Eletrobras sees the sale of new distributors until September if the sale fails in July, according to the source

Eletrobras is already considering the possibility of holding a new auction until September to sell its electricity distributors operating in the North and Northeast if the companies are negotiating during a planned privatization event. for July 26, a source told Reuters. familiar with the strategy of the state.

The company has convened a meeting on July 30 during which its shareholders will decide to extend until the end of the year the deadline for the conclusion of the transfer of control of the distributors or for the liquidation and dissolution of the companies, which could cost about 23 billion reais. in the state.

One of the reasons that could lead to the failure of the auction would be the non-approval of an ongoing congressional bill that aims to resolve the responsibilities of distributors with funds from the industry. 39, electricity, added the source.

"There will be an additional deadline for a new auction until September, plus the 90-day deadline for the transfer and payment of the privatization," said the source, who requested the release. anonymity.

Rodrigo Maia (DEM-RJ) has made a request to the House agenda for the project to be dealt with urgently, but he has not yet been appreciated by parliamentarians and he There will be more deliberative sessions this week.

To avoid jeopardizing the chances of a successful corporate award in July, the deal should also be approved in the Senate before the start of legislative holidays next month.

The distributors that Eletrobras wants to sell are heavily in deficit and operate in Acre, Alagoas, Amazonas, Roraima, Rondônia and Piauí.

The source believes that without the project, only the companies of Alagoas and Piauí, and possibly Acre, would be viable.

Experts agree with the badysis, but see the risk of uncertainties "contaminating" the interest of other distributors.

"In my opinion, this debt settlement (made possible by the bill) is a condition sine qua non to privatize all companies … it has more weight for northern businesses, but it certainly has a weight for all, "said a member of the energy sector Pinheiro Neto Advogados, Jose Roberto Oliva.

"We have seen some companies become more interested in privatization … some of them have diminished the interest a little, even by the comings and goings of this file, while waiting for a conclusion … the scenario is undefined, it will depend a lot on the bill and the risk appetite of each investor, "he added.

"The fact is that the success of these distributor control auctions depends to a large extent on the approval of this law," agreed VGP Advogados partner and concession and privatization specialist, Fernando Vernalha.

He pointed out that the approach of the elections in Brazil has left parliamentarians more afraid to badyze privatizations, and has generated anxiety among potential buyers, especially in a scenario where presidential candidates against privatization have shown their strength in investigations.

"There is a politico-economic context of great instability at the moment, one could say that it is not a favorable moment for the sale … one realizes that the candidates who have had more popularity have an ideological discourse pro-nationalization … is also a factor of uncertainty from the perspective of the investor, "he said.

The sale of the distributors is considered essential to allow the privatization of Eletrobras, which the government of President Michel Temer has promised to carry out. The plan would be implemented through an offer of new shares of the company that would reduce the Union to a minority share.