SAO PAULO (Reuters) – Eletrobras had a net profit of 2.5 billion reais in the second quarter, an amount 439% higher than the same period in 2020, with the impact of results in transmission and the increase in volume and prices practiced in bilateral contracts in the free electricity market.
The Ebitda cash generation indicator increased 64% to 3.3 billion reais. Net operating revenue increased by 49% to 7.9 billion reais.
Eletrobras explained that the results in transmission were positive as a result of the Periodic Tariff Review, with effect from July 2020.
In addition, there was an improvement in generation results, mainly due to the increase in the volume and prices practiced in bilateral contracts in the Free Contracting Environment (ACL) and to the higher revenue in the short-term market, influenced by the price increase.
The company also registered a greater sale of energy resulting from imports from Uruguay, due to the reduction in volumes in the main hydrographic basins that make up the Brazilian interconnected system.
On the other hand, the result was negatively impacted by provisions for contingencies of 1.099 billion reais, with emphasis on 600 million reais related to the compulsory loan.
Eletrobras said that, “reinforcing the company’s commitment to its financial discipline”, net debt had fallen by 18% since the first quarter, and the net debt/Ebitda indicator reached 1 time, the lowest in recent years.
Investments made in generation were 483 million reais, of which 154 million in maintenance and 329 million in implementation. Of this total, 250 million reais were allocated to Angra 3. In transmission, 277 million reais were invested.
(By Roberto Machel)
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