Centrais Elétricas Brasileiras S.A. - Etrobrás (EBR): Canvas du modèle commercial [Jan-2025 Mise à jour]

Plongez dans le monde complexe de la puissance énergétique du Brésil, Centais Elétricas Brasileiras S.A. - Etrobrás (EBR), un géant appartenant à l'État qui illumine le paysage électrique de la nation. Des infrastructures hydroélectriques tentaculaires aux innovations d'énergie renouvelable de pointe, Eletrobrás témoigne de l'approche stratégique du Brésil de la production et de la distribution d'électricité. Cette exploration de leur toile de modèle commercial révèle un écosystème complexe de partenariats, de ressources et de propositions de valeur qui stimulent l'une des entreprises énergétiques les plus critiques d'Amérique du Sud, promettant des informations sur la façon dont un service public national transforme les défis en opportunités électrisantes.

Centrais Elétricas Brasileiras S.A. - Etrobrás (EBR) - Modèle commercial: partenariats clés

Le gouvernement brésilien en tant qu'actionnaire principal et partenaire stratégique

En 2024, le gouvernement brésilien détient 50,26% du capital de vote d'Etrobrás. La participation totale de propriété du gouvernement est évaluée à 29,8 milliards de rands.

Type d'actionnaire	Pourcentage	Valeur de propriété
Gouvernement brésilien	50.26%	29,8 milliards de R
Flotteur gratuit	49.74%	29,5 milliards de R

Fabricants d'équipements de production d'énergie

Eletrobrás collabore avec les principaux fabricants d'équipements pour le développement des infrastructures.

• Siemens Energy - Valeur du contrat: 1,2 milliard de R $
• General Electric - Contrat d'approvisionnement en équipement: 875 millions de dollars
• Voith Hydro - Contrats de turbines hydroélectriques: 650 millions de dollars

Sociétés de distribution d'électricité au niveau de l'État

Partenariats avec des sociétés de distribution régionales à travers le Brésil.

État	Société de distribution	Valeur de partenariat
São Paulo	CPFL Energia	2,3 milliards de R
Rio de Janeiro	Light S.A.	1,7 milliard de R

Entreprises internationales de développement des infrastructures énergétiques

Partenariats mondiaux pour les projets d'énergie renouvelable.

• ENGIE BRASIL - Ventures conjointes des énergies renouvelables: 3,5 milliards de dollars R
• China Three Gorges Corporation - Investissements de projet hydroélectrique: 2,8 milliards de dollars
• Total Energies - Collaboration du vent et de l'énergie solaire: 1,9 milliard de R $

Institutions de recherche pour les technologies d'énergie renouvelable

Partenariats de recherche et développement collaboratifs.

Institution	Focus de recherche	Investissement
Université de São Paulo	Technologies solaires et éoliennes	45 millions de r
Université fédérale de Rio de Janeiro	Hydrogène et énergie verte	38 millions de R $

Centrais Elétricas Brasileiras S.A. - Etrobrás (EBR) - Modèle d'entreprise: activités clés

Génération d'énergie électrique sur plusieurs sources d'énergie

Etrobrás génère 35 118 MW de capacité installée totale à partir de 2023, avec la rupture de source d'énergie suivante:

Source d'énergie	Capacité installée (MW)	Pourcentage
Hydro-électrique	28,058	79.9%
Thermique	4,214	12.0%
Vent	2,346	6.7%
Nucléaire	1,884	5.4%

Gestion et transmission des infrastructures de grille

Etrobrás gère:

• 74 000 kilomètres de lignes de transmission
• 140 sous-stations de transmission
• Couvrant 63% du territoire national brésilien

Développement du projet d'énergie renouvelable

Le portefeuille actuel des énergies renouvelables comprend:

• 12 projets d'énergie éolienne en cours
• 8 initiatives de développement de l'énergie solaire
• Investissement total de 3,2 milliards de rands de R dans les projets renouvelables

Construction et entretien de la centrale électrique

Statistiques de construction et d'entretien pour 2023:

Activité	Nombre de projets	Investissement (R $)
Entretien des usines hydroélectriques	22	1,5 milliard
Amélioration des plantes thermiques	5	680 millions
Nouvelles constructions de centrales électriques	3	2,3 milliards

