Government awaits opinion from BNDES to include Angra 3 nuclear plant in the PAC

Completion of the Angra 3 nuclear power plant project will still be subject to an opinion by the BNDES. The Government awaits the bank's decision to include the undertaking in the PAC.

This Thursday (31/08), the Brazilian government is awaiting the opinion of the National Bank for Economic and Social Development (BNDES) to decide on the inclusion of the plant nuclear of Angra 3 in the Growth Acceleration Program (PAC). The project, which faces uncertainty regarding private investment and completion of works, was commissioned in 2019 and its analysis is scheduled to be delivered to the National Energy Policy Council (CNPE) by the end of 2023. With a history of interruptions, Angra 3 represents an estimated investment of BRL 20 billion for its completion.

BNDES opinion will outline the future of the Angra 3 nuclear plant in Rio de Janeiro

The fate of the Angra 3 nuclear power plant, located in Angra dos Reis (RJ), remains under discussion in the Brazilian electricity sector.

The Government eagerly awaits the BNDES assessment to determine the possible inclusion of the plant in the PAC.

The initial announcement, made in August, did not contemplate the completion of this highly relevant project.

The final decision on Angra 3 is linked to the review of the studies conducted by the BNDES.

The analysis addresses the necessary investments and the contracting format for the company responsible for completing the plant.

The evaluation stage is expected to take place after the studies are delivered to the CNPE, a crucial contribution to decision-making. BNDES plans to complete these updates by the end of 2023.

The studies in question were commissioned in 2019, during the administration of former president Jair Bolsonaro, when Angra 3 was included in the Investment Partnership Program (PPI).

In November 2022, a first version of the studies was completed by the BNDES and delivered to Eletronuclear and the Federal Court of Accounts (TCU).

However, this delivery took place before the change of government, adding an element of uncertainty to the process.

One of the barriers to the inclusion of Angra 3 in the PAC, according to sources, is the uncertainty related to private investment in the project.

So far, it is not clear what part of the resources needed to complete the plant would be provided by the private or state sector.

In addition, the possibility of the works extending until 2029, exceeding the current government mandate, may also have impacted the decision.

Completion project for the Angra 3 nuclear power plant still faces controversy in the market

Energy market experts have spoken out on the issue of completing the Angra 3 project.

The director of Instituto Ilumina, Olga Simbalista, highlights the possibility of delays in the works, influencing the inclusion decision.

The Brazilian Association for the Development of Nuclear Activities (Abdan) has held meetings with various ministries, articulating discussions about the project.

Abdan highlights the importance of waiting for the results of BNDES studies before issuing new guidelines.

Angra 3, with 65% progress in its project, is a nuclear plant with a capacity of 1,4 gigawatts (GW), a milestone in the country's energy.

With a track record spanning four decades, the project has faced disruptions, including those resulting from Operation Lava Jato.

Completing the project would require an estimated investment of R$20 billion, in addition to the R$7,8 billion already contributed. Abandoning the venture, on the other hand, would have an estimated cost of R$13,6 billion.

In a scenario where the future of energy is central, the conclusion of Angra 3 represents a complex challenge, but also a promise of significant energy capacity for Brazil.