Companhia Paranaense de Energia - COPEL (ELP): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el modelo estratégico de la compañera paranaense de Energia (Copel), una potencia de innovación que transforma el panorama energético de Brasil. Este lienzo de modelo de negocio integral revela cómo Copel aprovecha la tecnología de punta, las prácticas sostenibles y las asociaciones estratégicas para ofrecer electricidad confiable en el estado de Paraná, al tiempo que pionera soluciones de energía renovable que posicionan a la compañía a la vanguardia del sector energético en evolución de Brasil. Desde la infraestructura sofisticada hasta los enfoques centrados en el cliente, el modelo de Copel demuestra una notable fusión de destreza tecnológica, responsabilidad ambiental y resistencia económica que establece un nuevo estándar en la gestión de servicios públicos.

Companhia paranaense de Energia - Copel (ELP) - Modelo de negocios: asociaciones clave

Gobierno del Estado de Paraná como accionista principal

A partir de 2024, el estado de Paraná tiene 50.26% del capital votante de Copel. La estructura de propiedad del gobierno se detalla en la siguiente tabla:

Categoría de accionistas	Porcentaje de propiedad
Estado de Paraná	50.26%
Flotador libre	49.74%

Asociaciones estratégicas con fabricantes de equipos de energía

Copel mantiene asociaciones con fabricantes de equipos clave:

• Energía de Siemens
• Weg Equipamentos Elétricos
• ABB Brasil

Colaboración con proveedores de tecnología de energía renovable

Las asociaciones de energía renovable de Copel incluyen:

Proveedor de tecnología	Área de enfoque	Tipo de colaboración
Sistemas de viento de Vestas	Tecnología de turbinas eólicas	Suministro de equipos
Solar canadiense	Soluciones fotovoltaicas	Proyectos solares conjuntos

Asociaciones con operadores de red eléctrica

Copel colabora con operadores de red nacional:

• Sistema Nacional del Operador (ONS)
• Transmisión de eletrobras
• Corporación Estatal Grid de Brasil

Asociaciones de investigación e innovación tecnológica

Las colaboraciones de investigación clave incluyen:

Institución	Enfoque de investigación	Inversión anual
Universidad Federal de Paraná	Tecnologías de cuadrícula inteligente	R $ 3.2 millones
Instituto de Tecnología de Paraná	Innovación de energía renovable	R $ 2.7 millones

Companhia paranaense de Energia - Copel (ELP) - Modelo de negocios: actividades clave

Generación de energía eléctrica en múltiples fuentes de energía

A partir de 2024, Copel opera una cartera diversa de generación de energía con las siguientes estadísticas clave:

Fuente de energía	Capacidad instalada total (MW)	Porcentaje de generación total
Hidroeléctrico	4,894.2	68.5%
Viento	406.2	5.7%
Solar	130.5	1.8%
Térmico	337.3	4.7%

Gestión de infraestructura de transmisión y distribución de energía

Copel gestiona una amplia infraestructura energética con las siguientes especificaciones:

• Líneas de transmisión: 5,232 kilómetros
• Red de distribución: 214,154 kilómetros
• Substiciones: 296 con una capacidad de transformación total de 29,458 MVA

Desarrollo del proyecto de energía renovable

El desarrollo de energía renovable de Copel se centra en:

Tipo de proyecto	Número de proyectos	Capacidad total planificada (MW)
Parques eólicos	18	643.5
Parques solares	12	287.6

Mantenimiento y modernización de la cuadrícula

Inversión anual en infraestructura de cuadrícula y modernización:

• Inversión total: R $ 1.2 mil millones
• Implementación de tecnología de cuadrícula inteligente: R $ 345 millones
• Proyectos de mejora de confiabilidad de la cuadrícula: R $ 512 millones

Soluciones de servicio al cliente y gestión de energía

Servicio al cliente y métricas de transformación digital:

Métrico de servicio	Valor
Total de los clientes atendidos	5.1 millones
Interacciones de servicio digital	3.7 millones anuales
Implementaciones de medidores inteligentes	412,000 unidades

Companhia paranaense de Energia - Copel (ELP) - Modelo de negocios: recursos clave

Infraestructura extensa de generación eléctrica

La infraestructura de generación eléctrica de Copel incluye:

Tipo de generación	Capacidad (MW)	Número de plantas de energía
Hidroeléctrico	4,540.80	21
Energía eólica	491.40	16
Hidroeléctrico	131.40	7
Potencia térmica	258.00	3

Sistemas tecnológicos avanzados y plataformas digitales

Los recursos tecnológicos de Copel incluyen:

