natgillin/translations-raw huggingface dataset:
The Commission found that long term power contracts with a duration of more than 6 years are rarely concluded on the European market [26].
Komisija je odkrila, da se dolgoročne pogodbe, ki veljajo več kot 6 let, na evropskem trgu redko sklepajo [26].
The information available to the Authority confirms this finding.
To ugotovitev podpirajo informacije, ki so na voljo Nadzornemu organu.
There are therefore few if any long term power contracts with which to benchmark the price of power sold for 50,5 years into the future.
Zato dolgoročnih pogodb v zvezi s prodajo električne energije, s katerimi bi določili referenčno vrednost cene električne energije, ki se bo prodajala naslednjih 50,5 let, skoraj ni.
Long term estimates of future power prices do however have to be made by potential buyers and sellers of power plants.
Dolgoročne ocene prihodnjih cen električne energije morajo vseeno podati potencialni kupci in prodajalci elektrarn.
It is on this basis the Norwegian authorities have argued that the sale of Narvik’s entitlement to concession power should be likened to the sale of a hydro power plant.
Norveški organi na tej podlagi trdijo, da je treba prodajo pravice občine Narvik do električne energije po znižani ceni primerjati s prodajo hidroelektrarne.
To support this argument, the Norwegian authorities have provided the Authority with the Pareto Review which gives an overview over five hydro power plants sold in Norway in the year 2000.
V podporo temu argumentu so norveški organi poslali Nadzornemu organu Paretov pregled, v katerem je pregled petih hidroelektrarn, prodanih na Norveškem leta 2000.
The Norwegian authorities argue that both in the case of a hydro power plant sale as well as Narvik’s sale of its entitlement to concession power, the sales prices represent the NPV of the expected cash flows of the production volume.
Norveški organi trdijo, da prodajne cene tako v primeru prodaje hidroelektrarne kot v primeru pravice občine Narvik do električne energije po znižani ceni predstavljajo neto sedanjo vrednost pričakovanih denarnih tokov obsega proizvodnje.
Thus, like Narvik and NEAS in the case at hand, any buyer or seller of a hydro power plant will have to assess the plant’s value based on expected production incomes minus expected costs discounted at a relevant discount rate for as long as the new owner can exploit the relevant hydropower.
Zato bo moral vsak kupec ali prodajalec hidroelektrarne, tako kot občina Narvik in družba NEAS v obravnavanem primeru, oceniti vrednost elektrarne na podlagi pričakovanih dohodkov iz proizvodnje, od katerih so odšteti pričakovani stroški, diskontirani z ustrezno diskontno stopnjo, dokler novi lastnik lahko ustrezno hidroelektrarno izkorišča.
The Norwegian authorities argue that, corrected for certain relevant factors, the prices of the five hydro power plants mentioned in the Pareto report are comparable to the price obtained in the sale of Narvik’s entitlement to concession power.
Norveški organi trdijo, da so cene petih hidroelektrarn, omenjenih v Paretovem poročilu, primerljive s ceno, doseženo pri prodaji pravice občine do električne energije po znižani ceni, če so popravljene z ustreznimi primernimi faktorji.
In this context, the Authority notes the correction factors referred to by the Norwegian authorities, as explained in chapter I.11 above.
V tem okviru Nadzorni organ opaža korekcijske faktorje, na katere se sklicujejo norveške oblasti, kot je pojasnjeno v poglavju I.11.
For the five hydro power plants, the range of sales prices per KWh of production capacity was between NOK 1,66 and 1,74.
Za pet hidroelektrarn je bil razpon prodajnih cen na kWh proizvodne zmogljivosti med 1,66 in 1,74 NOK.
A permanent sale of an asset will increase the NPV of the asset compared to a sale of the entitlement to purchase concession power over 50,5 years, as the asset is assumed to have positive cash flow beyond year 50,5.
Trajna prodaja sredstva povečuje neto sedanjo vrednost sredstva v primerjavi z nakupom pravice do električne energije po znižani ceni za 50,5 let, saj se predvideva, da bo sredstvo po 50,5 letih ustvarjalo pozitiven denarni tok.
