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Eletrobras won't need capital increase this year or next, but maybe later

  • Top Brazilian power company Eletrobras (NYSE:EBR) won't run out of money this year or next but may need more capital further down the line, CEO Jose Costa tells WSJ.
  • Prices for the power EBR sells dropped dramatically in 2012 when it renewed its concession contracts for another 30 years; as a result, EBR reported a loss of 6.3B Brazilian reais last year, raising doubts about its ability to carry out its plan to spend ~60B reais over the next four years without fresh capital.
  • Power rationing won't be needed, Costa says, but price increases need to take effect immediately so they have an impact on consumption.

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