers,With the rst issue of Energija in 2007, weinaugurate the fty-sixth year of the journal and thesecond year of its publication as an internationaledition. These are numbers that lead to seriousconsideration of the purpose and role of the journalin the actual context of the general energy eventsand the continuity of publishing.

Global energy topics are very well represented in in-ternational scientic and professional publications.However, the coverage of regional and local energytopics in specialized energy publications for centraland southeastern Europe is signicantly inadequateand represents a limiting factor for change.

Aware of the need for the comprehensive andsystematic fostering of a community of science andprofessionalism in solving specic regional energyproblems within the total European energy context,we invite authors from Croatia and neighboringcountries to use the pages of the journal Energijafor presenting their knowledge and ideas on topicsof common interest.

In Energija 1/2007, we have published thefollowing ve articles:

- Model for Incentive Regulation in the Trans-mission of Electrical Energy in the Republic ofCroatia,

- Training Center for Energy Trading,- Proposal for Revising the Croatian Regulations

on Protection from Electromagnetic Fields,- Substitutional Model of the Soil Based on

Articial Neural Networks, and- The Principle of Exercising Options on the

Electricity Market.

In the rst article, there is an elaboration of a verycurrent topic, the introduction of economic regula-tion of the operator of the transmission system. Thearticle proposes an algorithm for the introductionof incentive regulation based upon the revenue capmethod. The article presents a systematic elabora-tion of the preliminary work necessary for the imple-mentation of this algorithm, such as separating theactivities within a vertically integrated enterprise,

UVODINTRODUCTION

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organiziranje trita elektrine energije, jaanjeuloge regulatornog tijela i dr.

Sljedei lanak se tako er bavi jednom vanomtemom za uspostavu i funkcioniranje trita elek-trine energije. To je tema obrazovanja strunjakai podizanja ope razine kompetentnosti za vo enje

poslovanja elektroprivrednih tvrtki i postupanjekupaca u trinom okruenju. lanak opisujenovouspostavljeni Trening centar za trgovanjeenergijom pri Fakuletu elektrotehnike i raunarstva Zagreb, nastao kao hrvatsko norveki projektnanciran donacijom Norveke Vlade.

Trei lanak daje kritiki osvrt iskusnog elektro-privrednog strunjaka na hrvatski Pravilnik ozatiti od elektromagnetskih polja. Zatita odelektromagnetskih polja je vano pitanje moder-nog svijeta koje se mora ozbiljno uvaavati,uz razumno postupanje u praksi. Autor lanka

ukazuje na neopravdanu strogost normiranhgraninih vrijednosti za jakost elektrinog poljai neke druge nedostatke Pravilnika, te predlaenjegove nune korekcije.

Slijedei lanak bavi se interpretacijom rezultatamjerenja specinog elektrinog otpora tla primje-nom umjetnih neuronskih mrea. Model zasnovanna umjetnim neuronskim mreama nadomjetatlo koje se moe smatrati kao dvoslojni medijs razliitim specinim otporima tla. Opisan jepostupak uenja umjetne neuronske mree saskupom ulaznih podataka dobivenih primjenom

vrlo tonog teorijskog modela.

Posljednji lanak u ovom broju asopisa bavi setemom teoretskog utemeljenja i uporabe opcija uposlovanju na tritu elektrine energije. Opcijesu nancijski derivati koji otvaraju vrlo znaajnualternativu neposrednom zikom trgovanju elek-trinom energijom. lanak se bavi toretskim pos-tavkama za odre ivanje vrijednosti opcija, nakonega slijede opisi standardnih procedura i primjerikonkretnog trgovanja pomou opcija.

U ovom broju lanke potpisuje etrnaest autora od

kojih su tri autora iz Norveke. Autori su iz svihstruktura ukljuenih ili povezanih s energetikom iposebno elektroprivredom pa vjerujem da e Vamnjihovi lanci biti zanimljivi i korisni.

Glavni urednikNikola Bruketa dipl.ing.

organizing the electricity market, strengthening therole of the regulatory body etc.

The next article concerns very important prereq-uisites for the establishment and function of anelectricity market: the education of professionals,the raising of the general level of competency in

the management of the operations of power supplycompanies, and an understanding of consumersbehavior in the market environment. The articledescribes the newly established Training Centerfor Energy Trading at the Faculty of ElectricalEngineering and Computing Zagreb, a Croatian-Norwegian projected nanced through a donationfrom the Norwegian Government.

The third article provides a critical review ofthe Croatian Regulations on Protection fromElectromagnetic Fields by an experienced profes-sional in the electrical power industry. Protection

from electromagnetic elds is an important ques-tion in the modern world that must be taken seri-ously and requires rational practical application.The author of the article points out the unwarrantedrestrictiveness of the established limit values forthe strength of an electrical eld and other short-comings of the Croatian Regulations, and proposesnecessary corrections.

The next article provides an interpretation ofthe results of the measurement of specic soilresistivity through the application of articial neuralnetworks. A substitutional model of the soil based

on articial neural networks can be considered asa two-layer medium with different specic soilresistivities. The procedure for learning articialneural networks with a group of entry data obtainedthrough the application of a very precise theoreticalmodel is described.

The last article in this issue of the journal isconcerned with the topic of the theoretical basisand exercise of options on the electricity market.Options are nancial derivatives that open a highlysignicant alternative to direct physical trading inelectricity. The article discusses the theoretical

precepts for determining the value of an option,followed by descriptions of the standard proceduresand examples of concrete trading using options.

In this issue of the journal, the articles are signedby fourteen authors, three of whom are fromNorway. The authors are from a broad range of eldsin or related to energetics, particularly the electricpower industry. I believe that their articles will beof interest and benet to you.

Editor-in-ChiefNikola Bruketa, dipl.ing.

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6tritof, I., Kleina, F., Model poticajne regulacije..., Energija, god. 56(2007), br. 1., str. 639tritof, I., Kleina, F., Model for Incentive Regulation, Energija, vol. 56(2007), No. 1, p.p. 639 6tritof, I., Kleina, F., Model poticajne regulacije..., Energija, god. 56(2007), br. 1., str. 639tritof, I., Kleina, F., Model for Incentive Regulation, Energija, vol. 56(2007), No. 1, p.p. 639

MODEL POTICAJNE REGULACIJEPRIJENOSU ELEKTRINE ENERGIJ

U REPUBLICI HRVATSKOJMODEL FOR INCENTIVEREGULATION IN THE TRANSMISSIO

OF ELECTRICAL ENERGY IN THREPUBLIC OF CROATIA

Mr. sc. Ivona tritof, Hrvatska energetska regulatorna agencija,Koturaka 51,10000 Zagreb, HrvatskaFranjo Kleina, dipl.ing., Energetski institut Hrvoje Poar,

Savska cesta 163, 10000 Zagreb, Hrvatska

Regulatorna tijela u Europskoj uniji do sada su razvila mnoge metode ekonomske regulacije. Uovom lanku razvijen je koncept uvo enja metode poticajne regulacije u prijenosu elektrine

energije u Republici Hrvatskoj, imajui u vidu cjelokupno okruenje, odnosno provo enje nunihpreduvjeta. Republika Hrvatska je na poetku uvo enja ekonomske regulacije u prijenosu

elektrine energije. Stoga je nuno dosljedno provesti sve potrebne predradnje, kao to surazdvajanje djelatnosti unutar vertikalno integriranog poduzea, modeliranje trita elektrineenergije, organizacija trita elektrine energije te armiranje regulatornog tijela. U prvom

koraku potrebno je zapoeti s razvojem i uvo enjem osnovnih, a time i najjednostavnijih modelaekonomske regulacije. U lanku je dan prikaz algoritma za uvo enje modela poticajne regulacije

u prijenosu elektrine energije. Analizirani algoritam temelji se na metodi regulacije maksimalnogprihoda. Tako er, u lanku se razmatraju okolnosti uvo enja predmetne metode u prijenosu

elektrine energije u Republici Hrvatskoj.The regulatory bodies in the European Union have developed many methods for economic

regulation. In this article, the concept is developed for the introduction of a method for incentiveregulation in the transmission of electrical energy in the Republic of Croatia, bearing in mind the

overall circumstances. The Republic of Croatia is in the initial phase of introducing economicregulation in the transmission of electrical energy. Therefore, it is necessary to perform all thenecessary preliminary work consistently, such as the separation of the activities within a verticallyintegrated enterprise, modeling of the electricity market, organizing the electricity market and the

recognition of a regulatory body. In the rst phase, it will be necessary to begin the developmentand introduction of the basic and simplest incentive models for economic regulation. The article

presents an algorithm for the introduction of a model for incentive regulation in the transmission ofelectrical energy. The analyzed algorithm is based upon the revenue cap method. The article also

discusses the circumstances of introducing said method in the transmission of electrical energy inthe Republic of Croatia.

