Opinion Article

Tax reform is not just a change in taxes. In the electricity sector, it can alter costs, tax credits, regulated revenues and, above all, the economic and financial balance of concession contracts. And there is a question that deserves immediate attention: is your company prepared to identify the regulatory and financial impacts of this transition? Joint Technical Note No. 15/2026-SFF-STR/ANEELThis study, dedicated to the effects of the Tax Reform on tariffs and the regulatory remuneration base of concessionaires, highlights the complexity of this transformation. With the transition from PIS/Cofins to CBS and IBS, it is not enough to simply replace one tax rate with another. It is necessary to understand the treatment of tax credits linked to assets, the impact on energy and transmission costs, and how these effects will be recognized in tariff processes. The risk lies in the regulatory details. One of the central points of the analysis of... ANEEL This refers to the treatment of residual PIS/Cofins credits related to assets prior to the tax transition. These credits require identification, documentation, and control. Inadequate treatment can lead to economic distortions, loss of tax benefits, or double recovery of values in tariffs. The issue is not merely accounting-related; it is legal, tax-related, and regulatory. For concessionaires, investors, and companies with significant exposure to the energy market, it is essential to assess whether tax records, the regulatory remuneration base, and tariff recovery mechanisms are correctly aligned. An unidentified tax credit can represent a missed opportunity. An improperly recovered amount can become a regulatory risk. The Technical Note also examines the effects of the transition on energy acquisition costs, transmission, and regulated revenues, considering compensation mechanisms in tariff processes. Tariffs, contracts, and economic-financial equilibrium should be reviewed by a specialist professional. And, although the regulatory proposal seeks to preserve the economic neutrality of the transition, this does not mean that all agents will have the same results or that there will be an automatic and uniform reduction in tariffs. The impact will depend on the characteristics of each concession, the contracts, the investments made, the existing tax credits, and the applicable regulatory methodology. It is precisely in this scenario that Energy Regulatory Law assumes a strategic role: preventive legal analysis can identify risks, protect rights, and prevent tax changes from being converted into unnecessary economic losses. What should companies do now? Preparation requires an integrated approach encompassing legal, tax, accounting, regulatory, and financial management aspects. Priority measures include: Reviewing energy contracts and clauses allocating tax risks; Mapping tax credits linked to assets and verifying their documentation; Assessing the effects of the transition on costs, tariffs, and economic-financial balance; Monitoring regulatory changes. ANEEL and identify opportunities for technical contributions in public consultations; Structure controls that allow demonstrating the effective impacts of the change and preventing undue charges or recoveries. The Technical Note analyzed presents regulatory proposals and should not be confused with a definitive resolution already approved. Therefore, monitoring regulatory evolution is an essential part of risk management. Legal certainty is also a business strategy, as the Tax Reform inaugurates a phase in which fiscal, regulatory, and contractual decisions will be increasingly interconnected. Companies that anticipate its impacts will be better able to protect margins, preserve rights, improve contracts, and make decisions with legal certainty. As a lawyer specializing in Energy Regulatory Law, I understand that the challenge is not only to interpret the new legislation but to translate its consequences into concrete business decisions. In the electricity sector, understanding the regulation is indispensable. Knowing how it affects your assets, your contracts, and your operation can make the difference between an avoidable risk and a strategic opportunity. Has your company already assessed the regulatory and tax impacts of the Tax Reform on its energy contracts and assets? A preventative analysis can be the first step in protecting your rights and identifying opportunities.

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