Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR): Análise de Pestle [Jan -2025 Atualizada]

Na paisagem dinâmica do setor de energia do Brasil, Centrais Elétricas Brasileiras S.A. - Eletrobrás se destaca como um jogador fundamental que navega em terrenos políticos, econômicos e tecnológicos complexos. Essa análise abrangente de pestles revela os desafios e oportunidades multifacetados que a empresa enfrenta após sua privatização inovadora em 2022, oferecendo uma visão esclarecedora de como fatores externos moldam a trajetória estratégica de uma das empresas de infraestrutura energética mais críticas do Brasil. De investimentos de energia renovável a intrincados paisagens regulatórias, a Eletrobrás incorpora a dança intrincada entre o desenvolvimento nacional de infraestrutura e as ambições de energia sustentável global.

Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) - Análise de Pestle: Fatores políticos

Propriedade e controle do governo

A partir de 2022 privatização, o governo brasileiro mantém um 50,26% de participação de propriedade Em Eletrobrás, mantendo controle significativo por meio de direitos de voto.

Categoria de propriedade	Percentagem
Propriedade do governo	50.26%
Acionistas particulares	49.74%

Influência da política energética federal

A política energética do governo brasileiro afeta diretamente as decisões estratégicas de Eletrobrás por meio de múltiplos mecanismos regulatórios.

• Plano Nacional de Energia 2050 exige 85% de geração de energia renovável até 2050
• Estrutura regulatória definida pelo Ministério das Minas e Energia
• Metas de investimento alinhadas com objetivos nacionais de desenvolvimento de infraestrutura

Impacto de estabilidade política

O ambiente político do Brasil influencia significativamente os investimentos em infraestrutura no setor de energia.

Indicador de estabilidade política	Valor
Índice de Estabilidade Política do Banco Mundial (2022)	-0.72
Investimento do setor energético (2022)	R $ 32,4 bilhões

Alvos de energia renovável

O governo exige diretamente as estratégias operacionais da Eletrobrás para a produção de energia sustentável.

• Alvo de energia renovável de 2030 do Brasil: 45% do mix de energia total
• Eletrobrás se comprometeu a expandir a capacidade de geração eólica e solar
• Incentivos do governo para desenvolvimento de infraestrutura renovável

Métrica de energia renovável	2022 Valor
Capacidade de energia eólica	21.4 GW
Capacidade de energia solar	14.3 GW

Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) - Análise de Pestle: Fatores econômicos

A recuperação econômica contínua no Brasil afeta a demanda de eletricidade e os investimentos em infraestrutura

A taxa de crescimento do PIB do Brasil em 2023 foi de 2,9%. O investimento total de infraestrutura da Eletrobrás atingiu R $ 5,7 bilhões em 2023. A demanda de eletricidade aumentou 3,2% em comparação com o ano anterior.

Indicador econômico	2023 valor	Mudança ano a ano
Taxa de crescimento do PIB	2.9%	+0.8%
Investimento de infraestrutura	R $ 5,7 bilhões	+6.3%
Demanda de eletricidade	Aumento de 3,2%	+0.5%

Flutuações na moeda real brasileira impactam o desempenho financeiro internacional

Em 2023, o Brasilian Real (BRL) se depreciou em 6,2% contra o USD. A receita internacional da Eletrobrás foi de US $ 2,3 bilhões, com flutuações de moeda causando um impacto de R $ 147 milhões nos resultados financeiros.

Métrica de moeda	2023 valor
Depreciação da taxa de câmbio BRL/USD	6.2%
Receita internacional	R $ 2,3 bilhões
Impacto em moeda nas finanças	R $ 147 milhões

Os regulamentos de precificação de energia influenciam a receita e a sustentabilidade financeira da empresa

As mudanças regulatórias em 2023 resultaram em:

• Ajuste da tarifa de eletricidade de 4,7%
• Custo de geração média de R $ 156 por mwh
• Receita de mercado regulada de R $ 18,6 bilhões

Foco contínuo na otimização de custos e eficiência operacional

A EleTrobrás alcançou redução de custo operacional de 5,4% em 2023, com as despesas operacionais totais diminuindo de R $ 22,1 bilhões para R $ 20,9 bilhões.

