Energy and Natural Resources Newsletter | September 2026

In order to keep our clients informed about the current landscape of the main energy and natural resources sectors in Brazil, we have prepared the Energy Newsletter, a monthly bulletin with the main news of the energy market.

This information channel is the result of the unification of our “Oil & Gas” and “Power” newsletters, designed in the context of the energy transition that is being targeted in Brazil, and prepared to be a complete source of information about the dynamic Brazilian energy market in the oil, natural gas, electricity and renewable energy sectors.

Enjoy reading!

This newsletter is for informative purposes only and does not constitute legal advice for any specific operation or business. For more information, please contact our team of lawyers.

OIL AND GAS

HIGHLIGHTS

TRF-1 reinstates collection of the export tax on crude oil

On September 1, 2026, the Federal Regional Court of the 1st Region (“TRF-1”) reinstated the collection of the export tax on crude oil by granting suspensive effect to the interlocutory appeal filed by the Federal Government against the decision that had preliminarily suspended the enforceability of the tax. The new decision, issued by Federal Appellate Judge Roberto Carvalho Veloso, provisionally set aside the effects of the preliminary injunction previously granted in favor of the Brazilian Association of Oil and Gas Exploration and Production Companies (“ABEP”). As a result, GECEX Resolution No. 938/2026 has resumed producing effects, at least until the final judgment of the interlocutory appeal by the 13th Panel of TRF-1.

The aforementioned preliminary injunction encompassed not only Resolution 938, which established a 12% tax rate on exports of crude petroleum oils or oils obtained from bituminous minerals, but also new rules issued by the Foreign Trade Chamber (“CAMEX”) to the same effect. On the same date that the suspended injunction had been granted, CAMEX approved the extension of the 12% tax rate for an additional 60 days upon recommendation of the Ministry of Finance.

It is worth noting that the extension of the resolution is associated with the expiration of the term of Provisional Measure No. 1,340/2026, which originally instituted the collection of the tax.

The case under review by TRF-1 originated from the collective writ of mandamus filed by ABEP, which argued that Resolution 938 sought to re-enact the content of Provisional Measure No. 1,340/2026 during the same legislative session, thus violating the Federal Constitution.

In the grounds of the decision granting suspensive effect to the interlocutory appeal, the appellate judge rejected such argument and held that the constitutional prohibition on the reissuance of provisional measures does not prevent the Executive Branch from exercising its own regulatory authority to amend export tax rates. This understanding was supported by a precedent of the Federal Supreme Court (“STF”).

Learn more at: TRF-1 reinstates collection of the export tax on crude oil

REDATA advances; criteria for qualifying natural gas remain open

On September 15, 2026, the Special Tax Regime for Data Center Services (“REDATA”) was enacted. The initiative aims to encourage investments in data centers in Brazil through tax incentives. Although the measure represents a significant step forward for the development of the country’s digital infrastructure, its regulation is still expected to define relevant aspects related to the energy supply of the projects benefiting from the regime.

One of the main issues under discussion is whether projects supplied with natural gas will be eligible for the incentives established under the regime. The matter gained relevance after Congress approved the wording referring to “renewable or low-emission sources,” the interpretation and scope of which still depend on specific regulation.

The debate has mobilized different segments of the energy sector. On one hand, natural gas is viewed as an alternative capable of providing flexibility to meet the new loads associated with data centers. On the other hand, stakeholders linked to the renewable energy and energy storage sectors have expressed concerns that a potential opening for natural gas could reduce the participation of renewable sources in meeting this additional demand and decrease the room for investments in new generation projects and battery systems. The definition of the technical criteria for qualifying eligible sources will be one of the key points to monitor in the regulation of REDATA.

Learn more at: Lula sanctions Redata amid dispute between the Ministry of Mines and Energy and the Ministry of Finance over room for natural gas

ANP launches public consultation on new minimum capital requirements for fuel sector agents

On September 4, 2026, the National Agency for Petroleum, Natural Gas, and Biofuels (“ANP”) approved the holding of Public Consultation and Hearing No. 20/2026 to discuss amendments to six resolutions applicable to regulated agents in the fuel supply sector. The proposal seeks to align the agency’s regulations with the provisions of Complementary Law No. 225/2026 (“Taxpayer Defense Code”), which amended the Petroleum Law by introducing new requirements related to paid-in minimum share capital. The public consultation will remain open until November 3 of this year.

The amendments cover activities such as the production of petroleum and natural gas derivatives, biofuel production, the distribution of liquid fuels and aviation fuels, as well as the retail sale of automotive and aviation fuels. The proposal incorporates the minimum share capital amounts established by law, setting requirements of BRL 1 million for liquid fuel retailers, BRL 10 million for distributors, and BRL 200 million for producers. In addition, it requires proof of the origin and legality of the funds used to pay in the share capital, as well as identification of the ultimate beneficial owner of regulated companies.

