BBCE, Brazil's largest energy trading platform, ended the third quarter of 2025 with R$21,2 billion traded on its systems. This represents a 10,7% decrease compared to the second quarter of the year and a 29% decrease compared to the same period in 2024. In total, 18,5 transactions were registered, totaling 86,4 GWh transacted.
According to Eduardo Rossetti, BBCE's Executive Director of Commercial, Products, External Communications, and Marketing, the amount of energy negotiated is enough to supply the country for almost two months, based on August data from the Energy Research Company (EPE). He also notes that, despite the downturn, this was the second-best third quarter in BBCE's history, behind only the record set in 2024. "It's second only to 3Q2024, which was a historic record. Compared to 2023, the increase is 21,3%," says Rossetti.
Volatile prices and load reviews
The quarter was marked by opposite-directional price movements, reflecting constant load revisions and the market's perception of risk. Assets maturing in 2025 exceeded R$300/MWh during the period, reaching peaks close to R$360/MWh in August. However, further revisions reduced the pressure on prices, which recovered to the R$200/MWh range by the end of September.
September sees a slowdown in volumes
Within the quarter, September was the month with the lowest trading volume. According to Rossetti, the period was influenced by falling prices and reduced market uncertainty, which resulted in lower liquidity. Energy futures contracts traded R$5,94 billion, a 29% drop compared to August and a 47,2% drop compared to September 2024.
More than 5,6 contracts were signed on the platform, a reduction of 6,5% compared to the previous month and 43% compared to September 2024. The total volume of energy traded was 22,78 TWh, representing a decrease of 31% compared to August and 46% compared to the same month last year.
Even with the recent slowdown, BBCE remains on a path of consolidation as the main liquidity environment in the free energy market, expanding its participant base and transaction volume in recent years.
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