Overview
- Brazil’s power regulator denied Enel RJ’s request to refinance roughly R$5.8 billion in intragroup loans, citing leverage above prudential limits and risks to the concession’s financial sustainability.
- Aneel directed a supervisory action to examine possible loans executed without prior authorization and to verify whether market disclosures matched regulatory reality, and it will inform the CVM about a potentially misleading maturity disclosure.
- The board unanimously rejected Enel’s bid to remove director Fernando Mosna from cases involving the group, calling the attempt an improper effort to manufacture an impediment to the relator.
- The TCU ordered Aneel to detail failures by Enel-SP, warned that early renewal could be inadmissible, and noted outages that hit more than 3.1 million properties with documented losses and impacts on essential services.
- A federal court in São Paulo suspended Enel-SP’s early renewal process on October 9 at the city’s request, and a separate complaint by Inel asks TCU and CGU to scrutinize automatic renewals, citing Energisa Sergipe.