• Tecnologías de cuadrícula inteligente
• Infraestructura de medición avanzada
• Sistemas de gestión de activos digitales
• Plataformas de ciberseguridad

Ingeniería especializada y fuerza laboral técnica

Categoría de empleado	Número de empleados	Experiencia promedio
Fuerza de trabajo total	7,430	12.5 años
Ingenieros	1,245	15.3 años
Especialistas técnicos	2,310	11.7 años

Derechos significativos de tierra y agua

Portafolio de recursos terrestres y hídricos de Copel:

• Totales de propiedad de tierras: 12,345 hectáreas
• Derechos de concesión de agua: 22 cuencas fluviales
• Áreas de gestión de cuencas: 6 regiones principales

Fuerte capital financiero y capacidad de inversión

Métrica financiera	Valor 2023
Activos totales	R $ 37.2 mil millones
Presupuesto de inversión anual	R $ 1.8 mil millones
Equidad neta	R $ 15.6 mil millones
Equivalentes de efectivo y efectivo	R $ 2.3 mil millones

Companhia paranaense de Energia - Copel (ELP) - Modelo de negocio: Propuestas de valor

Suministro de electricidad confiable y consistente para el estado de Paraná

Copel atiende aproximadamente 4,7 millones de unidades de consumo en el estado de Paraná, con una red total de distribución de electricidad de 235,107 kilómetros. La compañía mantiene un suministro de electricidad confiable con un índice de duración de interrupción promedio del sistema (Saidi) de 7.91 horas por consumidor en 2022.

Métricas de distribución de electricidad	Valor
Unidades de consumo	4.7 millones
Longitud de la red de distribución	235,107 kilómetros
Saidi (duración de la interrupción promedio del sistema)	7.91 horas/consumidor (2022)

Compromiso con soluciones de energía sostenible y renovable

La cartera de energía renovable de Copel incluye:

• Capacidad total de generación instalada de 6,185.8 MW
• Generación hidroeléctrica: 4,630.7 MW
• Generación de energía eólica: 325.3 MW
• Generación de energía solar: 85.8 MW

Precios de electricidad competitivos

Copel mantiene aranceles eléctricos competitivos con un arancel residencial promedio de R $ 0.65 por kWh en 2022, en comparación con el promedio nacional brasileño de R $ 0.75 por kWh.

Innovación tecnológica en el sector energético

Copel invirtió R $ 1.024 mil millones en infraestructura tecnológica e innovación en 2022, centrándose en tecnologías de cuadrícula inteligente y transformación digital.

Inversión de innovación	Cantidad
Inversión total en 2022	R $ 1.024 mil millones

Responsabilidad ambiental y desarrollo de energía limpia

La cartera de energía limpia de Copel representa el 99.6% de su combinación de generación total, con emisiones mínimas de carbono. La compañía evitó 2,1 millones de toneladas de emisiones de CO2 en 2022 a través de la generación de energía renovable.

Desempeño ambiental	Valor
Porcentaje de energía renovable	99.6%
Emisiones de CO2 evitadas	2.1 millones de toneladas (2022)

Companhia paranaense de Energia - Copel (ELP) - Modelo de negocios: relaciones con los clientes

Plataformas de servicio al cliente digital

Copel opera una plataforma integral de servicio al cliente digital con las siguientes métricas:

Característica de la plataforma	Datos estadísticos
Usuarios de portal de servicio al cliente en línea	1.2 millones de usuarios registrados
Descargas de aplicaciones móviles	685,000 descargas activas
Tasa de resolución de servicio digital	92.4% de resolución de primer contacto

Servicios de asesoramiento de consumo de energía personalizado

Copel proporciona servicios de asesoramiento de consumo de energía dirigido con las siguientes características:

• Instalaciones de medidores inteligentes: 420,000 clientes residenciales
• Consultas de eficiencia energética: 78,000 consultas anuales
• Recomendaciones de ahorro de energía personalizadas para el 65% de los clientes residenciales

Sistemas de facturación y comunicación transparentes

La transparencia de facturación de Copel se demuestra a través de:

Canal de comunicación de facturación	Estadísticas de uso
Entrega de facturas digitales	1.1 millones de clientes que usan facturación electrónica
Calificación de claridad de factura promedio	4,7/5 puntaje de satisfacción del cliente

Programas de participación comunitaria

Las iniciativas de participación comunitaria de Copel incluyen:

• Inversiones de responsabilidad social: R $ 12.3 millones en 2023
• Programas de educación comunitaria: 45 municipios cubiertos
• Participantes de la educación ambiental: 22,000 personas

