By Brazil Stock Guide – Eneva SA (B3: ENEV3) reported gross power generation of 2,537 gigawatt-hours in the second quarter of 2026, a 35% increase from a year earlier, as higher dispatch from its gas-fired plants supported electricity demand across Brazil.
The figures were included in preliminary, unaudited operating data released by the company on Thursday. Eneva operates an integrated business spanning natural-gas production, power generation and energy trading.
The increase came as plants at the Parnaíba Complex remained competitive under Brazil’s merit-order dispatch system. Thermal generation was also required to offset the seasonal decline in hydropower output and cover demand later in the day, when solar production falls.
Eneva’s capacity-weighted average dispatch rate rose to 20% from 15% a year earlier. Plants supplied with the company’s own gas recorded an average dispatch rate of about 48%, while facilities dependent on third-party fuels operated at less than 1%.
Thermal Generation Rises 46%
Net generation from Eneva’s thermal plants reached 2,230 GWh, up 46% from 1,532 GWh in the second quarter of 2025. The Parnaíba Complex accounted for most of the output, generating 1,948 GWh on a gross basis, an annual increase of 645 GWh.
Of the complex’s net production, 1,288 GWh was settled under variable unit cost, or CVU, rules, mainly through merit-order dispatch. Another 410 GWh was sold in the short-term market at Brazil’s spot electricity price, known as PLD.
The Parnaíba I, III, IV and V plants produced 96 GWh for power exports under bilateral contracts. Parnaíba VI generated another 45 GWh to meet contractual inflexibility requirements in force from June through November.
Average availability at the Parnaíba Complex stood at 83%, affected by scheduled maintenance at Parnaíba II. The plant’s availability fell to 44% during the quarter before returning to 100% after work was completed on June 6.
Parnaíba I led net generation with 786 GWh, followed by Parnaíba V with 439 GWh and Parnaíba II with 327 GWh. The combined Parnaíba III and VI plants generated 255 GWh, while Parnaíba IV produced 32 GWh.
Azulão I Moves Toward Commercial Operations
The Azulão I thermal plant completed the tests and commissioning procedures required to begin commercial operations, including a 96-hour continuous-operation test in late June.
The facility produced 97 GWh of net electricity during the quarter, exclusively from commissioning and pre-operational activities. The output was settled at the hourly spot price in effect when the power was generated.
Commercial operations and the plant’s regulated contract are scheduled to begin on Aug. 1. Azulão I will expand Eneva’s integrated gas-to-power operations in the Amazon Basin.
The Luiz Oscar Rodrigues de Melo plant, known as LORM, began operating under a capacity-reserve contract on July 1. Contracts for the Viana 1, Povoação 1 and LORM 1 plants are expected to start in August.
Commercial operations at the four facilities had been suspended on April 6 at Eneva’s request while the plants awaited the start of their new regulated agreements. Combined net generation totaled 1 GWh in the second quarter, reflecting availability tests and limited dispatch in early April.
Lower Demand Weighs on Jaguatirica
The Jaguatirica II plant in Roraima generated 157 GWh on a net basis, down from the same period of 2025 as demand in the state declined.
Its dispatch rate fell to 60% from 76% a year earlier, while availability remained at 100%. The plant has been centrally dispatched by Brazil’s National System Operator since it was connected to the Manaus-Boa Vista transmission line in September 2025.
The coal-fired Itaqui plant generated 15 GWh, mainly through merit-order dispatch. Average availability dropped to 28% because of boiler repairs between April 12 and May 16 and scheduled turbine maintenance that began on June 1.
Net generation at the Porto de Sergipe I plant totaled 2 GWh, driven by availability tests following preventive maintenance on its boiler system. The facility posted average availability of 97% but recorded no significant commercial dispatch during the quarter.
Gas Production Increases
Eneva’s natural-gas production rose to 0.47 billion cubic meters from 0.37 billion cubic meters a year earlier. The Parnaíba Basin accounted for 0.42 billion cubic meters, while the Amazon Basin produced 0.05 billion cubic meters.
Higher production at Parnaíba reflected increased fuel demand from the company’s thermal plants. About 5.1% of the basin’s total output was allocated to small-scale liquefied natural-gas supply contracts.
Amazon Basin production remained broadly stable from a year earlier. Gas from the region supplied Jaguatirica II and supported commissioning tests at Azulão I.
Eneva ended June with 46.5 billion cubic meters of proved and probable, or 2P, gas reserves. The Parnaíba Basin held 37.1 billion cubic meters, while the Amazon Basin accounted for 9.5 billion cubic meters.
Grid Restrictions Cut Solar Output
Stronger thermal generation contrasted with lower production at the Futura 1 Solar Complex. Net output fell to 294 GWh from 338 GWh a year earlier and 340 GWh in the first quarter.
The complex lost 87 GWh of potential generation because of restrictions imposed by Brazil’s National System Operator, compared with 69 GWh a year earlier and 58 GWh in the previous quarter.
The restrictions, known as curtailment, occur when the grid operator limits production because power supply exceeds demand or transmission infrastructure cannot absorb all available electricity. Lower seasonal solar irradiation in northeastern Brazil also weighed on output.
Futura 1 maintained average availability of 99%. The complex comprises 22 photovoltaic plants with 692.4 megawatts of installed capacity.
Across Brazil’s interconnected grid, average curtailment affecting solar and wind facilities reached 19%, up from 16% in the first quarter and 15% a year earlier.
Thermal Plants Gain Share in Brazil’s Power Mix
Average electricity load on Brazil’s interconnected system totaled 77.5 average gigawatts in the quarter, down from 84.5 average gigawatts in the previous three months as summer ended and temperatures declined. Load increased by 0.9 average gigawatt from a year earlier.
Hydropower’s share of national electricity generation fell to 61% from 65% in the first quarter. Thermal plants supplied 11% of average system generation, up from 10% in the preceding quarter.
Higher thermal dispatch contributed to a gradual recovery in hydropower reservoir levels. Brazil also exported about 750 average megawatts of electricity during the quarter, with continuous shipments beginning in late April.
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