NATURAL GAS MARKET TARIFFS REGULATION
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1 NATURAL GAS MARKET TARIFFS REGULATION 1
2 Presentation Outline NATURAL GAS MARKET TARIFFS Tariff Definition Process and Main Principles Type of Tariffs Connection Tariffs Tariffs Regarding Transmission and Dispatch Control Storage Tariffs Wholesale Tariffs Retail Sale Tariffs Current Prices 2
3 Tariff Definition Process 31 October Financial Tables and Proposals received Proposals and Financial Tables under review 31 December Approval and Determination of Tariffs by the Board 3
4 Main Regulatory principles Transparency: in the methodology, so that all employed criteria & procedures are made public Stability: in the adopted methodology, so that the concerned agents have the least possible regulatory uncertainty. Stability is compatible with a gradual process of adaptation of the present tariffs to the new system Simplicity: in the methodology & its implementation, as far as possible Non-discrimination among equal parties, 4
5 Types of Tariff - Connection According to board decision, subscriber connection charges are brought to an equal basis. Subscriber connection charges, determined for subscribers using natural gas for residential and heating purposes, is 150 $/ BBS (Number of Independent Unit) + meter charge. The charge for G-4 type mechanical meter is 40 $. The price for prepaid meter is determined to as 150 $. Furthermore, consumers shall not be charged separately for construction of service lines because this price is considered to be inclusive in 150 $. 5
6 Types of Tariff - Wholesale Shall be determined freely among parties concerned in free market conditions. Because BOTAŞ was the only importer in the market, the sales prices had been determined by the Board between November 2002 and December According to current tariff structure, prices are determined freely. 6
7 Types of Tariff - Transmission (1) The Board shall determine prices for transmission activities having a naturally monopolistic character, Is being determined since January, BOTAŞ and other suppliers newly entering the market shall benefit from transmission services under conditions. The related principles and procedures are defined in the Transmission Network Code. The current transmission price is calculated according to entry-exit system. 7
8 Types of Tariff - Transmission (2) According to the Transmission Network Code : Transmission capacity shall be sold depending on the maximum daily requirement of suppliers, Transmission tariff comprises capacity an service charge, Transmission tariff shall be determined according to the entry-exit system, Revenue of transmission companies shall be determined by using revenue cap method. 8
9 Types of Tariff - Transmission (3) Charges within the scope of Transmission- Dispatch Control tariffs have been defined in the relevant Regulation as follows : System balancing participation fee Interruption balancing charges Service interruption charges 9
10 Types of Tariff - Storage Until the storage capacity in the country reaches a sufficient level, storage prices shall be determined by the Board Is being determined by the board since January, The regulated price is the price which BOTAŞ and other companies possessing storage licenses shall charge to third parties for providing storage services, The current storage price is been updated every month depending on the change in the inflation (Wholesale price index) rate. Revenue of storage companies shall be determined by using revenue cap method. 10
11 Types of Tariff - Retail Sale (Distribution) (1) Is being determined by the Board since November, Transportation charges and retail sale prices charged to subscribers and eligible consumers which fall within the region under the responsibility of the distribution company, are being determined. These charges and prices are being determined as ceiling price, and relevant companies are free to charge any price, on condition that it remains below ceiling price. Shall be updated every month depending on the change in the inflation (Wholesale price index) rate, 11
12 Types of Tariff - Retail Sale (Distribution) (2) Wholesales price applied by BOTAŞ to distribution companies for its subscribers Unit service and + amortization = charges Retail Sales Price applied to Subscribers Wholesales price applied by BOTAŞ to distribution companies for its eligible consumers + Transportation charge = Retail Sales Price applied to eligible consumers The distribution companies winning the distribution license tender conducted by the Board, shall be able to apply its offer for unit service and amortization charges as distribution tariffs in the relevant cities for 8 years. 12
13 13
14 TRANSMISSION TARIFFS METHODOLOGY TEPE MODEL The Turkish Entry Postalised Exit (TEPE) Methodology 14
15 BULGARIA 14 BCM Algeria+Nigeria (LNG) LNG GREECE 1,1 BCM Kofçaz Kırklareli Tekirdağ Çan Çanakkale 5.2 BCM M.Ereğlisi İstanbul Karacabey Bursa Balıkesir Natural Gas Main Pipelines of BOTAŞ Russian Fed. (West+Turusgas) 1 BCM İzmit Sakarya Bilecik Eskişehir Aliağa Afyon Manisa Uşak İzmir Turgutlu Aydın Denizli Isparta Burdur Muğla Zonguldak Ereğli Bolu MEDITERRANEAN SEA Akçakoca Yapracık BLACK SEA Bartın Ankara Samsun Çankırı Amasya Çorum Tokat Yozgat Sivas Kırşehir Kayseri Elazığ Nevşehir Malatya Batman Konya Aksaray Diyarbakır Adıyaman Kahramanmaraş Seydişehir Ereğli Araban Bozova Adana Mardin Karaman Gaziantep Şanlıurfa Ceyhan Dörtyol Mersin İskenderun Hatay KKTC LEBANON 16 BCM Russian Fed. (Blue Stream) Ordu Giresun SYRIA Trabzon Rize Artvin Gümüşhane Bayburt Erzincan Erzurum Ardahan Şırnak Silopi IRAQ LNG IMPORT TERMINALs Azerbaijan GEORGIA Turkmenistan 6,6 BCM Kars ARMENIA Horasan Iğdır AğrıDoğubayazıt Van EXISTING NATURAL GAS PIPELINES 16 BCM 10 BCM İRAN PLANNED NATURAL GAS UNDERGROUND STORAGE Iran 15
