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Posted on April 12, 2011
BY DIANA KINCH AND PAULO WINTERSTEIN
RIO DE JANEIROBrazilian billionaire Eike Batista and other local investors are teaming up with IntercontinentalExchange Inc. to launch a trading exchange for electric power, saying the existing system for negotiating contracts is inefficient.
Uncontracted electric power in Brazil is currently sold under private contracts between producers and large consumers, which makes it hard or even impossible to determine a spot market price. The exchange aims to bring those negotiations under one roof, and make the pricing public, which would also allow for derivatives such as futures contracts to be developed down the line.
The move is the second this year …