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Published in Today’s Edition (09), in the Official Gazette of the Union, the Government Added Eletrobras and EBC to the Privatization Plan
The board of the Investment Partnership Program – PPI, added Eletrobras to the federal government’s privatization plans today, this Friday (09). Another entity added to the plan was the Brazilian Communication Company S.A. (EBC), published in the Official Gazette of the Union.
The Privatization of Eletrobras
According to the Ministry of Economy, the privatization of Eletrobras aims to primarily increase the company’s capacity for investment, in addition to allocating part of the resources to energy consumers and the electricity sector in regional projects. The next step is to initiate the necessary research for the company’s capitalization process.
Paulo Guedes, the current Minister of Economy, states that the privatization of Eletrobras will ensure the injection of private resources into the company so that necessary investments can be made for Brazilian society.
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Compared to the 2019 project, the text currently under analysis in Congress increased the resources allocated to the Energy Development Account (CDE), which rose from 1/3 to 50%, including the Tucuruí Hydroelectric Plant.
The government estimates that this action to privatize Eletrobras will provide more than 50 billion reais for the federal government and the CDE. It also forecasts the development of projects beyond the electricity sector in the North, Northeast, and Southeast regions. The forecast is that, over ten years, 295 million reais will be invested each year to develop actions aimed at structurally reducing energy costs in the Legal Amazon.
Over ten years, 230 million reais per year are expected to be invested in the recovery of the hydrographic basin located at the Furnas Hydroelectric Plant. As outlined in the previous bill, it is estimated that 350 million reais will be invested each year to revitalize the São Francisco River Basin, but with the innovation of energy distribution in the river replacement project.
Government Privatization Plan
Other companies, besides Eletrobras, have also entered the federal government’s privatization plan. Regarding EBC, the Ministry of Communications and the PPI announced that the company received a total of R$ 398.1 million from the Contribution for the Promotion of Public Broadcasting (CFRP) in 2020, and the company itself has an annual revenue of 65.8 million reais. Last year’s expenses totaled 543.4 million reais, and last year the Ministry of Finance transferred R$ 88.5 million to the company from the R$ 463 million authorized by the federal budget.
Regarding the privatization of the Postal Service, the CPPI opted to sell the entire company instead of splitting it. The board of directors discarded the sale of minority shares of the alliance’s control and chose two models: sale of majority shares (the country remains a minority shareholder) or sale of 100% of the shares. According to the Ministry of Communications and the CPPI, the second phase of the study will be implemented throughout this year and will detail the model used for the privatization of the postal sector.
The sale of the postal service company depends on Congressional approval of a bill that regulates the opening of the postal market to the private sector. The Ministry of Communications cited a list of steps but did not specify a date. According to the roadmap, it is expected to discuss with society and investors, debate with employees, and obtain approval from the Federal Court of Accounts (TCU) regarding the model and legal documents.
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