The Brazilian electric energy regulatory agency, known as Aneel, proposed a 6.7 percent higher tariff for Centrais Eletricas do Para SA, said Aneel’s general director Nelson Hubner.
The proposal will have a public evaluation to determine the final figure, to be effective Aug. 7, Hubner told reporters in Brasilia today.
The company from the Brazilian northern state of Para has filed for bankruptcy and presented a recovery plan May 4. In the document, Celpa said to expect Aneel to grant a 10.33 percent tariff increase as one of the premises for the company to be able to pay their debt holders.
Celpa’s bankruptcy has led its parent Rede Energia SA (REDE4) to seek to renegotiate dollar-bond terms after the securities plunged and Fitch Ratings cut the company’s credit rating to one level above default. Fitch trimmed Rede Energia’s grade two levels to C from CCC on March 9, saying Celpa’s bankruptcy will likely prevent the parent from accessing the credit needed to roll over short-term debt.
About 66 percent of Celpa is owned by Rede Energia, while state-run Centrais Eletricas Brasileiras SA (ELET6), known as Eletrobras, holds about 35 percent, according to data compiled by Bloomberg.
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