In just three days, the 2026 LRCAP (Capacity Reserve Auction) went through a series of twists and turns that put the energy sector on alert. The impasse began on Monday (09), when the MME (Ministry of Mines and Energy) released ceiling prices of up to R$ 1,6 million per MW/year for new projects.
The market, which expected prices between R$ 2,2 million and R$ 3,1 million per MW/year, reacted immediately and negatively: on Tuesday (10), industry agents warned that the values were insufficient to cover investment costs, causing strong volatility in the stock market. Shares of Eneva (ENEV3), for example, one of the main interested parties, registered sharp falls in the face of the threat to the competitiveness of the bidding process.
Pressed by the repercussions, Minister Alexandre Silveira announced this Wednesday (11) that prices will be corrected by the end of the day. The executive admitted that there was a discrepancy between the government's average data and the real costs reported by the major players. Now, investors are waiting for the formalization of the new levels to reassess the attractiveness of the auction, scheduled for March.
LRCAP in 2026
The auction calendar for the first four months of 2026 is concentrated in March, with auctions of varying scopes. The schedule begins on March 18th, with the auction for natural gas and coal-fired thermal power plants, as well as hydroelectric projects, as established by Ordinance No. 118/2025.
Just two days later, on March 20th, the auction for plants powered by fuel oil, diesel, and biodiesel will be held, in accordance with Ordinance No. 119/2025. In addition to these initiatives, the Government plans to hold, also in this first quarter, the unprecedented Auction for Reserve Storage Capacity.
This last point will focus on the contracting of battery systems, a technology considered strategic for providing greater flexibility and a quick response to fluctuations in the national electricity grid. The introduction of large-scale storage aims, above all, to mitigate the intermittency of solar and wind power sources, allowing the surplus generated by these plants to be used during periods of higher demand or low natural production.
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