Transcript Toolkit: Approaches to Private Participation in Water Services

Toolkit: Approaches to Private
Participation in Water Services
Module 5
Setting Service Standards, Tariffs,
Subsidies & Financial Arrangements
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Elements of the Toolkit
1
Considering
Private
Participation
2
Planning the
Process
9
Selecting an
Operator
8
Designing
Legal
Instruments
3
Involving
Stakeholders
TOOLKIT
Appendix A
Examples of PP
Arrangements
Appendix B
Policy Simulation
Model
4
Setting
Upstream
Policy
7
Developing
Institutions
6
Responsibilities
& Risks
5
Standards,
Tariffs, Subsidy,
Financials
Additional Material
CD-ROM
Module
General5 Outline of Toolkit
1
Considering
Private
Participation
2
Planning the
Process
9
Selecting an
Operator
8
Designing
Legal
Instruments
3
Involving
Stakeholders
TOOLKIT
Appendix A
Examples of PP
Arrangements
Appendix B
Policy Simulation
Model
4
Setting
Upstream
Policy
7
Developing
Institutions
6
Responsibilities
& Risks
Module 5
Setting Service Standards,
Tariffs, Subsidies &
Financial Arrangements
5
Setting Service
Standards, Tariffs,
Subsidies &
Financial
Arrangements
Additional Material
CD-ROM
Module 5 - What will we learn?
Balancing Service Standards,
Tariffs
&
Subsidies
Better service costs more.
There is a need to balance Level of service with
Level of Tariffs.
‘In this Module
we the
describe
iterative
process,
to answer the question “How can
Governments
have
task toandecide
what
is
we afford better services under a new Arrangement”?’
affordable.
START
The diagram illustrates the elements
and the
Specify Services
process followed in this Module
IMPLEMENT
• Design
• Finance
YES
NO
Estimate Cost
Does it work?
Set Tariffs &
Subsidies
Balancing Service Standards, Tariffs &
Subsidies
‘In this Module we describe an iterative process, to answer the question “How can
we afford better services under a new Arrangement”?’
START
Specify Services
IMPLEMENT
NO
Design
Setting•Level
of Service is an iterative process.
• Finance
First, having chosen a proposed Level of
Service, then there is a need to Specify the
YES
Does it work?
Services technically.
Then it is necessary to Estimate the Cost of the
level of service and of any related investment.
Set Tariffs &
Subsidies
Estimate Cost
Balancing Service Standards, Tariffs &
Subsidies
‘In this Module we describe an iterative process, to answer the question “How can
we afford better services under a new Arrangement”?’
The Government then has decide:
START
Specify Services

whether the Cost of this level of service
can be supported, and

what
Tariff Levels need
IMPLEMENT
NO to be set for
effective cost recovery.
• Design
if •anyFinance
Subsidy has to be used to make an
affordable service to the customer
including Type of Subsidy).

YES
Does it work?
Set Tariffs &
Subsidies
Estimate Cost
Balancing Service Standards, Tariffs &
In the final sections of the Module we discuss:
Subsidies
 Implications for Design of PP
Arrangements
Estimating the Trade off between Level of
on iterative
Structuring
Finance
for thethe question
Service
and to
Tariff/Subsidy
is best done
‘In this Module 
weGuidance
describe an
process,
answer
“How can
Arrangement.
withunder
a financial
such as the one
we afford
better services
a newmodel
Arrangement”?’
provided with the Toolkit.
START
Specify Services
IMPLEMENT
• Design
• Finance
YES
If the Cost of Services proves too high
then the between
process isCost
iterated,
amending
When the Balance
of Service
and the
elements, then
until we
a satisfactory
balance
Tariff is satisfactory,
can proceed
with the
NO
Level of of
Service
and Tariff is
design andbetween
Implementation
the chosen
found.
Estimate Cost
arrangement
Does it work?
Set Tariffs &
Subsidies
Specifying Service Levels
‘To start the process we need to choose preferred Levels of Service and define the
technical and operational basis needed to reach these service levels.
START
Specify Services
First we
look at how service
IMPLEMENT
NOgoals
are set• for
the Utility under the
Design
proposed
Private Participation
• Finance
Arrangement
Estimate Cost
Two main issues
to be defined:
YES
Does it work?
