1. “ NARUC ”-is programa energetikis regulirebis sferoSi partniorobisTvis saqarTvelos energetikis maregulrebeli erovnuli komisia da vermonTis sajaro samsaxuris sabWo avtori en biSofi vermonTis sajaro samsaxuris sabWo 2008 wlis 28 ivnisi tarifebis SemuSaveba I: momsaxurebis Rirebuleba

2. 2 mimoxilva  iuridiuli standartebi  ganmartebebi  sacdeli weliwadi  momsaxurebis Rirebulebis analizi –dasaSvebi xarjebi –specialuri tipis xarjebi –tarifis baza –kapitalis Rirebuleba  praqtikuli mosazrebebi  tarifebis gansazRvris sxva meTodebi

3. 3 iuridiuli standartebi  samarTliani da mizanSewonili tarifebi  gadamxdelebis da aqcionerebis interesebis dabalanseba  mniSvnelovania Sedegi da ara is, Tu ra meTodebiT vaRwevT mas

4. 4 ganmartebebi  momsaxurebis Rirebuleba = Semosavlebis moTxovna = wliuri saoperacio xarjebi + kapitalis wliuri Rirebuleba  sacdeli weli = periodi, romlis ganmavlobaSic xdeba xarjebis da Semosavlebis Sedareba  Sesworebuli sacdeli periodi = sacdeli weli, romelic Sesworebulia cnobil da gazomvad cvlilebebze, normalizaciaze = satarifo weli

5. 5 sacdeli weli  12 Tviani periodi, romelic gamoiyeneba danaxarjebis, datvirTvebis da Semosavlebis gasazomad  SeiZleba warmoadgendes nebismier 12 Tvian periods, warsulSi an momavalSi –aSS-s Statebi gansxvavebulad iyeneben istoriul an momaval sacdel wlebs –vermonTi istoriul sacdel wels iyenebs; sasurvelia es iseTi weli iyos, romlis drosac auditi Catarda

6. 6 istoriuli sacdeli weli  realuri gamocdileba realuri periodis ganmavlobaSi –realuri sawarmoebi, realuri gadaxdili xelfasebi da gadasaxadebu  Sesworebebis Setana istoriuli sacdeli wlis monacemebSi xorcieldeba –Sesworebebi normalizaciisTvis –Sesworebebi “cnobil da gazomvad” cvlilebebze  istoriuli sacdeli wlis gamoyeneba farulad gulisxmobs, rom Semosavlebi da danaxarjebi erTnairad izrdeba

7. 7 Sesworebebi normalizaciisTvis  ZiriTadad, arareprezentatiuli monacemebis amogdeba –Seswordes realuri sacdeli wlis monacemebi ise, rom amogdebuli iqnas uCveulo movlenebis zegavlena  zogierTi magaliTi: –uCveulo amindi –qariSxlis mier dazianeba –gaficva sacdeli wlis ganmavlobaSi –gadamcemi mniSvnelovani Seferxeba sacdeli wlis ganmavlobaSi –didi eleqtrosadguris SekeTebis samuSaoebis gamo gaTiSva sacdeli wlis ganmavlobaSi

8. 8 cnobili da gazomvadi cvlilebebi  SeitaneT sacdeli wlis monacemebSi Sesworebebi, romlebic “cnobili da gazomvadia” –cvlilebebi ar unda eyrdonobodnen ubralo winaswarmetyvelebas da ufro konkretuli unda iyon  zogierTi magaliTI: –xelSekruleba profkavSirebTan xelfasebis gazrdas gulisxmobs –eqspluataciaSi Sedis axali eleqtrosadguri –sacdeli wlis bolos aSenda axali mZlavri qarxana –Sevida cvlilebebi gadasaxadebis (saSemosavlo an sakuTrebaze) ganakveTebSi

9. 9 samomavlo sacdeli weli  Cveulebriv es “sabiujeto” welia –momavali sawarmoebi, xarjebi –mxedvelobaSi iRebs Cveulebriv aminds da resursebis  Sesworebebi efuZneba winaswarmetyvelebebs, SeiZleba Seicavdes cvlilebebs, romlebic ar CaiTvleba “cnobilad da gazomvadad”  cdilobs gaaanalizos realuri ekonomikuri garemo im momentisaTvis, rodesac tarifebi ZalaSi iqneba

