la liberalización de los mercados eléctricos y el medio

Anuncio
/ $ / , % ( 5 $/ , = $& , Ï 1 ' ( / 2 6 0 ( 5 & $' 2 6
( / e & 7 5 , & 2 6 < ( / 0 ( ' , 2 $0 % , ( 1 7 (
'5*Ï0(=,'$5211(5%5$9290)(/,&,$12-$&20,12±
(/(51(53/,1$5(6//$0$6)2267(5+,86±
23267,*/,21,)&5(<52¶5<$1
+58'1,&./-6È1&+(='(7(0%/(48()7+20$6
&20,6,Ï11$&,21$/'((1(5*Ë$$7Ï0,&$
$9*(1(5$/3$=%8(126$,5(6$5*(17,1$
7(/)$;±
(0$,/GJRPH]#FQHDJRYDU
3$/$%5$6&/$9(
SROtWLFDDPELHQWDOLQVWUXPHQWRVLPSDFWRDPELHQWDOPHWRGRORJtDGH
HYDOXDFLyQ
5(680(1
/RV PHUFDGRV HOpFWULFRV FRPSHWLWLYRV VRQ UHODWLYDPHQWH UHFLHQWHV 0LHQWUDV VXV DFWRUHV DSUHQGHQ D
DMXVWDUVHDODVQXHYDVFRQGLFLRQHV FRQWLQ~DHOGHVDUUROORGHOPDUFRUHJXODGRU
/D&RPLVLyQ(XURSHDDSUREyHQVX4XLQWR3URJUDPD0DUFRHOSUR\HFWRGH$FFLRQHV&RQFHUWDGDVSDUD
XQ *UXSR GH 'LVFXVLyQ VREUH ,QVWUXPHQWRV GH 3ROtWLFD $PELHQWDO HQ ORV 0HUFDGRV (OpFWULFRV
/LEHUDOL]DGRV GH $PpULFD /DWLQD < (XURSD 3DUD HO GLVHxR \ OD HMHFXFLyQ GHO SUR\HFWR VH IRUPy XQ
FRQVRUFLR GH QXHYH LQVWLWXFLRQHV GH $OHPDQLD $UJHQWLQD %UDVLO &KLOH (VSDxD \ ORV 3DtVHV %DMRV
LQWHJUDGR SRU RUJDQLVPRV GH FLHQFLD \ WpFQLFD GH ORV GLVWLQWRV SDtVHV ODV DJHQFLDV UHJXODGRUDV GH
$UJHQWLQD\(VSDxD/D2UJDQL]DFLyQ3DQDPHULFDQDGHOD6DOXGWDPELpQIRUPDSDUWHGHOJUXSR
,1752'8&&,Ï1
(O REMHWLYR GHO 3UR\HFWR FRQFLHUQH HO GLVHxR GH SROtWLFDV TXH SURPXHYDQ VLVWHPDV HOpFWULFRV
HFRQyPLFDPHQWHHILFLHQWHV\DPELHQWDOPHQWHUHVSRQVDEOHVHQHOFRQWH[WRGHODFUHFLHQWHOLEHUDOL]DFLyQ
GHORVPHUFDGRVHXURSHRV\ODWLQRDPHULFDQRV6HSUHYpDOFDQ]DUHVWHREMHWLYRDWUDYpVGHXQDVHULHGH
DFWLYLGDGHVTXHLQFOX\HQODUHYLVLyQGHORVHIHFWRVGHODOLEHUDOL]DFLyQVREUHHOLPSDFWRDPELHQWDOGH
ORVVLVWHPDVHOpFWULFRVHODQiOLVLV\ODFRPSDUDFLyQGHPHWRGRORJtDVSDUDODHYDOXDFLyQGHOLPSDFWR
DPELHQWDOGHORVVLVWHPDVHOpFWULFRV\HOLQWHUFDPELRGHH[SHULHQFLDVDFHUFDGHODLQFRUSRUDFLyQGH
ORVDVSHFWRVDPELHQWDOHVHQORVPHUFDGRVHOpFWULFRVOLEHUDOL]DGRV
(O SULQFLSDO SURGXFWR GH HVWDV DFFLRQHV FRQFHUWDGDV VHUi XQ FRQMXQWR GH UHFRPHQGDFLRQHV SDUD ORV
WRPDGRUHV GH GHFLVLyQ DFHUFD GH ODV FRQVHFXHQFLDV VREUH HO PHGLR DPELHQWH \ HFRQyPLFDV GH OD
OLEHUDOL]DFLyQGHOVHFWRUHOpFWULFR$VLPLVPRVHHVSHUDLGHQWLILFDUODVSROtWLFDVPiVDGHFXDGDVSDUDORJUDU
HOGHVDUUROORVRVWHQLEOHGHOVHFWRU
/D SULPHUD UHXQLyQ GHO *UXSR VH OOHYy D FDER HQ 6DQWLDJR GH &KLOH HQ VHSWLHPEUH GH (Q HVWH
WUDEDMRVHSUHVHQWDQODVFXHVWLRQHVFODYHVDVRFLDGDVDORVSURFHVRVGHOLEHUDOL]DFLyQHQFDGDXQRGHORV
VHLVSDtVHVGLVFXWLGDVHQHVDRFDVLyQ7DPELpQVHLQGLFDQODVSULQFLSDOHVWHQGHQFLDVGHODSHUIRUPDQFH
DPELHQWDOGHORVGLIHUHQWHVVHFWRUHVHOpFWULFRVDQWHODVQXHYDVFRQGLFLRQHV
(/352&(62'(/,%(5$/,=$&,Ï1(1/266(,63$Ë6(6
6LELHQFDGDSDtVKDOLEHUDGRVXVHFWRUHOpFWULFRGHDFXHUGRD VXV SHFXOLDULGDGHV HO SURFHVR FRQWLHQH
FDUDFWHUtVWLFDVFRPXQHVTXHLQFOX\HQ
ODVHSDUDFLyQH[SOtFLWDGHORVWUHVVHJPHQWRVGHOVLVWHPDHOpFWULFRJHQHUDFLyQWUDQVPLVLyQ\
GLVWULEXFLyQ
OD GHILQLFLyQ GH HVWRV WUHV VHJPHQWRV GHVLQWHJUDGRV YHUWLFDOPHQWH MXQWR FRQ ORV XVXDULRV
FRPRORVSULQFLSDOHVDFWRUHVGHOPHUFDGR
ODLQWURGXFFLyQGHPHFDQLVPRVFRPSHWLWLYRVHQHOVHFWRUGHJHQHUDFLyQ
ODH[LVWHQFLDGHHVTXHPDVGHDFFHVRDELHUWR\QRGLVFULPLQDWRULR
HO GHUHFKR \ OD REOLJDFLyQ SRU SDUWH GH ORV FRQFHVLRQDULRV GHO VHFWRU GH GLVWULEXFLyQ D
VXPLQLVWUDUHOHFWULFLGDGHQHOiPELWRORFDO
XQVLVWHPDGHSUHFLRVSDUDORVVHFWRUHVGHJHQHUDFLyQ\WUDQVPLVLyQTXHFRQWHPSODSUHFLRV
PDUJLQDOHVSDUDODRSHUDFLyQ\RH[SDQVLyQGHSRWHQFLD\
HOSUHFLRGHODGLVWULEXFLyQGHHOHFWULFLGDGHVWiEDVDGRHQHOFRVWRPDUJLQDOGHH[SDQVLyQGH
DFXHUGRFRQHVTXHPDVILMDGRVSRUODUHJXODFLyQ
'HVGHHOSXQWRGHYLVWDDPELHQWDOODVUHIRUPDVGHMDURQHQPDQRVGHORVDFWRUHVSULYDGRVTXHFRPSLWHQ
HQHOPHUFDGRWUHVGHFLVLRQHVLPSRUWDQWHV
/D GHFLVLyQ VREUH HO WLSR \ OD RSRUWXQLGDG GH ODV QXHYDV LQYHUVLRQHV GHSHQGH DKRUD GH ODV
SULRULGDGHVGHOVHFWRUSULYDGR6LELHQHQDOJXQRVGHORVSDtVHVVHHODERUDXQ3ODQ,QGLFDWLYR
