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Eletrobras shares, both common and preferred shares, are traded on B3 (Brazil, Bolsa, Balcão), on the New York Stock Exchange – NYSE (via ADR program) and on the Madrid Stock Exchange (via Latibex program).
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Eletrobras adhered to Level 1 of Corporate Governance of B3 – Brasil, Bolsa, Balcão, demonstrating its commitment to ethics, transparency and respect for its shareholders. The characteristics of this adhesion can be found in the Listing Level 1 Governance Regulation, available at B3 – Brasil, Bolsa Balcão.
In 2019, Eletrobras was listed for the 12th time on the Corporate Sustainability Index (ISE) of B3 S.A. – Brasil, Bolsa, Balcão. It also improved its performance in B3’s State Governance Outstanding Program, from 50 to 56 points, just four below the maximum score. For the third consecutive time, the Company reached the maximum score, IG-Sest Level 1 (level of excellence), in all dimensions, in the 4th Certification Cycle of the Governance Indicator of the Secretariat for Coordination and Governance of State-Owned Companies (SEST), representing the service to all Management, Control and Audit items; Transparency of Information; and Boards, Committees and Boards. In addition to the Holding, the certification also included the subsidiaries Chesf, Eletrosul, CGTEE, Amazonas GT, Furnas, Eletronuclear and Eletronorte, which also reached IG-SEST Level 1.
American Depositary Receipts (“ADRs”) are certificates traded in the North American markets that represent the ownership of shares of non-US companies. ADRs are priced and traded in US dollars, and the payment of dividends is also made in that currency.
While an ADR is a receipt that allows foreign companies to trade shares in the United States, the ADS is the stock itself that backs the ADRs traded on the US market.
The depositary agent provides the services of issuance and cancellation of ADRs, maintains the register of shareholders holding such securities, as well as performs the activities of distribution of dividends and representation in Assemblies related to such shareholders. The depository of the Eletrobras ADR program, as of August 18, 2017, is Citibank N.A. (“Citibank”). Investors wishing to receive any information regarding ADRs should obtain them with the new Citibank through the following telephone numbers: 1-877-248-4237 (USA) or 1-781-575-4555 (outside the USA) or +55 21 4009-0405.
The custodian agent is the institution in Brazil that registers the shares that are part of the ADR program and guarantees ownership thereof. The custodian of the Eletrobras ADR program is Banco Bradesco S.A.
Investors wishing to issue ADRs must deposit the shares in the custody of Banco Bradesco S.A. – user 2653-0, Depositary: Citibank N.A .; Issuer: Centrais Elétricas Brasileiras S.A. Eletrobras, as follows: For the Ordinary Shares, client 57-6 and RDE – Electronic Declaratory Registration R1700111; and For Preferred Stock Class B, Customer 58-4 and Electronic Declaratory Registration R1700112.
A registered holder is one whose name appears on the registrar’s record and is deemed to be the owner of the record. A beneficiary holder holds receipts on behalf of another person, such as a broker, bank or appointed agent.
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Eletrobras shares have no nominal value.
Eletrobras discloses its information, among other channels, through Market Notices, Relevant Facts, Reference Form, 20F and Investor Reports. This information is forwarded to CVM, NYSE, Madrid Stock Exchange and SEC and then made available on our Investor Relations page.
To follow the schedule for disclosure of results see the Calendar of Events on our Investor Relations page.
Eletrobras also discloses its annual Financial Statements in newspapers of great circulation denominated Correio Braziliense and also in the Official Gazette of the Union.
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The preferred shares issued by Eletrobras are not entitled to vote, except for the exceptions provided for in Brazilian Law number 6,404/76, and are not convertible into common shares. However, priority is given to capital reimbursement and to the distribution of dividends.
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Free float is the quantity of shares of a company available for trading in organized markets. This information is available in the answer to question 3. See also the Social Capital section for more information.
According to Law 6,404 / 76, every Brazilian Publicly held company distribute to shareholders at least 25% of its net income in dividends. This amount may also be distributed through interest on own capital, at the discretion of the company’s by-laws. The former is fully received by the investor, while the latter is taxed at 15% by the IRS.
The ex-dividend date is one in which the share is traded without the right to remuneration paid to shareholders. It is the business day following the determination of payment of compensation to shareholders made by Eletrobras Shareholders’ Meeting.
