Project finance issues threaten gas-fired power development in Brazil

The Araucária natural gas-fired power plant is one of 37 such projects that the Brazilian government is implementing under its Thermoelectric Priority Program to reduce the country's dependence on hydroelectric power. El Paso Corp., Houston, is the majority shareholder in the Araucaria plant with a 60% interest, ...Click here to enlarge imageBrazil's goal of quintupling the natural gas share of its energy mix this decade hinges on its ambitious program of installing several dozen gas-fired thermal power plants throughout the country. Official projections call for gas-fired plants to account for 18% of the Brazilian power mix by 2005 vs. less than 7% today, while hydropowe...

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