Aneel determines a 52% increase in the extra rate on the electricity bill as of July; Covid-19’s Delta variant advance presses global mood

Brazil Archive/AgencyDollar rises as investors analyze high extra electricity rate

The main indicators of financial market Brazil closed in the negative field on Tuesday, 29, with the announcement of a 52% increase in the level 2 red flag of the electricity bill amid the worst water crisis in Brazil in 91 years. Externally, the mood was pressured by the spread of the Delta variant of new coronavirus in different parts of the world. O dollar closed the day with an advance of 0.28%, at R$ 4.942. The exchange rate reached the maximum of R$ 4.971, while the minimum was R$ 4.921. The US currency ended the day with a drop of 0.19%, to R$ 4.928. O Ibovespa, the benchmark of B3, closed with a drop of 0.08%, to 127,327 points. The trading session this Monday, 28, ended up 0.14%, at 127,429 points.

The National Electric Energy Agency (Aneel) approved a 52% readjustment in the level 2 red flag of the energy tariff, raising the extra charge to R$ 9.49 per 100 kilowatts/hour (kWh), against the current value of R $6.24. The rise should bring more pressure on inflation, already heavily impacted by higher prices for electricity, fuel and food. O Minister of Mines and Energy, Bento Albuquerque, made a statement on national TV and radio this Monday, 28, to talk about the water crisis that affects the country and left the reservoirs of hydroelectric plants at critical levels. In his speech, the head of the portfolio mentioned the advances in the electrical system of the Brazil and the reduction of dependence on hydroelectric plants, citing the “expansion of plants using clean and renewable sources, such as wind, solar and biomass”.

Still on the domestic agenda, the Minister of Economy, Paulo Guedes, said today that the government is considering increasing the cut in the income tax for companies in 2022 by five percentage points, double the amount foreseen in the tax reform delivered to Congress last week. The amount must be offset by the 20% tax on dividends. According to the minister, the successive breaking of records in revenue since February gives room to seek a more incisive change. “We can download 5 [pontos percentuais] in the coming year exactly so that this increase in tax revenue will reduce the burden on companies. On the other hand, we are taxing capital income, rich people have to pay a tax of at least 20%,” he said. The Internal Revenue Service reported today that it recorded a 70% increase in revenue in May compared to the previous month, the new record for the month and accumulated since the beginning of the year.

The climate on the international scene is pressured by the advance of Delta variant of the new coronavirus and the risks of resuming social isolation measures. The return of restrictions should impact the deceleration of the global economic recovery and force the maintenance of stimulus policies. The city of Sydney, Australia’s most populous, entered the second day of a two-week lockdown imposed after the state of New South Wales reported 30 new cases of the new variant. Altogether, 110 cases of the Indian strain of the disease have been registered in the country so far, and this number is forecast to increase.

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