AES: Not Interested In Brazil Belo Monte Dam
October 05 2009 - 4:19PM
Dow Jones News
U.S. utility AES Corp (AES) is not going to be joining forces
with other Brazilian energy firms any time soon in a bid for the
massive Belo Monte hydroelectric power station, set to occur later
this month, a top executive from the company said Monday.
"At this time, we are not interested in Belo Monte; we are more
focused on expanding in Sao Paulo," said Britaldo Soares, AES
Eletropaulo´s (ELP6.BR) CEO, during an energy conference in Sao
Paulo. AES Eletropaulo operates in Brazil's largest and most
industrialized state of Sao Paulo.
Soares said AES, which receives around 33% of global revenues
from Brazil, is looking to expand one of its hydroelectric power
stations in Sao Paulo, it´s main market in Brazil.
Under the government´s regulatory rules, AES is committed to
expanding its AES Tiete hydroelectric power station by another 400
megawatts in the near term.
The Belo Monte power station is designed to be Brazil´s second
largest, behind the Itaipu dam in southern Brazil. It will have the
capacity to generate around 11,000 megawatts of electric power.
Bidding on the $8 billion dollar project is set to begin no later
than next month, energy officials have said.
-By Kenneth Rapoza, Dow Jones Newswires, 5511-8812-5961,
kenneth.rapoza@dowjones.com