GRQGH VH VXJLHUHQ ODV LQYHUVLRQHV IXWXUDV HVWDV VXJHUHQFLDV QR VRQ PD\RULWDULDPHQWH
WHQLGDVHQFXHQWD/DVGHFLVLRQHVSULYDGDVWLHQHQKRUL]RQWHVGHSOD]RPiVFRUWR\FRVWRVGH
ILQDQFLDFLyQDOWRVTXHKDFHQPHQRVDWUDFWLYDVDODVWHFQRORJtDVFRQDOWRVFRVWRVGHFDSLWDO
([LVWHQWDPELpQLQFHQWLYRV SDUD PLQLPL]DU FRVWRV KXQGLGRV PHGLDQWH OD HQWUDGD DO PHUFDGR
FRQ LQYHUVLRQHV LQLFLDOHV \ WLHPSRV GH UHWRUQR PHQRUHV /RV LQYHUVRUHV SULYDGRV WLHQHQ
DGHPiV HQ FXHQWD ORV ULHVJRV SROtWLFRV OD SDUWLFLSDFLyQ HQ RWURV PHUFDGRV DVRFLDGRV WDOHV
FRPRHOJDVRODVSRVLELOLGDGHVGHLQWHUFRQH[LyQ/DLPSOLFDQFLDPiVREYLDGHWRGRORDQWHULRU
KDVLGRODLQVWDODFLyQGHFHQWUDOHVDJDVQDWXUDORFRPEXVWLEOHVOtTXLGRVSRUVREUHRWURVWLSRV
GHWHFQRORJtDVWDOHVFRPRODKLGUiXOLFDODQXFOHDURODVQXHYDVWHFQRORJtDVDEDVHGHFDUEyQ
(O GHVSDFKR GH FDUJD VH EDVD ~QLFDPHQWH HQ ORV FRVWRV GLUHFWRV \ HVWRV FRQVWLWX\HQ
HQWRQFHV HO IDFWRU PiV LPSRUWDQWH HQ HO PHUFDGR FRPSHWLWLYR &RPR FRQVHFXHQFLD ODV
SODQWDVFRQPHQRUHVFRVWRVVRQODVSULPHUDVGHVSDFKDGDV(VWHSURFHVRQRWRPDHQFXHQWD
H[WHUQDOLGDGDPELHQWDODOJXQDDVRFLDGDDXQDSODQWDHVSHFtILFD/DVH[WHUQDOLGDGHVVHWLHQHQ
HQFXHQWDVyORVLIXHURQFRQVLGHUDGDVSRUODVDXWRULGDGHVDPELHQWDOHVDOHODERUDUODSROtWLFD\
ODUHJXODFLyQFRUUHVSRQGLHQWH
/DORFDOL]DFLyQGHODVFHQWUDOHVQXHYDVHVXQDGHFLVLyQTXHGHSHQGHGHODVSULRULGDGHVGHO
VHFWRU SULYDGR 3RU HMHPSOR HV FRQYHQLHQWH ORFDOL]DU ODV FHQWUDOHV D JDV FHUFD GH ORV
JDVRGXFWRV SDUD UHGXFLU FRVWRV \ ULHVJRV (VWR SXHGH FRQGXFLU DO HPSHRUDPLHQWR GH
SUREOHPDVDPELHQWDOHV\DH[LVWHQWHV
'H PDQHUD TXH OD LQFOXVLyQ GH DFWRUHV SULYDGRV HQ HO VHFWRU HOpFWULFR KD LQFRUSRUDGR WDPELpQ ODV
SULRULGDGHV GH HVWRV DFWRUHV HQ OD WRPD GH GHFLVLRQHV FODYHV TXH DIHFWDQ HO PHGLR DPELHQWH (VWDV
SULRULGDGHV LQFOX\HQ PHQRUHV FRVWRV GLUHFWRV FRPR DVt WDPELpQ ULHVJRV \ FRQVLGHUDFLRQHV PiV
HVWUDWpJLFDV
&URQRORJtDGHO3URFHVRGH/LEHUDOL]DFLyQ
/DWDEODEULQGDXQDFURQRORJtDGHOLQLFLRGHODOLEHUDOL]DFLyQTXHWRPDFRPREDVHODUHJXODFLyQ6LELHQ
HOSURFHVRUHFRQRFHRWURVDQWHFHGHQWHVHQODPD\RUtDGHORVSDtVHVH[FHSWRHQ%UDVLOODVDQFLyQGH
XQDOH\LQWHJUDOSDUDHOVHFWRUHOpFWULFRKDGDGRHOPDUFRMXUtGLFRSDUDVXGHVDUUROOR
7DEOD 8QDFURQRORJtDGHODOLEHUDOL]DFLyQEDVDGDHQODVDQFLyQGHODOH\PDUFRSDUDHOVHFWRU
HOpFWULFR
&KLOH
x /H\*HQHUDOGHORV6HUYLFLRV(OpFWULFRV
8QLyQ(XURSHD
x *XtDVSDUDOD/LEHUDOL]DFLyQGHO6HFWRU(OpFWULFR
x &UHDFLyQGHOD$JHQFLD1DFLRQDOGHOD(QHUJtD(OpFWULFD
$UJHQWLQD
%UDVLO
(VSDxD
%UDVLO
$OHPDQLD
%UDVLO
x /H\GHOD(QHUJtD(OpFWULFD
x /H\GHOD(QHUJtD(OpFWULFD
x &UHDFLyQ GH OD $GPLQLVWUDFLyQ GH ORV 5HFXUVRV
+LGURHOpFWULFRV
x /H\GHOD(QHUJtD
x &UHDFLyQGHO0HUFDGR0D\RULVWD(OpFWULFR
&DUDFWHUtVWLFDVGHORV0HUFDGRV(OpFWULFRV$VRFLDGDVDO0HGLR$PELHQWH
/DILJXUDUHVXPH\FRPSDUDODVFDUDFWHUtVWLFDVGHOSDUTXHGHJHQHUDFLyQHOpFWULFDGHFDGDXQRGHORV
SDtVHVSDUDHODxR(QHOODVHDSUHFLDODUHOHYDQFLDGHODJHQHUDFLyQWHUPRHOpFWULFDHQORVSDtVHV
HXURSHRV /D HQHUJtD KLGURHOpFWULFD HV SUHSRQGHUDQWH HQ %UDVLO PLHQWUDV TXH HQ $UJHQWLQD \ &KLOH OD
JHQHUDFLyQHVWiSULQFLSDOPHQWHEDODQFHDGDHQWUHHVWDV GRV RSFLRQHV /D HVWUXFWXUD GH ORV SDUTXHV GH
JHQHUDFLyQHVFHQWUDOHQODSHUIRUPDQFHDPELHQWDOGHOVLVWHPDHOpFWULFR
$UJHQWLQD
7HUPRHOpFWULFD
+LGURHOpFWULFD
1XFOHDU
%UDVLO
5HQRYDEOH
&KLOH
$OHPDQLD
3DtVHV%DMRV
(VSDxD
7: K
)LJXUD*HQHUDFLyQ(OpFWULFDSRU7LSR
([LVWHQ GLIHUHQFLDV VLJQLILFDWLYDV HQ ODV FXHVWLRQHV GH OD UHJXODFLyQ DPELHQWDO HQWUH ORV SDtVHV
ODWLQRDPHULFDQRV\HXURSHRVFRQVLGHUDGRVHQHVWHHVWXGLR
$ORVSDtVHVHXURSHRVOHVSUHRFXSDTXHODOLEHUDOL]DFLyQDIHFWHQHJDWLYDPHQWHODFRPSHWLWLYLGDGGHODV
HQHUJtDV UHQRYDEOHV GH OD JHQHUDFLyQ GLVWULEXLGD \ GH ODV PHGLGDV GH JHVWLyQ GH OD GHPDQGD (Q
FRQVHFXHQFLD KDQ IDYRUHFLGR HO HPSOHR GH LQVWUXPHQWRV TXH GDQ LQFHQWLYRV D ORV GRV SULPHURV VLQ
HPEDUJRSRFRVHKDKHFKRSDUDSURPRYHUPHGLGDVGHJHVWLyQGHODGHPDQGDSRUSDUWHGHODVHPSUHVDV
