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Abstract This paper aims to verify whether the indebtedness indicator proposed by the National Electric Energy Agency (ANEEL) presents a latent relationship with the indebtedness indicators used by the literature. ANEEL systematized the economic-financial supervision of the energy distribution operators using performance indicators, among them there is the indebtedness, which differs from those used by the literature. In this study, ANEEL's indebtedness indicator was compared with different proxy indebtedness indicators (Ribeiro & Santos, 2004; Lima & Freire, 2008; Ribeiro, Macedo, & Marques, 2012; Delen, Kuzey, & Uyar, 2013; Ozório, 2015; Castro et al., 2017). To verify that the ANEEL indicator follows a pattern similar to the others, the indicators were grouped employing factor analysis. We collected the financial data from the financial statements which are made available by ANEEL for the period from 2011 to 2018. The results show a latent relationship between the ANEEL indebtedness indicators and three indicators used by the literature. It is possible to identify that although the distributors and ANEEL argue that the system used is sectoral (ANEEL, 2014), the indebtedness indicator presents a pattern of behavior similar to those used in the literature. Author Biographies Aracéli Cristina de S. Ferreira, Federal University of Rio de Janeiro Federal University of Rio de Janeiro. Address: Laboratory of Accounting Systems Modeling| Av. Pasteur, 250, sala 247 | Urca | 22290-240 | Rio de Janeiro/RJ | Brazil. Dilo Sergio de Carvalho Vianna, Federal University of Rio de Janeiro Federal University of Rio de Janeiro. Address: Laboratory of Accounting Systems Modeling | Av. Pasteur, 250, sala 247 | Urca | 22290-240 | Rio de Janeiro/RJ | Brazil. Jazmin Figari de La Cueva, Federal University of Rio de Janeiro Federal University of Rio de Janeiro. Address: Laboratory of Accounting Systems Modeling | Av. Pasteur, 250, sala 247 | Urca | 22290-240 | Rio de Janeiro/RJ | Brazil. André Luiz Bufoni, Federal University of Rio de Janeiro Federal University of Rio de Janeiro. Address: Laboratory of Accounting Systems Modeling | Av. Pasteur, 250, sala 247 | Urca | 22290-240 | Rio de Janeiro/RJ | Brazil. Juliana Molina Queiroz, Federal University of Rio de Janeiro Federal University of Rio de Janeiro. Address: Laboratory of Accounting Systems Modeling | Av. Pasteur, 250, sala 247 | Urca | 22290-240 | Rio de Janeiro/RJ | Brazil. References ANEEL. (2009). Resolução Normativa nº 386/2009. Estabelece os conceitos gerais, as metodologias aplicáveis e os procedimentos para realização do Segundo Ciclo de Revisões Tarifárias Periódicas das concessionárias de serviço público de transmissão de energia elétrica. Brasília. 2009. Recuperado em 01 abril, 2019, de http://www2.aneel.gov.br/cedoc/ren2009386.pdf

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