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Brazil could privatize Copel

In Brazil, Copel could be privatized according to a letter from the governor of the state of Parana, Ratinho Junior.
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In Brazil, Copel could be privatized according to a letter from the Governor of the State of Parana, Ratinho Junior.

Privatization under consideration

In Brazil, Copel (Companhia Paranaense de Energia) says it has a letter from the governor of Parana indicating its intention to privatize the company. This would be done through a secondary offering of shares. The objective is to raise additional funds needed for state investments.

Currently, the State of Parana holds 70% of the voting capital of Copel. If the governor’s proposal is successful, the state would retain at least 10% of the capital. Copel’s privatization operation is part of the electricity privatization dynamic observed in Brazil.

The federal government diluted its stake in Electrobras in early 2022. Electrobras is the largest electricity company in Latin America. In addition, Copel reported a sharp decline in net income in the third quarter.

This amounted to R$ 403.4 million, down 46.9% year-on-year. Copel has a market capitalization of $3.58 billion. In addition, following the announcement of a possible privatization, the company’s share price jumped by more than 25%.

Reactions to this announcement

The announcement of a planned privatization of Copel has caused a reaction. Indeed, the leader of the Parana State Workers’ Party, Arilson Chiorato, is strongly opposed to this project. He considers this privatization scandalous and criticizes the dismantling of a company that generates enormous profits for the State of Parana.

Some analysts believe that a privatization of Copel would result in operational, financial and governance gains. According to them, the next steps, including the approval of the Parana Legislative Assembly, should not be a problem. Indeed, Ratinho has just been re-elected.

Finally, investors were considering a privatization in October. In addition, an investor day will be held soon. During this day, the subject of privatization should be discussed.

Copel foresees, however, in its privatization file that this operation will require the approval of the Parana legislature. Governor Ratinho also says he wants to propose a bill. Legislators will have to take a position on the issue, but the timing of the privatization remains uncertain.

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