The Norwegian authorities have assumed a 4 % capitalisation rate which result in a downward adjustment of the sales price by approximately 10-15 % in order to compare a permanent sale with the time limited concession power sale [27].
Norveški organi so predpostavili 4-odstotno stopnjo donosnosti vloženih sredstev, katere rezultat je popravek prodajne cene navzdol za približno 10–15 %, tako da je mogoča primerjava trajne prodaje s časovno omejeno prodajo električne energije po znižani ceni [27].
The second difference between a permanent sale and a sale of the entitlement to purchase concession power over 50,5 years concerns the cost base to use in the NPV model – total production costs vs. the concession price.
Druga razlika med trajno prodajo in prodajo pravice do nakupa električne energije po znižani ceni za 50,5 let zadeva stroškovno osnovo za uporabo v modelu neto sedanje vrednosti – skupne proizvodne stroške v primerjavi z znižano ceno.
The Norwegian Authorities have argued that the typical operating cost including reinvestment for a newer power plant was approximately NOK 0,05 per KWh while the ministry price at the time was approximately NOK 0,10 per KWh.
Norveški organi trdijo, da so bili v tistem času običajni operativni stroški, vključno s ponovnimi vlaganji v novejšo elektrarno, približno 0,05 NOK na kWh, cena ministrstva pa je znašala približno 0,10 NOK na kWh.
In order to assess whether the prices for the power plants constitute appropriate proxies for the market price of the concession power at issue, it is necessary to look at each element of the argument in more detail.
Za oceno, ali cene elektrarn predstavljajo ustrezne približke takratnim tržnim cenam električne energije, pridobljene po znižani ceni, je treba vsak element utemeljitve podrobneje pregledati.
The Authority’s assessment is based on information provided by the Norwegian authorities and other publically available information.
Ocena Nadzornega organa temelji na informacijah, ki so jih predložili norveški organi, in drugih javno dostopnih informacijah.
In the following analysis nominal figures are used in all calculations [28].
V analizi, ki sledi, so v vseh izračunih uporabljene nominalne vrednosti [28].
For the five hydro power plants mentioned in the Pareto Review, the sales prices per KWh of production capacity was in the range from NOK 1,66 to 1,74.
Za pet hidroelektrarn, omenjenih v Paretovem pregledu, je bil razpon prodajnih cen na kWh proizvodne zmogljivosti med 1,66 in 1,74 NOK.
In a report issued by the economic consultancy firm Econ Pöyry analysing power plant sales between 1996 and 2005, the average transaction value in the year 2000 appears to be somewhat higher, estimated at approximately NOK 1,85.
V poročilu, ki ga je izdalo podjetje za gospodarsko svetovanje Econ Pöyry in analizira prodajo elektrarn v letih od 1996 do 2005, je povprečna vrednost transakcije v letu 2000 nekoliko višja, ocenjena na približno 1,85 NOK.
Since the ECON report refers to a higher average transaction value than the Pareto review, the Authority will use a range of NOK 1,70 to 1,80 in the further analysis.
Ker se poročilo ECON nanaša na višjo povprečno vrednost transakcije kot Paretovo poročilo, Nadzorni organ v nadaljnji analizi uporablja razpon od 1,70 do 1,80 NOK.
The second factor to consider is how to adjust price levels from a permanent sale to a time limited sale over 50,5 years.
Drug dejavnik, ki ga je treba upoštevati, je način prilagoditve ravni cen z ravni za trajno prodajo na raven za časovno omejeno prodajo v obdobju 50,5 let.
The Norwegian authorities have argued that the appropriate adjustment factor is 10-15 % based on a capitalization rate of 4 %.
Norveški organi trdijo, da ustrezni uskladitveni faktor na podlagi 4-odstotne stopnje donosnosti vloženih sredstev znaša med 10 in 15 %.
The Authority finds that the choice of capitalization rate is closely linked to the choice of discount rate in the NPV model.
Nadzorni organ ugotavlja, da je izbira stopnje donosnosti vloženih sredstev tesno povezana z izbiro diskontne stopnje v modelu neto sedanje vrednosti.
