The sale of Eletrobras ' assets to the private initiative should happen only next year, said the source of the MME (Ministry of Mines and Energy). The reason is due to the lack of time to reassess the capitalization model that will be adopted to the State. The change of route led the national treasury to revise the budget forecast.
The information was confirmed by the Executive Secretary of the MME, Marisete Pereira, to the newspaper Folha de S. Paulo. After privatized all the distributors in auctions that started last year, the capitalization of the largest electricity company in Latin America is already given as certain. According to Pereira, the delay in the process is due to lack of time to discuss the model and implement the financial operation in the same year.
Faced with the scenario of Indefinitions, the economic team decided to withdraw the revenue of R $12 billion that was foreseen in the Union budget of 2019. The forecast for withdrawal of the account must be officialized in March, when the federal government will conclude the first bimonthly review of revenues and expenses.
The Government had already predicted the cash entry in the amount of R $12 billion in 2018. However, the opposition political resistance to the privatization of Eletrobras caused the economic team to freeze expenses that would be paid with these resources until they were sure of the operation. In view of this, the TCU (Court of Auditors of the Union) has insisted that the national treasury be more conservative in its estimates in the revenue.
Another impasse for the capitalization of Eletrobras is an old account, related to what is called hydrological risk, which can negatively affect the value of the company's shares. Only in 2018, this debt reached about R $20 billion.
The account is generated due to the lack of rainfall, which leads to the activation of the thermal plants, generating an increase in the tariff charged to the consumer, since the hydroelectric plants fail to produce the amount of energy needed. The federal government intends to make this debt through a bill that proposes the expansion of the concession period of the mills.
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