20/04/2012 18:15:00

Brazil's Eletrobras Takes 3 Transmission Projects at Auction

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SAO PAULO -(Dow Jones)- Brazil state-controlled utility Centrais Eletricas Brasileiras (EBR, ELET6.BR) took all three of the transmission projects that were sold at a Friday auction, by accepting an average discount of 23% from the maximum bid price.

Four transmission projects were put up for auction, with the winner determined by whomever offers to accept the lowest annual revenue from the projects. No one bid for one of the lots, and government-controlled utility known as Eletrobras took the remaining three projects.

Eletrobras, through its subsidiary Cia. Hidroeletrica do Sao Francisco, or Chesf, will now have to lay out 338 kilometers of transmission lines and build six electric substations within the next 20 months, according to electricity regulator Aneel.

Four bidders had registered for Friday's auction: Eletrobras's Chesf; Brazil electric company Alupar Investimento; a group formed by Cemig (CMIG4.BR) unit Taesa and ISA (ISA.BO) unit CTEEP (TRPL4.BR); and a group composed of China's government-run State Grid Corp. and Eletrobras unit Furnas.

-By Paulo Winterstein, Dow Jones Newswires; 55-11-3544-7073; paulo.winterstein@dowjones.com

(END) Dow Jones Newswires

April 20, 2012 13:15 ET (17:15 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

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