The nominal after tax discount rate that was used in the DT report was 6,8 % while the AA report used 7 %.
Nominalna diskontna stopnja po davkih, ki je bila uporabljena v poročilu družbe DT, je znašala 6,8 %, v poročilu družbe AA pa je bila uporabljena nominalna diskontna stopnja po davkih, ki je znašala 7 %.
It is also noted that NVE has used a 6,5 % rate when assessing new hydro power plant projects [29].
Ugotovljeno je tudi, da je DVV pri ocenjevanju novih projektov hidroelektrarn uporabil 6,5-odstotno stopnjo [29].
The cost price calculation model uses a 6 % rate [30].
V modelu izračuna cene glede na stroške je uporabljena 6-odstotna stopnja [30].
The Authority is, on the basis of the above, of the opinion that the appropriate discount rate and hence the appropriate capitalisation rate to apply when comparing a permanent sale to a time-limited sale, is in the range of 6-7 % nominally after tax.
Nadzorni organ na podlagi zgornjega meni, da znaša ustrezna diskontna stopnja in s tem ustrezna stopnja donosnosti vloženih sredstev, ki jo je treba uporabiti pri primerjavi trajne prodaje s časovno omejeno prodajo, nominalno med 6 in 7 % po davkih.
On this basis, the appropriate adjustment of value from a permanent sale to a 50,5 year sale is not 10-15 % as argued by the Norwegian authorities but closer to 4-5 %.
Na tej podlagi ustrezna prilagoditev vrednosti od vrednosti pri trajni prodaji na vrednost pri prodaji v obdobju 50,5 let ni med 10 in 15 %, kot trdijo norveški organi, ampak bližje razponu med 4 in 5 %.
The third factor to consider is the expected future market price of electricity.
Tretji dejavnik, ki ga je treba upoštevati, je pričakovana prihodnja tržna cena električne energije.
As explained above, forecasting future power prices for 50 years or longer is an exercise fraught with difficulty.
Kot je pojasnjeno zgoraj, je napovedovanje cen električne energije v prihodnjih 50 in več letih izjemno težavno.
In the valuation reports described above, in particular the AA and the DT report, the market price of power was expected to increase steadily for a period of 10-20 years beyond which the prices were expected to be constant in real terms (i.e. only increase with expected inflation) [31].
V zgoraj opisanih poročilih o vrednotenju, še posebej v poročilih družb AA in DT, je bilo pričakovano, da bo tržna cena električne energije v obdobju 10–20 let enakomerno naraščala, po tem obdobju pa naj bi cene realno ostajale nespremenjene (tj. povečevale naj bi se le zaradi inflacije) [31].
This suggest that the consensus in the market at the time was that future power prices in the long term would remain constant in real terms and not continue to increase [32].
To kaže, da je v tistem času na trgu veljalo soglasje, da bodo prihodnje cene električne energije dolgoročno realno gledano ostale nespremenjene in ne bodo več rasle [32].
The Authority assumes that the same uncertainty about future power prices was present for all market participants, also those that were buying and selling power plants during the same period as the sale of the concession power entitlement.
Nadzorni organ domneva, da so bili vsi udeleženci na trgu enako negotovi glede prihodnjih cen električne energije, tudi tisti, ki so v istem obdobju kupovali in prodajali elektrarne v obliki prodaje pravice do električne energije po znižani ceni.
As such, there is no reason to assume that different market participants have access to significantly different information concerning market price expectations.
Zato ni nobenega razloga za domnevo, da naj bi različni udeleženci na trgu imeli občutno različne informacije glede pričakovanj v zvezi s tržnimi cenami.
Moving from revenue to costs, the comparison presented by the Norwegian authorities refers to a scenario where there is a difference in cash outflows per KWh between a permanent sale and the sale of concession power of NOK 0,05 due to an expected concession price of approximately NOK 0,10 and an operating cost including reinvestment of approximately NOK 0,05.
