BBCE (Brazilian Energy Trading Platform) ended the first quarter of the year with a decline in transactions carried out on its platform, reinforcing a scenario of lower liquidity in the Free Market.
Between January and March, 77.575 GWh were traded, a decrease of 38,7% compared to the same period last year.
In financial terms, the impact was more moderate, influenced by the higher prices recorded in January and February.
In the first quarter, R$ 23,32 billion was transacted, a 7,7% decrease compared to the same period last year. In March alone, the financial volume totaled R$ 8,2 billion, a drop of 18,9% compared to the same month in 2025.
According to BBCE, the quarter was marked by strong volatility, with prices fluctuating in different directions and ending the period with a double-digit drop. Prices ranged between R$200,00 and R$500,00 per MWh.
One of the highlights was the contract with delivery in May in the Southeast/Central-West submarket, which started the year at R$ 262,45/MWh and closed March at R$ 202,18/MWh – a reduction of approximately 23%.
According to Eduardo Rossetti, Executive Director of Products, Communication and Marketing at BBCE, price fluctuations directly influenced the trading volumes throughout the period.
The executive points out that the year began with above-average volumes, but between the end of February and the beginning of March, a period of sharp price increases, there was a slowdown in trading.
"After a February with lower trading volumes due to high prices, in March, due to a higher volume of rainfall in the Southeast and Northeast, we saw a reduction in the spot price and an increase in volume," he says.
The drop in trading volume reflects the current state of the free market, marked by lower liquidity. Among the contributing factors are a more cautious stance from generators, facing a crisis of confidence caused by financial difficulties experienced by some trading companies, and the reduced availability of energy for trading, influenced by generation restrictions from renewable (curtailment) and hydroelectric (GSF) sources. Currently, about one-third of the energy traded in the Free Energy Market passes through the BBCE platform.
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