SAO PAULO (Reuters) – Analysts at Credit Suisse do not foresee major changes in the route in the electricity sector after the election of Luiz Inácio Lula da Silva to the Planalto Palace on Sunday.
According to the bank’s team, although the change of government may imply a change in the regulatory framework at some point, most utilities companies are protected by their concession contracts, different levels of exposure to GDP and leverage at a sustainable level. .
“So we don’t see big risks”, said analysts Carolina Carneiro and Rafael Nagano, in a report.
Among the topics highlighted, they pointed to the renewal of a series of concessions for energy distributors from 2025, starting with EDP Espírito Santo.
“Considering the major impacts of MP 579 in 2012, we do not see major changes in the contracts and during our conversation with Mauricio Tolmasquim (PT advisor for the electricity sector), he pointed out that the contracts of good concessionaires must be renewed”, the team reported. of Credit.
With regard to Eletrobras, there should be no reversal of privatization, analysts predict, given that the process required changes in legislation, bylaws and a large capital increase, which diluted the federal government’s participation and limited all voting rights to 10% .
“A potential takeover would also trigger the ‘poison pill’, which implies a large premium (200%) and a public tender offer for ON shares”, they noted, adding that reversing privatization would also imply forgoing funds for investments in Minas Gerais, North and Northeast.
(By Leticia Fucuchima)
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