If approved as it is, the report of the Eletrobras capitalization bill, made by Lower House representative Jose Carlos Aleluia, can reduce by approximately 35% the resources destined to the Union for the payment of the granting of in proportion to the interest of the ownes.
This means a reduction of R $ 4.3 billion from the National Treasury total, from R $ 12.2 billion for the granting of 14 plants that are now in quota system – according to Law 12,783 (resulting from Provisional Measure 579). With the de-discovery, these plants will be operated under an independent electric power production regime.
Calculations took into account a greater distribution of resources arising from the issuance of shares of Eletrobras for other purposes stipulated in the substitute of Deputy Hallelujah, in addition to the payment of the grants.
The text drafted by the rapporteur foresees that 40% of the money raised by the capitalization goes to the CDE (Energy Development Account); is intended to produce 220 MW average of the mills for the operation of the São Francisco River transposition; and requires contributions of R $ 170 million per year to Cepel (Center for Research in Electric Energy).
“With the increase of these expenses, there was a devaluation of the price of the grant that can reach 35%”, says a source with knowledge of the operation. “There will be fewer resources for the concession, for a more expensive disinvestment,” the source adds.
Energy expert Adriano Pires, director of CBIE (Brazilian Center for Infrastructure), agrees that increasing costs may reduce the value of the grant. But he says that, on the other hand, the issuance of shares of Eletrobras could raise a greater volume of resources than the R $ 12.2 billion estimated by the government.
“Recent interest in Eletropaulo, which has provoked a dispute between large companies for their control, shows us that we are on the right track and there may be a certain conservatism in the values stipulated by Eletrobras,” says Pires.
The government’s initial plan provided that a third of the grant would go to the CDE. In the report, Aleluia increased the slice to 40%.
For the revitalization of the São Francisco Basin, the original project foresaw R $ 350 million annually in the first 15 years and then R $ 250 million in the last 15 years, totaling R $ 9 billion in 30 years. In the report, Aleluia increased to R $ 500 million the amount that will be destined annually by the company, reaching R $ 15 billion in 30 years.
It also included a mechanism that obliges Chesf to provide 220 average MW for the operation of the São Francisco River Integration Project, reducing the company’s revenue from the sale of this energy.
In relation to Cepel, the proposal was that Eletrobras would keep the institution for four years after privatization, but there was no definition of what would happen next. In substitution, Cepel is now maintained by Eletrobras, with annual contributions of R $ 170 million.