By Brazil Stock Guide – Brazil’s government has ordered regular comparisons between the cost of nuclear fuel used at the Angra 1 and Angra 2 power plants and international prices. Under a resolution issued by the National Energy Policy Council, or CNPE, on Tuesday, Aug. 25, ENBPar must benchmark prices charged by Indústrias Nucleares do Brasil, or INB, against global references.
The analysis must cover mining, conversion, enrichment, fuel fabrication and supply. It must also consider comparable contracts and average international costs. If ENBPar identifies material discrepancies, it will have to provide a technical explanation and, where appropriate, outline a plan to bring Brazilian prices closer to international benchmarks.
The change directly affects Eletronuclear, which operates Angra 1 and Angra 2 and is the main buyer of nuclear fuel produced by INB.
INB holds Brazil’s state monopoly over the production and sale of nuclear materials. The new rule does not change that structure. It does, however, introduce an external yardstick for assessing the prices charged within the monopoly.
Lower fuel prices could reduce Eletronuclear’s expenses and strengthen its financial position, although that would not automatically translate into higher profits for shareholders. The resolution specifically calls for greater transparency over how nuclear fuel costs are passed through to the tariffs of Angra 1 and Angra 2.
In 2025, nuclear fuel consumption increased Eletronuclear’s costs by R$62 million from the previous year. Angra 2 recorded a R$110 million increase, while costs at Angra 1 fell by R$48 million. INB and Eletronuclear also have a contract signed in 2022 covering 10 nuclear fuel reloads, five for each plant.
At the time, INB said the agreement would help move the company toward financial self-sufficiency. That goal must now coexist with another requirement: demonstrating that its prices make sense against global market references.
The issue is particularly sensitive because Brazil keeps parts of the nuclear fuel cycle at home for strategic and energy-security reasons.
Domestic enrichment capacity still does not fully meet the needs of the two plants. Price differences versus international suppliers may therefore reflect smaller scale, domestic industrial investment and the strategic decision to retain technology and production in Brazil.
The resolution allows those factors to be taken into account. But material price gaps will now have to be quantified and explained.
ENBPar must update the study at least every five years, although it can conduct interim reviews if significant changes occur in international markets. The reports must also be made public, except for information protected by confidentiality rules.
The measure does not require an immediate reduction in nuclear fuel prices. Nor does it suggest that INB is currently charging above-market prices.
Ownership Changes
The move comes as Eletronuclear’s ownership structure is undergoing a significant change.
Âmbar Energia, the energy arm of J&F, agreed in October 2025 to acquire the Eletronuclear stake held by former Eletrobras, now Axia Energia (B3: AXIA3), for R$535 million, or about $104 million.
The stake represents 67.95% of Eletronuclear’s total capital but only 35.9% of its voting common shares. ENBPar will retain control of the nuclear operator with 64.1% of the voting shares. The transaction remains pending.
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