Brazilian President Jair Bolsonaro went to Congress to deliver a provisional measure associated with his government’s plans to privatize state-run electricity provider Eletrobras.
Paraguay's Vicepresident Hugo Velázquez said that so far only half truths regarding the somber deal with Brazil about the sale of electricity are known to the public. The affair has left the government of President Mario Abdo on the brink of collapse despite having dodged impeachment before the Senate this past week.
Brazil's surprise move to privatize Centrais Eletricas Brasileiras SA sent the utility's shares soaring nearly 50% on Tuesday as investors bet the plan augured further moves to loosen the government's grip on the economy.
Latinamerica’s largest power company Eletrobras, managed by the Brazilian government reported losses equivalent to 3.4bn dollars last year which were mostly attributed to a bill promoted by the administration of President Dilma Rousseff ro reduce electricity bills both for industry, agriculture and home consumption.
Uruguay’s state owned power company UTE moved closer to linking with Brazil’s Eletrobras for wind projects after its board gave the go-ahead to explore a partnership.
Paraguay’s president Fernando Lugo said he is looking forward to the coming meeting next May 3 with his Brazilian counterpart Lula da Silva because he would be coming back with “good news” referred to the shared power from Itaipu, the world’s second largest hydroelectric dam belonging to both countries.