The Annual Shareholders’ Meeting is a shareholders meeting convened annually by the Board of Directors to deliberate on matters determined in the Company’s Bylaws and article 132 of Law 6,404 / 76, namely: to take the management accounts, examine, discuss and to vote on the financial statements, to deliberate on the allocation of the net income for the year and the distribution of dividends, to elect the members of the Board of Directors and those of the Fiscal Council, and to determine the remuneration of the Directors and the Fiscal Council, when applicable.
The Extraordinary General Meeting is called at any time to deliberate on other matters of interest to the shareholders and determined in the Company’s Bylaws.
Shareholders may attend the General Meeting by attending personally, on the date of the General Meeting, at the Company’s headquarters and expressing their vote; or may constitute representatives to represent them; or participate through the Distance Voting Bulletin.
Pursuant to the first paragraph of article 126 of Federal Law 6,404 / 1976, as amended (“Corporation Law”) and the decision of the I. CVM Board in CVM case RJ-2014/3578, on November 4, 2014, the shareholder may be represented at the general meeting: (i) if a natural person, by a proxy constituted less than 1 (one) year (who is a shareholder, Company administrator or lawyer regularly enrolled in the Brazilian Bar Association) ; (ii) if a legal entity, by its legal representatives or by attorney-in-fact appointed in accordance with its constituent acts and in accordance with the rules of the Brazilian Civil Code; and (iii) it is an investment fund, by its administrator and / or manager, or by an attorney-in-fact appointed in accordance with its constituent acts and in accordance with the rules of the Brazilian Civil Code.
Pursuant to article 5 of CVM Instruction 481, of December 17, 2009, as amended (“CVM Instruction 481/2009”), the Shareholder or its legal representative, with a view to ensuring admission to the Extraordinary Shareholders’ Meeting, shall submit the following documents:
- Official identity document with photo legally recognized as such in the national territory, within the validity period, when it is a natural person;
- Authenticated photocopy of the updated constitutive act (bylaws or bylaws), in the case of a legal entity, and of the act that invests administrators and / or representatives of sufficient powers for representation in the scope of the Extraordinary General Meeting;
- Original or authenticated photocopy of power of attorney granted and regularized under the law, by shareholder;
- Original path of the shareholding statement provided by the depositary institution or custody, identifying the shareholder’s condition; and
- In the case of investment funds, the representative must prove that he or she is a trustee of the fund or of an attorney-in-fact duly appointed to the fund, pursuant to the Law.
In the case of foreign legal entities, the documentation proving the powers of representation must be translated, by sworn translator, into Portuguese, and registered in the competent notary and documents register, as well as through notarization and consularization. However, under the terms of the Convention on the Elimination of the Requirement to Legalize Foreign Public Documents, celebrated on October 5, 1961 and promulgated by Decree No. 8.660, of January 29, 2016, the Company shall waive consularisation of foreign documents issued in signatory to the said Convention, provided that its apostille has been proven.
Pursuant to the first paragraph of article 19 of the Company’s Bylaws, the documents evidencing the condition of shareholder and its representation are requested up to 72 (seventy-two) hours before the Extraordinary General Meeting convened at the Superintendency Investor Relations Department – DFR, Department of Market Assistance – DFRM, at Rua da Quitanda, nº 196 – 9º floor, in the city of Rio de Janeiro, State of Rio de Janeiro, during the hours of 8 am to 12 hours and from 2:00 p.m. to 5:00 p.m. The Extraordinary Shareholders’ Meeting will be admitted, however, to all shareholders who appear with the necessary documentation to participate in the conclave.
The Company, pursuant to CVM Instruction No. 481/2009, will offer to Ordinary General Meetings, mechanism for remote voting, and also in other Extraordinary General Meetings, according to the Reference Form. Considering the possibility established in the second paragraph of article 21-A of CVM Instruction 481/2009, the Company may offer to all Extraordinary General Meetings mechanism for remote voting.
Subject to the procedures set forth in CVM Instruction 481/2009, in the Company’s Reference Form and the instructions contained in the Management Proposal for the respective Shareholders’ Meeting, the shareholder may exercise the voting right by completing and delivering the Voting Bulletin (“Voting Bulletin”) made available by the Company on the websites of the Company, the Brazilian Securities and Exchange Commission (CVM) and B3.
More information can be found in the Manual for Participation in the Shareholders’ Meeting available on our Investor Relations page.
