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The project has already cost R$12 billion, is 67% complete and could generate losses of R$21 billion if abandoned, but approval to resume construction on the Angra 3 nuclear power plant has been postponed again.
The government's megaproject to resume construction on the Angra 3 nuclear power plant faces yet another obstacle. Despite expectations, the National Energy Policy Council (CNPE) has postponed approval of the resolution that would allow the continuation of construction, which has been dragging on for 40 years on the southern coast of Rio de Janeiro. Tuesday's meeting revealed disagreements among the ministers involved and raised questions about the fiscal impact of the project.
The Minister of Mines and Energy, Alexandre Silveira, publicly defended the resumption of the project. Studies by the National Bank for Economic and Social Development (BNDES), recently delivered to Eletronuclear, indicate that giving up the plant would result in losses of R$21 billion, considering past investments and debt repayment costs.
Angra 3: between losses and opportunities
So far, around 67% of the construction work on the Angra 3 nuclear power plant has been completed. R$30 billion will be needed to complete the project, most of which is expected to come from private financing. Only 10% of the total amount would be financed by Eletronuclear partners, while the direct impact on public coffers would be R$1,6 billion.
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BNDES studies also showed that the machinery acquired in the 1980s remains fit for operation, even after decades of complex maintenance, such as vacuum packaging and periodic lubrication.
Impact on the energy sector
One of the major pending issues is the price of the energy generated by Angra 3. The BNDES estimated a tariff of R$653,31 per megawatt-hour (MWh), considered viable for the project to continue. Defining this price is crucial for the plant, which is part of the national electricity system, to become financially sustainable.
Furthermore, the resumption of construction work on the Angra 3 nuclear power plant is seen as strategic for diversifying the Brazilian energy matrix, strengthening the role of nuclear energy in the country.
The plant's history is marked by delays
Since its conception in the 1980s, the project has faced economic crises and corruption scandals. Successive stoppages have led to unusual situations, such as the high maintenance costs of an inactive construction site — around R$1 billion per year.
Now, the future of the Angra 3 plant is in the hands of the government, that needs to align technical issues, financial and political to get one of the biggest challenges in the recent history of the Brazilian energy sector off the ground.
It remains to be seen whether the Government's megaproject will have the strength to overcome the barriers and finally enter into operation.
