Brazil Orders Fresh Angra 3 Nuclear Studies After Watchdog Flags Cost Risks

Overview

• Brazil’s energy council CNPE directed Eletronuclear and BNDES to update and expand Angra 3’s economic‑financial analysis covering three paths: a private‑partner model, full public completion, or abandonment with cost impacts.
• Energy Minister Alexandre Silveira set an accelerated timetable, asking for the updated studies by the end of October and targeting a CNPE decision in December 2025.
• The Federal Audit Court (TCU), citing EPE analysis, warned Angra 3 could be up to R$43 billion more costly in net present value than alternatives and flagged tariff‑transfer risks to consumers.
• BNDES’s prior model included a proposed tariff of R$653/MWh for Angra 3, more than double Angra 1 and 2’s roughly R$308/MWh, with auditors questioning risk pass‑through for delays and currency exposure.
• Financing and governance remain open after Eletrobras shed new funding obligations; options under review include ENBPar resources, private investment or foreign capital, with BNDES also weighing the R$23 billion finish vs. R$21 billion abandonment estimates.