The thesis has the object to study the Overpricing observed in the assignation of the concessions for the gas distribution market. The concessions contract in which the revenues are regulated and defined by the authority are awarded by public tenders. In these tenders in the period between the 2000 and 2010 were observed some abnormal offers. In particular, these offers covered over the 60% of the total revenues. Since that the revenues are regulated and include the operative costs and the cost of the capital, supported from the firm for the period of the concessions. It’s difficult to understand how the firm can earn a margin considering the previous definition of the revenues. The driver of such phenomenon can be different, our explanation is the “Economies of Proximity”. This variable consists in costs saving in the variable cost in the case in which the firm acquire concessions that are adjacent. These costs saving gave the possibility to the firm to submit such higher offers and acquire the concessions. The thesis for supporting the existence of the “Economies of proximity”, first introduce the theoretical framework of the auctions, second give an overview of the gas distribution sector in Italy an its reforms, and in the last chapter try by a qualitative analysis on the data of the assignation.
La tesi ha l’obiettivo di analizzare un particolare fenomeno che accade nella fase di acquisizione delle concessioni per la distribuzione locale del gas durante il periodo tra il 2000 e il 2010. Tale fenomeno in particolare, consiste nell’osservazione durante le gare di offerte troppo alte e considerate anomale. Le offerte per tali concessioni consistono generalmente in una percentuale dei ricavi previsti per la distribuzione del gas. I ricavi per le concessioni sono definiti dall’autorità competente includendo i costi del capitale, e i costi operativi da sostenere per il servizio di distribuzione. Le offerte anomale osservate arrivano a coprire anche più del 60% di tali ricavi. Sotto queste considerazioni, ci risulta difficile comprendere come le società acquisitrice, possa riuscire ad avere un margine con dei costi così alti. Il nostro obiettivo risulta essere comprendere i driver di questo fenomeno. Dal nostro punto di vista una delle ragioni sono le così dette “Economie di Prossimità”. Tale variabile dà la possibilità a chi acquisisce delle concessioni adiacenti di ottenere un risparmio in termini di costi variabili, potendo sottoscrivere, in questo modo, offerte economicamente più vantaggiose per gli enti organizzatori e acquisire di conseguenza la concessione. La tesi per arrivare ai risultati introduce prima un’analisi dal punto di vista teorico delle aste, successivamente viene improntata un’analisi sul settore di riferimento e le sue caratteristiche e poi implementiamo, per poter comprendere la possibile esistenza delle “Economie di Prossimità”, un’analisi qualitativa dei risultati di assegnazione delle gare.
Bidding and overbidding for the gas distribution infrastructure
ANTELMO, ALESSANDRO
2018/2019
Abstract
The thesis has the object to study the Overpricing observed in the assignation of the concessions for the gas distribution market. The concessions contract in which the revenues are regulated and defined by the authority are awarded by public tenders. In these tenders in the period between the 2000 and 2010 were observed some abnormal offers. In particular, these offers covered over the 60% of the total revenues. Since that the revenues are regulated and include the operative costs and the cost of the capital, supported from the firm for the period of the concessions. It’s difficult to understand how the firm can earn a margin considering the previous definition of the revenues. The driver of such phenomenon can be different, our explanation is the “Economies of Proximity”. This variable consists in costs saving in the variable cost in the case in which the firm acquire concessions that are adjacent. These costs saving gave the possibility to the firm to submit such higher offers and acquire the concessions. The thesis for supporting the existence of the “Economies of proximity”, first introduce the theoretical framework of the auctions, second give an overview of the gas distribution sector in Italy an its reforms, and in the last chapter try by a qualitative analysis on the data of the assignation.È consentito all'utente scaricare e condividere i documenti disponibili a testo pieno in UNITESI UNIPV nel rispetto della licenza Creative Commons del tipo CC BY NC ND.
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https://hdl.handle.net/20.500.14239/4149