Eletrobras approves 2009-12 plan

Mar 18, 2009 01:00 AM

Brazil's federal power holding group Eletrobras has approved its 2009-12 strategic plan that calls for investments of reais 30.2 bn ($ 13.2 bn) in the period.
Eletrobras will invest reais 26 bn on generation and T&D projects. In addition, Eletrobras subsidiaries in partnerships with private companies will invest reais 4.2 bn. Eletrobras intends to invest reais 8.7 bn this year, followed by reais 9 bn in 2010, reais 7 bn in 2011 and reais 5.5 bn in 2012.

"The plan seems bold," Monica Araujo, a market analyst at brokerage Ativa told. "The 2009 investment represents a 170 % increase compared to the 2008 capex."
"It seems that 50 % of the 2009-12 plan is already funded and we don't believe Eletrobras will face difficulties coming up with the rest of the money," she added.

Eletrobras will earmark part of its investment to boost international operations and perform feasibility studies to install 18 GW and 11,000 km of transmission lines -- the majority in neighbouring countries -- to promote power integration in South America. Among the projects under consideration are six hydro plants in Peru totalling 7.6 GW and the 2 GW Garabi hydro initiative in Argentina.
The plan also foresees initiatives to improve Eletrobras' corporate governance. The goal is to climb to level 2 on the São Paulo Bovespa stock exchange and to join the Dow Jones Sustainability Index by 2012.

Separately, Eletrobras revealed that Nelson Hubner has left the company's board after taking over the helm of power regulator Aneel.

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