natgillin/translations-raw huggingface dataset:
In any case, the right to use public water resources were to be granted to the energy producer, namely EDP, for the same period.
banka Caixa Banco de Investimento to vrednost ocenjuje na 650–750 milijonov EUR, pri oceni pa je uporabila dve diskontni stopnji, in sicer je bila preostala vrednost dolgoročnih pogodb o nakupu energije diskontirana s 4,57-odstotno stopnjo, ki je rezultat uporabe razlike 50 bazičnih točk za 4,05-odstotni donos 15-letnih državnih obveznic, prosti denarni tokovi pa so bili diskontirani s 7,72-odstotno stopnjo WACC na podlagi modela ocenjevanja finančnih sredstev, pri katerem so bili uporabljeni podatki, posredno izpeljani iz ocen stroškov kapitala in tveganja podobnih evropskih gospodarskih javnih služb;
Pursuant to the Portuguese Water Act No 58/2005, of 29 December 2005, and Decree-Law No 226-A/2007, of 31 May 2007, concerning the regime of use of water resources, the use of public water resources for energy production is subject to a concession.
družba Credit Suisse First Boston (v nadaljnjem besedilu: CSFB) to vrednost ocenjuje na 704 milijone EUR, pri oceni pa je uporabila predpostavko, da cena električne energije znaša 50 EUR/MWh, ter 7,89-odstotno diskontno stopnjo za WACC in 4,55-odstotno diskontno stopnjo za preostalo vrednost.
The choice of the entity receiving the concession had to be made through one of the specific procedures determined by law.
Stopnja za WACC kot pri banki Caixa Banco de Investimento temelji na modelu ocenjevanja finančnih sredstev, pri katerem so bili uporabljeni podatki, posredno izpeljani iz ocen stroškov kapitala in tveganja podobnih evropskih gospodarskih javnih služb.
If, however, the entity receiving the concession made investments authorised by the grantor that were not and could not be amortised, the State could either repay the residual value or extend the terms of the concession for the remaining time for the assets to be depreciated, but in no event exceeding 75 years [7].
V skladu s členom 91(6) Uredbe-zakona št. 226-A/2007 je bil pogoj za prenos pravic na proizvajalce električne energije (dejansko na družbo EDP) plačilo zneska, ki izraža gospodarsko in finančno ravnovesje.
Value of the extension of hydro concessions
Kot je bilo opredeljeno v členu 92(1) Uredbe-zakona št. 226-A/2007, je ta znesek pri vsaki elektrarni ustrezal razliki med tržno vrednostjo obratovanja do konca podaljšanega obdobja, izraženo v denarnih tokovih, in preostalo vrednostjo naložbe, določeno v dolgoročni pogodbi o nakupu energije in diskontirano z ustreznimi diskontnimi stopnjami za vsakega od navedenih elementov cene.
Portugal carried out three studies which detail the calculation of the possible economic value resulting from the extension in 2007.
Navedena določba je omogočila, da se transakcija ne obravnava kot ena naložba v finančnem smislu, saj sta za diskontiranje naslednjih elementov uporabljeni različni obrestni meri:
The main results of the studies were as follows:
preostale vrednosti (ki jo je treba plačati družbi EDP);
REN estimates the value of the extension of the concession to EUR 1672 million, based on a single discount rate of 6,6 % corresponding to EDP's self-reported value of weighted average cost of capital (‘WACC’).
prostih finančnih denarnih tokov, ki jih je družba EDP ustvarila s poznejšo prodajo električne energije, ki so jo proizvedle navedene hidroelektrarne (ki bi jo morali Portugalski plačati družba EDP in na koncu potrošniki).
Caixa Banco de Investimento estimates a value between EUR 650 million and EUR 750 million, based on the use of two discount rates: the residual value of the PPAs discounted at 4,57 %, resulting from a spread of 50 basis points over the 4,05 % yield of 15-year Government bonds; and the free cash flows discounted with a WACC of 7,72 % based on a capital asset pricing model supplied with data indirectly derived from similar European utilities' equity and risk cost estimates.
