2017.08.1716:14:00UTC+00BRAZIL: Regulatory Agency Orders Eletrobras To Return R$ 3 Bn To Sector Fund

Brazil's National Electric Energy Regulatory Agency (Aneel) has decided that Eletrobras has 90 days to return R$ 2.998 billion (US$ 946.64 million) to the fuel consumption sector fund. An audit revealed that the amount was unduly transferred to Amazonas Energia, an Eletrobras' subsidiary.

Eletrobras, a Brazilian state-owned power company, was the manager of the resources intended to fund the generation of thermoelectric plants in the isolated systems between July 2009 and June 2016.

The amount was used to buy fuel from Petrobras for the energy distributor. In March, the audit revealed that the debtor's balance of the distributor was R$ 3.7 billion, which should be returned to consumers.

Eletrobras will have ten days to appeal. It was also determined that the Electric Energy Trading Chamber, the current fund manager, will stop paying the debt that the distributor claims to have.