Brazil’s Eletrobras brings forward investment for Eletronuclear

21 July 2020

Brazil’s power utility  Eletrobras announced in a securities filing on 17 July  that its Board of Directors had approved the granting of an Advance for Future Capital Increase (AFAC) for subsidiary Eletronuclear in 2020 and 2021. The advance is for  BRL1.05 billion ($195m) in 2020 and BRL2.447 billion in 2021. The decision aims to speed up measures to resume construction at unit 3 of the Angra NPP. "We clarify that the these amounts were already foreseen in the investments estimated in the Business and Management Master Plan for the period from 2020 to 2024", the document stated.

Eletrobras reported a net profit of BRL307 million for the first quarter of this year, a 77% decrease compared with the same period last year, when the company reported a profit of BRL1.34 billion.

The net operating income, meanwhile, rose 7.6% from BRL6.46 billion to BRL6.95 billion. The energy sold increased 6%, from GWh35 to GWh37. Eletrobras's  recurring net debt inceased 5.4%. from BRL19.97 billion to BRL21.04 billion.

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