V skladu z določbami Uredbe-zakona št. 226-A/2007 je družba EDP portugalski državi plačala 759 milijonov EUR za gospodarsko in finančno ravnovesje podaljšanja koncesij za vseh 27 hidroelektrarn.
Credit Suisse First Boston (‘CSFB’) estimates a value of EUR 704 million depending on an assumed electricity price of 50 EUR/MWh, based on a set of discount rates of 7,89 % for WACC and 4,55 % for the residual value, respectively.
Ta številka vključuje znesek 55 milijonov EUR, ki ustreza stopnji davka na rabo vodnih virov.
The WACC rate is, like for Caixa Banco de Investimento, based on a capital asset pricing model fed with data indirectly derived from similar European utilities' equity and risk cost estimates.
Iz tega sledi, da je neto znesek navedenega nadomestila, ki ga je plačala družba EDP, znašal 704 milijone EUR.
Decree-Law No 226-A/2007 gave legal support to the suspensive clauses of PPAs by extending the term of the rights to use the public water resources held by hydro power plants operated by EDP whose PPA had been terminated by Decree Law No 240/2004.
Pritožba
Pursuant to Article 91(6) of Decree-Law No 226-A/2007, the transmission of rights to electricity producers (de facto EDP) was subject to payment of an amount reflecting an economic and financial balance.
V pritožbi, prejeti septembra 2012, je bilo navedeno, da je Portugalska družbi EDP dodelila nezakonito državno pomoč, ki ni združljiva z notranjim trgom in je bila rezultat naslednjih dveh ločenih ukrepov:
As defined in Article 92(1) of Decree Law No 226-A/2007, this amount corresponded, for each power plant, to the difference between the market value of operation until the end of the extended term expressed in cash flows and the residual value of the investment, as set out in the PPA and discounted at appropriate discount rates for each of those two components of the price.
nadomestila za nasedle stroške, ki je bilo družbi EDP izplačano pred liberalizacijo trgov z električno energijo in ga je Komisija odobrila v Sklepu o državni pomoči N 161/2004 – Nasedli stroški na Portugalskem (kot je navedeno v uvodni izjavi 12 [8]); pritožnik trdi, da pomoč, ki je bila odobrena leta 2004, zaradi sprememb okoliščin od sprejetja Sklepa Komisije in neskladnosti s pogoji iz Sporočila Komisije o metodologiji za analizo državne pomoči v zvezi z nasedlimi stroški [9] ne bi bila več združljiva s pravili Unije o državni pomoči;
That provision allowed the transaction not to be treated as one single investment in financial terms, since different interest rates are used to discount the following:
nizke cene, ki jo je družba EDP leta 2007 plačala Portugalski za podaljšanje trajanja koncesij za pravico do uporabe javnih vodnih virov za proizvodnjo električne energije v hidroelektrarnah, ne da bi bil za to organiziran javni razpis, s čimer se je država odrekla prihodkom v korist družbe EDP.
the residual value (to be paid to EDP);
Sklep o začetku postopka
the financial free cash flows accruing to EDP from subsequent sales of electricity generated by those hydro plants (to be paid to Portugal by EDP and eventually the consumers).
Komisija je v sklepu o začetku postopka ovrgla del pritožbe, ki se nanaša na nadomestilo za nasedle stroške, in sklenila, da ni razloga za ugotovitev, da pomoč ni več združljiva z notranjim trgom.
In accordance with the provisions of Decree-Law No 226-A/2007, EDP paid to the Portuguese State the sum of EUR 759 million in consideration for the economic and financial balance of the extension of all 27 hydro power plants concessions.
Vendar je izrazila dvom o morebitni državni pomoči družbi EDP pri izvajanju režima uporabe vodnih virov.
This figure includes the amount of EUR 55 million corresponding to the water resource tax rate.
