The board of ANEEL (National Electric Energy Agency) decided unanimously this Tuesday (9) to revoke the operating authorization of Gold Comercializadora de Energia after the company failed to comply with contracts in the regulated and free markets. The agency also ordered the filing of a Public Civil Action against the company's partners and administrators.
According to Director Fernando Mosna, the reporting judge in the case, the trading company acted speculatively, accumulating losses of approximately R$1 billion for creditors. Of this amount, approximately R$300 million fell to the regulated market between May 2025 and December 2026.
Gold failed to fulfill contracts with two cooperatives (CEDRAP and Coopernorte), with 11 distributors that purchased energy from the company in the A-1 and A-2 auctions between December 2022 and December 2023, in addition to several bilateral contracts in the free market.
Since September 2024, the CCEE (Electric Energy Trading Chamber) has been pointing to a high level of exposure for the company, that is, a large volume of energy sold without equivalent purchase collateral, especially in October 2024 and throughout 2025. In view of this, the CCEE Board blocked the registration of new contracts by Gold.
The worsening of the situation led to non-compliance with obligations in both the free and regulated markets, initially with cooperatives and, later, with distributors Enel, CPFL and Energisa.
An assessment carried out by CCEE in June 2025, based on prices on May 26, indicated negative exposure of over R$220 million between May and November 2025 alone, demonstrating disproportionate leverage compared to the company's financial capacity.
In the May 2025 financial statements, Gold failed to provide financial guarantees, rendering regulated energy sales contracts unfeasible. This had a direct impact on the Short-Term Market (MCP), with an estimated loss of R$17 million.
Failure to comply with these contracts exposed cooperatives and distributors to PLD (Settlement Price of Differences), which is generally higher than auction prices, with a tariff impact for consumers. In August 2025 alone, contracts with distributors represented a potential loss of R$28 million.
The CCEE imposed approximately R$2 million in penalties on Gold, which have not been paid.
Given the gravity of the case, Mosna assessed that the administrative sanctions were insufficient to repair the damage caused by Gold. Therefore, he recommended that the Attorney General's Office ANEEL file a Public Civil Action to seize the assets of the company's partners and directors. Suggested measures include the unavailability of assets, the freezing of dividends, the seizure of credits with the CCEE, and the provision of collateral for losses.
According to Mosna, these measures are necessary to guarantee legal certainty and credibility in the electricity sector, especially in the context of opening the free market to low-voltage consumers.
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