A ANEEL (National Electric Energy Agency) approved this Tuesday (4) the recommendation to renew, for another 30 years, the concession of Light, responsible for the distribution of electric energy in the Metropolitan Region of Rio de Janeiro.
The rapporteur, Director Gentil Nogueira, stated that the company meets the legal, technical, and operational requirements stipulated by the regulations. According to the technical report, Light met the supply continuity indicators and presented economic and financial sustainability plans that ensure the provision of the service.
The report ANEEL The agency highlighted that the distributor submitted all necessary tax, labor, and sector-specific documentation and demonstrated legal and technical qualifications. The agency also acknowledged the challenges faced by the company in recent years, such as increased commercial losses and the judicial reorganization process, which concluded in 2024.
With the decision of ANEELThe process now moves to the Ministry of Mines and Energy (MME), which will have the final say on the renewal. If confirmed, the concession will be extended until 2056.
Sources connected to the company reported that Light resolved administrative issues with the Rio de Janeiro City Hall, which enabled the completion of the regulatory analysis and the advancement of the contract renewal.
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The judicial reorganization of Light marks one of the most complex chapters in the Brazilian electricity sector in recent years. Enveloped in a liquidity crisis estimated at R$ 11 billion, the distributor, responsible for supplying energy to 11 million people in the state of Rio de Janeiro, sought legal recourse to rebalance its finances and preserve the continuity of its service.
The process began in May 2023, when the company filed the request for judicial recovery in the 3rd Business Court of Rio de Janeiro, highlighting that the procedure was the most appropriate way to resolve the debt.
Days later, Judge Luiz Alberto Carvalho Alves granted the request and suspended any potential contract terminations, on the condition that there would be no interruption in the energy supply.
In July of the same year, the Grupo Light presented its recovery plan.The plan detailed the causes of the crisis: non-technical losses, a drop in consumption, tax impacts, and the effects of the pandemic. It proposed corporate reorganization and payment alternatives with discounts and new debt issuances.
In February 2024, already in an advanced stage of negotiation with creditors, the The company submitted an addition to the original plan., anticipating a capitalization of R$1,5 billion, with R$1 billion contributed by the reference shareholders.
The proposal included full payment, within 90 days, to 60% of smaller creditors, in addition to the creation of convertible debentures and new amortization conditions.
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