“We are leaning towards not accepting the extension, which will result in a heavy fine," said Eduardo Azevedo, the federal government's energy planning secretary. "If we do [accept extensions] the companies will have deposit more guarantees and will not be able to bid in other tenders until the projects are built."
Last week, Brazilian power regulator Aneel denied a request of a two-year extension by developers of 23 projects, with a combined capacity of 760MW, which need to start operation in mid 2017.