Če se od prihodkov premaknemo k stroškom, se primerjava, ki so jo predstavili norveški organi, nanaša na scenarij, v katerem obstaja razlika med denarnim odlivom na kWh pri trajni prodaji in denarnim odlivom na kWh pri prodaji električne energije po znižani ceni; ta razlika znaša 0,05 NOK, ker pričakovana znižana cena električne energije znaša približno 0,10 NOK, operativni stroški, vključno s ponovnimi vlaganji, pa približno 0,05 NOK.
As regards the ministry price for concession power, the consultants who advised Narvik and NEAS expected the prices to remain relatively constant in real terms meaning that neither significant efficiency gains nor great volatility in the cost base was expected.
Kar zadeva ceno ministrstva za električno energijo po znižani ceni, so svetovalci, ki so svetovali občini Narvik in družbi NEAS, pričakovali, da bodo cene realno ostajale približno nespremenjene, kar pomeni, da se ni pričakovalo občutnih energetskih prihrankov in tudi ne večje nestabilnosti stroškovne osnove.
In principle, the ministry price for concession power was expected to increase with inflation [33].
Načeloma se je pričakovalo, da bo cena ministrstva za električno energijo po znižani ceni rasla z inflacijo [33].
Based on the available information, the Authority is of the opinion that the same assumptions would have been made by a prudent investor and therefore assumes that there would be no major changes to the cost price concession power price in the further analysis.
Nadzorni organ na osnovi razpoložljivih informacij meni, da bi preudarni vlagatelj predpostavljal enako, in zato predvideva, da v nadaljnji analizi ne bi bilo večjih sprememb cene glede na stroške za električno energijo, pridobljeno po znižani ceni.
These costs make up the relevant cash outflow in the calculation of the value of the concession power [34].
Ti stroški pri izračunu vrednosti električne energije po znižani ceni predstavljajo ustrezni denarni odliv [34].
As there are a number of variables that can affect the level of cash outlays over time, the NOK 0,05 figure combining operating and reinvestment cost needs to be assessed based on its various components.
Ker obstaja več spremenljivk, ki lahko čez čas vplivajo na raven denarnih odlivov, mora biti znesek 0,05 NOK, ki združuje operativne stroške in stroške ponovnih vlaganj, ocenjen na podlagi različnih sestavnih elementov.
Firstly, it is apparent that a power plant will have a certain level of general operating and maintenance costs.
Prvič, očitno je, da bo imela elektrarna določeno raven splošnih operativnih stroškov in stroškov vzdrževanja.
It is assumed that the operating and maintenance costs of a hydropower plant generally is relatively low and constant in the range NOK 0,02-0,05 per KWh [35].
Predvideva se, da so operativni stroški in stroški vzdrževanja hidroelektrarne na splošno relativno nizki in nespremenljivi v okviru razpona med 0,02 in 0,05 NOK na kWh [35].
This is supported by the cost data used to determine the ministry price.
To podpirajo podatki o stroških, ki se uporabljajo za izračun cene ministrstva.
In 2000 the compensation under that model for operating and maintenance costs were NOK 0,267 per KWh.
V letu 2000 je nadomestilo za operativne stroške in stroške vzdrževanja v okviru tega modela znašalo 0,267 NOK na kWh.
Also other cash outflows are relevant for the NPV calculation.
Za izračun neto sedanje vrednosti so pomembni tudi drugi denarni odlivi.
In the ministry price calculation from 2000 taxes were compensated with NOK 0,021.
V izračunu cene ministrstva iz leta 2000 so bili davki nadomeščeni z zneskom 0,021 NOK.
The actual tax levied on a given power plant would of course depend on the profits but given that the ministry price is intended to be representative for the average cost of typical power plants in Norway, it appears reasonable to assume a tax cost of approximately NOK 0,02 per KWh.
Dejanski davek, s katerim bo obdavčena določena elektrarna, je seveda odvisen od dobičkov, ker pa je predvideno, da bo cena ministrstva značilna za povprečne stroške običajnih elektrarn na Norveškem, se zdi davčne stroške razumno predpostavljati v znesku približno 0,02 NOK na kWh.