Coverage of service
Quality of service
Set Tariffs &
Subsidies
Specifying Service Levels
‘To start the process we need to choose preferred Levels of Service and define the
technical and operational basis needed to reach these service levels.
START
Specify Services
First we look at how service goals
are setIMPLEMENT
for the Utility under the
NO
proposed Private Participation
• Design
Arrangement
• Finance
Estimate Cost
Two main issues to be defined:
Coverage ofYES
service
Does it work?
Service Coverage Targets
Quality of service
Service Quality Targets
Set Tariffs &
Subsidies
Estimating Cost of Services
‘Once initial objectives have been set, Government should estimate the cost of providing
the service.’
START
Specify Services
IMPLEMENT
• Design
• Finance
YES
NO
Estimate Cost
Does it work?
Set Tariffs &
Subsidies
Cost of Service
“When a Utility cannot cover its cost, service will suffer”
Estimating Cost of Service:
Once initial objectives have been set, Government should estimate the cost of providing the service.
Average costs are used as an effective basis.
This is an important step, since it will be important to determine to what extent Cost Recovery can be
achieved by the chosen Tariff level.
The reasoning behind this assessment of the level of Cost Recovery is that : "When a Utility cannot cover
its cost, service will suffer”
If you cut back on essential expenditure (Examples: Chemicals, Pump replacement or
expansion of the network) the services suffer. Similarly reduction in maintenance, renewal or
expansion of the system may also increase the costs of operation in the medium term
Cost estimating is difficult and technical, but need to look at three main elements:
● Operating & Maintenance Expenses
● Depreciation
● Return on Capital
Essential to first have a clear idea of total costs, then you can separately decide whether the tariff should
cover all of those costs, or whether tax payers should subsidize the service.
Cost of Service
“When a Utility cannot cover its cost, service will suffer”
Estimating Cost of Service:
Once initial objectives have been set, Government should estimate the cost of providing the service.
Average costs are used as an effective basis.
This is an important step, since it will be important to determine to what extent Cost Recovery can be
achieved by the chosen Tariff level.
The reasoning behind this assessment of the level of Cost Recovery is that : "When a Utility cannot cover
its cost, service will suffer”
If you cut back on essential expenditure [Examples: Chemicals, Pump replacement or
expansion of the network] the services suffer. Similarly reduction in maintenance, renewal or
expansion of the system may also increase the costs of operation in the medium term
Cost estimating is difficult and technical, but need to look at three main elements:
● Operating & Maintenance Expenses
Operating & Maintenance;
● Depreciation
Depreciation;
Return on Capital
● Return on Capital
Depreciation:
Capital Maintenance
Essential to first have a clear idea of total costs, then you can separately decide whether the tariff should
cover all of those costs, or whether tax payers should subsidize the service.
Cost recovery and tariff implications
‘Can we afford to pay for better services?’
START
Specify Services
IMPLEMENT
• Design
• Finance
YES
NO
Estimate Cost
Does it work?
Set Tariffs &
Subsidies
Cost Recovery and Tariff
“To be viable: Tariffs + Subsidies = Total Cost of Service”
If not full cost recovery from the Tariff
(if Cost
Service exceeds Tariff
Next step is to determine
howofmuch
should be recoveredincome)
through :Tariffs.
either Subsidies will be needed,
SUBSIDY
or Services need to be lowered.
TARIFF INCOME
INCENTIVES
Service Coverage
Service Quality
COST OF
SERVICE
Cost of Service tells Government how much it will cost to provide the service.
In addition to Service Coverage and Quality costs, Governments need to consider:
● Annual cash needs of the utility and financial ratios required by
lenders (e.g. debt
repayment rates)
● Environmental or social costs that the government decides should be borne
Cost Recovery and Tariff
“To be viable: Tariffs + Subsidies = Total Cost of Service”
Service Coverage
SUBSIDY
Service Quality
TARIFF INCOME
INCENTIVES
COST OF
SERVICE
Tariff Setting:
Three reasons why a tariff for full cost recovery may be considered too high:
● Willingness to Pay: The extent to which people are unwilling to pay the full cost of service
Willingness
to Payare willing to pay but it is considered socially unacceptable to pay
● Social Acceptability:
People
Social
Acceptability
External Benefits
what the service costs require
● External Benefits:
Environmental or Public Health issues make it beneficial to charge less
Use of Subsidies
‘If Cost of Service exceeds Tariff income, then a Subsidy will be needed’
START
Specify Services
IMPLEMENT
• Design
• Finance
YES
NO
Estimate Cost
Does it work?
