The energy trading companies associated with Abraceel (Brazilian Association of Energy Traders) approved, in an assembly held this week, the Codes of Conduct and Processes that will form the basis of the entity's self-regulation system. The vote had 38 votes in favor, equivalent to 86,4% of the total, one against and five abstentions.
The measure formalizes the implementation of specific mechanisms to monitor the performance of companies in the electricity trading market. The objective is to strengthen the security of operations, encourage good practices, and contribute to a more reliable and competitive business environment.
The system will function as an additional layer of control, with procedures to monitor conduct, investigate any irregularities and, when necessary, apply sanctions. Participation is automatic for all members, as stipulated in the Abraceel Bylaws, updated in December 2025.
The initiative dates back to 2024.
The decision is the result of a discussion initiated by the member companies themselves in December 2024, when a Special Market Security Working Group was created. The group began meeting weekly to develop the proposal and evaluate references from other sectors.
In this process, Abraceel sought experiences from organizations such as Ambima (Brazilian Association of Financial and Capital Market Entities), BSM Market Supervision, and BBCE (Brazilian Energy Trading Platform).
The intention was to leverage existing supervisory structures and adapt them to the specific characteristics of energy trading. In December 2025, members approved changes to the bylaws to incorporate self-regulation into the entity's governance.
At the most recent assembly, in addition to the codes, statutory changes necessary for the functioning of the model were also approved, with 37 votes in favor, two against, and five abstentions.
Three phases
The start-up will be phased. The first phase begins on November 1, 2026, and extends until January 2027. During this period, the priority will be to form the Supervisory team and the Committee, establish internal procedures, and organize the structure that will allow for continuous monitoring of the companies' conduct.
During this initial phase, members may be asked to provide information and update their registrations to enable the system to function. The second phase is scheduled for February and March 2027.
Within this process, an Advanced Investigation Procedure may be initiated, with the possibility of issuing Letters of Recommendation to the companies involved.
The third phase, scheduled for April 2027, foresees the complete implementation of the supervisory bodies, including the Self-Regulation Council. From then on, the structure will be able to initiate formal proceedings and regularly apply the penalties stipulated in the codes.
Right of defense
The rules subject members to conduct obligations and establish behaviors considered harmful to the market that should be avoided. Monitoring will be continuous, but the identification of a possible irregularity does not imply automatic punishment.
The cases must be investigated through procedures that respect due process and ensure the right to a full defense. At the end of the process, the Self-Regulation Council will be responsible for judging the occurrences and deciding on any sanctions.
The measures foreseen range from private warnings to the company's removal from the association. The severity of the penalties will depend on the investigation and judgment according to the established procedures.
Next Steps
With the approval of the codes, Abraceel enters the operational organization phase of the system. The association also reopened, until October 30th, the deadline for companies to nominate candidates for internal members of the Council and the Self-Regulation Committee.
The organization considers the initiative part of an effort to strengthen confidence in the free energy market. The effectiveness of the model will depend on the implementation of supervisory mechanisms, adherence to the rules, and the ability to address irregularities with clear and consistent procedures.
Events reinforce debate on security.
The creation of self-regulation occurs amidst a series of financial difficulties among energy trading companies, including judicial reorganizations, accumulated debts, and operational restrictions imposed by the CCEE (Chamber of Electric Energy Commercialization).
In April 2025, 2W Ecobank and Gold Energia together had billions in debt. Then, in May 2026, Electra filed for bankruptcy protection to restructure liabilities estimated at R$1,27 billion. These difficulties also resulted in disciplinary measures.
In October 2026, CCEE upheld decisions to disconnect 2W and Electra and ordered the disconnection of IBS Comercializadora for non-compliance with obligations. These episodes help explain the search for additional mechanisms to monitor conduct and prevent risks.
However, Abraceel's self-regulation will have its own rules and investigation procedures with the right to defense, functioning as a complement (and not a substitute) for the regulation and actions of CCEE and the ANEEL (National Electric Energy Agency).
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