Companhia Paranaense de Energia - Copel (ELP): Modelo de Negócios Canvas [Jan -2025 Atualizado]

Mergulhe no plano estratégico de Companhia Paranaense de Energia (Copel), uma potência de inovação que transforma o cenário energético do Brasil. Essa tela abrangente do modelo de negócios revela como a Copepel aproveita a tecnologia de ponta, práticas sustentáveis ​​e parcerias estratégicas para fornecer eletricidade confiável em todo o estado de Paraná, enquanto pioneira soluções de energia renovável que posicionam a empresa na vanguarda do setor de energia em evolução do Brasil. Desde infraestrutura sofisticada até abordagens centradas no cliente, o modelo da Copel demonstra uma fusão notável de proezas tecnológicas, responsabilidade ambiental e resiliência econômica que define um novo padrão no gerenciamento de serviços públicos.

Companhia Paranaense de Energia - Copel (ELP) - Modelo de Negócios: Principais Parcerias

Governo do Estado de Paraná como acionista primário

A partir de 2024, o estado de Paraná segura 50.26% da capital de votação de Copepel. A estrutura de propriedade do governo é detalhada na tabela a seguir:

Categoria de acionistas	Porcentagem de propriedade
Estado de Paraná	50.26%
Flutuação livre	49.74%

Parcerias estratégicas com fabricantes de equipamentos de energia

Copel mantém parcerias com os principais fabricantes de equipamentos:

• Siemens Energy
• WEG Equipamentos Eléticos
• ABB Brasil

Colaboração com provedores de tecnologia de energia renovável

As parcerias energéticas renováveis ​​da CoPEL incluem:

Provedor de tecnologia	Área de foco	Tipo de colaboração
Vestas Wind Systems	Tecnologia da turbina eólica	Fornecimento de equipamentos
Solar canadense	Soluções fotovoltaicas	Projetos solares conjuntos

Parcerias com operadores de grade elétrica

Copepel colabora com os operadores nacionais de grade:

• Sistema Nacional do Operador (ONS)
• Transmissão eletrobras
• Grid Corporation do Brasil

Parcerias de pesquisa e inovação tecnológica

As principais colaborações de pesquisa incluem:

Instituição	Foco na pesquisa	Investimento anual
Universidade Federal de Paraná	Tecnologias de grade inteligente	R $ 3,2 milhões
Instituto de Tecnologia Paraná	Inovação energética renovável	R $ 2,7 milhões

Companhia Paranaense de Energia - Copel (ELP) - Modelo de negócios: Atividades -chave

Geração de energia elétrica em várias fontes de energia

A partir de 2024, a Copel opera um portfólio diversificado de geração de energia com as seguintes estatísticas -chave:

Fonte de energia	Capacidade total instalada (MW)	Porcentagem de geração total
Hidrelétrico	4,894.2	68.5%
Vento	406.2	5.7%
Solar	130.5	1.8%
Térmico	337.3	4.7%

Gerenciamento de infraestrutura de transmissão e distribuição de energia

Copel gerencia uma extensa infraestrutura energética com as seguintes especificações:

• Linhas de transmissão: 5.232 quilômetros
• Rede de distribuição: 214.154 quilômetros
• Subestações: 296 com uma capacidade de transformação total de 29.458 MVA

Desenvolvimento de projetos de energia renovável

O desenvolvimento energético renovável da Copel se concentra:

Tipo de projeto	Número de projetos	Capacidade Planejada Total (MW)
Parques eólicos	18	643.5
Parques solares	12	287.6

Manutenção e modernização da grade

Investimento anual em infraestrutura e modernização da rede:

• Investimento total: R $ 1,2 bilhão
• Implementação de tecnologia de grade inteligente: R $ 345 milhões
• Projetos de melhoria de confiabilidade da grade: R $ 512 milhões

Atendimento ao cliente e soluções de gerenciamento de energia

Atendimento ao cliente e métricas de transformação digital:

Métrica de serviço	Valor
Total de clientes atendidos	5,1 milhões
Interações de serviço digital	3,7 milhões anualmente
Implantações de medidores inteligentes	412.000 unidades

