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The public electricity transmission service of the National Interconnected System (SIN) comprises the facilities of the Basic Network (RB – Rede Básica) and the Basic Border Network (RBF – Rede Básica de Fronteira). While the RB is composed of installations with a voltage level equal to or greater than 230kV, operated by the transmitters, the RBF is composed of power transforming units, connecting the RB to the Other Transmission Facilities (DITs – Demais Instalações de Transmissão), which have a voltage lower than 230kV and are usually operated by distributors.

The Brazilian Electricity Regulatory Agency (ANEEL) is responsible, through a delegation of the public authority, for conducting bids for the contracting of a public electricity transmission service through auctioning, issuing of permits for the implementation of reinforcements and improvements, as well as for signing the respective concession agreements.

The bidding process begins with the publication of bidding documents by ANEEL for the concession of transmission facilities of the SIN’s Basic Network. The bidding documents make it possible for national and foreign legal entities, as well as mutual investment funds, alone or in a consortium, to participate in the dispute. Considering the adopted systematic, the habilitation judgement is made after the auctions and the disclosure of the winning proposals. It is in the habilitation phase, therefore, that the legal, fiscal, technical and economic-financial regularity of the winning bidders are analyzed, according to the requirements described in the bidding publications.

Winning bidders who are not holders of a transmission concession must establish a Specific Purpose Entity (SPE) to operate the respective concession. The final step in the process of granting a tendered transmission facility is the signing of the concession agreement.

Thus, the concession agreement, executed through ANEEL, guarantees that the transmission concession holder that won the auction will explore the transmission facilities for a period of 30 years. This contractual instrument establishes the deadline for the installations to enter into commercial operation, which may vary between 18 and 60 months from the contract signing, depending on the size of each project. The construction schedule of the bidding project is also an integral part of this instrument, which includes the project and the construction milestones, the basic and executive projects, the date of the contracts signing, the environmental licensing, the acquisition of equipment, services, and civil works, as well as the stages of equipment assembly, operating tests, commissioning of the facilities, and yet its commercial operation start.

After signing the concession contract, ANEEL becomes responsible for managing the contractual terms, performing activities regarding the analysis and approval of basic projects, the qualification for the Special Regime of Incentives for Infrastructure Development (REIDI), priority projects, as well as the issuance of Public Utility Declarations (DUP) and the inspection of projects during the entire contract term.

Category 1 – Extended concessions

  • Assets granted before 1999
  • Concessions renewed in 2012 for 30 more years, pursuant to Provisional Measure 579 (MP 579), subsequently converted into Law No. 12,783/2013
  • As from 2013, the Annual Permitted Revenues (RAP) are annually restated by the IPCA index (National Broad Consumer Price Index)
  • Tariff review every five years

 

Category 2 – Tendered concessions with protected base

  • Assets auctioned between 1999 and November 2006
  • Annual Permitted Revenues (RAP) restated annually by the IGP-M index (General Market Price Index)
  • Annual Permitted Revenues (RAP) reduced by half from the 16th year of operation
  • There is no tariff review
  • 30-year concession term

 

Category 3 – Tendered concessions

  • Assets auctioned as of November 2006
  • Annual Permitted Revenues restated annually by the IPCA index
  • Tariff reviews in the 5th, 10th and 15th years of the concession agreement
  • 30-year concession term

Once the concession agreements have been concluded, it is necessary to observe the need to conclude the other contracts that will govern the concession. In this sense, the Transmission Service Agreement (CPST – Contrato de Prestação do Serviço de Transmissão), for example, must be concluded between the National Electric System Operator (ONS) and the concessionaire to establish the terms and technical and commercial conditions of the transmission services provision. In it, the concessionaire assumes responsibility for the operation and maintenance of the facilities and receives the Annual Permitted Revenues (RAP) for the availability of these facilities, being discounted for any observed unavailability. Through this contractual instrument, the transmission agent authorizes ONS to perform all acts necessary to represent them before the users of the transmission grid in the Agreements of Usage of the Transmission System (CUST – Contratos de Uso do Sistema de Transmissão).

In turn, the CUST agreement establishes the terms and conditions that will regulate the use of the Basic Network by the users of the transmission system, providing, among other points, (i) the provision of the transmission service by the concessionaire to the user, through coordination, control and supervision of ONS, (ii) the provision by ONS of the coordination and control services of the operation of the SIN, and the administration of the transmission services provided by the concessionaire, and (iii) the administration by ONS of the collection and settlement of charges for the use of the transmission and the execution of the system of guarantees, acting on behalf of the transmission concessionaire.

In addition, the Connection Agreement (CCT – Contrato de Conexão) establishes the technical and commercial conditions and responsibilities that will regulate the user’s connection to the system. The CCT assures to the accessor the necessary conditions for its connection to the network, and is concluded before the construction begins between the accessor and the concessionaire of transmission, with the intervention of ONS. It is worth mentioning that the signing of the CUST and CCT contracts is conditioned to the issuance of the Access Report by the National Operator.

In relation to the implementation phase of the transmission facilities, the environmental licenses – preliminary (LP) and installation (LI) – must be issued in order to certify the project feasibility and authorize the installation of the installations.

