Eletronuclear Defers Payments as STF-Cleared R$2.4 Billion Funding Advances

Overview

• Controlling shareholder ENBPar detailed emergency steps to avoid a 2025 cash shortfall, including postponing November and December payments on Angra 1 loans, rolling debts with BTG Pactual and Banco ABC Brasil, and mediating nuclear fuel credits linked to Angra 3.
• The financing enabled by the Supreme Court–approved Union–Axia agreement is expected to close by February or March 2026 and will be structured as a private debt issuance by Axia or Âmbar Energia.
• Company leadership says the R$2.4 billion will be fully allocated to the R$3.5 billion Angra 1 life‑extension project, providing liquidity relief without resolving the broader financial imbalance.
• Operational costs remain above regulated tariffs, with 2025 spending about 25% over break‑even and a 2026 gap estimated at roughly 10%, while a tariff adjustment request awaits Aneel’s review.
• Long‑term funding for Angra 3 remains undecided after BNDES projected about R$24 billion to finish the plant (over R$30 billion including debts), and Eletronuclear’s push to tap more of its roughly R$3 billion decommissioning fund faces opposition from the nuclear safety authority after about R$800 million was already withdrawn.