Curtailment — cuts in power generation — remained high in the fourth quarter of 2025, although it showed a consistent decline at the end of the year, according to an analysis by BTG Actual.
Despite this temporary relief, the levels remained well above those recorded in 2024, continuing to have significant impacts on the performance of companies in the electricity sector.
In the solar energy segment, the curtailment The average reached 24,5% in the last three months of the year. This result represents a reduction compared to the previous quarter (which was above 30%), but still indicates a high level.
In the monthly analysis, December was the least pressured period, with cuts of 15,9%, after 25,0% in November and 32,2% in October, as illustrated in the image below:
Among the companies most impacted by the cuts in solar power generation are:
- Alupar: 39,5%;
- Equatorial Energia: 38,0%;
- Auren Energy: 30,0%;
- Eneva: 26,0%.
From a regional perspective, the highest levels of curtailment Solar radiation was observed in:
- Pernambuco: 31,9%;
- Bahia: 30,3%;
- Piauí: 27,4%;
- Minas Gerais: 25,0%;
wind energy
In wind power generation, the average curtailment was 23,8% in the fourth quarter of 2025. Among listed companies, the greatest impacts were recorded in:
- CPFL Energia: 37,5%;
- Copel: 37,4%;
- Equatorial Energia: 27,6%;
- Engie Brasil Energia: 25,8%;
- Auren Energia: 25,6%.
Regionally, the most significant cuts occurred in:
- Rio Grande do Norte: 33,7%;
- Ceará: 30,5%;
- Piauí: 19,5%;
- Paraíba: 18,2%.
Just as in the solar sector, December showed a significant improvement, with wind power curtailment of 15,7%, compared to 22,5% in November and 29,7% in October.
Structural bottlenecks remain on the radar.
According to BTG Pactual, energy-related curtailment continued to be the main limiting factor in the quarter, accounting for 54% of cuts in wind power generation and 69% in solar power generation.
Reliability-related cuts have become more significant in the wind power sector, while those of an electrical nature have remained minimal – an indication of persistent structural constraints in the system.
The analysis indicates that curtailment behavior primarily reflects bottlenecks in transmission infrastructure and the strong regional concentration of renewable energy generation.
Although the decline observed at the end of 2025 signals a temporary easing, the still high level maintains the curtailment as a central factor of operational and financial risk for companies and investors in the electricity sector.
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