HOpFWULFDV 6H KDQ ILMDGR REMHWLYRV SDUD ODV WHFQRORJtDV GH HQHUJtDV UHQRYDEOHV \ DGHPiV ORV SDtVHV
HXURSHRVWLHQGHQDDSR\DUDDOJXQDVWHFQRORJtDVUHODWLYDPHQWHLQHILFLHQWHV\DH[LVWHQWHV
(Q $OHPDQLD OD SULRULGDG SDUD ODV HQHUJtDV UHQRYDEOHV VH EDVD HQ HO UHTXHULPLHQWR KDFLD ORV
GLVWULEXLGRUHVGHJDUDQWL]DUODFRPSUDGHHOHFWULFLGDGJHQHUDGDDWUDYpVGHHVWHWLSRGHHQHUJtD\GHFR
JHQHUDFLyQDXQSUHFLRPtQLPRUHJXODGR\SRUODSRVLELOLGDGGHUHFKD]DUHODFFHVRDODUHGHQHOFDVRGH
TXH OD JHQHUDFLyQ UHQRYDEOH VH YHD DIHFWDGD /D PHWD HV TXH ODV HQHUJtDV UHQRYDEOHV VXPLQLVWUHQ XQ
GHOWRWDOSDUDHODxRSHUPLWLHQGRTXHPDGXUHQ\WHQJDQODRSRUWXQLGDGGHVHUFRPSHWLWLYDV
/D SURWHFFLyQ SDUD HO OLJQLWR KDVWD HO DxR KD VLGR HVWLSXODGD HQ OD H[ $OHPDQLD RULHQWDO FRPR
UpJLPHQGHWUDQVLFLyQ$VLPLVPRVHKDLPSOHPHQWDGRDOJXQDVSROtWLFDVGHJHVWLyQGHODGHPDQGDSDUD
DSR\DULQLFLDWLYDVGHHILFLHQFLDHQHUJpWLFDHQHGLILFLRV\HQODLQGXVWULD
([LVWHHQ(VSDxDXQUpJLPHQHVSHFLDOTXHHVWDEOHFHSUHFLRVILMRVSDUDODHOHFWULFLGDGFRQEDVH HQ FR
JHQHUDFLyQHQHUJtDVUHQRYDEOHV\DSURYHFKDPLHQWRGHGHVHFKRV7DPELpQKDQILMDGRSDUDODVHQHUJtDV
UHQRYDEOHV XQD PHWD GH JHQHUDFLyQ GH HOHFWULFLGDG GHO SDUD HO DxR (O VLVWHPD HVSDxRO
DGPLWH XQ GHVSDFKR SULRULWDULR SDUD ODV FHQWUDOHV D FDUEyQ TXH QR KD VLGR HPSOHDGR D~Q ([LVWH XQ
UpJLPHQ GH WUDQVLFLyQ SDUD ODV FHQWUDOHV H[LVWHQWHV HVSHFLDOPHQWH SDUD ODV TXH TXHPDQ FDUEyQ &RQ
UHVSHFWRDODJHVWLyQGHODGHPDQGD(VSDxDDSOLFyXQUHFDUJRDODVWDULIDVGHSDUDODSURPRFLyQ
GHWHFQRORJtDVPiVHILFLHQWHVDSHVDUGHVXHIHFWLYLGDGHOUpJLPHQFHVyHQ
(Q HO VLVWHPD KRODQGpV HO DFFHVR D OD UHG VH SURYHH PHGLDQWH XQ HVTXHPD GH DFFHVR FRQ WDULIDV
EDVDGDV HQ XQ VLVWHPD GH HVWDPSLOOD SRVWDO /RV OLFHQFLDWDULRV WLHQHQ OD REOLJDFLyQ GH FRPSUDU
HOHFWULFLGDG ³YHUGH´ SDUD VXV XVXDULRV TXH VH JHVWLRQD D WUDYpV GH FHUWLILFDGRV YHUGHV (O JRELHUQR KD
DSOLFDGRXQUpJLPHQGHWUDQVLFLyQSDUDODFRJHQHUDFLyQODJDVLILFDFLyQGHOFDUEyQ\DOJXQRVDFXHUGRV
GH FRPSUD GH HQHUJtD HOpFWULFD /RV 3DtVHV %DMRV DSR\DQ D ODV HQHUJtDV UHQRYDEOHV PHGLDQWH
H[HQFLRQHVLPSRVLWLYDV\RWRUJDQVXEVLGLRVSDUDSURJUDPDVGHFRQVHUYDFLyQGHHQHUJtD6HKDQILMDGR
PHWDVSDUDTXHODVHQHUJtDVUHQRYDEOHVFRQVWLWX\DQHOGHOVXPLQLVWURSULPDULRGH HQHUJtD SDUD HO
DxR\SDUDTXHODHILFLHQFLDHQHUJpWLFDJOREDOPHMRUHXQDQXDOPHQWH&RQUHVSHFWRDODJHVWLyQ
GHODGHPDQGDHOJRELHUQRRWRUJDVXEVLGLRVGLUHFWRVSDUDFRQVHUYDFLyQGHODHQHUJtD
(Q ORV SDtVHV ODWLQRDPHULFDQRV QR H[LVWLy XQD SUHRFXSDFLyQ SDUD FRPSOHPHQWDU HO SURFHVR GH
OLEHUDOL]DFLyQ FRQ PHGLGDV GH DSR\R SDUD ODV HQHUJtDV UHQRYDEOHV OD FRJHQHUDFLyQ R OD JHVWLyQ GH OD
GHPDQGD (O UpJLPHQ HVSHFLDO SDUD ODV HQHUJtDV VRODU \ HyOLFD D WUDYpV GH EHQHILFLRV LPSRVLWLYRV GH
$UJHQWLQD FRQVWLWX\H XQD H[FHSFLyQ (VWH UpJLPHQ MXQWR FRQ LQFHQWLYRV HQ HO iPELWR SURYLQFLDO
HVWLPXODURQ OD SUHVHQWDFLyQ GH SUR\HFWRV GH DSURYHFKDPLHQWR GH OD HQHUJtD HyOLFD HQ OD 3DWDJRQLD
%UDVLO KD RWRUJDGR LQFHQWLYRV SDUD OD FRJHQHUDFLyQ HQ ODV LQGXVWULDV GHO D]~FDU \ GHO DFHUR \ SDUD HO
UHHPSOD]RGHFDOHIRQHVHOpFWULFRVSRUVRODUHV%UDVLOKDLQVWDXUDGRXQDSROtWLFDHVSHFtILFDGHSURPRFLyQ
GHODHQHUJtDWHUPRHOpFWULFDRIUHFHJDUDQWtDVSDUDHOVXPLQLVWURGHFRPEXVWLEOHDODUJRSOD]R\SDUDHO
DFFHVRGHILQDQFLDPLHQWRDWUDYpVGHO%DQFR%UDVLOHxRSDUDHO'HVDUUROOR
/DVIXHQWHV\DH[LVWHQWHVQRKDQVLGRJHQHUDOPHQWHSURWHJLGDVHQ$PpULFD/DWLQD6RODPHQWH%UDVLOKD
FRQVLGHUDGRXQDPH]FODGHYLHMDV\QXHYDVFHQWUDOHVKLGUiXOLFDVGHQWURGHOSDTXHWHGHFDGDFRPSDxtD
KDVWD HO DxR (O SURFHVR GH OLEHUDOL]DFLyQ IXH PiV DEUXSWR TXH HQ (XURSD \ DOJXQDV FHQWUDOHV
QXHYDV UHODWLYDPHQWH LQHILFLHQWHV VH KDQ HQFRQWUDGR FRPSLWLHQGR FRQ WHFQRORJtDV GH EDMR FRVWR
FRQVWUXLGDVUHFLHQWHPHQWH(VWRLPSOLFySRUORJHQHUDOXQDWUDQVLFLyQKDFLD ODV FHQWUDOHV D JDV SRU OR
JHQHUDOPiVOLPSLDVTXHODVDFDUEyQ6LQHPEDUJRHVWRQRVLHPSUHHVDVt(Q&KLOHDOJXQDVFHQWUDOHV
DFDUEyQFX\DFRQVWUXFFLyQILQDOL]yHQWUH\HVWiQDODE~VTXHGDGHFRPEXVWLEOHVPiVEDUDWRV
