Brazil’s Eletrobras to receive $500 mln in regulatory decision

Brazilian state-run utility Eletrobras said on Tuesday that electric sector regulator Aneel ruled that the company would receive a 2.67 billion reais ($500 million) credit related to the “fuel consumption account” program.

Centrais Eletricas Brasileiras SA (ELET6.SA) as the company is formally known said in a securities filing that the ruling related to its affiliated companies Amazonas Energia, Eletroacre, Ceron and Boa Vista Energia.

The fuel consumption account program helps to pay for thermoelectric power generation in the north of the country, which is generally not connected to the electricity grid, and is therefore far more expensive.

Eletrobras said it will receive the money in 60 monthly payments adjusted for inflation.

($1 = 5.3349 reais)