Andre Sampaio

Andre Sampaio asked about AXIA Energia's comfort regarding price resilience for 2026, potential roadblocks, and the strategic next steps after the de-risking process involving Eletronuclear and thermal power plants, including considerations for the new market.

Answer

Rodrigo Limp, EVP of Regulation, Institutional, and Markets, explained that 2026 prices are projected around BRL 240, supported by a more flexible matrix and risk-averse operator models, despite short-term volatility. Ivan Monteiro, CEO, detailed the de-risking process since capitalization, addressing legacy contracts and compulsory loans, and stated the company's future focus on business growth and active participation in upcoming auctions.

André Sampaio asked about the reasons for AXIA Energia's comfort regarding price resilience for 2026, potential roadblocks, and the strategic next steps after largely completing the de-risking process, including a potential return to the new market.

Answer

Rodrigo Limp, EVP of Regulation, Institutional, and Markets at AXIA Energia, explained that 2026 prices are around BRL 240, supported by a flexible matrix and less relevant short-term variations. Ivan Monteiro, CEO of AXIA Energia, stated that the company is focused on growth, actively participating in auctions, and managing legacy contracts, with compulsory loans now under BRL 12 billion and trending downwards.

Andre Sampaio asked for an explanation for the slower pace of CapEx year-on-year in the first quarter and inquired about the reasons behind the downward revision of transmission tariffs for the Chesf subsidiary.

Answer

Executive Elio de Meirelles Wolff explained that a slower CapEx pace in the first quarter is a normal seasonal occurrence and that spending is expected to accelerate to over BRL 4 billion for the full year. Executive Ivan de Souza Monteiro clarified that the Chesf tariff remeasurement was a correction of a mistaken remuneration base approved last year, resulting in a net impact of BRL 950 million.

Andre Sampaio of Banco Santander S.A. inquired about the tariff regulation for transmission assets, seeking clarification on the positive surprise in the Annual Allowed Revenue (RAP) and economic results.

Answer

Executive Rodrigo Nascimento explained that the numbers from the regulator ANEEL are still preliminary and subject to review. He differentiated between the financial component, which amortizes over eight years, and the economic component tied to non-depreciated assets, which generates revenue until the concession ends. Nascimento stated that while Eletrobras's methodology aligns with requirements, some figures are still under review, and a separate process for the remuneration base is ongoing.

Andre Sampaio from Santander inquired about the dynamics of dividend payments amidst the Novo Mercado migration and sought clarity on the potential impact of new provisional measures on the company's operations.

Answer

CFO Felipe Gutierrez and CEO Daniel Claviero affirmed that the company's dividend policy remains intact, with plans to maintain at least two annual payments, including the customary announcement in the fourth quarter. On the regulatory front, Mr. Claviero described the political environment as highly controversial but stated their base case is that a provisional measure will be approved, primarily to implement the social tariff. He expressed concern that any new legislation could unfortunately add more subsidies, worsening the tariff environment.

Andre Sampaio inquired about the timeline for the rural census and its potential impact on CapEx projections, asking if a significant increase in required investment could lead to tariff adjustments.

Answer

CEO Carlos Piani and executive Daniel Szlak stated that the rural census fieldwork begins in June 2025 and will take 18 months. They explained that the contract model allows for prudent CapEx increases to be compensated in the Regulatory Asset Base (RAB), so while a large deviation could change expectations, the mechanism for recovery is already in place.

Andre Sampaio of Santander inquired about Cemig's initial view on the new regulatory OpEx rules under discussion by Aneel and the company's strategy to meet DEC quality indicators for specific subsets, not just the global metric.

Answer

CFO and IR Officer Leonardo Magalhães affirmed Cemig's commitment to operating efficiency and meeting new regulatory benchmarks, noting that investments in network quality have positive effects on revenue and reduce losses. Chief Distribution Officer Marney Antunes added that programs like 'Minas Gerais' (building 200 substations) and 'Cemig Agro' are specifically designed to improve subset DEC performance, targeting 58% compliance by year-end.

Andre Sampaio inquired about Cemig's perspective on the new regulatory OpEx rules for distributors and the company's strategy to meet DEC (outage duration) targets for individual subsets, not just the global metric.

Answer

CFO Leonardo Magalhães stated that Cemig is committed to meeting the new regulatory benchmarks and that investments in network quality have positive financial effects. Chief Distribution Officer Marney Antunes added that specific programs like 'Minas Gerais' (building 200 substations) and 'Cemig Agro' are designed to improve subset DEC performance, with a target of having 58% of sets compliant by year-end.