A ANEEL (National Electric Energy Agency) published the notice for the A-1, A-2 and A-3 existing energy auctions, intended to supply distributors in 2027, 2028 and 2029.
In addition to the bidding schedule, the Agency proposed changes to the contracting rules with the aim of reducing the risk of default among energy sellers.
The so-called existing energy auctions are held annually to allow distributors to adjust their contracting portfolios by purchasing energy from plants already in operation or from trading companies.
The main innovation, proposed by director and rapporteur Agnes da Costa, changes the way the submarket where the traded energy will be delivered is defined. Currently, this choice is made by the seller.
Based on the proposal of ANEELThis definition will now become the responsibility of the buyer. The change aims to reduce the risks associated with the so-called price decoupling between the submarkets of the SIN (National Interconnected System), divided into North, Northeast, South, and Southeast/Central-West regions.
Most of the time, energy prices are the same across the four submarkets. However, significant differences can arise in certain situations. Since the seller chooses the delivery location, they also assume the risk of these variations.
In practice, imagine that a distributor buys energy for R$ 100/MWh and the seller chooses to deliver it to the Northeast submarket.
If, at the time of settlement, the price in that region rises to R$ 110/MWh, the difference must be covered by the seller. Depending on the magnitude of this discrepancy, the loss could compromise their ability to honor the contract.
According to Agnes da Costa, in 2025 alone, the disconnect between submarkets generated a negative result of approximately R$ 495 million for distributors. The director cites as an example the case of Gold Energia, currently in judicial reorganization, which failed to comply with contracts signed in this type of auction.
Another proposal presented by the agency increases the requirements for financial guarantees to participate in the bidding processes. Currently, sellers need to provide guarantees equivalent to three months of contracted revenue. Aneel intends to raise this requirement to the equivalent of one year of revenue.
The rationale is that when a seller defaults, distributors typically cannot renegotiate their contracts in just three months, leaving them exposed to short-term market costs.
The changes will be discussed in a public consultation. Contributions can be submitted until August 24, 2026. Auctions A-1, A-2, and A-3 are scheduled for November 13 and will be held sequentially.
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