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This excerpt taken from the PBR 6-K filed Nov 19, 2009. Page 134
The year-on-year improvement was due to the following factors: • Reduced energy purchase costs due to the reduction in the difference settlement price; • The greater availability of energy for trading, due to the recovery of the peg; • Increased fixed revenue from auctions, as well as higher energy exports; and • A reduction in the natural gas import/transfer cost, accompanying the behavior of international prices. Other contributory factors included the conclusion of infrastructure projects, which facilitated gas production outflow, thereby avoiding the failure-to-supply penalties incurred in the 9M-2008. These effects were partially offset by reduced thermal power output due to higher hydroelectric reservoir levels and lower gas sales volume. |
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