Electricity consumption in May went up 10.5% YoY, according to the Federal energy research bureau (EPE). Industrial segment was the main responsable for this figures.
Industrial consumption reached +15.4% YoY. It means that industrial activity is growing fast.g relevant growth.
“After the financial crisis, we highlight the mining and steel sector, with consumption growing 50.7% and 34.1%, respectively. Furthermore, the Southeast region posted the fastest growth (+18% YoY), with Espírito Santo and Minas Gerais states reporting the highest rates, due to generalized recovery of the mining and steel industries.” says Wladimir Pinto, energy analyst with Bradesco Corretora.
GDP and Energy, highly correlated
The bureau also revised its estimates for energy consumption growth in 2010 from 7% to 7.7%, as a result of higher GPD expectations as well as the behavior of energy consumption over the last 5 months. Wladimir thinks that energy consumption in Brazil will continue to grow at high rates, mainly driven by industrial consumption, especially energy-intensive industries.
Furthermore, commercial and residential consumption are also resilient, having posted +7,9% and +6.5% YoY, respectively.
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