{"id":96982,"date":"2025-12-18T20:33:48","date_gmt":"2025-12-18T23:33:48","guid":{"rendered":"https:\/\/murray.adv.br\/?p=96982"},"modified":"2025-12-18T20:33:48","modified_gmt":"2025-12-18T23:33:48","slug":"enel-sao-paulo-crisis-fuels-takeover-interest-in-concession","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/enel-sao-paulo-crisis-fuels-takeover-interest-in-concession\/","title":{"rendered":"Enel S\u00e3o Paulo crisis fuels takeover interest in concession"},"content":{"rendered":"<section class=\"content--header\">\n<div class=\"row content-head non-featured \">\n<div class=\"medium-centered subtitle\">\n<h6 class=\"content-head__subtitle\" style=\"text-align: center\"><em><strong>Market points to \u00c2mbar, Equatorial Energia, CPFL as potential buyers<\/strong><\/em><\/h6>\n<\/div>\n<\/div>\n<div class=\"content__signa-share\">\n<div class=\"content__signature\">\n<div class=\"content-publication-data\">\n<div class=\"content-publication-data__text\">\n<div class=\"content-publication-data__from\"><\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p class=\"content-publication-data__updated\">12\/18\/2025\u00a0<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"content__share-bar-container\">\n<div class=\"content__share-bar\"><\/div>\n<\/div>\n<\/div>\n<\/section>\n<div id=\"mc-article-body\" class=\"mc-article-body \">\n<article>\n<div class=\"no-paywall\">\n<div class=\"row medium-uncollapsed content-media content-photo\" data-block-type=\"backstage-photo\" data-block-id=\"0\">\n<div class=\"mc-column content-media__container\" data-image-display=\"normal\">\n<div class=\"content-media-container\" style=\"text-align: center\">\n<figure class=\"content-media__figure\"><img loading=\"lazy\" decoding=\"async\" class=\"content-media__image aligncenter\" src=\"https:\/\/s2-valorinternational.glbimg.com\/pV6liKtxhop6THrigjJOA1iSUvU=\/984x0\/smart\/filters:strip_icc()\/i.s3.glbimg.com\/v1\/AUTH_63b422c2caee4269b8b34177e8876b93\/internal_photos\/bs\/2025\/S\/F\/ykpL1xTMSFKWAUGId8rQ\/foto18bra-101-rjenel-a4.jpg\" alt=\"Retail businesses without power in S\u00e3o Paulo: recurring problems at Enel are drawing interest from potential buyers \u2014 Foto: Paulo Pinto\/Ag\u00eancia Brasil\" width=\"1548\" height=\"1120\" \/><figcaption class=\"content-media__description\"><em>Retail businesses without power in S\u00e3o Paulo: recurring problems at Enel are drawing interest from potential buyers \u2014 Photo: Paulo Pinto\/Ag\u00eancia Brasil<\/em><\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"mc-column mc-side-item__container\" data-block-type=\"ads\" data-block-id=\"1\"><\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"65\" data-block-id=\"2\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">After the government decided to\u00a0<a class=\"\" href=\"https:\/\/valorinternational.globo.com\/business\/news\/2025\/12\/17\/governments-unite-to-seek-termination-of-enels-contract-in-sao-paulo.ghtml\" data-mrf-link=\"https:\/\/valorinternational.globo.com\/business\/news\/2025\/12\/17\/governments-unite-to-seek-termination-of-enels-contract-in-sao-paulo.ghtml\">initiate the process to terminate the Enel S\u00e3o Paulo power distribution concession<\/a>, names of companies reportedly interested in taking over the utility\u2019s operations began circulating behind the scenes, in a potential change-of-control scenario. Market participants point to\u00a0<a class=\"\" href=\"https:\/\/valorinternational.globo.com\/business\/news\/2025\/12\/02\/antitrust-agency-clears-two-ambar-acquisitions.ghtml\" data-mrf-link=\"https:\/\/valorinternational.globo.com\/business\/news\/2025\/12\/02\/antitrust-agency-clears-two-ambar-acquisitions.ghtml\">\u00c2mbar<\/a>, the energy arm of the J&amp;F group owned by brothers Joesley and Wesley Batista,\u00a0<strong>Equatorial Energia<\/strong>, and\u00a0<strong>CPFL Energia<\/strong>\u00a0as possible candidates.<\/p>\n<\/div>\n<div class=\"wall protected-content\">\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"111\" data-block-id=\"3\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Contacted by\u00a0<strong>Valor<\/strong>, \u00c2mbar declined to comment. CPFL said it does not comment on market speculation. Equatorial had not responded by the time this edition closed. For market sources, declaring\u00a0<strong>forfeiture\u00a0<\/strong>is seen as a more lengthy route, while a change of operator could be a simpler solution. The companies are eyeing what is considered one of the country\u2019s most complex concessions, characterized by high population density and strong cash flow generation. Enel S\u00e3o Paulo serves\u00a0<strong>24 municipalities in the metropolitan region, covering about 8.5 million properties<\/strong>, including the city of S\u00e3o Paulo, and holds a contract running through 2028. It is the largest power distribution concession in Latin America.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"46\" data-block-id=\"4\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Last week, more than 2.2 million properties in the metropolitan area were left without electricity after an extratropical cyclone brought winds of nearly 100 km\/h. It is the third consecutive year in which extreme weather events\u00a0<a class=\"\" href=\"https:\/\/valorinternational.globo.com\/business\/news\/2025\/12\/12\/recurring-blackouts-reveal-prolonged-crisis-at-enel-in-sao-paulo.ghtml\" data-mrf-link=\"https:\/\/valorinternational.globo.com\/business\/news\/2025\/12\/12\/recurring-blackouts-reveal-prolonged-crisis-at-enel-in-sao-paulo.ghtml\">disrupted<\/a>\u00a0service and triggered criticism over delays in restoring power.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"49\" data-block-id=\"5\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">In a statement, Enel said it has fully complied with all regulatory indicators and delivered \u201cconsistent improvements\u201d across all service quality metrics, \u201cas evidenced by inspections recently conducted by the regulator.\u201d The company also said that\u00a0<strong>climate change<\/strong>\u00a0has made Greater S\u00e3o Paulo increasingly exposed to extreme weather events.