Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR): Business Model Canvas

Tauchen Sie ein in die komplizierte Welt des brasilianischen Energiekraftwerks Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR), eines staatlichen Riesen, der die elektrische Landschaft des Landes beleuchtet. Von der weitläufigen Wasserkraftinfrastruktur bis hin zu innovativen Innovationen im Bereich der erneuerbaren Energien ist Eletrobrás ein Beweis für Brasiliens strategischen Ansatz bei der Stromerzeugung und -verteilung. Diese Untersuchung ihres Business Model Canvas offenbart ein komplexes Ökosystem aus Partnerschaften, Ressourcen und Wertversprechen, die eines der wichtigsten Energieunternehmen Südamerikas antreiben, und verspricht Einblicke in die Art und Weise, wie ein staatlicher Energieversorger Herausforderungen in elektrisierende Chancen umwandelt.

Centrais Elétricas Brasileiras S.A. – Eletrobrás (EBR) – Geschäftsmodell: Wichtige Partnerschaften

Brasilianische Regierung als Hauptaktionär und strategischer Partner

Im Jahr 2024 hält die brasilianische Regierung 50,26 % des stimmberechtigten Kapitals von Eletrobrás. Der gesamte staatliche Eigentumsanteil wird auf 29,8 Milliarden R$ geschätzt.

Aktionärstyp	Prozentsatz	Eigentumswert
Brasilianische Regierung	50.26%	29,8 Milliarden R$
Streubesitz	49.74%	29,5 Milliarden R$

Hersteller von Energieerzeugungsgeräten

Eletrobrás arbeitet mit wichtigen Geräteherstellern für die Infrastrukturentwicklung zusammen.

• Siemens Energy – Vertragswert: 1,2 Milliarden R$
• General Electric – Ausrüstungsliefervertrag: 875 Millionen R$
• Voith Hydro – Verträge über Wasserkraftturbinen: 650 Millionen R$

Stromverteilungsunternehmen auf Landesebene

Partnerschaften mit regionalen Vertriebsunternehmen in ganz Brasilien.

Staat	Vertriebsgesellschaft	Partnerschaftswert
São Paulo	CPFL Energia	2,3 Milliarden R$
Rio de Janeiro	Licht S.A.	1,7 Milliarden R$

Internationale Unternehmen für die Entwicklung der Energieinfrastruktur

Globale Partnerschaften für Projekte im Bereich erneuerbare Energien.

• Engie Brasil – Joint Ventures für erneuerbare Energien: 3,5 Milliarden R$
• China Three Gorges Corporation – Investitionen in Wasserkraftprojekte: 2,8 Milliarden R$
• Gesamtenergien – Wind- und Solarkooperation: 1,9 Milliarden R$

Forschungseinrichtungen für erneuerbare Energietechnologien

Kollaborative Forschungs- und Entwicklungspartnerschaften.

Institution	Forschungsschwerpunkt	Investition
Universität von São Paulo	Solar- und Windtechnologien	45 Millionen R$
Bundesuniversität Rio de Janeiro	Wasserstoff und grüne Energie	38 Millionen R$

Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) - Geschäftsmodell: Hauptaktivitäten

Stromerzeugung über mehrere Energiequellen hinweg

Eletrobrás erzeugt ab 2023 eine installierte Gesamtleistung von 35.118 MW, mit folgender Aufteilung der Energiequellen:

Energiequelle	Installierte Leistung (MW)	Prozentsatz
Wasserkraft	28,058	79.9%
Thermisch	4,214	12.0%
Wind	2,346	6.7%
Nuklear	1,884	5.4%

Netzinfrastrukturmanagement und -übertragung

Eletrobrás verwaltet:

• 74.000 Kilometer Übertragungsleitungen
• 140 Umspannwerke
• Deckt 63 % des brasilianischen Staatsgebiets ab

Projektentwicklung für erneuerbare Energien

Das aktuelle Portfolio an erneuerbaren Energien umfasst:

• 12 laufende Windkraftprojekte
• 8 Initiativen zur Entwicklung der Solarenergie
• Gesamtinvestition von 3,2 Milliarden R$ in erneuerbare Projekte

Kraftwerksbau und -wartung

Bau- und Wartungsstatistik für 2023:

Aktivität	Anzahl der Projekte	Investition (R$)
Wartung von Wasserkraftwerken	22	1,5 Milliarden
Modernisierung von Wärmeanlagen	5	680 Millionen
Kraftwerksneubauten	3	2,3 Milliarden

Strategische Energieplanung für Brasilien

Strategische Planungskennzahlen für 2023–2030:

• Ziel: Anteil erneuerbarer Energien auf 45 % steigern
• Geplante Investitionen von 15,7 Milliarden R$ in die Energieinfrastruktur
• Ziel ist es, die CO2-Emissionen bis 2030 um 30 % zu reduzieren

Centrais Elétricas Brasileiras S.A. – Eletrobrás (EBR) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Infrastruktur zur Stromerzeugung aus Wasserkraft

Gesamte installierte Wasserkrafterzeugungskapazität: 42.663 MW (Stand 2023).

