Análise de viabilidade e retorno financeiro de pequenas centrais hidrelétricas: estudo de caso da PCH Quebra Dentes

Abstract

This study analyzes projects of Small Hydroelectric Plants from an economic and financial perspective. To this end, the research aimed to understand, at first, the technical concepts that characterize such enterprises, the characteristics that make them different from other types of generation sources and the evolution of this segment in the national energy scenario. Subsequently, the focus was on studying the methodology applied in calculating the feasibility of infrastructure projects and the necessary methodological adjustments for a small plant. Such adjustments include elements that directly influence the project's cash flow. Finally, based on the theory seen so far, the concepts of financial feasibility were applied to a real practical case study located in the state of Rio Grande do Sul. The study aimed to calculate the payback, discounted payback, internal rate of return and net present value for the Quebra Dentes Small Hidroelectric Plant. From the performed analysis, it was possible to conclude that the investment is feasible, but the price practiced in free and regulated contracting environments, the high taxes and the bureaucracy of environmental licensing, do not make the investment in the segment of small plants attractive.