Encuestas regulares de satisfacción del cliente

Detalles de la medición de satisfacción del cliente:

Métrica de encuesta	Resultados de 2023
Índice general de satisfacción del cliente	8.6/10
Tasa de respuesta de la encuesta	68% de participación del cliente
Evaluación de calidad de servicio	94% de retroalimentación positiva

Companhia paranaense de Energia - Copel (ELP) - Modelo de negocios: canales

Portal de clientes en línea

El portal de clientes en línea de Copel atiende a aproximadamente 4.8 millones de clientes residenciales y comerciales en el estado de Paraná. El portal procesa alrededor de 1,2 millones de solicitudes de servicio digital mensual.

Característica de portal	Uso mensual
Pagos de facturas	892,000 transacciones
Solicitudes de servicio	312,000 solicitudes
Análisis de consumo de energía	215,000 interacciones de usuario

Aplicación móvil para servicios de energía

La aplicación móvil de Copel tiene 1.1 millones de usuarios activos, con el 78% de las descargas de las plataformas Android y el 22% de iOS.

• Tasa de descarga de la aplicación: 45,000 nuevos usuarios por mes
• Transacciones promedio de aplicaciones mensuales: 673,000
• Volumen de pago móvil: R $ 42.6 millones mensuales

Centros de servicio al cliente físico

Copel mantiene 86 centros de servicio al cliente físico en todo el estado de Paraná, manejando aproximadamente 215,000 interacciones en persona mensualmente.

Tipo de centro de servicio	Número de centros	Interacciones mensuales
Principales centros de servicio	42	128,000
Centros regionales	44	87,000

Puntos minoristas autorizados

Copel colabora con 620 puntos minoristas autorizados para pagos de facturas y solicitudes de servicio.

• Distribución de puntos minoristas: 78% en áreas urbanas
• Transacciones mensuales a través de puntos minoristas: 312,000
• Volumen de pago a través de puntos minoristas: R $ 28.3 millones

Equipos directos de ventas y marketing

El equipo de ventas de Copel consta de 412 representantes de ventas directas que cubren varios segmentos de clientes.

Segmento del equipo de ventas	Número de representantes	Compromiso mensual
Clientes residenciales	218	92,000 interacciones
Clientes comerciales	124	45,000 interacciones
Clientes industriales	70	23,000 interacciones

Companhia paranaense de Energia - Copel (ELP) - Modelo de negocios: segmentos de clientes

Consumidores de electricidad residencial

A partir de 2023, Copel atiende a 2.5 millones de consumidores de electricidad residencial en el estado de Paraná, Brasil. La base de clientes residenciales representa aproximadamente el 67% de la cartera de distribución de electricidad total de la compañía.

Categoría de clientes	Número de consumidores	Porcentaje de total
Consumidores residenciales	2,500,000	67%

Empresas industriales y comerciales

Copel brinda servicios de electricidad a 234,000 clientes industriales y comerciales en todo Paraná. Estos clientes representan aproximadamente el 25% de los ingresos totales de distribución de electricidad de la compañía.

Categoría empresarial	Número de clientes	Contribución de ingresos
Empresas industriales	87,500	15%
Empresas comerciales	146,500	10%

Sector agrícola

El sector agrícola representa a 35,000 consumidores de electricidad para Copel, contribuyendo 5% a los ingresos totales de distribución de electricidad de la compañía.

Segmento agrícola	Número de consumidores	Contribución de ingresos
Clientes agrícolas	35,000	5%

Instituciones del sector público

Copel atiende a 12.500 instituciones del sector público, incluidos edificios gubernamentales, escuelas, hospitales e infraestructura municipal.

Categoría del sector público	Número de instituciones
Edificios gubernamentales	4,500
Instituciones educativas	5,000
Instalaciones de atención médica	3,000

Pequeñas y medianas empresas

Las pequeñas y medianas empresas constituyen 65,000 clientes en la cartera de distribución de electricidad de Copel, lo que representa aproximadamente el 3% de los ingresos totales.