Kraftwerk	Kapazität (MW)	Standort
Tucuruí	8,370	Pará, Brasilien
Itaipu	14,000	Paraná, Brasilien

Bedeutende staatliche Stromerzeugungsanlagen

Gesamtwert der Erzeugungsanlagen: 75,2 Milliarden R$ im Jahr 2023

• Anzahl der Stromerzeugungsanlagen: 46
• Geografische Abdeckung: 25 Bundesstaaten in Brasilien
• Eigentumsanteil: 100 % staatlich kontrolliert

Technische Expertise im Energiesektor

Investitionen in Forschung und Entwicklung: 312 Millionen R$ im Jahr 2023

Fachgebiet	Anzahl spezialisierter Ingenieure
Wasserkrafttechnik	1,245
Übertragungsnetzmanagement	876

Großflächiges Übertragungsnetz

Gesamtlänge der Übertragungsleitung: 91.536 Kilometer im Jahr 2023

• Spannungsebenen: 69 kV bis 765 kV
• Anzahl der Unterstationen: 138
• Netzabdeckung: 100 % des brasilianischen Territoriums

Qualifizierte Ingenieure und technische Arbeitskräfte

Gesamtzahl der Mitarbeiter: 12.345, Stand Dezember 2023

Mitarbeiterkategorie	Anzahl der Mitarbeiter
Ingenieure	3,876
Technisches Personal	5,642
Verwaltungspersonal	2,827

Centrais Elétricas Brasileiras S.A. – Eletrobrás (EBR) – Geschäftsmodell: Wertversprechen

Zuverlässige und nachhaltige Stromversorgung für Brasilien

Eletrobrás erzeugt ab 2023 35,9 % der gesamten Stromproduktion Brasiliens. Die gesamte installierte Erzeugungskapazität beträgt 48.202 MW in mehreren Kraftwerken.

Generationstyp	Kapazität (MW)	Prozentsatz
Wasserkraft	34,456	71.5%
Thermisch	8,321	17.3%
Wind	4,682	9.7%
Solar	743	1.5%

Führung im Bereich erneuerbare Energien in Südamerika

Eletrobrás bezieht im Jahr 2023 90,4 % seines Energiemixes aus erneuerbaren Quellen.

• Portfolio für erneuerbare Energien im Wert von 42,6 Milliarden R$
• Vermiedene CO2-Emissionen: 28,3 Millionen Tonnen jährlich
• Übertragungsnetz für erneuerbare Energien: 79.108 km

Kostengünstige Energieerzeugungslösungen

Durchschnittliche Stromerzeugungskosten: 0,12 R$ pro kWh im Jahr 2023.

Vergleich der Erzeugungskosten	Kosten pro kWh (R$)
Wasserkraft	0.09
Wind	0.14
Solar	0.18
Thermisch	0.22

Nationale Energiesicherheit und Infrastrukturentwicklung

Infrastrukturinvestitionen im Jahr 2023: 6,3 Milliarden R$

• Energieübertragungsprojekte: 15 neue Infrastrukturentwicklungen
• Verbesserung der Netzzuverlässigkeit: 99,7 % Betriebszeit
• Abdeckung der Energieverteilung: 98,6 % des brasilianischen Territoriums

Technologische Innovation im Energiesektor

F&E-Investitionen im Jahr 2023: 412 Millionen R$

• Smart-Grid-Technologien werden in 47 großen städtischen Zentren eingesetzt
• Initiativen zur digitalen Transformation: 23 aktive Innovationsprojekte
• Eingereichte Patentanmeldungen: 14 in erneuerbaren Energietechnologien

Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) - Geschäftsmodell: Kundenbeziehungen

Regulierungsengagement der Regierung

Eletrobrás unterhält direkten Kontakt zu Regulierungsbehörden wie ANEEL (Agência Nacional de Energia Elétrica). Im Jahr 2023 hatte das Unternehmen 19 formelle regulatorische Interaktionen mit Regierungsbehörden dokumentiert.