Kljune rijei: ekonomska regulacija, poticajna regulacija, prijenos elektrine energije, regulatorno tijeloKey words: economic regulation, incentive regulation, regulatory body, transmission of electrical energy

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7 tritof, I., Kleina, F., Model poticajne regulacije..., Energija, god. 56(2007), br. 1., str. 639tritof, I., Kleina, F., Model for Incentive Regulation, Energija, vol. 56(2007), No. 1, p.p. 639

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1 UVODU Republici Hrvatskoj Zakon o izmjenama idopunama Zakona o energiji [1] ure uje pitanjeregulacije cijena mrenih djelatnosti. Njimeje denirano da se cijena prijenosa, odnosnodistribucije elektrine energije kao reguliranih

djelatnosti utvr uje na temelju tarifnih sustavakoje donosi, u dijelu metodologije Hrvatskaenergetska regulatorna agencija (HERA), a udijelu iznosa tarifnih stavki Vlada RepublikeHrvatske na prijedlog Ministarstva gospodarstva,rada i poduzetnitva (MINGORP). Do stupanjana snagu novih energetskih zakona odnosnoizmjena i dopuna istih, krajem 2004. godine,pitanje utvr ivanja tarifa za koritenje prijenosnemree rjeavalo se temeljem Zakona o energiji[2] i Zakona o tritu elektrine energije [3].Zakonom o energiji bilo je denirano da se cijenaprijenosa, odnosno distribucije elektrine energijekao reguliranih djelatnosti utvr uje na temeljutarifnih sustava koje donosi Vlada RH na prijedlogenergetskog subjekta, a nakon pribavljenog milje-nja MINGORP-a i Vijea za regulaciju energetskihdjelatnosti (VRED). Slika 1 prikazuje staru i novuproceduru donoenja tarifnih sustava, odnosnotarifa.

U postupku uskla ivanja paketa energetskihzakona s propisima Europske unije, posebice udijelu koji se odnosi na nadlenosti regulatornogtijela, HERA-i se pripisala nadlenost donoenjametodologije za izradu tarifnih sustava, ali nei utvr ivanje iznosa tarifnih stavki. Da bi sepostigao to nezavisniji rad regulatornog tijela,i od strane izvrne vlasti i od strane energetskihsubjekata, optimalna procedura utvr ivanjatarifa za koritenje prijenosne mree je ona ukojoj regulatorno tijelo utvr uje metodologiju naosnovi koje utvr uje tarife. Naravno, pri tomepotrebna je suradnja sa energetskim subjektimai savjetodavnim tijelima u vidu strune javnosti iinteresnih strana (ovakva procedura primjenjuje senpr. u Portugalu) kao i struna kompetencija teiskustvo regulatornog tijela.

Osim jasne procedure utvr ivanja metodologijeza izraun tarifa, odnosno utvr ivanja tarifa,preduvjet za donoenje transparentne metodologijeje i provo enje transparentnog razdvajanja izme ureguliranih (prijenos i distribucija elektrineenergije) i nereguliranih djelatnosti (proizvodnjai opskrba) unutar Hrvatske Elektroprivrede (HEPgrupe). Transparentna podjela djelatnosti unutarHEP grupe podrazumijeva jasno razdvajanjetrokova izme u reguliranih i nereguliranihdjelatnosti. U Republici Hrvatskoj je zakonskiutvr eno da bi poduzea u energetskom sektorukoja obavljaju vie energetskih djelatnosti trebala

1 INTRODUCTIONIn the Republic of Croatia, the Amendment Act to theEnergy Act [1] governs the question of the regulationof tariffs for networked activities. It species thatthe fees for the transmission and distribution ofelectrical energy, as regulated activities, shall

be determined on the basis of the tariff systemsaccording to the methodology stipulated by theCroatian Energy Regulatory Agency (HERA), andregarding the amount of tariff items as stipulatedby the Government of the Republic of Croatia atthe proposal of the Ministry of the Economy, Laborand Entrepreneurship (MINGORP). Until the newenergy legislation or the amendments to the samewent into effect in late 2004, the question of theestablishment of tariffs for using the transmissionnetwork was resolved pursuant to the Energy Act[2] and the Electricity Market Act [3]. Pursuantto the Energy Act, the fees for the transmissionand distribution of electricity had been dened,as regulated activities, pursuant to the basic tariffsystems adopted by the Government of the Republicof Croatia at the proposal of an energy subject,subsequent to obtaining the opinion of the Ministryof the Economy, Labor and Entrepreneurship andthe Council for the Regulation of Energy Activities(VRED). Figure 1 presents the former and currentprocedures for the adoption of the tariff systems,i.e. tariffs.

In the procedure for the harmonization of thepackets of energy legislation with the regulationsof the European Union, particularly in the sectionregarding the authority of the regulatory body, theCroatian Energy Regulatory Agency (HERA) hasbeen assigned the authority for the adoption of amethodology for developing tariff systems, but notthe determination of the amounts of the tariff items.In order to achieve the most independent possibleoperations of the regulatory body, regarding boththe executive authorities and the energy subjects,the optimal procedure for the determination of thetariffs for the use of the transmission network wouldbe one in which the regulatory body determines amethodology, on the basis of which it wouldestablish the tariffs. Naturally, cooperation isrequired with energy subjects and advisory bodies,taking into account the professional public andinterested parties (such a procedure is applied, forexample, in Portugal), as well as the professionalcompetence and experience of the regulatory body.

In addition to the clear procedures for the deter-mination of the methodology for the calculationof tariffs, i.e. the determination of tariffs, anotherprerequisite for the adoption of transparent meth-odology is the implementation of the transparentseparation of the regulated activities (the transmis-

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Prijedloga TfS / Proposed TfS

voditi odvojeno knjigovodstvo za svaku od svojihdjelatnosti kao to bi se to od njih trailo kad bisvoje djelatnosti obavljala kroz posebna poduzea,radi izbjegavanja pristranosti i naruavanja tri-nog natjecanja. Na taj nain pojedinoj djelatnostidodjeljuju se samo oni trokovi koji su u njoj inastali.

sion and distribution of electrical energy) and thenonregulated activities (production and supply)within the Hrvatska Elektroprivreda (HEP Group).The transparent separation of activities within theHEP Group implies the clear separation of the costsof the regulated and nonregulated activities. In theRepublic of Croatia, it has been legally established

that enterprises in the energy sector that performseveral energy activities must keep separate book-keeping records for each of their activities, as wouldbe required if their activities were being performedby separate enterprises, in order to avoid favoritismand the disruption of market competition. In thismanner, an individual operation is only assignedthose costs that were incurred therein.

Slika 1Procedura donoenjatarifnih sustava, odnosnotarifa

Figure 1Procedure for theAdoption of the TariffSystem, i.e. Tariffs,

Energetski subjekt / Energy subject

VREDMINGORP

Vlada RH donosi TfS / The government of the

Republic of Croatiaadopts TfS

Dorada prijedloga / Renement of the proposition


Prijedloga TfS / Proposed TfS

DA / YES

NE / NO

I. Procedura donoenja tarifnog sustava (TfS) (Zakon o energiji iz 2001.) / Procedure for the adoption of the tariff system (TfS) (Energy Act of 2001)

II. Procedura donoenja tarifa (Zakon o izmjenama i dopunama Zakona o energiji iz 2004.) / Procedure for the adoption of the tariffs (Amendment Act to the Energy Act of 2004)

1. korak / Step 1

2. korak / Step 2

HERA priprema i donosimetodologiju za izraun

tarifa / HERA prepares and adopts

the methodology for thecalculation of the tariffs

MINGORP


Prijedlogmetodologije na

miljenje / Proposed

methodology foropinion


MINGORP Vlada RH donosi

iznose tarifa / The government of the

Republic of Croatiaadopts amount of tariffs


HERA


Prijedlogiznosa tarifa /

Proposed amount oftariffs

Prijedlogiznosa tarifa /

Proposed amount oftariffs

Prijedlogna miljenje /

Proposed for opinionMiljenje /

Opinion

Miljenje / Opinion

DA / YESNE / NO NE / NO

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Bez uinkovitog razdvajanja trokova nemogueje utvrditi opravdanu razinu prihoda podjelatnostima, odnosno utvrditi pojedine elementeu strukturi prihoda kao to su regulatornaosnovica, amortizacija, trokovi odravanja,opravdana ulaganja, stopa povrata i sl., kao nitisprijeiti unakrsno subvencioniranje izme u

djelatnosti proizvodnje, prijenosa, distribucijei opskrbe elektrinom energijom. Stoga je kaopreduvjet za uvo enje ekonomske regulacijenuno raunovodstveno, odnosno funkcionalnorazdvajanje djelatnosti, za iji je nadzor nadprovo enjem temeljem Direktive 2003/54/EZ [4]nadlena HERA kao regulatorno tijelo u RepubliciHrvatskoj.

