Coronavirus company news summary – Brazil approves nuclear plant interest share – Indian power company gives discount on charges

11 June 2020 (Last Updated June 11th, 2020 09:23)

11 June

The Brazilian government has cleared a proposal to complete the Angra 3 nuclear power plant with a minority partner joining state-run nuclear power company Eletronuclear. Martha Seillier, special secretary of Brazil’s Investment Partnership Program (PPI) council, told Reuters the government expects the capitalisation of state-run power holding company Centrais Eletricas Brasileiras to occur in 2021 under a law to be passed this year.

Indian state-owned power company NTPC has decided to offer a rebate of $179.4m (Rs13.6bn) on fixed or capacity charges during the lockdown period to power distribution companies it owes. The company’s board also agreed to defer the collection of Rs20.6bn fixed charges from power distributors until the end of lockdown.

Oil and gas major Royal Dutch Shell is looking to start negotiations with companies to buy power from its solar farm in Brazil. The company’s business development manager for solar energy in Latin America, Maria Gabriela da Rocha, told Reuters the startup date would depend on negotiations. The farm is part of the company’s strategy to move into renewable energy.

The US Energy Information Administration (EIA) has said electricity demand in the country between June and August will be around 998 billion kilowatthours. This is a decline of 5% compared to last summer and the lowest level since 2009. The agency noted most of the expected slump will come through the commercial and industrial sectors, which could be 12% and 9% lower, respectively, compared with the same period of 2019. However, residential electricity sales are estimated to grow by 3% this summer, with more people working from home due to the Covid-19 pandemic.