V sklepu o začetku postopka je predhodno sklenila, da se zdi, da bi lahko domnevno nizki znesek, ki ga je družba EDP plačala za podaljšanje pravice do uporabe javnih vodnih virov v okviru izvajanja Uredbe-zakona št. 226-A/2007, pomenil selektivno gospodarsko prednost za družbo EDP, če bi se potrdilo, da je res nizek.
It follows that the net amount of that consideration paid by EDP was EUR 704 million.
Kar zadeva združljivost, Komisija takrat ni določila nobene ustrezne pravne podlage za združljivost morebitne državne pomoči družbi EDP z notranjim trgom.
The complaint
Odsotnost javnega razpisa
In the complaint received in September 2012, it was alleged that Portugal had granted unlawful State aid, incompatible with the internal market, to EDP, which resulted from two distinct measures as follows:
Komisija je opozorila, da dodelitev pravice do uporabe javnih vodnih virov za izvajanje storitve, ki se zagotavlja na trgu, na podlagi koncesije ne sme vključevati gospodarske prednosti za upravičenca, kadar je koncesija dodeljena na podlagi odprtega in nediskriminacijskega postopka za oddajo javnega naročila, v katerem sodeluje dovolj zainteresiranih gospodarskih subjektov.
the compensation for stranded costs to EDP pre-dating the liberalisation of electricity markets, which the Commission approved in its Decision concerning State aid N 161/2004 — Stranded costs in Portugal (as referred to in recital 12 [8]): the complainant argues that, due to changes in circumstances since the adoption of the Commission Decision, and the inconsistency with the terms of the Communication from the Commission relating to the methodology for analysing State aid linked to stranded costs [9], the aid approved in 2004 would no longer be compatible with Union State aid rules;
Vendar je bila v tem primeru izključna pravica družbe EDP do upravljanja zadevnih elektrarn s sporazumi o prenehanju dolgoročnih pogodb o nakupu energije v povprečju dejansko podaljšana za približno 25 let, ne da bi bil pri tem organiziran postopek za oddajo javnega naročila.
the low price that EDP paid to Portugal in 2007 for the extension without public tender of the duration of concessions for the right of using public water resources for hydropower generation, thereby foregoing State income to the advantage of EDP.
Dejansko javnega razpisa ni bilo mogoče organizirati zaradi odložilnih klavzul v 27 sporazumih o prenehanju dolgoročnih pogodb o nakupu energije, sklenjenih med REN in družbo EDP.
The opening decision
Glede na velik delež portugalskega trga, ki ga imajo elektrarne (27 %), položaj družbe EDP na portugalskem trgu proizvodnje in veleprodaje električne energije (55 %) ter posebni interes hidroelektrarn za portfelj proizvodnje električne energije je Komisija menila, da bi lahko take odložilne klavzule povzročile trajen učinek zaprtja trga, zaradi katerega morebitni konkurenti, ki bi lahko sodelovali v odprtem razpisnem postopku, ne bi mogli vstopiti na trg.
In the opening decision, the Commission rebutted the part of the complaint related to stranded cost compensation and concluded that there were no reasons to declare that the aid was no longer compatible with the internal market.
Zato bi bilo mogoče ugotoviti neupravičeno gospodarsko prednost v korist družbe EDP, če bi bil rezultat javnega razpisa cena, višja od tiste, ki jo je plačala družba EDP, znižane za preostalo vrednost, dolgovano tej družbi.
However, the Commission raised doubts on the possible State aid to EDP in the implementation of the regime of use of water resources.
Podporne ekonomske študije, uporabljene za oceno transakcijske cene
The Commission preliminarily concluded in its opening decision that the possibly low amount paid by EDP for the extension of the right to use public water resources in implementation of Decree-Law No 226-A/2007, if confirmed, would appear as having entailed a selective economic advantage to EDP.
Poleg tega je Komisija v sklepu o začetku postopka menila, da bi se lahko kot druga najboljša rešitev v odsotnosti javnega razpisa opravila pogajanja med portugalskimi organi in družbo EDP pod običajnimi tržnimi pogoji.