SDUD FRPSHWLU FRQ HO JDV QDWXUDO (O FRPEXVWLEOH TXH HVWiQ FRQVLGHUDQGR HV XQ UHVLGXDO GHO SHWUyOHR
FRQRFLGRORFDOPHQWHFRPR³SHWFRNH´VLELHQPiVEDUDWRHVSRWHQFLDOPHQWHPiVGDxLQRSDUDHOPHGLR
DPELHQWH
32/Ë7,&$648($)(&7$1/$6&$5$&7(5Ë67,&$6$0%,(17$/(6'(/260(5&$'26
(/e&75,&26/,%(5$/,=$'26
/D WDEOD UHVXPH ORV LQVWUXPHQWRV DPELHQWDOHV HPSOHDGRV HQ FDGD SDtV TXH QR VRQ HVSHFtILFRV GHO
VHFWRUHOpFWULFRSHURORDIHFWDQ(QWRGRVORVSDtVHVWDQWRODVFHQWUDOHVQXHYDVFRQODVH[SDQVLRQHVGH
ODV H[LVWHQWHV GHEHQ OOHYDU D FDER HYDOXDFLRQHV GH LPSDFWR DPELHQWDO 'H PDQHUD VLPLODU WRGRV ORV
SDtVHV UHTXLHUHQ HO FXPSOLPLHQWR GH OtPLWHV GH HPLVLyQ \ GH HVWiQGDUHV GH FDOLGDG GHO DLUH &RPR
FRQVHFXHQFLDORVHIHFWRVDPELHQWDOHVGLUHFWRVGHODOLEHUDOL]DFLyQKDQVLGRSUREDEOHPHQWHPHQRUHVGH
ORTXHSRGUtDKDEHUVHHVSHUDGREDMRXQDVLWXDFLyQFRQXQDUHJXODFLyQPiVOD[D
(Q (XURSD VL ELHQ ODV PHGLGDV WRPDGDV QR KDQ WHQLGR UHODFLyQ GLUHFWD FRQ HO 3URWRFROR GH .\RWR VH
HVSHUD TXH ORV SDtVHV HXURSHRV FRPR LQWHJUDQWHV GHO $QH[R % FRPLHQFHQ D WRPDU PHGLGDV HQ OD
GLUHFFLyQ GH OD UHGXFFLyQ GH VXV HPLVLRQHV GH JDVHV GH HIHFWR LQYHUQDGHUR /RV 3DtVHV %DMRV GHEHQ
UHGXFLUVXVHPLVLRQHVXQFRQUHVSHFWRDOQLYHOGHGXUDQWHHOSHULRGR$OHPDQLDGHEH
UHGXFLU VXV HPLVLRQHV HQ XQ DQXDO SDUD DOFDQ]DU VXV REMHWLYRV GH UHGXFFLyQ /RV 3DtVHV %DMRV HQ
SDUWLFXODU SHUR WDPELpQ $OHPDQLD GHSHQGHQ IXHUWHPHQWH GH ORV DFXHUGRV YROXQWDULRV VHFWRULDOHV TXH
KDQVLGRHIHFWLYRVSDUDODUHGXFFLyQGHODVHPLVLRQHVGHy[LGRVGHQLWUyJHQR\GHGLy[LGRGHD]XIUH(O
UHWLUR GH OD JHQHUDFLyQ QXFOHRHOpFWULFD HV RWUD FDUDFWHUtVWLFD LPSRUWDQWH GHO PHUFDGR HQ $OHPDQLD \
H[LVWHPX\SRFRDSR\RSROtWLFRSDUDVXH[SDQVLyQHQORV3DtVHV%DMRV
/D SDUWLFLSDFLyQ S~EOLFD \ OD SUHRFXSDFLyQ FUHFLHQWH DFHUFD GH ODV FRQVHFXHQFLDV DPELHQWDOHV GH ODV
GHFLVLRQHVGHSURGXFFLyQ\FRQVXPRFRQVWLWX\HXQDQXHYDYDULDEOHTXHDIHFWDORVPHUFDGRVHOpFWULFRV
OLEHUDOL]DGRV$VLPLVPRORVDFXHUGRVFRPHUFLDOHV\ODWHQGHQFLDKDFLDXQDPD\RULQWHJUDFLyQHFRQyPLFD
WLHQHQ XQ URO SUHSRQGHUDQWH HQ /DWLQRDPpULFD \ (XURSD /D LQWHUFRQH[LyQ GH ORV VLVWHPDV GH JDV \ GH
HOHFWULFLGDG D WUDYpV GH GLVWLQWRV SDtVHV VH KD YLVWR IDYRUHFLGD SRU HVWH QXHYR SDUDGLJPD (VWR KD
LPSXOVDGRHOGHVDUUROORGHODV'LUHFWULFHVSDUDOD(OHFWULFLGDG\HO*DVHQOD8QLyQ(XURSHD(Q$PpULFD
/DWLQDHOSURFHVRVHKDEDVDGRKDVWDDKRUDHQDFXHUGRVELODWHUDOHV
7DEOD3ROtWLFDVDPELHQWDOHVTXHDIHFWDQORVPHUFDGRVHOpFWULFRVOLEHUDOL]DGRV
;
;
;
;
;
;
3DtVHV
%DMRV
;
;
;
;
;
(VSDxD
;
;
$OHPDQLD
;
;
(XURSD
&KLOH
;
;
%UDVLO
(YDOXDFLyQGHLPSDFWRDPELHQWDO
(VWiQGDUHVDPELHQWDOHV\GHHPLVLyQ
3URWRFRORGH.\RWR
3URJUDPDVYROXQWDULRV
5HWLURGHODJHQHUDFLyQQXFOHDU
;VHDSOLFD
$UJHQWLQD
6XGDPpULFD
;
;
;
;
/RVVLJXLHQWHVLQFLVRVSUHVHQWDQFDUDFWHUtVWLFDVDFHUFDGHODVSROtWLFDVHVSHFtILFDVSDUDFDGDSDtV
$UJHQWLQD
(OVHFWRUHOpFWULFRWHQtDDQWHFHGHQWHVDPELHQWDOHVIXHUWHVDQWHVGHODOLEHUDOL]DFLyQ(VWRVDQWHFHGHQWHV
MXQWRFRQODDGRSFLyQGHHVWiQGDUHVHVSHFtILFRVSDUDHOVHFWRULPSOLFDURQTXHORVFDPELRVHQHOVLVWHPD
QR DIHFWDUDQ QHJDWLYDPHQWH HO DPELHQWH 8Q DVSHFWR LPSRUWDQWH GH OD SROtWLFD LQFOX\H OD SDUWLFLSDFLyQ
S~EOLFD
(OPDUFROHJDODPELHQWDOKDWHQLGRXQDOWRJUDGRGHFXPSOLPLHQWRSRUSDUWHGHWRGRVORVPLHPEURVGHO
PHUFDGRHOpFWULFR6LQHPEDUJRHLQGHSHQGLHQWHGHOSURFHVRGHOLEHUDOL]DFLyQGHOPHUFDGRHOpFWULFROD
IDOWD GH GHILQLFLyQ DFHUFD GH ORV UROHV FRQFUHWRV HQ ODV GLVWLQWDV MXULVGLFFLRQHV QDFLRQDO SURYLQFLDO \
PXQLFLSDOHVYLVWDFRPRXQDDPHQD]DSRWHQFLDOSDUDHOPHGLRDPELHQWH
/RVDFXHUGRVUHJLRQDOHVGHOLEUHFRPHUFLRUHODWLYRVDODVWUDQVDFFLRQHVGHHQHUJtDHVWiQVHQWDQGRODV
EDVHVSDUDQXHYRVGHVDUUROORV$UJHQWLQDHVXQPLHPEURGHO7UDWDGRGHO0HUFRVXU\WLHQHDFXHUGRVGH
OLEUH FRPHUFLR FRQ &KLOH (O QXHYR PDUFR UHJXODWRULR SHUPLWH D ODV HPSUHVDV FHOHEUDU DFXHUGRV WUDQV
IURQWHUL]RVTXHLQFOX\HQLQYHUVLRQHV\ODFRQVWUXFFLyQGHVLVWHPDVLQWHUFRQHFWDGRVGHWUDQVPLVLyQ&RPR
