Chamber and Senate sew agreement to speed up approval of Eletrobras MP – 06/15/2021 – Market

One day before the vote on the provisional measure that paves the way for the privatization of Eletrobras, the Chamber and Senate are articulating an agreement so that the proposal is approved by June 22 and does not lose its validity.

In an interview with a group of journalists this Tuesday morning (15), the rapporteur of the matter, senator Marcos Rogério (DEM-RO), stated that he has no intention “to make a change that presents a rupture with the points added by the Chamber” .

Also according to the congressman, the report that will be presented this Wednesday (16th) will keep “the backbone” of the MP approved by the deputies in May.

“One point or another there may be a change, but the backbone of what the Chamber of Deputies approved this rapporteur’s tendency is to maintain in his report. And in the same way, what the Federal Senate is building from collaboration, from the set of senators and senators, I have been talking a lot with deputy Elmar, within this line of understanding”, he guaranteed without detailing which points of the measure will be changed.

Elmar Nascimento (DEM-BA), who reported the text to the Chamber, also participated in the interview and confirmed that he has had conversations with Marcos Rogério to build an understanding that allows the MP to be easily approved when it returns for consideration by the deputies.

“All the modifications that are being suggested within the scope of the Federal Senate are precisely in line with these premises that we discussed in the Chamber of Deputies. And our tendency is to always ratify all of them, they are important contributions that the Federal Senate is offering and that we have to understand that in the bicameral system there must be this understanding”, he said.

The expectation of Nascimento is that, being approved on Wednesday by the senators, the text will be put to a vote on Thursday (17).

Regarding the tortoises, both Rogério and Nascimento argued that the text sent by the government itself made room for dealing with other themes.

“The government itself brings in its initial text situations that are incidental. So, the set of amendments presented by both federal deputies and senators, I cannot, in advance, have them as tortoises. This is a pejorative term”, defended the senator.

The MP that will be voted on in the Senate defines that the privatization of Eletrobras will take place through an increase in the company’s capital stock, with the issuance of common shares, in order to dilute the Union’s participation in the company. Thus, the Union will become a minority, around 45%.

During the proceedings in the Chamber, Nascimento included parts of the proposal that were not in the version sent by the government, including conditions imposed for the privatization of Eletrobras.

The deputy’s opinion provides that, before the privatization of Eletrobras, a state-owned company will be created, which will keep Eletrobras Termonuclear and Itaipu Binacional under federal control. The text also says that, in the corporate restructuring, the subsidiaries of Eletrobras may be included in this new public company.

The measure defines that any surplus generated by this new public company, which may be state-owned or government-controlled company, will be distributed as follows: by 2032, 75% to be transferred to CDE (Energy Development Account) and 25% to the program of income transfer.

From 2033 onwards, the surplus of the new state-owned company will be divided between the company itself (25%), CDE (50%) and social program (25%).

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