Paragraph 1 of article 55 of the Company’s Bylaws assures shareholders the right, in each year, to dividends and / or interest on capital not less than twenty-five percent (25%), as follows:
Paragraph 1. In each fiscal year, a dividend distribution of not less than twenty-five percent of net income, adjusted according to the Law, shall be mandatory, observing the Dividend Distribution Policy
Paragraph 2. The amounts of dividends and interest paid or credited as remuneration on shareholders’ equity, due to shareholders, shall be subject to financial charges, from the end of the fiscal year up to the effective date of payment or payment, without prejudice to interest, when such payment is not made on the date fixed by the General Meeting.
Paragraph 3. The amount of interest, paid or credited, as interest on capital, pursuant to art. 9, paragraph 7 of Law 9,249 of December 26, 1995, and of the relevant legislation and regulations, may be imputed to the holders of common shares and the minimum annual dividend of the preferred shares, including such amount to the amount of the dividends distributed by Eletrobras for all legal purposes.
In accordance with Law 6,404 / 76, dividends may only be distributed after deduction, before any participation, of accumulated losses and provision for Income Tax. Law 6404/76 authorizes the Company to pay dividends to the account of net income for the year, accumulated profits or profit reserve. According to Article 9 of the Bylaws, preferred shares will have priority in the distribution of dividends.
The preferred shares of class “A” will have priority in receiving the dividends distributed in each fiscal year, these incidents at the rate of 8% (eight percent) per annum on the capital relative to that type and class of shares, to be among them apportioned equally, in accordance with paragraph 1 of Article 9 of the Bylaws.
The preferred shares of class “B”, in turn, will have priority in receiving the dividends distributed in each fiscal year, these incidents at the rate of 6% (six percent) per annum, on the capital relative to that class and class shares, to be apportioned among them, in accordance with Paragraph 2 of Article 9 of the Bylaws.
The preferred shares will participate, under equal conditions, with the common shares in the distribution of the dividends, after having secured to the common shares the dividend of 6% (six percent) per year on the capital relative to that type and class of shares, being guaranteed to the preferred shares the right to receive dividends per share, at least 10% (ten percent) higher than that attributed to each common share, as provided in Paragraph 4 of Article 9 of the Bylaws.
Pursuant to Law 6,404 / 76, dividends are due to shareholders registered as owners or beneficial owners of the share on the date of declaration of dividends and / or interest on shareholders’ equity.
By Law 6,404 / 76, in art. Dividends shall be paid within sixty (60) days from the date they are declared, unless otherwise decided by the General Shareholders’ Meeting, in which case such payment shall occur in same fiscal year in which the dividends were resolved by the Annual Shareholders’ Meeting.
The Compulsory Loan on the consumption of electricity was created by Law no. 4,156 / 62, with the purpose of expanding and improving the Brazilian electricity sector, having been collected only since 1964. Initially, the tax was levied on all electricity consumers, and its return was ensured until 1976 by the issue of bearer bonds (Obligations), whose redemption term until 1967 was 10 years, and from 1968, it was 20 years, and in both cases, early redemption was admitted by drawing lots .
With the advent of Decree-Law No. 1,512 / 76, the incidence of the compulsory loan began, during the period from 1977 to 1993, to fall only on the large industrial consumers of electricity, thus, considering those industrial companies with monthly consumption greater than 2,000 kw / h.
Thus, the collection of the Compulsory Loan tax was divided into two phases, being (1st phase) Obligations to the bearer and Cautions: the collection of the tax occurred from 1964 to 1976 and the return of the respective credits was through the issuance of bonds of Cautions and Bearer Obligations; and (2nd phase) Book-entry credits: the collection took place from 1977 to 1993 and the return of the respective credits was through the Company’s preferred shares through a meeting to convert the collected credits into shares.
There is an expressive judicial litigation involving the Company, where the largest number of lawsuits in this universe has the purpose of challenging the criteria for monetary restatement of the book-entry credits of the Compulsory Loan on the consumption of electricity, determined by the legislation that governs the Compulsory Loan and applied by Company, and the application of inflationary purges resulting from economic plans implemented in Brazil.
The acronym RBSE stands for Basic Network Existing System.
On September 11, 2012, Provisional Measure 579/2012 (MP 579) was published, which regulated the extension of concessions for the generation, transmission and distribution of electricity, granted prior to the publication of Law No. 8,987 of 1995, and achieved by Law No. 9,074 of 1995. On September 14, 2012, Decree 7.805 was published, which regulated MP 579.
