CMSE Resolution No. 1/2025, published in the DOU (Official Gazette of the Union) this Monday (28), represents a relevant advance in the normative structuring of the Brazilian electricity sector by regulating the specific rituals and deadlines for the evaluation and approval of changes in the level of risk aversion of computer models used in planning, operation and price formation.
The text was edited within the scope of the CMSE (Electric Sector Monitoring Committee), based on the legal and infra-legal provisions that structure the governance of the electricity sector, especially Law No. 10.848/2004, which governs the commercialization of electricity; Decree No. 5.175/2004, which regulates the sector's processes; and CNPE Resolution No. 1/2024, which introduces the concept of integrated governance and reinforces the national operational policy, with binding guidelines on energy risk and security.
In this context, the CMSE begins to play a more proactive and transparent role regarding the level of risk incorporated into computational models, an essential condition for energy pricing, dispatch decisions, and security of supply.
Advances in Governance and Transparency: The resolution aligns with a regulatory trend toward institutional improvement and predictability in the electricity sector. By establishing defined deadlines for deliberation and public consultation, the regulation contributes to:
- Mitigation of technical arbitrariness in changes to critical parameters;
- Expanding regulatory predictability for market agents;
- Adoption of transparent technical criteria, allowing social and sectoral control through public consultation.
The express inclusion of EPE (Energy Research Company), ONS (National Electric System Operator) and CCEE (Electric Energy Trading Chamber) as proponents and evaluators in the process strengthens shared responsibility, preserving technical-institutional balance in decision-making.
The aforementioned normative act distinguishes between two moments of application:
- Ordinary Procedure (effective from 2026): Annual structured process with a specific schedule for perception, deliberation and validity of risk parameters;
- Extraordinary Procedure (transitional to 2025): Accelerated procedure, with a minimum public consultation of 20 days and deliberation by 31/07/2025, aiming to guarantee the operationalization of the new criteria as of 2026.
This transition is legally prudent and allows agents to adapt, reducing the risk of litigation or operational gaps.
The Resolution creates an explicit normative provision for the annual definition of risk aversion parameters, which may impact:
- Short-term price formation (STP);
- The operating parameters and expansion of the energy supply;
- The assignment of physical guarantees;
- Behavior of traders and self-producers.
The binding annual deliberation, based on public contributions, can generate relevant effects on bilateral contracts, requiring agents to actively monitor the regulatory cycle.
However, it is essential that generation and marketing agents, free consumers and self-producers are aware of the new procedure, participate in consultations and plan their contractual and strategic actions considering possible changes in risk models.
CMSE Resolution No. 1/2025 represents a positive milestone for the regulatory governance of electric sector, by structuring and democratizing decisions on a central parameter for system management – risk aversion.
Therefore, as a lawyer specializing in the sector, I recommend that players:
- Establish internal routines for annual regulatory monitoring, especially between December and May;
- Assess, with your technical teams, the impact of risk changes on energy pricing and long-term contracts;
- Actively participate in public consultations coordinated by the specific governance committee.
In short, this is a technical-legal advance consistent with the challenges of a more complex energy matrix in the context of a more dynamic market (electricity sector).
The deadline for receiving submissions for public consultation is July 25, 2025, counting from the analysis report of the contributions received in the Public Consultation established by the ordinary procedure, produced by ONS, CCEE and EPE and the deliberation until July 31, 2025, regarding the level of risk aversion of the computational models of the electricity sector, including the parameters of the energy scarcity security mechanisms for the Brazilian electricity sector.
The opinions and information expressed are the sole responsibility of the author and do not necessarily represent the official position of the author. Canal Solar.
