By Brazil Stock Guide – Brazil’s power regulator maintained the 2026 pass-through tariff for electricity supplied by the Itaipu hydropower plant, while also approving tariff increases for consumers in Acre and Rondônia and recommending 30-year extensions of distribution concessions for units of Energisa (ENGI11.SA) and Neoenergia (NEOE3.SA).
The Itaipu tariff will remain at US$17.66 per kilowatt-month starting Jan. 1, 2026, matching the 2024 rate. The figure stems from updates to federal rules governing the binational plant. Itaipu’s board has set the unit electricity service cost (CUSE) at US$19.28/kW-month for 2024–2026, but Brazilian consumers will continue paying US$16.71/kW-month, with the US$2.57 difference offset by a US$285 million allocation already approved for 2026. Because the charge is dollar-denominated, distribution companies may face year-to-year fluctuations depending on exchange-rate movements. ENBPar also reported that contracted power will decline from 114,348 MW in 2025 to 111,216 MW in 2026.
Aneel approved the annual tariff adjustment for Energisa Acre (ENGI11.SA), which serves roughly 309,000 consumer units. The new rates — in effect from Dec. 13, 2025 — reflect higher sector charges, transmission and distribution costs, and financial components from the current cycle. Regulators emphasized the distinction between annual adjustments and periodic tariff reviews, the latter of which recalibrate efficiency targets, quality benchmarks and productivity factors.
Energisa Rondônia (ENGI11.SA), supplying about 729,000 consumer units across 52 municipalities, also received approval for new tariffs. The adjustment was driven by higher energy acquisition, distribution and transmission costs, as well as sector charges and residual financial items. Aneel additionally authorized an extraordinary tariff review, incorporating a R$57 million financial effect this year, adding 2.15% to the adjustment.
Regulators further endorsed 30-year concession renewals for Energisa Mato Grosso (ENGI11.SA), Neoenergia Cosern (NEOE3.SA) and Neoenergia Coelba (NEOE3.SA). All three concessions date back to 1997 and were submitted for early renewal under rules established in 2024. The companies met the required standards on financial soundness, service continuity and regulatory compliance.
One board member advocated incorporating additional criteria, such as customer satisfaction indicators and emergency service response times, but a majority ruled that only thresholds defined by the executive branch should apply. In the case of Neoenergia Coelba, the renewal recommendation passed by majority after a dissenting vote based on unmet optional performance metrics.
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