16 Malkoçlar Entry 1 ENTRY AND EXIT ZONES OF TRANSMISSION SYSTEM Entry 7: TPAO Entry 5: Akçakoca Entry3: Durusu Entry 5: Azerbaycan M. Ereğlisi (LNG) EXIT ZONE 16
17 BULGARIA Key Features of TEPE Methodology (1) Akcakoca BLUESTREAM SHAH DENIZ LNG Tekirdag Istanbul Zonguldak Samsun Kars Canakkale Bursa Ankara Corum Sivas Horasan Agri IRAN LNG Izmir Konya Kayseri Core : Cost recovered by exit tariff Spur : Costs recovered by entry tariff Icel Gaziantep Mardin IRAQ The Turkish Entry Postalised Exit (TEPE) Methodology splits the gas network up into a socialised core, and a number of entry spurs : 17
18 Key Features of TEPE Methodology (2) The Turkish Entry Postalised Exit (TEPE) Methodology proposes: Separate Entry capacity tariffs for each entry point into the country. These tariffs will recover the cost of the entry Spur ; A single Exit capacity tariff which recovers the costs of the Socialised section of the network; A commodity tariff that recovers the operating costs of the network. 18
19 Key Features of TEPE Methodology (3) WHAT THE MODEL DOES; Takes BOTAŞ historic and expected future costs of building and running the gas network; Calculates Entry Capacity, Exit Capacity and Commodity tariffs that will compensate BOTAŞ for its costs; Generates constant Tariffs through time; Performs calculations in real terms, since taking account of inflation does not change the fundamental methodology; 19
20 Steps in the TEPE Model Step 1: Calculate the Rate Base We calculate the Rate Base from historic and future capital expenditure. This amount, the Rate Base, must be recovered by capacity charges. Step 2: Forecast Capacity Requirements To calculate capacity tariffs, estimates of the amount of capacity booked by suppliers are necessary. Step 3: Calculate Capacity Tariffs Capacity tariffs are set so that, given forecasts of booked capacity, the Transporter fully recovers the Rate Base. Step 4: Calculate Commodity Tariffs Commodity tariffs are set to recover the operating costs of transporting gas. 20
21 Calculation of Tariffs (1) Step 1: Calculate ALLOWED Revenue Requirement ARR = RAB * ROR + DEPR + OPEX Where: RAB = capital asset base, computed from re-evaluated balance sheets (current cost method) = Linepack, New Investment, Investment difference DEPR = technical depreciation (= RAB / Useful Life (UL) of each item) OPEX = operating cost from company accounts, ROR = rate of return ~ WACC = weighted average cost of capital The RAB value has been determined using the value of the company s operating assets. 21
22 Calculation of Tariffs (2) The value of the Regulatory Asset Base (RAB) has a significant impact on pricing, and, in turn, the final customer. Determining the Regulatory Asset Base, RAB, is the mainstay factor of the company s allowed revenues, and therefore the approach to valuation when optimizing the asset base structure and valuing the assets is the key. The RAB value has been determined through the revaluation of operating assets based on the historic cost, less straight line depreciation, indexed at dollar exchange rate. Assets related to unregulated businesses are excluded. 22
23 Calculation of Tariffs (3) The approved investment on the fixed assets of the following year is included in revenue requirement. For the planned investment both return and depreciation are calculated and included. Depreciation that is included in required revenues has been set forth in accordance with the rules laid down in Accounting Rule Regulations. In these regulations, the depreciation period is determined as 22 years. Technical linepack amounts are calculated for each part of the network and the money value of this amount is calculated based on the unit natural gas price. For linepack costs return is considered, but depreciation is not. 23
24 Calculation of Tariffs (4) Rate of return from Capital Asset Pricing Model (CAPM): WACC Where: KE KD t te = K 1 E t e D E + E :is the cost of equity :is the cost of debt :is the debt tax shield :is the corporate tax rate + K D D D + E ( 1 t ) ( 1 t ) Nominal value of WACC The nominal value of WACC is calculated as a weighted average of the cost of equity and cost of debt, with the weights 50/50 percent. Moreover, the cost of debt is reduced by the tax rate. k * e = r f e + ( r r )β m f 24
25 Calculation of Tariffs (5) Step 2: Forecasts of Booked Capacity Capacity demand for all Entry and Exit points must be estimated in advance. Total capacity demand for each Entry Spur, and for the Socialised Section, is required to calculate tariffs Booked Capacity is the amount of capacity assigned to suppliers according to Network Code, before tariff period. 25
26 Calculation of Tariffs (6) Step 3: Calculate Capacity Tariffs Capacity tariffs are set so that, given amount of booked capacity, the Transporter fully recovers the Rate Base. We calculate Entry Capacity Tariffs for each Entry point, and an Exit Capacity Tariff for the Socialised section of the network Step 4: Calculate Commodity Tariffs Commodity tariffs are set to recover the daily operating costs of transporting gas. The Revenue Requirement contains required income for the operating costs of transporting gas. 26
27 Current Prices Distribution 7% Excise Tax 3% Transmissio n and Storage 5% Value Added Tax 18% Components of Sales Price for Natural Gas Subscribers Natural Gas Purchase 67% International Crude Oil Prices Change in OECD Consumer Price index 27
28 28
29 CLICK TO ADD TITLE 29
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