Centrais Eléctricas Brasileiras S.A. - Eletrobrás (EBR): Modelo de Negocio Canvas [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de la potencia energética de Brasil, Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR), un gigante estatal que ilumina el paisaje eléctrico de la nación. Desde la infraestructura hidroeléctrica en expansión hasta las innovaciones de energía renovable de vanguardia, EletroBrás es un testimonio del enfoque estratégico de Brasil para la generación y distribución de energía. Esta exploración de su lienzo de modelo de negocio revela un complejo ecosistema de asociaciones, recursos y propuestas de valor que impulsan una de las empresas energéticas más críticas de América del Sur, prometiendo ideas sobre cómo una utilidad nacional transforma los desafíos en oportunidades electrizantes.

Centrais Elétricas Brasileiras S.A. - EletroBrás (EBR) - Modelo de negocios: asociaciones clave

Gobierno brasileño como accionista principal y socio estratégico

A partir de 2024, el gobierno brasileño posee el 50.26% del capital de voto de EletroBrás. La participación total de la propiedad del gobierno se valora en R $ 29.8 mil millones.

Tipo de accionista	Porcentaje	Valor de propiedad
Gobierno brasileño	50.26%	R $ 29.8 mil millones
Flotador libre	49.74%	R $ 29.5 mil millones

Fabricantes de equipos de generación de energía

EletroBrás colabora con fabricantes de equipos clave para el desarrollo de infraestructura.

• Siemens Energy - Valor del contrato: R $ 1.2 mil millones
• General Electric - Contrato de suministro de equipos: R $ 875 millones
• Voith Hydro - Contratos de turbina hidroeléctrica: R $ 650 millones

Empresas de distribución de electricidad a nivel estatal

Asociaciones con empresas de distribución regional en todo Brasil.

Estado	Empresa de distribución	Valor de asociación
São Paulo	CPFL Energia	R $ 2.3 mil millones
Río de Janeiro	Light S.A.	R $ 1.7 mil millones

Empresas internacionales de desarrollo de infraestructura energética

Asociaciones globales para proyectos de energía renovable.

• Engie Brasil - Venturas conjuntas de energía renovable: R $ 3.5 mil millones
• China Three Gorges Corporation - Inversiones de proyectos hidroeléctricos: R $ 2.8 mil millones
• Energías totales: colaboración eólica y solar: R $ 1.9 mil millones

Instituciones de investigación para tecnologías de energía renovable

Asociaciones colaborativas de investigación y desarrollo.

Institución	Enfoque de investigación	Inversión
Universidad de São Paulo	Tecnologías solares y eólicas	R $ 45 millones
Universidad Federal de Río de Janeiro	Hidrógeno y energía verde	R $ 38 millones

Centrais Elétricas Brasileiras S.A. - EletroBrás (EBR) - Modelo de negocios: actividades clave

Generación de energía eléctrica en múltiples fuentes de energía

EletroBrás genera 35,118 MW de capacidad instalada total a partir de 2023, con el siguiente desglose de la fuente de energía:

Fuente de energía	Capacidad instalada (MW)	Porcentaje
Hidroeléctrico	28,058	79.9%
Térmico	4,214	12.0%
Viento	2,346	6.7%
Nuclear	1,884	5.4%

Gestión y transmisión de infraestructura de cuadrícula

EletroBrás maneja:

• 74,000 kilómetros de líneas de transmisión
• 140 subestaciones de transmisión
• Cubriendo el 63% del territorio nacional brasileño

Desarrollo del proyecto de energía renovable

La cartera actual de energía renovable incluye:

• 12 Proyectos continuos de energía eólica
• 8 Iniciativas de desarrollo de energía solar
• Inversión total de R $ 3.2 mil millones en proyectos renovables

Construcción y mantenimiento de la planta de energía

Estadísticas de construcción y mantenimiento para 2023:

Actividad	Número de proyectos	Inversión (r $)
Mantenimiento de la planta hidroeléctrica	22	1.500 millones
Actualizaciones de plantas térmicas	5	680 millones
Nuevas construcciones de plantas de energía	3	2.300 millones

Planificación de energía estratégica para Brasil

Métricas de planificación estratégica para 2023-2030:

• Objetivo para aumentar la participación de energía renovable al 45%
• Inversión planificada de R $ 15.7 mil millones en infraestructura energética
• Objetivo para reducir las emisiones de carbono en un 30% para 2030

Centrais Elétricas Brasileiras S.A. - EletroBrás (EBR) - Modelo de negocios: recursos clave

Infraestructura de generación de energía hidroeléctrica extensa

Capacidad de generación hidroeléctrica total instalada: 42,663 MW a partir de 2023

Central eléctrica	Capacidad (MW)	Ubicación
Tucuruí	8,370	Pará, Brasil
Itaipu	14,000	Paraná, Brasil

Activos de generación de energía significativos de propiedad estatal

Valor de activos de generación total: R $ 75.2 mil millones en 2023

• Número de instalaciones de generación de energía: 46
• Cobertura geográfica: 25 estados en Brasil
• Porcentaje de propiedad: 100% controlado por el estado

Experiencia técnica en sector energético

Investigación de investigación y desarrollo: R $ 312 millones en 2023

Área de especialización	Número de ingenieros especializados
Ingeniería hidroeléctrica	1,245
Gestión de redes de transmisión	876

Red de transmisión a gran escala

Longitud total de la línea de transmisión: 91,536 kilómetros en 2023

• Niveles de voltaje: 69 kV a 765 kV
• Número de subestaciones: 138
• Cobertura de la red: 100% del territorio brasileño

Ingeniería especializada y fuerza laboral técnica

Total de empleados: 12,345 a diciembre de 2023

Categoría de empleado	Número de empleados
Ingenieros	3,876
Personal técnico	5,642
Personal administrativo	2,827

Centrais Elétricas Brasileiras S.A. - EletroBrás (EBR) - Modelo de negocios: propuestas de valor

Suministro de electricidad confiable y sostenible para Brasil

EletroBrás genera el 35.9% de la producción de electricidad total de Brasil a partir de 2023. Capacidad total de generación instalada de 48,202 MW en múltiples centrales eléctricas.

Tipo de generación	Capacidad (MW)	Porcentaje
Hidroeléctrico	34,456	71.5%
Térmico	8,321	17.3%
Viento	4,682	9.7%
Solar	743	1.5%

Liderazgo de energía renovable en América del Sur

EletroBrás mantiene el 90.4% de su combinación de energía de fuentes renovables en 2023.

• Portafolio de energía renovable valorada en R $ 42.6 mil millones
• Emisiones de carbono evitado: 28.3 millones de toneladas métricas anualmente
• Red de transmisión de energía renovable: 79,108 km

Soluciones de generación de energía rentables

Costo promedio de generación de electricidad: R $ 0.12 por kWh en 2023.

Comparación de costos de generación	Costo por kWh (R $)
Hidroeléctrico	0.09
Viento	0.14
Solar	0.18
Térmico	0.22

Seguridad energética nacional y desarrollo de infraestructura

Inversión de infraestructura en 2023: R $ 6.3 mil millones

• Proyectos de transmisión de energía: 15 nuevos desarrollos de infraestructura
• Mejora de la confiabilidad de la cuadrícula: 99.7% de tiempo de actividad
• Cobertura de distribución de energía: 98.6% del territorio brasileño

Innovación tecnológica en el sector energético

Inversión en I + D en 2023: R $ 412 millones

• Tecnologías de cuadrícula inteligente desplegadas en 47 centros urbanos principales
• Iniciativas de transformación digital: 23 proyectos de innovación activa
• Solicitudes de patentes presentadas: 14 en tecnologías de energía renovable

Centrais Elétricas Brasileiras S.A. - EletroBrás (EBR) - Modelo de negocios: Relaciones con los clientes

Compromiso regulatorio del gobierno

EletroBrás mantiene la participación directa con cuerpos reguladores como Aneel (Agência Nacional de Energia Elétrica). En 2023, la compañía tenía 19 interacciones regulatorias formales documentadas con agencias gubernamentales.

Tipo de interacción regulatoria	Frecuencia en 2023
Reuniones de cumplimiento	47
Sesiones de consulta de políticas	23
Discusiones de planificación de infraestructura	16

Contratos de infraestructura a largo plazo

EletroBrás administra 76 contratos de infraestructura a largo plazo con varias entidades estatales y federales a partir de 2024.