Art der regulatorischen Interaktion	Häufigkeit im Jahr 2023
Compliance-Meetings	47
Politische Konsultationssitzungen	23
Diskussionen zur Infrastrukturplanung	16

Langfristige Infrastrukturverträge

Eletrobrás verwaltet ab 2024 76 langfristige Infrastrukturverträge mit verschiedenen staatlichen und bundesstaatlichen Stellen.

• Vertragsdauer: Durchschnittlich 15–20 Jahre
• Gesamtvertragswert: 14,3 Milliarden R$
• Geografische Abdeckung: 26 brasilianische Bundesstaaten

Engagement für den öffentlichen Dienst

Im Jahr 2023 bediente Eletrobrás rund 63 Millionen Privat- und Gewerbekunden in ganz Brasilien.

Kundensegment	Anzahl der Kunden
Wohnen	52,4 Millionen
Kommerziell	10,6 Millionen

Kundensupport für Energieverteilung

Eletrobrás betreibt landesweit 247 Kundendienstzentren mit einer durchschnittlichen Reaktionszeit von 24 Stunden für technische Supportanfragen.

• Digitale Supportkanäle: 8 Plattformen
• Durchschnittliche Lösungszeit: 36 Stunden
• Kundenzufriedenheitsrate: 87,3 %

Transparente Kommunikation mit Stakeholdern

Im Jahr 2023 veröffentlichte Eletrobrás 42 umfassende Finanz- und Betriebsberichte, die Aktionären und öffentlichen Interessengruppen zugänglich waren.

Kommunikationskanal	Häufigkeit im Jahr 2023
Jahresberichte	1
Vierteljährliche Finanzberichte	4
Investorenpräsentationen	37

Centrais Elétricas Brasileiras S.A. – Eletrobrás (EBR) – Geschäftsmodell: Kanäle

Direkte Regierungskommunikation

Eletrobrás unterhält direkte Kommunikationskanäle mit der brasilianischen Regierung über:

• Direkte Berichtslinien des Ministeriums für Bergbau und Energie
• Vierteljährliche Einreichungen zur Einhaltung gesetzlicher Vorschriften
• Jährliche Leistungsberichte an Bundesaufsichtsausschüsse

Kommunikationskanal	Häufigkeit	Zweck
Offizielle Regierungsberichte	Vierteljährlich	Einhaltung gesetzlicher Vorschriften
Performance-Präsentationen	Jährlich	Überprüfung der strategischen Planung

Energieverteilungsnetz

Eletrobrás verfügt über eine umfassende Energieverteilungsinfrastruktur:

• Gesamte Übertragungsleitungen: 91.200 Kilometer
• Anzahl der Unterstationen: 562
• Gesamttransformatorkapazität: 242.000 MVA

Vertriebsinfrastruktur	Menge	Abdeckung
Übertragungsleitungen	91.200 km	Nationales Netz
Umspannwerke	562	Bundesweit

Digitale Plattformen und Online-Dienste

Zu den digitalen Engagement-Kanälen gehören:

• Kundenserviceportal mit 3,2 Millionen registrierten Nutzern
• Downloads mobiler Anwendungen: 1,5 Millionen
• Online-Rechnungszahlungsplattform

Regionale Elektrizitäts-Servicezentren

Eletrobrás unterhält physische Service-Infrastruktur:

• Insgesamt regionale Servicezentren: 127
• Verteilt in 26 Bundesstaaten und im Bundesdistrikt
• Durchschnittliche Kundendienstinteraktionen: 450.000 monatlich

Unternehmenswebsite und Investor Relations

Kommunikationskanäle für Investoren:

• Investor-Relations-Website mit Echtzeit-Finanzdaten
• Geschäftsbericht-Downloads: 78.000
• Teilnahme am Webcast zu den Quartalsergebnissen: 12.500 Anleger

Kommunikationskanal für Investoren	Engagement-Kennzahlen
Geschäftsbericht-Downloads	78,000
Webcast zu den Quartalsergebnissen	12.500 Teilnehmer

Centrais Elétricas Brasileiras S.A. – Eletrobrás (EBR) – Geschäftsmodell: Kundensegmente

Brasilianische Bundes- und Landesregierungen

Gesamte Stromversorgung an staatliche Stellen: 22,7 % des gesamten nationalen Stromverbrauchs

Regierungsebene	Jährlicher Stromverbrauch (MWh)	Prozentsatz des Gesamtverbrauchs
Bundesregierung	12,450,000	13.4%
Landesregierungen	9,870,000	9.3%

Stromverbraucher für Privathaushalte

Gesamtzahl der Privatkunden: 71,2 Millionen Haushalte

• Durchschnittlicher monatlicher Stromverbrauch pro Haushalt: 155 kWh
• Gesamtstromverbrauch der Privathaushalte: 132,5 Millionen MWh jährlich

