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nih razdoblja. Ukoliko je energetski subjekt uspiou prethodnim razdobljima podiÊi razinu uËinkovitosti,koju Êe zadræati i u buduÊem razdoblju, X-faktor Êe biti niæi. Naime, ovo je znaËajna razlika uregulatornom pristupu u odnosu na pristup slaganjablokova u kojem se prije svega ocjenjuje opravdanostrazine predviappleenih investicija u buduÊemrazdoblju, ali ne i uËinkovita razina CAPEX -a.analyzes the total expenditure instead. In this approach,the regulatory body determines the X-factoron the basis of the level of efficiency from the previousregulatory periods. If the energy entity has successfullyachieved the specified level of efficiencyduring the previous periods, which will also bemaintained during the future period, the X-factorwill be lower. This is a significant difference in theregulatory approach in comparison to the buildingblock approach, in which the justification of thelevel of the anticipated investments in the futureperiod is assessed but not the efficiency level at theCAPEX level.Tablica 2 ∑ Pojednostavljen primjer izraËuna dozvoljenog prihoda primjenom regulatornog pristupa ukupnog troπkaTable 2 ∑ A simplified example of the calculation of the allowed revenue through the application of the total expenditure regulatory approachRegulatorni parametri / Regulatory parametersUkupni faktor uËinkovitosti / Total efficiency factor 88 %Godiπnja stopa porasta uËinkovitosti / Annual rate of efficiency growth 4 %Godina / Year0. 1. 2. 3.(10 6 HRK) (10 6 HRK) (10 6 HRK) (10 6 HRK)OPEX / OPEX 2 400,00 2 304,00 2 212,00 2 123,00Amortizacija / Depreciation 700,00 672,00 645,00 619,00Povrat sredstava / Return on assets 300,00 288,00 276,00 265,00Dozvoljeni prihod / Allowed revenue 3 400,00 3 264,00 3 133,00 3 008,00U ovom pristupu problem ocjenjivanja opravdanostirazine investicija je na svojevrstan naËinizbjegnut. Nadalje, buduÊi da ovaj pristup ne razlikujeOPEX i CAPEX, moguÊe je da energetskisubjekt postigne odgovarajuÊu razinu uËinkovitostibalansirajuÊi izmeappleu OPEX-a i CAPEX -a, odnosnoizmeappleu, u klasiËnom smislu teorije produktivnosti,rada i kapitala. Kod regulatornog pristupa ukupnihtroπkova, regulatorno tijelo ne mora razvijatikriterije za ocjenjivanje prijedloga investicija, veÊanalizira TOTEX, koji ukljuËuje i investicije, teutvrappleuje X-faktor na osnovi analize TOTEX-a.In this approach, the problem of assessing the justificationof the level of investment is avoided inits own way. Furthermore, since this approach doesnot differentiate between OPEX and CAPEX, it ispossible for an energy entity to achieve the suitablelevel of efficiency by balancing OPEX and CAPEXor labor and capital, in the classical sense of thetheory of productivity. Therefore, in the regulatoryapproach of total expenditure, the regulatory bodydoes not have to develop criteria for the assessmentof an investment proposal but instead analyzesTOTEX, which also includes investment, and determinesthe X-factor on the basis of analysis of theTOTEX.569Štritof,I., KleËina, F., Regulatorna politika i njen utjecaj ..., Energija, god. 56(2007), br. 5., str. 554-583Štritof, I., KleËina, F., Regulatory Polica and Its Impact ..., Energija, vol. 56(2007), No. 5, pp. 554-583