The board of ANEEL (National Electric Energy Agency) called an extraordinary meeting for this Friday (13), at 9 am, with the objective of rediscussing the ceiling prices of the LRCAP (Capacity Reserve Auction) of 2026. The values had been announced by the MME (Ministry of Mines and Energy) at the beginning of the week and were harshly criticized by market agents.
The impasse began on Monday (9), when the Ministry released ceiling prices of up to R$ 1,6 million per MW/year for new projects. The signal frustrated the sector's expectations, which had been working with estimates between R$ 2,2 million and R$ 3,1 million per MW/year.
On Tuesday (10), agents warned that the amounts would be insufficient to cover investment and financing costs, which generated a strong reaction in the financial market. Shares of Eneva (ENEV3), one of the companies most exposed to the tender, for example, registered significant drops due to uncertainty about the economic viability of the projects.
Under pressure from the negative reaction, Minister Alexandre Silveira acknowledged that there was a discrepancy between the average data used by the government and the costs reported by major players in the sector, stating that the figures would be reviewed.
LRCAP ceiling prices are set, market reacts, and government promises adjustment.
LRCAP Timeline
LRCAP is a mechanism coordinated by the Ministry of Mines and Energy (MME) with the objective of guaranteeing the country's energy security, ensuring the contracting of power plants capable of operating during peak demand periods or periods of low generation from intermittent sources.
For 2026, the calendar is concentrated in March, with two auctions already scheduled. The first, scheduled for March 18, will be for natural gas and coal-fired thermal power plants, as well as hydroelectric projects. The second, scheduled for March 20, will be for power plants fueled by fuel oil, diesel, and biodiesel.
In addition to these, the government also plans to hold, still in the first quarter, the unprecedented Storage Capacity Reserve Auction, an initiative that should increase the flexibility of the electricity system and support the growing participation of renewable sources in the Brazilian energy matrix.
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