Once the construction is completed and the equipment is assembled, the entrepreneur starts the tests for commissioning and, once the operating license (LO) is issued, it requests ONS to issue the Term to Release for Test (TLT – Termo de Liberação para Teste) of the facility. Once the assembly and tests have been completed, the concessionaire is able to request the integration of the new facility to the SIN.

In this context, once there is no pending matter preventing the integration, the National Operator issues and forwards to ANEEL the respective Definitive Release Term (TLD) or, when there are pending issues from third parties or impediments of a systemic nature, the Revenue Release Term (TLR), ensuring full receipt of the RAP corresponding to the transmission facility made available to the SIN.

For cases in which non-impeditive pending issues are identified, after the TLT is issued, the ONS will proceed with the issuance of the Release Term for Operation with Pending Issues (TLP).

From the point of view of economic regulation, the transmission segment is characterized by the “ceiling revenues” regime (pre-defined annual revenues).

The Annual Permitted Revenues (“RAP”) is the remuneration due to the transmission companies for the provision of the energy transmission public service to the users. The transmission assets are directly remunerated by generators, distributors and free consumers, users of transmission services.

In the case of tendered facilities, revenues are defined by the auction winning bid, which considers the lowest bid for the RAP, and it starts to be paid at the launch of the facilities commercial operation. The RAP is restated annually according to the concession contract. For the assets auctioned between 1999 and November 2006, the RAP is corrected annually by the IGP-M and is cut by half in the 16th year of operation, and there is no tariff review regarding the asset base (Category 2). For the assets auctioned as of November 2006, the RAP is adjusted annually by the IPCA and subject to tariff reviews in the every 5 (five) years (Category 3). Both categories have a 30-year concession term.

On the other hand, in the case of non-tendered concessions (Category 1), which had their concession contracts extended through Provisional Measure 579/2012 (converted into Law 12,783/2013), the revenues are fixed, and the RAP calculation is based only on the costs of Operation and Maintenance and may be reviewed every 5 (five) years, under the terms of the contracts. It should be noted that TAESA does not currently have Category 1’s concession contracts.

The non-manageable costs borne by the distribution concessionaires, instituted by Law, are considered as Sector Charges, which are passed on to the consumers on a monthly basis. The sector charges that are currently part of the RAP calculation received by the transmission companies are: the Global Reversion Reserve – RGR (no longer considered in concession contracts after 2012); the Electric Energy Services Inspection Fee (TFSEE); the Energy Development Account (CDE); the Alternative Energy Sources Incentive Program (PROINFA); and the Energy Development and Efficiency Research (P&D and PEE). These charges are part of the calculation basis for federal taxes, namely PIS – Social Integration Program, Pasep – Program for the Formation of Government Employee’s Equity and COFINS – Social Contribution for Social Security Financing; and they also integrate the calculation basis for the state tax, the ICMS – Tax on the Circulation of Goods and Services.

The use of the transmission system by consumers connected to the electrical systems requires the payment of a tariff to the transmission companies, called Transmission Usage Tariff (TUST – Tarifa de Uso da Transmissão). Pursuant to applicable regulations (ANEEL Normative Resolution n. 559/2013), TUST must be readjusted annually in the same period of the readjustment of the RAP of transmission concessionaires (beginning in July and ending in June of the following year).

The Connection Charge to the transmission system is also considered another mechanism of remuneration to the transmission companies by the connection to the system. Thus, all users connected to Other Connection Installations-DITs (other than the Basic Network) exclusively for the provision of the public transmission service, such as the distributors, must remunerate the transmission companies for the provision of the public transmission service. The connection charge integrates a portion of the RAP of the transmission companies and, according to specific regulation (Sub-module 9.3 of the Tariff Regulation Procedures – PRORET),it  must be collected by the transmission companies at the time of the readjustment or revision of the connected users.

The transmission expansion planning process, encompassed by the Ten-Year Energy Expansion Plan (Plano Decenal de Expansão de Energia – PDE), is yet another incentive and incremental mechanism for the National Interconnected System (SIN), as it stimulates the interaction between the generation and transmission segments, considering the different degrees and variables of uncertainty and complexity that are still present in the planning process. This expansion proposal aims not only at the growth of the SIN, but also at planning the expansion of the transmission segment in a feasible ten-year time frame.

The Energy Planning Enterprise (Empresa de Pesquisa Energética – EPE), which provides services to the Ministry of Mines and Energy (MME), is responsible for preparing studies and analyses that will guide the State’s choices looking to promote an efficient provision of public services and the effective development of the entire energy sector, to better serve social well-being, collective interest and sustainable development.

From the definitions of the energy policy guidelines, studies and researches that will effectively guide the development of the energy sector are developed. This set of studies and researches, when systematized and continued, constitutes the cycle of integrated energy planning and produces important instruments for actions and monitoring, such as ten-year plans, long-term plans, periodic bulletins and reviews, conjuncture analyses and specific studies.

The PDE is an informative document prepared annually by EPE under the guidelines and support of the Secretariat for Energy Planning and Development (SPE/MME) and the Secretariat for Oil, Natural Gas and Biofuels (SPG/MME).

Its primary objective is to indicate the prospects for the expansion of the energy sector in the ten-year horizon, within an integrated view for the various energy sources. Such a view allows extracting important elements for the planning of the energy sector, with benefits in terms of increased reliability, reduced production costs and reduced environmental impacts.

