São Paulo utility to challenge rate hike authorization
São Paulo state water utility Sabesp will challenge the criteria used by Arsesp, the state sanitation and water regulator, to determine the annual hike in rates.
Last week, Arsesp authorized Sabesp to raise its rates by 3.5% from June, below the regulator's initial recommendation in March of 4.77%.
"We are evaluating what measures to take regarding Arsesp's decision," said Sabesp CFO Rui Affonso during a conference call to discuss the company's Q1 results.
Among the criteria used by Arsesp to authorize the lower increase was a reduction in Sabesp's projected operating expenses between 2017 and 2021.
"The evaluation by Arsesp of capex, revenue and electricity was inadequate and inconsistent with the methodology established by the agency itself," according to Affonso. "The company needs this money to invest and grow."
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