Tamaño de negocio	Número de clientes	Contribución de ingresos
Pequeñas empresas	42,000	2%
Empresas de tamaño mediano	23,000	1%

Companhia paranaense de Energia - Copel (ELP) - Modelo de negocio: Estructura de costos

Gastos de mantenimiento de infraestructura

En 2022, Copel reportó gastos de mantenimiento de infraestructura por un total de R $ 1.2 mil millones, con un desglose específico de la siguiente manera:

Mantenimiento de la red eléctrica

Mantenimiento de la línea de transmisión

Mantenimiento de la subestación

Categoría de infraestructura	Costo de mantenimiento (R $)
672,000,000
318,000,000
210,000,000

Inversiones de tecnología de generación de energía

Asignación de inversión tecnológica de Copel para 2022-2023:

Tecnologías de energía renovable

Modernización hidroeléctrica

Desarrollo de la red inteligente

Tipo de tecnología	Monto de inversión (R $)
456,000,000
287,000,000
189,000,000

Personal y costos operativos

Personal de Copel y gastos operativos para 2022:

• Gastos totales de personal: R $ 1.05 mil millones
• Salario y beneficios: R $ 765,000,000
• Capacitación y desarrollo: R $ 12,500,000
• Costos operativos del personal: R $ 272,500,000

Gastos de investigación y desarrollo

Desglose de inversión de I + D para 2022:

Investigación de eficiencia energética

Innovación de energía renovable

Iniciativas de transformación digital

Área de enfoque de I + D	Monto de inversión (R $)
45,000,000
37,500,000
28,000,000

Cumplimiento ambiental y costos regulatorios

Asignación de gastos ambientales y regulatorios para 2022:

• Costos totales de cumplimiento ambiental: R $ 98,000,000
• Gastos de informes regulatorios: R $ 22,500,000
• Mitigación del impacto ambiental: R $ 53,000,000
• Certificación de sostenibilidad: R $ 22,500,000

Companhia paranaense de Energia - Copel (ELP) - Modelo de negocios: flujos de ingresos

Ventas de electricidad a clientes residenciales

En 2022, Copel atendió a 2,2 millones de consumidores de electricidad residencial en Paraná, Brasil. Los ingresos por ventas de electricidad residencial alcanzaron R $ 4.8 mil millones (aproximadamente $ 930 millones de dólares).

Segmento de clientes	Número de consumidores	Ingresos (R $)
Clientes residenciales	2,200,000	4,800,000,000

Contratos de electricidad industrial y comercial

Copel generó R $ 6.2 mil millones de contratos de electricidad industrial y comercial en 2022.

• Contratos de electricidad industrial: R $ 3.9 mil millones
• Contratos de electricidad comercial: R $ 2.3 mil millones

Ingresos del proyecto de energía renovable

La cartera de energía renovable de Copel generó R $ 1.5 mil millones en 2022, con un desglose específico:

Tipo de energía renovable	Ingresos (R $)
Energía eólica	650,000,000
Pequeñas plantas hidroeléctricas	450,000,000
Energía solar	400,000,000

Tarifas de servicio de transmisión de cuadrícula

Los servicios de transmisión de la red generaron R $ 1.2 mil millones en ingresos para Copel en 2022.

Comercio de energía y participación en el mercado

Las actividades de negociación energética de Copel en el mercado mayorista generaron R $ 800 millones en 2022.

Actividad comercial	Ingresos (R $)
Comercio al por mayor del mercado	800,000,000

Flujos de ingresos totales para 2022: R $ 14.5 mil millones

Companhia Paranaense de Energia - COPEL (ELP) - Canvas Business Model: Value Propositions

You're looking at the core value Companhia Paranaense de Energia - COPEL (ELP) delivers to its stakeholders as of late 2025, grounded in its operational scale and governance shift.

Highly reliable and integrated energy supply across four segments is a key proposition, supported by an installed capacity of 6.2 GW and a transmission network spanning 9.7 thousand km across eight states. The company operates across four main areas: generation, transmission, distribution, and commercialization.

The commitment to top-tier corporate governance is being formalized through the migration to B3's Novo Mercado segment, with the process expected to conclude in the fourth quarter of 2025, which simplifies the structure to only ordinary shares.

The sustainable energy mix prioritizes renewables, with hydroelectric power still accounting for 65% of output, complemented by investments in wind and solar. Specific figures show a capacity component of 22% wind and 79MW solar capacity mentioned in Q2 2025 context, alongside a signed contract for a 260 MW solar power plant.

The universal service obligation covers more than 5.1 million consumer units across the state of Paraná, with the distribution arm serving 4.3 million homes, representing 28% of the state's electricity consumption.

Operational efficiency gains are directly reflected in the financial performance, driving a Q3 2025 recurring EBITDA of BRL 1.3 billion, an increase of almost 7.8% year-over-year. This efficiency is evidenced by a 4.1% reduction in recurring PMSO (Personnel, Materials, Services, and Others) expenses, which totaled BRL 718.7 million in Q3 2025, with personnel and administrative expenses down 18.4% year-on-year.