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"42\" data-block-id=\"6\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">\u201cThis measure requires a structured plan coordinated with public authorities, defining the most appropriate modalities for adequate compensation of this investment. The company is willing to make these investments as part of a strategy shared with all involved institutions,\u201d the statement reads.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"26\" data-block-id=\"7\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Enel added that it reaffirms its confidence in Brazil\u2019s legal and regulatory framework to ensure security and stability for investors with long-term commitments in the country.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"71\" data-block-id=\"8\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">\u00c2mbar has financial capacity and has recently taken on complex assets, such as the Amazonas Energia and Roraima Energia distribution utilities, as well as generation projects. Its most recent acquisitions include a minority stake in Eletronuclear and the Norte Fluminense gas-fired power plant from France\u2019s EDF. On the other hand, the company lacks a significant track record in power distribution in large urban centers, which could weigh on a regulatory review.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"99\" data-block-id=\"9\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Equatorial Energia is another potential candidate. The group is recognized for strong operational expertise in distribution and a track record of turning around troubled concessions. Holder of concessions in northern and northeastern states, Equatorial is also a shareholder in the S\u00e3o Paulo water utility\u00a0<strong>Sabesp<\/strong>, which could, in theory, create synergies between services, according to people familiar with the matter. However, the company is currently highly leveraged due to its recent acquisition of a stake in Sabesp as a primary shareholder, which could constrain its financial capacity, according the sources. Third-quarter 2025 financial statements indicate leverage of 3.3 times.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"59\" data-block-id=\"11\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">CPFL Energia is seen by many as the most obvious candidate in a potential reshuffle. The company already operates in S\u00e3o Paulo state, has an established operating structure, low leverage, and financial backing from the owner, the Chinese company\u00a0<strong>State Grid<\/strong>. CPFL has also shown historical interest in Enel assets, having previously attempted to acquire Enel Cear\u00e1 (formerly Coelce).<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"66\" data-block-id=\"12\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Specialists interviewed by Valor caution, however, that it is too early to predict an outcome for Enel, which has made significant investments in the grid in recent years and is unlikely to relinquish the concession easily. Some see the possibility of litigation if forfeiture proceeds, especially if the utility\u2019s quality indicators or economic-financial balance remain within the limits set by the\u00a0<strong>Brazilian Electricity Regulatory Agency (ANEEL)<\/strong>.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"64\" data-block-id=\"13\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Forfeiture occurs when a distributor fails to comply with obligations established by the regulator in the concession contract. In the case of power distributors, the measure can generally be applied when service quality indicators that track power outages exceed ANEEL\u2019s limits. The main metrics are duration (DEC) and frequency (FEC) of power outages. Financial issues that could impair service provision can also trigger forfeiture.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"29\" data-block-id=\"14\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">On Wednesday (17),\u00a0<strong>Mines and Energy Minister Alexandre Silveira<\/strong>\u00a0formally requested that ANEEL initiate the process to declare Enel\u2019s S\u00e3o Paulo concession forfeited\u2014the first step toward terminating the contract.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"38\" data-block-id=\"15\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">The agency said its inspection unit will assess the recurrence of service failures related to the December 10 blackout. The company is already being monitored by the regulator due to outages in October 2024, also caused by storms.<\/p>\n<\/div>\n<div data-track-category=\"multicontent\" data-track-action=\"ultimo chunk conteudo\" data-track-noninteraction=\"false\" data-track-scroll=\"view\">\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"26\" data-block-id=\"16\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">In November 2023, Enel S\u00e3o Paulo took a week to restore power to about 3 million consumer units following heavy rainfall and winds exceeding 100 km\/h.<\/p>\n<p data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">*By\u00a0F\u00e1bio Couto,\u00a0Robson Rodrigues\u00a0and\u00a0Marlla Sabino\u00a0\u2014 Rio de Janeiro, S\u00e3o Paulo, Bras\u00edlia<\/p>\n<p data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Source: Valor International<\/p>\n<p>https:\/\/valorinternational.globo.com\/<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Market points to \u00c2mbar, Equatorial Energia, CPFL as potential buyers &nbsp; &nbsp; &nbsp; 12\/18\/2025\u00a0 Retail businesses without power in S\u00e3o Paulo: recurring problems at Enel are drawing interest from potential buyers \u2014 Photo: Paulo Pinto\/Ag\u00eancia Brasil After the government decided to\u00a0initiate the process to terminate the Enel S\u00e3o Paulo power distribution concession, names of companies [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[26663],"class_list":["post-96982","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-enel-sao-paulo-crisis"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - 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