10. 10 rogori sacdeli welis gamoyeneba sjobs?  istoriuli meTodi ar uSvebs manipulaciebs  Tuki zrdadi xarjebi axlos aris saSualo xarjebTan, istoriuli meTodis gamoyeneba gacilebiT ufro iolia  samomavlo sacdeli weli SeiZleba ukeTesi iyos, Tuki sistema swrafad izrdeba, an Tu zrdadi xarjebi mniSvnelovnad gansxvavdeba saSualo xarjebisagan

11. 11 momsaxurebis Rirebulebis analizi  praqtikaSi, sabWom sami ram unda gansazRvros: –saoperacio xarjebi –tarifis baza –kapitalis Rirebuleba

12. 12 momsaxurebis Rirebulebis formula v RR = E + d + T + (V-D)r E = saoperacio da teqnikuri momsaxurebis xarjebi d = wliuri cveTa T = gadasaxadebi V = sadguris sawyisi sabuRaltro Rirebuleba D = dagrovebuli cveTa ( V-D = “tarifis wminda baza”) r = kapitalis saSualo Sewonili Rirebuleba

13. 13 dasaSvebi xarjebi  ZiriTadi principi: aZlevs Tu ara igi raime sargebels tarifebis gadamxdelebs? –igi unda iyos mizanSewonili da aucilebeli momsaxurebis uzrunvelsayofad  ori winaswari testi –keTilgoniereba –gamoyenebuli da sasargeblo

14. 14 keTilgoniereba  iyo Tu ara sawarmos qmedeba, imis safuZvelze rac man im droisaTvis icoda (an rac im droisaTvis unda scodnoda), mizanSewonili da keTilgonivruli yvela im garemoebis gaTvaliswinebiT, rac im droisaTvis arsebobda? –xom ar iyo windauxedavi –pativs scemda sawarmos mmarTvelobiT uflebebs  Tu ara, Cveulebriv, sabWo ar iZleva tarifis im nawilis momxmareblebisgan amoRebis uflebas, romelic swored aseTi arakeTilgonivruli saqcielis gamo warmoiSva

15. 15 gamoyenebuli da sasargeblo  nawili I: gamoiyeneba Tu ara investicia tarifebis gadamxdelebisTvis momsaxurebis aRmosaCenad? –Tu ara, tarifebis gadamxdelebma misi Rirebuleba ar unda gadaixadon  nawili II: aris Tu ara investicia ekonomikuri im miznebisTvis, romlebsac igi unda emsaxurebodes? SeZlebs igi uzrunvelyos, ara-fuladi sargeblebis gaTvaliswinebis Semdeg, neto mimdinare faseuli sargeblebis amoReba mTeli Tavisi vadis ganmavlobaSi? –Tu ara, sabWo gadaanawilebs zedmet xarjebs gadamxdelebsa da aqcionerebs Soris, Sesabamisi proporciiT

16. 16 sxva dauSvebeli xarjebi  arakomunaluri momsaxureba  araregulirebuli Svilobili da deda kompaniebi  sxva iurisdiqciebi  politikuri xarjebi (rogorc mardaWera? aseve lobireba)  saqvelmoqmedo Sewirulobebi  jarimebi

17. 17 cveTa  principi: igi warmoadgens sawarmos TiTouli klasis erTi wlis Rirebulebas  cveTis ganakveTebi ganisazRvreba Zlierad teqnikuri kvlevebis safuZvelze –kvlevebi xSirad tardeba da ganixileba sxvadasxva procedurebis farglebSi (tarifebis sakiTxebis miRma)