Here is a quick look at the Q3 2025 financial snapshot:

Metric	Value (Q3 2025)	Comparison/Detail
Recurring EBITDA	BRL 1.3 billion	Up almost 7.8% year-over-year
Recurring Net Income	BRL 374.8 million	Down 36.5% year-over-year
Total CapEx (9M 2025)	BRL 2.63 billion	Q3 2025 CapEx was BRL 981.4 million
Recurring PMSO Expenses	BRL 718.7 million	Down 4.1% year-over-year

The value proposition for investors is further detailed by the governance and capital structure alignment:

• Migration to Novo Mercado segment expected in Q4 2025.
• Payout minimum policy set at 75%.
• Target leverage ratio of 2.8x Net Debt/EBITDA.
• Distribution billed market grew by 1.7% in Q3 2025.

The company's commitment to its service area is quantified by the service footprint:

• Total Consumer Units in Paraná: Over 5.1 million.
• Residential Customers: 4.3 million homes served.
• Residential Consumption Share: 28% of Paraná's electricity consumption.

Finance: review the impact of the BRL 1.3 billion preferred share conversion payment on the Q4 2025 leverage ratio by next Tuesday.

Companhia Paranaense de Energia - COPEL (ELP) - Canvas Business Model: Customer Relationships

You're looking at the relationship structure for Companhia Paranaense de Energia - COPEL (ELP) as the company operates under a post-privatization mandate, balancing regulated utility obligations with market-driven efficiency.

Regulated service model with high switching costs for distribution customers

As the distributor in its core territory, Companhia Paranaense de Energia - COPEL serves more than 5 million consumer units across 395 municipalities and 1,068 locations (districts, towns and villages) in Paraná. The relationship is characterized by the regulated nature of the distribution concession, which inherently creates high switching costs for residential and small commercial customers tied to the physical network infrastructure. To maintain and improve this regulated base, Companhia Paranaense de Energia - COPEL Distribuição planned to invest 2.5 billion reais in 2025 for projects focused on service quality and efficiency. This modernization effort is part of a larger annual modernization plan totaling R$3 billion (US$500 million), with distribution investments reaching R$678 million in Q1 2025 alone. The company is executing modernization programs, such as Redes Elétricas Inteligentes (Smart Grid), intended to conclude by 2025.

Dedicated account management for large industrial and commercial clients

For high-volume users, the relationship shifts toward tariff structure management, especially given the regulatory focus on large loads. Energy sales to industrial and residential users saw growth of 3.3% in the first quarter of 2025. The regulatory environment is actively considering how to structure terms of service for these users, with public commentary sought on a tentative model tariff for Large Load Customers. This implies a need for dedicated management to navigate infrastructure upgrade cost allocations, which regulators noted could run into the hundreds of millions of dollars for major new demands.

Digital self-service platforms for billing and service requests

Companhia Paranaense de Energia - COPEL is integrating advanced technology to support customer interactions, though specific usage metrics for customer-facing platforms aren't public. Internally, the company has adopted generative AI to empower employees to self-serve data needs from the SAP ERP system, which has already led to realized cost savings by automating manual processes. This internal push for self-service aligns with broader market trends where, for instance, 81% of customers attempt to solve problems independently before contacting a live agent.

Community engagement and social responsibility programs

Community relations are formalized through structured social programs aligned with the 2030 United Nations Sustainable Development Agenda. These programs focus on areas like energy and social inclusion, health, and education. A concrete example of this commitment is Companhia Paranaense de Energia - COPEL's R$ 20 million investment to bring solar energy to isolated and traditional communities on the Paraná coast. Furthermore, the company has an overarching Carbon Neutrality Plan aiming to neutralize GHG emissions for its controlled assets by 2030.

Long-term contracts and risk mitigation for energy trading clients

In the energy trading segment, Companhia Paranaense de Energia - COPEL actively manages its portfolio exposure through contracting. For 2025, the company successfully reduced its non-contracted energy exposure to 57 MWavg. This action was taken to secure higher-priced contracts amid renewable expansion. The trading unit's margin in Q3 '25 was impacted by the effect of legacy contracts from intermittent sources, highlighting the ongoing transition and restructuring of their energy supply agreements.

Here's a quick look at the scale of the distribution customer base and related investment:

Metric	Value	Context/Year
Consumer Units Served	More than 5 million	Directly served
Municipalities Served	395	Paraná state
Distribution Capex Planned	2.5 billion reais	For 2025
Total Annual Modernization Plan	R$3 billion (US$500 million)	2025
Non-Contracted Energy Exposure	57 MWavg	Reduced for 2025

The company's focus on operational efficiency is also visible in personnel cost management, with a 16% reduction in personnel costs year-on-year noted in Q3 '25.