Through Normative Resolution 589, the National Electric Energy Agency (ANEEL), for remuneration purposes, defined the criteria for calculating the New Replacement Value (VNR) for transmission assets existing on May 31, 2000, which have not yet been depreciated (RBSE ), whose concessions were extended or not, pursuant to Law No. 12,783.
Pursuant to Normative Resolution 589, dated December 10, 2013, the Eletrobras subsidiaries submitted to ANEEL appraisal reports of the electric power transmission assets existing on May 31, 2000 (“Valuation Report”), for the purpose of process of remuneration for the facilities of the so-called Basic Network Existing System – RBSE provided for in Article 15, paragraph 2 of Law 12.783 / 13;
On April 20, 2016, the Ministry of Mines and Energy – MME published Ordinance No. 120, which regulated the conditions for receiving remuneration related to the electric power transmission assets existing on May 31, 2000, known as Basic System Network Existing – RBSE and other Transmission Facilities – RPC, not depreciated and not amortized, according to the second paragraph of article 15 of Law 12.783 / 2013.
The aforementioned Ordinance states that the amounts due will form the basis of the companies ‘regulatory remuneration, that is, they will be passed on to consumers’ energy tariffs and that this will be initiated as from the tariff process of 2017. In addition to remunerating the assets, also establishes that the cost of capital incurred by the companies may be included in said amounts.
The accounting was performed based on the assumptions defined above, considering the interpretation regarding MME Ordinance 120/2016 and Technical Note 336/2016, in order to reflect in this interim financial information the most appropriate equity and results.
As of December 31, 2017, the estimated amounts of the expenses related to investments, extensions and / or improvements in certain assets of the extended concessions are as follows:
The Brazilian Association of Large Industrial Energy Consumers and Free Consumers (“Abrace”) filed a lawsuit against ANEEL and the Federal Government, challenging indemnities payment and payment criteria of the RBSE to the transmitters that renewed the concessions under the terms of Law 12789/2013.
On April 10, 2017, a preliminary injunction was issued, without judgment of merit, in favor of ABRACE in the scope of the aforementioned judicial process, partially responding to the ABRACE lawsuit ordering that “ANEEL exclude the so-called” compensation “portion of the Transmission System – TUST, calculated on reversible assets, not yet amortized or depreciated, provided for in art. 15, paragraph 2, of Law no. 12,783 / 2013, and should only be updated on the amount “. This excluded portion refers to the cost of equity (or Ke) provided for in Ordinance MME 120/2017.
Thus, in compliance with the preliminary decision, ANEEL recalculated a new (“RAP”) – Allowed Allowable Revenue for the tariff cycle 2017-2018, between July 1, 2017 and June 30, 2018. However, the exclusion of the object parcel (cost of equity or Ke) was extended to all users of the transmission system and not only to the claimants, due to the impracticability alleged by ANEEL of segregation of the tariff components and the irreversibility of the effects caused, according to the Order n ° 1,779 of ANEEL of June 20, 2017. These amounts are shown in Technical Note 183/2017 of ANEEL dated June 22, 2017.
(ask for update because you have already had recourse to this injunction)
Based on the legal opinion of the external legal counsel, the Company understands that the decisions taken so far do not interfere with the right to receive the remuneration of assets established by Law 12,973 / 2013 and by Administrative Rule No. 120/2016, which granted the right to receive such sums, even at the instance of the Federal Government. Accordingly, the Company understands that there is no objective evidence to recognize impairment in relation to these recognized assets.
In spite of this, the Company reclassified R$ 838,779 to noncurrent financial assets in respect of the portion subject to the injunction as calculated by ANEEL, since as long as the effects of this preliminary decision last, there is no expectation of receiving such amounts in the tariff cycle 2017-2018.
In the Quarterly Financial Information for the period ended 09/30/2017, there is a RBSE receivable balance of R $ 38,785 million. The beginning of the amortization of revenues related to RBSE began in August 2017, excluding the remuneration equivalent to Ke, due to the above.
CCC is a charge of the Brazilian electricity sector paid by all electricity distribution and transmission concessionaires in order to subsidize annual generation costs in areas not yet integrated with the National Interconnected System (SIN), called Isolated Systems.
