The Federal Government has significantly revised the ceiling prices for LRCAP (Capacity Reserve Auctions in the Form of Power), following a strong reaction from agents in the electricity sector.
The new values, approved this Friday (13) at an extraordinary meeting of ANEEL (National Electric Energy Agency), significantly increase the maximum remuneration allowed for thermoelectric plants that will compete in the auctions scheduled for March.
During the deliberation, the director-general of the regulatory agency, Sandoval Feitosa, emphasized that defining the price ceiling is a prerogative of the MME (Ministry of Mines and Energy) and that it is up to the ANEEL To ensure equality, transparency, and predictability in the competitive process. According to him, the agents' statements "sensitized the government."
In the auction aimed at contracting natural gas, coal, and hydroelectric power plants, the ceiling price for new thermal power plants – referring to products from 2028 to 2031 – jumped 81,25%, going from R$ 1,6 million to R$ 2,9 million per MW/year.
For existing thermal power plants (products from 2026 to 2031), the value practically doubled: from R$ 1,12 million to R$ 2,25 million per MW/year. In the case of hydroelectric plants (products from 2030 and 2031), prices were maintained at R$ 1,4 million/MW/year.
In the auction for contracting diesel and biodiesel-fired power plants, the adjustments were also significant. For the 2026 and 2027 products, the ceiling increased by 73,91%, from R$ 920 to R$ 1,6 million/MW.year. For the 2030 product, the increase was 76,8%, with the value rising from R$ 990 to R$ 1,75 million/MW.year.
Market reaction
Os The original prices had been released earlier in the week.However, the announcements were met with strong dissatisfaction from the market, which considered the amounts insufficient to make new thermoelectric projects viable, especially given the global increase in equipment and financing costs. On the day of the initial announcement, Eneva's shares fell by as much as 18%, reflecting the perception of regulatory risk.
The previous Wednesday, the Minister of Mines and Energy, Alexandre Silveira, had already indicated, during an event promoted by BTG Pactual, that the figures would be revised. According to the minister, there was a discrepancy between the government's average data and the actual costs reported by the major players.
The review puts capacity auctions back at the center of the energy security strategy, adjusting the economic signaling for thermal sources at a time of growing concern about system reliability and the need for firm power to support renewable expansion. The auctions are scheduled for March 18 and 20.
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