VRED je u 2003. godini temeljem Statuta VRED- a[5] donio Pravilnik o nainu i kriterijima zautvr ivanje naknade za koritenje prijenosne idistribucijske mree [6]. Pravilnik ne utvr uje

metodu ekonomske regulacije i ne pojanjavanjene elemente, ve razmatra pitanja koja seodnose na elemente i strukturu naknade zakoritenje mrea, kategorije kupaca, objekte kojipripadaju prijenosu, odnosno distribuciji i podatkekoje su energetski subjekti duni dostaviti VRED-u.Dakle, predmetni Pravilnik potrebno je nadopunitina nain da denira metodu ekonomske regulacijei njene elemente.

Regulatorna tijela u Europskoj uniji do sada surazvila mnoge metode ekonomske regulacije.U ovom lanku razvijen je koncept uvo enja

metode poticajne regulacije u prijenosu elektrineenergije u Republici Hrvatskoj, imajui u viducjelokupno okruenje, odnosno provo enje nunihpreduvjeta (razdvajanje djelatnosti unutar vertika-lno integriranog poduzea, modeliranje tritaelektrine energije, organizacija trita elektrineenergije te armiranje regulatornog tijela). Buduida znaajan broj preduvjeta nije osiguran, odnosnoostali su na teoretskoj razini uvo enja, modelse temelji na algoritmu za uvo enje poticajneregulacije za koji su utvr eni koraci i varijable, alise ne raspolae s konkretnim vrijednostima kojeodraavaju podatke proizale iz HEP Operatora

prijenosnog sustava (HEP OPS) prilago ene zapotrebe metode poticajne regulacije. Naime, dabi se moglo raspolagati s konkretnim podacimaiz ije analize mogu proizai mjerodavni zakljuci,potrebno je ulazne podatke revidirati od straneHERA-e. U suprotnom bi izlazni podaci, odnosnoiznosi tarifnih stavki u strukturi tarife za koritenjeprijenosne mree, mogli znaajno odstupati odrealnih iznosa tarifa.

Without the effective separation of expenditures,it is not possible to determine the justied level ofincome according to activities, i.e. to determine theindividual elements in the income structure suchas the regulatory base, amortization, maintenanceexpenditures, justied investment, return rate etc.,or to prevent cross subsidies among the activities of

the production, transmission, distribution and supplyof electrical energy. Therefore, as a prerequisitefor the introduction of economic regulation, theaccounting and functional separation of activitiesis essential, the supervision of which shall beperformed by HERA, as the authorized regulatorybody in the Republic of Croatia, pursuant to Directive2003/54/EC [4].

In the year 2003, the Council for the Regulationof Energy Activities (VRED), pursuant to the VREDBylaws [5], adopted the Regulations on the Mannerand Criteria for the Determination of Compensation

for the Use of Transmission and DistributionNetworks [6]. The Regulations do not establish amethod for economic regulation and do not clarify itselements, but instead consider questions that referto the elements and structure of the compensationfor the use of networks, customer categories, objectsthat appertain to transmission or distribution,and the data that energy subjects are required tosubmit to VRED. Thus, these Regulations shouldbe supplemented in a manner in order for them todene the method of economic regulation and theelements thereof.

The regulatory bodies in the European Union havedeveloped many methods for economic regulation.In this article, the concept is developed for theintroduction of a method for incentive regulationin the transmission of electrical energy in theRepublic of Croatia, bearing in mind the overallcircumstances, i.e. the implementation of thenecessary prerequisites (the separation of activitieswithin a vertically integrated enterprise, the modelingof electricity market, the organization of electricitymarket and the recognition of a regulatory body).Since a signicant number of prerequisites havenot been secured, i.e. they remain at the theoretical

level of implementation, the model is based onan algorithm for the introduction of incentiveregulations for which the steps and variables havebeen determined. However, it does not have specicvalues available that reect data from the HEPTransmission System Operator (HEP OPS), adaptedto the needs of the method for providing incentiveregulation. In order to have specic data availablefor analysis, from which applicable conclusionscould be derived, it is necessary to revise the inputdata from HERA. Otherwise, the output data, i.e. thetariff items in the tariff structure for the use of thetransmission network, could signicantly deviatefrom the realistic tariff amounts.

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2 METODA REGULACIJEMAKSIMALNOG PRIHODAMetoda regulacije maksimalnog prihoda (engl.revenue cap ) regulira maksimalni prihod kojisubjekt moe ostvariti u poslovanju. Pri tomeje cilj regulatornog tijela pruiti mogunostreguliranom subjektu da maksimizira protsmanjenjem trokova poslovanja te da navedeneutede, koje je postigao tijekom regulacijskogperioda, zadri za sebe. Karakteristika ove metodeje da alokaciju trokova po kategorijama kupaca,odnosno strukturiranje tarifa utvr uje reguliranisubjekt, dok regulatorno tijelo daje eventualnosuglasnost na strukturu i alokaciju trokova.

Gornja granica dozvoljenog prihoda u godinit odre uje se na osnovi dozvoljenog prihoda ugodini (t 1) na osnovi sljedee formule:

gdje je:

P max t gornja granica dozvoljenog prihoda ugodini t ,

P max( t 1) gornja granica dozvoljenog prihoda ugodini (t 1),

KPt korektivni faktor u godinit ,

CPI t indeks potroakih cijena u godinit (engl. Consumer Price Index ),

X t faktor uinkovitosti u godinit .

Svrha CPI t indeksa nije da u potpunosti odraavapromjene u trokovima ve da reguliranom subjektupostavi realno ostvarive ciljeve u pogledu dobiti izpoveanja uinkovitosti tijekom razdoblja revizijeprihoda. Primjena lako dostupnog indeksa kakavje indeks potroakih cijena u odnosu na nekisloeniji indeks u velikoj mjeri pojednostavljujeproces predvi anja dozvoljenih prihoda kakoreguliranim subjektima tako i regulatornom tijelu.

Faktor KP t koristi se kao korektivni faktor zanedovoljno ili prekomjerno ostvareni prihod ugodini (t 1) kontrole cijena. Korektivni faktorprvenstveno se uvodi radi sluajeva u kojima seostvaruje prekomjerna dobit reguliranog subjektakao posljedica npr. puno veeg porasta potronje,a koje regulatorno tijelo zbog regulacijskograzdoblja u trajanju od nekoliko godina moerevidirati tek po isteku regulacijskog razdoblja,odnosno uz znatni vremenski pomak. Ukolikose u formuli primijeni korektivni faktor radi se

o varijabilnoj metodi regulacije maksimalnogprihoda ija formula glasi:

2 THE REVENUE CAP METHODThe method for the regulation of maximum revenue,i.e. the revenue cap method, governs the maximumrevenue that a subject can generate in operations.The goal of the regulatory body is to provide theopportunity for the regulated subject to maximize

prots by reducing operating expenses and keepingthe savings achieved during the regulatory period. Acharacteristic of this method is that the allocationsof expenditures according to customer categoriesand the structuring of tariffs are determined bythe regulated subject, while the regulatory bodyprovides eventual approval of the structure andallocation of expenditures.

The upper limit of revenue permitted in year t isdetermined on the basis of the revenue permitted inyear (t 1), based upon the following formula:

where:

P max t the upper limit of revenue permitted inyear t ,

P max( t 1) the upper limit of revenue permitted inyear (t 1),

KP t the correction factor in yeart ,CPI t the consumer price index in yeart ,

X t the performance factor in yeart .

The purpose of the CPI t is not to provide acomprehensive reection of the changes inexpenditures but to establish realistically attainablegoals for a regulated subject concerning protsfrom increased efciency during the period ofrevenue auditing. The application of an easilyavailable index such as the consumer price index,in comparison to a more complex index, greatlysimplies the process of forecasting revenue capsfor the regulated subjects and the regulatory body.

Factor KP t is used as the correction factor forinsufcient or excessive revenue generated in year(t 1) of price control. The correction factor isprimarily introduced for cases in which excessiveprot is generated by a subject as a consequenceof, for example, a great increase in consumption,which the regulatory body can only revise at theexpiration of the regulatory period, which lasts forseveral years, i.e. with a signicant time lag. Whenthe correction factor is applied in the formula, itprovides a variable method for the regulation of themaximum revenue, as follows:

(1)

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gdje je:

teinski faktor koliine energije (predstavljaudio u ukupnom prihodu koji se mijenja spromjenom koliine prenesene elektrineenergije),

t planirana koliina prenesene elektrine energije u godini t , teinski faktor broja kupaca (predstavlja

udio u ukupnom prihodu koji se mijenjas promjenom broja kupaca), BrK t planirani broj kupaca u godinit .

Prednost metode regulacije maksimalnog prihodaje u tome da se moe primjenjivati zajedno smjerama upravljanja potranjom. Me utim, ovametoda zbog ograniavanja prihoda utjee i naograniavanje poticaja u uinkovitosti poslovanja,to moe voditi odre enoj neuinkovitosti uposlovanju reguliranog subjekta.

Formule (1) i (2) prikazuju dinamiko prilago-

avanje regulacijskih elemenata tijekom, odnosnopo isteku regulacijskog razdoblja. Me utim, zapoetak primjene predmetne metode, odnosnoza poetak svakog regulacijskog ciklusa, bitno jeutvrditi sljedee parametre [7]:

razinu dozvoljenog prihoda, benchmarking uinkovitosti (utvr ivanje X fak-

tora) i duljinu regulacijskog razdoblja.

