Centrais Eletricas Brasileiras S.A. - Eletrobras (EBR) - NYSE
  • Mon, Jun. 6, 9:59 AM
    • Brazil's energy ministry said on Saturday it backed full independence for Petrobras (PBR +1.8%) to set domestic fuel prices.
    • PBR and other state-controlled companies, such as utility Eletrobras (NYSE:EBR), with shares owned by non-government investors should be free to act in their best interests without government interference, the ministry said in a statement.
    • Fuel-price controls were adopted by the government to control inflation bound slashed PBR's revenue, helping cause debt to balloon to nearly $130B, and starved Brazil's biggest company of its ability to finance one of the world's largest-ever capital spending plans.
    | Mon, Jun. 6, 9:59 AM | 2 Comments
  • Thu, May 12, 11:47 AM
    • Brazilian utility Eletrobras (EBR -2.6%) says its U.S.-traded shares are at risk of being delisted because it still cannot put a price tag on corruption related losses.
    • EBR, which has delayed its 2014 annual report to the SEC three times, says it does not yet know if it will meet its next deadline to submit the documents on May 18, as it has not completed its internal investigation into corruption allegations uncovered as part of Brazil's federal criminal probe.
    • KPMG reportedly has refused to approve the 2014 full annual report until EBR can specify its losses after builders on several key projects admitted to inflating contracts and paying kickbacks.
    | Thu, May 12, 11:47 AM
  • Mon, May 2, 10:58 AM
    • Eletrobras (EBR -1.8%) says its internal investigation into alleged graft is ongoing, and is working to file its long-delayed 2014 and 2015 20-F statements to the SEC by a May 18 deadline.
    • EBR postponed the filing three times since April 2015 after KPMG refused to sign off on the report while the Brazilian state-run utility investigated allegations of graft at its Angra 3 nuclear power plant in Rio de Janeiro.
    • Bloomberg reports EBR is planning to take a writedown because of the corruption, at least six company execs have been placed on temporary leave, and the probe reportedly is reviewing nine other projects to determine if losses were incurred because of graft.
    | Mon, May 2, 10:58 AM
  • Tue, Apr. 5, 2:47 PM
    • A year after Petrobras took a $2.1B writedown due to Brazil's sweeping corruption scandal, another state-run company - Eletrobras (EBR -2.2%) - is getting closer to reporting its own graft-related writedowns, Bloomberg reports.
    • Nearly a dozen execs from the Andrade Gutierrez construction firm have testified recently, and at least two of them are said to have described an illegal pay-to-play scheme in energy projects such as Belo Monte, which is controlled by an EBR unit.
    • According to the testimony, builders agreed to pay kickbacks equal to 1% of the 15B real ($4.2B) Belo Monte project, which were then allegedly routed to  political parties as official donations.
    • That testimony likely will be made public in coming weeks after prosecutors send it to a Supreme Court judge to sign off on this week, according to the report.
    • Now read Bloomberg: Petrobras management, chairman split on gasoline price cuts
    | Tue, Apr. 5, 2:47 PM
  • Tue, Jan. 26, 9:22 AM
    | Tue, Jan. 26, 9:22 AM | 5 Comments
  • Nov. 18, 2015, 3:49 PM
    • Brazil stocks are mostly higher and the real is a top gainer among the world's currencies after the Congress upheld Pres. Rousseff’s vetoes of legislation that would have substantially increased spending at a time the government is trying to shore up its budget and prevent a credit rating downgrade.
    • By approving the vetoes, lawmakers granted Rousseff a rare political victory in a year when Congress has voted mostly against the administration.
    • "The votes were a positive sign for markets, although it is a bit early to say that the tide has changed for Brazilian assets," says a currency manager at TOV Corretora de Cambio in Sao Paulo.
    • PBR +3.9%, PBR.A +3.8%, VALE +3.3%, EBR +2.6%, ELP +3%, CIG +2.9%, CPL +4.7%, SBS +3.9%, BSBR +2.8%, BBD +3.4%, ITUB +2.6%.
    • ETFs: EWZ, BRF, BRZU, EWZS, BRXX, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
    | Nov. 18, 2015, 3:49 PM | 11 Comments
  • Nov. 5, 2015, 9:10 AM
    | Nov. 5, 2015, 9:10 AM | 32 Comments
  • Sep. 21, 2015, 3:19 PM
    • Former Petrobras (PBR -2.4%) engineering chief Renato Duque and former Workers’ Party Treasurer Joao Vaccari are sentenced to jail for corruption and money laundering in Brazil’s kickback scandal, the first convictions against key figures connecting the scheme to higher-ups in Pres. Rousseff’s political party.
    • Duque was sentenced to more than 20 years in jail, and Vaccari got 15 years.
    • Brazil’s federal police also made a new arrest, this time a partner of a construction company for allegedly bribing officials of a unit of state-run electric utility Eletrobras (EBR +2.3%) to win contracts.
    | Sep. 21, 2015, 3:19 PM | 8 Comments
  • Aug. 27, 2015, 12:11 PM
    • Petrobras (PBR +11.2%) management has recommended to the company's board that it delay a planned IPO of its fuel distribution unit because of deteriorating market conditions, Reuters reports.