Companhia Paranaense de Energia - Copel (ELP) - Modelo de negócios: Recursos -chave

Extensa infraestrutura de geração elétrica

A infraestrutura de geração elétrica de Copepel inclui:

Tipo de geração	Capacidade (MW)	Número de usinas de energia
Hidrelétrico	4,540.80	21
Energia eólica	491.40	16
Pequeno hidrelétrico	131.40	7
Energia térmica	258.00	3

Sistemas tecnológicos avançados e plataformas digitais

Os recursos tecnológicos da Copepel incluem:

• Tecnologias de grade inteligente
• Infraestrutura de medição avançada
• Sistemas de gerenciamento de ativos digitais
• Plataformas de segurança cibernética

Engenharia qualificada e força de trabalho técnica

Categoria de funcionários	Número de funcionários	Experiência média
Força de trabalho total	7,430	12,5 anos
Engenheiros	1,245	15,3 anos
Especialistas técnicos	2,310	11,7 anos

Direitos significativos da terra e da água

Portfólio de recursos terrestres e hídricos da Copel:

• Total de propriedades de terra: 12.345 hectares
• Direitos de concessão da água: 22 bacias hidrográficas
• Áreas de gerenciamento de bacias hidrográficas: 6 principais regiões

Forte capital financeiro e capacidade de investimento

Métrica financeira	2023 valor
Total de ativos	R $ 37,2 bilhões
Orçamento anual de investimento	R $ 1,8 bilhão
Patrimônio líquido	R $ 15,6 bilhões
Caixa e equivalentes de dinheiro	R $ 2,3 bilhões

Companhia Paranaense de Energia - Copel (ELP) - Modelo de Negócios: Proposições de Valor

Fornecimento de eletricidade confiável e consistente para o estado de Paraná

A Copel atende a aproximadamente 4,7 milhões de unidades de consumo no estado de Paraná, com uma rede total de distribuição de eletricidade de 235.107 quilômetros. A Companhia mantém um suprimento confiável de eletricidade com um índice de duração média do sistema de interrupção (Saidi) de 7,91 horas por consumidor em 2022.

Métricas de distribuição de eletricidade	Valor
Unidades de consumo	4,7 milhões
Comprimento da rede de distribuição	235.107 quilômetros
Saidi (duração média de interrupção do sistema)	7,91 horas/consumidor (2022)

Compromisso com soluções de energia sustentável e renovável

O portfólio de energia renovável da Copepel inclui:

• Capacidade total de geração instalada de 6.185,8 MW
• Geração hidrelétrica: 4.630,7 MW
• Geração de energia eólica: 325,3 MW
• Geração de energia solar: 85,8 MW

Preços competitivos de eletricidade

Copel mantém tarifas competitivas de eletricidade com uma tarifa residencial média de R $ 0,65 por kWh em 2022, em comparação com a média nacional brasileira de R $ 0,75 por kWh.

Inovação tecnológica no setor de energia

A Copel investiu R $ 1,024 bilhão em infraestrutura e inovação tecnológica em 2022, concentrando -se em tecnologias de grade inteligente e transformação digital.

Investimento de inovação	Quantia
Investimento total em 2022	R $ 1,024 bilhão

Responsabilidade ambiental e desenvolvimento de energia limpa

O portfólio de energia limpa da Copepel representa 99,6% de sua mistura total de geração, com emissões mínimas de carbono. A empresa evitou 2,1 milhões de toneladas de emissões de CO2 em 2022 através da geração de energia renovável.

Desempenho ambiental	Valor
Porcentagem de energia renovável	99.6%
As emissões de CO2 evitaram	2,1 milhões de toneladas (2022)

Companhia Paranaense de Energia - Copel (ELP) - Modelo de Negócios: Relacionamentos ao Cliente

Plataformas de atendimento ao cliente digital

A Copel opera uma plataforma abrangente de atendimento ao cliente digital com as seguintes métricas:

Recurso da plataforma	Dados estatísticos
Usuários de portal de atendimento ao cliente on -line	1,2 milhão de usuários registrados
Downloads de aplicativos móveis	685.000 Downloads ativos
Taxa de resolução de serviço digital	92,4% de resolução de primeiro contato

