Our partner Diogo Nebias was interviewed by O Globo in its coverage of Aneel's transmission auction, in which Axia Energia (formerly Eletrobras) won three of the four lots offered, with discounts of more than 50% on the maximum RAP (permitted annual revenue).
In Diogo's assessment, the auction result (average discount of around 50%) indicates strong competition and project attractiveness, even in a high-interest-rate scenario. Revenue predictability (RAP) remains an attraction, but high interest rates reduce the concessionaire's return and drive away some of the players willing to invest in new projects.
He also highlights the auction's background: 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 opened by Aneel, followed by a consensual agreement mediated by the TCU for re-tendering. According to Diogo, the electricity system depends on the constant expansion of transmission lines, and these projects were already needed five or six years ago.
He also notes that the Brazilian electricity sector, although mature, still faces regulatory and modernization challenges in the National Interconnected System, such as the curtailment of renewable sources incentivized in recent years and distributors with long-term contracts and gradually declining revenue.
Read the full article by João Sorima Neto: https://lnkd.in/dGBDa3hE
Diogo Nebias, infrastructure, debt and capital markets, PSNA.
