Default of the Brazilian electricity market is over US $ 4 billion so far (Reinaldo Khanate / SEE)
Petrobras is the main creditor of short-term electricity market in Brazil. With the water crisis in the country since 2013, the level of the hydroelectric reservoirs fell at an accelerated rate, required the entry into operation of tens of thermal and caused a billion-dollar damage to the generators, which can range from 10 to 20 billion reais . These losses have become cause for a big legal battle in the Brazilian electricity market, which resulted in a default of more than 4 billion reais so far.
About 25% of this amount, or $ 1 billion, should have entered the Petrobras box by power of its thermal. The state, which passes through financial difficulties, has over twenty plants to the National Electric Power Operator (ONS) to ensure supply of the country. With the reservoirs low, most of these thermal power produced in recent months.
Known as "merchant plants," many units of oil - which declined to comment on the issue - lack of power purchase agreement. In this case, all production is sold in the spot market and settled by the Chamber of Electric Energy Commercialization (CCEE) - company that makes the settling of accounts of transactions in the cash market. Last year, for example, when the price of energy was 822 reais a megawatt hour (MWh), the state left profiting.
But this year, the situation is complicated by the so-called hydrological risk, which is the shortfall in power generation (GSF). With less water in reservoirs, hydroelectric plants produced less electricity than was foreseen in the contract. The difference had to be repurchased in the market to meet the contract - which caused a billion dollar loss. Hydro generators argue that the fact generate less is not their responsibility and therefore can not afford the losses.
