13/06/2024 – 13:49
The government published this Thursday, 13th, a provisional measure (No. 1,232) that allows temporary flexibility “in regulatory efficiency parameters” for concessionaires that have lost the economic, technical or operational conditions to provide the service. The change should benefit Amazonas Energia SA (AmE), whose economic and financial health is deteriorating more quickly in the opinion of members of the Ministry of Mines and Energy (MME).
During the grace period of the concessions, a plan to transfer corporate control may be signed as an alternative to terminating the concession. This plan will function as an addendum to the concession contract. The MP cites the need to guarantee the “economic-financial” rebalancing of operators.
At Aneel’s discretion, the amendment may provide, for up to three tariff cycles, coverage of the Fuel Consumption Account (CCC) for, for example, operational costs, non-technical losses, or so-called irrecoverable revenues.
Low operational efficiency and high debt led to the recommendation, by Aneel, for the concession to expire at the end of last year. In September 2023, the concessionaire’s net debt reached the amount of R$9.6 billion, almost triple the negative balance accumulated at the end of 2019, of R$3.3 billion.
The text published this Thursday follows the signing of agreements with the Âmbar Energia group, from the J&F group, for the sale of Eletrobras’ thermoelectric portfolio for a total value of R$4.7 billion. The transaction involves thermal assets with a combined capacity of 2 GW and a contract period of 2 to 6 years.
The provisional measure also provides for the conversion of electricity purchase and sale contracts into so-called Reserve Energy Contracts (CER), a modality provided for in specific capacity reserve auctions.
The contractual conversion applies to thermoelectric plants, in which infrastructure expenses for transporting natural gas are reimbursed by the Fuel Consumption Account (CCC).
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