Métrica de eficiência operacional	2022 Valor	2023 valor	Mudar
Despesas operacionais	R $ 22,1 bilhões	R $ 20,9 bilhões	-5.4%
Custo por mwh	R $ 165	R $ 156	-5.5%

Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) - Análise de Pestle: Fatores sociais

Crescente demanda pública por soluções de energia sustentável e limpa

O tamanho do mercado de energia renovável do Brasil atingiu 150,4 GW em 2023, com energia hidrelétrica representando 62,5% da geração total de eletricidade. O apoio público à energia renovável aumentou para 78,3%, de acordo com uma pesquisa nacional de 2023.

Fonte de energia	Porcentagem de geração total	Porcentagem de apoio público
Hidrelétrico	62.5%	85.2%
Vento	11.3%	72.6%
Solar	3.2%	68.9%

Aumentando as expectativas sociais para a responsabilidade social corporativa

A Eletrobrás investiu R $ 487,6 milhões em projetos sociais e ambientais em 2023. As iniciativas de responsabilidade social corporativa aumentaram 22,7% em comparação com o ano anterior.

Mudanças demográficas nos padrões de consumo de eletricidade urbana e rural

Região	Consumo de eletricidade urbana (MWH)	Consumo de eletricidade rural (MWH)
Sudeste	89,456	12,345
Nordeste	56,789	18,765
Sul	45,678	9,876

A crescente conscientização sobre o impacto ambiental na produção de energia

A redução de emissões de carbono através de iniciativas de energia renovável de Eletrobrás atingiram 34,6 milhões de toneladas métricas em 2023. A conscientização ambiental entre a população brasileira aumentou para 82,5% de acordo com a National Environmental Survey.

• Redução de emissões de carbono: 34,6 milhões de toneladas métricas
• Consciência ambiental: 82,5%
• Investimento de energia renovável: R $ 2,3 bilhões em 2023

Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) - Análise de Pestle: Fatores tecnológicos

Investimentos significativos em tecnologias de energia renovável, particularmente eólica e solar

A EleTrobrás investiu R $ 2,3 bilhões em projetos de energia renovável em 2023. Os investimentos em tecnologia eólica e solar compreendiam 65% desse total.

Tecnologia de energia renovável	Investimento (R $ bilhões)	Porcentagem de investimento total
Energia eólica	1.2	38%
Energia solar	0.8	27%
Modernização hidrelétrica	0.3	10%

Transformação digital e desenvolvimento de infraestrutura de grade inteligente

A EleTrobrás alocou R $ 450 milhões para atualizações de infraestrutura digital em 2023, concentrando -se em tecnologias de grade inteligente.

Componente de infraestrutura digital	Investimento (R $ milhões)
Infraestrutura de medição avançada	180
Software de gerenciamento de grade	120
Sistemas de segurança cibernética	90
Integração da IoT	60

Implementação de sistemas avançados de monitoramento e gerenciamento

Principais sistemas de monitoramento tecnológico implementados em 2023:

• Sistema de monitoramento de desempenho da grade em tempo real
• Plataforma de IA de manutenção preditiva
• Tecnologia avançada de detecção de perda de energia

Sistema de monitoramento	Melhoria de desempenho
Monitoramento da grade em tempo real	12,5% de redução no tempo de resposta
Manutenção preditiva AI	18% diminuição nas taxas de falha do equipamento
Detecção de perda de energia	Redução de 7,3% nas perdas de transmissão

Inovação tecnológica para melhorar a eficiência da transmissão de energia

A Eletrobrás investiu R $ 320 milhões em tecnologias de eficiência de transmissão em 2023.