Serviços de Consumo de Energia Personalizada

A Copel fornece serviços de consultoria de consumo de energia direcionada com as seguintes características:

• Instalações de medidores inteligentes: 420.000 clientes residenciais
• Consultas de eficiência energética: 78.000 consultas anuais
• Recomendações personalizadas de economia de energia para 65% dos clientes residenciais

Sistemas de cobrança e comunicação transparentes

A transparência de cobrança de Copepel é demonstrada através de:

Canal de comunicação de cobrança	Estatísticas de uso
Entrega da conta digital	1,1 milhão de clientes usando cobrança eletrônica
Classificação média de clareza	4.7/5 Pontuação de satisfação do cliente

Programas de envolvimento da comunidade

As iniciativas de engajamento comunitário da Copepel incluem:

• Investimentos de responsabilidade social: R $ 12,3 milhões em 2023
• Programas de educação comunitária: 45 municípios cobertos
• Participantes da educação ambiental: 22.000 indivíduos

Pesquisas regulares de satisfação do cliente

Detalhes da medição da satisfação do cliente:

Métrica de pesquisa	2023 Resultados
Índice geral de satisfação do cliente	8.6/10
Taxa de resposta da pesquisa	68% de participação do cliente
Avaliação da qualidade do serviço	94% de feedback positivo

Companhia Paranaense de Energia - Copel (ELP) - Modelo de Negócios: Canais

Portal de clientes on -line

O portal de clientes on -line da Copel atende aproximadamente 4,8 milhões de clientes residenciais e comerciais no estado de Paraná. O portal processa cerca de 1,2 milhão de solicitações mensais de serviço digital.

Recurso do portal	Uso mensal
Pagamentos de contas	892.000 transações
Solicitações de serviço	312.000 solicitações
Análise de consumo de energia	215.000 interações do usuário

Aplicativo móvel para serviços de energia

O aplicativo móvel da CoPEL possui 1,1 milhão de usuários ativos, com 78% dos downloads de plataformas Android e 22% do iOS.

• Taxa de download do aplicativo: 45.000 novos usuários por mês
• Transações médias mensais de aplicativos: 673.000
• Volume de pagamento móvel: R $ 42,6 milhões mensais

Centros de atendimento ao cliente físico

A Copel mantém 86 centros de atendimento ao cliente físico em Paraná State, lidando com aproximadamente 215.000 interações pessoais mensalmente.

Tipo de centro de serviço	Número de centros	Interações mensais
Principais centros de serviço	42	128,000
Centros regionais	44	87,000

Pontos de varejo autorizados

A Copepel colabora com 620 pontos de varejo autorizados para pagamentos de contas e solicitações de serviço.

• Distribuição de pontos de varejo: 78% em áreas urbanas
• Transações mensais através de pontos de varejo: 312.000
• Volume de pagamento através de pontos de varejo: R $ 28,3 milhões

Equipes diretas de vendas e marketing

A equipe de vendas da Copepel consiste em 412 representantes de vendas diretas que cobrem vários segmentos de clientes.

Segmento da equipe de vendas	Número de representantes	Engajamento mensal
Clientes residenciais	218	92.000 interações
Clientes comerciais	124	45.000 interações
Clientes industriais	70	23.000 interações

Companhia Paranaense de Energia - Copel (ELP) - Modelo de negócios: segmentos de clientes

Consumidores de eletricidade residencial

A partir de 2023, a Copel atende 2,5 milhões de consumidores de eletricidade residencial no estado de Paraná, Brasil. A base de clientes residenciais representa aproximadamente 67% do portfólio total de distribuição de eletricidade da empresa.

Categoria de cliente	Número de consumidores	Porcentagem de total
Consumidores residenciais	2,500,000	67%

Empresas industriais e comerciais

A Copel fornece serviços de eletricidade a 234.000 clientes industriais e comerciais em Paraná. Esses clientes representam aproximadamente 25% da receita total de distribuição de eletricidade da empresa.

Categoria corporativa	Número de clientes	Contribuição da receita
Empresas industriais	87,500	15%
Empresas comerciais	146,500	10%

Setor agrícola

O setor agrícola representa 35.000 consumidores de eletricidade para a Copel, contribuindo com 5% para a receita total de distribuição de eletricidade da empresa.