Finance: draft 13-week cash view by Friday.

Companhia Paranaense de Energia - COPEL (ELP) - Canvas Business Model: Channels

You're looking at how Companhia Paranaense de Energia - COPEL (ELP) gets its product-electricity-to its customers and how it communicates with the market. This is all about the physical and digital pathways they use to deliver value and secure capital.

Physical Electricity Grid (Transmission Lines and Distribution Network)

The core channel is the physical infrastructure that moves power across Paraná. This network is substantial, though some figures reflect the end of 2021 data, which is the most granular infrastructure detail available in the latest reports.

The distribution concession is exclusive across 395 municipalities in the State of Paraná, serving over 5 million consumer units as of the latest detailed operational reports. The transmission network is the high-voltage backbone, spanning approximately 9,685 km of lines. The distribution network itself is vast, with approximately 204,957 km of lines.

The distribution segment showed growth in the billed energy market of 1.7% in the third quarter of 2025.

Infrastructure Component	Metric	Latest Available Figure
Installed Capacity (Total)	Megawatts (MW)	Approximately 6,573.9 MW
Transmission Network Length	Kilometers (km)	Approximately 9,685 km
Distribution Network Length	Kilometers (km)	Approximately 204,957 km
Distribution Customers	Consumer Units	Over 5 million

Customer Service Centers and Authorized Payment Agents

For customers needing in-person service or traditional payment methods, Companhia Paranaense de Energia - COPEL relies on physical points of contact. While the company serves over 5 million units, specific, current figures for the exact number of dedicated customer service centers or the count of authorized payment agents are not explicitly detailed in the recent financial disclosures.

You know the service quality is tied to these touchpoints, so if you're tracking operational KPIs, you'll want to watch for updates on service center efficiency, especially following the privatization focus on operational discipline.

Digital Channels (Website, Mobile App) for Billing and Outage Reporting

Digital interaction is key for efficiency gains, which Companhia Paranaense de Energia - COPEL has been prioritizing, evidenced by cost-cutting measures like the 16% year-on-year reduction in personnel expenses in the distribution segment in Q3 2025.

The company makes its investor presentation materials available for download on its Investor Relations website, ri.copel.com.

• Digital channels support the overall efficiency drive, which saw recurring PMSO (Personnel, Material, Services, Others) expenses drop by 4.1% in Q3 2025, totaling BRL 718.7 million.
• The company's focus on operational excellence suggests high adoption rates for digital billing and outage tools, even if specific user counts aren't public.

Direct Sales and Trading Desk for Free Market Energy Contracts

The trading desk is a significant channel for revenue diversification, especially in the free energy market. Companhia Paranaense de Energia - COPEL has been actively expanding this area.

The sales volume for contracts spanning 2026 to 2030 saw massive growth, increasing by 96.2% relative to Q2 2025, adding a sold amount of 431 megawatts. This aligns with the reported 17% free-market customer growth seen in Q2 2025. The trading segment, Copel GeT, posted a recurring EBITDA of BRL 761.4 million in Q2 2025, marking a 12.6% increase year-over-year. Furthermore, the company reduced its non-contracted energy exposure to 57 MWavg for 2025, securing positions in the market.

Trading Metric (Q2/Q3 2025)	Value	Context/Change
Copel GeT Recurring EBITDA (Q2 2025)	BRL 761.4 million	Up 12.6% year-over-year
Free-Market Customer Growth (Q2 2025)	17%	Indicates channel expansion success
Forward Sales Volume Growth (2026-2030)	96.2%	Compared to Q2 '25, adding 431 MW sold
Non-Contracted Energy Exposure (2025)	57 MWavg	Reduced exposure

Investor Relations (IR) for Global Institutional Capital (NYSE: ELP)

The IR function serves as the channel to global capital markets, primarily through the NYSE listing, ticker ELP. As of late 2025, the market capitalization was reported around $7.86 billion to $7.89 billion.

A key recent communication channel for shareholders was the November 18, 2025, announcement regarding the distribution of Interest on Equity (IoE).

The Board approved an IoE distribution based on June 30, 2025, financials, with a gross total amount of R$ 1,100,000.00 (one billion, one hundred million reais). The gross amount per common share was set at R$ 0.37041621069. For direct inquiries, the Investor Relations team can be reached at ri@copel.com.

