
Aneel cuts Celpe rate hike in line with court ruling
Bnamericas Published: Thursday, June 09, 2005
Brazil's power regulator Aneel has cut to 7.4% from 32.5% a power rate increase awarded to Pernambuco state power distributor Celpe in April, the regulator said in a statement. Aneel was complying with a court ruling that ordered the regulator to remove from its rate revision calculations the cost of power bought from Celpe's sister company, thermoelectric generator Termopernambuco. Aneel stressed that the 7.4% rate hike is retroactive from April 29 and that it is temporary since it is appealing the court decision in order to obtain the full rate increase. Celpe and Termopernambuco are both controlled by Neoenergia, the Brazilian holding company for Spanish company Iberdrola's local assets.
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