Brazil’s top government energy planner, Thiago Barral, said the country needs to broaden the horizon of its long-term planning to 2050 and modernise 15-year old regulations in order to accommodate renewables in a liberalised market.

“When the current model was put in place, 80% to 85% of Brazil’s power was hydro but now we need a better allocation of risks since the price signals are distorted [by climate and technology changes].

“So we need to modernise regulations to bring sustainability and efficiency for investments and operations, a move which will make the system more friendly to new technologies,” he said during a debate about the future of the power industry promoted by industrial group GE.