Advanced Search

LatinNews Daily - 19 July 2021

Click here for printer friendly version
Click here for full report

In brief: Brazil’s Rio Grande do Sul sells off electricity company

* The state government of Rio Grande do Sul in Brazil has completed the privatisation of electricity company Companhia Estadual Transmissão de Energia Eléctrica (CEEE-T). Private electricity firm CPFL Energia was awarded the sale with an offer of R$2.67bn (US$522m), 57.13% above the minimum sale price of R$1.7bn, and narrowly beating an offer by the Companhia Técnica de Comercialização de Energia for R$2.66bn. Rio Grande do Sul state governor Eduardo Leite, who is overseeing a series of privatisations in the state and plans to sell off water utilities company Corsan, hailed the sale of CEEE-T as a win for society, arguing that the private sector’s efficiency will improve services and bring down costs for consumers. CPFL Energia is one of the largest private energy companies in Brazil and is majority owned by Chinese state-controlled electricity utility company State Grid.