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Studies Conducted by the PSR Consultancy on Angra 3 Analyzed the Impact of Different Sources on Electricity Bills Over 35 Years and Concluded That Resuming Construction of the Angra 3 Nuclear Plant Will Be More Expensive for Consumers Than Abandoning the Project
The government deepened its studies in recent months for the resumption of Angra 3, so that the bidding notice to choose a partner for the project can be launched next year. The premises of the notice and the type of bidding will be defined by a working group linked to the Investment Partnership Program Council. The first step to make the project attractive to investors was taken on October 9, when the National Energy Policy Council approved a reference price of R$ 480.00/MWh for the plant’s energy. The price for Angra 3 was in the range of R$ 240/MWh. The tariff increase for the Angra 3 nuclear plant was considered positive for Eletrobras’s credit, according to the risk agency Moody’s. However, the government hopes that the value can be reduced in a bidding process to define the partner.
Pros and Cons
Completing the construction would cost around R$ 17 billion, whereas abandoning it would cost R$ 12 billion —considering the costs to settle loans, dismantle the structure, reimburse broken contracts, and pay debts. To resume construction, which has been halted due to the Operation Car Wash investigation, the project needs about R$ 15.5 billion in investments. The TCU (Federal Court of Accounts) expressed concern about the costs and opened an audit to analyze the criteria for resuming construction and its effects on final costs. The expectation is that this analysis will be completed in March 2019.
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“This action enhances Eletrobras’s credit because it will increase the cash generation flow from this new nuclear plant, in addition to providing a greater incentive for Eletrobras to complete the construction,” says the agency’s report. Supporters of the project argue that the difference would make the cost-benefit ratio favorable for completion; conversely, the costs will affect consumers’ pockets.
The President of Eletrobras, Wilson Ferreira Jr, commented that 63% of the plant is complete and that the new tariff opens the perspective for resource infusion from a partner that did not exist with the previous tariff. “Now, with this tariff of R$ 480, you can attract someone who can invest money and see a prospect of return on investment. And, obviously, on the other side, there are people willing to finance. It’s not just about equity,” said the executive.
“The higher tariff also has the potential to create a long-term solution for the liabilities of Angra 3. Eletronuclear has been negotiating with creditors such as BNDES and Caixa Econômica Federal to postpone the original payment schedule for debt repayments, since cash generation has been delayed,” Moody’s also states. The idea is to include the plant in the federal government’s concession program and seek partners to complete the construction. Eletronuclear, the state-owned company responsible for the sector, has already signed partnerships with companies from China, France, and Russia to study the project.
Invest or Abandon?
And now, abandon Angra 3? – that is, throw away the tens of billions of reais already spent on the project – and start solar power plants, bringing a calculation on energy prices. Investments in solar energy are great; it’s just a shame that a country like ours does not take better advantage of this energy provided freely by nature. However, the sun is an intermittent source because it does not always shine, and it does not even remotely have enough strength to sustain sectors that require intensive energy, such as industries. Therefore, one thing is to invest in solar energy; another is to waste R$ 12 billion to “abandon” Angra 3.
Angra 3 has a capacity of 1,405 MW (megawatts). It is the third from Brazil’s first nuclear program, which began in the 1970s — the other two are in operation.
The construction of Angra 3 was halted in 2015 due to disagreements between the consortia responsible for the construction and Eletronuclear, the subsidiary of Eletrobras responsible for operating Brazil’s nuclear plant. At the time, the companies were already under investigation due to Operation Car Wash, which led to the 2016 arrest of former Eletronuclear President Othon Luiz Pinheiro da Silva, who was sentenced to 43 years for corruption, money laundering, foreign exchange evasion, and organized crime.
AGENCY INTERNATIONAL SAYS THAT BRAZIL HAS THE LEAST POLLUTING ENERGY MATRIX IN THE WORLD!
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