The original proposed timeline, which previously projected universal access by 2027, now projects that all consumers will be able to choose their supplier by 2028, as approved by the National Congress in Provisional Measure 1.304, sanctioned by the Federal Government.
According to ABRACEEL (Brazilian Association of Energy Traders), this milestone represents the consolidation of three decades of development of the ACL (Free Contracting Environment), and should increase competition, product diversity, and the potential for cost reduction for consumers.
But while institutional progress is celebrated, market security remains a sensitive issue. The recent bankruptcy filing by the trading company Gold Energia, a year after the start of its financial crisis, although a one-off event, has an impact and draws attention, once again, to structural weaknesses.
Expert reports mention significant liabilities caused by the company's exposure, highlighting that the current framework still does not prevent individual failures from affecting the market as a whole.
CCEE (Chamber of Electric Energy Commercialization) itself acknowledges that, although there has been progress with prudential monitoring, significant challenges remain for the opening of the retail market, especially given the future entry of millions of new consumers.
Greater rigor in monitoring the market.
It is in this context that Aneel opened Public Consultation 39 in November, with a deadline for contributions until December 22, aimed at improving the monitoring rules after the so-called "shadow period," when the risk assessment, exposure, and leverage procedures for companies were tested.
The agency proposes including formal credit risk metrics, improving the leverage factor, and creating additional instruments for continuous monitoring of operations—measures that tend to directly influence the performance of marketers and retailers.
Among the experts interviewed by Canal SolarThere is support for the initiative, but also important reservations.
Ricardo Lima, former advisor to CCEE and consultant at Tempo Presente, considers the public consultation a positive step, capable of introducing developments that the market has avoided for years, such as price declaration and systematic monitoring of exposures.
But he warns that the proposed instruments are still insufficient to deal with high-impact risks. “The maximum penalty is prohibiting the registration of contracts. I could have left a hole of hundreds of millions and they only prevent me from registering new contracts. It's a very lenient penalty,” he argues.
Lima also criticizes the absence of requirements for prior collateral contributions and operational limits. According to him, the current model—which discloses prices ex-ante but registers contracts ex-post—opens loopholes for manipulation and dangerous exposure, especially in an environment where millions of new consumers may emerge after full market opening.
“If I have a very large exposure, I have to call for collateral. After the accounting, it’s too late,” he says. He recalls that previous attempts to adopt more robust mechanisms were blocked by resistance from the agents themselves, concerned about transaction costs.
José Antonio Sorge, partner at the trading company Ágora Energia, views CP 39 in a largely positive light. According to him, the shadow period demonstrated that market participants are committed to market security and that improving risk metrics is an expected and necessary step forward.
Nevertheless, he adopts a cautious stance. Although he sees progress and maturity, he acknowledges that the sector still faces vulnerabilities that will require continuous adjustments and broad engagement in discussions. ANEEL.
With the full opening of the market approaching and memories of the Gold crisis still fresh, the electricity sector is entering a decisive phase. That is, expanding competitiveness without losing confidence in the solidity of the rules. In this sense, public consultation becomes a critical space to define how the country intends to balance innovation, freedom of choice, and systemic protection.
all the content of Canal Solar is protected by copyright law, and partial or total reproduction of this site in any medium is expressly prohibited. If you are interested in collaborating or reusing part of our material, please contact us by email: redacao@canalsolar.com.br.
