Distributed generation of photovoltaic solar energy: impacts of ANEEL`s new regulation proposal on investment attractiveness

Abstract

Purpose – The production of photovoltaic solar energy has gained international prominence, being the subject of government policies aimed at its development. The purpose of this study is to analyze the profitability of a shared photovoltaic solar energy project, located in the national territory, resulting from changes in regulatory framework of the sector represented by different tariff levels.Design/methodology/approach – It is a quantitative study based on corporate finance as its theoretical-conceptual substrate. Simulations were carried out using different energy price and tariff scenarios.Findings - The results reveal that, under current conditions, distributed photovoltaic solar energy generation is financially very attractive to investors. In addition, it was found that significant changes in the tariff regime for this type of energy might prevent new investments in the segment. Practical implications – The evidence suggests caution in changing the legal framework of a segment that is still incipient in the country, which generates clean and renewable energy, and with enormous growth potential.Originality/value - The study presents, in a systematic way, the possible impacts of changes in the price and tariff scenarios on the attractiveness of investment in the distributed generation of photovoltaic solar energy generation. In this sense, it can be easily adapted to evaluate industrial plant projects of different sizes in regions with distinct levels of solar irradiation.

Academic Approach on Solar Photovoltaic Energy in Brazil

“…Distributed photovoltaic generation, for example, is becoming increasingly competitive and has the potential to contribute to the reduction of emissions, in addition to generating economic benefits for consumers who use it (HEIDEIER et al, 2020). This fact was corroborated by Cardoso et al (2021) who mentioned that there is evidence that this distributed generation contributes to making the energy matrix cleaner, has less impact on nature, reduces electrical energy losses, optimizes the distribution network and makes consumers aware of the more rational consumption of energy. energy.…”

“…The conventional energy system is facing problems of progressive depletion of fossil energy resources and low energy efficiency (CARDOSO et al, 2021) changing the concern of resource availability (i.e., oil, gas and coal reserves) to availability energy (wind and solar radiation) and the consequent change in the interests of stakeholders, such as policymakers, companies and the general public (KRAAN et al, 2019). Energy efficiency can be understood as the reduction of energy demand, that is, the cheapest and least consumed energy according to Freitas et al (2020).…”

“…In Brazil, the electricity matrix is strongly influenced by renewable sources, with hydroelectricity having the largest contribution (CARVALHO et al, 2020;MEDEIROS et al, 2021;SILVA et al, 2020). On the other hand, the world energy matrix is predominantly non-renewable, as it uses highly polluting resources, mainly due to greenhouse gas emissions (CARDOSO et al, 2021).…”

Cooperativas de energia no Brasil: um referencial teórico para a transição energética

“…Apesar do grande crescimento na geração de energias alternativas, o Brasil não vinha aproveitando seu alto nível de radiação solar para geração de energia fotovoltaica e, para reverter essa situação, a ANEEL introduziu, em 2012, a Resolução Normativa Nº 482/2012, permitindo que o consumidor pudesse gerar sua própria eletricidade a partir de fontes renováveis ou cogeração qualificada, e até mesmo fornecer o excedente à rede de distribuição (Cardoso et al, 2021).…”

“…Dentro do escopo desta Resolução, foi implementado o Sistema de Compensação de Energia Elétrica, permitindo aos consumidores instalarem pequenos geradores, como painéis fotovoltaicos e microturbinas eólicas, nas suas unidades consumidoras e trocar energia com a distribuidora local para reduzir sua conta de eletricidade, com validade dos créditos de 60 meses e possibilidade de utilização para reduzir as contas de diferentes unidades do mesmo titular (Cardoso et al, 2021).…”