On compatibility, the Commission did not discern, at that stage, any appropriate legal basis for the compatibility with the internal market of the possible State aid to EDP.
Portugalska, ki bi delovala kot udeleženec na trgu, bi si prizadevala doseči čim večjo donosnost javnih dobrin, ki so predmet koncesije.
Absence of tender
Pri tem pristopu bi bila pogajanja z družbo EDP podprta z oceno, izvedeno leta 2007 [10], ki bi se izkazala za najugodnejšo za Portugalsko, tj. oceno, ki jo je predlagal REN.
Firstly, the Commission noted that the award of use of public water resources under concession for the purpose of operation of a service supplied on a market may not involve an economic advantage to the beneficiary where the concession is awarded as a result of an open and non-discriminatory tender procedure gathering a sufficient number of interested operators.
Kot je navedeno v uvodni izjavi 44 sklepa o začetku postopka, se je Portugalska strinjala s končno ceno, ki je znašala skoraj polovico cene, ki jo je ocenil REN.
However, in the case at hand, the PPA termination agreements de facto prolonged by around 25 years on average the exclusive right of EDP to operate the power plants concerned without any tender procedure.
Če bi se izkazalo, da je ocena, ki jo je predlagal REN, najtočnejša, se zdi malo verjetno, da bi država pri pogajanju z družbo EDP delovala kot udeleženec na trgu.
Indeed, the organisation of a tender had been pre-empted by the suspensive clauses of the 27 PPA termination agreements between REN and EDP.
Finančna metodologija, uporabljena za določitev transakcijske cene
Considering the significant share of the Portuguese market accounted for by the power plants (27 %), the position of EDP on the Portuguese electricity generation and wholesale supply market (55 %) and the specific interest of hydro plants in an electricity generation portfolio, the Commission considered that such suspension clauses may have triggered a foreclosure effect on a lasting basis for market entry of prospective competitors which could have bid in an open tender.
Poleg tega so bili izraženi dodatni pomisleki glede metodologije, uporabljene za določitev transakcijske cene.
Therefore, an economic advantage unduly benefitting EDP could be established in case the tender had resulted in a higher price than the price paid by EDP, net of the residual value owed to this undertaking.
Metoda, določena v Uredbi-zakonu št. 226-A/2007, je zelo podobna pristopu, ki ga je predstavila banka Caixa Banco da Investimento, ki je uporabila dve diskontni stopnji [11].
Supporting economic studies used to estimate the transaction price
Komisija je izrazila pomisleke glede tega, da bi lahko dejstvo, da ni bila uporabljena ista diskontna stopnja in da ocena temelji le na stroških kapitala družbe EDP, kot je predlagal REN, pomenilo gospodarsko prednost za družbo EDP.
Secondly, in its opening decision, the Commission considered that a second best solution in the absence of tender could have been an arm's length negotiation between the Portuguese authorities and EDP.
Opozorila je, da bi morala družba EDP plačati 1340 milijonov EUR, tj. 581 milijonov EUR več, kot je dejansko plačala, če bi se za diskontiranje preostale vrednosti in prostih denarnih tokov uporabila ista stopnja WACC na podlagi običajnih stroškov kapitala evropskega proizvajalca električne energije (7,55 %).
Portugal acting as market operator would have aimed at obtaining a highest return on the public goods put to concession.
Zato je Komisija v sklepu o začetku postopka menila, da bi bilo glede na odločitev portugalskih organov, da koncesije podaljšajo v izključno korist družbe EDP in ne prek postopka za oddajo javnega naročila, odprtega za druge konkurente, morda ustrezneje uporabiti diskontno stopnjo, ki temelji na dejanskih stroških WACC družbe EDP, da bi se upoštevali njeni dejanski stroški kapitala.
With this approach, the negotiation with EDP would have been backed by the valuation carried out in 2007 [10] proving to be the most beneficial to Portugal, i.e. the valuation proposed by REN.
