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Engie resumes sale of thermal power station

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Engie Brasil Energia (EBE), the country's largest private-sector power generator, has decided to resume the plan to sell the 345-megawatts Pampa Sul thermoelectric station, in Candiota, Rio Grande do Sul. The plant has been operating commercially for a few years and runs on coal, a fuel that is no longer part of the French group's strategy for the future. The expectation is to close the transaction by the end of the year.

EBE CEO Eduardo Sattamini told Valor that the decision to put the asset back in the market comes in the wake of adjustments made since the plant started operating in mid-2019, so that it could achieve operational efficiency. "Now it is coming out of the bathtub curve, with well-known operating parameters and operating more efficiently," Mr. Sattamini says.

The company made a commitment in 2015 to decarbonize its portfolio by 2025, and in the past it even announced a plan to sell its two thermoelectric plants, Pampa Sul and Santa Catarina-based Jorge Lacerda complex. However, it backed off in the case of Pampa Sul and waited until the plant was ready and operating in order to reduce risks for potential interested parties.

In the executive's view, the project can attract a large number of investors. "Although it is a coal-fired asset, Pampa has the best technology, with very low emissions for this type of generation. It has a contract until 2043 with the regulated [power] market, and it will be operating with a high level of dispatch, because it has a low CVU [variable unit cost], around R$60 per megawatt-hour."

Made possible at an energy auction in 2014, before Engie announced its global strategy to abandon coal, Pampa Sul received more than R$2 billion in investments and started to generate power commercially in June 2019. The plant uses coal mined in Rio Grande do Sul and operates with a fluidized bed boiler, "clean" technology for coal combustion. It also has systems to reduce...

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