UHVXOWDGR VH HVWiQ GHVDUUROODQGR QXHYRV SUR\HFWRV GH LQWHUFRQH[LyQ SDUD LQFUHPHQWDU GH PDQHUD
VLJQLILFDWLYD OD FRPHUFLDOL]DFLyQ GH HQHUJtD HQWUH $UJHQWLQD \ %UDVLO \ HQWUH $UJHQWLQD \ &KLOH 6H KDQ
UHDOL]DGRWDPELpQDOJXQRVLQWHQWRVSDUDHVWDEOHFHUXQPDUFRFRPSHWLWLYRSDUDXQPHUFDGRUHJLRQDOGH
OLEUHFRPHUFLRGHHQHUJtDTXHSHUPLWLUtDDFXHUGRVGHODUJRSOD]RWUiQVLWRGHHQHUJtD\WUDQVDFFLRQHVD
WpUPLQR
%UDVLO
&RQDQWHULRULGDGDOSURFHVRGHOLEHUDOL]DFLyQ%UDVLOWXYRXQDSROtWLFDDPELHQWDOELHQGHVDUUROODGDTXHVH
LQLFLy HQ 6H HVWDEOHFLHURQ OtPLWHV GH HPLVLyQ SDUD IXHQWHV HVWDFLRQDULDV /D OLEHUDOL]DFLyQ GHO
VHFWRU HOpFWULFR QR IXH DFRPSDxDGD SRU FDPELRV HQ HVWDV SROtWLFDV FRQ H[FHSFLyQ GH OD UHJXODFLyQ
FRQFHUQLHQWHDOXVRGHODJXD(QHVWHiPELWRXQJUXSRGHSROtWLFDVLPSRUWDQWHVWXYR LPSDFWR VREUH OD
SRVLELOLGDG GH OD JHQHUDFLyQ KLGURHOpFWULFD /D 3ROtWLFD 1DFLRQDO GH ORV 5HFXUVRV +tGULFRV LQWURGXMR HO
SULQFLSLR´HOFRQWDPLQDGRUSDUD´MXQWRFRQODJHVWLyQGHORVFXUVRVGHDJXDSRUFRPLWpVORFDOHV\HOSDJR
GHOXVRGHODJXD(VWDVLWXDFLyQDFRPSDxDGDGHODSUHVLyQLQWHUQDFLRQDOFRQWUDHOGHVDUUROORGHQXHYRV
SUR\HFWRV HQ HO $PD]RQDV KDQ GLILFXOWDGR HO GHVDUUROOR GH QXHYRV SUR\HFWRV KLGUiXOLFRV JUDQGHV \
IDYRUHFLGRDORVSUR\HFWRVGHFHQWUDOHVDJDV
%UDVLO WDPELpQ HV PLHPEUR GHO 0HUFRVXU \ ORV DFXHUGRV UHJLRQDOHV GH OLEUH FRPHUFLR KDQ SHUPLWLGR HO
GHVDUUROOR GH LQWHUFRQH[LRQHV GH JDV QDWXUDO &RPR FRQVHFXHQFLD HO JDV QDWXUDO SURFHGHQWH GH
$UJHQWLQDHVHOVXPLQLVWURSDUDXQDSDUWHGHOGHVDUUROORWHUPRHOpFWULFRGHO%UDVLO
&KLOH
/D SROtWLFD DPELHQWDO FKLOHQD LQFOX\H OD HYDOXDFLyQ GHO LPSDFWR DPELHQWDO \ HO FXPSOLPLHQWR GH ORV
HVWiQGDUHVGHFDOLGDGDPELHQWDO\GHHPLVLyQ (VWRV LQVWUXPHQWRV KDQ VLGR LPSOHPHQWDGRV D SDUWLU GH
FXDQGRVHFUHyOD&RPLVLyQ1DFLRQDOGHO0HGLR$PELHQWH&21$0$/DHYDOXDFLyQGHOLPSDFWR
DPELHQWDOLQFOX\HODSDUWLFLSDFLyQS~EOLFD\VHUHTXLHUHSDUDFDGDSUR\HFWRQXHYRH[SDQVLyQR FDPELR
GHFRPEXVWLEOH(VWDVHYDOXDFLRQHVVHOOHYDQDFDERPHGLDQWHSDUiPHWURVFXDQWLWDWLYRVTXHLQFOX\HQHO
LPSDFWRVREUHODFDOLGDGGHODLUH/DOOHJDGDGHOJDVQDWXUDODOQRUWHGH&KLOHGHVSOD]yHOGHVSDFKRGH
DOJXQDV SODQWDV D FDUEyQ GH UHFLHQWH FRQVWUXFFLyQ &RPR UHVSXHVWD ORV SURSLHWDULRV GH HVWDV SODQWDV
KDQ VROLFLWDGR OD SRVLELOLGDG GH HPSOHDU UHVLGXDO GH SHWUyOHR TXH VL ELHQ HV PiV EDUDWR TXH HO FDUEyQ
WDPELpQ HV PiV FRQWDPLQDQWH /D VROLFLWXG HVWi VLHQGR HYDOXDGD EDMR SURWHVWD GH DJULFXOWRUHV \
DPELHQWDOLVWDV
8QDSROtWLFDTXHDIHFWDHOPHUFDGRHOpFWULFRHVOD/H\,QGtJHQDTXHHVWDEOHFHUHVWULFFLRQHVSDUDHOXVR
GHODWLHUUDHQ PDQRV DERUtJHQHV 0XFKDV GH HOODV HVWiQ FHUFDQDV D VLWLRV SDUD SRWHQFLDOHV SUR\HFWRV
KLGURHOpFWULFRV (VWD OH\ MXQWR FRQ OD SDUWLFLSDFLyQ S~EOLFD \ OD DFFLyQ GH JUXSRV DPELHQWDOHV KD
GLILFXOWDGRHOGHVDUUROORGHSUR\HFWRVKLGURHOpFWULFRV
/RVDFXHUGRVFRPHUFLDOHVELODWHUDOHV\ODVSROtWLFDVGHLQWHJUDFLyQFRQORVSDtVHVYHFLQRVKDQSHUPLWLGR
HOGHVDUUROORGHJDVRGXFWRV\OtQHDVGHWUDQVPLVLyQGHHOHFWULFLGDGGHVGH$UJHQWLQD
$OHPDQLD
(Q $OHPDQLD VH YH FRQ EXHQRV RMRV HO DOWR JUDGR GH LQWHUYHQFLyQ SRU SDUWH GHO JRELHUQR HQ HO iUHD
PHGLRDPELHQWDO$GHPiVODFUHFLHQWHSUHRFXSDFLyQS~EOLFDIDYRUHFHODDGRSFLyQ\HOFXPSOLPLHQWRGH
HVWiQGDUHVDPELHQWDOHVPiVHVWULFWRV$OHPDQLDKDFHFXPSOLUHVWULFWDPHQWHORVFRQWUROHVGHHPLVLyQHQ
FHQWUDOHVGHJHQHUDFLyQ
'HVGH VH DSOLFDQ LPSXHVWRV DO FRQVXPR GH HQHUJtD HVWR LQFOX\y QXHYRV LPSXHVWRV D OD
HOHFWULFLGDG\DORVFRPEXVWLEOHV
3RU HO 3URWRFROR GH .\RWR $OHPDQLD VH FRPSURPHWLy D UHGXFLU VXV HPLVLRQHV GH JDVHV GH HIHFWR
LQYHUQDGHURXQ
$OHPDQLDWDPELpQSURPXHYHDFXHUGRVYROXQWDULRVFRQHOVHFWRUSURGXFWLYR$WUDYpVGHOFRPSURPLVRSRU
SDUWHGHODLQGXVWULDDOHPDQDVREUH3UHYHQFLyQGHO&DOHQWDPLHQWR*OREDOVHLGHQWLILFDURQREMHWLYRVSDUD
XQDUHGXFFLyQGHOGHGLy[LGRGHFDUERQRSDUDHODxR \GHSDUDVREUHODEDVHGH
(OJRELHUQR\ORVJHQHUDGRUHVKDQDFRUGDGRUHWLUDUFRPSOHWDPHQWHODJHQHUDFLyQQXFOHRHOpFWULFDD