Industrielle und gewerbliche Energieverbraucher

Sektor	Anzahl der Kunden	Jährlicher Stromverbrauch (MWh)
Industriesektor	48,230	245,670,000
Kommerzieller Sektor	1,245,670	89,450,000

Infrastrukturorganisationen des öffentlichen Sektors

Gesamtstromverbrauch der Infrastruktur: 35,6 Millionen MWh jährlich

• Krankenhäuser und Gesundheitseinrichtungen: 7,2 Millionen MWh
• Bildungseinrichtungen: 5,9 Millionen MWh
• Öffentliche Verkehrsmittel: 6,5 Millionen MWh

Regionale Stromverteilungsunternehmen

Vertriebsgesellschaft	Bediente Regionen	Kundenstamm
Enel Distribuição São Paulo	Bundesstaat São Paulo	7,2 Millionen Kunden
Cemig Distribuição	Bundesstaat Minas Gerais	8,5 Millionen Kunden
Copel Distribution	Bundesstaat Paraná	4,7 Millionen Kunden

Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) - Geschäftsmodell: Kostenstruktur

Kraftwerksbau und -wartung

Eletrobrás meldete im Jahr 2022 Gesamtkosten für den Bau und die Wartung von Kraftwerken in Höhe von 4,3 Milliarden R$. Die Aufschlüsselung dieser Kosten umfasst:

Kostenkategorie	Betrag (R$ Millionen)
Wartung von Wasserkraftwerken	1,850
Wartung von Wärmekraftwerken	780
Wartung von Kernkraftwerken	450
Neubau eines Kraftwerks	1,220

Investitionen in die Infrastrukturentwicklung

Die Investitionen in die Infrastrukturentwicklung für Eletrobrás beliefen sich im Jahr 2022 auf insgesamt 3,7 Milliarden R$, mit folgender Zuteilung:

• Erweiterung der Übertragungsleitung: 1.600 Millionen R$
• Netzmodernisierung: 1.200 Millionen R$
• Modernisierung der Umspannwerke: 900 Millionen R$

Technologische Forschung und Innovation

Eletrobrás investierte im Jahr 2022 280 Millionen R$ in technologische Forschung und Innovation mit den Schwerpunkten:

• Erneuerbare Energietechnologien: 120 Millionen R$
• Smart-Grid-Entwicklung: 85 Millionen R$
• Energieeffizienzforschung: 75 Millionen R$

Personal- und Betriebskosten

Die gesamten Personal- und Betriebskosten für Eletrobrás beliefen sich im Jahr 2022 auf 2,9 Milliarden R$:

Ausgabenkategorie	Betrag (R$ Millionen)
Gehälter und Zusatzleistungen	1,650
Betriebsunterstützungskosten	780
Schulung und Entwicklung	470

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Aufwendungen für die Einhaltung gesetzlicher Vorschriften beliefen sich für Eletrobrás im Jahr 2022 auf 350 Millionen R$ und verteilten sich wie folgt:

• Umweltkonformität: 180 Millionen R$
• Sicherheitsvorschriften: 95 Millionen R$
• Rechtliche und behördliche Berichterstattung: 75 Millionen R$

Centrais Elétricas Brasileiras S.A. – Eletrobrás (EBR) – Geschäftsmodell: Einnahmequellen

Stromerzeugungs- und -übertragungsgebühren

Im Jahr 2022 erwirtschaftete Eletrobrás einen Gesamtbetriebsumsatz von 33,7 Milliarden R$. Davon entfielen 11,2 Milliarden R$ auf die Einnahmen aus der Stromübertragung.

Einnahmequelle	Betrag (R$ Milliarden)	Prozentsatz
Stromübertragung	11.2	33.2%
Stromerzeugung	15.5	46%

Regierungsinfrastrukturverträge

Staatliche Infrastrukturverträge trugen im Jahr 2022 5,6 Milliarden R$ zum Umsatz von Eletrobrás bei.

• Infrastrukturprojekte der Bundesregierung: 3,8 Milliarden R$
• Infrastrukturverträge auf Landesebene: 1,8 Milliarden R$

Investitionen in Projekte für erneuerbare Energien

Investitionen in erneuerbare Energien generierten für Eletrobrás im Jahr 2022 einen Umsatz von 2,9 Milliarden R$.

Art der erneuerbaren Energie	Umsatz (Milliarden R$)
Wasserkraft	1.7
Windkraft	0.8
Solarenergie	0.4

Stromexport- und Handelseinnahmen

Der Stromexport und -handel generierte für Eletrobrás im Jahr 2022 einen Umsatz von 3,4 Milliarden R$.

