Brazil's Eletronorte handed US$810mn payout

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Wednesday, October 19, 2016

Brazilian power regulator Aneel has approved a 2.58bn-real (US$810mn) compensation payment to state-run utility Eletronorte, according to the company's parent firm Eletrobras.

Eletronorte had sought around 3bn reais for non-depreciated assets as part of a 2012 law that forced transmission and generation operators to provide cheaper electricity in exchange for concession renewals.

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In a statement issued late on Tuesday, Eletrobras said it was "evaluating the possible impact of the amounts approved in its financial statements."

Eletrobras subsidiaries have now received almost 18bn reais in indemnity deals. In addition to the Eletronorte payout, Aneel has approved compensation of 9bn reais for Furnas, 1bn reais for Eletrosul and 5.1bn reais for Chesf.

Transmission firm Cteep and New York-listed group Cemig have also received 3.9bn and 892mn reais each.