Brazil's CEEE to sell stakes in Wind Farms, Dams

Posted by Joseph R Fonseca
Saturday, February 13, 2016
Porto Alegre 4 Courtesy CEEE

Brazil's Companhia Estadual de Energia Elétrica (CEEE), a power utility controlled by the state of Rio Grande do Sul, will sell assets including stakes in wind farms, dams and transmission lines aiming to raise as much as 1 billion reais ($250 million).

CEEE's President Paulo de Tarso told Reuters on Friday that the company plans to use most of the proceeds to repay debt to its controlling shareholder.

Several Brazilian states are facing serious financial problems, including Rio Grande do Sul and Rio de Janeiro. Due to the situation, power market participants believed there was a strong possibility of privatization for CEEE.

"This is not in the radar. It is not the instruction we received from the controlling shareholder," said the company's president.

"The objective is to restore the company," he said.

Rio Grande do Sul is struggling with sharp falls on revenues as the economy stalls. The state has delayed payments for public workers.

CEEE is a money-losing company. Its subsidiaries CEEE-GT and CEEE-D lost some 790 million reais last year, according to Tarso.

CEEE-GT, the generation and transmission arm, holds 1 gigawatt of installed hydropower capacity, besides minor stakes on wind farms and 6,000 km (3,700 miles) of power transmission lines.

The power distribution company (CEEE-D) recently renewed its concession for a new term of 30 years.

Tarso said the company will also sell real estate and is weighing layoffs of up to 200 workers. The utility's website lists a total of 4,400 employees.

($1 = 4.001 reais)

(Reporting by Luciano Costa; Writing by Marcelo Teixeira; Editing by Lisa Shumaker)
 


Finance

NParks, Keppel in S$2.08 mln Partnership for Restoring Singapore Forest Wetlands

The National Parks Board (NParks) and Keppel Corporation today unveiled plans for a partnership to restore the freshwater forest wetland ecosystem historically

Skaugen Goes to Red Again

Norwegian Marine Transportation Service Company I.M. Skaugen SE reported interim losses but cautiously positive and expecting a gradual recovery of trading opportunities

Kongsberg Performs Well in Q2

Norwegian defence and marine technology company Kongsberg Gruppen's second quarter 2016 (Q2) financial results shows sales performance broadly in line with recent trends,

Environmental

NParks, Keppel in S$2.08 mln Partnership for Restoring Singapore Forest Wetlands

The National Parks Board (NParks) and Keppel Corporation today unveiled plans for a partnership to restore the freshwater forest wetland ecosystem historically

C-Job Designs Flettner Freighter for Switijnk

The Dutch shipping company family Switijnk has contracted C-Job Naval Architects to develop a Rotor Sail-equipped design to meet their specific loading and sailing profile.

Vitol's Malaysia Terminal Suspends Ops after Spill

VTTI, the storage unit of world's largest oil trader Vitol, has suspended operations at its terminal in southern Malaysia following an oil spill, two industry sources said on Friday.

Energy

BP, ExxonMobil, ConocoPhillips 'Quit' Alaska LNG Project

BP, Conoco Phillips, and Exxon Mobil said that the 65-billion dollar megaproject would be too unprofitable for them to move into the next phase of development.

ABS Makes it Safer to ‘Walk to Work’

ABS announced the publication of The ABS Guide for Certification of Offshore Access Gangways. The new Guide addresses certification for safety systems used for “walk to work” (W2W) crew transfers.

Viking Grace Marks 1,000 LNG Bunkering Milestone

From the very beginning, the M/S Viking Grace – delivered in January 2013 – was an environmental milestone.   The vessel attracted global attention as an environmental

News

MV WERFTEN, Foreship Sign Design Agreements

MV WERFTEN signed a letter of intent with the engineering company Foreship in Stralsund today. The agreement includes parts of the basic design as well as design,

NParks, Keppel in S$2.08 mln Partnership for Restoring Singapore Forest Wetlands

The National Parks Board (NParks) and Keppel Corporation today unveiled plans for a partnership to restore the freshwater forest wetland ecosystem historically

Zumaia Offshore Acqires MPP Workboat Aitana B

In April 2016 Zumaia Offshore, S.L., leading workboat owner and operator based in the Basque Country, took delivery of the Cummins-powered MPP workboat “Aitana

People in the News

NParks, Keppel in S$2.08 mln Partnership for Restoring Singapore Forest Wetlands

The National Parks Board (NParks) and Keppel Corporation today unveiled plans for a partnership to restore the freshwater forest wetland ecosystem historically

Zumaia Offshore Acqires MPP Workboat Aitana B

In April 2016 Zumaia Offshore, S.L., leading workboat owner and operator based in the Basque Country, took delivery of the Cummins-powered MPP workboat “Aitana

Danish Maritime Authority Supports Maritime Cultural Days

The Danish Maritime Authority's buoy tender ’POUL LØWENØRN’ will be alongside in Korsør in connection with the Maritime Cultural Days. The vessel will be open to visitors throughout Saturday,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Repair Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1427 sec (7 req/sec)