The National Energy Policy Council (CNPE) recognized this Tuesday (14) "public interest" in Eletronuclear's request to obtain a temporary suspension of debt payments related to the construction of the Angra 3 Thermonuclear Plant. The measure, known in the market as "stand still", paves the way for the state-owned company to negotiate temporary relief in cash flow with creditor banks. Thus, the resolution approved by the CNPE authorizes Eletronuclear to present the request to the National Bank for Economic and Social Development (BNDES) and Caixa Econômica Federal (CEF), which will be able to analyze the feasibility of a possible temporary suspension of debt payments relating to the project. In practice, the decision provides institutional support for the state-owned company to formalize the request to financial institutions. It will be up to BNDES and Caixa to evaluate the request in accordance with their internal regulations, the legislation applicable to credit operations and the rules for creating guarantees.
Decision by the Energy Policy Council paves the way for Angra 3 to attempt debt suspension
The National Energy Policy Council (CNPE) recognized this Tuesday (14) "public interest" in Eletronuclear's request to obtain a temporary suspension of debt payments related to the construction of the Angra 3...
The resolution, however, does not change the financing contracts in force, nor does it determine the suspension of payments or impose any obligation on financial institutions. The eventual granting of the so-called "stand still" will depend on the technical analysis and decision of each bank. As g1 has been showing since December last year, the state-owned company wants public banks to temporarily suspend the collection of almost R$7 billion in debts related to the project, until the National Energy Policy Council (CNPE) defines the future of the plant. In February of this year, Alexandre Caporal, at the time interim president of the state-owned company, stated that Eletronuclear runs the risk of becoming Correios if there is no debt negotiation, in reference to the economic and financial crisis of the Brazilian Post and Telegraph Company (ECT). The suspension of payments, stated Caporal, is considered essential to guarantee the financial sustainability of the state-owned company. The measure, already granted for six months in 2024, would give the state-owned company breathing space until the CNPE defines the fate of Angra 3, whose works have been suspended for around ten years. According to Caporal, debt service will total R$800 million in 2026. When added to the plant's maintenance costs, total expenses with Angra 3 exceed R$1 billion per year. Angra 3 Electronuclear