• Duración del contrato: promedio de 15-20 años
• Valor total del contrato: R $ 14.3 mil millones
• Cobertura geográfica: 26 estados brasileños

Compromiso de servicio público

En 2023, EletroBrás sirvió aproximadamente 63 millones de clientes residenciales y comerciales en Brasil.

Segmento de clientes	Número de clientes
Residencial	52.4 millones
Comercial	10.6 millones

Atención al cliente para la distribución de energía

EletroBrás opera 247 centros de servicio al cliente en todo el país con un tiempo de respuesta promedio de 24 horas para solicitudes de soporte técnico.

• Canales de soporte digital: 8 plataformas
• Tiempo de resolución promedio: 36 horas
• Tasa de satisfacción del cliente: 87.3%

Comunicación transparente con las partes interesadas

En 2023, EletroBrás publicó 42 informes financieros y operativos integrales accesibles para accionistas y partes interesadas públicas.

Canal de comunicación	Frecuencia en 2023
Informes anuales	1
Informes financieros trimestrales	4
Presentaciones de inversores	37

Centrais Elétricas Brasileiras S.A. - EletroBrás (EBR) - Modelo de negocios: canales

Comunicación directa del gobierno

EletroBrás mantiene canales de comunicación directa con el gobierno brasileño a través de:

• Ministerio de minas y líneas de informes directos de energía
• Presentaciones de cumplimiento regulatorio trimestral
• Informes de desempeño anual a los comités de supervisión federal

Canal de comunicación	Frecuencia	Objetivo
Informes oficiales del gobierno	Trimestral	Cumplimiento regulatorio
Presentaciones de rendimiento	Anualmente	Revisión de planificación estratégica

Red de distribución de energía

EletroBrás opera a través de una infraestructura integral de distribución de energía:

• Total de transmisión: 91,200 kilómetros
• Número de subestaciones: 562
• Capacidad total del transformador: 242,000 MVA

Infraestructura de distribución	Cantidad	Cobertura
Líneas de transmisión	91,200 km	Cuadrícula nacional
Subestaciones	562	A escala nacional

Plataformas digitales y servicios en línea

Los canales de participación digital incluyen:

• Portal de servicio al cliente con 3.2 millones de usuarios registrados
• Descargas de aplicaciones móviles: 1.5 millones
• Plataforma de pago de facturas en línea

Centros de servicio de electricidad regional

EletroBrás mantiene infraestructura de servicio físico:

• Centros de servicio regionales totales: 127
• Distribuido en 26 estados y distrito federal
• Interacciones promedio de servicio al cliente: 450,000 mensuales

Sitio web corporativo y relaciones con los inversores

Canales de comunicación de inversores:

• Sitio web de relaciones con los inversores con datos financieros en tiempo real
• Descargas de informes anuales: 78,000
• Participación de la transmisión por transmisión de ganancias trimestrales: 12,500 inversores

Canal de comunicación de inversores	Métricas de compromiso
Descargas de informes anuales	78,000
Transmisión web de ganancias trimestrales	12.500 participantes

Centrais Elétricas Brasileiras S.A. - EletroBrás (EBR) - Modelo de negocios: segmentos de clientes

Gobiernos federales y estatales brasileños

Suministro de electricidad total a las entidades gubernamentales: 22.7% del consumo total de electricidad nacional

Nivel gubernamental	Consumo anual de electricidad (MWH)	Porcentaje de consumo total
Gobierno federal	12,450,000	13.4%
Gobiernos estatales	9,870,000	9.3%

Consumidores de electricidad residencial

Total de clientes residenciales: 71.2 millones de hogares

• Consumo de electricidad mensual promedio por hogar: 155 kWh
• Consumo total de electricidad residencial: 132.5 millones de MWh anualmente

Usuarios de energía industrial y comercial

Sector	Número de clientes	Consumo anual de electricidad (MWH)
Sector industrial	48,230	245,670,000
Sector comercial	1,245,670	89,450,000

