This research aims to quantify the determinants of Brazilian Distribution System Operators (DSOs) economic performance. In this sense, seven cost and performance drivers of a DSO economic performance were defined. The contribution of each one to the actual DSO profit was measured by using Brazilian regulatory agency financial and operating data from 2009 to 2016. The analysis helps explain why Brazilian DSOs earnings have been, on average, lower than regulator-authorized earnings defined in the tariff review process over the last years, and the main determinant of it was the adverse effect on the market (2009 and 2014 to 2016), which was probably due to the economic crisis. Additionally, we have shown that part of the finance distress comes from electricity losses no recovery in tariff and we confirm that province-owned are prone to be less efficient than private utilities.

这项研究旨在量化巴西分销系统运营商（DSO）经济绩效的决定因素。从这个意义上讲，定义了DSO经济绩效的七个成本和绩效驱动因素。通过使用2009年至2016年巴西监管机构的财务和运营数据来衡量每个人对DSO实际利润的贡献。该分析有助于解释为什么巴西DSO的收入平均低于关税中定义的监管机构授权的收入最近几年的审查过程，其主要决定因素是对市场的不利影响（2009年和2014年至2016年），这可能是由于经济危机造成的。另外，