THE ENBBy (Brazilian Nuclear and Binational Energy Participation Corporation) informed the federal government which adopted a series of “emergency and very short-term” measures to prevent the Nuclear powerresponsible for Brazilian nuclear power plants, ends the year with a cash deficit. Among the measures are the deferral of payments and the refinancing of debts – and will only have an effect on the company’s results this year.
The office, which takes care of “scenario of severe liquidity restrictions for Eletronuclear”, was sent to Ministers Alexandre Silveira, of Mines and Energy, Fernando Haddad, of Finance, Simone Tebet, of Planning, and Esther Dweck, of Management and Innovation in Public Serviceslast Friday (12).
“We reaffirm that the measures presented here were of a palliative nature, in order to assimilate the cash situation of Eletronuclear only for the year 2025, the other actions of this controlling company being conditioned on decisions external to this company, in particular with regard to the Angra 3 project,” informed the public company in the letter.
To avoid a cash flow hole, the company adopted a waiver (postponement of the payment deadline) of the maturities, due in November and December 2025, of mutual contracts (loans) linked to the program to extend the useful life of Cove 1, signed between Eletronuclear and ENBPar.
It also obtained approval of a proposal to refinance Eletronuclear’s debt instruments with the BTG Pactual and the Banco ABC Brazil, also relating to the extension of Angra 1. Furthermore, the mediation of an agreement relating to nuclear fuel credits Cove 3with the aim of equalizing the economic and financial situation of the group companies (INB and Eletronuclear).
The company said it had made all possible efforts to ensure the sustainability and operational efficiency of companies in the nuclear sector. However, he stressed that the resource restrictions of Eletronuclear, the tariff imbalance, the lack of financing for investments aimed at extending the useful life of Angra 1 and the lack of definition regarding the works of Angra 3, which are the responsibility of the National Energy Policy Council (CNPE), have “making the situation more and more irreversible. »
Agreement between Axia (former Eletroobras) and the Union
Concerning the expected resources arising from the agreement between the Axia (former Eletroobras) and the Union, which recently obtained the approval of the Federal Court (STF), the company said that the amount that will be injected into Eletronuclear in due course will not be enough to equalize the company’s cash position.
The agreement determines the contribution of R$2.4 billion for the modernization of Angra 1. The operation is to be carried out through the issuance of bonds, but there is still no official confirmation of the date on which it will take place.
Since 2022, the public company, linked to the Ministry of Mines and Energy, has under its control Eletronuclear, Brazilian Nuclear Industry (INB) and shares control of Itaipu Binacional with the Paraguayan municipality ANDE. The creation of the public company was provided for in the law authorizing the privatization of Axia (formerly Eletrobras), since the activities could not be under the control of a private entity.
In the document, the company states that it has already repurchased Eletronuclear with serious structural problems, including a cumulative loss of 4.5 billion reais, mainly due to the partial depreciation of investments made in the Angra 3 project.
“ENBPar was created to be a strategic and non-financial holding company, and cannot financially support its subsidiaries, whose investments are much greater than its financial capacity,” the company said.
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