Miguel Abitbol spent almost $4,000 on television equipment to show World Cup soccer matches at his bar and restaurant in Rio de Janeiro . He’s praying there will be enough electricity to power it. Abitbol’s 48-inch (122-centimeter) set is one of 16 million expected to be sold in Brazil this year as it hosts the world’s most-watched sporting event. The kick off in June is looming as the nation contends with a drought that reduced water supply needed for hydroelectric power to near-critical levels. A blackout in February cut electricity to 6 million people. Petroleo Brasileiro SA (PETR3) , the state-owned energy company, is buying record amounts of liquefied natural gas in the spot market to run gas-fired power plants at full capacity and preserve water reserves. Increased competition for the fuel is narrowing the discount of Latin American prices to those in Asia , the costliest, to the […]