ORODUJRGHORVSUy[LPRVYHLQWHDxRV
(VSDxD
&RPRHQWRGRVORVRWURVSDtVHVVHDSOLFDQDOPHUFDGRHOpFWULFRORVVLJXLHQWHVLQVWUXPHQWRVDPELHQWDOHV
EiVLFRVHYDOXDFLyQGHLPSDFWRDPELHQWDOFRQWUROHVGHHPLVLRQHV\GHODFDOLGDGGHODLUH(VWRV~OWLPRV
KDQ KHFKR QHFHVDULR OD LQWURGXFFLyQ GH WHFQRORJtDV GH FRQWURO GH HPLVLRQHV HQ YDULDV FHQWUDOHV GH
JHQHUDFLyQ
(VSDxD KD FRQVHUYDGR DO SODQHDPLHQWR LQGLFDWLYR FRPR XQD PDQHUD GH SURYHHU D ORV DJHQWHV GHO
PHUFDGRGHXQDLQIRUPDFLyQKRPRJpQHD\SDUDJDUDQWL]DUHOVXPLQLVWUR\ODDVLJQDFLyQHILFLHQWHGHORV
UHFXUVRVDPELHQWDOHV\HFRQyPLFRVHQVXVLVWHPDHOpFWULFR
/RV3DtVHV%DMRV
/RV HVTXHPDV YROXQWDULRV VRQ PX\ VLJQLILFDWLYRV HQ ORV 3DtVHV %DMRV (Q HO PHUFDGR OLEHUDOL]DGR OD
HOHFWULFLGDG ³YHUGH´ JHQHUDGD PHGLDQWH HQHUJtDV UHQRYDEOHV HV XQ LQVWUXPHQWR SDUD ORV
FRPHUFLDOL]DGRUHVGHHQHUJtDTXHOHVSHUPLWHREWHQHUXQSURGXFWRGLIHUHQFLDGR'HVGHMXOLRGHHO
PHUFDGR SDUD HVWH WLSR GH HOHFWULFLGDG HV FRPSOHWDPHQWH OLEUH \ DOJXQDV ILUPDV HVWiQ WUDWDQGR GH
PHMRUDUVXLQVHUFLyQHQHOPHUFDGRDWUDYpVGHODYHQWDGHHOHFWULFLGDG³YHUGH´/RVLQFHQWLYRVILVFDOHV
OHVSHUPLWHQRIUHFHQHVWDHOHFWULFLGDGDSUHFLRVLJXDOHVROHYHPHQWHVXSHULRUHVDORVGHODHOHFWULFLGDG
FRQYHQFLRQDO+DFLDILQHVGHDJRVWRGHDOUHGHGRUGHOGHODVKRJDUHVKRODQGHVHVFRPSUDEDQ
HQHUJtD ³YHUGH´ $VLPLVPR YDULDV HPSUHVDV HQ LQVWLWXFLRQHV HPSOHDEDQ HVWD IRUPD GH HQHUJtD &RPR
ORV3DtVHV%DMRVQRSURGXFHQPXFKDHOHFWULFLGDGDSDUWLUGHIXHQWHVUHQRYDEOHVVHHVWiLQFUHPHQWDQGR
ODH[SRUWDFLyQGHHOHFWULFLGDG³YHUGH´
/DHODERUDFLyQGHFRQVHQVRVHVXQSLODULPSRUWDQWHGHODSROtWLFDDPELHQWDOKRODQGHVD6HKDILUPDGRXQ
JUDQ Q~PHUR GH DFXHUGRV HQWUH HO JRELHUQR \ HO VHFWRU SULYDGR /DV HPSUHVDV GHO VHFWRU VH KDQ
FRPSURPHWLGRDSHUWHQHFHUDORVOtGHUHVPXQGLDOHVHQHILFLHQFLDHQHUJpWLFDSDUDHODxR(Q
ORVJHQHUDGRUHVGHHOHFWULFLGDG\HOJRELHUQRILUPDURQXQDFXHUGRSDUDODUHGXFFLyQGHODVHPLVLRQHVGH
GLy[LGRGHD]XIUH\GHy[LGRVGHQLWUyJHQRHQ\UHVSHFWLYDPHQWHHQXQSHULRGRGHYHLQWHDxRV
7DPELpQVHHVWiQHVWXGLDQGRVLVWHPDVGHFRPHUFLRGH³FHUWLILFDGRVYHUGHV´\GHHPLVLRQHVGHGLy[LGR
GHFDUERQRHVWDV~OWLPDVHQUHODFLyQDO3URWRFRORGH.\RWR7RGRHVWRDIHFWDUiDOPHUFDGRHOpFWULFR
(Q XQRV SRFRV DxRV FHUUDUi OD ~OWLPD SODQWD QXFOHDU \ HV SRFR SUREDEOH TXH HQ HO IXWXUR FHUFDQR VH
LQVWDOHRWUDFHQWUDOQXFOHDUWDQWRSRUUD]RQHVHFRQyPLFDVFRPRSROtWLFDV
$63(&726&/$9(6<7(1'(1&,$6'(/260(5&$'26(/e&75,&26&21&216(&8(1&,$6
62%5((/0(',2$0%,(17(
&RPRORVSUHFLRVGHODHOHFWULFLGDGGLVPLQX\HURQHQWRGRVORVSDtVHVHVWXGLDGRVH[FHSWRHQORV3DtVHV
%DMRV OXHJR GH OD OLEHUDOL]DFLyQ \ DVLPLVPR KXER XQ FUHFLPLHQWR GH OD HFRQRPtD WDPELpQ DXPHQWy
IXHUWHPHQWH HO FRQVXPR GH HOHFWULFLGDG $GHPiV HVWi DXPHQWDQGR HO FRQVXPR SRUFHQWXDO GH
HOHFWULFLGDGFRQUHVSHFWRDOFRQVXPRWRWDOGHHQHUJtDHQODPD\RUtDGHORVSDtVHV/DVFXHVWLRQHVKDVWD
DKRUDGLVFXWLGDVSHUPLWHQLGHQWLILFDUDOJXQRVDVSHFWRVFODYHV \ WHQGHQFLDV GH ORV PHUFDGRV HOpFWULFRV
OLEHUDOL]DGRVTXHDIHFWDQDOPHGLRDPELHQWHHQFDGDXQRGHORVSDtVHVDSHVDUGHTXHSRUDKRUDQRHV
SRVLEOHLGHQWLILFDUFDXVDOLGDGHVRODLPSRUWDQFLDUHODWLYDGHFDGDIDFWRU
/D7DEODUHVXPHODVSULQFLSDOHVWHQGHQFLDVGHWHFWDGDVHQHOGHVHPSHxRDPELHQWDOGHOVHFWRUHOpFWULFR
SRVWHULRUHV D VX OLEHUDOL]DFLyQ 6H SXHGH DSUHFLDU TXH ODV FHQWUDOHV D JDV HVWiQ LQFUHPHQWDQGR VX
SDUWLFLSDFLyQ HQ HO SDUTXH GH JHQHUDFLyQ HQ WRGRV ORV SDtVHV DQDOL]DGRV (QWUH ORV IDFWRUHV TXH
VXVWHQWDQHVWDWHQGHQFLD VH HQFXHQWUDQ OD DYHUVLyQ DO ULHVJR EDMDV LQYHUVLRQHV \ EDMRV FRVWRV /D FR
JHQHUDFLyQ\ODVHQHUJtDVUHQRYDEOHVUHFLEHQDSR\RHQORVSDtVHVHXURSHRVPLHQWUDVTXHQRWLHQHQQLDO
SDUHFHUWHQGUiQXQUROUHOHYDQWHHQORVSDtVHVODWLQRDPHULFDQRV/DVJHQHUDFLRQHVQXFOHDUHKLGUiXOLFD
HVWiQ SDVDQGR SRU XQ SHULRGR GH HVWDQFDPLHQWR R GH UHGXFFLyQ (O FRPHUFLR WUDQVIURQWHUL]R GH
HOHFWULFLGDGHVWiHQDXPHQWR
7DEOD/LEHUDOL]DFLyQ\FXHVWLRQHVDPELHQWDOHV
$UJHQWLQD
x ,QFRUSRUDFLyQGHQXHYDVPiTXLQDVGHJHQHUDFLyQDJDVQDWXUDO\UHWLURGHODVYLHMDV