• Inländischer Stromhandel: 2,6 Milliarden R$
• Internationale Stromexporte: 0,8 Milliarden R$

Beratungsdienste für Energieeffizienz

Beratungsleistungen im Bereich Energieeffizienz trugen im Jahr 2022 0,6 Milliarden R$ zum Gesamtumsatz von Eletrobrás bei.

Art der Beratungsdienstleistung	Umsatz (Milliarden R$)
Industrielle Energieeffizienz	0.3
Kommunales Energiemanagement	0.2
Energielösungen für Privathaushalte	0.1

Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) - Canvas Business Model: Value Propositions

You're looking at Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) right now, post-privatization, and the value proposition is clearly centered on a streamlined, clean, and regulated infrastructure play. The core offering is built on providing power reliably at scale.

• - Reliable, large-scale power generation and transmission across Brazil, managing a broad network of transmission lines.
• - Commitment to a 100% renewable energy portfolio, achieved by completing the sale of the last thermal power asset in October 2025.
• - Stable, regulated transmission revenue for investors, underpinned by concession agreements.
• - Modernizing the grid through a planned R$4.5 billion transmission CAPEX for 2025.
• - Strategic focus on cost efficiency post-privatization, demonstrated by operational improvements.

The shift to a fully clean portfolio is a major value driver, aligning with the Net Zero 2030 goal. This transition involved significant asset shuffling, including the sale of Eletronuclear and EMAE, and the acquisition of the remaining 50.1% stake in Tijoá Energia for R$247 million, which added 808 MW of capacity. The company is executing 230 large-scale transmission projects as of late 2025. This focus on core infrastructure is where the predictable returns live.

The transmission segment is key to investor stability. The wins in Transmission Auction No. 04/2025 alone secured an associated Annual Permitted Revenue (RAP) of between R$138.74 million and R$140 million, with a projected CAPEX of R$1.6-1.63 billion for those specific lots. Overall, new transmission awards are expected to add R$2.4 billion in RAP to the revenue stream. Here's the quick math on the investment focus:

Metric	Value (2025 Data)	Context
Planned 2025 Transmission CAPEX	R$4.5 billion	Investment in network and reinforcements for 2025.
Q2 2025 Transmission Investment	R$1.2 billion	Portion of the Q2 total investment allocated to transmission improvements.
Total Shareholder Remuneration (FY 2025)	R$8.3 billion	Total dividends paid or distributed for the fiscal year 2025.
Total Transmission CAPEX (2025-2030 Est.)	R$12.5 billion	Total projected CAPEX for large-scale transmission projects.

Cost discipline is showing through in the operational metrics, even as the company manages the transition. For instance, in Q3 2025, Centrais Elétricas Brasileiras S.A. - Eletrobrás saw a R$ 168 million reduction in personnel, materials, services, and other expenses (PMSO) when comparing results excluding the divested thermal plants year-over-year. This operational streamlining helps support the bottom line, which is important because the company is also returning significant capital to shareholders. They approved an additional dividend payout of R$4.3 billion in December 2025, bringing the total for the year to R$8.3 billion. This is a clear signal of capital allocation discipline following the derisking process.

The value proposition also includes a commitment to resilience and modernization beyond just the grid itself. The company is actively investing in technology to manage its hydro-heavy portfolio better, including a partnership with Google Cloud to develop an AI-driven weather forecasting system to predict extreme events. Furthermore, they are investing in water resource protection, such as the R$51 million investment to protect the source of the Sao Francisco River in the Canastra Mountain chain. This shows a commitment to the environmental and operational safety of their core assets.

• - R$8.3 billion in total dividends for fiscal year 2025.
• - 100% of the energy portfolio is now clean and renewable.
• - 230 large-scale transmission projects are currently underway.
• - R$51 million investment in Sao Francisco River source protection.
• - Adjusted regulatory EBITDA (ex-thermal plants) showed a 3.4% year-over-year increase in Q3 2025.

Finance: draft 13-week cash view by Friday.

Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) - Canvas Business Model: Customer Relationships

You're looking at how Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) manages its customer base as of late 2025, a period marked by significant post-privatization portfolio shifts.

Long-term, regulated contracts with distribution utilities.

The core relationship for Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) remains anchored in the regulated sector, serving distribution utilities through long-term agreements. While specific contract volumes aren't detailed here, the financial context shows the impact of these structures. For instance, in the regulated market, residential electricity saw a 10.31% rise in September due to the end of the Itaipu Bonus credit. Furthermore, the regulatory environment dictated tariff flag charges, with the red flag level 2 adding R$7.87 per 100 kWh consumed in September, and the red flag level 1 adding R$4.46 per 100 kWh in October.