On April 6, 2022, the Ministry of Mines and Energy (MME) launched the Ten-Year Energy Expansion Plan (PDE) 2031, approved through Normative Ordinance no. 40/GM/MME. The document, prepared by the MME with the support of the Energy Research Company (EPE), indicates the prospects for the expansion of the energy sector in the ten-year horizon (2022 – 2031), within an integrated vision for the various energy segments.

The PDE 2031 estimates the need for investments in the order of R$ 3.2 trillion by 2031, with the Brazilian economy expected to present a recovery dynamic and a high level maintenance of renewability in the power and energy matrices in the coming years. The studies of the plan support energy policy decisions and provide the market with information that allows the analysis of the development of the electric power system and the supply adequacy conditions under different possible future scenarios.

For the expansion of the National Interconnected System (SIN), the PDE estimates R$ 100.7 billion in investments in transmission until 2031, with around 50% of this amount in new auctions.

ANEEL Transmission Auction n. 02/2019:

ANEEL approved the opening of a public hearing (Public Hearing n. 23/2019) for analysis and contribution to Bidding Notice n. 02/2019, regarding the contracting of a public electricity transmission service. The contribution period started on May 30, 2019 and ended on July 1, 2019.

The auction will be divided into 13 lots (lots 10 and 11 coming from expired concessions of Chesf and Eletronorte, respectively) with an expectation R$ 4 billion of investments. 2,380 km of transmission lines will be auctioned with 7,900 MVA of transformation.

The Bidding Notice is expected to be published on November 14, 2019 and the public session of the auction will take place on December 19, 2019.

Among the innovations proposed in the Bidding Notice n. 02/2019, we highlight the following points:

  • Change in the processing for publication of the Auction’s Bidding Notice: Now, after the end of the Public Hearing, ANEEL will make the Bidding Notice available for appreciation by the Brazilian Federal Court of Audit (TCU) more than 120 (one hundred twenty) days prior to the date of the public auction session.
  • Reduction of the time frame for entering into the CCI: The period was reduced from (12) twelve  to (6) six months, counted from the signing of the concession contract.
  • CUST: Prior formalization of the Transmission System Usage Contract (CUST) with distributors by July 2019.
  • Noncompliance and guarantees: Changes in the form of execution of the Guarantees of Faithful Compliance (GFC) and application of penalties due to non-compliance with the agreed-upon deadlines. ANEEL may trigger the GFC in case of non-payment of the fine.
  • New contractual clauses: Inclusion of contractual anticipation clauses, evidencing that the anticipation of commercial start-up is related to the business risk; and inclusion of a clause in the concession contracts to show that the amortization/depreciation of the investments, originally planned for the project, will occur within the concession period.

Further information can be accessed through ANEEL’s official website.

 

ANEEL Transmission Auction n. 04/2018:

On December 20, 2018, ANEEL promoted the Transmission Auction n. 04/2018, with the purpose of negotiating 16 lots from projects located in the States of Amazonas, Amapá, Bahia, Espírito Santo, Minas Gerais, Pará, Paraná, Rio de Janeiro, Rio Grande do Sul, Rondônia, Santa Catarina, São Paulo, and Tocantins.

This Auction offered 7,152 km of Transmission Lines and Substations that add 14,819 MVA in substation capacity to the system. The maximum RAP was R$ 2.139 billion (accounting for 67.77% of equity and 32.23% of third-party capital) and the term for commercial start of the projects varied from 48 to 60 months.

Some of the projects included in lots 10, 11, 12 and 13 were related to facilities granted to Laranjal Transmissora de Energia S.A. and Eletrosul Centrais Elétricas S.A., whose concessions were terminated due to expiration (according to ANEEL Decrees n. 2,194/2018 and n. 2,421/2018 and MME Ordinance n. 466/2018). For these lots, the term for commercial start was reduced from 60 to 48 months, since such projects have already advanced on their implementation schedules (project, environmental licensing, etc.).

In addition to the novelty of relicitation of expired projects, Transmission Auction n. 04/2018 also innovated in some aspects:

  • Anticipation of the commercial start-up date: The transmission company has the prerogative to anticipate the date of commercial operation, without the need for ANEEL’s request, in cases where the new date is equal to or greater than the date of systemic need. For the hypotheses of the new date to be prior to the date of need, the requirement of the Agency was maintained for that purpose. In the case of installations that depend on other transmission companies, the new date of commercial start must be made compatible with the start date of the facilities of the accessing transmission and formalized through a CCI contract.
  • Participation in the Auction: The participation in Auction n. 04/2018 was allowed through direct participation of the existing SPE (previously established), and proof of its shareholders’ equity can be verified through its direct controlling shareholders. The possibility of setting up a new SPE to manage the concession remained.
  • Auction Costs: The winners of lots from Auction n. 04/2018 are now obliged to pay a single amount to the Stock Exchange (current B3 S.A.), related to the fees to hold the event and the costs of managing the Guarantees of Faithful Fulfillment.
  • Qualification for the Special Regime of Incentives for Infrastructure Development-REIDI and as Priority Project: Auction n. 04/2018 started to allow the presentation of the application forms for qualifying to REIDI and as a priority project concomitantly with the delivery of the documentation at the concession agreement signing.
  • Economic and Financial Statement: Auction n. 04/2018 started to consider the real economic capacity of the projects. For this, the winning bidder should discount the amounts spent on lots won in the previous auction (Auction n. 02/2018) when presenting the economic-financial authorization. This new rule limited the participation of companies in the event, as the resources committed in the Auction n. 02/2018, by the winners of the offered lots, should now be included in the calculations of the Shareholders’ Equity for the event 04/2018.

