By Brazil Stock Guide – Brazil’s National Electric Energy Agency (Aneel) and the Ministry of Mines and Energy (MME) awarded seven new power transmission concessions during Friday’s (31) Auction No. 04/2025, held at the B3 stock exchange in São Paulo.
The auction secured BRL 5.5 billion (USD 1 billion) in investments for building and maintaining 1,081 kilometers of new transmission lines and 2 gigawatts (GW) in transformation capacity across 12 states. Competition was intense, with discounts reaching as high as 57.5% off the ceiling annual revenue rates (RAP).
According to data from Agência iNFRA, the event drew leading industry players including Axia Energia (Eletrobras CGT Eletrosul) [BVMF:ELET3], CPFL Transmissão (part of CPFL Energia [BVMF:CPFE3]), EDP Transmissão Goiás (subsidiary of EDP Brasil [BVMF:ENBR3]), Rialma Administração e Participações S.A., and investment funds such as FIP Warehouse and Shalom FIP Multiestratégia.
Key results by lot
- Lot 1 (São Paulo and Guarulhos): Shalom FIP Multiestratégia won with a BRL 27.2 million bid, a 57.51% discount.
- Lot 2 (Paraíba, Pernambuco, Maranhão, Piauí): Rialma secured the concession with BRL 85.9 million, a 36.73% discount.
- Lot 3 (Rio Grande do Sul and Paraná): CPFL Transmissão offered BRL 81.16 million, marking a 53.93% discount.
- Lot 4 (Rondônia and Mato Grosso): FIP Warehouse submitted BRL 116.2 million, with a 47.30% discount.
- Lot 5 (Goiás): EDP Transmissão Goiás bid BRL 38.08 million, achieving 49.18% discount.
- Lot 6 (Minas Gerais): Axia Energia (Eletrobras CGT Eletrosul) won with BRL 43.1 million for sublot 6A and BRL 23.74 million for sublot 6B, reaching 50.23% discount.
- Lot 7 (Rio Grande do Norte): Axia Energia also secured this lot with BRL 48.2 million (7A) and BRL 23.7 million (7B), corresponding to 45.14% discount.
Total annual revenue for all winning bids will reach BRL 487.3 million, nearly 48% below Aneel’s ceiling of BRL 936 million.
Executive comments
“This auction exemplifies the success of Aneel’s competitive processes — combining predictability and security for investors with cost efficiency for consumers,” said Fernando Mosna, director at Aneel.
“We are proud to provide a marketplace that connects strong projects with serious investors for over 30 years,” added Rogerio Santana, B3’s Director of Client Relations and Governance in Public Auctions.
Sector outlook and quarterly context
The transmission auction adds momentum to a strong quarter for Brazil’s power sector, which has seen renewed investment following government initiatives to accelerate grid expansion. Eletrobras [BVMF:ELET3] reported a 7% increase in Q3 revenue driven by transmission and renewables, while CPFL Energia [BVMF:CPFE3] recorded a 5.8% growth in EBITDA, reflecting stable demand and lower financing costs.
EDP Brasil [BVMF:ENBR3] also reported solid quarterly results, with R$ 1.4 billion in net income, citing “regulatory stability and growing investor appetite in Brazil’s electricity sector.”
The transmission program remains central to the government’s 2030 energy transition plan, aiming to modernize infrastructure and strengthen interconnection among Brazil’s regions.
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