Starting in 2026, Abraceel (Brazilian Association of Energy Traders) will implement a set of rules, mechanisms, and self-regulation practices to monitor and penalize trading agents whose conduct is considered harmful to the functioning of the electricity market.
According to the entity's assessment, the self-regulation model will act in a complementary way to the regulation exercised by... ANEEL (National Electric Energy Agency) and by CCEE (Electric Energy Trading Chamber), increasing the level of security, predictability and confidence in the energy trading environment.
According to the association, discussions about creating the self-regulation system began in December 2024. Since then, 22 meetings have been held with industry stakeholders to discuss the scope, governance, and oversight criteria of the new model.
To define best practices, Abraceel collaborated with Anbima and analyzed references such as the self-regulation structure of BSM Supervisão de Mercados and BBCE.
Risk center and monitored indicators
The proposal calls for the creation of a risk center, responsible for monitoring 17 indicators. These include:
- Existence of civil, criminal, and labor lawsuits against administrators;
- Convictions related to non-compliance with legislation or sector regulations;
- Compliance with sector-specific obligations;
- Financial liabilities whose combined value exceeds 50% of the share capital;
- Tax compliance with the Federal Government and the federative units;
- Payment punctuality, with alerts when the indicator falls below 80%.
The self-regulation code will also establish conduct criteria for agents, including:
- Fulfillment of settlement obligations in the short-term market;
- Clarity and precision in the dissemination of products and services, without misleading the consumer;
- Prohibition of price manipulation;
- Compliance with commercial counterparties;
- Providing guarantees within the required timeframes and amounts;
- Mandatory notification of corporate changes;
- Submission of self-declaration forms from partners and the technical manager regarding their unblemished reputation;
- Entry into balanced operation mode at CCEE, at a level yet to be defined.
Governance and penalties
The self-regulatory structure will include an area of oversight independent of the institutional representation of hug, a director dedicated exclusively to the subject and operating in a way that is shielded from the association's office.
Monitoring of member companies may result in penalties stipulated in the code of conduct, ranging from warnings to expulsion. Member companies must sign an adhesion agreement, by which they automatically become subject to the self-regulation codes.
Companies that are not yet members can join the system by paying specific costs, without the rights and obligations of becoming a member of the organization. "Companies that decide to stay out will have to explain to partners and clients the reasons for not submitting to the rules of the codes of ethics and self-regulation and the supervision of indicators," stated Rodrigo Ferreira, president of Abraceel.
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