TAESA won Lot 12 of Transmission Auction n. 04/2018, offering a RAP of R$ 58.956 million to build and operate the concession (a discount of 38.8%). This lot, arising from the expiration process related to the project acquired by Eletrobras in 2014, is composed of four transmission lines, as well as other smaller sections, totaling 587 kilometers of extension, and two substations, to be built in the State of Rio Grande do Sul. The project is linked to the integration of the wind power potential of the State of Rio Grande do Sul, especially in the region of Coxinha de Santana, and will be implemented within 48 months.

 

ANEEL Transmission Auction n. 02/2018:

ANEEL promoted, on June 28, 2018, Transmission Auction n. 02/2018 referring to 20 lots of projects contemplated in 2,560 km of transmission lines and substations with a transformation capacity of 12,230 MVA.

The event aimed at the construction, operation and maintenance of 44 projects, being 21 transmission lines and 23 substations, located in 16 States (Alagoas, Bahia, Ceará, Goiás, Maranhão, Minas Gerais, Pará, Paraíba, Piauí, Rio de Janeiro, Rio Grande do Norte, Rio Grande do Sul, Santa Catarina, São Paulo, Sergipe, and Tocantins).

According to the descriptions contemplated in the Bidding Notice and in the Concession Agreement, the commercial start-up period of the projects was estimated at 36 to 63 months, considering concessions of 30 years, counted from the conclusion of the concession agreements.

The total value of the maximum RAP considered for the payment of the transmission companies was approximately R$ 1.0 billion.  The new facilities of the SIN reached investments to the order of R$ 6.0 billion, with expectations of generating 13,600 direct jobs.

The Columbia Consortium, made up of TAESA and Companhia de Transmissão de Energia Elétrica Paulista – ISA Cteep, was the winner of Lot 1 of the Auction, located in Santa Catarina, related to the operation of the Transmission Line LT 230kV Biguaçu – Ratones – C1 and C2 , with 28.6 km each (aerial, underwater and underground sections), as well as the Substation SE 230/138kV Ratones – 2 x 150 MVA. The RAP winning bid was R$ 38,231,291.00.

However, prior to the auction day, TAESA exercised its right of withdrawal from the Columbia Consortium for the operation of Lot 1. Therefore, ISA Cteep had fully assumed the entire concession.

Public Hearing n. 031/2018 and ANEEL’s Reference Prices Database:

Public Hearing n. 031/2018 (“AP 031/2018”), which collected contributions from the sector between June 28, 2018 and August 28, 2018, aimed to define the methodology for updating ANEEL’s Reference Prices Database, to be used in the processes of authorization, bidding and revision of the RAPs of the electric power transmission concessionaires.

Among the contributions suggested by the transmission companies regarding the improvement of the methodology applied to update the Reference Prices Database, we highlight the following: (i) the need to establish a new Price Database with the necessary flexibility to incorporate new standards and facilities technologies, associated with the analytical composition of the services, term and location of the enterprises; (ii) allow the identification of fixed costs of transmission projects; (iii) development of a standardized model regulated by ANEEL, through the creation of an automated platform, in order to concentrate data from the energized and unitized projects and to compose the Database that should be used to update the Database of Prices; (iv) promotion of adjustments in the Database of Prices due to sudden changes in the market in order to incorporate market and economic aspects not included in the normal standards of the construction; (v) establishment of objective criteria regarding retroactivity of the old Database of Prices to calculate the RAP, allowing a retroactivity at the date of the authorizing act.

The aforementioned Database of Prices was approved on February 19, 2019, through the publication of ANEEL Ratifying Resolution n. 2.514/2019, and generated the updating of around 300 service items, which will be considered in the tariff review process of the concessionaires’ RAPs. In ANEEL’s understanding, although the review of the Database resulted in an increase in the cost of certain services for the transmission companies, it provided an average reduction of 35.3% for Maneuver Modules and 21.7% for Equipment Modules, having been comprehended by the Agency as a measure to ensure greater stability and regulatory security for the electricity transmission sector.

 

Public Consultation n. 015/2018 and Public Hearing n. 09/2019 for the purposes of Updating the Regulatory Rate of Capital Remuneration (WACC):

The Public Consultation n. 015/2018 (“CP 015/2018”), which collected contributions from the sector between 08/17/2017 and 09/30/2018, had the objective of proposing a new methodology and updating of the Regulatory Rate of Capital Remuneration for the segments of transmission, distribution and generation. According to the Superintendency of Economic Regulation and Market Studies – SRM, such fee is interpreted as the minimum return required by investors for the application of resources in projects.

The WACC/CAPM (Weighted Average Cost of Capital / Capital Average Capital Cost) method is used to calculate the regulatory rate, criticized by some agents because they understand that the methodology does not estimates the real cost of capital of investors.

