Eletrobolt Power Plant

cancelled

The project comprises the construction and operation of a 380MW thermal power plant (natural gas) in Rio de Janeiro state. The company responsible for the project is Sociedade Fluminense de Energia Ltda (SFE). In September 2001 the plant was commissioned. The estimated total costs were US$250 million. Enron owned 100% of SFE, and established a consortium with Petrobras in which Petrobras supplies natural gas to SFE and receive a portion of the electricity sales proceeds. Eletrobolt power plant is part of a priority program for thermal power plants (Programa Prioritario de Termeletricas), implemented by the Brazilian federal government in 2000. The program was expected to foster the construction of thermal power plants and reduce the dependence of the country on hydropower generation. By end 2003, Brazil's federal energy company Petrobras was renegotiating power purchase contracts to reduce financial expenditures and planned to purchase Enron's 380MW Eletrobolt thermoelectric plant. In August of 2004, the board of Brazil's federal energy company Petrobras agreed on the terms of buying control of the 388MW Eletrobolt gas-fired thermoelectric plant for US$189 million and in May 2005, it finalized the purchase. In August of 2004, the board of Brazil's federal energy company Petrobras agreed on the terms of buying control of the 388MW Eletrobolt gas-fired thermoelectric plant for US$189 million.