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Brazil regulator Aneel may ask Eletrobras to return 1 bln reais to government


By Luciano Costa

Petroleumworld 01 09 2018

Brazil's power sector regulator Aneel could ask state-controlled holding company Eletrobras to return 1 billion reais ($309.36 million) to government coffers due to irregular subsidies, according to official documents seen by Reuters on Monday.

Aneel auditors have taken a revaluation of subsidies given to some power distribution companies controlled by Eletrobras. They concluded, preliminarily, that subsidies surpassed by around 1 billion reais the amount that should have been given by the federal government to these companies.

The checks referred to two power distribution firms controlled by Eletrobras based in Northern Brazil, Eletroacre and Ceron. The subsidies were related to a credit line available to distributors who depended on thermal power generation.

The investigation follows a similar inquiry last year when Aneel concluded another Eletrobras subsidiary, called Amazonas Energia, received 2.9 billion reais in excess of what it should have received as compensation for thermal power generation, which is more expensive in the North than mostly hydro-generation in other parts of the country.

Aneel said the most recent finding is yet preliminary and should have a final ruling later this month.

Eletrobras is trying to sell its money-losing, Northern power distribution units. The company could hold auctions for those assets in the coming months.

$1 = 3.2325 Brazilian reais


Story by Luciano Costa; Writing by Marcelo Teixeira; editing by Richard Chang and Marguerita Choy from Reuters. 01 08 2017

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