Eletrobras shareholders approve operating distributors until December, but request a call

The shareholders of the public company Eletrobras approved at the meeting the possibility for the company to remain responsible for the operation of its energy distributors in the north and north-east of the country until 31 December , period considered necessary for the transfer of control of companies, intends to privatize this year, according to a statement from the electricity company on Monday.

The deadline was to arrive at the end of the month, but until now, the public company could only sell one of its six distributors, Cepisa, which operates in Piauí, in the midst of political opposition to the privatization of companies and legal proceedings.

The auction of four other distributors, Acre, Amazonas, Rondônia and Roraima, is scheduled for August 30, while the trading company that operates in Alagoas, Ceal, has not yet done so . is due to an injunction from Federal Supreme Court (STF) Minister Ricardo Lewandowski, who banned the sale of the company after an action by the Alagoan government.

However, in consideration for the new lead-time, Eletrobras shareholders demanded that the company not inject more resources into heavily deficit companies.

According to the minutes of the meeting, they defined that the state company will continue to be responsible for the electrical energy provided that "all the resources necessary to operate, maintain and make investments related to the provision of the service … be provided by tariff, by the Union or by the Sector Funds … without any contribution of resources, "

The Federal Government had already established that the. The operation of these distributors by the end of July would be covered by an electricity sector fund, the Global Reversal Reserve (RGR).

Eletrobras' concern with business continuity costs is, however, justified by the lack of resources in the RGR and other sectoral funds to cover expenses, as published by Reuters in the beginning. of the month.

] Prior to the meeting, Eletrobras submitted to its shareholders a proposal which provided for the possibility of liquidation and dissolution of distributors who were not sold, but with the additional term for the conclusion of privatizations, this badumption is abolished at the time

A possible liquidation would generate costs for Eletrobras that could exceed 23 billion reais, since the state company should dismiss employees and pay business debts in the process .