The completion of the privatization of Eletrobras, with the stock offer concluded on Thursday, 9, was received with optimism by analysts, who believe in the reduction of risk related to the company in the electricity sector. Thus, most banks and analysis houses are projecting an appreciation of the company's shares. Despite this occasional relief for the market - after a period of sluggishness, the operation moved about R$33.7 billion - the consensus is that the operation should not serve to revive the IPO market (initial stock offerings), halted since August 2021.
Regarding the privatization of the company, one of the first steps expected by market sources heard by Estadão is the change of company executives and also of the board of directors. With the reduction of its participation, the government will have fewer seats on the board, making room for investment funds to appoint their representatives.
As a result of this change, the new board is expected to make a general change in the company's management, including all the top management.
Industry analysts believe that the company may have more room to invest, including in renewable energy sources. "Eletrobras will have exactly the same governance model that has already been tested in other privatizations of the electricity sector in Europe. The availability of cash and the use of the capital market for new funding will allow new investment plans that are essential in the segment," points out Fabio Coelho, president of Amec, an association that represents more than 60 investors, including local and foreign investors, who have investments of more than R$ 700 billion in the Brazilian stock market.
According to Coelho, one of the relevant points in the "new Eletrobras" will be a greater agility in decision making. "It is important to emphasize that the government will continue to be the largest individual shareholder, and will therefore have access to a higher percentage of the expected profits, thus justifying the public interest in the operation," he comments.
Partner at M3BS Advogados and expert in public business, Lucas Miglioli says that with privatization, Eletrobras should become more efficient. "By making its bureaucracy more compatible with that of the private sector, it will have more agility to face a scenario that is increasingly competitive and eager for new technologies," he says. "The expectation is that, when Eletrobras ceases to be controlled by the Union, it will stop acting as a mere operator and will gain protagonism in the sector."
For the general public, one of the expectations is that the electricity bill will be cheaper, but it may not be quite so. Partner at PMMF Advogados and a specialist in public law, Ulisses Penachio reminds us that only part of the new capital - that destined for the Energy Development Account (CDE) - may generate some reduction in the tariffs. "In the medium and long term, the impact of privatization on tariffs tends to be neutral," he points out.