The final part of the cash outflows in the NPV is the reinvestment costs which depend crucially on the timing and level of reinvestments needs of the power plant.
Zaključni del denarnih odlivov v neto sedanji vrednosti so stroški ponovnih vlaganj, ki so bistveno odvisni od časovne razporeditve in ravni potreb, ki jih ima elektrarna po ponovnih vlaganjih.
The Authority understands that, for accounting purposes, the economic lifetime of a hydropower plant is 40 years [36], however the actual lifetime may be longer.
Nadzorni organ je seznanjen s tem, da gospodarska življenjska doba hidroelektrarne za računovodske namene znaša 40 let [36], da pa je lahko dejanska življenjska doba daljša.
The level of reinvestment is in many cases substantial, and therefore the timing of the cash outlay, as also argued by the Norwegian authorities, is of great importance to the NPV calculations.
Višina ponovnih vlaganj je v mnogih primerih znatna in zato je, kot so opozorili tudi norveški organi, časovni razpored denarnega odliva pri izračunu neto sedanje vrednosti zelo pomemben.
If the reinvestment occurs early in the calculation period, the reduction in NPV is significantly larger than if the reinvestment takes place later in the calculation period.
Če do ponovnih vlaganj pride v zgodnjem obdobju izračunavanja, je znižanje neto sedanje vrednosti občutno večje kot bi bilo, če bi do ponovnih vlaganj prišlo v poznejšem obdobju izračunavanja.
However, the Norwegian authorities have not provided the Authority with information on the reinvestment needs of the hydro power plants sold in 1999 and 2000 that they use as a basis for their comparison.
Vendar norveški organi Nadzornemu organu niso predložili informacij o potrebah po ponovnih vlaganjih v hidroelektrarnah, prodanih v letu 1999 in 2000, ki jih uporabljajo kot osnovo za primerjavo.
The Authority notes that it is likely not readily available nor easily obtainable due to its age and presumably business sensitive nature.
Nadzorni organ ugotavlja, da zaradi starosti in domnevno poslovno občutljive narave verjetno niso zlahka na voljo.
When adjusting the prices for the hydro power plants in question for the two differences mentioned above, the time period and the cost base, the Norwegian authorities argue that the price range of NOK 1,66 and 1,74 per KWh is comparable to the price obtained on the concession power of approximately NOK 1,00 per KWh [37].
Pri prilagajanju cen za obravnavane hidroelektrarne, glede na razliki, omenjeni zgoraj, časovno obdobje in stroškovno osnovo, norveški organi trdijo, da je razpon cen med 1,66 in 1,74 NOK za kWh primerljiv s ceno, pridobljeno pri električni energiji po znižani ceni, ki znaša približno 1,00 NOK na kWh [37].
As explained above, the information available to the Authority indicates that the average transaction value for 1999 and 2000 was somewhat higher than this range (approximately NOK 1,85).
Kot je pojasnjeno zgoraj, informacije, ki so na voljo Nadzornemu organu, kažejo, da je bila povprečna vrednost transakcije za leti 1999 in 2000 nekoliko višja od tega razpona (približno 1,85 NOK).
Therefore, the Authority will compare a price range of NOK 1,70 to NOK 1,80 per KWh with the price of NOK 1,00 obtained by Narvik.
Zato bo Nadzorni organ primerjal razpon cen od 1,70 do 1,80 NOK na kWh s ceno 1,00 NOK, ki jo je dosegla občina Narvik.
The first adjustment would be to make the permanent sales prices comparable to a 50,5 year contract.
Prva prilagoditev bo takšna, da bo mogoče cene trajne prodaje primerjati s pogodbo za 50,5 let.
The Authority have used a capitalization rate of 6 % which reduces the permanent sales values by approximately 5,5 %.
Nadzorni organ je uporabil 6-odstotno stopnjo donosnosti vloženih sredstev, ki zniža vrednosti pri trajni prodaji za približno 5,5 %.
The comparable range of prices obtained in power plant sales is therefore NOK 1,61-1,70.
Primerljiv razpon cen, doseženih pri prodaji elektrarne, je zato od 1,61 do 1,70 NOK.