x 0HMRUDHQODHILFLHQFLDGHODVPiTXLQDVGHVSDFKDGDV
x 5HHPSOD]RGHRWUDVIRUPDVGHHQHUJtDSRUHOHFWULFLGDG
x 'LVPLQXFLyQGHODVSpUGLGDVWpFQLFDV\QRWpFQLFDV
x 6HOHFFLyQLUUHVWULFWDGHOFRPEXVWLEOHTXHPDGR
x 1RH[LVWLyLQWHUpVGHQXHYRVSUR\HFWRVKLGURHOpFWULFRVSRUSDUWHGHOVHFWRUSULYDGR
x 0D\RUSDUWLFLSDFLyQS~EOLFD\PD\RUSUHRFXSDFLyQDPELHQWDOSRUSDUWHGHOPHUFDGR
%UDVLO
x /DVRSFLRQHVKLGURHOpFWULFD\QXFOHDUQRUHVXOWDURQFRPSHWLWLYDVIUHQWHDORVFLFORV
FRPELQDGRVDJDVQDWXUDO
x (OVHFWRUSULYDGRQRKDPRVWUDGRHOPLVPRFRPSURPLVRVRFLDO\DPELHQWDOTXHWXYRHO
(VWDGR
x /DSROtWLFDQDFLRQDOGHUHFXUVRVKtGULFRVKDKHFKRPHQRVFRPSHWLWLYDHVWDRSFLyQSDUDORV
LQYHUVRUHVSULYDGRV
&KLOH
x /RVFLFORVFRPELQDGRVDJDVQDWXUDOHVWiQGHVSOD]DQGRORVSUR\HFWRVKLGURHOpFWULFRV
x 3UHRFXSDFLyQSRUSDUWHGHODRSLQLyQS~EOLFDDFHUFDGHORVLPSDFWRVVRFLDOHVGHORV
SUR\HFWRVKLGURHOpFWULFRV
x ,QFUHPHQWRHQORVQLYHOHVGHHPLVLyQGHFRQWDPLQDQWHVDWPRVIpULFRV
x 1RH[LVWHQLQFHQWLYRVSDUDODHILFLHQFLDHQHUJpWLFD
x 1RVHHVSHUDXQDXPHQWRVLJQLILFDWLYRGHODVHQHUJtDVUHQRYDEOHV
x 6HHVWiFRQVLGHUDQGRHOHPSOHRGHFRPEXVWLEOHVPiVEDUDWRV\PiVFRQWDPLQDQWHV
$OHPDQLD
x /DOLEHUDOL]DFLyQSDUHFHWHQHUXQPtQLPRHIHFWRGLUHFWRVREUHHOPHGLRDPELHQWH
x /DOLEHUDOL]DFLyQIXHPDQHMDGDSRUHOHVWDGRSDUDHYLWDULPSDFWRVDPELHQWDOHVQHJDWLYRV
x 8QHQIRTXHIXHUWHPHQWHLQWHUYHQFLRQLVWDSRUSDUWHGHOHVWDGRSDUDDSR\DUODGLYHUVLILFDFLyQ
GHOVXPLQLVWURGHHQHUJtD
x 5HWLURSDXODWLQRGHODJHQHUDFLyQQXFOHDU
(VSDxD
x /DPHMRUDGHODSHUIRUPDQFHDPELHQWDOGHOVLVWHPDHOpFWULFRQRSDUHFHGHULYDUGHOD
OLEHUDOL]DFLyQ
x (OPDQWHQLPLHQWRGHODVPHGLGDVGHFRQWUROWLHQHHOUROPiVUHOHYDQWHUHVSHFWRGHOD
SHUIRUPDQFHDPELHQWDO
x /DSURPRFLyQGHODVHQHUJtDVUHQRYDEOHVKDSURYRFDGRODLQVWDODFLyQGHXQLPSRUWDQWH
SDUTXHGHJHQHUDFLyQHyOLFD
3DtVHV%DMRV
x ,QFUHPHQWRGHODVLPSRUWDFLRQHVGHHQHUJtDHOpFWULFD
x 3pUGLGDGHFRPSHWLWLYLGDGGHODFRJHQHUDFLyQ
x 5HWLURSDXODWLQRGHODHQHUJtDQXFOHDU
x /DHOHFWULFLGDGSURYHQLHQWHGHHQHUJtDVUHQRYDEOHVKDSHUPLWLGRDORVSURYHHGRUHVFRQWDU
FRQXQLQVWUXPHQWRSDUDLQWURGXFLUXQDGLIHUHQFLDFLyQHQVXSURGXFWR
&21&/86,21(6
/D PD\RUtD GH ORV SURFHVRV GH OLEHUDOL]DFLyQ DQDOL]DGRV VH OOHYDURQ D FDER HQ OD GpFDGD GHO QRYHQWD
FXDQGR WRGRV ORV SDtVHV WHQtDQ VX OHJLVODFLyQ DPELHQWDO GHVDUUROODGD (Q FRQVHFXHQFLD WRGRV ORV
SUR\HFWRVQXHYRVRODVH[SDQVLRQHVGHEHQFXPSOLUFRQODUHVSHFWLYDHYDOXDFLyQGHOLPSDFWRDPELHQWDO
YHULILFDUORVOtPLWHVGHHPLVLyQ\FXPSOLUFRQORVHVWiQGDUHVGHFDOLGDGDPELHQWDO
/RVSDtVHVHXURSHRVWLHQHQDGHPiVODSUHRFXSDFLyQGHFXPSOLUFRQHO3URWRFRORGH.\RWRTXHHVWLSXOD
UHGXFFLRQHV VLJQLILFDWLYDV GH ODV HPLVLRQHV GH JDVHV GH HIHFWR LQYHUQDGHUR HQ ODV SUy[LPDV GRV
GpFDGDV(VWRVSDtVHVKDQRWRUJDGRXQIXHUWHDSR\RDODVHQHUJtDVUHQRYDEOHVSRUPHGLRGHUHJXODFLyQ
HVSHFtILFD\ODDGRSFLyQGHPHWDVGHFUHFLPLHQWR7DPELpQH[LVWHXQDUHJXODFLyQHVSHFtILFDSDUDODFR
JHQHUDFLyQ HQ HVWRV SDtVHV /DV PHGLGDV GH JHVWLyQ GH OD GHPDQGD KDQ GHVDSDUHFLGR HQ WRGRV ORV
SDtVHVH[FHSWRHQ$OHPDQLD(Q$PpULFD/DWLQDQRH[LVWHDSR\RSDUDODVHQHUJtDVUHQRYDEOHVH[FHSWR
HQ $UJHQWLQD /D FRJHQHUDFLyQ R ODV PHGLGDV GH JHVWLyQ GH OD GHPDQGD WDPSRFR WLHQHQ XQ URO
VLJQLILFDWLYRHQHVWRVSDtVHV
1R UHVXOWDG FODUR SRU HO PRPHQWR VL ORV PHUFDGRV HOpFWULFRV OLEHUDOL]DGRV SRGUiQ DOFDQ]DU WRGDV ODV
PHWDV DPELHQWDOHV ILMDGDV HQ FDGD XQR GH ORV SDtVHV HQ SDUWLFXODU OD UHGXFFLyQ GH ODV HPLVLRQHV GH
JDVHVGHHIHFWRLQYHUQDGHURTXHQRHVHVSHFtILFDSDUDHOVHFWRU
8QDVSHFWRLPSRUWDQWHGHOSURFHVRGHOLEHUDOL]DFLyQTXHSXHGHDIHFWDUHOGHVHPSHxRDPELHQWDOGHORV
PHUFDGRVHOpFWULFRVOLEHUDOL]DGRVHVHOWUDVSDVRDOVHFWRUSULYDGRGHXQJUXSRLPSRUWDQWHGHGHFLVLRQHV
HQSDUWLFXODU
x
x
x
ODVGHFLVLRQHVVREUHLQYHUVLyQVHWRPDQFRQORVFULWHULRVGHOVHFWRUSULYDGRHVWRIDYRUHFHODV
RSFLRQHVPHQRVLQWHQVLYDVHQFDSLWDO\GHPHQRUULHVJRWDOHVFRPRORVFLFORVFRPELQDGRVD
JDVQDWXUDO
ODORFDOL]DFLyQGHODVQXHYDVSODQWDVVHGHFLGHGHDFXHUGRDODFRQYHQLHQFLDGHOLQYHUVRU