In view of this context, ANEEL presented to the sector, during the term of CP 015/2018, and later with AP 09/2019, three possible regulatory alternatives: (i) to keep WACC/CAPM methods in force; (ii) maintain WACC/CAPM in force, but with substantial changes in the way of estimating the parameters; and (iii) no longer use WACC/CAPM.

Among the points discussed in AP 09/2019, we mention the establishment of a WACC percentage of 7.11% applicable to transmission concessionaires, with a tariff review scheduled for 2019 (RBS-nontendered and reinforcements/improvements-tendered). In the case of concessionaires that have already undergone review in 2018 (as is the case of Brasnorte, TAESA’s concession), the proposal is for 7.32% of WACC, with retroactive application to the date of review of the concessionaires with RBSE assets existing in May 2000, and to the dates of authorizations for reinforcements and improvements. Until the new percentage of WACC is approved, ANEEL considers the percentage of WACC currently in effect at 6.64%.

Considering that TAESA has only tendered concessions, the aforementioned proposal of AP 09/2019 is aimed at establishing a fixed percentage of WACC for reinforcements/improvements approved after 2018/2019 (7.11%/7.32%), with annual updating of the compensation rate for application in the next tariff review (2023–2024), when the new investments will be considered in order to compose the new value of WACC.

According to ANEEL: (1) the fixed amount contributes to the stability and regulatory predictability; (2) the annual updating will allow the historical context to be gradually incorporated through the evolution of the parameters, aside from attenuating the accumulation of expectations in function of the shift of the windows used; and (3) the updating will always be motivated by the Agency’s previous analysis of the suitability of regulatory parameters, having compensation consistent with the market reality.

Moreover, in dealing with WACC of auctions, these percentages are calculated at each auction, based on own and third-party capital, being defined provisionally according to the standards of the Bidding Notices.

 

Public Hearing n. 44/2018 and the Regulatory Agenda of ANEEL for the 2019-2020 biennium:

Between 09/19/2018 to 05/11/2018 ANEEL received contributions from the transmission segment of topics that will make up the Regulatory Agenda for the years 2019 and 2020.

TAESA confirmed the improvement of Public Hearing n. 044/2018 (“AP 044/2018”), proposing the inclusion of topics considered of great relevance to the transmission segment, among them: (i) the resumption of the improvement of ANEEL’s Normative Resolution 063/2004, through the Public Hearing n. 077/2011, which regulates the imposition of penalties to the concessionaires for the poor provision of the public transmission service; (ii) the revision of ANEEL Normative Resolution n. 669/2015, which regulates the minimum requirements for maintenance and monitoring of transmission facilities of the Basic Network; and (iii) the adequacy of the procedures carried out by ANEEL and the Ministry of Mines and Energy-MME regarding the qualification of projects in REIDI in order to guarantee the speed in issuing the ordinance by MME.

On January 29, 2019, ANEEL approved, during the 2nd Ordinary Public Meeting of the Board of Directors of 2019, some topics that will compose the Regulatory Agenda of the electric sector in the 2019-2020 biennium.

For the transmission segment, topics considered relevant were approved, such as: (i) the definition of regulation for transmission equipment with an exhausted useful life, expected to be implemented in the fourth quarter of 2019; (ii) the establishment of a specific standard for geospatial transmission, also expected for the fourth quarter of 2019; (iii) in addition to issues related to the regulation of market studies, such as the Reference Prices Database, expected to be regulated in the third quarter of 2019, as well as the WACC definition for the generation, distribution and transmission segments, also foreseen to be regulated in the third quarter of 2019.

With this, ANEEL is expected to regulate approximately 36 topics considered of great relevance to the electricity sector by 2020.

Laws:

Law 8,987 of 02/13/1995 published on 02/14/1995 – Provides for the regime of concession and permission of the provision of public services provided in art. 175 of the Federal Constitution and makes other provisions.

Law 9,074 of 07/07/1995 published on 07/08/1995 – Establishes norms for the granting and extensions of the concessions and permissions of public services and makes other provisions.

Law 9427 of 12/26/1996 published on 12/27/1996 – Establishes the National Electric Energy Agency – ANEEL, which governs the concession regime for Public Electric Energy Services, and provides other measures.

 

Normative Resolutions:

ANEEL Normative Resolution 903/2020 – Approves the restructuring and review of the Grid Procedures and establishes procedures and criteria for changes.

ANEEL Normative Resolution 905/2020 – Approves the Rules for Electric Power Transmission Services in the National Electric System, formed mainly from the Consolidation of the Regulation of Transmission Services.

ANEEL Normative Resolution 948/2021 – Approves the Economic-Financial Regulation – regulation of operations, applicable to the delegates of distribution, transmission and generation of electric power.

ANEEL Normative Resolution 1003/2022 – Approves the structure and Sub-modules of the Tariff Regulation Procedures (PRORET) and consolidates the regulation on tariff processes, applicable to concessionaires and permissionaires of public electric power distribution, transmission and generation services.

