RIO DE JANEIRO, Dec 22 (Reuters) - Brazil's President Jair Bolsonaro on Wednesday approved a proposal to raise the fees state-run power firm Eletrobras will have to pay the government to continue operating its hydroelectric dams after its privatization.

The proposal, defined by the National Energy Policy Council (CNPE), sets the fee at 67.1 billion reais ($11.87 billion). The concession bonus that will be paid to the government in the privatization will be 25.4 billion reais, the president's office said in measure published in the official gazette.

The privatization of Centrais Eletricas Brasileiras SA , as the company is formally known, is expected to occur by mid-2022.

($1 = 5.6540 reais) (Reporting by Lisandra Paraguassu; editing by Diane Craft)