Segmento agrícola	Número de consumidores	Contribuição da receita
Clientes agrícolas	35,000	5%

Instituições do setor público

A Copel atende 12.500 instituições do setor público, incluindo edifícios governamentais, escolas, hospitais e infraestrutura municipal.

Categoria do setor público	Número de instituições
Edifícios do governo	4,500
Instituições educacionais	5,000
Instalações de saúde	3,000

Pequenas e médias empresas

Pequenas e médias empresas constituem 65.000 clientes na portfólio de distribuição de eletricidade da Copel, representando aproximadamente 3% da receita total.

Tamanho comercial	Número de clientes	Contribuição da receita
Pequenas empresas	42,000	2%
Empresas de tamanho médio	23,000	1%

Companhia Paranaense de Energia - Copel (ELP) - Modelo de negócios: estrutura de custos

Despesas de manutenção de infraestrutura

Em 2022, a Copepel relatou despesas de manutenção de infraestrutura, totalizando R $ 1,2 bilhão, com quebra específica da seguinte forma:

Manutenção da grade elétrica

Linha de transmissão Manutenção

Manutenção da subestação

Categoria de infraestrutura	Custo de manutenção (R ​​$)
672,000,000
318,000,000
210,000,000

Investimentos de tecnologia de geração de energia

Alocação de investimento em tecnologia da Copel para 2022-2023:

Tecnologias de energia renovável

Modernização hidrelétrica

Desenvolvimento de grade inteligente

Tipo de tecnologia	Valor do investimento (R $)
456,000,000
287,000,000
189,000,000

Pessoal e custos operacionais

Pessoal da Copel e despesas operacionais para 2022:

• Total de despesas de pessoal: R $ 1,05 bilhão
• Salário e benefícios: R $ 765.000.000
• Treinamento e desenvolvimento: R $ 12.500.000
• Custos da equipe operacional: R $ 272.500.000

Despesas de pesquisa e desenvolvimento

Redução de investimentos em P&D para 2022:

Pesquisa de eficiência energética

Inovação energética renovável

Iniciativas de transformação digital

Área de foco em P&D	Valor do investimento (R $)
45,000,000
37,500,000
28,000,000

Conformidade ambiental e custos regulatórios

Alocação de despesas ambientais e regulatórias para 2022:

• Custos totais de conformidade ambiental: R $ 98.000.000
• Despesas de relatórios regulatórios: R $ 22.500.000
• Mitigação de impacto ambiental: R $ 53.000.000
• Certificação de sustentabilidade: R $ 22.500.000

Companhia Paranaense de Energia - Copel (ELP) - Modelo de negócios: fluxos de receita

Vendas de eletricidade para clientes residenciais

Em 2022, a Copel serviu 2,2 milhões de consumidores de eletricidade residencial em Paraná, Brasil. A receita de vendas de eletricidade residencial atingiu R $ 4,8 bilhões (aproximadamente US $ 930 milhões).

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

Contratos de eletricidade industrial e comercial

A Copel gerou R $ 6,2 bilhões de contratos de eletricidade industrial e comercial em 2022.

• Contratos de eletricidade industrial: R $ 3,9 bilhões
• Contratos comerciais de eletricidade: R $ 2,3 bilhões

Receitas de projeto de energia renovável

O portfólio de energia renovável da Copel gerou R $ 1,5 bilhão em 2022, com quebra específica:

Tipo de energia renovável	Receita (R $)
Energia eólica	650,000,000
Pequenas plantas hidrelétricas	450,000,000
Energia solar	400,000,000

Taxas de serviço de transmissão de grade

Os serviços de transmissão de grade geraram R $ 1,2 bilhão em receita para a Copel em 2022.

Negociação de energia e participação no mercado

As atividades de negociação de energia da Copepel no mercado atacadista geraram R $ 800 milhões em 2022.

Atividade comercial	Receita (R $)
Negociação de mercado por atacado	800,000,000

Fluxos totais de receita para 2022: R $ 14,5 bilhões

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.