2.1 Razina dozvoljenih prihoda

Utvr ivanje razine dozvoljenih prihoda sastoji seod utvr ivanja sljedeih elemenata:

operativnih trokova poslovanja, trokova kapitala, koji se sastoje od: amortizacije, regulatorne osnovice sredstava i

stope prinosa na imovinu/kapital, trokova tehnikih gubitaka i ostalih prihoda.

where:

the weight factor of the quantity of energy (represents the share in the total revenue that changes with changes in the amount of electrical energy transmitted),

t the planned quantity of electrical energytransmitted in year t ,

the weight factor of the number of customers

(represents the share in the total revenuethat changes with changes in the numberof customers),

BrK t the planned number of customers in yeart .

An advantage of the method for the regulationof the maximum revenue, the revenue cap, isthat it can be applied together with measures fordemand management. However, this method, dueto the limitation on revenue, also has an impacton limiting incentive in operational performance,which can lead to a certain lack of efciency in theoperations of a regulated subject.

Formulae (1) and (2) present the dynamic adaptationof regulatory elements during or at the expiration ofthe regulatory period. However, at the beginning ofthe application of this method, i.e. at the beginningof every regulatory cycle, it is essential to determinethe following parameters [7]:

the level of revenue permitted, benchmark efciency (determination of factor X ),

and the duration of the regulatory period.

2.1 The level of revenue permittedThe determination of the level of revenue permittedconsists of dening the following elements:

operational costs, capital expenditures, which consist of the

following: amortization, regulatory asset base and property/capital yield rate, cost of technical losses, and other revenues.

(2)

(3)

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Potrebno je napomenuti da je u stopi prinosana imovinu uraunat i troak kapitala, rizinostposlovanja kao i odre ena dobit iz poslovanjau reguliranom sektoru kao to je energetskadjelatnost prijenosa elektrine energije.

2.2 Benchmarking uinkovitostiJedan od mehanizama za uskla ivanje poetnerazine maksimalnog prihoda je faktor uinkovitosti

X kojim se potie poveanje produktivnosti, tj.smanjenje trokova. Ukoliko stvarno poveanjeproduktivnosti bude na istoj razini kao predvi enopoveanje produktivnosti, regulirani subjekt eostvariti normalnu stopu prinosa. Ukoliko se pakproduktivnost povea u veoj mjeri od predvi ene,regulirani subjekt ostvarit e stopu prinosaveu od planirane. Prilikom utvr ivanja faktora

X , regulatorna tijela obino u obzir uzimajuoekivana poveanja produktivnosti reguliranih

subjekata, trendove i benchmarking grupe (uzorka)reguliranih poduzea, oekivane promjene ulaznihcijena i promjene u imovini reguliranih subjekata.Pod pojmom benchmarkinga smatra se skuppodataka (usporedivih veliina mjerila) koji sekoriste kako bi se izmjerila uspjenost poslovanjapojedinog energetskog subjekta.

Postoje razne benchmarking metode koje se koristeza utvr ivanje faktora X . Zajedniko svim timmetodama je da uzimaju u obzir razinu smanjenjatrokova koja je nezavisna od stvarnog smanjenjatrokova koje postigne pojedini regulirani subjekt

tijekom regulacijskog razdoblja. Naime, najvanijielement u primjeni benchmarking metoda jebenchmarking trokova i razine usluga promatranegrupe reguliranih subjekata koji obavljaju istuenergetsku djelatnost.

2.3 Duina regulacijskog razdobljaPoticaji za poveanjem uinkovitosti, odnosnoproduktivnosti poveavaju se s produenjemregulacijskog razdoblja tijekom kojeg je reguliranimsubjektima dozvoljeno zadravanje ostvarenihprota. Naime, utjecaj primjene metoda regulacije

maksimalnog prihoda u velikoj mjeri ovisi o duiniregulacijskog razdoblja. Uobiajeno je da torazdoblje traje izme u tri i pet godina. Dugakaregulacijska razdoblja maksimiziraju poticajeza poveanjem uinkovitosti, ali isto tako moguomoguiti stope prinosa puno vie od dozvoljenih,odnosno opravdanih u smislu trinih uvjeta.Suprotno tome, u sluaju kratkih regulacijskihrazdoblja, poticaji za poveanjem uinkovitostisu smanjeni, ime se smanjuje uinkovitost iopravdanost primijenjene metode ekonomskeregulacije.

It should be mentioned that capital expenditures,operational risk and the determination of protsfrom operations in the regulated sector, such as theenergy operations of the transmission of electricalenergy, are calculated in the property yield rate.

2.2 Benchmark performanceOne of the mechanisms for coordinating the initiallevel of maximum revenue is the performancefactor X , which inuences increased productivity,i.e. reduction in expenditures. If actual increasedproductivity is at the same level as the anticipatedincreased productivity, the regulated subjectwill achieve a normal yield rate. If productivityincreases to a greater extent than anticipated,the regulated subject will generate a yield rategreater than planned. When determining factor

X , regulatory bodies usually take into account theanticipated increases in the productivity of the

regulated subjects, trends and the benchmarkof group (examples) of regulated enterprises,anticipated changes in input prices and changes inthe property of regulated subjects. The concept ofbenchmark refers to the group of data (comparablesize scale) used in order to measure the successof the operations of an individual energy subject.

There are various benchmark methods that areused for the determination of factor X . What thesemethods share in common is that they take thelevel of reduced expenditures into account, which isindependent of the actual reduction in expenditures

that an individual regulated subject achieves duringa regulatory period. The most important elementsin the application of the benchmark method arebenchmark expenditures and the levels of theservices of the group of regulated subjects studiedthat are engaged in the same energy activity.

2.3 Duration of the regulatory periodIncentives for increasing efciency, i.e. productivity,increase with the prolongation of the regulatoryperiod, during which the regulated subjects arepermitted to retain the generated prots. The

impact of the methods applied for the regulationof maximum revenues (revenue caps) depends toa great extent upon the duration of the regulatoryperiod. It is customary for this period to last forbetween three and ve years. Long regulatoryperiods maximize the incentives for increasingefciency but can also make it possible to achieveyield rates that far exceed those permitted, i.e.justiable in the sense of market conditions.Conversely, in the case of short regulatory periods,the incentives for increasing efciency are reduced,thereby reducing the efciency and justication ofthe applied method of economic regulation.

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Me utim, da bi se izbjegle situacije u kojimasmanjenje trokova ide na tetu kvalitete opskrbeelektrinom energijom, potrebno je usporedometodama regulacije maksimalnih veliina uvoditii sustav praenja kvalitete opskrbe elektrinomenergijom, odnosno utvrditi opravdane razinepojedinih parametara kvalitete koji se ne smiju

smanjivati u korist veih ostvarenih prota.Ekonomska regulacija povezana je, nadalje, svanjskim faktorima, kao to je inacija, na kojeregulatorno tijelo ili regulirani subjekt ne moguutjecati. U sluajevima vrlo estih i nepredvidljivihpromjena vanjskih faktora, nije preporuljivoprimjenjivati dugaka regulacijska razdoblja,budui da se takav regulacijski pristup moenepovoljno odraziti na poslovanje reguliranogsubjekta ili na kupca. Isto tako esta regulacijskarevizija, odnosno kratka regulacijska razdobljapoveavaju troak regulacije.

S obzirom da postupak revizije cijena moe trajatii do 18 mjeseci, u dravama s duom tradicijomregulacije, preporua se da regulacijsko razdobljene bude manje od tri godine. Kao optimalnotrajanje regulacijskog razdoblja pokazalo se ra-zdoblje od pet godina.

3 ALGORITAM ZA UVOENJEPOTICAJNE REGULACIJEAlgoritam za uvo enje poticajne regulacije u prije-nosu elektrine energije u Republici Hrvatskoj,koji se analizira u ovom lanku, temelji se nametodi regulacije maksimalnih prihoda (slika 2).Budui da se radi o regulaciji maksimalnog pri-hoda, uloga regulatornog tijela (HERA-e) svodise na utvr ivanje dozvoljenog maksimalnog pri-hoda za pojedinu godinu unutar regulacijskograzdoblja, iz ega se moe izraunati prosjenatarifa za koritenje prijenosne mree. Alokacijutrokova po kupcima, odnosno strukturiranje tarifaprovodi HEP OPS uz moguu konanu suglasnostregulatornog tijela.

Radnje koje trebaju prethoditi uvo enju ekonom-ske regulacije, uz provedene sve nune predu-vjete, odnose se na donoenje planova razvoja iizgradnje prijenosne mree, uz detaljnu nancijskoekonomsku analizu (investicijski plan) iz koje sevidi planirani nain pokrivanja buduih investicija.Planiranje se pri tome treba temeljiti na osnovnimdokumentima, kao to su Strategija energetskograzvitka Republike Hrvatske i Program provedbestrategije energetskog razvitka Republike Hrvatskete na kriterijima navedenim u Mrenim pravilimahrvatskog elektroenergetskog sustava (EES).

