Our Partner Diogo Nebias was interviewed by O Globo in its coverage of the Aneel transmission auction, in which Axia Energia (formerly Eletrobras) won three of the four lots offered, with discounts of more than 50% off the maximum RAP.
In Diogo's assessment, the result of the auction (an average discount of approximately 50%) indicates strong competition and the attractiveness of the projects, even in a high interest rate environment. The predictability of revenue (RAP) remains an attraction factor, but high interest rates reduce the concessionaire's return and deter some of the players willing to invest in new projects.
He also highlights the background of the auction: the four lots belonged to MEZ Energia, which did not complete the projects and had the concession returned to the Federal Government after a forfeiture proceeding initiated by Aneel, followed by a consensual agreement mediated by the TCU for re-bidding. According to Diogo, the electric system depends on the constant expansion of transmission lines, and these projects had already been needed for five or six years.
He also points out that the Brazilian electric sector, although mature, still faces regulatory challenges and challenges in modernizing the Sistema Interligado Nacional, such as the curtailment of incentivized renewable sources in recent years and distribution companies with long-term contracts and gradually declining revenue.
Read the full article, by João Sorima Neto.
