Market Solution Preferred for Abengoa Crisis - Rufino
The head of Brazil's electricity regulator Romeu Rufino told Reuters on Friday he favors a market solution to the crisis of embattled Spanish multinational Abengoa SA, but the government does not rule out taking back its concessions. Brazilian media reported earlier this month that the government was considering the option of intervening in the indebted energy firm after the company failed to honor 375 million reais it owed to investment bank Grupo BTG Pactual SA. (Reporting by Leonardo Goy; Writing by Alonso Soto; Editing by Bernard Orr)
Brazil Extends Deadline for Utilities to Make Payments on Power
Brazilian power regulator Aneel said on Tuesday it extended by nearly one month a deadline that the country's electricity distributors have to pay for spot-market power purchased in May. Aneel said it extended the deadline to Aug. 28 from July 31 to allow the government more time to negotiate emergency loans for the distributors to help them pay for the soaring spot-market power prices. Prices for power on Brazil's spot market have jumped in recent months due to a drought that reduced the availability of power from hydroelectric plants.