Planification d'énergie stratégique pour le Brésil

Métriques de planification stratégique pour 2023-2030:

• Cible pour augmenter la part des énergies renouvelables à 45%
• Investissement prévu de 15,7 milliards de RS en infrastructure énergétique
• Objectif de réduire les émissions de carbone de 30% d'ici 2030

Centrais Elétricas Brasileiras S.A. - Etrobrás (EBR) - Modèle commercial: Ressources clés

Infrastructure de production d'énergie hydroélectrique étendue

Capacité de génération hydroélectrique totale installée: 42 663 MW en 2023

Centrale électrique	Capacité (MW)	Emplacement
Tucuruí	8,370	Pará, Brésil
Itaipu	14,000	Paraná, Brésil

Des actifs de production d'électricité appartenant à l'État

Valeur des actifs de production totale: 75,2 milliards de R $ en 2023

• Nombre d'installations de production d'électricité: 46
• Couverture géographique: 25 États au Brésil
• Pourcentage de propriété: 100% sous contrôle de l'État

Expertise technique dans le secteur de l'énergie

Investissement de la recherche et du développement: 312 millions de dollars en 2023

Domaine d'expertise	Nombre d'ingénieurs spécialisés
Génie hydroélectrique	1,245
Gestion du réseau de transmission	876

Réseau de transmission à grande échelle

Longueur totale de ligne de transmission: 91 536 kilomètres en 2023

• Niveaux de tension: 69 kV à 765 kV
• Nombre de sous-stations: 138
• Couverture du réseau: 100% du territoire brésilien

Ingénierie qualifiée et main-d'œuvre technique

Total des employés: 12 345 en décembre 2023

Catégorie des employés	Nombre d'employés
Ingénieurs	3,876
Personnel technique	5,642
Personnel administratif	2,827

Centrais Elétricas Brasileiras S.A. - Etrobrás (EBR) - Modèle d'entreprise: propositions de valeur

Approvisionnement électrique fiable et durable pour le Brésil

Etrobrás génère 35,9% de la production totale d'électricité du Brésil à 2023. Capacité de production totale installée de 48 202 MW sur plusieurs centrales électriques.

Type de génération	Capacité (MW)	Pourcentage
Hydro-électrique	34,456	71.5%
Thermique	8,321	17.3%
Vent	4,682	9.7%
Solaire	743	1.5%

Leadership aux énergies renouvelables en Amérique du Sud

Eletrobrás maintient 90,4% de son mélange d'énergie à partir de sources renouvelables en 2023.

• Portefeuille d'énergies renouvelables d'une valeur de 42,6 milliards de rands
• Émissions de carbone Évitées: 28,3 millions de tonnes métriques par an
• Réseau de transmission d'énergie renouvelable: 79 108 km

Solutions de production d'électricité rentables

Coût moyen de production d'électricité: 0,12 R par kWh en 2023.

Comparaison des coûts de production	Coût par kWh (R $)
Hydro-électrique	0.09
Vent	0.14
Solaire	0.18
Thermique	0.22

Développement national de la sécurité énergétique et des infrastructures

Investissement dans l'infrastructure en 2023: 6,3 milliards de dollars

• Projets de transmission de puissance: 15 nouveaux développements d'infrastructure
• Amélioration de la fiabilité de la grille: 99,7% de disponibilité
• Couverture de la distribution d'énergie: 98,6% du territoire brésilien

Innovation technologique dans le secteur de l'énergie

Investissement en R&D en 2023: 412 millions de rands

• Smart Grid Technologies déployées dans 47 principaux centres urbains
• Initiatives de transformation numérique: 23 projets d'innovation actifs
• Demandes de brevet déposées: 14 dans les technologies d'énergie renouvelable

Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) - Modèle d'entreprise: Relations clients

Engagement réglementaire du gouvernement

Etrobrás maintient un engagement direct avec des organismes de réglementation tels que Anel (Agência nacional de Energia Elétrica). En 2023, la société avait 19 interactions réglementaires officielles documentées avec les agences gouvernementales.

Type d'interaction réglementaire	Fréquence en 2023
Réunions de conformité	47
Séances de consultation en politique	23
Discussions de planification des infrastructures	16

Contrats d'infrastructure à long terme

Eletrobrás gère 76 contrats d'infrastructure à long terme avec diverses entités étatiques et fédérales en 2024.

