Subsidiaries of Brazil's federal energy holding company Eletrobrás and Spanish power company Cymi Holding dominated power regulator Aneel's transmission line auction.
Aneel auctioned 30-year contracts to build, operate and maintain seven transmission lines running 2,375km in two directions, plus two substations and six converter stations. The lines cover five states and will link hydro plants in the Amazon's Madeira river to São Paulo state.
Investments in the lines and substations are expected to reach 7.21bn reais (US$3.15bn).
Winning prices in the auction on average were 7.15% below the asking price - the thinnest margin in a transmission auction since 2001.
"We are pleased with the auction results. The thinner discount price indicates a lower level of competition and a higher initial price," Aneel general director Jerson Kelman told reporters.
Bidders had two options for their contracts: direct current (DC) only or a mix of direct and alternating current. DC was the most popular option.
"Direct current is considered better for long distances. It's the technology used in the Itaipu hydro plant," deputy mines and energy minister Márcio Zimmermann said.
MADEIRA TRANSMISSÃO
The Madeira Transmissão consortium won the contract to build and operate the 600kV, 2,375km Coletora Porto Velho-Araraquara 2 number-two transmission line in Rondônia, Mato Grosso, Goiás, Minas Gerais and São Paulo states.
The round was the most fought over of the auction; it took 15 minutes to determine the lowest bid.
The consortium offered 176mn reais in annual revenue, 0.2% below the 177mn-real starting price. The project is due to start operations in 36 months.
The group also won two converter stations in Rondônia and São Paulo states, offering to build and operate the units for yearly revenue of 152mn reais, a 10% discount from the 169mn-real initial price. The stations are set to be concluded within 50 months.
The Madeira Transmissão consortium is made up of federal power companies Furnas and Chesf with 24.5% stakes each and transmission firm CTEEP with the remaining 51%.
"This is a huge and very important project for the country's development," CTEEP president Sidnei Martini told BNamericas.
The consortium plans to invest 2bn reais in the projects and to use funding from national development bank BNDES, according to Martini.
"Mission accomplished. Eletrobrás' victories are crucial for the country's development," said Furnas president Carlos Nadalutti, denying there will be a credit problem.
INTEGRAÇÃO NORTE BRASIL
The Integração Norte Brasil consortium won three of the seven blocks.
Integração Norte Brasil won the contract to build the 600kv, 2,375km Coletora Porto Velho-Araraquara 2 number-two transmission line in the states of Rondônia, Mato Grosso, Goiás, Minas Gerais and São Paulo.
The group offered to receive revenue of 174mn reais a year, 6% below the 185mn-real starting price. The line is due to start operations in 48 months.
The group submitted the lowest bid to build and operate the 230kV, 17.3km Coletora Porto Velho-Porto Velho transmission line, the 500/230kv Coletora Porto Velho substation and two converter stations in Rondônia state.
The lines are due to be ready to operate in 36 months. The group offered to receive annual revenue of 44.7mn reais, the same as the initial price set by Aneel.
The consortium also won the right to build and operate two converter stations in Rondônia and São Paulo states by offering 145mn reais in annual revenue, 10% below the 160.8mn-real starting price. The stations are expected to be ready in 38 months.
The consortium is made up of Eletrobrás subsidiaries Eletronorte and Eletrosul with 24.5% stakes each and Spanish group Abengoa and engineering firm Andrade Gutierrez with 25.5% each.
"The consortium will invest 3.9bn reais in the three blocks," according to Jorge Nassar Palmeira, president of Eletronorte.
CYMI
Cymi won the right to build and operate the 500kV, 360km Cuiabá-Ribeirãozinho and 500kV, 242km Ribeirãozinho-Rio Verde Norte transmission lines in Mato Grosso and Goiás states.
The company offered 35.5mn reais in annual revenue, 15% below the 41.7mn-real starting price.
"We knew this block would have tough competition. We are very happy with the result," said Cymi director Daniel Agustín Bilat. "The financial crisis weighed in a bit, but we are making the investment betting on the future."
Cymi also presented the winning bid for the 500kV, 15km Araraquara 2-Araraquara de Furnas and 440kV, 15km Araraquara 2-Araraquara Cteep lines and the 500/440kV Araraquara 2 substation in São Paulo state.
The Spanish group offered 15.5mn reais in annual revenue, 29.5% below the 21.9mn-real initial price.
All lines are due to be built within 36 months.
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