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Eletrobras loses R$7 billion with Aneel’s decision on compensation

Eletrobras loses R$7 billion with Aneel’s decision on compensation

The verdict is 2-0, but the score should be 3-2, which confirms Eltrobras’ losses. The money refers to compensation for the concession renewal process initiated by Dilma Rousseff’s government, but the calculation was wrong and will change

council snake The National Electric Energy Agency began deliberations on Tuesday (May 21, 2024) regarding a request to recalculate the compensation paid by Brazilian consumers to energy transmission companies. The process deals with transfer 60.49 billion Brazilian reals Which should be reduced 19.2%To 48.84 billion Brazilian reals.

In practical terms, this reduction of R$11.64 billion represents a reduction in electricity bills for Brazilians, but it represents a loss of energy transmission equipment. According to the Power360Just Eltrobras He will lose About 7 billion Brazilian reals in compensation transfers to which he will be entitled until 2028. It was privatized in 2022, during the government Jair Bolsonaro (PL), Eletrobras has shares that are traded on a stock exchange. The R$7 billion it stands to lose in revenue should hurt the company’s results in its upcoming balance sheets.

This Wednesday (May 22, 2024), Eletrobras shares suffered a roughly 4% decline around 5 p.m.

Process decision manager Fernando MusnaShe realized that there was an error in the current model and voted to change the method of calculating the $1 billion compensation because she considered that there were irregularities in the original form that benefited 9 broadcasters. here complete From the votes (PDF – 774 KB).

Mosna followed the exit Hilvio Neves GuerraWho ends his term at Anil on Friday (May 24). The score was 2-0 when it was stopped on Tuesday night (May 21) due to a review request (more time for analysis) from the manager. Agnes Costa -He has been appointed to the position before Marisette Pereirawho today serves as a member of the Board of Directors of Eletrobras and chairs He embraces (Brazilian Association of Electricity Generating Companies).

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Hey Power360 I found it a given within Anil that understanding the decision would win and The score ended 3-2 (Anil has 5 directors). director Ricardo Tilly He has not voted yet, but he already showed his agreement with Mosna’s vision during the reading of the rapporteur’s vote.

Understand the issue

The process analyzes errors in the compensation calculation on the asset base of the so-called RBSE (Basic Grid Existing System), which is the energy transmission system. This methodology has been applied in renewing transportation concessions granted by the government Dilma Rousseff (PT).

The possibility was included in the famous p. 579 2012, which became Law 12783 2012 and the electricity sector almost collapsed. The text guarantees early renewal of energy concessions, but leaves consumers facing a high future bill.

MP 579 was intended to lower the electricity bill, but the reduction was artificial and caused a “tariff” in the following years, resulting in Brazilians losing more than R$100 billion.

The Dilma government’s tactic was to advance the renewal of generation and transmission concessions, which were scheduled to expire in 2015, to 2013. In order to extend the contracts, these companies agreed to lower tariffs with the aim of reducing electricity bills by 20%. .

Two years later, energy costs rose again. The superficial reduction almost led to the bankruptcy of generation and transmission companies, which stopped receiving the rewards they were supposed to receive for the investments made. The loss was covered by compensation that went into annual adjustments from 2016 onwards, resulting in energy bills exploding.

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In the transportation sector, new contracts were signed with Eltrobras, through 4 of its subsidiaries: Shesef, Furnas, Electrosol that it Eletronorti. Other transmitters such as Issa booklet, Simig (Companhia Energética de Minas Gerais) and couple (Compania paranaense de energia).

The calculation method in Aneel has been questioned by power generation companies, self-producers and consumers, represented by entities such as Abiape (Brazilian Association of Investors in Self-Production of Energy) and Abrace (Brazilian Association of Large Energy Consumers). Companies were also struggling to rectify, such as the concessionaire that runs the Jerau hydropower station.

The problem arises because of the way the values ​​of consignors’ existing assets, for which they are compensated, are calculated. Generators and consumers wonder what rewards they pay for the so-called cost of equity capital, which is included in companies’ revenues.

This component was not included in the 2017/2018 annual adjustment processes. 2018/2019 and 2019/2020 due to a judicial order to suspend the account. It was counted again after Anil appealed and won a ruling in his favor in 2019.

Anil is now moving towards changing the method of dealing with financial flow, and changing the method of calculation from the consumption stage to the expected flow.

Therefore, the asset calculation that was carried out in advance in the capitalization stage and deferred in the amortization stage, will be corrected in advance in the amortization stage.

He added: “It is not a matter of re-evaluating the amount of money To change the reward flow rate (funding rate)”“, says an excerpt from the rapporteur’s vote. Compensations will be disbursed at the new value until 2028.

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the other side

Report from Power360 He has contacted Eletrobras to ask if he would like to comment on Aneel’s trial, but has yet to receive a response. The space remains open.