Set Tariffs &
Subsidies
Types of subsidy
‘Private Participation can involve suitable subsidy arrangements’
OUTPUT BASED
Money
from
Customer
Revenue
Government
Revenue
Development
Agency grant
or loan with
concessional
element
Customer to
help pay
the bill
Where Subsidy comes
From
Paid to
Utility/Operator
for outputs
INPUT -BASED
Utility/Operator
for inputs
Utility or
Operator as
implicit or ad hoc
support
Who Subsidy paid To
This Table illustrates some of the main categories of Subsidies. Subsidies can be
categorized:
Where the money comes from?:
● Customer Revenue
● Government Revenue
● Development Agency Grant or Loan with concessional
element.
(These are generally used to make structuring a
subsidy fund
easier, or for easing in a new tariff structure in
the short term)
Types of subsidy
‘We will look at some specific Input and Output Subsidy forms….’
OUTPUT BASED
Paid to
Money
from
Customer
Revenue
Customer to
Utility/Operator
help pay
for outputs
the bill
Output Based Subsidy
INPUT -BASED
Utility or
Utility/Operator
Operator as
for inputs
implicit or ad hoc
support
Input Based Subsidy
Customer
Traditionally subsidies were paid
Cross-subsidy
bail-out
to help utilities recover their costs
(Input Based Subsidy).
Government
Revenue
A better approach (and especially
where a Private Operator
isinvolved) is to make payment
contingent
on specific outputs, or
Social
security
Output Based Subsidy.
provisions
Development
Agency grant
or loan with
concessional
element
Donor
Now we will look at
the various Input
forms
of Input
Financed
subsidy
subsidy in moreOutput–based
detail
Aid
Implicit
However, this supports the costs,
subsidy or
not the results.
bail-out
and Output based
Types of subsidy
Subsidy:
Targeting the Poor
‘Private Participation can involve suitable subsidy arrangements’
OUTPUT BASED
Paid to
Money
from
Customer to
help pay
the bill
Utility/Operator
for outputs
Customer
Revenue
Development
Agency grant
or loan with
concessional
element
Utility/Operator
for inputs
Cross-subsidy
Output Based Subsidy
Government
Revenue
INPUT -BASED
Utility or
Operator as
implicit or ad hoc
support
Customer
bail-out
Input Based Subsidy
Implicit
subsidy or
bail-out
Social security
provisions
Donor
Output Based Aid:
Financed
Expert Insight
Output–based
Aid
Input subsidy
Balancing Service Standards, Tariffs &
Subsidies
‘This is an iterative process. Can we afford better services?’
START
Specify Services
IMPLEMENT
• Design
• Finance
YES
NO
Estimate Cost
Does it work?
Set Tariffs &
Subsidies
Finalizing Tariff, Subsidy
and Service Level
“Develop options, looking for an acceptable trade-off
between tariffs, services and subsidies”
Finally we have:
3. Evaluated any
necessary subsidies
Following our Process, we have:
2. Looked at acceptable Tariff
scales
Following our Process, we
have:
1. Arrived at Cost of Service
Balancing the cost & tariff
issues
SUBSIDY
TARIFF
INCOME
COST OF
SERVICE
INCENTIVES
4. Now we have reached the point where we have to consider if we have reached a Balance between Costs and Tariffs. If the
tariff/subsidy revenues are not sufficient then we can look at various alternative ways of adjusting our tariff/cost of service
arrangements, for example:
Adopt cost recovery tariffs for all customers
Set Tariffs below cost for some customers and apply a subsidy
Reduce costs (and thus necessary tariff levels) by reducing coverage and service levels
Once we are happy with the balance between Cost, Tariff and subsidy we can proceed
to incorporate them into the design of the Private Participation Arrangement.
Design & Implement:
Design Issues
‘What key issues should we include in the Private Participation Arrangement design?’
START
Specify Services
IMPLEMENT
• Design
• Finance
YES
NO
Estimate Cost
Does it work?