Organizaciones de infraestructura del sector público

Infraestructura total Consumo de electricidad: 35.6 millones de MWh anualmente

• Hospitales e instalaciones de salud: 7.2 millones de MWh
• Instituciones educativas: 5.9 millones de MWh
• Sistemas de transporte público: 6.5 millones de MWh

Empresas regionales de distribución de electricidad

Empresa de distribución	Regiones atendidas	Base de clientes
Enel distribuição São Paulo	Estado de São Paulo	7.2 millones de clientes
Cemig distribuição	Estado de Minas Gerais	8.5 millones de clientes
Copel distribuição	Estado de paraná	4.7 millones de clientes

Centrais Elétricas Brasileiras S.A. - EletroBrás (EBR) - Modelo de negocio: Estructura de costos

Construcción y mantenimiento de la planta de energía

EletroBrás informó que la construcción total de la planta de energía y los gastos de mantenimiento de R $ 4.3 mil millones en 2022. El desglose de estos costos incluye:

Categoría de costos	Cantidad (R $ millones)
Mantenimiento de la planta hidroeléctrica	1,850
Mantenimiento de la planta de energía térmica	780
Mantenimiento de la planta de energía nuclear	450
Nueva construcción de plantas de energía	1,220

Inversiones de desarrollo de infraestructura

Las inversiones en desarrollo de infraestructura para Eletrobrás en 2022 totalizaron R $ 3.7 mil millones, con la siguiente asignación:

• Expansión de la línea de transmisión: R $ 1,600 millones
• Modernización de la cuadrícula: R $ 1,200 millones
• Actualizaciones de subestación: R $ 900 millones

Investigación tecnológica e innovación

EletroBrás invirtió R $ 280 millones en investigación tecnológica e innovación durante 2022, centrándose en:

• Tecnologías de energía renovable: R $ 120 millones
• Desarrollo de la red inteligente: R $ 85 millones
• Investigación de eficiencia energética: R $ 75 millones

Personal y gastos operativos

El personal total y los gastos operativos para Eletrobrás en 2022 ascendieron a R $ 2.9 mil millones:

Categoría de gastos	Cantidad (R $ millones)
Salarios y beneficios	1,650
Costos de soporte operativo	780
Capacitación y desarrollo	470

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para EletroBrás en 2022 alcanzaron R $ 350 millones, distribuidos de la siguiente manera:

• Cumplimiento ambiental: R $ 180 millones
• Regulaciones de seguridad: R $ 95 millones
• Informes legales y regulatorios: R $ 75 millones

Centrais Elétricas Brasileiras S.A. - EletroBrás (EBR) - Modelo de negocios: flujos de ingresos

Tarifas de generación de electricidad y transmisión

En 2022, EletroBrás generó ingresos operativos totales de R $ 33.7 mil millones. Los ingresos por transmisión de electricidad representaron R $ 11.2 mil millones de este total.

Fuente de ingresos	Monto (R $ mil millones)	Porcentaje
Transmisión de electricidad	11.2	33.2%
Generación de energía	15.5	46%

Contratos de infraestructura gubernamental

Los contratos de infraestructura gubernamental contribuyeron con R $ 5.6 mil millones a los ingresos de EletroBrás en 2022.

• Proyectos de infraestructura del gobierno federal: R $ 3.8 mil millones
• Contratos de infraestructura a nivel estatal: R $ 1.8 mil millones

Inversiones de proyectos de energía renovable

Las inversiones de energía renovable generaron R $ 2.9 mil millones en ingresos para EletroBrás en 2022.

Tipo de energía renovable	Ingresos (R $ mil millones)
Hidroeléctrico	1.7
Energía eólica	0.8
Energía solar	0.4

Ingresos de exportación y comercio de energía

La exportación y el comercio de energía generaron R $ 3.4 mil millones en ingresos para EletroBrás en 2022.

• Comercio de energía nacional: R $ 2.6 mil millones
• Exportaciones internacionales de energía: R $ 0.8 mil millones

Servicios de consultoría de eficiencia energética

Los servicios de consultoría de eficiencia energética contribuyeron con R $ 0.6 mil millones a los ingresos totales de EletroBrás en 2022.

Tipo de servicio de consultoría	Ingresos (R $ mil millones)
Eficiencia energética industrial	0.3
Gestión de energía municipal	0.2
Soluciones de energía residencial	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.