André Moreira

Diretor Presidente

O Sr. O Sr. Andre Augusto Telles Moreira é graduado em Engenharia Elétrica pela Escola Federal de Engenharia de Itajubá – EFEI MG e pós-graduado em Qualidade pela Universidade Estadual de Campinas (IMECC). Possui MBA pela Universidade AmBev (Brahma) e MBA em Gestão Empresas Públicas e Privadas, pela Fundação Armando Alvares Penteado – FAAP. Ao longo de sua trajetória profissional no setor elétrico, desenvolvida nas empresas do grupo Neoenergia, atuou como Diretor Executivo de Operações e Diretor Executivo Comercial e de Comercialização na Elektro Eletricidade e Serviços S.A., entre os anos de 2006 a 2017, como Diretor Presidente na Coelba – Companhia de Eletricidade do Estado da Bahia, em 2017 e, em sua última experiência, como Diretor Executivo de Distribuição na Neoenergia, de 2018 a 2020. Atuou, ainda, como membro do Conselho das distribuidoras Coelba, Celpe, Elektro e Cosern; além de ter ocupado os cargos de membro do Conselho de Administração da Iberdrola Distribuición Eléctrica (Espanha), Avangrid Networks (EUA), Afluente T S.A. e I- de Redes Eléctricas Inteligentes, S.A.

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Rinaldo Pecchio

Diretor Financeiro e de TI

O Sr. Rinaldo Pecchio Jr. é graduado em Economia pela Unicamp e em Ciências Contábeis pela Puccamp e possui MBA em Finanças pela IBMEC. Apresenta mais de 30 anos de carreira, e atua como CFO desde 2004. Iniciou sua trajetória como auditor da Arthur Andersen e desenvolveu sua carreira majoritariamente no setor elétrico, com passagens pelos setores de indústria e agronegócio. Construiu um repertório em FP&A no início de sua carreira e possui sólida experiência em project finance e emissão de dívidas, sendo pioneiro na emissão de debêntures verde do setor de transmissão. Como CFO, passou por empresas como Centro de Tecnologia Canavieira S.A.- CTC, ISA Cteep S.A., Grupo AES Brasil, Tetra Pak Ltda e Elektro.

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Marco Faria

Diretor Técnico

Graduado em Engenharia Elétrica pela Pontifícia Universidade Católica de Minas Gerais – PUC/MG em 1987. Possui MBA em Gestão de Projetos e Pessoas pela FGV. Ao longo de sua trajetória profissional, iniciada na CEMIG em 1978 (geração, transmissão e distribuição de energia elétrica), desempenhou diversas funções. Desde 1988, ocupou cargos gerenciais sendo os últimos como (i) Gerente de Operação e Manutenção da Transmissão, de 1997 a 2008; e (ii) Gestor do Projeto de Integração da Companhia, em 2009. Neste mesmo ano, assumiu a diretoria técnica da TAESA. Em 2017 foi eleito para acumular interinamente os cargos de Diretor Presidente e de Diretor de Desenvolvimento de Negócios da empresa. Atualmente, é diretor em outras empresas participadas do grupo e conselheiro do Operador Nacional do Sistema Elétrico e da Associação Brasileira das Empresas de Transmissão de Energia Elétrica

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Fábio Fernandes

Diretor de Negócios e Gestçao de Participações

Graduado em Ciências Econômicas pela Faculdade Cândido Mendes, possui Mestrado em Economia Empresarial pela mesma instituição e MBA em Finanças Corporativas pela IBMEC, e 30 anos de experiência profissional em diversos setores da área financeira, como planejamento financeiro, tesouraria, avaliação econômico-financeira, project finance, M&A e operações de mercado de capitais. Atualmente é responsável pela prospecção e avaliação de novos negócios da Companhia, já tendo atuado em diversas áreas da Companhia desde 2007.

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Luis Alves

Diretor de Implantação

Graduado em Engenharia Elétrica pela Universidade Estadual Paulista Júlio de Mesquita Filho, com Pós-Graduação em Planejamento de Sistemas Energéticos pela Unicamp e MBA em Gestão Empresarial pela Fundação Getúlio Vargas (FGV). Possui mais de 25 anos de experiência na área de energia, com foco em operação, manutenção e expansão e com atuação em grandes empresas no setor de energia elétrica.

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Mansueto Almeida

Economista Chefe do BTG Portal

Nosso convidado especial

Mansueto Almeida é bacharel em ciências econômicas pela Universidade Federal do Ceará e mestre em economia pela Universidade de São Paulo. Assumiu diversos cargos em Brasília, entre os quais, coordenador geral de política monetária do Ministério da Fazenda, em 1996, pesquisador no IPEA e assessor econômico da comissão de desenvolvimento regional e de turismo no Senado Federal. Em 2016, foi nomeado secretário de Acompanhamento Econômico e de Concorrência do Ministério da Fazenda e, em abril de 2018, passou a ser Secretário do Tesouro Nacional onde permaneceu até julho de 2020. Em 2014 e 2015, o economista atuou como consultor no setor privado. Hoje o seu cargo é Economista-chefe do BTG Pactual.

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Mansueto Almeida

Chief Economist at BTG Pactual

Especial Guest

Mansueto Almeida has a bachelor's degree in economics from the Federal University of Ceará and a master's degree in economics from the University of São Paulo. He took on several positions in Brasília, including general coordinator of monetary policy at the national Ministry of Finance, in 1996, researcher at IPEA and economic advisor to the regional development and tourism committee in the Federal Senate. In 2016, he was appointed Secretary of Economic Monitoring and Competition at the Ministry of Finance and, in April 2018, he became Secretary of the National Treasury, where he remained until July 2020. In 2014 and 2015, Mansueto worked as a consultant in the private sector. Today he holds the position of Chief Economist at BTG Pactual.