Set Tariffs &
Subsidies
Design Issues
“PP is possible even if Tariffs don’t cover costs”
The Arrangement has to cover various issues:
–
Cost of Service =
Management Costs + Operations + Capital Investment
The Private Participation Arrangement has to be clearly defined to show where the funds to
cover all–costsOperator’s
of service willfee
come
These costs include
the cost
of Management
infrom.
a Management
Contract
may
be financedand
byall
necessary Capital
Investment
as well as linked
the Operational
Costs needed to provide the
others,
and payment
to outputs.
Service.
Examples:
–
Guyana
Management
Contract: in lease and management contracts can
Investment
elements
 be
Donors
financefinanced
the Operator’s
Fee
partially
byManagement
governments,
investors and operators

Operator not affected by financial health of utility
–
Amman,
Jordan : models have been developed that can
Concession
 subsidy,
Performance-based
contractBased Aid, retaining
such asManagement
using Output

Operator’s performance links to a profit sharing incentive
Government control of how the subsidy is used
include
Design Issues
“PP is possible even if Tariffs don’t cover costs”
The Arrangement has to cover various issues:
Example:
by=Operator:
– Partial
CostInvestment
of Service
Senegal,
ONES :
Management
Costs + Operations + Capital Investment

Affermage- lease contract with Operator used to transfer substantial responsibilities to the
butConcession
with only a limited
investment
Comment: UseOperator
of Aid in
models
 Operator’s
Total investment
tooin
large
to be financed by the
private operator,
covered
by Government.
– Concessions
fee
a
Management
Contract
may
be
financed
by
For
it
was
sometimes
though
that
either
the
tariff
had
to
have
The Government asset holding company took remaining major investmentsfull
in cost
bulk water
and distribution
and
payment
linked to
recoveryothers,
ortransport
the government
was committed
to outputs.
increase tariffs accordingly. This is
because in a concession the operator has to cover all costs, including investment, from
revenues. However, subsidies can be combined with concessions, and Output based
Investment
inaslease
and
management contracts can
Aid–can help
to recoverelements
costs as well
improve
services
be partially financed by governments, investors and operators
–
Concession models have been developed that can include
subsidy, such as using Output Based Aid, retaining
Government control of how the subsidy is used
Design Issues
“PP is possible even if Tariffs don’t cover costs”
The Arrangement has to cover various issues:
Example:
Amman Management Contract
Cost Recovery for O&M
–
Cost of Service =
Management Costs + Operations + Capital Investment
–
Operator’s fee in a Management Contract may be financed by
others, and payment linked to outputs.
–
Investment elements in lease and management contracts can
be partially financed by governments, investors and operators
–
Concession models have been developed that can include
subsidy, such as using Output Based Aid, retaining
Government control of how the subsidy is used
Design & Implement:
Financing Implications
‘How to involve private and public finance?’
START
Specify Services
IMPLEMENT
• Design
• Finance
YES
NO
Estimate Cost
Does it work?
Set Tariffs &
Subsidies
The actual project funding could be a mix of
various finance sources.
Private Finance
For example: The operator could put up 30% of
the investment required, with the remainder from
“What might banks
be theor
potential
sourcesinstitutions.
of funding for a prvately financed project?”
other financial
First we should be aware of some of
the potential SOURCES OF FINANCE:
o
o
o
o
o
o
o
Equity from a project promoter
Equity from other investors
Loans – local or foreign banks
Bonds
Export Credit Guarantees Finance
Loans from development agencies
Grants from development agencies
Private Finance
What issues to consider when involving Private Finance?
The way that the arrangement is designed, and the security offered against
risks will affect the perception of operators, investors and lenders about the
level of risks involved and ultimately the viability and cost of the project . This
in turn will affect the level of investment cost, and in this in turn affects the
cost of provision of service under the Private Participation arrangement [Risk
allocation is an important subject dealt with in Module 6 ]
- The cost recovery potential and tariff stability are issues that will have a
direct bearing on this.
Need to consider the views of potential lenders at the arrangement design
and bid stages to ensure that a viable project can be put out to bid, and that
investors will be interested to be involved
The amount of investment required needs to be considered, to ensure that
debt levels and risk are viable. The phasing and type of investment can be
considered in order to rapidly increase cash flow, allow the operator to reduce
costs and free up cash later for more investment
These three types of arrangement have an
Affermage- lease increasing
contracts:involvement from private sector
Involving
Financing
finance, Public
with a potential role
for public sector
Although the utility may be generating sufficient cash flow to cover operating costs, it
finance in all three types:
may not be enough to service borrowings.
