Possible Energy Tariff Adjustments
It's possible to see in the figure that, even under the same cost-evolution scenario, distribution companies are affected differently in their tariff adjustments, basically due to four factors:
Level of Involuntary Exposure
Exposure affects both the financial liability built up in 2013 with the CDE and the economic cost of energy for 2014 and 2015. The financial liability is expected to be paid in installments adjusted by the IPCA starting in 2015, while the economic cost of purchasing energy for these distribution companies should be higher, since they'll need to buy a significant volume of energy in A-0 auctions (made up mostly of thermal plants).
Volume of Availability Contracts in the Energy-Purchasing Portfolio
Companies with a larger volume of energy contracted under the availability-contract modality are more sensitive to the PLD's annual variation — that is, they're subject to higher financial costs at the end of each tariff period (Energy CVA).
Adjustment Date
The PLD started rising persistently starting in October 2013, so companies with adjustments scheduled for the second half of 2014 and with a higher level of involuntary exposure and/or a larger volume of availability contracts will be more affected in the 2015 adjustments.