• NYSE Ticker: ELP
• Market Capitalization (Nov 2025): Between $7.86B and $7.89B
• IoE per Common Share (Gross): R$ 0.37041621069
• IR Contact Email: ri@copel.com

Finance: draft 13-week cash view by Friday.

Companhia Paranaense de Energia - COPEL (ELP) - Canvas Business Model: Customer Segments

Companhia Paranaense de Energia - COPEL (ELP) serves a diverse base of energy consumers primarily within the state of Paraná, Brazil, directly serving more than 5.1 million consumer units across 395 municipalities and 1,068 locations as of late 2025.

Residential consumers (largest volume of consumer units)

This segment represents the largest volume of consumer units for Companhia Paranaense de Energia - COPEL (ELP). The company serves these customers through its distribution arm, Copel Distribuição S.A., which segments them primarily under Group B (low voltage) as per ANEEL Normative Resolution number 1000/2021.

• Total consumer units served: more than 5.1 million in Paraná.
• Residential consumption in Q3 2025 was 2,366 GWh, showing a year-over-year growth of 4.0%.

Commercial businesses and small-to-medium enterprises (SMEs)

Commercial clients fall under both Group A (medium/high voltage) and Group B (low voltage) depending on their scale and technical requirements. This segment showed positive consumption trends in the third quarter of 2025.

• Commercial energy consumption in Q3 2025 reached 1,727 GWh, a 2.2% increase year-over-year.

Large industrial consumers requiring high-volume, reliable power

These are typically Group A clients, demanding higher technical and regulatory complexity for their power supply. Companhia Paranaense de Energia - COPEL (ELP) focuses on providing quality and security in contracts for this segment.

The industrial segment is a major consumer of energy volume. For instance, in Q1 2025, energy sales to industrial users grew by 3.3% year-over-year, reflecting the economic activity in Paraná.

Customer Segment	Latest Volume Metric	Value (2025 Data)
Residential Consumers (Units)	Total Consumer Units Served	More than 5.1 million
Residential Consumers (Energy)	Q3 2025 Billed Energy (GWh)	2,366 GWh
Industrial Consumers (Energy)	Q3 2025 Billed Energy (GWh)	3,293 GWh
Commercial Consumers (Energy)	Q3 2025 Billed Energy (GWh)	1,727 GWh

Energy trading clients and other utility companies

The energy commercialization arm, Copel Comercialização (Copel Mercado Livre), serves clients in agribusiness, commerce, industry, services, the public sector, and other energy traders and generators.

Companhia Paranaense de Energia - COPEL (ELP) has actively grown its presence in the deregulated market. The company reported a 17% growth in free-market customers as of Q2 2025.

Key expectations from these trading clients include cost reduction, predictability, and flexibility of negotiation.

Rural customers in the concession area

Rural customers are served under the distribution network, and Companhia Paranaense de Energia - COPEL (ELP) has specific infrastructure programs aimed at this group. The company has a program called Paraná Trifásico to strengthen the reliability of its rural energy network.

• The company has 402 on-site service stations across all municipalities in its concession area to support service delivery.

Companhia Paranaense de Energia - COPEL (ELP) - Canvas Business Model: Cost Structure

The Cost Structure for Companhia Paranaense de Energia - COPEL (ELP) is heavily weighted toward capital-intensive infrastructure maintenance and necessary operational inputs, reflecting its regulated utility nature. You see significant outflows dedicated to maintaining and upgrading the grid, plus the direct costs of the energy it sells.

High Capital Expenditures (CapEx)

Companhia Paranaense de Energia - COPEL (ELP) is executing a significant investment cycle. For the first nine months of 2025, the total CapEx reached BRL 2.6 billion. This heavy spending is directed toward network modernization and service quality improvements, especially within the distribution arm. To give you a clearer picture of the investment cadence, the CapEx for the first quarter of 2025 was BRL 678 million, and the third quarter alone saw BRL 981 million in CapEx.

Personnel, Materials, Services, and Others (PMSO) Expenses

Controlling PMSO is a clear priority, though costs still fluctuate based on operational needs and restructuring efforts. For the third quarter of 2025, recurring PMSO expenses totaled BRL 718.7 million. This followed a Q2 2025 figure of BRL 708.3 million, which was down from BRL 735.9 million in the same period of the prior year. Management has set an internal target for a 20% cost reduction in PMSO by the end of 2025.