However, in order to avoid situations in which thereduction of expenditures is detrimental to thequality of the electrical energy supply, together withthe methods for the regulation of the maximumvalues, it is necessary to introduce a system formonitoring the quality of the electrical energy supply,i.e. to determine the justied levels of the individual

quality parameters that cannot be reduced for thepurpose of generating higher prots.

Furthermore, economic regulation is connectedto external factors, such as ination, upon whichthe regulatory body or regulated subject canhave no inuence. In cases of very frequent andunforeseeable changes in external factors, longregulatory periods are not recommended becausesuch a regulatory approach can have an undesirableeffect on the operations of the regulated subjector the customers. In addition, frequent regulatoryrevisions, i.e. short regulatory periods, increase

regulatory expenditures.Since the procedure for price revision can lastfor up to 18 months, it is recommended that theregulatory period should not be less than three yearsin countries with a longer tradition of regulation.A period of ve years has been shown to be theoptimal duration for a regulatory period.

3 ALGORITHM FOR THEINTRODUCTION OF INCENTIVEREGULATIONThe algorithm for the introduction of incentiveregulation in the transmission of electrical energyin the Republic of Croatia that is analyzed in thisarticle is based upon the revenue cap method(Figure 2). Since this concerns the regulationof maximum revenue, the role of the regulatorybody (HERA) is reduced to the determination ofthe permitted maximum revenue for an individualyear within the regulatory period, from whichit is possible to calculate the average tariff forusing the transmission network. The allocationof expenditures to customers, i.e. the structuringof tariffs, is performed by the operator of thetransmission system (HEP OPS), with the eventualnal approval of the regulatory body.

The tasks that must precede the introduction ofeconomic regulation, with the implementation of allthe necessary prerequisites, refer to the adoptionof development plans and the construction of thetransmission network, with a detailed nancialeconomic analysis (investment plan) from whichthe planned manner for covering future investments

is evident. Planning should be based upon key

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Sljedei korak je analiza metoda ekonomskeregulacije i mogunosti njihove primjene uokruenju Republike Hrvatske, kao i analizaiskustva usporedivih drava u uvo enju ekono-mske regulacije. Pri tome se misli na iskustvau primjeni svih potrebnih preduvjeta kao i naprepreke u uvo enju regulacije u prijenosu

elektrine energije. Primjena pojedine metode,nadalje, ovisit e i o ciljanoj duljini regulacijskograzdoblja, korektivnim faktorima, primijenjenomindeksu cijena CPI ili RPI (indeks maloprodajnihcijena, engl. Retail Price Index ) te opimmakroekonomskim kretanjima. Za potrebe ovogalgoritma uzet e se u razmatranje CPI indeks,te pretpostavka da se radi o trogodinjemregulacijskom razdoblju (2005. do 2007. godina),budui da se ono pokazalo optimalnim u smisluprvog regulacijskog razdoblja uvo enja poticajneregulacije. Daljnji koraci i odluke u razradialgoritma sukladni su prikazu na slici 2.

documents, such as the Strategy for EnergyDevelopment of the Republic of Croatia, theProgram for the Implementation of the Strategyof Energy Development of the Republic of Croatiaand the criteria stipulated in the Croatian NetworkRegulations of the Electrical Energy System (EES).

The next step is analysis of the methods of economicregulation and the possibilities for their applicationin the Republic of Croatia, as well as analysis of theexperiences of comparable countries in the introduc-tion of economic regulations. This refers to the ex-perience in the implementation of all the necessaryprerequisites as well as the obstacles to the introduc-tion of regulations in the transmission of electricalenergy. The application of individual methods willalso depend on the target length of the regulatoryperiod, corrective factors, the applied CPI or retailprice index ( RPI ) and the general macroeconomictrends. For the purposes of this algorithm, the con-

sumer price index (CPI ) is taken into account and itis assumed that this concerns a three-year regulatoryperiod (2005 2007), since this has been shownto be optimum for the rst regulatory period in theintroduction of incentive regulation. Further stepsand decisions in the elaboration of the algorithm areaccording to Figure 2.

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Slika 2Algoritam za uvo enjepoticajne regulacije u

prijenosu elektrineenergije u Republici

HrvatskojFigure 2

Algorithm for theintroduction of incentive

regulation into theelectricity transmission

system in the Republic ofCroatia

Razdvajanje imovine i obveza iz bilanceizme u HEP-ovih samostalnih pravnih osoba

Donoenje plana razvoja i izgradnje prijenosne mreeEkonomsko nancijska analiza planiranih ulaganja

Odabir metode ekonomske regulacije ( RoRregulacija ili neka od metoda poticanja regulacije)

Utvr ivanje duine regulacijskog razdobljaOdabir indeksa ( CPI ili RPI )

Izraun opravdanog OPEX -a

Utvr ivanje izvora nan-ciranja postojee imovine da li ukljuiti imovinu koja je nancirana od strane

kupaca (npr. kroz naknaduza prikljuenje)

Utvr ivanje izvora nanciranja (iz kredita ili vlastitihsredstava) te imovine iz bilance HEP OPS-a koju je sam

nancirao.Utvr ivanje omjera vlastitog i dunikog kapitala

Izraun troka amortizacije

Izraun regulatorne osnovice sredstava prema pri-padajuoj imovini za pojedinu godinu regulacijskog

razdobljaKROS t = OVS t + UOS t AM t OS t NP t

Izraun WACC -aWACC = (1- g ) r e + g r d

Da li ukljuiti troakpomonih usluga i

tehnikih gubitaka utarifu za koritenjeprijenosne mree?

Izraun naknade za pokrie pomonih usluga ovisi orazvijenosti trita elektrine energije

Planiranje iznosa tehnikih gubitaka (u GWh)Izraun naknade za pokrie tehnikih gubitaka (iz margi-

nalnog troka proizvodnje i/ili uvoza ili npr. koritenje200-dnevnog prosjeka cijene postignute na organiziranom

tritu inozemnom ili domaem)

Odabir benchmarking metode te ulaznih i izlaznihparametara

Utvr ivanje faktora uinkovitosti X

Izraun dozvoljenog prihoda po godinama:P max t = P max t ( t 1) KP t (1+ CPI t X t )

Izraun prosjene tarife, utvr ivanje kategorija kupaca,alokacija troka, strukturiranje tarifa

Regulatorni nadzor nad poslovanjem HEP OPS-a i primjenom tarifa za koritenje prijenosne mree

Priprema metode ekonomske regulacije za novoregulacijsko razdoblje

Koriste se kriteriji koji su u skladu sa Strategijomenergetskog razvitka RH, Programom provedbe

strategije kao i Mrenim pravilima hrvatskogEES-a

Pretpostavlja se da je odabrana metoda regulacijemaksimalnog prihoda pa se stoga daljnji koraci

odnose na predmetnu metodu

Imovina koja je nancirana kroz naknade kupacaiskljuuje se iz daljnjeg razmatranja (amortizacije

i ROS -a)

odabir amortizacijske politike,

knjigovodstvena vrijednost na poetku/krajuregulacijskog razdoblja, amortizacijske stope, utvr ivanje starosti imovine, ulaganja u osnovna sredstva u pojedinim

godinama regulacijskog razdoblja, otpisana imovina

Imovina: TS 400/x kV, TS 220/110 kV, TS 110/x kV, vodovi 400 kV, vodovi 220 kV, vodovi 110 kV (nadzemni i kabelski), ostala dugotrajna oprema, ostala kratkotrajna imovina.

Osim podataka od HEP OPS-a, potrebni sueksterni podaci s nancijskog trita RH,

npr. prinos od dravnih obveznica, nancijskirejting RH

U naelu HEP OPS predlae strukturu i iznostarifhih stavki na koje regulatorno tijelo daje

suglasnost

Revizija prije isteka regulacijskograzdoblja

Koraci u provo enjuekonomske regulacije

Odluke ili radnje kojepredhode uvo enjuekonomske regulacije

Donoenje odlukau provo enjuekonomske regulacije

Komentar/Napomena

DA

NE

Legenda:

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3.1 Utvr ivanje opravdane razine operativnihtrokovaU opravdanu razinu operativnih trokova (engl.Operating Expenditures OPEX ) spadaju trokoviosoblja, materijalni trokovi, trokovi odravanja,ostali trokovi poslovanja i slino. Za potrebealgoritma komponenteOPEX -a HEP OPS-a su:

trokovi osoblja, trokovi odravanja energetskih objekata i ostali trokovi poslovanja (npr. troak zajed-

nikih slubi).

Znai da bi ukupniOPEX u pojedinoj godini trebaoiznositi:

gdje je:

OPEX HEPOPS t ukupni operativni trokovi HEP OPS-au godini t ,

TOS HEPOPS t trokovi osoblja HEP OPS-a u godinit ,TODR HEPOPS t trokovi odravanja objekata HEP

OPS-a u godinit iOTP HEPOPS t ostali trokovi poslovanja HEP OPS-a

u godini t .