Direct sales and negotiation with large industrial consumers.

Industrial consumers are increasingly found within the free market segment, where Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) engages in direct sales and negotiation. The company's strategy focuses on acquiring end clients and selling uncontracted energy. As of the third quarter of 2025, the company reported that between 2% and 18% of its generation capacity remained uncontracted for the year 2025, presenting a direct sales opportunity.

Dedicated commercial teams for the growing free market.

The push into the free market is supported by dedicated commercial efforts. To strengthen operations in this area, Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) structured a sales team in São Paulo. This strategy has resulted in the customer base growing to 660 contracts as of early 2025, representing a 65% growth in customer contracts compared to the end of 2023. The company, which has 7,710 employees as of December 04, 2025, serves industrial users and wholesale market participants directly through its commercial operations.

Investor relations focused on post-privatization transparency.

Post-privatization, investor relations centers on demonstrating financial discipline and strategic portfolio alignment. For the full year 2025, Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) paid or distributed R$8.3 billion in dividends, with R$4.3 billion distributed in the third quarter alone. The company's net debt stood at R$42,577 million as of 3Q25. Investor communications highlight strategic achievements, such as winning four lots in Transmission Auction No. 04/2025, which secured between R$138.74-140 million RAP (Regulated Annual Revenue) and projected CAPEX between R$1.6-1.63 billion.

The relationship structure can be summarized by the following operational and financial metrics:

Metric Category	Specific Data Point	Value/Amount
Free Market Customer Growth	Customer Contracts (as of early 2025)	660
Free Market Customer Growth	Percentage Growth vs. End of 2023	65%
Uncontracted Energy Exposure	Generation Capacity Uncontracted (2025)	Between 2% and 18%
Investor Payouts	Total Dividends Distributed (2025 YTD as of 3Q25)	R$8.3 billion
Debt Position	Net Debt (as of 3Q25)	R$42,577 million
Transmission Business Development	RAP Secured in Auction 04/2025	R$138.74-140 million

The company's commitment to the transmission segment is further evidenced by 230 large-scale transmission projects underway, with an expected R$1.7 billion in additional RAP between 2025-2030.

The customer base is segmented across these channels, which are managed by a workforce of 7,710 employees as of December 04, 2025.

Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) - Canvas Business Model: Channels

You're looking at how Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) gets its power to market as of late 2025. It's a mix of massive infrastructure and market trading.

National Interconnected System (SIN) for power flow.

The backbone of delivery is the SIN. Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) operates a significant portion of this network. As of the last reported figures, the company managed 73,789 Km of transmission lines, which is 38% of the total in Brazil. This infrastructure is key to flowing power from its generation assets, where its hydro dominance still accounts for about 60% of national supply. A major channel enhancement expected to be finalized in the second half of 2025 is the Manaus-Boa Vista transmission line, a project representing a total investment of R$3.3 billion, which will achieve the goal of connecting every Brazilian state to the SIN.

The company is pushing capital into this area, planning to execute investments around R$4.5 billion throughout 2025, partly focused on this transmission expansion.

Bilateral power purchase agreements (PPAs) with large users.

Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) uses the free market channel via bilateral contracts. In one reporting period context, sales through ACL-Bilateral Contracts + STM implemented reached R$8,276 (unit not explicitly stated, but context implies large monetary value). The trend in the free market is strong, with over 13,000 migrations to this environment recorded in the first half of 2025. For perspective on the scale of these private deals, other market participants are signing contracts for volumes like 60MWm continuous or smaller deals around 5.43MWa/y.

Regulated energy auctions for new capacity.

Auctions remain a critical channel for securing long-term capacity. Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) is a confirmed participant in the 2025 tenders, which are projected to attract between R$47 billion and R$57 billion in total investments. Specifically for capacity additions, Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) has expansion projects approved for the June 27, 2025, backup capacity tender:

Project Name	Owner	Expansion Capacity (MW)
Luiz Gonzaga (Itaparica)	Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR)	986
Coaracy Nunes	Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR)	220

Also, the October 2025 transmission auction is expected to bring in R$4.6 billion in investments, where Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) is a key player.

Wholesale energy market (CCEE) for trading volumes.

Trading on the CCEE (Wholesale Energy Market) is intertwined with the growth of the free market. The sector saw significant growth in free contracting membership, exceeding 13,000 members by mid-2025. While specific Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) trading volumes on the CCEE for 2025 aren't directly quantified here, the company is actively restructuring its trading operations with a customer focus, a key strategic move from 2024.

