Aneel approves sale of Amazonas Energia to Batista brothers

The National Electric Energy Agency (Aneel) approved this Tuesday (1st) the alternative plan for the transfer of Amazonas Energia to Âmbar, a company owned by brothers Joesley and Wesley Batista.

Last Friday (27), the Aneel board met to analyze the transfer proposal after the Court gave 48 hours for the operation to be carried out. However, the vote ended in a tie, with 2 votes for rejection and 2 for approval.

The analysis was suspended until this Tuesday. This time, the agency’s general director, Sandoval Feitosa, changed his vote and formed a majority to approve the transfer proposal prepared by the technical area, which has stricter rules than those presented by Âmbar

Initially, Feitosa had voted to approve the proposal presented by Âmbar, which foresees a cost of R$14.1 billion. However, the proposed value is R$6 billion more expensive than that advised by Aneel’s technical area.

Prepared by the agency’s technical area, the calculated impact on the electricity bill in the approved proposal is almost R$8 billion less in 15 years.

The Batista brothers’ company made an offer for Amazonas Energia after being favored in a provisional measure (MP) issued by the Lula government. The Amazon company has faced regulatory problems, financial losses and debts reaching R$10 billion.

According to the newspaper Estadãothe solution presented by the Batista brothers would generate a cost of R$15.8 billion to be passed on to consumers through the electricity bill. However, the ideal indicated by the agency is R$8 billion, with less transfer to the consumer and more demands on the company.

This Monday (30), the impasse over the transfer of Amazonas Energias led the Ministry of Mines and Energy to publish a note criticizing Aneel’s lack of definition.

The Minister of Mines and Energy, Alexandre Silveira, defends the transfer of the company to Âmbar Energia, owned by the Batista brothers, and said that this would be the “best solution” for the Amazonian distributor.

In June, the federal government issued a provisional measure that benefits Âmbar and provides for aid to Amazonas Energia’s cash flow, transferring costs to consumers for up to 15 years. The MP loses its validity on the 10th, with no forecast for it to be approved by the National Congress and with the risk of expiring, that is, losing its validity.

Transfer turned into action in federal court

The Federal Court determined that the purchase be carried out based on Âmbar’s plan, although the case is still open due to an appeal filed. The company now faces two options: accept the alternative plan, which would end the legal dispute, or continue with the process in court.

Âmbar, in response, stated that it is analyzing the court decision and “will continue negotiating with the regulatory agency in search of a solution for energy consumers in Amazonas”.

The purchase plan was presented shortly after the Ministry of Mines and Energy made Amazonas Energia’s contract more flexible through a provisional measure, exempting the company from certain charges and opening space for the transfer of corporate control.

With the new decision by the Aneel board, Âmbar will have 24 hours to say whether or not it agrees to take over Amazonas Energia under the conditions initially required by the agency, that is, paying all of the Amazon company’s debt by the end of 2024 and assuming the operation costs so that Brazilian consumers do not bear a cost greater than R$8 billion to subsidize the operation. So far, in demonstrations at Aneel and in meetings with authorities, the Estadão points out that the company made it clear that it would not accept the terms under these conditions as it did not see profitability in the business.