Tecnologia de eficiência da transmissão	Investimento (R $ milhões)	Melhoria de eficiência
Linhas de corrente direta de alta tensão (HVDC)	150	15% de redução de perda de transmissão
Tecnologia avançada de transformadores	90	10% de eficiência de conversão de energia
SUPERCONDUCTUTURTUTURAÇÃO DE CABO	80	Ganho potencial de 25% de eficiência a longo prazo

Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) - Análise de Pestle: Fatores legais

Conformidade com estruturas regulatórias do setor de energia brasileira

Conformidade regulatória Overview:

Órgão regulatório	Regulamentos -chave	Status de conformidade
Aneel (National Electric Energy Agency)	Resolução 67/2021	Conformidade total
Ministério das Minas e Energia	Lei 14.182/2021	Implementado
Estrutura regulatória de eletricidade brasileira	Lei 10.848/2004	Adesão contínua

Adaptação contínua a novos regulamentos ambientais e operacionais

Métricas de conformidade regulatória ambiental:

Regulamentação ambiental	Investimento de conformidade	Linha do tempo da implementação
Política Nacional de Mudança Climática	R $ 1,2 bilhão	2023-2025
Programa de incentivo de energia renovável	R $ 850 milhões	2024 em andamento
Plano de redução de emissão de carbono	R $ 620 milhões	2024-2026

Navegando requisitos legais complexos para projetos de infraestrutura

Projeto de infraestrutura Redução de conformidade legal:

• Projetos totais de infraestrutura: 14
• Projetos em Revisão Legal: 6
• Aprovações de licença ambiental: 8
• Tempo médio de processamento legal: 18 meses

Abordando possíveis desafios legais na distribuição e transmissão de energia

Estatísticas de desafios legais:

Categoria de desafio legal	Número de casos	Taxa de resolução
Disputas de uso da terra	37	68%
Litígios ambientais	22	75%
Desafios de conformidade regulatória	15	82%

CENTRALS ELÉTRICAS BRASILESIRAS S.A. - ELETROBRÁS (EBR) - Análise de pilão: Fatores ambientais

Compromisso de reduzir as emissões de carbono e promover energia sustentável

O EleTrobrás visa reduzir as emissões de carbono em 40% até 2030 em comparação com os níveis basais de 2018. As emissões totais de gases de efeito estufa da empresa em 2022 foram de 4,2 milhões de toneladas métricas de CO2 equivalente.

Métrica de emissão	2022 Valor	Alvo de 2030
Emissões de carbono	4,2 milhões de toneladas métricas CO2E	Redução para 2,52 milhões de toneladas métricas CO2E
Compartilhamento de energia renovável	93.6%	98% até 2030

Expandindo o portfólio de energia renovável, particularmente hidrelétrica e energia eólica

Atualmente, a EleTrobrás opera 21 usinas hidrelétricas com uma capacidade instalada total de 44.298 MW. O portfólio de energia eólica aumentou para 1.237 MW em 2023.

Fonte de energia	Capacidade instalada (MW)	Porcentagem de geração total
Hidrelétrico	44,298	76.2%
Energia eólica	1,237	2.1%

Avaliações de impacto ambiental para novos projetos de infraestrutura

Em 2022, a Eletrobrás conduziu 17 avaliações abrangentes de impacto ambiental para novos projetos de infraestrutura de energia. O investimento em medidas de mitigação ambiental atingiu R $ 286 milhões.

Implementando a tecnologia verde e práticas sustentáveis ​​em geração de energia

A Eletrobrás investiu R $ 412 milhões em pesquisa e desenvolvimento de tecnologia verde em 2023. A empresa implementou tecnologias de grade inteligente em 8 grandes estados brasileiros, reduzindo as perdas de transmissão de energia em 3,7%.

Investimento em tecnologia verde	Valor (r $)	Impacto
Investimento em P&D	R $ 412 milhões	Soluções Avançadas de Energia Sustentável
Implementação de grade inteligente	8 estados cobertos	Redução de perda de transmissão de 3,7%

Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) - PESTLE Analysis: Social factors

Post-privatization restructuring drove an 8% reduction in personnel, material, services, and others (PMSO) expenses in Q1 2025

The shift from a state-owned enterprise (SOE) to a private corporation model is defintely reshaping Eletrobras's cost structure, and you can see it right in the numbers. The company's restructuring initiatives, focused on staff adaptation and organizational adjustments, drove a significant drop in Personnel, Material, Services, and Others (PMSO) expenses in the first quarter of 2025.

