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Brazil watch: Eletrobras appeal, wind power record, Petrobras field renewals

Bnamericas Published: Thursday, May 19, 2016
Brazil watch: Eletrobras appeal, wind power record, Petrobras field renewals

Brazil's Eletrobras has 10 business days to appeal a decision to suspend its US-listed shares, the state-run power utility said on Thursday.

The New York Stock Exchange on Wednesday halted trading of the company's American Depository Receipts (ADRs), seen as the first step in a possible delisting process.

Eletrobras said it could not submit 20-F forms required by the US Securities and Exchange Commission because auditor KPMG refused to approve its 2014 and 2015 financial reports, citing an incomplete internal corruption probe.

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Brazil's southern region has set a new average daily wind power generation record of 1.262GW, the mining and energy ministry said on Thursday.

The figure, posted on Monday, surpassed the previous high of 1.240GW registered on January 4, the ministry said in a statement.

According to grid operator ONS, Brazil's wind power generation averaged 3.154GW in April, 156% higher than the same period last year.

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In other Brazil energy news, hydrocarbons regulator ANP has extended concessions for state-run oil company Petrobras to develop the Marlim and Voador fields until 2052.

ANP said the decision would allow Petrobras to plan for new investments in the fields, which are located in the Campos basin off the coast of Rio de Janeiro.

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