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Mansueto Almeida

Economista Jefe de BTG Portal

Invitado Especial

Mansueto Almeida tiene una licenciatura en ciencias económicas de la Universidad Federal de Ceará y una maestría en economía de la Universidad de São Paulo. Asumió varios cargos en Brasilia, incluido el de coordinador general de política monetaria del Ministerio de Hacienda, en 1996, investigador del IPEA y asesor económico de la comisión de desarrollo regional y turismo del Senado Federal. En 2016, fue designado Secretario de Seguimiento Económico y Competencia del Ministerio de Hacienda y, en abril de 2018, asumió como Secretario del Tesoro Nacional, donde permaneció hasta julio de 2020. En 2014 y 2015, el economista se desempeñó como consultor en el sector privado. Hoy ocupa el cargo de Economista Jefe de BTG Pactual.

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André Moreira

Diretor Presidente

Mr. Andre Augusto Telles Moreira has a degree in Electrical Engineering from Escola Federal de Engenharia de Itajubá (EFEI MG) and a postgraduate degree in Quality from Universidade Estadual de Campinas (IMECC). He holds an MBA from AmBev University (Brahma) and an MBA in Public and Private Business Management from Fundação Armando Alvares Penteado (FAAP). Graduated in Business Management Leadership – ESADE (Spain), Global Leadership – IMD (Switzerland), Sustainable Business Strategies Course – MIT (USA), Management Board Memberr Course – IBGC and Change Management in Complex Environments – MIT (USA). Throughout his professional career in the electric sector, developed in the Neoenergia Group’s companies, he served as Chief Operating Officer and Chief Commercial and Trading Officer of Elektro Eletricidade e Serviços S.A from 2006 to 2017; as Chief Executive Officer at Coelba – Companhia de Eletricidade do Estado da Bahia, in 2017 and, in his last experience, as Executive Director of Distribution at Neoenergia, from 2018 to 2020. He also served as a Board member of distributors Coelba, Celpe, Elektro and Cosern; in addition to being a member of the Board of Directors of Iberdrola Distribuición Eléctrica (Spain), Avangrid Networks (USA), Afluente T S.A. and I- de Redes Eléctricas Inteligentes, S.A. He currently holds the positions of Chief Executive Officer and Chief Investor Relations Officer and Chief Legal and Regulatory Officer at the Company. The administrator above declares that in the last 5 years he has not had any criminal conviction; any conviction in any CVM administrative proceedings and penalties applied; and/or any final and unappealable conviction, in the judicial or administrative sphere, that had the effect of suspension or disqualification for the practice of any professional or commercial activity.

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Rinaldo Pecchio

Diretor Financeiro e de TI

Mr. Rinaldo Pecchio Jr. holds a degree in Economics from Unicamp, in Accounting from Puccamp and an MBA in Finance from IBMEC. He has a career spanning more than 30 years, acting in a CFO capacity since 2004. He began his career as an auditor at Arthur Andersen and developed his career mainly in the electric power sector, also working in the industrial and agribusiness sectors. He built a repertoire in FP&A early in his career and has solid experience in project finance and debt issuance, pioneering the issuance of green bonds in the transmission segment. As CFO, he worked for companies such as Centro de Tecnologia Canavieira S.A.- CTC, ISA Cteep S.A., Grupo AES Brasil, Tetra Pak Ltda and Elektro.

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Marco Faria

Diretor Técnico

He has a degree in Electrical Engineering from the Pontifical Catholic University of Minas Gerais – PUC / MG in 1987. He holds an MBA in Project Management and People FGV. Throughout his professional career, initiated in CEMIG in 1978 (generation, transmission and distribution of electric energy), he performed several functions. Since 1988, he has held managerial positions, the last being (i) Transmission Operation and Maintenance Manager, from 1997 to 2008; and (ii) Manager of the Company’s Integration Project, in 2009. In the same year, he assumed the technical management of TAESA. In 2017 he was elected to temporarily accumulate the positions of Chief Executive Officer and Business Development Director of the company. He is currently director of other companies in the group and adviser to the Operador Nacional do Sistema Elétrico (ONS) and the Associação Brasileira das Empresas de Transmissão de Energia Elétrica.

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Fábio Fernandes

Diretor de Negócios e Gestçao de Participações

He holds a degree in Economic Sciences from Faculdade Cândido Mendes, a Master’s in Business Economics from the same institution and an MBA in Corporate Finance from IBMEC, accumulating 30 years of professional experience in several industries in the financial area, such as financial planning, treasury, economic and financial valuation, project finance, M&A and capital market operations. Currently he is responsible for prospecting and assessing the Company’s new businesses, having already worked in several areas of the Company since 2007.

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Luis Alves

Diretor de Implantação

He holds a degree in Electrical Engineering from Universidade Estadual Paulista Júlio de Mesquita Filho, with a Postgraduate Degree in Energy Systems Planning from Unicamp, and an MBA in Business Management from Fundação Getúlio Vargas (FGV). He has more than 25 years of professional experience in the energy sector, focused on operation, maintenance and expansion, and has held positionsin large companiesin the electrical energy sector.

