Cia. de Saneamento Basico do Estado de Sao Paulo, Brazil’s biggest water provider, has had its rate-review suspended by the Sao Paulo state water and energy regulator Arsesp due to a lack of board members.
The five-member regulatory board wasn’t able to reach consensus on two decisions including holding a public hearing on new fees, the water utility known as Sabesp said today, citing a decision published on Sao Paulo’s official gazette.
The Arsesp board requires at least three members to approve decisions and two posts haven’t been filled, Sabesp said in a statement. A third member still hasn’t taken a position. Sabesp shares declined today in Sao Paulo trading, dropping 1.5 percent to 22.46 reais. They’ve lost 22 percent this year.