“You
have
to
question
whether
this
oversupply
is
physical
or
contractual,”
says
Mathias
Becker,
president
of
the
São
Paulo-based
company.
“When
you
look
at
the
physical
balance
of
energy,
you
can
see
that
in
2012,
demand
continues
to
grow,
as
indicated
by
prices
on
the
spot
market,”
says
Becker.
Those
prices
have
rocketed
because
of
a
drought
in
southern
Brazil
that
has
hit
hydropower
generators.
“This
means
the
market
is
short
of
energy,”
he
adds.
Demand
for
new
electricity
sources
will
continue
to
grow
because
of
Brazi’s
economic
development.
“It
could
be
3%
or…
