(Adds court decisions obtained by other groups, Eletrobras
SAO PAULO, April 11 A large group of Brazilian
companies will be partly spared an additional power tariff that
will be levied later this year, after a federal court issued an
injunction in their favor late on Monday, according to court
Several industry groups obtained the injunction that
partially exempt the companies they represent from the extra
tariff the government plans to add to power bills from the
second half of this year.
The groups are Abrace, an association of large power
consumers in Brazil, including aluminum maker Alcoa Corp
and petrochemical company Braskem; Abividro, an
organization representing glass producers; and Abrafe, which
acts in favor of steel and mining companies such as Vale SA
The government adopted the extra charge of up to 7 percent
to compensate power transmission companies such as Eletrobras
, CTEEP, Cemig and Copel
for the early renewal of operating licenses in 2013.
The early renewal left power transmission companies with a
credit because investments they had made in their operations
were not fully amortized since licenses were terminated before
the expected time.
The court decision, if not overturned, would impact expected
revenues for power companies. State-controlled firm Eletrobras,
for example, had already added to its accounting books 36.5
billion reais ($11.62 billion) from its share of the broad
compensation. Other power companies have also done the same.
Eletrobras said it would evaluate possible appeals.
On Monday, another court granted steel producer Companhia
Siderúrgica Nacional a similar injunction that
exempted it from the additional charge.
($1 = 3.1467 reais)
(Reporting by Marcelo Teixeira and Luciano Costa; Editing by
Lisa Von Ahn and Frances Kerry)