Regulatory agency sets natural gas transport tariffs, impacting investments and consumers.
The National Agency of Petroleum, Natural Gas and Biofuels (ANP) has made a pivotal decision that redefines the compensation for the country’s primary natural gas pipeline operators. In a tariff review process, the agency determined that the assets of Nova Transportadora do Sudeste (NTS) and Transportadora Associada de Gás (TAG) have already reached full amortization, resulting in their exclusion from the regulatory asset base (RAB).
This measure, approved unanimously during a meeting last Friday, directly impacts the expected revenue for these companies and could influence the future investment landscape in natural gas infrastructure. The decision, which adopts the controversial Recovered Capital Method (RCM), was justified by the ANP based on technical analysis and the quality of historical records for each contract, aiming to ensure reasonable tariff rates for consumers.
Decision details and methodologies applied
The ANP established specific values for the RAB of other segments and assets, such as GOM and TBG, utilizing different methodological approaches. For instance, TSB segments 1 and 3 had their RAB set at R$ 56.02 million, while the TBG New Market block reached R$ 2.649 billion. Differentiated treatment was applied to specific assets like Gasfor II (TAG) and the Gasig (NTS) expansion.
The choice to use the RCM generated controversy, with pipeline operators contesting its application, as this methodology tends to reduce the RAB. The rapporteur, director Pietro Mendes, argued that the RCM falls under “recognized alternative methodologies for asset valuation,” noting that there is no rigid hierarchy among them. The decision took into account the available documentation and the regulatory history of each contract.
Methodological differences and guaranteed parity
The Historical Cost Adjusted for Inflation (CHCI), applied to Transportadora Brasileira Gasoduto Bolívia-Brasil S/A (TBG), was not used for the other operators due to document discrepancies and challenges regarding the origin of records. The ANP ensured that these methodological differences stemmed from the specific characteristics of each asset rather than unequal treatment based on ownership.
Director Fernando Moura reinforced this position, stating that the differentiation was based on documentary and methodological criteria. “Parity does not mean using the same method for all operators,” explained Moura, highlighting that the ANP’s technical team provided robust references for the use of the RCM. Director Symone Araújo added that the RAB is only one component of the total compensation for operators, which will also account for efficient operating costs and new investments.
Sector reactions and next steps
The ANP decision sparked mixed reactions. The Association of Natural Gas Pipeline Transport Companies (ATGás) expressed disagreement, labeling the application of the RCM “unprecedented” and detrimental to legal certainty and long-term investment predictability. In contrast, the Brazilian Association of Piped Gas Distribution Companies (Abegás) supported the measure, describing it as “sensible and technically rigorous” in protecting consumers.
This tariff review represents a milestone in the regulation of the natural gas transport sector in Brazil. The impact on the attractiveness of new projects and infrastructure expansion will be closely monitored, especially in light of growing demand for natural gas and the energy transition. Defining clear and stable regulatory bases is essential to ensure the sustainable development of this strategic market.
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