Brazil's AES Eletropaulo To Cut Electricity Rates
June 17 2009 - 6:45AM
Dow Jones News
The Brazilian subsidiary of multinational energy company AES
Corp. (AES), known locally as AES Eletropaulo (ELPL6.BR), announced
a reduction of energy prices in order to take effect on July 4, the
company said late Tuesday in statement.
It is part of new methodology to calculate energy prices adopted
by the Brazilian energy regulator, Aneel, which subjects energy
companies operating in the regulated markets to price increases or
decreases so long as they are providing a public service.
Annel determined a cut in prices by 7.59% in the latest prices
revision last year. However, under the new methodology the
regulator revised it to 8.07%. The company will implement the
difference on clients' electricity bills on July 4.
On Tuesday, the company's share closed up 3.49% at 32.60
Brazilian reals ($16.63) on the Sao Paulo Stock Exchange, the
BMFBovespa.
-By Rogerio Jelmayer, Dow Jones Newswires; 55-11-2847-4521;
rogerio.jelmayer@dowjones.com