The ANP confirmed the maintenance of the return rate for gas transportation, thwarting ATGás’ expectations for higher values in the 2026-2030 regulatory cycle.
The board of the National Agency of Petroleum, Natural Gas, and Biofuels (ANP) concluded a significant dispute by unanimously rejecting the appeal filed by the Association of Natural Gas Pipeline Transportation Companies (ATGás). The decision solidifies the weighted average cost of capital (WACC) at 7.47% per year for the 2026-2030 cycle.
The energy sector awaited an outcome on this matter, as ATGás advocated for significantly higher rates, based on calculations ranging between 9.01% and 9.41%. The regulatory agency’s maintenance of the percentage reflects its pursuit of a balance between investment attractiveness and tariff moderation in the Brazilian gas market.
Arguments and Regulatory Stability
During the vote, rapporteur Symone Araújo reinforced the technical consistency of the parameters adopted by the ANP team. While acknowledging that calculation models may undergo future adjustments, the director emphasized that reopening the entire procedural process now would be detrimental to the business environment.
I believe the approved parameter should not be immune to revision; however, I understand that the impact of the difference is not an element that essentially justifies returning to the entire regulatory process applied to the WACC. It is certain that prospectively determining the inclusion of the specific issuance in the sample ensures regulatory stability and predictability.
For the director, maintaining the current index reconciles the necessary technical accuracy with the predictability required by market players, ensuring fair treatment among the agents operating the national pipeline infrastructure.
Tensions in the Gas Transportation Sector
This impasse over the WACC marks only one of the fronts of contention between the transport companies and the regulator. ATGás is also seeking, through the judicial sphere, to overturn the adoption of the Recovered Capital Method (RCM), a new valuation methodology for assets of the companies NTS (Nova Transportadora do Sudeste) and TAG (Transportadora Associada de Gás).
The association argues for the illegality of provisions contained in Resolution 991/2026, which enabled the use of RCM for legacy contracts. With the definition of the WACC now finalized by the ANP board, the market watches how these disputes will impact the next phases of tariff revision and investor confidence in the natural gas sector.
