May 20, 2020 / 6:52 PM / in 8 days

Brazil power firms see 5 bln reais COVID-19 hit - Abraceel

SAO PAULO, May 20 (Reuters) - Brazil’s power distribution companies see a 5 billion reais ($878 million) hit this year due to falling demand resulting from the coronavirus outbreak, the president of the Brazilian Association of Energy Traders (Abraceel) told Reuters on Wednesday.

Reginaldo Medeiros said that the sector, which includes units of France’s Engie, Portugal’s EDP and China’s CPFL, expects a 20% reduction in demand due to widespread quarantine measures to slow the spread of the virus.

$1 = 5.69 reais Reporting by Luciano Costa

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