Opravdanost razine pojedine komponenteOPEX -apotrebno je procijeniti kroz usporedbu s drugimsubjektima iz sektora te putem me unarodnogbenchmarkinga. Ukoliko se utvrdi da su pojedinestavke previsoke potrebno ih je tijekom regu-lacijskog razdoblja smanjiti, odnosno u izraunudozvoljenog prihoda ukalkulirati poveanje uin-kovitosti na ime opravdanog smanjenjaOPEX -a. Usluaju HEP OPS-a potrebno je dodatno procijenitijesu li opravdani iznosi po kojima je HEP OPS unajam preuzeo dugotrajnu i kratkotrajnu mate-rijalnu imovinu od osnivaa i jedinog vlasnika

HEP d.d. te na koji nain je ugovorno rijeentroak zajednikih slubi (informatika, pravnai raunovodstvena sluba, odnosi s javnou iostali). Ukoliko se postavi pitanje nezavisnostiHEP OPS-a u odnosu na trine djelatnosti unutarHEP grupe neke od navedenih slubi morat e seuspostaviti unutar HEP OPS-a kako bi se osiguralanjegova nepristranost u odnosu na sve sudionikena tritu.

3.1 Determination of the justiable level ofoperating expendituresThe justied level of operating expenditures(OPEX ) includes personnel expenditures, materialexpenditures, maintenance expenditures, otheroperating expenditures etc. For the purposes ofthe algorithm, the components of the OPEX of HEP

OPS are as follows: personnel expenditures, expenditures for the maintenance of energetics

facilities, and other operational costs (for example, joint

services expenditures).

This means that the total OPEX in an individualyear should be as follows:

where:

OPEX HEPOPS t the total operating expenditures of HEPOPS in yeart ,

TOS HEPOPS t the personnel expenditures of HEPOPS in year t ,

TODR HEPOPS t the maintenance expenditures for theobjects of HEP OPS in yeart, and

OTP HEPOPS t other operating expenditures of HEP

OPS in year t .

The justication for the levels of the individualcomponents of the OPEX should be evaluatedthrough comparison to other subjects from thesector and via international benchmarks. Insofaras it is determined that individual items are toohigh, it is necessary to reduce them during theregulatory period, i.e. in the calculation of therevenue cap, to include increased efciency in thename of a justied reduction in OPEX . In the caseof HEP OPS, it also necessary to assess whether theamounts are justied according to which HEP OPS

borrowed xed and current tangible assets from thefounder and sole owner of HEP d.d., and in whatmanner the expenditure of the joint services hasbeen resolved by contract (informatics, legal andaccounting services, public relations and others).If the independence of HEP OPS is questionedin relation to the market activities within the HEPGroup, some of the cited services will have to beestablished within HEP OPS, in order to assure itsimpartiality in relation to all the participants on themarket.

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U ovom trenutku vrlo je teko napraviti uspo-redbu s me unarodnim benchmarkingom ope-ratora prijenosnog sustava, budui da slianbenchmarking nije proveden u okruenju niti suhrvatskom regulatornom tijelu dostupni podacina osnovi kojih bi mogao provesti relevantanbenchmarking. Dakle, pristup koji se moe

primijeniti u utvr ivanju opravdane razineOPEX -ajest prihvatiti zateeno stanje, ukoliko se inirealnim, te odrediti eventualno smanjenje trokovaili poslovanje na uinkovitiji nain kroz trajanjeregulacijskog razdoblja. Budui da HEP OPS nijesamostalno, vlasniki odvojeno poduzee, ve senalazi unutar HEP grupe, nije realno za oekivatida se pristup prema tom subjektu u smisluutvr ivanja trokova, npr. osoblja, moe razmatratiodvojeno od konteksta itave HEP grupe. Zadavanje suglasnosti na prijedlog HEP OPS-overazine OPEX -a, HERA bi trebala detaljnije ui ustrukturu trokova te ugovorne odnose sa maticom

i drugim ovisnim drutvima unutar HEP grupe. Naosnovi toga bi se moglo zakljuiti je li predloenarazina poveanja trokova opravdana. Pri tomepotrebno je utvrditi opravdanostOPEX -a u godinikoja prethodi uvo enju ekonomske regulacije(referentna godina) kao i njegove projekcijskevrijednosti tijekom regulacijskog razdoblja.

3.2 Imovina HEP OPS-aPostojea imovina iz bilance HEP OPS-a jedanje od kljunih elemenata u uvo enju ekonomskeregulacije. Za postojeu imovinu potrebno je,

naime, povijesno utvrditi izvore nanciranja i toradi vie koraka u algoritmu za uvo enje poticajneregulacije:

utvr ivanje izvora nanciranja postojee imo-vine,

izraun troka amortizacije i izraun regulatorne osnovice sredstava ( ROS ).

3.2.1 Utvr ivanje izvora nanciranja postojeeimovineKod utvr ivanja izvora nanciranja postojee

imovine potrebno je razluiti koja je imovinanancirana od strane kupaca kroz npr. naknadu zaprikljuenje te u sluaju kada je imovinu nanciraoHEP d.d. da li se radi o vlastitim sredstvima ilidunikom kapitalu:

At this moment, it is very difcult to make acomparison with the international benchmark fortransmission system operators, since a similarbenchmark has not been performed in this areaand data are not available to the Croatian regulatorybody on the basis of which a relevant benchmarkcould be performed. Therefore, the approach

that can be applied in the determination of thejustiable level of theOPEX is to accept the currentsituation, insofar as it is realistic, and to determineeventual reduction in expenditures or operationsin a more efcient manner through the length ofthe regulatory period. Since HEP OPS is not anindependent enterprise under separate ownershipbut is within the HEP Group, it is not realistic toexpect that the approach to this subject in thesense of the determination of expenditures, forexample personnel, can be considered separatelyfrom the context of the entire HEP Group. In orderto provide approval for the proposal of HEP OPS

regarding the level of OPEX , HERA would haveto enter into the expenditure structure and thecontractual relations with the parent companyand other dependent companies within the HEPGroup in greater detail. On this basis, it would bepossible to conclude whether the proposed levelfor increased expenditures is justied. Therefore,it is necessary to determine the justiability of theOPEX in the year that precedes the introduction ofeconomic regulation (reference year) as well as itsprojected values during the regulatory period.

3.2 The property of HEP OPSThe existing property from the nancial statementof HEP OPS is one of the key elements in theintroduction of economic regulation. For theexisting property, it is necessary to determine thehistorical sources of nancing for further stepsin the algorithm for the introduction of incentiveregulation:

determination of the source of the nancing ofthe existing property,

calculation of amortization expenditures, and calculation of the regulatory asset base ( ROS ).

3.2.1 Determination of the sources of the nancingof the existing propertyIn the determination of the sources of thenancing of the existing property, it is necessaryto differentiate which property is nanced by thecustomers through, for example, compensation forconnection and in the event when the property isnanced by HEP d.d., whether it concerns equitycapital or debt capital:

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3.2.2 Izraun troka amortizacijePrilikom izrauna troka amortizacije potrebno jeutvrditi regulatornu amortizacijsku politiku koja nemora nuno biti jednaka amortizacijskoj politiciHEP OPS-a. Postoje sluajevi, kao to je to ranijenavedeno, u kojima se amortizacija za potreberegulacije obraunava na razliiti nain od troka

amortizacije za porezne potrebe, npr. regulatornotijelo moe zahtijevati da se primjenjuje linearnaamortizacija, dok HEP OPS moe primjenjivatiubrzanu amortizaciju. No, u veini sluajevaregulatorno tijelo prihvaa dotadanju politiku iu naelu radi se o linearnoj metodi amortizacijeprema povijesnom troku. Amortizacija zapoinjes prvim mjesecom nakon stavljanja imovine uupotrebu, a amortizira se tijekom korisnog vijekasredstava. Imovinu je mogue grupirati premakategorijama, odnosno korisnom vijeku trajanja.

Kada se radi o imovini HEP OPS-a mogue juje grupirati na nain koji prikazuje slika 3. Zautvr ivanje ukupne knjigovodstvene vrijednostiimovine HEP OPS-a na poetku, odnosno kraju,svake godine regulacijskog razdoblja potrebno jeizraunati troak amortizacije, kao i odrediti koji je

udio novih sredstava koji se uzima u obzir prilikomizrauna troka amortizacije (slovenski regulatornpr. u troak amortizacije uraunava 50 % iznosaizraunate amortizacije novih sredstava), odnosnoutvr ivanja nove knjigovodstvene vrijednosti(tablica 1). Budui da se radi o regulacijskomrazdoblju od 2005. do 2007. godine kao referentnagodina koristi se 2004. godina. Knjigovodstvenavrijednost na kraju svake godine regulacijskograzdoblja rauna se na sljedei nain:

3.2.2 Calculation of amortization expendituresIn the calculation of amortization expenditures,it is necessary to determine the regulatoryamortization policy that need not necessarily bethe same as the amortization policy of HEP OPS.There are cases, such as previously mentioned, inwhich amortization for the purposes of regulation

is calculated in a different manner than theamortization expenditures for tax purposes, forexample the regulatory body can require linearamortization to be applied while HEP OPS mayapply accelerated amortization. However, in themajority of cases, the regulatory body has acceptedthe current policy and in principle this concerns thelinear method of amortization according to historicalexpenditures. Amortization begins in the rst monthafter property is placed in use, and amortizes duringthe useful lifetime of the assets. Property can begrouped according to categories, i.e. the length ofthe useful lifetime.