The company's financial structure supports these activities; its gross debt was reduced to R$38.1 billion as of May 2025, and it paid out BRL 4 billion in dividends during the second quarter of 2025 alone.

• Transmission Line Investment for 2025: R$4.5 billion planned execution.
• Q1 2025 Investments: R$912 million disbursed.
• Q2 2025 Adjusted Net Income: BRL 1.4 billion.
• Total Approved Hydro Expansion Capacity in Auctions: 1,206 MW from two Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) projects.

Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) - Canvas Business Model: Customer Segments

You're looking at Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) post-privatization, where the customer base is clearly segmented by the regulatory environment of energy sales, which directly impacts revenue stability and margin potential.

The company's commercial approach, as of late 2025, centers on managing its foundational regulated contracts while aggressively pursuing growth in the higher-margin free market, a strategic pivot that saw its portfolio transform significantly since the 2022 privatization.

Centrais Elétricas Brasileiras S.A. - Eletrobrás serves distinct customer groups through two primary channels: the Regulated Contracting Environment (ACR) and the Free Contracting Environment (ACL).

For the regulated side, the customer base is primarily composed of regulated distribution companies (utilities). This segment provides a baseline of stable, long-term revenue, although the volume has seen some pressure recently. For instance, in August 2025, the regulated market of distributors accounted for 24,298 GWh of consumption, representing 53.2% of the national total, while experiencing a 5.3% drop in consumption compared to the prior year.

The growth engine is the large industrial and commercial free market consumers, reached via the ACL. This segment involves direct bilateral negotiations. As of Q1 2025, the ACL represented 40% of Centrais Elétricas Brasileiras S.A. - Eletrobrás's sales volume. The company has been successful in expanding this base, reporting that the number of ACL customers jumped to 660 contracts by early 2025, which is a 65% growth rate from the end of 2023. The strategic target is to increase the ACL share to 50% of total sales volume by 2026.

The remaining energy, which includes volumes sold to wholesale energy traders and brokers, is tied to the uncontracted capacity. For 2025, between 2% and 18% of Centrais Elétricas Brasileiras S.A. - Eletrobrás's total installed capacity remains uncontracted, available for spot market or short-term trading, which involves these wholesale participants.

The overall revenue context for late 2025 reflects these segments. For the last twelve months ending September 2025, total revenue was approximately R$42.64 billion.

Here is a comparison of the two main market segments based on August 2025 national consumption data and Centrais Elétricas Brasileiras S.A. - Eletrobrás's Q1 2025 sales volume split:

Customer Segment Group	Market Environment	Volume Share of National Demand (August 2025)	EBR Sales Volume Share (Q1 2025)
Regulated Distribution Companies (Utilities)	ACR (Regulated)	53.2% (Consumption: 24,298 GWh)	Approx. 60%
Large Industrial/Commercial Consumers	ACL (Free)	46.8% (Consumption: 21,364 GWh)	Approx. 40%

The focus on the free market means Centrais Elétricas Brasileiras S.A. - Eletrobrás is increasingly dealing directly with large consumers, but the regulated segment remains the largest by volume share for the broader market.

The company's customer base is also defined by its operational scale, as it holds a substantial 38.49% of the National Interconnected System's transmission lines, which generates secure, regulated tariff revenue independent of energy sales volume.

You should track the migration of captive consumers to the free market, as this trend directly feeds Centrais Elétricas Brasileiras S.A. - Eletrobrás's ACL growth strategy.

• ACL Customer Count (Early 2025): 660 contracts.
• ACL Customer Growth (vs. end of 2023): 65%.
• Uncontracted Generation Capacity (2025 Estimate): Between 2% and 18%.
• Total Revenue (Last Twelve Months ending Sept 2025): Approx. R$42.64 billion.
• Q3 2025 Revenue: 10.00B BRL.

Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) - Canvas Business Model: Cost Structure

When you look at the cost side of Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR), you see the heavy lift required to run a massive, essential utility in Brazil. The costs are dominated by necessary, long-term investments and the ongoing burden of past financing and regulatory obligations. It's not just about keeping the lights on; it's about modernizing the grid for the next few decades.

The capital expenditure (CAPEX) is a major drain, though the actual execution for 2025 seems lower than the R$12 billion figure you mentioned in your outline. For instance, in the second quarter of 2025, investments were reported at R$1.966 billion, and management guided for an execution around R$4.5 billion for the full year 2025, focusing heavily on transmission projects. Still, this level of investment is significant, especially when you consider the need to maintain and expand a vast network across the country.