The fund was created by Law no. 5,899 / 1973 and originally had the purpose of apportioning the costs with the fuels used for the generation of electric energy in the Interconnected Systems. Since 1992, the fuel cost sharing mechanism has been extended to systems not integrated with the National Interconnected System (SIN), called Isolated Systems, located mostly in the Northern region of Brazil. Through Law 9.648 / 1998, CCC also considered the costs of projects that promote current or future savings to the fund, known as subrogations. In addition, this law determined the discontinuity, at the end of 2005, of coverage for the Interconnected Systems.
Law No. 12,119 / 2009, the product of the conversion of Provisional Measure No. 466/2009, new legal framework for CCC and for the management of Isolated Systems, introduced the coverage of Total Cost of Generation (CTG), related to public service provision of electric power in the Isolated Systems, and maintained the coverage for the subroded enterprises. Subsequently, Law No. 12,783 / 2013 introduced adjustments to the CTG and determined that the resources to cover these subsidies would occur through the Energy Development Account (CDE) sector fund, and no longer through direct collection of quotas.
Eletrobras was acting, on behalf of the Ministry of Mines and Energy, in the process of managing the CCC sector fund. As of May 2017, the Electric Energy Trading Chamber – CCEE assumed the financial and operational management of the Fuel Consumption Account – CCC, according to MP 735/16, converted into Law 13,360 of 2016.
The Business and Management Master Plan (PDNG), structured for the five-year period 2020-2024, aims to present a proposal to overcome the challenges imposed by the current context of the country and the electricity sector.
In order to build the PDNG, in addition to analyzing different scenarios, a thorough diagnosis of the business context is carried out, whose conclusions are used to support the definition of priorities to be addressed in the period.
The Company clarifies that the PDNG 2020-2024 was prepared before the outbreak of COVID-19 in Brazil and, therefore, does not contemplate its possible impacts on the Company’s business, which were the subject of clarification of another Relevant Fact also disclosed to the market, on this date, specifically on this topic.
The premises defined in the PDNG guide the preparation of the Business and Management Plans (PNG) of our companies.
The Strategic Guidelines of the PDNG 2020-2024 highlight the company’s purpose and ambition:
In the following figure, we list the main challenges to be overcome with the execution of the selected initiatives for each one of the Strategic Guidelines gathered in Challenge 24:
For the period from 2020 to 2024, an investment of R$ 32.4 billion is expected.
Eletrobras, backed by the public interest that justified its creation, until April 30, 2017 as manager of the sectoral funds Fuel Consumption Account (CCC), Global Reversion Reserve (RGR) and Economic Development Account (CDE). implementation of sector programs such as Light for All, Incentive Programs for Alternative Energy Sources – Proinfa and Procel National Energy Conservation Program, which were transferred to the Electric Energy Trading Chamber – CCEE.
In the case of RGR, the Fund was created by Law 5,655 / 71, with the main purpose of being allocated to possible reversals and public service electric power transmissions, and, in accordance with the aforementioned, Eletrobras was also authorized to allocate the resources of RGR for the concession of financing to concessionaires and licensees of the electric sector.
The Company received insufficient remuneration to cover the costs incurred in the activities related to the management of this RGR fund, the other sector funds managed by Eletrobras and the sector programs.
In addition, pursuant to Law 9,496 / 1997, Law 9,619 / 98 and Provisional Measure 1985-25 / 00, Eletrobras acquired, through the use of funds from the RGR Fund, shares in the capital stock of energy distribution companies. The decision to acquire these distributors was based on a legal determination to encourage the electricity market at the time and with a view to their inclusion in the then National Privatization Program (PND).
Accordingly, all withdrawals made by Eletrobras in the RGR Fund were carried out in strict compliance with previously existing legal provisions and were applied for the purposes established by law and recognized in the liabilities of the Company as an obligation to the fund. All withdrawals are remunerated, from the date of their realization, until the date of their effective payment, with interest of 5% per year, in the exact terms provided for in the fifth paragraph of article 4 of Law 5,655 / 71.
On the other hand, Eletrobras recognizes in its assets the receivables arising from financing granted to concessionaires and permission holders of the electricity sector, plus interest of 5% per year and other charges and fees arising from management, such as administration fee, credit, default interest and fines resulting from defaults and renegotiations, among others.
During the management of these credit operations, certain procedures were adopted, due to operational issues related to the large volume of contracts and additives being administered by Eletrobras, for which the following criteria was used to determine the amount of the liability to be settled with the fund RGR for a certain period of management: the replacement was determined at the beginning of each year, taking into account the total amounts received in the previous year, and paid in twelve (12) installments during the current year, due on the 30th of each year. month, plus interest of 5% pa This procedure is expressly included in Aneel’s Inspection Monitoring Report No. RF-ELETROBRAS-34/2000-SFF, accepted by Aneel and again approved in 2008 inspection.