    • The company has said an IPO of the BR Distribuidora fuel distribution business, which includes Brazil’s largest gas station chain with ~7,500 stations across the country, would depend on global and domestic market conditions.
    • Brazil equities are rising broadly today as China, the country’s top trading partner, makes efforts to bolster the market and the economy; VALE +7.9%, EBR +7.7%, ITUB +5.7%, BBD +5.1%, BSBR +3.4%, ERJ +1.9%.
    | Aug. 27, 2015, 12:11 PM | 6 Comments
  • Jul. 28, 2015, 10:48 AM
    • Brazilian police arrest two people involved in building a nuclear power plant for Eletrobras (EBR -1.8%), pulling the state-run utility holding company into the huge corruption scandal surrounding Petrobras (PBR +2%).
    • Besides the arrests, the operation includes the execution of 23 search and seizure warrants in Brazil's largest cities.
    • Authorities are investigating a possible illegal cartel involved in the construction of the Angra III nuclear power plant, which was overseen by EBR’s Eletronuclear unit; construction of the plant began in 1984, was suspended after six years because of a lack of financing, was restarted by the government in 2010 and is expected to finish in 2018.
    | Jul. 28, 2015, 10:48 AM | 2 Comments
  • Jul. 24, 2015, 11:48 AM
    | Jul. 24, 2015, 11:48 AM | 19 Comments
  • Jul. 17, 2015, 3:59 PM
    • Brazil's political crisis deepens as Eduardo Cunha, the head of Brazil’s lower house, said today he is breaking with the ruling coalition.
    • Cunha accused Pres. Rousseff's administration of pressuring prosecutors to implicate him in the widening corruption scandal at Petrobras scheme; late yesterday, the federal judge leading the investigation broadcast testimony from a defendant who turned state’s evidence alleging that Cunha took bribes.
    • The move comes after a series of recent defeats in congress for Rousseff as lawmakers turned aside efforts to contain spending and raise taxes as she seeks to preserve Brazil’s investment-grade credit rating.
    • PBR -5.5%, VALE -2.2%, EBR -2.1%, ELP -2.9%, CIG -5.8%, CPL -2.1%, SBS -2.9%, BSBR -1.1%, BBD -2.2%, ITUB -1.5%.
    • ETFs: EWZ, BRF, BRZU, EWZS, BRXX, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
    | Jul. 17, 2015, 3:59 PM | 8 Comments
  • May 22, 2015, 12:34 PM
    • Brazil stocks are sharply lower after Eletrobras (EBR -4.5%), the country’s largest utility by revenue, was cut to junk by Moody’s.
    • While EBR showed “some financial improvement” in its Q1 earnings, its credit metrics remain too weak to remain at investment grade, Moody’s said, also citing an investigation on alleged bribes involving the former head of a subsidiary.
    • Meanwhile, Pres. Rousseff is trying to salvage her presidency as things go from bad to worse amid the Petrobras (PBR -3.8%) corruption scandal, with a new poll finding that 63% of Brazilians favor impeachment proceedings.
    • Brazilian opposition lawmakers are considering impeachment, either as an accessory to the corruption or for crimes of “irresponsibility” with finances.
    • Also: PBR.A -3.8%, EBR.B -6.6%, VALE -0.2%, ELP -1.2%, CIG -3.3%, CPL -2%, SBS -4.7%, BSBR -2.7%, BBD -2.6%, ITUB -2.3%.
    • ETFs: EWZ, BRF, BRZU, EWZS, BRXX, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
    | May 22, 2015, 12:34 PM | 26 Comments
  • May 13, 2015, 12:45 PM
    | May 13, 2015, 12:45 PM | 1 Comment
  • Apr. 1, 2015, 2:25 PM
    | Apr. 1, 2015, 2:25 PM | 13 Comments
  • Dec. 11, 2014, 9:42 AM
    • Brazil's government is working on a plan to help Petrobras (PBR -4.7%) borrow money in capital markets to help finance exploration and operational activities during next year, the mining and energy minister says.
    • The plan would involve the Brazilian government guaranteeing a debt issuance by PBR backed by 9B reais ($3.4B) in debt that state-controlled power utility Eletrobras (NYSE:EBR) owes the oil company, according to the minister.
    • Bankers say PBR risks being temporarily left out of capital markets as the widening corruption probe makes it harder for the company to raise cash in debt and equity markets.
    | Dec. 11, 2014, 9:42 AM | 5 Comments
Company Description
Centrais Eletricas Brasileiras SA is a joint stock company, which engages in the generation, transmission and distribution of electricity. It operates through the following business segments: Management, Generation, Transmission and Distribution. Centrais Eletricas Brasileiras SA activities... More
Sector: Utilities
Industry: Electric Utilities
Country: Brazil