Eletronuclear adopted a series of measures to balance its cash flow and avoid a hole in 2025. In a letter sent to the Minister of Mines and Energy, Alexandre Silveira, the controlling company Empresa Brasileira de Participações em Energia Nuclear e Binacional (ENBPar) informed that “emergency and very short-term” actions were implemented to eliminate the company’s cash deficit this year.
The measures are:
- Postponement of the payment deadline for the November and December installments of the Loan Agreements related to the Angra 1 Useful Life Extension Program, signed between Eletronuclear and ENBPar;
- Approval of the rollover proposal for Eletronuclear’s Debt Instruments with Banco BTG Pactual and Banco ABC Brasil;
- Mediation of an agreement in relation to Angra 3 nuclear fuel credits, with the aim of equalizing the economic and financial situation of the Group’s companies (INB and Eletronuclear).
In the document, which was also sent to the Minister of Finance, Fernando Haddad, of Planning, Simone Tebet, and of Management, Esther Dweck, ENBPAR reports the serious structural problems at Eletronuclear, generated mainly by the uncertainty regarding the future of the Angra III Plant.
Without a definition from the government on the matter, the state-owned company has been bearing the project’s expenses using cash from Angra I and Angra II, which, according to EBNPar, would lead to a deficit this year.
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“The restriction of Eletronuclear’s resources, the tariff imbalance, the lack of funding for investments in extending the useful life of Angra 1 and, in particular, the uncertainty regarding the Angra 3 project, which awaits a decision by the CNPE, has made Eletronuclear’s situation increasingly irreversible”, said the controller in the letter signed by the president, Marlos Costa de Andrade.
Thus, ENBPar highlighted that the measures presented are “palliative in nature”, in order to address Eletronuclear’s cash situation only for the year 2025.
“The other actions by this controlling company are subject to decision-making external to this Company, especially regarding the Angra 3 Project.”
Andrade also highlighted that the R$ 2.4 billion that will enter Eletronuclear with the approval of an agreement between the Union and Axia (formerly Eletrobras) by the Federal Supreme Court (STF) will not be enough to resolve the company’s situation.
“The resources that will eventually enter Eletronuclear will not be sufficient to equalize the cash situation of that Company which, it should be noted, was not resolved by the measures reported here, but considered only for the year 2025.”