VH FRQVLGHUD HO XVR GH QXHYRV FRPEXVWLEOHV LQGHSHQGLHQWHPHQWH GH VX GDxR DPELHQWDO
UHODWLYRVyORVHH[LJHHYDOXDFLyQGHOLPSDFWRDPELHQWDO\HOFXPSOLPLHQWRGHORVHVWiQGDUHV
GHFDOLGDGDPELHQWDO\GHORVOtPLWHVGHHPLVLyQ
(Q HO FRUWR SOD]R VH SUHYp OD LQVWDODFLyQ GH SODQWDV GH JHQHUDFLyQ PiV HILFLHQWHV \ OD FRQVHFXHQWH
GLVPLQXFLyQ GHO LPSDFWR DPELHQWDO DVRFLDGR DO VHFWRU 6LQ HPEDUJR HQ HO ODUJR SOD]R OD OLEHUDOL]DFLyQ
SXHGH HPSHRUDU HVWH LPSDFWR SRU OD VXVWLWXFLyQ GH ODV HQHUJtDV QXFOHDU H KLGUiXOLFD SRU FLFORV
FRPELQDGRVDJDVQDWXUDO\SRUHOLPSHGLPHQWRGHDXPHQWDUODSDUWLFLSDFLyQGHODVHQHUJtDVUHQRYDEOHV
GHELGRDVXVDOWRVFRVWRVGHFDSLWDO$ODUJRSOD]RDPHGLGDTXHODGHPDQGDSRUHOJDVQDWXUDODXPHQWD
DXPHQWDUiVXSUHFLR\SXHGHVHUTXHUHVXOWHQDWUDFWLYDVODVFHQWUDOHVDFDUEyQ
(VWR FRQGXFH D XQD VHJXQGD FXHVWLyQ /RV FRVWRV VRFLDOHV KDQ VLGR KDVWD DKRUD HVFDVDPHQWH
FRQVLGHUDGRV\VRQPX\GLItFLOHVGHLQFRUSRUDU(ODSR\RDODVHQHUJtDVUHQRYDEOHVFRQPHWDVFODUDVHQ
$OHPDQLD(VSDxD\ORV3DtVHV%DMRVFRQVWLWX\HXQDH[FHSFLyQDHVWR~OWLPR(OSURFHVRGHOLEHUDOL]DFLyQ
KDKHFKRHYLGHQWHODQHFHVLGDGGHVHSDUDORVREMHWLYRVVRFLDOHV\DPELHQWDOHVGHORVREMHWLYRVGHOVHFWRU
SULYDGR $QWHV GH OD OLEHUDOL]DFLyQ HO (VWDGR LPSRQtD VXV FULWHULRV DPELHQWDOHV \ VRFLDOHV DO VLVWHPD
HOpFWULFR(QHOSUHVHQWHWRGRFDPELRGHFULWHULRVRHODSR\RDXQWLSRGHJHQHUDFLyQRGHFRPEXVWLEOH
SURGXFLUiJDQDGRUHV\SHUGHGRUHV&RPRUHVXOWDGR
x
x
x
VH KDQ DSOLFDGR UHJtPHQHV HVSHFLDOHV SDUD IDYRUHFHU WHFQRORJtDV PiV YLHMDV \ PHQRV
HILFLHQWHV MXQWR FRQ LQVWUXPHQWRV HVSHFtILFRV TXH SHUPLWHQ ILQDQFLDUODV (VWR IXH
UHODWLYDPHQWHVHQFLOORGHOOHYDUDFDERSRUTXHVHKL]RDQWHVGHODOLEHUDOL]DFLyQ
H[LVWHODQHFHVLGDGGHFRQWDUFRQDXWRULGDGHVDPELHQWDOHV\GHHQHUJtDFRQVXILFLHQWHSRGHU
FDSDFHVGHLPSRQHUVXVREMHWLYRVDORVPHUFDGRVHOpFWULFRVOLEHUDOL]DGRV/RVSHUGHGRUHVVH
RSRQGUiQDODVPHGLGDVTXHORVSHUMXGLTXHQ\GHPDQGDUiQFRPSHQVDFLRQHV(VWRKDFHTXH
VHPiVIiFLOFRQFHQWUDUVHHQDTXHOODVSROtWLFDVTXHSUREDEOHPHQWHQRWHQJDQRSRVLFLyQWDOHV
FRPRORVSURJUDPDVGHHILFLHQFLDHQHUJpWLFD
VH UHTXLHUH XQD UHJXODFLyQ HVSHFtILFD TXH SHUPLWD LQFRUSRUDU ORV FRVWRV VRFLDOHV HQ OD
RSHUDFLyQ \ OD SODQLILFDFLyQ GH OD HQHUJtD HOpFWULFD (VWH GHEHUi LQFOXLU PHFDQLVPRV GH
ILQDQFLDPLHQWR\GHFRPSHQVDFLyQ6yORFXDQGRH[LVWHQPHWDV\SROtWLFDVFODUDVVHREVHUYDQ
PHMRUDVHQODGLUHFFLyQGHVHDGDFRPRHQHOFDVRGHODVHQHUJtDVUHQRYDEOHV
(VWiQVXUJLHQGRQXHYRVDFWRUHVHQORVPHUFDGRVHOpFWULFRVOLEHUDOL]DGRVDOJXQRVFRQSUHRFXSDFLyQSRU
ORVDVSHFWRVDPELHQWDOHV\RWURVVLQHOOD/RVLQWHUHVHVDPELHQWDOHVGHORVFRQVXPLGRUHVGHHOHFWULFLGDG
HVWiQ HPSH]DQGR D VHU WHQLGRV HQ FXHQWD $ WUDYpV GH ODV WDULIDV ³YHUGHV´ ORV FRQVXPLGRUHV SXHGHQ
H[SUHVDU VX SUHIHUHQFLD SRU OD HOHFWULFLGDG JHQHUDGD D SDUWLU GH IXHQWHV UHQRYDEOHV GH HQHUJtD HVWR
FRQVWLWX\H RWUD PDQHUD GH LQFRUSRUDU ORV DVSHFWRV VRFLDOHV DO FRVWR GH OD HOHFWULFLGDG /RV JUXSRV
DPELHQWDOLVWDV\RWURVJUXSRGHRSLQLyQWDOHVFRPRORVDERUtJHQHVSXHGHQRSRQHUVHDJUDQGHVSUR\HFWRV
R D QXHYRV FRPEXVWLEOHV HQ HO PDUFR GH OD QXHYD OHJLVODFLyQ DPELHQWDO 7DPELpQ HVWiQ HPHUJLHQGR
JUXSRVGHSUHVLyQGHOVHFWRUSULYDGRTXHSURPXHYHQLQWHUHVHVHVSHFtILFRVWDOHVFRPRODLQWURGXFFLyQGH
RWURVFRPEXVWLEOHVRGHQXHYDVWHFQRORJtDV&RQUHVSHFWRDODVDXWRULGDGHVDPELHQWDOHVVHSUHYpTXH
OD FDSDFLGDG WpFQLFD \ HO SRGHU GH ORV RUJDQLVPRV GH UHJXODFLyQ GHWHUPLQDUiQ HQ PD\RU PHGLGD OD
SUREDELOLGDGGHSURGXFLUODQXHYDOHJLVODFLyQGHSURWHFFLyQDPELHQWDO
(VWR GHILQH XQ QXHYR PDUFR SDUD HO OLGHUD]JR DPELHQWDO GHO VHFWRU HOpFWULFR (O FXLGDGR GHO DPELHQWH
UHTXHULUi QXHYRV DFWRUHV SROtWLFDV \ FRPSHWHQFLDV GLIHUHQWHV (V QHFHVDULR DGDSWDUVH D HVWDV QXHYDV
FRQGLFLRQHV GH PRGR GH WHQHU OD FDSDFLGDG SDUD SURPRYHU ODV SROtWLFDV GHVHDGDV \ WDPELpQ SDUD
DVHJXUDU TXH ODV LQYHUVLRQHV UHTXHULGDV SRU HO VHFWRU QR VXIUDQ GHPRUDV GHELGR D FDXVDV SROtWLFDV R
EXURFUiWLFDV
Descargar