• Durée du contrat: moyenne de 15 à 20 ans
• Valeur du contrat total: 14,3 milliards de dollars
• Couverture géographique: 26 États brésiliens

Engagement de la fonction publique

En 2023, Etrobrás a servi environ 63 millions de clients résidentiels et commerciaux à travers le Brésil.

Segment de clientèle	Nombre de clients
Résidentiel	52,4 millions
Commercial	10,6 millions

Support client pour la distribution d'énergie

Eletrobrás exploite 247 centres de service à la clientèle à l'échelle nationale avec un temps de réponse moyen de 24 heures pour les demandes de support technique.

• Canaux de support numériques: 8 plateformes
• Temps de résolution moyen: 36 heures
• Taux de satisfaction client: 87,3%

Communication transparente avec les parties prenantes

En 2023, Eletrobrás a publié 42 rapports financiers et opérationnels complets accessibles aux actionnaires et aux parties prenantes publiques.

Canal de communication	Fréquence en 2023
Rapports annuels	1
Rapports financiers trimestriels	4
Présentations des investisseurs	37

Centrais Elétricas Brasileiras S.A. - Etrobrás (EBR) - Modèle d'entreprise: canaux

Communication du gouvernement direct

Etrobrás maintient les canaux de communication directs avec le gouvernement brésilien à travers:

• Ministère des mines et des lignes de rapports directs de l'énergie
• Souvances de conformité réglementaire trimestrielle
• Rapports de performance annuelle aux comités de surveillance fédérale

Canal de communication	Fréquence	But
Rapports officiels du gouvernement	Trimestriel	Conformité réglementaire
Présentations de performance	Annuellement	Examen de la planification stratégique

Réseau de distribution d'énergie

Etrobrás opère dans une infrastructure complète de distribution d'énergie:

• Lignes de transmission totales: 91 200 kilomètres
• Nombre de sous-stations: 562
• Capacité totale du transformateur: 242 000 MVA

Infrastructure de distribution	Quantité	Couverture
Lignes de transmission	91 200 km	Réseau national
Sous-stations	562	À l'échelle nationale

Plateformes numériques et services en ligne

Les canaux de fiançailles numériques comprennent:

• Portail de service client avec 3,2 millions d'utilisateurs enregistrés
• Téléchargements des applications mobiles: 1,5 million
• Plateforme de paiement de factures en ligne

Centres de services d'électricité régionaux

Etrobrás maintient une infrastructure de service physique:

• Centres de services régionaux totaux: 127
• Distribué dans 26 États et district fédéral
• Interactions moyennes du service client: 450 000 mois

Relations sur le site Web de l'entreprise et les investisseurs

Canaux de communication des investisseurs:

• Site Web de relations avec les investisseurs avec des données financières en temps réel
• Téléchargements annuels du rapport: 78 000
• Procédure sur le webdiffusion des résultats trimestriels: 12 500 investisseurs

Canal de communication des investisseurs	Métriques d'engagement
Téléchargements du rapport annuel	78,000
Webdication trimestriel	12 500 participants

Centrais Elétricas Brasileiras S.A. - Etrobrás (EBR) - Modèle d'entreprise: segments de clients

Gouvernements fédéraux et étatiques brésiliens

Approvisionnement total en électricité aux entités gouvernementales: 22,7% de la consommation totale d'électricité nationale

Niveau du gouvernement	Consommation d'électricité annuelle (MWH)	Pourcentage de la consommation totale
Gouvernement fédéral	12,450,000	13.4%
Gouvernements des États	9,870,000	9.3%

Consommateurs d'électricité résidentielle

Clients résidentiels totaux: 71,2 millions de ménages

• Consommation d'électricité mensuelle moyenne par ménage: 155 kWh
• Consommation totale d'électricité résidentielle: 132,5 millions de MWh par an

Utilisateurs d'énergie industrielle et commerciale

Secteur	Nombre de clients	Consommation d'électricité annuelle (MWH)
Secteur industriel	48,230	245,670,000
Secteur commercial	1,245,670	89,450,000

Organisations d'infrastructure du secteur public

Consommation totale d'électricité des infrastructures: 35,6 millions de MWh par an