18. 18 cveTa da amortizacia  cveTa da amortizacia unaRdo danaxarjebs warmoadgenen –cveTa gamoiyeneba sadgurSi ganxorcielebuli investiciebis mimarT –amortizacia gamoiyeneba maregulirebeli aqtivebisa da pasivebis mimarT  xarjebi (Semosavlebi), romelTa garkveuli periodis ganmavlobaSi SeCerebaze, gadamxdelebisgan amoRebaze (an maTTvis dabrunebaze) sawarmom miiRo mkafio nebarT maregulirebeli organoebisgan  gansakuTrebulia vermontisTvis: investiciebi energoefeqturobaSi

19. 19 cveTa da amortizacia  idealur SemTxvevaSi, cveTis da amortizaciis xangrZlivoba Tanxvdeba tarifebis gadamxdelebis mier sargeblis miRebis periods  srulad amortizebuli warsulis xarjebi amoiReba sawarmos momsaxurebis Rirebulebidan  axali investiciebi cveTasTan dakavSirebuli xarjebis gazrdas iwveven

20. 20 gadadebuli xarjebi  erTjeradi xarjebi romelTa amortizebac tarifebis meSveobiT ramodenime wlis ganmavlobaSi xdeba (mxolod gansakuTrebuli statiebi) –Y2K (2000 wlis problemis) mogvarebis xarjebi –Zlieri qariSxlis mier miyenebuli zarali  gansxvavebebi gadasaxadebis gadaxdis grafikebSi –sawarmoebi sabuRaltro aRricxvis ramodenime tips awarmoeben, maT Soris erTi aris maregulirebeli, xolo meore sagadasaxado organoebisTvis –rodesac maregulirebeli da sagadasaxado saWiroebebisTvis cveTis sxvadasxvanairi grafikebi gamoiyeneba, es gadasaxadebis gadaxdis grafikebSic iwvevs gansxvavebas

21. 21 saSemosavlo gadasaxadebi  proncipi: warmoadgens Cveulebriv gadasaxadebs, romlebic eqvemdebareba gadaxdas, magram ara aucileblad gadaxdilia  xarjebi, romlebic efuZneba sawarmos wignebs, romlebsac igi maregulirebeli da ara sagadasaxado saWiroebebisTvis awarmoebs  danaxarjebi amcireben gadasaxadebs; Semosavlebi zrdian gadasaxadebs.

22. 22 tarifis baza  tarifis baza = –amJamad eqspluataciaSi myofi sadguris sawyis Rirebulebas –gamoklebuli akumulirebuli cveTa (amJamad eqspluataciaSi myofi sadguris wina wlebis cveTebis jami) –damatebuli an gamoklebuli sxva Sesworebebi  klientebis depozitebi  SeRavaTebi samuSao kapitalze

23. 23 tarifis bazis sxva cvlilebebi  satarifo wlis dawyebamde eqspluataciidan amoRebuli sadguri agreTve tarifis bazidanac unda iqnas amoRebuli  satarifo wlis dawyebamde eqspluataciaSi Seyvanili sadguri agreTve tarifis bazaSic unda iqnas damatebuli  cvlilebebi “cnobili da gazomvadis@ standarts unda Seesabamebodnen –ar aris sakmarisi imis gancxadeba, rom proeqts biujeti gaaCnia

24. 24 kapitalis Rirebuleba  ganisazRvreba sawarmos sakuTari kapitalis da kreditis safuZvelze  Sewonilia sawarmos kapitalis struqturis mixedviT –Cveulebriv, kapitalis struqturis elementebis: krediti, Cveulebrivi aqciebi, privilegirebuli aqciebi –tarifebis gansazRvris mizniT SesaZlebelia kapitalis hipoTeturi struqturiT Canacvleba

25. 25 kapitalis Rirebuleba  kreditis da privilegirebuli aqciebis Rirebuleba realuri fasebis safuZvelze ganisazRvreba  aqciebis Rirebulebas maregulireblebi gansazRvraven –unda iyos iseTive rogorc msgavsi riskebis mqone investiciebis ukugeba –maregulireblebi Cveulebriv sxvadasxva meTodologiebs iyeneben –nebadarTuli ukugeba aqciebze aris SesaZlebloba da ara garantia