REN je sporočil, da so dejanski stroški WACC družbe EDP leta 2007 znašali 6,6 %, zato bi bilo morda ustrezneje uporabiti to stopnjo namesto 7,55 %.
As referred to in recital 44 of the opening decision, Portugal had consented to a final price amounting to nearly half of the price evaluated by REN.
Zato je Komisija sklenila, da je mogoče ugotoviti neupravičeno gospodarsko prednost v korist družbe EDP.
Should the valuation proposed by REN proved the most accurate, it seems implausible that the State would have acted as a market operator in negotiating with EDP.
PRIPOMBE ZAINTERESIRANIH STRANI
Financial methodology used to determine the transaction price
Komisija je med formalno preiskavo prejela pripombe pritožnikov in družbe EDP.
Thirdly, additional doubts were raised regarding the methodology used to determine the transaction price.
Pritožniki so menili, da je družba EDP s podaljšanjem koncesije prejela državno pomoč.
The method determined in Decree Law No 226-A/2007 closely follows the approach presented by Caixa Banco da Investimento which uses two discount rates [11].
Po njihovem mnenju ukrep pomeni nadomestilo za izgubljene prihodke.
The Commission expressed its doubts that an absence of use of the same discount rate, based solely on the cost of capital of EDP, as proposed by REN, could entail an economic advantage to EDP.
Nasprotno je družba EDP v svojem odgovoru z dne 19. maja 2014 menila, da ukrep ne pomeni državne pomoči.
The Commission noted that if the rate used to discount the residual value and the free cash flows had been a single WACC rate based on the typical cost of capital of a European electricity generator (7,55 %), EDP should have paid EUR 1340 million, that is, EUR 581 million more than the amount actually paid by EDP.
Družba EDP trdi, da s tem, ko je leta 2007 dobila pravico do uporabe javnih vodnih virov do konca dobe koristnosti opreme v 27 hidroelektrarnah, ki imajo sklenjene dolgoročne pogodbe o nakupu energije, ni dobila nobene gospodarske prednosti, saj je bila pravica dodeljena pod običajnimi tržnimi pogoji.
The Commission considered therefore in its opening decision that, taking into account the choice made by the Portuguese authorities of extending the concessions to the exclusive benefit of EDP rather than via a tender procedure opened to other competitors, it could have been more appropriate to use a discount rate based on EDP's actual WACC to reflect its own and true cost of capital.
Po mnenju družbe EDP se lahko obstoj gospodarske prednosti izključi, če država deluje kot zasebni prodajalec v transakciji pod običajnimi tržnimi pogoji na odprtem trgu in si prizadeva dobiti najboljšo ceno za sredstvo.
REN reported that EDP's actual WACC in 2007 was 6,6 % and therefore it could be appropriate to use this value rather than 7,55 %.
Družba EDP trdi, da ima pravico dobiti preostalo vrednost hidroelektrarn, če dolgoročne pogodbe o nakupu energije prenehajo pred koncem dobe koristnosti elektrarn.
Thus, the Commission concluded that an economic advantage unduly benefiting EDP could be established.
Zato organizacija javnega razpisa za dodelitev novih koncesij za vodne vire leta 2007 za državo ni bila ekonomsko upravičena.
COMMENTS FROM INTERESTED PARTIES
Družba EDP meni, da če bi si država prizadevala dobiti višjo vrednost od tiste iz neodvisnih študij, bi se družba odločila, da ne bo podaljšala pravice do uporabe vodnih virov, in bi želela takoj dobiti preostalo vrednost elektrarn, do česar je bila upravičena.
During the formal investigation, the Commission received observations from the complainants and EDP.
Poleg tega družba EDP meni, da študija REN glede ekonomske vrednosti podaljšanja koncesij vsebuje neustrezne ekonomske in finančne predpostavke, zaradi katerih je vrednost pravic bistveno manjša, kar pomeni, da družba EDP ugotovitev navedene študije nikakor ne bi sprejela za namene „dvostranskih pogajanj“.
The complainants considered that through the extension of the concessions, EDP received State aid.