• Hôpitaux et établissements de santé: 7,2 millions de MWh
• Établissements d'enseignement: 5,9 millions de MWh
• Systèmes de transport public: 6,5 millions de MWh

Sociétés régionales de distribution d'électricité

Société de distribution	Régions servies	Clientèle
Enel Distribuição São Paulo	État de São Paulo	7,2 millions de clients
Cemig Distribuição	État de Minas Gerais	8,5 millions de clients
Copel Distribuição	État du paraná	4,7 millions de clients

Centrais Elétricas Brasileiras S.A. - Etrobrás (EBR) - Modèle d'entreprise: Structure des coûts

Construction et entretien de la centrale électrique

Eletrobrás a déclaré que les frais de construction et d'entretien totaux de la centrale électrique de 4,3 milliards de R $ en 2022. La rupture de ces coûts comprend:

Catégorie de coûts	Montant (R $ million)
Entretien des usines hydroélectriques	1,850
Entretien de la centrale thermique	780
Entretien des centrales nucléaires	450
Nouvelle construction de centrales électriques	1,220

Investissements de développement des infrastructures

Les investissements en développement des infrastructures pour Eletrobrás en 2022 ont totalisé 3,7 milliards de rands, avec l'allocation suivante:

• Extension de la ligne de transmission: 1 600 millions de R
• Modernisation de la grille: 1 200 millions de dollars
• Mises à niveau de la sous-station: 900 millions de dollars

Recherche technologique et innovation

Eletrobrás a investi 280 millions de R $ dans la recherche technologique et l'innovation en 2022, en se concentrant sur:

• Technologies d'énergie renouvelable: 120 millions de dollars
• Développement de la grille intelligente: 85 millions de dollars
• Recherche de l'efficacité énergétique: 75 millions de rands

Personnel et dépenses opérationnelles

Le personnel total et les dépenses opérationnelles pour Eletrobrás en 2022 s'élevaient à 2,9 milliards de R:

Catégorie de dépenses	Montant (R $ million)
Salaires et avantages	1,650
Coûts de soutien opérationnel	780
Formation et développement	470

Coûts de conformité réglementaire

Les frais de conformité réglementaire pour Etrobrás en 2022 ont atteint 350 millions de rands, distribué comme suit:

• Conformité environnementale: 180 millions de dollars
• Règlements sur la sécurité: 95 millions de R
• Représentation juridique et réglementaire: 75 millions de rands

Centrais Elétricas Brasileiras S.A. - Etrobrás (EBR) - Modèle d'entreprise: Strots de revenus

Frais de production d'électricité et de transmission

En 2022, Etrobrás a généré des revenus d'exploitation totaux de 33,7 milliards de R $. Les revenus de transmission de l'électricité ont représenté 11,2 milliards de R $ de ce total.

Source de revenus	Montant (R $ milliards)	Pourcentage
Transmission d'électricité	11.2	33.2%
Production d'électricité	15.5	46%

Contrats d'infrastructure gouvernementale

Les contrats d'infrastructure du gouvernement ont contribué à 5,6 milliards de R $ aux revenus d'Etrobrás en 2022.

• Projets d'infrastructure du gouvernement fédéral: 3,8 milliards de dollars
• Contrats d'infrastructure au niveau de l'État: 1,8 milliard de R

Investissements du projet d'énergie renouvelable

Les investissements en énergies renouvelables ont généré 2,9 milliards de RS de revenus pour Eletrobrás en 2022.

Type d'énergie renouvelable	Revenus (R $ milliards)
Hydro-électrique	1.7
Énergie éolienne	0.8
Énergie solaire	0.4

Revenus d'exportation et de trading de puissance

L'exportation et les échanges d'électricité ont généré 3,4 milliards de RS de revenus pour Eletrobrás en 2022.

• Trading d'électricité intérieur: 2,6 milliards de dollars
• Exportations de puissance internationales: 0,8 milliard de R

Services de conseil en efficacité énergétique

Les services de conseil en efficacité énergétique ont contribué à 0,6 milliard de R $ au chiffre d'affaires total d'Etrobrás en 2022.

Type de service de conseil	Revenus (R $ milliards)
Efficacité énergétique industrielle	0.3
Gestion de l'énergie municipale	0.2
Solutions d'énergie résidentielle	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.