The difference in net cash flows of NOK 0,61-0,70 per KWh between concession power prices and the operating cost of a power plant would have to explain the difference in order to satisfy the market investor test and exclude aid.
Razlika mora biti pojasnjena z razliko v neto denarnih tokovih v znesku od 0,61 do 0,70 NOK na kWh med cenami električne energije po znižani ceni in operativnimi stroški elektrarne, če naj bo preskus za vlagatelje v tržnem gospodarstvu uspešno prestan, pomoč pa izključena.
Total operating cost are as mentioned above estimated to be in the range NOK 0,02 to 0,05 per KWh plus estimate NOK 0,02 per KWh in taxes, which equals NOK 0,04-0,07 per KWh.
Skupni operativni stroški so, kot je omenjeno zgoraj, ocenjeni tako, da znašajo od 0,02 do 0,05 NOK na kWh, k temu pa je prištetih še ocenjenih 0,02 NOK na kWh za davke, kar je skupaj enako od 0,04 do 0,07 NOK na kWh.
In addition, reinvestments have to be taken into account, the financial effect of which depends on timing and size and are therefore difficult to quantify.
Poleg tega je treba upoštevati ponovna vlaganja, katerih finančni učinek je odvisen od časovnega razporeda in velikosti in ga je zato težko meriti.
Taking this into account, the Authority has carried out a sensitivity analysis on the sale of the 128 GWh [38] of concession power over the 50,5 year period.
Nadzorni organ je ob upoštevanju vsega tega izvedel analizo občutljivosti pri prodaji 128 GWh [38] električne energije po znižani ceni v obdobju 50,5 let.
The Authority has tested various combinations of costs and discount rates with nominal after tax discount rates ranging from 5,5 % to 7,5 % and total operating costs between NOK 0,05 and 0,09 per KWh, as demonstrated in the table below.
Nadzorni organ je preskusil številne kombinacije stroškov in diskontnih stopenj, pri čemer nominalne diskontne stopnje po davku znašajo od 5,5 % do 7,5 %, skupni operativni stroški pa med 0,05 in 0,09 NOK na kWh, kot je prikazano v spodnji tabeli.
analysis
občutljivosti
Operating cost
Operativni stroški
The results are below the NOK 0,61 to NOK 0,70 range in the case where the operating costs are NOK 0,09 at any discount rate in the 5,5 % - 7,5 % range or in the case where both the operating costs are NOK 0,08 and the discount rate is 7,5 % or higher.
Rezultati so pod razponom od 0,61 do 0,70 NOK v primeru, če operativni stroški znašajo 0,09 NOK pri kateri koli diskontni stopnji v razponu od 5,5 % do 7,5 % ali pa v primeru, če operativni stroški znašajo 0,08 NOK, diskontna stopnja pa 7,5 % ali več.
In these scenarios the difference between the concession power price and the operating cost is so small that when the NPV of the difference is calculated, it does not explain the difference in the higher prices obtained in the permanent hydro power plant sales.
Pri teh scenarijih je razlika med ceno električne energije po znižani ceni in operativnimi stroški tako majhna, da ob izračunu neto sedanje vrednosti razlike to ne pojasni razlike v višjih cenah, doseženih pri trajnih prodajah hidroelektrarn.
However, this is the case only in situations where the operating cost, when reinvestment costs are included, are 60 to 80 % higher than the cost estimates put forward by the Norwegian authorities.
Vendar pa do tega pride le v primerih, v katerih operativni stroški, če so vključeni tudi stroški ponovnih vlaganj, znašajo od 60 % do 80 % več od ocene stroškov, ki so jo predložili norveški organi.
Conclusion and summary
Zaključek in povzetek
The Authority has assessed the question of whether Narvik’s agreement with NEAS conferred an advantage on the latter on the basis of the information provided by the Norwegian authorities.
Nadzorni organ je na podlagi informacij, ki so jih predložili norveški organi, ocenil, ali je pogodba občine z družbo NEAS predstavljala gospodarsko korist za slednjo.