Zato družba EDP trdi, da enostranska določitev vrednosti podaljšanja koncesij na podlagi objektivne metodologije vrednotenja zadostuje za izključitev obstoja gospodarske prednosti.
According to them, the measure constitutes a compensation for lost revenue.
Poleg tega družba EDP trdi, da je metodologija, določena v Uredbi-zakonu št. 226-A/2007, objektivna in temelji na splošno sprejetih načelih za ekonomske izračune.
In its answer dated 19 May 2014, EDP considered conversely that the measure does not constitute State aid.
Njena uporaba omogoča skladen in nepristranski izračun nadomestila, ki ga je mogoče utemeljiti.
Firstly, EDP argues that it did not gain any economic advantage from the recognition in 2007 of the right to use public water resources until the end of the useful life of the equipment in the 27 hydroelectric power plants with PPAs, considering that that right was granted under normal market conditions.
Kar zadeva ustrezne diskontne stopnje, ki jih je treba uporabiti za finančne tokove vsake elektrarne, Caixa Banco de Investimento in CSFB ugotavljata, da bi morala diskontna stopnja za preostalo vrednost elektrarn izražati pogodbeno tveganje, povezano s to vrednostjo.
According to EDP, the presence of an economic advantage can be excluded if the State acts as a private vendor in an arm's length transaction on the open market and seeks to obtain the best price for the asset.
Družba EDP poudarja, da je bila na podlagi vseh dolgoročnih pogodb o nakupu energije, ki so začele veljati leta 1995, že upravičena do prejema preostale vrednosti elektrarn od REN, če bi pogodbe prenehale pred datumom poteka njihove veljavnosti.
EDP claims that it is entitled to receive the residual value of the hydroelectric power plants if the PPAs terminate prior to the end of the useful life of the plants.
Če družbe EDP podaljšanje pravice do uporabe javnih vodnih virov ne bi zanimalo, bi torej ob poteku veljavnosti vsake dolgoročne pogodbe o nakupu energije od REN prejela preostalo vrednost.
Therefore, it was not economically viable for the State to open a public tender in 2007 to award new water resource concessions.
Tveganje neizpolnjevanja njegovih obveznosti je torej povezano s tveganjem zadolženosti države.
EDP considers that if the State had sought to obtain a higher value than the one arising from the independent studies, EDP would have opted not to extend the right to use the water resources and to receive the residual value of the power plants immediately, as it was entitled to do.
Družba EDP ugotavlja, da bi bilo treba pri ustrezni diskontni stopnji za posodobitev navedene vrednosti zato upoštevati samo tveganje, povezano z neizpolnjevanjem navedene obveznosti s strani REN.
Moreover, EDP considers that the REN study on the economic value of the extension of the concessions contains inappropriate economic and financial assumptions which significantly reduce the value of the rights, which means that EDP would never have accepted the findings of that study for the purpose of a ‘bilateral negotiation’.
PRIPOMBE IN ODGOVORI PORTUGALSKE
Therefore, EDP argues that the unilateral setting of the value of the extension of the concessions, on the basis of an objective valuation methodology, is sufficient to avoid the existence of an economic advantage.
Portugalska je poslala odgovor na pripombe zainteresiranih strani, vendar se je osredotočila na vprašanje nasedlih stroškov, glede katerih Komisija ni izrazila dvomov.
Secondly, EDP argues that the methodology established in Decree-Law No 226-A/2007 is objective and is based on generally accepted principles of economic calculation.
Komisija je aprila 2016 Portugalsko zaprosila za dodatne informacije.
Regarding the appropriate discount rates that must be used for the financial flows of each plant, both Caixa Banco de Investimento and CSFB concludes that the discount rate of the residual value of the plants should reflect the contractual risk inherent in that value.
OCENA UKREPA
EDP points out that, since they came into force in 1995, all the PPAs already entitled EDP to receive from REN the residual value of the plant if the contracts were to cease prior to their expiry date.
Obstoj pomoči