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André Moreira

Diretor Presidente

El Sr. Andre Augusto Telles Moreira es licenciado en Ingeniería Eléctrica por la Escuela Federal de Ingeniería de Itajubá (EFEI-MG) y posgrado en Calidad por la Universidad Estadual de Campinas (IMECC). Tiene un MBA de la Universidad AmBev (Brahma) y un MBA en Gestión de Empresas Públicas y Privadas por la Fundación Armando Alvares Penteado (FAAP). Tiene formación en Liderazgo en Gestión de Negocios – ESADE (España), Liderazgo Global – IMD (Suiza), Curso de Estrategias de Negocios Sostenibles – MIT (EUA), Curso de Consejero de Administración – IBGC y Gestión del Cambio en Entornos Complejos – MIT (EUA). A lo largo de su trayectoria profesional en el sector eléctrico, desarrollada en las empresas del grupo Neoenergia, se desempeñó como Director Ejecutivo de Operaciones y Director Ejecutivo Comercial y de Comercialización en Elektro Eletricidade e Serviços S.A., de 2006 a 2017; como Director Presidente en Coelba – Companhia de Eletricidade do Estado da Bahia, en 2017 y, en su última experiencia, como Director Ejecutivo de Distribución en Neoenergia, de 2018 a 2020. También se desempeñó como miembro del Consejo de las distribuidoras Coelba, Celpe, Elektro y Cosern; además de haber ocupado los cargos de miembro del Consejo de Administración de Iberdrola Distribución Eléctrica (España), Avangrid Networks (EUA), Afluente T S.A. e I- de Redes Eléctricas Inteligentes, S.A. Actualmente ocupa los cargos de Director Presidente y de Relación con Inversionistas y de Director Jurídico y Regulatorio en la Compañía. El administrador mencionado declara que en los últimos 5 años no ha sufrido ninguna condena penal; ninguna condena en proceso administrativo de la CVM ni las penas aplicadas; ni ninguna condena de sentencia definitiva, en la esfera judicial o administrativa, que haya tenido como efecto la suspensión o la inhabilitación para la práctica de cualquier actividad profesional o comercial.

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Rinaldo Pecchio

Diretor Financeiro e de TI

El Sr. Rinaldo Pecchio Jr. es licenciado en Economía por la Unicamp y en Ciencias Contables por la Puccamp, y cuenta con MBA en Finanzas por la IBEMEC. Tiene una carrera de más de 30 años y es CFO desde 2004. Inició su carrera como auditor en Arthur Andersen y desarrolló su carrera principalmente en el sector eléctrico, con pasajes en los sectores de industria y agronegocios. Desarrolló un repertorio en FP&A al principio de su carrera y tiene una sólida experiencia en financiamiento de proyectos y emisión de deuda, siendo pionero en la emisión de bonos verdes en el sector de transmisión. Como CFO, trabajó para empresas como Centro de Tecnología Canavieira S.A.- CTC, ISA Cteep S.A., Grupo AES Brasil, Tetra Pak Ltda y Elektro.

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Marco Faria

Diretor Técnico

Graduado en Ingeniería Eléctrica por la Pontifícia Universidade Católica de Minas Gerais – PUC/MG en 1987. Posee un MBA en Gestión de Proyectos y Personas por la FGV. A lo largo de su carrera profesional, iniciado en CEMIG en 1978 (generación, transmisión y distribución de energía eléctrica), realizó varias funciones. Desde 1988, ha ocupado cargos gerenciales, el último de los cuales fue (i) Gerente de Operación y Mantenimiento de Transmisión, desde 1997 hasta 2008; y (ii) Gerente del Proyecto de Integración de la Compañía, en 2009. En el mismo año, asumió la gestión técnica de TAESA. En 2017, fue elegido para acumular temporalmente los cargos de Director Ejecutivo y Director de Desarrollo de Negocios de la compañía. Actualmente es director de otras compañías del grupo y asesor del Operador Nacional del Sistema Eléctrico y de la Asociación Brasileña de Empresas de Transmisión de Energía Eléctrica.

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Fábio Fernandes

Diretor de Negócios e Gestçao de Participações

Es licenciado en Ciencias Económicas por la Facultad Cândido Mendes, Máster en Economía Empresarial por la misma institución y con MBA en Finanzas Corporativas por IBMEC, y 30 años de experiencia profesional en diversos sectores del área financiero, como planificación financiera, tesorería, evaluación económico-financiera, project finance, M&A y operaciones de mercado de capitales. Actualmente es responsable de la prospección y evaluación de los nuevos negocios de la Compañía, y ya ha trabajado en diversas áreas de la Compañía desde 2007.

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Luis Alves

Diretor de Implantação

Es ingeniero eléctrico por la Universidade Estadual Paulista Júlio de Mesquita Filho, con un Postgrado en Planificación de Sistemas Energéticos por la Unicamp y un MBA en Gestión empresarial por la Fundação Getúlio Vargas (FGV). Cuenta con más de 25 años de experiencia en el area de energía, con enfoque en operación, mantenimiento y expansión y con desempeño en grandes empresas del sector eléctrico.

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