The price of electricity in Brazil has fallen substantially due to the recent tenders for procurement of energy from alternative sources conducted by the Ministry of Mines and Energy (MME). According to website IG Economia, the drop has been prompted by the rising numbers of wind energy players present in the last three auctions. Mauricio Tolmasquim, President of the Energy Research Company (EPE) in Brazil, was quoted as saying that the shift of investor interest from biomass to wind energy is noticeable. The website added that, since 2009, savings generated by tariff reductions are estimated at $11 billion.