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Debtor hydroelectric plants deposited the guarantees in the CCEE

Without limit protection, the hydroelectric debtors in the free energy market were forced to deposit the value of the debts in the short-term market

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On December 15, the Supreme Court (STF) signed the bill that protected the members of Abragel (Brazilian Association of Clean Energy Generation) from paying debts in the Chamber of Electricity Commercialization (CCEE). The flow is originated from the exposure to hydrological risk (lack of sufficient water in the tanks to generate energy).

Now, without the legal limit protection, which fell last month, the small indebted hydroelectric plants in the free market deposited the guarantees in the CCEE almost entirely in the November financial settlement, carried out Jan. 9th. Yesterday (Jan. 10th), the CCEE was disclosed the official figures.

The news brings relief for the government. The expectation is that the remaining injunctions still in effect will be gradually demolished in the legal spheres. This is a Plan B to unlock the free market, after the MP (provisional measure) 814 was published on December 29 without any reference to the GSF (acronym in English for hydrological risk), frustrating the market.

Deposit of the guarantees by the debtors after the fall of the Abragel limit is good news, but not enough to celebrate. It represents only about R $ 170 million in debt of more than R $ 6 billion not accounted for, due to judicial disputes in the short-term energy market.

It’s a small portion of the multi-million dollar imbroglio and it does not mean that disputes involving the GSF will have an end point. The normality of the financial settlements of the short-term energy market is still far away.

Although all the existing preliminary injunctions were falling, the companies would not have immediate availability to honor R $ 6 billion in debts at one time, recalled a source who prefers anonymity. The members of the electricity sector and experts say that a measure “with the force of law” is needed to definitively solve the problem of bilateral debts of the deficit in the generation.

The members of the Ministry of Mines and Energy did not desist from a regulatory solution for hydrological risk. The text on the matter, which was excluded from MP 814, can be returned through a parliamentary amendment. There is also the alternative of proposing the change in the Eletrobras privatization bill, or in the new regulatory framework for the sector (result of Public Consultation 33), which have not yet been sent to the Congress.