Rousseff deepens Brazil power costs cuts as inflation accelerates

January 24, 2013

Raymond Collitt – Bloomberg, 01/23/2013

Brazil will lower energy costs this year more than the government previously announced and made the cuts effective today as part of an effort to slow inflation that has remained above the central bank’s target since August 2010.

“Beyond anticipating the enforcement of the new rates, the cut is bigger than previously announced,” President Dilma Rousseff said in a nationally-televised address yesterday.

The president said the cuts that go into effect today rather than early next month will pare consumers’ power costs 18 percent and those for industry by 32 percent compared to the reductions of 16.2 percent and 28 percent she had announced in September.

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Brazil’s Belo Monte dam risks delay after court order

August 17, 2012

Reuters, 8/17/2012

A regional judge called for an immediate halt to construction on Tuesday after years of high-profile criticism. The likes of Hollywood director James Cameron and the Inter-American Court on Human Rights have said Belo Monte would displace indigenous people in the Amazon rain forest.

President Dilma Rousseff, however, has said such mega dams are needed to meet the energy demands of Brazil’s growing consumer class — the result of intense poverty alleviation in Latin America’s largest economy.

“This situation must be resolved very quickly in order to take advantage of a hydrological window,” President of Norte Energia (Northern Energy) Duilio Figueiredo told Reuters, referring the seasonal rains in the region.

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Can Brazil meet US thirst for oil?

June 25, 2012

Simone Sebastian – Global Post, 6/25/2012

RIO DE JANEIRO, Brazil — Billions of barrels of oil lying beneath Brazil’s crystal waters are poised to help transform the Americas into the new Middle East.

Brazil’s national oil company, which uncovered the Western Hemisphere’s largest oil discovery in 30 years, has struggled to tap the gusher as quickly as planned.

When the wells start to flow, the man who manages the project’s finances knows where the crude is likely to go.

“The American consumer is our natural buyer,” he says.

Sitting in the Rio de Janeiro headquarters of Brazil’s national oil company, Petrobras Chief Financial Officer Almir Barbassa spoke soberly about the soaring plans that could turn Brazil into a global energy powerhouse.

Brazil believes its offshore oil will help double the nation’s reserves by the end of the decade, to 30 billion barrels.

Already, growing oil production in Brazil has fueled Petrobras’ rise. The publicly traded corporation is 51 percent owned by the national government. Forbes ranks it 10th on its list of largest public global companies, putting Petrobras in the same tier as General Electric and Royal Dutch Shell.

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