Expenditures on settlement differences are calculated from the difference between the physical guarantee and the energy generated by the plant each month, this was calculated by using Equation 4, and multiplied by the monthly PLD (CCEE, 2010). To calculate the annual cost, expenses for the months of each year are added. The calculation for the revenue from carbon credit trading is represented by Equation 7, as recommended by BNDES (2009). The carbon price per ton corresponds to the average between the period from 05-12-2015 to 06-12-2015 and the emission factor is equivalent to the reference value released by MCIT (2015). 2
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