The composition of these expenses is managed through specific actions:

• Personnel and administrative expenses saw an 18.4% reduction in Q3 2025 due to voluntary severance programs.
• A 16% year-on-year reduction in personnel costs was noted in the distribution segment in Q3 2025.
• In Q2 2025, personnel and administrative expenses dropped by almost 15% year-over-year.

Financial Costs and Debt Structure

Financial costs are a notable component, often influenced by the prevailing interest rate environment in Brazil. In the fourth quarter of 2024, expenses related to monetary variation, exchange rate, and debt charges increased by BRL 84.8 million, representing a 20.7% rise, driven by higher debt levels and the CDI rate. Despite this, the company maintains a relatively controlled balance sheet, reporting a debt-to-equity ratio of 0.63 as of the third quarter of 2025. Furthermore, a significant cash outflow related to financing decisions was the approval of an R$ 1.1 billion Interest on Equity distribution in November 2025.

Energy Purchase Costs

The cost of energy purchased for resale is a variable but substantial cost, particularly for the trading and distribution segments. In the second quarter of 2025, there was an increase of BRL 126.3 million in the cost of energy purchased for resale, which put pressure on the results, especially for distribution. This is a direct pass-through cost that Companhia Paranaense de Energia - COPEL (ELP) must manage against its regulated tariffs and free-market sales.

Regulatory Charges and Concession Fees

Regulatory obligations are fixed costs tied to the right to operate the concession. The tariff structure directly reflects these costs. For instance, the 2.02% average tariff adjustment approved for Copel Distribuição S.A. in June 2025 included updates to sectoral charges. The company's heavy investment focus in distribution during Q1 2025, which consumed 87% of the quarter's CapEx, was explicitly aimed at the regulatory remuneration base, indicating that compliance and optimization within the regulated framework drive significant spending.

Here are some key financial metrics that define the scale of these costs and the company's financial footing as of late 2025:

Financial Metric	Amount/Value	Period/Context
Total CapEx	BRL 2.6 billion	9 Months of 2025
Recurring PMSO Expenses	BRL 718.7 million	Q3 2025
Debt Charges Increase (Q4 2024 vs Q4 2023)	BRL 84.8 million	4Q24
Energy Purchase Cost Increase (Q2 2025 vs Q2 2024)	BRL 126.3 million	Q2 2025
Debt-to-Equity Ratio	0.63	As of Q3 2025
Approved Interest on Equity Payment	R$ 1.1 billion	Approved November 2025

The debt charges increase was 20.7% year-over-year in 4Q24. The company's net margin for the quarter was 12.77%. Finance: draft 13-week cash view by Friday.

Companhia Paranaense de Energia - COPEL (ELP) - Canvas Business Model: Revenue Streams

Companhia Paranaense de Energia - COPEL (ELP) derives revenue from its integrated operations across the power value chain, including generation, transmission, distribution, and commercialization.

Total TTM revenue ending September 30, 2025, was approximately BRL 24.95 billion.

Key components contributing to the top line include:

• Regulated revenue from electricity distribution tariffs, with a specified TUSD adjustment of 6.8% occurring in June.
• Revenue generated from electricity generation and transmission services.
• Energy sales realized in the free market (trading).
• Equity earnings derived from consolidated strategic assets.

Looking specifically at the third quarter of 2025 results, the company posted a quarterly revenue of $6.81 billion. Operationally, Companhia Paranaense de Energia - COPEL recorded sales of almost 5 GWh in the third quarter of 2025. The distribution grid market saw electricity consumption grow by 1.7% in the third quarter of 2025 compared to the prior year.

The generation segment faced operational challenges, recording a Generation Scaling Factor (GSF) of approximately 65% in Q3 2025. Conversely, the spot market price (PLD) increased by close to 50% compared to Q3 2024, reaching about BRL 250 BRL/MWh.

The table below summarizes key financial performance indicators for the nine months and the third quarter of 2025:

Metric	Period	Amount	Unit
Total TTM Revenue	TTM ending September 30, 2025	24.95 billion	BRL (implied)
Quarterly Revenue	Q3 2025	6.81 billion	USD
Recurring EBITDA	Q3 2025	1.3 billion	BRL
Recurring Net Income	Q3 2025	374.8 million	BRL
CapEx	Nine months of 2025	2.6 billion	BRL
CapEx	Q3 2025 alone	981 million	BRL

The company also highlighted its capital structure management, noting that the net debt to total debt ratio was three times in the quarter, which would have been 2.8 times considering the sale of Mashu HPP completed in October. Total net debt before that sale was BRL 16.6 billion.

Companhia Paranaense de Energia - COPEL is preparing for a historical tariff review in the distribution company scheduled for 2026.