Eletrobras ruling left to next administration

Brazil

RIO DE JANEIRO, July 12, 2018 – The Brazilian Chamber of Deputies will not vote on a privatisation bill for state-run power company Eletrobras this year, local media reported Wednesday.

The vote will be left to next year, when Congress will have a new composition following October’s general election, lower house speaker Rodrigo Maia said. The legislation would allow the Brazilian government to divest one-third of its stakes in the holding company, bringing its total interest down to 40%.

The announcement followed the Tuesday approval of a measure that would allow the sale of up to 90% of Eletrobras’ interests in six subsidiaries on July 26. That bill will now go to the Senate for approval.

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