Eletronuclear Delays Payments and Rolls Debt to Avert 2025 Cash Shortfall

Overview

• The company expects about R$ 2.4 billion in private financing by February or March via a debt issuance from Axia or Âmbar to fund Angra 1's life-extension.
• ENBPar detailed emergency steps including waivers on November and December payments tied to Angra 1 loans, rollovers with BTG Pactual and Banco ABC Brasil, and mediation over Angra 3 fuel credits with INB.
• ENBPar cautioned the measures are palliative and only stabilize cash for 2025, citing severe liquidity constraints and persistent cost–tariff imbalance.
• Eletronuclear is pushing to withdraw roughly R$ 1–2 billion from its nuclear decommissioning fund after R$ 800 million was tapped in 2024–2025, a move opposed by the ANSN.
• Finance Minister Fernando Haddad labeled the company a concern without pledging Treasury aid, and the planned R$ 2.4 billion will not close the larger Angra 3 funding gap that BNDES estimates at about R$ 24 billion.