Privatization - Brazil

Brazil watch: Itaqui thermo synchronized, Eletrobras takeover, new Brix modality

Brazil watch: Itaqui thermo synchronized, Eletrobras takeover, new Brix modality

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Rio de Janeiro-based power company MPX has announced its 360MW Itaqui thermo plant has been connected and synchronized with Brazil's national SIN grid.

The plant is currently supplying energy in test mode and is being commercialized at spot prices in the north submarket, MPX said in a note.

"The synchronization and associated load tests are the final steps preceding the declaration of commercial operations by Brazil's national power regulator Aneel," MPX chief executive Eduardo Karrer said.

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State-run power conglomerate Eletrobras (NYSE: EBR) is set to nationalize utility Companhia Energética de Roraima (CERR), federal senator Romero Jucá (PMDB-RR) said on Twitter.

The move comes less than a month after the public holding group purchased a controlling stake in Companhia de Eletricidade do Amapá (CEA).

Jucá said a protocol was set to be signed with the mining and energy ministry in Brasília early in the week.

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Free market power platform Brix has launched a new trade modality for weekly provision, the Rio-based entity said in a statement.

The change will provide a seven-day energy trade format for "Conventional (fixed price), conventional PLD + premium and fixed/variable PLD swap products," according to the note.

"The contracts for weekly provision are an important tool in managing Brix participants' energy portfolio. They amplify the current trade strategies and provide interesting advantages," Brix CEO Marcelo Mello said.