INTEGRATING FINANCIAL AND TARIFF DATA INTO THE ASSESSMENT OF ENERGY-SECTOR COMPANIES’ FINANCIAL PERFORMANCE

Abstract

This article develops a theoretical and methodological framework for assessing the financial performance of state-owned energy companies subject to tariff regulation. The research problem arises because reported profit, conventional financial ratios, and the tariff-allowed return, when considered separately, do not reveal the cash realization, persistence, or investment-reproduction capacity of financial results, nor the effects of regulatory timing differences. The study combines a structured synthesis of the literature with content analysis of legal and regulatory documents and applies causal and structural approaches. It substantiates a three-level distinction between accounting results, tariff-allowed results, and results realized in cash, together with the parallel assessment of overall performance and performance adjusted for controllable factors.