The Elétron Group, comprised of Elétron Comercializadora, Volswatts Holding, and Elétron Power Geração, filed for bankruptcy protection after facing a financial crisis that compromised its ability to meet its obligations in the energy market.
According to the petition, the total liability reaches R$ 1,16 billion, impacting various agents in the sector and potentially having a systemic effect. According to Elétron, the financial deterioration is associated with changes in energy pricing rules, which caused unexpected market movements.
The company states that, by selling energy short, it was directly affected by the price increase, which made it difficult to close new contracts to replenish its position. The group also operates in power generation, with a portfolio of more than ten plants – nine photovoltaic solar plants and one small hydroelectric plant (PCH).
The company reports that the projects were impacted by curtailment, reducing effective generation and, consequently, project revenues, which strained cash flow and made it difficult to repay financing.
In its petition, Elétron argues that the crisis is essentially financial in nature, stemming from cyclical market imbalances and price volatility. "There is no business failure, but rather a need for restructuring and extending the maturity of the debt," the group states in the document.
The list of creditors is extensive. The largest liability is concentrated in CCEE (Chamber of Electric Energy Commercialization), with an exposure of R$ 334,8 million. Thera Comercializadora de Energia appears with R$ 82,3 million, an amount that, according to market sources, could amplify the effects of the crisis on other agents. BTG Pactual is also among the creditors, with an exposure of R$ 53 million.
Also included in the list are companies such as Auren Energia, Cemig, Belo Monte Transmissora de Energia, Energisa, and Electra Comercializadora. Elétron's request for judicial reorganization adds to other cases already registered in the Brazilian electricity sector, which in recent years have involved companies such as 2W Ecobank, Gold Energia, Rio Alto, Máxima Energia, and América Energia.
Based in Recife (PE), Elétron reports trading approximately 2 GW of energy on average per month and positions itself as the third largest independent energy trader in the country.
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