As (im)possibilidades da regulação no Rio de Janeiro

o papel da Agenersa

Abstract

The article analyzes the performance of the Agência Reguladora de Energia e Saneamento Básico do Estado do Rio de Janeiro (Agenersa) in the concession of water and sanitation services in Rio de Janeiro, as the agency’s role acquired new contours and scope following the entry of new private concessionaires into the sector in 2021. In order to understand the limitations of this regulatory framework, the study collected and examined the legislation defining Agenersa’s oversight powers, the bidding documents and concession contracts, as well as the economic-financial rebalancing proceedings arising from claims submitted by the new concessionaires. The documents were qualitatively analyzed in light of the categories “Principal–Agent,” “Information Asymmetry,” “Regulatory Capture,” and “Regulatory Agencies’ Life Cycle.” The results indicate that the ongoing concession presents numerous opportunities for regulatory capture through loopholes created by drafting errors in the bidding notice and by the presence of revolving door dynamics between the public and private institutions involved.