SAO PAULO, Dec 21 (Reuters) - Brazil's National Energy Policy Council (CNPE) has decided that state-controlled power firm Eletrobras will have to pay the government 67 billion reais ($11.66 billion) to continue operating its hydroelectric dams after its privatization, the company said on Tuesday.

The privatization of Centrais Eletricas Brasileiras SA , as the company is formally known, is expected to occur by mid-2022. Initially, the government had estimated the value at 62.47 billion reais.

Earlier on Tuesday, Eletrobras said federal audit court TCU had decided to update the concession prices, a step required to proceed with the privatization process, prompting the CNPE meeting.

With the adjustment carried out, the concession bonus that will be paid to the government in the privatization increased to 25.3 billion reais, compared with the 23.21 billion reais previously forecast.

The new values, however, are not yet definitive.

"Given that there has not yet been a statement by the Court of Auditors, substantiated in an agreement, the values approved can still be changed", the company said. ($1 = 5.7451 reais) (Reporting by Roberto Samora, Gabriel Araujo, and Letícia Fucuchima in Sao Paulo Editing by Mark Potter and Matthew Lewis)