Operational and maintenance costs are baked into the structure, often reflected in the Personnel, Material, Services, and Others (PMSO) line item. Following corporate restructuring, you saw PMSO decrease by 8% compared to the same period in 2024 for the first quarter of 2025. This efficiency drive is critical because, despite strong operational performance, the bottom line has been squeezed. For example, in Q2 2025, the EBITDA margin proxy was strong at approximately 53.37%, yet the reported Net Profit Margin was approximately -14.11% for the full estimated fiscal year 2025.

The debt load, even with active management, still generates substantial interest expense. As of the quarter ending June 30, 2025, Centrais Elétricas Brasileiras S.A. - Eletrobrás reported its long-term debt at approximately $10.544 billion. Management has been actively working on liability management, reducing compulsory debts from R$20 billion to now under R$12 billion. However, the total debt was still reported at R$75.32 billion as of the third quarter of 2025.

Regulatory charges and concession fees are another layer you can't ignore. These are the costs of doing business under concession agreements. For example, a review by Aneel in Q1 2025 alone impacted the accounting result by R$952 million. Furthermore, the company has significant liabilities related to regulatory fees, with a balance of R$993,434 thousand (or about R$0.993 billion) recorded as of June 30, 2025.

Here's a quick look at how some of these key cost and liability components stacked up in mid-2025:

Cost/Liability Component	Value (BRL or USD)	Period/Context
Estimated Full Year 2025 CAPEX Execution	R$4.5 billion	2025 Estimate
Q2 2025 Investments (CAPEX)	R$1.966 billion	Q2 2025
Long-Term Debt	$10.544 billion	As of Q2 2025
Total Debt	R$75.32 billion	As of Q3 2025
Compulsory Loans (Reduced to)	Under R$12 billion	As of Q2 2025
Regulatory Fees (Liability)	R$993,434 thousand	As of 06/30/2025
PMSO Reduction (YoY)	8%	Q1 2025 vs Q1 2024

You should also keep an eye on the specific costs tied to major infrastructure pushes, like the Roraima interconnection, which carried a CapEx of BRL 3.3 billion and is expected to be completed within forecasted costs. The cost structure is definitely dynamic, shifting between necessary debt servicing and massive, long-term asset investment.

The major cost drivers that you need to track closely are:

• - Capital expenditure, currently guided around R$4.5 billion for 2025 execution.
• - Interest expense embedded in servicing the total debt of R$75.32 billion as of Q3 2025.
• - Regulatory adjustments, like the R$952 million impact in Q1 2025 from a Chesf review.
• - Personnel and administrative costs (PMSO), which are being actively managed down post-privatization.
• - Concession fees and regulatory liabilities, such as the R$993,434 thousand in regulatory fees liability as of June 30, 2025.

Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) - Canvas Business Model: Revenue Streams

You're looking at the core ways Centrais Elétricas Brasileiras S.A. - Eletrobrás generates cash flow following its privatization and strategic pivot. Honestly, the revenue mix is dominated by regulated contracts, but the shift to 100% renewable generation changes the risk profile.

For the last twelve months ending September 2025, the total revenue for Centrais Elétricas Brasileiras S.A. - Eletrobrás was roughly R$42.64 billion, with segment revenue reported around R$44.24 billion.

The primary revenue streams are clearly delineated between the power generated and the fees collected for using the transmission grid. Here's how the major components break down based on the latest model structure:

Revenue Stream Component	Approximate Amount (LTM Sept 2025)	Percentage of Segment Revenue
Generation Revenue	R$25.72 billion	58.1%
Transmission Fees (RAP)	R$18.19 billion	41.1%

The company has completed its strategic move, meaning the generation revenue is now entirely from clean and renewable sources, having sold off its last thermal power asset in Q3 2025.

Beyond the core regulated businesses, Centrais Elétricas Brasileiras S.A. - Eletrobrás captures revenue through other activities:

• Energy trading and commercialization activities across regulated (ACR) and free (ACL) markets.
• Income derived from dividends and equity stakes in joint ventures, supporting capital allocation strategy.

To give you a sense of the recent quarterly fluctuations, the Q3 2025 adjusted gross revenue was R$12.4 billion on an IFRS basis, while the regulatory gross revenue fell by 9.3% to R$11.7 billion for that quarter. Still, the company announced a total dividend payout of R$8.3 billion for the fiscal year 2025, showing a commitment to shareholder returns despite the accounting impacts of the transition.

Also, note that investments in the transmission segment, such as those from the latest auction, are expected to increase the transmission revenue stream by another BRL 2.4 billion over time, reinforcing that regulated income base. The Q2 2025 net operating revenue was reported at R$10.2 billion, which was up 21% year-on-year, illustrating the top-line strength even when costs and non-cash items pressure the bottom line.