“There is still a place for Public Financing. The needs differ for each PP Arrangement
The operator can propose a capital workstype”
investment program that will achieve the
operational and financial improvement targets to be funded by the public sector.
Arrangement Type
Private Operator
Public Finance
To be successful there isoaOperator
need to
ensure that there is adequate
capital in the utility,
o Operating costs by government
brings efficiencies
but to ensure that there is not excessive borrowing or investment
Management Contract
Affermage Lease
o Operating cost income needed
o Investment needed to support
effective operational improvement
o Capital investment needed
o Capital investment needs are defined
by government
o Operator brings efficiencies’
o Investment for identified capital works
o Revenues cover operational cost
o Need to use operator’s insights in
required investment
Insufficient
cash flow
to cover
Management Contractsobring
focused
management
skills and efficiency to a utility.
investment
o Need
control
size and
Where the utility is in financial difficulty , then public finance
willtobe
needed
foruse of
o Operator can prepare investment
investment
operational and capital investment
costs.
program for needed improvements
Concession
o Revenues cover operational and
agency
finance
investment
costswill be needed
o Government finance can subsidize to
to support
thesector
reforms
meet water
goals.being
Public or development
implemented by the operator,
example
replacing
emergency
works,
o Can for
mobilize
substantial
amountspumps,
o Involving
development
agencies may
of
private
capital
lower
costs
through
cheaper
finance
training, as the major improvements will not be attained with management effort alone.
Concessions:
Involving
Public
Financing
The fact that governments can mobilize substantial amounts of finance through private
funds does not mean that it should rely entirely on private finance. Public or
development
can:Financing. The needs differ for each PP Arrangement
“There is stillagency
a placefinance
for Public
Be focused to subsidize water infrastructure
to achieve specific
type”
social or development goals
•Private
MakeOperator
use of development agency
than private
Arrangement Type
Publicrather
Finance
funds,
this
o Operating costs by government
o Operator
brings efficiencies
may
reduce total
cost of funds
Management
Contract
o Investment needed to support
Options to use
public funds in
concessions
include:
o Operating cost income needed
effective operational improvement
o Capital lending
investmenttoneeded
Government
the concession
company
or equity
o Capital
investment
needsinvestment
are defined
by government
(joint
o Operator brings efficiencies’
o Investment for identified capital works
ownership)
Affermage Lease
Revenues cover
operational
cost
Directofinancing
of some
infrastructure
(so no
return
for the
o Need
to use
operator’s
insights in
required investment
Concessionaire)
o Insufficient cash flow to cover
investment
Government
OBA fund to extend service
to to
new
areas
o Need
control
size and use of
o Operator can prepare investment
program for needed improvements
Concession
investment
o Revenues cover operational and
investment costs
o Government finance can subsidize to
meet water sector goals.
o Can mobilize substantial amounts
of private capital
o Involving development agencies may
lower costs through cheaper finance
Involving Public Financing
“In practice it is possible to adapt the main contract models, to form Hybrid
Arrangements to suit the specific PP needs”
Arrangement Type
Management Contract
Private Operator
Public Finance
o Operator brings efficiencies
o Operating costs by government
Arrangements:
oHybrid
Operating
cost income needed
o Investment needed to support
effective operational improvement
oThese
Capital main
investment
needed
contract
models
actual project conditions.
Affermage Lease
by government
o Operator brings efficiencies’
o Investment for identified capital works
oAs
Revenues
cover operational cost
an example:
o Need to use operator’s insights in
required investment
o Insufficient cash flow to cover
Limited
investment by the
investment
Concession
can
be adapted
or needs
tailored
suit
o Capital
investment
are to
defined
Operator in a Management
o Need to control size and use of
Contract
or
Affermage
can
sometimes
be obtained, often with
o Operator can prepare investment
investment
program forguarantees
needed improvements
additional
provided for the Operator, in order to
osupport
Revenues
cover
operational and
o Government
finance
can subsidize to
key
investments
necessary
to ensure
operational
investment costs
meet water sector goals.
improvement
(e.g. network meters,
spare parts).
o Can mobilize substantial amounts
of private capital
o Involving development agencies may
lower costs through cheaper finance
A Development Agency
Finance Arrangement
“One possible model
Example: for securing effective disbursement”
The
Example:
operat
or
Major investments
needed
to
Government
makes
Government
replace decaying pipe
new
networks could be an
connec
unacceptable risk for the
tions
private operator if he had to as part
provide the necessary Fund of his
Fund
investment himself.
subsidy)
(investment
subsidy)
orcontrac
(investmentor
t.