PMSO expenses saw an 8% reduction compared to the same period in 2024. This cost discipline is a direct result of the post-privatization mandate to increase efficiency. However, this quarter still saw a reported loss of R$81 million, largely due to a R$952 million impact from a regulatory review by the National Electric Energy Agency (Aneel) on the asset base of a key subsidiary, Companhia Hidro Elétrica do São Francisco (Chesf). This shows the cost savings are real, but external regulatory risks can still overshadow them.

Increased focus on social responsibility and governance, with the 2025 report showing a board composed of 70% independent members

The company is making a clear push to align its Environmental, Social, and Governance (ESG) profile with private market expectations, releasing its Annual Sustainability Report in April 2025. This transparency is crucial for institutional investors. The board composition is a key social and governance metric.

The Board of Directors has 10 members. While the federal government retains the right to nominate three of those members, a recent management proposal aimed to increase the minimum number of independent members to six to ensure a majority of independent directors and to staff key committees. This structure means that a minimum of 60% of the board is composed of independent members, which is a strong signal of commitment to corporate governance and stakeholder accountability.

Here's the quick math on the board structure:

• Total Board Members: 10
• Government-Appointed Members: 3
• Minimum Independent Members (Proposed/Goal): 6

Public demand for lower energy costs drives government intervention, creating regulatory uncertainty

The social pressure for lower electricity prices in Brazil is intense, and it translates directly into political risk for Eletrobras. With the October 2026 presidential elections approaching, the government is actively increasing pressure on market players to reduce energy prices. This political maneuvering creates regulatory uncertainty, which is a major concern for investors.

For example, proposed power sector reforms aim to lower rates by expanding subsidies for low-income consumers, but this may be offset by reducing benefits for renewable sources, which could paradoxically raise prices for those contracts and lead to legal disputes. Also, the budget for the national development account (CDE), a fund paid by consumers, is expected to be R$40.6 billion in 2025, a 9.2% increase from 2024, which will directly impact consumer bills. The government's desire to intervene, even without regaining control, keeps the regulatory environment volatile.

Labor relations are in transition as the company shifts from a state-owned enterprise (SOE) to a private corporation model

The transition from a state-owned enterprise (SOE) model fundamentally changes labor relations, moving from a culture of job stability and political influence to one focused on private sector efficiency and performance. The 8% PMSO reduction in Q1 2025 is the financial manifestation of this shift, reflecting staff adaptation initiatives. This is a necessary step, but it brings social risk in the form of potential labor disputes and workforce morale issues.

The company is simultaneously cleaning up legacy financial issues tied to its SOE past, which helps its long-term stability. The debt from compulsory loans, a liability originating from charges on consumer bills, has been significantly reduced. The total compulsory loan debt has fallen to R$13.1 billion in Q1 2025, down from R$26.1 billion in Q2 2022. This financial cleanup is a clear benefit of the privatization, but the workforce transition remains an ongoing social challenge.

Metric (Q1 2025)	Value (R$)	Social/Labor Impact
PMSO Expenses Reduction (YoY)	8%	Direct result of staff adaptation and restructuring.
Reported Net Loss	R$81 million	Highlights vulnerability to regulatory changes (Aneel review).
Aneel Regulatory Impact (Chesf)	R$952 million	Indicates high regulatory risk and potential for government-driven financial volatility.
Compulsory Loan Debt (Current)	R$13.1 billion	Reduction of a legacy SOE liability, improving long-term financial health.
CDE Budget (2025 Forecast)	R$40.6 billion	Increase in consumer-funded subsidy account, fueling public demand for lower rates.

Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) - PESTLE Analysis: Technological factors

The technological landscape for Eletrobrás in 2025 is defined by an aggressive push into Artificial Intelligence (AI) and the strategic integration of data and telecommunications infrastructure. You are seeing a clear pivot from a traditional utility model to a data-driven, resilient energy and fiber-optic provider.

