ECONOMIC AND FINANCIAL PERFORMANCE OF BRAZILIAN ENERGY INDUSTRY IN 2010 AND 2011

Abstract

The Brazilian electric sector, as well as in other countries, is one of the most important areas of the economy because it creates the infrastructure for the development of other sectors and providing relevant public utility service to society. Thus, this study investigated the effectiveness of economic-financial Brazilian companies from the utility power sector from the perspective of the investor, through data envelopment analysis (DEA). The sample comprised 34 companies of the Brazilian electric sector, listed on BM&FBOVESPA in the years 2010 and 2011. We adopted the non-parametric technique of Data Envelopment Analysis in its two classical models (CCR and BCC)-oriented output. The results confirm that, in 2010, the BCC method 12 companies were efficient, and in 2011 the efficiency was obtained by 11 companies. For the CCR method in 2010 eight companies were efficient, and seven companies in 2011 reached efficiency. The benchmarking analysis revealed that 13 companies were taken as reference, these five were all over the benchmarking period in both models of DEA. One of the possible causes of the reduction in the number of efficient companies can be attributed to the slowdown of the Brazilian economy growth in 2011 compared to 2010.