For
Investment Lending
those
in low
income
areas
he
Private
Operator
PrivateOperator
receive
sa
specifi
This figure illustrates one possible structure
for incorporating government and
development-agency financing in an
arrangement, showing a public investment or
Agency
subsidy
Agencyfund established by Government
and a development agency. It is not the only
model, but gives some ideas of one
Monitoring
approach.
This incorporates two options:
Investment lending :
Output
per the
Payment
Finance
from
public fund as a loan
to the operator – to invest in
infrastructure
Payment per output:
The subsidy fund would make
payment when the operator provides
specified services:
Reviewing Module 5
‘In this Module we have considered the elements and process of establishing
affordable Levels of Service, and some of the design and financing implications….’
START
Specify Services
IMPLEMENT
• Design
• Finance
YES
NO
Estimate Cost
Does it work?
Set Tariffs &
Subsidies
Checklist: Module 5
‘……..and the process is detailed in this Checklist”
Understand what services customers want
Evaluate external benefits from service
Define coverage and service objectives
Establish method for defining cost recovery
Evaluating operations and maintenance costs
Define methodology for calculating depreciation
Value asset base and estimate cost of capital
Estimate future efficiencies
Evaluate how much customers are willing and able to pay
Identify sources of external subsidies
Review alternative subsidy schemes
Revisit service objectives if service is too expensive
Select model of private participation
Define the financial terms of the arrangement
Specify operator’s coverage and service targets
Assign responsibilities for setting and monitoring standards
More Information:
Module 7
More information on Setting Service Standards, Tariffs, Subsidies, and Financial Arrangements:
Definition of service standards: Baker and Trémolet 2000, Estache and others 2002, Smith 2003, and Trémolet 2002.
Health and environmental benefits from water and sanitation: Whittington and Swarna 1994.
The desirability of cost recovery: Environmental Resources Management 2003a and Snijar and Syme 1998.
Regulatory accounting and methods of estimating costs: Green and Pardina 1999 and PPIAF and World Bank
Institute 2002.
Estimating the cost of capital: Green and Pardina 1999 (Chapter 9) and Alexander 2000.
Benchmarking water utilities: Kingdom 1999 and Tynan and Kingdom 2002.
Customers’ willingness to pay: Gómez-Lobo and others 2000, McPhail 1993, Singh and others 1997, Whittington and
others 1991, and Whittington 1998.
Use of willingness to pay surveys in the context of private participation: see Box 3.1 and Chapter 3, UNDP and
others 1999, Water and Sanitation Program 2002b, and Whittington and others 1998.
Social acceptability: Plummer 2000, UNDP and others 1999.
Affordability: UNDP and others 1999, Whittington 1992, and Whittington and others 2000.
Rationale for and evaluation of subsidies: Estache and others 2002, Foster and others 2000, Irwin 2003, Mehta 2003,
Whittington 1992.
Output-based aid (OBA) and approaches: Brook and Smith 2001, Drees & others 2004, EconOne Research 2003,
Foster and others 2000, Global Partnership on Output Based Aid Web page (www.gpoba.org), Gómez-Lobo 2001a and
2001b, Marin 2002, Mumssen 2004, Yamamoto and Hunt 2005
Information on financing: Brealey and Myers 2000, Delmon 2001, Finnerty 1996, Hoffman 1998, Levy 1996, Nevitt and
Fabozzi 2000, PricewaterhouseCoopers n.d.,Yescombe 2002
Supporting Material
• The Toolkit Financial Model
• Toolkit Case Study material
• Toolkit Website:
http://rru.worldbank.org/Toolkits/WaterSanitation/
• For comments or further details contact Cledan Mandri Perrott at
[email protected]
Toolkit: Module 7
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Toolkit: Module 7
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