Eletrobras misses H1 Capex target

Brazil’s Eletrobras invested 1.5 billion reais (US $ 286 million) in the first half of the year, even though 3.27 billion reais were budgeted, the company said in its financial presentation.

Reasons for the delay included the delay in the tendering for the construction of the Angra 3 nuclear power plant, pandemic-related effects and delays in the environmental permit for transmission lines.

For the year as a whole, 8.25 billion reais are planned, of which 2.8 billion reais for Angra 3. A consortium made up of Ferreira Guedes, Matricial and ADtranz won the Construction work and electromechanical assembly Tender im July, but an appeal is pending.

The construction work began in 1984 and was interrupted twice – the last time in 2015, at around 60% completion. The plant is scheduled to go online at the end of 2026 and generate over 10,000 GWh / year, which corresponds to the needs of 6 million households.

Tractebel engineering, PArt of French Engie, and Development bank At the end of June, BNDES signed a contract to structure a project for the plant Conclusion.

Rodrigo Limp, CEO of Eletrobras, said during the webcast on the second quarter results that he is happy to have a public company set up to control the Eletronuclear nuclear power plant.

“The new company will follow state company law and respect all governance rules that guide good corporate governance. The way Eletrobras is treated within the company needs to be deepened and a CNPE solution will discipline this issue, ”he said.

Eletrobras cannot be the controller of Eletronuclear still Itaipu Binacional, because it will be privatized, although it will keep holdings.

Authorities determined a Privatization-through-capitalization model implemented as part of a follow-up operation planned for February 2022.

RESULTS

Eletrobras posted a net profit of 2.5 billion reais in the second quarter, an increase of 439% over the previous year. Net recurring income was 4.5 billion reais, an increase of 601%.

The net operating sales reached 7.9 billion reais, an increase of 49%, while the ebitda was 3.3 billion reais, an increase of 64%, and the recurring ebitda was 116% higher.

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