Regarding the property of HEP OPS, it is possibleto group it in the manner presented in Figure 3.For the determination of the total bookkeepingvalue of the property of HEP OPS at the beginningand the end of each year of the regulatory period,it is necessary to calculate the amortization

expenditures, as well as to determine which share ofthe new assets should be taken into account duringthe calculation of the amortization expenditures(the Slovenian regulator, for example, calculates50 % of the amount of the calculated amortizationof new assets in amortization expenditures), i.e.the determination of new bookkeeping values(Table 1). Since this concerns the regulatory periodfrom 2005 to 2007, the year 2004 is used as thereference year. The bookkeeping value at the end ofeach year of the regulatory period is calculated inthe following manner:

Slika 3Grupiranje imovineHEP OPS-aFigure 3Grouped property ofHEP OPS

TS / SS 400/x kV

TS / SS 220/110 kV

TS / SS 110/X kV

DV / TL 400 kV

DV / TL 220 kV

DV / TL 110 kV (nadzemni / overhead )

DV / TL 110 kV (podzemni / underground )

Ostala imovina / Other property

IMOVINA HEP OPS-a /PROPERTY of the HEP OPS

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gdje je:

n broj grupa osnovnih sredstava (imovine),KV HEPOPS t knjigovodstvena vrijednost sredstva HEP OPS-a u godinit ,

AM HEPOPS it troak amortizacije grupe sredstavai HEP OPS-a u godinit iUOS HEPOPS it ulaganja u osnovna sredstva grupe sredstava i HEP OPS-a u godinit .

where:

n the number of groups of xed assets (properties),KV HEPOPS t the bookkeeping value of the assets of HEP OPS in yeart ,

AM HEPOPS it the amortization expenditures of the group of assets i of HEP OPS in the year t, andUOS HEPOPS it investments in the xed assets of the group of assets i of HEP OPS in the year t .

(7)

Tablica 1 Skupine imovine te utvr ivanje knjigovodstvene vrijednosti za svaku godinu regulacijskog razdoblja od tri godine (2005.-2007.)Table 1 Groups of property and the determination of the bookkeeping value for each of the three years of the regulatory period (2005-2007)

Imovina /Property

Utvr ivanje knjigovodstvenevrijednosti na poetkusvake godine regulacijskograzdoblja /Determination ofthe bookkeeping value at thebeginning of each year of theregulatory period

Troak amortizacije u svakojgodini regulacijskog razdoblja /Amortization expenditures ineach year of the regulatoryperiod

Imovina uvedena u knjige tijekomsvake godine regulacijskograzdoblja /Property entered inthe books during each year of theregulatory period

Knjigovodstvena vrijednost nadan 31.12.2004. / Bookkeepingvalue on December 31, 2004Knjigovodstvena vrijednost nadan 31.12.2005. / Bookkeepingvalue on December 31, 2005Knjigovodstvena vrijednost nadan 31.12.2006. / Bookkeepingvalue on December 31, 2006

Amortizacija u 2005. / Amortization in 2005Amortizacija u 2006. / Amortization in 2006Amortizacija u 2007./ Amortization in 2007

Imovina uvedena u knjige u2005. / Property entered in thebooks in 2005Imovina uvedena u knjige u2006. / Property entered in thebooks in 2006Imovina uvedena u knjige u2007. / Property entered in thebooks in 2007

TS 400/x kV /400/x KV substations

TS 220/110 kV/ 220/110 kVsubstations

TS 110/x kV /110/x kVsubstations

DV 400 kV /400 kVtransmission lines

DV 220 kV /220 kVtransmission lines

DV 110 kV (nadzemni) /110 kVoverhead transmission lines

DV 110 kV (kabeli) /110 kVunderground transmission lines

Ostala imovina /Other property

Ukupno /Total

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Troak amortizacije pri tome se utvr uje naosnovi vrijednosti sredstava i vijeka trajanjasredstava. Za svaku skupinu sredstava/imovinepotrebno je utvrditi amortizacijsku stopu kaoi eventualni otpis sredstava koji je obavljentijekom godine. Da bi se mogao obaviti stvarniizraun troka amortizacije za potrebe utvr ivanja

opravdanog prihoda po pojedinim godinamaregulacijskog razdoblja, potrebno je provestiienje u knjigovodstvenoj vrijednosti na nainda se utvrdi imovina nancirana kroz naknade zaprikljuenje te da se utvrdi koja se imovina tijekomregulacijskog razdoblja smatra opravdanom da bise mogla pribrojati u knjigovodstvenu vrijednostza potrebe regulacijske politike. Isto naelo vrijedii za utvr ivanje regulatorne osnovice sredstava( ROS ). Pod pojmom opravdanosti smatra seimovina, odnosno investicije koje doprinosepoboljanju kvalitete opskrbe i pouzdanostisustava, uz planirano poveanje potronje. Ujedno

predmetne investicije moraju biti u skladu splanovima razvoja, izgradnje i odravanja mreekoje je odobrila HERA. Ukoliko se ne bi prethodnoutvrdilo koja je imovina opravdana s regulacijskogaspekta te ukoliko se ne napravi prethodna analizapodrijetla nanciranja imovine, mogue je da bise dobile znaajno vee vrijednosti reguliranogprihoda kao ishodite za utvr ivanje tarifa zakoritenje prijenosne mree.

3.2.3 Izraun regulatorne osnovice sredstavaRegulatorna osnovica sredstava ( ROS ) su sredstva

na kojima regulirani subjekt moe, po dozvoliregulatornog tijela, ostvarivati odre enu stopuprinosa. Ona nije, odnosno ne mora biti istovjetnasredstvima koje poduzee prijavljuje u svojojbilanci (ili koristi za amortizaciju) iz razlogakao to su nepriznavanje ulaganja od straneregulatora, razliite metodologije vrednovanjaitd. Da bi se izbjeglo inacijsko obezvrje ivanjesredstava tijekom vremena, poetni ROS bi trebalouskla ivati na njegovu realnu vrijednost. Vrloesto se ROS uveava na godinjoj razini u skladus indeksom potroakih cijena ili nekim drugimodgovarajuim indeksom cijena. Nova sredstva

trebalo bi ukljuiti u ROS prema trokovima, kojisu predmet regulatornog nadzora te uskladiti sinacijom.

Za izraunavanje prinosa sredstava kao osnovicase uzima prosjena vrijednost regulatorne osno-vice sredstava izraunata iz poetne i kona-ne vrijednosti. Poetna regulatorna osnovicasredstava podrazumijeva vrijednost materijalneimovine na prvi dan regulacijskog razdoblja.

Kao ishodina toka razmatranja moe se uzetiu obzir dugotrajna materijalna i nematerijalna

Amortization expenditures are determined on thebasis of the values and lifetimes of the assets. Foreach group of assets/properties, it is necessary todetermine the rate of amortization and the eventualwrite-off of assets that is performed during the year.In order to be able to perform the actual calculationof amortization expenditures for the purpose

of the determination of the justiable revenueaccording to individual years of the regulatoryperiod, it is necessary to rectify the bookkeepingvalues in such a manner as to determine theproperty nanced through connection fees and todetermine which properties during the regulatoryperiod are considered to be justied for inclusionin the bookkeeping values for the purposes of theregulatory policy. The same principle also appliesfor the determination of the regulatory assetbase ( ROS ). Under the concept of justiabilityare included properties, i.e. investments, whichcontribute to the improvement of the quality

of the supply and the reliability of the system,with planned increase in consumption. Theseinvestments must also be pursuant to the plans forthe development, construction and maintenance ofthe network that are approved by HERA. Insofar asit is not previously determined which property isjustied from the regulatory aspect and insofar asa prior analysis of the origin of the nancing of theproperty is not performed, it is possible to obtain asignicantly higher value for regulated revenue as astarting point for the determination of the tariffs forthe use of the transmission network.

