December 4, 2012 / 7:45 PM / in 5 years

Brazil gov't sees electricity rates falling less than expected

BRASILIA, Dec 4 (Reuters) - Brazil’s government said on Tuesday that electricity rates will fall on average by 16.7 percent nationwide, less than the 20 percent it had anticipated, after some companies declined to renew hydroelectric dam concessions under new terms.

Utilities agreed to early renewal for only 60 percent of Brazilian hydroelectric dam concessions coming due by 2017, according to the Energy Ministry.

While some utilities declined the early renewal terms, utilities opted to renew 100 percent of expiring electricity transmission contracts, ministry executive secretary Marcio Zimmerman told reporters in Brasilia.

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