This massive digitalization effort is directly tied to the company's projected capital expenditure (CAPEX), which is expected to be around R$12 billion annually in both 2025 and 2026, focused heavily on transmission network enhancements. Here's the quick math: that level of investment is designed to generate more than R$2 billion in additional annual permitted revenues (RAP) in the coming years, making technology a direct revenue driver, not just a cost center.

Major August 2025 partnership with C3 AI to deploy Grid Intelligence across all transmission assets

In August 2025, Eletrobrás formalized a critical partnership with C3 AI to scale the C3 AI Grid Intelligence platform across all its transmission assets under the Eletro.ia program. This is a game-changer for grid resilience.

The core benefit is real-time fault monitoring and resolution. The AI application processes data from thousands of sensors to detect, cluster, and provide decision-making intelligence for faults in less than 10 seconds. To be fair, this process previously took operators anywhere from several minutes to hours, so the time-to-resolution improvement is defintely a major operational advantage.

The deployment of this enterprise AI solution is specifically designed to address significant operational challenges in Brazil, such as wildfires near transmission lines and equipment failures, ensuring stability and availability across the largest power transmission network in Latin America.

Collaboration with Google Cloud (September 2025) to use AI for weather forecasting

Eletrobrás is also leveraging AI for predictive operations, announcing a project with Google Cloud in September 2025 to use AI models for advanced weather forecasting. This pioneering regional initiative uses Google DeepMind's WeatherNext AI model.

The goal is to move beyond traditional forecasting to optimize generation from intermittent sources like wind and solar and to proactively guide operational decisions for assets like transmission lines. The solution, which took nine months to develop and was completed in June 2025, replicates up to five layers of the atmosphere, integrating data from satellites and radars for advanced analysis.

This allows Eletrobrás to better anticipate and prepare for extreme weather events, which are increasingly common and pose monumental challenges to infrastructure integrity. You want to know when a storm is coming, not just after it hits.

Acquisition of a 51% stake in Eletronet (April 2025) to integrate fiber optic telecoms

The April 2025 completion of the acquisition of a 51% stake in Eletronet S.A. is a strategic move that merges the energy and data transport businesses. This consolidation gives Eletrobrás 100% control of Eletronet and its nationwide fiber optic network.

This network, which spans over 17,000 km, is directly integrated into the electricity transmission lines using Optical Ground Wire (OPGW) cables, providing high reliability. The real opportunity here is the cross-selling of data transport and IP transit services to high-growth sectors.

The primary commercial synergy is targeting data centers and internet providers, effectively turning Eletrobrás's transmission infrastructure into a dual-purpose asset: electricity and high-speed data. Eletronet's performance prior to the acquisition gives you a clear baseline:

Metric (Last 12 months to June 2024)	Amount
Eletronet Revenues	R$218 million
Eletronet EBITDA (approx.)	R$82 million
Fiber Optic Network Length	Over 17,000 km

This move is a direct response to the massive demand for data center infrastructure in Brazil, such as the Rio AI City project, where Eletrobrás is positioning itself to ensure network and electrical availability.

Digitalization of operations is a core strategy to drive efficiency

The overarching strategy is a comprehensive digitalization of all operations, which drives both operational efficiency and grid resilience. This isn't a vague initiative; it's a multi-pronged approach that includes:

• Deploying Smart Grids and Advanced Metering Infrastructure (AMI) to reduce grid losses and improve distribution efficiency.
• Using C3 Generative AI to streamline operational reporting, freeing up operators to focus on higher-impact tasks.
• Implementing predictive maintenance through data analytics to optimize asset management and reduce operational costs.
• Focusing on climate resilience, with the goal of being Net Zero by 2030, which relies heavily on technology for monitoring and optimizing low-carbon generation sources (hydro, wind, solar).

The goal is simple: a more automated, resilient, and profitable network. The technology investments are the engine for Eletrobrás's post-privatization efficiency gains.

Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) - PESTLE Analysis: Legal factors

Settlement of the Privatization Legal Dispute (February 2025)

The biggest legal cloud over Eletrobrás was the challenge to its privatization structure, but that cleared with a settlement in the end of February 2025. This agreement with the Brazilian federal government is a defintely key de-risking event for the company's shares.

The core of the dispute-the government's voting power-was resolved by maintaining the original privatization rule: a 10% limit on voting power for any single shareholder, including the federal government, despite its ownership of approximately 46% of common shares.

In exchange for maintaining this stability, the government gained increased representation on the Board of Directors. It can now appoint three of the ten board members.

Legal Dispute Resolution Point	Outcome for Eletrobrás (EBR)	Specific Metric (2025)
Shareholder Voting Limit	Maintained regulatory stability and dispersed capital structure.	Maximum voting power capped at 10%.
Federal Government Board Seats	Increased government oversight, but not control.	Government appoints 3 out of 10 board members.
Risk Reduction	Eliminated major political and legal uncertainty.	Deemed a 'key de-risking event' by analysts.

Angra III Nuclear Plant Liability Removal

A critical component of the February 2025 legal agreement was the formal removal of Eletrobrás's obligation to fund the stalled Angra III nuclear power plant. This move sheds a significant, decades-old financial liability that had been a drag on the balance sheet. The company is now exempt from further capital contributions to its subsidiary Eletronuclear, which manages the project.

For context, the Angra III project is currently only about 65% complete and has an estimated total cost of $4 billion. The exemption allows Eletrobrás to focus its capital expenditure on core generation and transmission assets, rather than a high-risk, state-controlled venture. Eletrobrás is also in the process of selling its 35% stake in Eletronuclear to the state-owned ENBPar. That's a clean break from a major legacy headache.

Q1 2025 Regulatory Asset Review Impact

While the privatization settlement was a long-term positive, near-term legal and regulatory actions still hit the financials hard in the first quarter of 2025. Eletrobrás reported an adjusted net loss of R$81 million for Q1 2025.

Here's the quick math: the loss was primarily driven by a substantial R$952 million impact from a regulatory remeasurement. This charge stemmed from a regulatory asset review by the National Electric Energy Agency (Aneel) related to the Chesf transmission tariff review process. This is a technical, non-cash adjustment, but it speaks to the ongoing regulatory risk in the Brazilian power sector.

The Aneel adjustment effectively corrected a mistake in the agency's application of a technical report submitted two years prior. The correction reduced Chesf's approved gross Regulatory Asset Base (RAB) by R$2.9 billion and the net RAB by roughly R$1 billion. That's a massive, one-time write-down.

New Power Sector Reform Proposals (Mid-2025)

The legal landscape is shifting again with the publication of Provisional Measure (MP) No. 1,300/2025 on May 21, 2025, which proposes a broad 'Reform of the Power Sector.'

This reform, which must be approved by Congress, introduces legal and financial challenges, particularly for renewable energy contracts. The key change is the proposal to eliminate the 50% discount on the Distribution System Usage Rate (TUSD) for new contracts or renewals of solar and wind projects.

• Eliminate the 50% TUSD discount for new renewable contracts.
• Reduce the competitiveness of solar and wind against hydro and thermal power.
• Increase energy costs for free market consumers by up to 25% due to subsidy removal.
• Expand the free energy market to low-voltage consumers starting in August 2026 (commercial/industrial) and December 2027 (residential).

The removal of the TUSD subsidy, which has been crucial to the competitiveness of renewables, could negatively affect the earnings of generation companies in the near term, even if Eletrobrás's core hydro assets benefit relatively. The long-term goal is a more sustainable tariff structure, but the near-term legal wrangling over this new Provisional Measure will add uncertainty.

Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR) - PESTLE Analysis: Environmental factors

SBTi-approved (Science Based Targets Initiative) emissions reduction targets were secured in 2025, committing the company to a Net Zero goal by 2030.