3.2.3 Calculation of the regulatory asset baseRegulatory asset base ( ROS ) are assets on whicha regulated subject may, with the approval of theregulatory body, realize a specic yield rate. Theyare not or need not be identical to assets that anenterprise reports in its nancial statement (oruses for amortization) for reasons such as lack ofrecognition of investment by the regulator, variousmethodologies for valorization etc. In order to avoidinationary depreciation of assets over time, theinitial ROS should be coordinated with their actualvalue. Very often ROS is increased at an annual

level according to the consumer price index orsome other suitable price index. New assets shouldbe included in ROS according to expenditures,which are a subject of regulatory supervision andcoordinated with ination. The base for the calculation of asset yield is obtainedby taking the average value of the regulatory assetbase calculated from the initial and nal values.The initial regulatory asset base is understood tomean the value of the tangible property on the rstday of the regulatory period.

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imovina HEP OPS-a na poetni dan regulacijskograzdoblja. Dakle, na dan 1. sijenja 2005. godine.Kada se radi o materijalnoj imovini, imovina kojaje upisana u bilancu, a steena je bez plaanja,oduzima se od poetne vrijednosti iz bilance, kaoi godinji troak amortizacije, dok se istoj pribrajavrijednost novih ulaganja:

gdje je:

KROS HEPOPS t konana vrijednost ROS -a HEP OPS-a

u godini t ,OVS HEPOPS t poetna vrijednost ROS -a HEP OPS-au godini t ,

UOS HEPOPS t ulaganja u osnovna sredstva HEP OPS-a u godinit ,

AM HEPOPS t troak amortizacije HEP OPS-a u godini t ,OS HEPOPS t otpisana sredstva HEP OPS-a u godini t i

NP t iznos naknada za prikljuenje na mreu u godinit .

U regulatornu osnovicu sredstava smiju biti

ukljuena samo ona sredstva koja se koriste zaobavljanje energetskih djelatnosti prijenosa, a kojaje prethodno odobrilo regulatorno tijelo. Sredstvakoja su nancirana iz naknada za prikljuenjena mreu ne uzimaju se u obzir pri izraunuamortizacije, kao niti pri izraunu regulatorneosnovice sredstava. Ulaganja u osnovna sredstvatijekom regulacijskog razdoblja procjenjuju ses obzirom na poznati opseg usluga i standardekvalitete usluga.

Prosjena godinja vrijednost ROS -a utvr uje se naosnovi poetne i konane vrijednosti:

gdje je:

ROS t prosjena vrijednost ROS -a u godini t , ROS pt poetna vrijednost ROS -a u godini t , ROS kt konana vrijednost ROS -a u godini t .

As a starting point for discussion, it is possible totake into account the xed tangible and intangibleassets of HEP OPS on the rst day of the regulatoryperiod. This means on the day of January 1, 2005.In the case of tangible property, property that isentered in the nancial statement and acquiredwithout payment as well as the annual amortization

expenditures are deducted from the initial valuein the nancial statement, while the value of newinvestments is added:

where:

KROS HEPOPS t the nal ROS value of HEP OPS in

the year t ,OVS HEPOPS t the initial ROS value of HEP OPS in the year t ,UOS HEPOPS t investment in the xed assets of HEP OPS in the year t ,

AM HEPOPS t amortization expenditures of HEP OPS in the year t ,OS HEPOPS t written-off assets of HEP OPS in the year t, and

NP t the amount of compensation forconnection to the network in theyear t .

In the regulatory asset base, only those assetsmay be included that are used for performing theenergy activities of transmission, and which werepreviously approved by the regulatory body. Assetsnanced from compensation for connection tothe network are neither taken into account in thecalculation of amortization nor in the calculationof the regulatory asset base. Investments in xedassets during the regulatory period are assessedwith respect to the recognized range of services andquality standards for services.

The average annual value of regulatory asset base

( ROS ) is determined on the basis of the initial andnal values:

where:

ROS t the average value of ROS in the year t , ROS pt the initial value of ROS in the year t , ROS kt the nal value of ROS in the year t .

(8)

(9)

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3.3 Izraun stope prinosaStopa prinosa (SP) trebala bi osigurati trinustopu prinosa, uzimajui u obzir, ovisno o vrstidjelatnosti, rizinost investicija. Pri tome sestopa prinosa za tvrtku u privatnom vlasnitvupovezuje s trokom kapitala, koji se procjenjujena osnovi ponderiranog prosjenog troka kapitala

(engl. Weighted Average Cost of Capital - WACC ).Procjena ovog troka temelji se na troku vlastitogkapitala i troku duga. Ponderirani prosjeni troakkapitala rauna se prema sljedeoj formuli:

gdje je:

g udio duga u strukturi ukupnog kapitala,r e stopa nanciranja vlastitog kapitala,r d stopa nanciranja duga.

Trokovi dunikog kapitala ocjenjuju se natemelju prosjenih uvjeta kreditiranja i kamatnihstopa koje banke nude reguliranim energetskimsubjektima. Uobiajeni pristup procjeni trokavlastitog kapitala je model odre ivanja cijenakapitalnih sredstava koji uzima u obzir relativnirizik tog poduzea (projekta) prema tritu ucjelini. Ovaj model procjenjuje stopu nanciranjavlastitog kapitala kao:

gdje je:

r f stopa prinosa od nerizinih ulaganja (npr. prinos od dravnih obveznica),

odnosno nerizina stopa, e koecijent varijabilnosti prinosa dionica

energetskog subjekta u odnosu na pro-sjenu varijabilnost prinosa svih dionicakoje kotiraju na tritu kapitala,

rm stopa prosjenog prinosa od rizinih ulaganja (oekivani prinos od trinog portfelja) i(rm r f ) stopa premije trinog rizika.

Izraz e (r m r f ) predstavlja premiju trinogrizika za vlastiti kapital (engl.equity risk premium ).

3.3 Calculation of the yield rateThe yield rate (SP) should insure the marketyield rate, taking investment risk into account,depending upon the type of activity. The yieldrate for an enterprise under private ownershipis connected with capital expenditure, which isassessed on the basis of the weighted average cost

of capital - WACC . The estimate for this expenditureis based upon equity capital expenditure and debtexpenditure. The weighted average cost of capital iscalculated according to the following formula:

where:

g the share of debt in the structure of total capital,r e the nancing rate of equity capital,r d the nancing rate of debt.

Expenditures of debt capital are assessed on thebasis of the average conditions of credit nancingand the interest rates that banks offer to regulatedenergy subjects. The customary approach for theassessment of equity capital expenditure is themodel for the determination of the price of capitalassets, taking into account the relative risk of thisenterprise (project) according to the market as awhole. This model estimates the nancing rate of

equity capital, such as:

where:

r f the yield rate from no-risk investments(for example, transfer from state bonds),

or no-risk rate, e the coefcient of variability of the

transfer of the shares of the energy subject in comparison to the average variability of the transfer of all shares quoted on the capital market,r m the rate of the average transfer from risky investments (anticipated transfer from the market portfolio), and(rm r f ) the risk premium rate.

The expression e (r m r f ) represents the equityrisk premium.

(10)

(11)

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Iz navedenih iskustava vidljivo je da konanaodluka o visini stope prinosa prvenstvenoovisi o odluci i pristupu regulatornog tijelakao i o prethodno provedenim analizama, nezanemarujui pri tome razvijenost nancijskogtrita u pojedinim dravama, kao i uvo enjeprivatnog vlasnitva u elektroenergetski sektor.

U Hrvatskoj do sada nema prakse u izraunu stope

prinosa u prijenosu elektrine energije. Stoga suza prikaz ilustrativnog primjera izrauna moguevrijednosti stope prinosa u modelu regulacijeprijenosa elektrine energije u Hrvatskoj (tablica3) kao ishodite koriteni podaci iz studije [8]koju je izradila britanska konzultantska kua(Petroleum Development Consultants) iz Londonaza potrebe regulacije plinskog sektora u RepubliciHrvatskoj. U kolonama II IV promijenjen je omjerdunikog i vlasnikog kapitala, iznos sredstavabeta (iznos od 0,296 preuzet je iz ekog primjeraiz tablice 2.) te stopa premije rizika duga sukladnoiskustvima ranije navedenih drava. Uz variranje

pojedinih faktora u izraunu, ciljana stopa prinosanakon oporezivanja kree se u rasponu od 5,59 %do 8,4 %, ovisno o koritenim parametrima.

From the cited experiences, it is evident that thenal decision on the amount of the yield rateprimarily depends upon the decision and approachof the regulatory body and upon the previouslyperformed analyses, without ignoring the levelsof the development of the nancial markets inindividual countries, as well as the introduction ofprivate ownership in the electrical energy sector.

In the Republic of Croatia, until now it has notbeen the practice to calculate the yield rate in thetransmission of electrical energy. Therefore, for thepresentation of an illustrative example, possiblevalues of the yield rate have been calculated ina model for the regulation of the transmission ofelectrical energy in the Republic of Croatia, (Table3). As a starting point, data were used from a study[8] that was conducted by a British consulting rm(Petroleum Development Consultants of London)for the purposes of the regulation of the gas sectorin the Republic of Croatia. In Columns II IV, theratio of debt and equity capital, the amount of

beta assets (the amount of 0,296 has been takenfrom the Czech example from Table 2), and thepremium debt risk rate pursuant to the experiencesof the previously ment

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