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The privatization of Ceal (Companhia Energética de Alagoas) ends the sales cycle of the six Eletrobras distributors. More supported by pragmatism than by ideology, it marks the exhaustion of an era and illustrates a gigantic and inevitable transformation of the country.
The energy sector was usually used as an opaque instrument of income transfer. Through dozens of mechanisms, it has served interests opposed to those of society, promoting privileges with subsidies, market reserves and the protection of inefficiencies, always paid by taxpayers and consumers.
A haven for grandiose political and economic alliances, which influenced the legal framework of the sector for clientelistic purposes, this sector served as a basis for financing the sustainability of an electricity project, making Brazilian electricity the one of the most expensive and most profitable.
Federated distributors have been integrated with Eletrobras for 20 years and have accumulated losses in excess of two tens of billions of reais, provided poor quality services and allowed an uncontrolled increase in theft of energy.
They invest much less than necessary and limit the development of their regions. Even subsidized public programs, such as Light for All, have been conducted inefficiently. They all raised the tariffs, demanded subsidies, and contaminated the references of Aneel (National Electric Power Agency) to set tariffs.
In the meantime, the management of these companies was not focused on services, consumers and shareholders, but local and corporatist interests that destroyed the value of businesses, eletrobras and public badets .
But the general advance has been imposed and the vaccines developed by the country have reversed the process.
On the one hand, the Financial Accountability Act and the spending limit prevented the problem from being perpetuated with public contributions. In addition, the power of minority investors in Eletrobras, the rules of governance and the quality of leaders have prevented the company from accepting losses of about 4 billion rubles a year, preferring to badume and stop their losses.
Focusing on the Ministries of Mines and Energy, Finance and Planning, all the institutions of the country worked within the movements that led to the current unfolding , focusing on Aneel, CVM (Brazilian Securities and Exchange Commission), PPI (TCU), without neglecting the role of the press and other institutions which, in parallel, worked to weaken and dismantle the segments that would oppose the changes.
The adopted model authorized the sale. by bidding for the control of the shareholding of Eletrobras badociated with the granting by the Union of a new distribution concession, with a duration of 30 years, respecting thus respect for the Constitution.
This solution was designed to meet the expectations of local consumers, with the winning bid being the most discounted rate.
The interim measure that supported this model, better than any other, reflected the conflict between the old and the new. Dozens of amendments that perpetuated and promoted privileges were canceled during the proceedings and she received 17 presidential vetoes.
But privatization is not just a victory for Eletrobras and for consumers. It also represents a progress in the investment environment in the country, and especially in our political ecosystem, with the reduction of instruments that unbalanced its game.
The next step in favor of society is the privatization of Eletrobras. Despite the excellent results of its recent management, the company, with government bonds, is unable to bear lower costs than regulated sector revenues and is not competitive with respect to the expansion of production and transportation. In addition, its controlling shareholder does not have the capital to contribute to new investments.
The new institutional environment of the country will impose corporate, clientelist and backward patterns will be unachievable and the movements of resumption of power will become increasingly risky. in Eletrobras. This scenario gives us confidence in the future of the electricity sector. Paulo Pedrosa was executive secretary of the Ministry of Mines and Energy between 2016 and 2018
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