26. 26 Semosavlebis deficiti/zedmetoba  wminda saoperacio Semosavali arsebuli tarifebis pirobebSi = Semosavals gamoklebuli xarjebi (maT Soris unaRdo xarjebi)  saWiro wminda saoperacio Semosavali = tarifis baza gamravlebuli kapitalis saSualo Sewonil Rirebulebaze  wminda saoperacio Semosavlis deficiti (an zedmetoba) = udris gansxvavebas wminda saoperacio Semosavals arsebuli tarifebis pirobebSi da saWiro wminda saoperacio Semosavals Soris  aucilebelia wminda saoperacio Semosavlis deficitSi saSemosavlo gadasaxadze Sesworebis Setana –gazrdili Semosavlebi gazrdil gadasaxadebs niSnavs –aucilebelia Semosavlebis kidev ufro gazrda, raTa SesaZlebeli iyos gazrdili gadasaxadebis dafarva –gavyoT wminda saoperacio Semosavlis namati gadamyvan faqtorze raTa daviangariSoT Semosavlebis gazrda (an Semcireba)

27. 27 praqtikuli mosazrebebi  dafiqsirebuli tarifebis umetesobis gamoZieba ar xdeba; gamoZiebebis umetesoba garigebiT mTavrdeba; tarifebis Sesaxeb mxolod ramodenime saqme mivida sasamarTlomde  ra fasebzea saubari dolarebSi? Rurs Tu ara es fasi sasamarTlo saqmis warmarTvad?  ra ZiriTadi principebi unda iqnas gaTvaliswinebuli?  Seesabameba Tu ara yovelive es sabWos warsulis praqtikebs da precendentebs?

28. 28 tarifebis gansazRvris sxva meTodebi  alternatiuli regulireba –SeiZleba moicavdes cvlilebebs tarifebis SemuSavebis tradiciul procedurebSi  SesaZlebelia erTi sakiTxis safuZvelze tarifebis SemuSavebis daSveba  SesaZlebelia iseTi meqanizmebis SemoReba, romlebic mogvcemen tarifebis perioduli Sesworebis saSualebas, momsaxurebis Rirebulebis gansazRvris mTeli proceduris gavlis gareSe  Sesyiduli eleqtroenergiisc Sesworebis muxli

29. 29 gayidvebidan Semosavlebis gamoyofa  sawarmos mier gayidvebidan miRebuli Semosavlis gamoyofa –emsaxureba “rac SeiZleba metis gayidvis” stimulis aRmofxvras da axalisebs energoefeqturobas da klientebze orientirebul momsaxurebas  Cveulebriv, sawarmoebi, rac met erTeul yidian, miT met Semosavals iReben –amocanebi:  davicvaT sawarmo umdablesi-Rirebulebis qmewdebebTan dakavSirebuli finansuri zaralisgan  aRmovfxvraT sawarmos stimuli gazardos Semosavlebi gayidvebis gazrdis gziT –Semosavlebis gamoyofa, stimuls uqmnis sawarmos gaaumjobesos saoperacio da mmarTvelobTi efqturoba da ar iyos orientirebuli mxolod gayidvebze

30. 30 gamoyofa –sawamos sabaziso Semosavlis moTxovna ganisazRvreba tradiciuli satarifo saqmis meSveobiT –TiToeuli samomavlo periodisTvis ganisazRvreba “nebdarTuli” Semosavlis moTxovna –xdeba nebadarTul Semosavlebsa da realur Semosavlebs Soris gansxvavebebis gakontroleba  gansxvavebebis dadgenis mravali gza arsebobs –gansxvaveba (dadebiTi an uaryofiTi) isev klientebze gadadis erTeulis fasSi Sesworebis Setanis meSveobiT

31. 31 gamoyofa  klasisTvis erT klientze saSualo Semosavals mudmiv doneze inarCunebs –an SeiZleba erT klientze saSualo Semosavali periodulad izrdebodes an mcirdebodes inflaciis, produqtiulobis zrdis an sxva faqtorebis gamo  SesaZlebelia misi kombinireba samuSaos xarisxis miznebTan da stimulebTan  Sesworebebi SeiZleba iyos “dabmuli” da/an klientebTan “gaziarebuli”