Brazil’s Electricity Bills Expected to Rise Amid Drought
(Bloomberg) -- The drought Brazil is facing is poised to increase electricity bills from September onward, said O Globo newspaper.
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Brazil set a monthly three-flag system that increases the cost of electricity in case of rising demand for thermal plants during peak hours. The current green flag will give way to a yellow flag next month, according to the report. The expectation is that the year will end with a green flag again thanks to rains in October, according to the report.
Burning
Wildfires burning across Brazil have been caused by low humidity and a heat wave, but also by criminal activity, according to Environment Minister Marina Silva. The Federal Police have opened 31 investigations and arrested two people suspected of intentionally causing fires in the state of Sao Paulo, which is facing a record number of blazes, she told reporters on Sunday.
Sao Paulo has no more fires, says Civil Defense, according to O Globo.
Recent fires have caused losses to sugar-cane regions of Brazil’s top producing state of Sao Paulo, according to reports from companies and local news. Raizen SA confirms that a fire broke out at a sugar-cane field near its Santa Elisa mill on Thursday, and that a new fire outbreak occurred Friday at the same location. Industrial operations in the mill located at Sertaozinho city were halted and “will resume soon,” Raizen says.
Central Bank Pick
The economic team asked President Luiz Inacio Lula da Silva to indicate the next central bank chief this week, says Folha de S.Paulo, citing government sources familiar with the negotiations. Gabriel Galipolo, the bank’s monetary policy director, remains the favorite. The announcement of other directors should take place at a later date, according to the report. Lula can nominate three members this year.
The names that circulate in the financial market as the most quoted to replace Galipolo are two Bradesco directors: Fernando Honorato and Roberto Paris, says Globo columnist Lauro Jardim, without saying how he obtained the information.
The economic team is negotiating with Senate head Rodrigo Pacheco so that the nominee’s hearing takes place in the first week of September, before the next rate-setting meeting, said O Estado de S. Paulo, which does not reveal how it obtained the information.
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