ANP Sets Gas Transportation Rate of Return, Dismisses Transport Companies’ Request.
Brazil’s National Agency of Petroleum, Natural Gas and Biofuels (ANP) unanimously confirmed the maintenance of a 7.63% annual rate of return for the natural gas transportation sector. The decision, made by the Board of Directors last Friday (4), affects the regulatory period from 2026 to 2030 and marks the conclusion of the first phase of the sector’s tariff review.
The ANP rejected an appeal filed by the Association of Natural Gas Pipeline Transportation Companies (ATGás), which sought to challenge the methodology used to calculate the Weighted Average Cost of Capital (WACC). This rate is a crucial component in determining tariffs, as it sets the remuneration for investments made by companies in essential infrastructure such as gas pipelines and compressor stations.
Gas transportation companies had raised several objections to the ANP‘s methodology, arguing, among other points, that the capital structure used should be adjusted to favor a greater share of equity over debt. Furthermore, ATGás advocated for a minimum WACC of 8%, aiming to align the sector’s remuneration with other infrastructure segments.
Nevertheless, the regulatory body maintained its stance, reaffirming the previously defined parameters. The decision to keep the WACC at 7.63% for the upcoming regulatory cycle sends a clear signal about the agency’s expectations regarding the remuneration of gas transportation assets. This index directly influences the attractiveness of new projects for expanding and modernizing the gas pipeline network, impacting the future investment landscape in the sector.
The conclusion of this challenge phase by ATGás closes the discussion on the rate of return for the 2026-2030 period, allowing the tariff review to proceed to subsequent phases, thereby defining the economic terms that will guide the natural gas transportation sector in the coming years.
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