This procedure resulted in a temporary mismatch between the transfer of funds received by Eletrobras, as a result of the financing granted, and those returned to the RGR Fund. This procedure was carried out without there being any contrary statement by Aneel’s inspection, and with due accounting records for the purposes of rendering accounts of the fund’s management and financial statements of the Company. Eletrobras maintained, as it does, the due record in its liabilities of the amounts actually withdrawn to the fund plus interest of 5% per annum, as a way of evidencing the recognition of its debt with RGR.
Another procedure adopted by Eletrobras, along the lines of other institutions that administer public resources, refers to Eletrobras’ collection of fees, as a way of having reimbursed expenses related to infrastructure and personnel involved in the activities of management of sector funds and government programs, which involved not only contract management, but project approval, works supervision, renegotiation and debt collection, among other activities, as already mentioned.
As is known, the fifth paragraph of article 4 of Law 5,655 / 71 stipulates a single increase to be applied to the RGR Fund by Eletrobras, that is, interest of 5% per year. It is market practice, however, that other rates are set out in financing contracts. They are, for example: administration fee; interest on arrears; traffic ticket; and credit reserve commission.
Thus, RGR’s resources have always been considered as a source of funds for the granting of financing by Eletrobras, as it is with so many other resources of public funds used by other agents in their respective roles of development promotion. And, therefore, withdrawals should be returned, by Eletrobras to the RGR fund, with the increases determined by law, that is, interest of 5% per year. The other fees should be used to remunerate the activities performed by Eletrobras.
According to Eletrobras’ understanding, the practices adopted are in full conformity with the procedures practiced in similar market situations, by Financial Institutions that manage public resources, which charge, in the context of financing contracts, “financial support” rates, such as study commission, structuring commission, commission for contractual alteration, among others, which are absorbed as their remuneration.
Therefore, Eletrobras observed in its management procedures of the RGR fund, the one established by Law 5,655 / 71, so that the return to the RGR fund of the funds withdrawn was, and is, plus interest of 5% per year. regarding the other fees, considered as remuneration for its management activities of said Fund.
However, as was widely reported by the press, in 2011, under the supervision of 48500.005114 / 2010-11, Aneel decided to review all its previous audits and to determine that Eletrobras immediately returned the entire amount of the difference between assets already received by Eletrobras and liabilities, including credit reserve commission, interest on late payment and fine, and without considering the compensation related to the acquisition of the shares of distributors effected before 1998. According to Aneel, such amounts should be updated by the rate of the Banco do Brasil extramarket fund and installed, in 2014, administrative file number 48500005114 / 2010-11.
Eletrobras completely disagreed with Aneel’s new understanding, for all of the above, and it filed several appeals with Aneel, which were rejected.
However, on May 30, 2017, it issued a decision recognizing that Eletrobras should return the portion equivalent to the amounts not repaid between 1998 and 2011, duly deducted from the amounts referring to the acquisition of shares of the Distributors effected until 1998. That amount will be refunded in monthly installments, during the period from July 2017 to December 2026, updated with interest of 5% per year, all in accordance with articles 21-A and 21-B of Law 12,783 / 2012. These amounts have already been provided for in the Company’s Financial Statements for the quarter ended March 31, 2017.
However, Aneel continues to understand that Eletrobras must return to the Fund of the RGR the amounts related to the credit reserve commission, interest for late payment and fine, which are the rates that exceed 5% interest as provided for in Law 5,655 / 71. This return of approximately R $ 113 million, historical amounts, for the period 1998 to 2011, is not provisioned by Eletrobras, since the Company had understood it as not due to the Fund, and Aneel’s lawsuit, in this regard, is considered a liability litigation procedure, classified as possible.
Eletrobras’ legal advisors, based on the new decision of Aneel and the issuance of Decree 9,022 / 2017, are evaluating the issue regarding the amount referring to the period 1998 to 2011, for credit reserve commission, interest on arrears and fine, and also the amounts corresponding to these same charges for after 2011, which are recorded in the Company’s assets, but not provisioned in liabilities, and will keep the market informed.
For more details on the legal dispute between Eletrobras and ANEEL regarding RGR’s resources, follow the company’s statements through the Company’s Market Communications.
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