CNPE unlocks analysis on Angra 3 debt.

The CNPE (National Council for Energy Policy) recognized the public interest in the request submitted by Eletronuclear to BNDES (National Bank for Economic and Social Development) and Caixa Econômica Federal to analyze the possibility of temporarily suspending debt payments related to the implementation of the Angra 3 Nuclear Power Plant.

The measure was approved in a resolution released this week and places the request within the scope of national energy policy, allowing financial institutions to examine the request according to their internal rules and applicable legislation.

The act, however, does not modify the financing contracts nor does it automatically suspend payments. The eventual granting of the measure will depend exclusively on the technical analyses and decisions of BNDES and Caixa.

Financial restructuring

The resolution also preserves the conditions for future CNPE (National Council for Energy Policy) deliberations on the project. According to the Ministry of Mines and Energy (MME), the recognition of public interest is part of the actions aimed at restructuring and modernizing the governance of the nuclear sector.

In practice, the resolution supports, within the scope of energy policy, the forwarding of the request made by Eletronuclear to financial institutions, without creating obligations for the banks or altering the guarantees currently in place.

In parallel, the CNPE approved another resolution focused on the nuclear sector, which establishes guidelines for the periodic preparation of comparative studies on the prices of nuclear fuel practiced in Brazil in relation to international markets.

The surveys will be coordinated by the Brazilian Company for Participation in Nuclear and Binational Energy (ENBPar) and should support the monitoring of costs and any measures to bring national prices closer to international benchmarks.

Construction remains halted.

The CNPE's decision comes amid discussions about the future of Angra 3, whose construction began in the 1980s and has remained halted since 2015, following the developments of Operation Lava Jato.

Approximately two-thirds of the power plant has already been completed, following investments estimated at around R$ 12 billion. A study prepared by BNDES indicates that completing the project would require approximately an additional R$ 24 billion, while definitive abandonment could generate losses of up to R$ 26 billion.

Eletronuclear is seeking to temporarily suspend payments on a R$ 3,8 billion loan contracted with Caixa Econômica Federal for the construction of the power plant.

Negotiations regarding the contract have been ongoing since 2024 and have involved various restructuring proposals, including corporate changes resulting from the company's reorganization and Eletrobras' exit from control of Eletronuclear. Despite previous attempts, the suspension had not yet been implemented by the financial institution.

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