You need to know exactly how Eletrobras is positioning itself for the carbon-constrained future, and the 2025 SBTi approval is the clearest signal. In 2025, the Science Based Targets Initiative (SBTi) officially approved Eletrobras' short- and long-term emissions reduction targets, which is a big deal for a utility of this size. This move solidifies the company's commitment to achieving Net Zero by 2030. That's a very aggressive timeline, honestly.

The core of this commitment is a plan to reduce total emissions by at least 90% compared to the 2023 baseline, with a maximum of 10% of residual emissions being offset. To give you a sense of the scale, the company's total carbon emissions in 2024 were approximately 4,712,238,150 kg CO2e, down from 5,665,409,000 kg CO2e in 2023. The near-term targets are concrete:

• Reduce absolute Scope 1 emissions from generated electricity by 76% per MWh by 2029.
• Achieve a 50% reduction in all remaining absolute Scope 1 and 2 emissions by 2029.
• Cut Scope 3 emissions from various activities by 40% by 2029.

That level of detail shows the plan is more than just a press release. It's a fundamental operational shift.

The generation portfolio is overwhelmingly clean, with 97% of energy coming from low-emission sources like hydro, wind, and solar.

What sets Eletrobras apart is that it's already a green major, not just aspiring to be one. Following strategic divestments in Q3 2025, including the sale of the Santa Cruz thermal power plant and its stake in Eletronuclear, the company completed its transition to a 100% renewable energy portfolio. The CEO confirmed in November 2025 that the company is '100% generating clean and renewable energy.'

Prior to reaching the 100% mark, the installed capacity was already around 97% from low greenhouse gas (GHG) emission sources. The portfolio is heavily weighted toward one source, which is both a strength and a risk, but the divestiture of thermal assets significantly de-risks the carbon transition. Here's the breakdown of the installed capacity mix from late 2023/early 2024, before the final thermal sales:

Energy Source	Percentage of Installed Capacity	Key Insight
Hydroelectric	~94.6%	The cornerstone of the portfolio, but exposed to drought risk.
Wind	~1.6%	Represents a growth area, with the 302 MW Coxilha Negra wind farm underway.
Solar	~0.002%	Minimal current share, indicating significant future expansion potential.
Thermal (Divested in 2025)	~3.7%	Eliminated from the portfolio in 2025, reaching the 100% clean goal.

Strategic Climate Adaptation Plans for high-priority hydroelectric assets are expected to be completed in 2025 to mitigate drought risks.

The biggest environmental risk for Eletrobras is not emissions, but water. Since over 90% of the portfolio is hydro-based, the volatility of rainfall and flow patterns (drought risk) is a critical operational issue. That's why the company is focused on climate resilience.

The preparation of Strategic Climate Adaptation Plans for high-priority hydroelectric assets, identified via a 2023 climate risk study, is expected to be completed in 2025. This is an essential step to manage and reduce mapped risks at key plants like Tucuruí and Sobradinho. The company is backing this up with capital expenditure (CapEx) for modernization.

Here's the quick math: the R$12 billion CapEx in 2025 shows a clear commitment to modernization. Still, the projected 5.0x-5.5x leverage peak is defintely something to watch, especially with high interest rates. The next step is for the Investment Committee to model the sensitivity of the R$5.5 billion-R$6.5 billion negative FOCF forecast to a 200 basis point change in the 2025 interest rate by next Tuesday.

The company utilizes an internal carbon price to assess the financial impact of potential future carbon emission taxes.

To build resilience against future regulatory risk, Eletrobras uses an internal carbon price. This is a smart financial tool, not just an environmental one. It allows the company to annually assess the financial impact of increased operating costs that would result from a potential future carbon emissions tax in Brazil.

This mechanism helps direct capital allocation, favoring projects with lower regulatory risk and contributing to the energy transition. Plus, the company is already monetizing its clean portfolio. In a July 2025 transaction, Eletrobras signed a carbon credit sales contract with Banco do Brasil, selling 992 tons of carbon credits generated by the Rio Teles Pires plant. This shows their internal clean energy advantage is already a revenue stream.