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Brazil’s Eletrobras to receive $500 million in regulatory decision By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO. The logo of Eletrobras (a Brazilian electricity utilities company) is shown on a floor in New York at the New York Stock Exchange. This was on April 9, 2019. REUTERS/Brendan McDermid/File Photo

(Reuters) – Brazilian state-run utility Eletrobras said on Tuesday that electric sector regulator Aneel ruled that the company would receive a 2.67 billion reais ($500 million) credit related to the “fuel consumption account” program.

Centrais Eletricas Brasileiras SA was the official name of the company. It stated that it had received a ruling regarding its affiliate companies Amazonas Energia Eletroacre Ceron Boa Vista Energia.

This fuel consumption account program is used to help pay for the cost of thermoelectric power production in the northern part of the country. It is usually not connected to an electricity grid and thus is more expensive.

Eletrobras announced that the company will be receiving 60 payments per month adjusted for inflation.

($1 = 5.3349 reais)

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