For agents already authorized to operate, the draft regulation establishes a two-year period to comply with the new requirements, except for liquid fuel distributors, whose transition is governed by ANP Resolution No. 950/2023. The proposal also determines that proof of the origin of funds must be provided through an opinion issued by an independent auditor registered with the Brazilian Securities and Exchange Commission (“CVM”), and ANP may supplement such verification through cooperation with financial institutions and public agencies.

The initiative strengthens transparency, governance, and integrity mechanisms in the fuel sector while seeking to preserve continuity of supply during the regulatory adaptation period.

Learn more at: ANP to hold public consultation and hearing on new minimum share capital requirements for fuel sector agents

ANP approves nomination of 24 new exploratory blocks in the Potiguar Basin for future concession rounds

On September 4, 2026, the ANP approved the nomination of 24 new exploratory blocks located in the onshore portion of the Potiguar Basin for potential inclusion in future cycles of the Open Acreage Concession Offer (“OPC”). The approved areas may only be offered following the 6th OPC cycle, with the public bidding session scheduled for October 7, 2026.

Before being effectively included in future licensing rounds, the blocks must still undergo a series of regulatory and environmental steps, including technical analyses, environmental assessments, issuance of a Joint Statement by the Ministry of Mines and Energy (“MME”) and the Ministry of Environment and Climate Change (“MMA”), and the holding of a public hearing. According to the ANP, the location of the blocks will be made available through georeferenced files, which may be adjusted as a result of technical assessments and applicable environmental guidelines.

Among the nominated areas, special attention is given to Block POT-T-551, which covers the region of Tabuleiro do Norte, in the State of Ceará, where the existence of oil was recently confirmed by the ANP’s Center for Technological Research and Analysis (“CPT/ANP”). The inclusion of this area among the blocks under assessment reinforces the exploratory potential of the Potiguar Basin and signals the ANP’s interest in expanding geological knowledge and attracting investments to new onshore exploration frontiers in Brazil.

Learn more at: ANP approves nomination of 24 new exploratory blocks in the Potiguar Basin for future concession rounds

NEWS

Bill expanding ANP’s access to tax invoices advances in Senate

On September 2, 2026, the Infrastructure Committee of the Federal Senate approved Complementary Bill (“PLP”) No. 109/2025, which governs the ANP’s access to tax data from regulated agents. The bill received a favorable opinion from the rapporteur and now proceeds to the Senate Plenary for consideration, the final stage before presidential assent, as the proposal had already been approved by the House of Representatives in April.

The proposal amends the Petroleum Law (Law No. 9,478/1997) to include among the ANP’s powers the authority to request, receive, store, and analyze tax information from regulated agents. In practice, the bill grants the agency access to data contained in Electronic Invoices (“NF-e”), Consumer Electronic Invoices (“NFC-e”), and Electronic Transport Documents (“CT-e”), expanding its ability to monitor commercial transactions in the fuel sector. According to supporters of the measure, access to such information will strengthen enforcement tools and contribute to combating fraud, product diversion, and market irregularities.

PLP No. 109/2025 is part of a set of legislative initiatives prompted by Operation Hidden Carbon (“Operação Carbono Oculto”) and also seeks to expand institutional cooperation among the ANP, the Brazilian Federal Revenue Service, and State Finance Departments. Under the bill, the agency must notify tax authorities whenever it initiates sanctioning proceedings with potential tax implications. The measure is expected to strengthen the integration between regulatory and tax enforcement, contributing to greater transparency, traceability of operations, and prevention of illicit practices in the fuel sector.

Learn more at: Bill allowing ANP access to tax invoices advances to Plenary vote

Government reduces taxes on gasoline and authorizes new diesel subsidy

On September 9, 2026, the Federal Government announced a temporary reduction in the Social Integration Program (“PIS/PASEP”) and the Contribution for the Financing of Social Security (“COFINS”) rates levied on gasoline and authorized the granting of an economic subsidy for road diesel fuel. The measures were adopted in response to volatility in international oil prices and supply constraints associated with geopolitical conflicts.

For gasoline, the tax reduction is BRL 0.63 per liter and will remain in effect until October 9, 2026, reducing the combined burden of the two contributions to BRL 0.16 per liter. The amendment replaces and expands the effects of the BRL 0.44 per liter subsidy provided for in Provisional Measure No. 1,358/2026. For road diesel, a new provisional measure authorized the Federal Government to grant a subsidy to producers and importers while international instability persists, with an initial amount of BRL 1.00 per liter.

Participants in the mechanism must deduct the subsidy amount from the sale price and record the discount in the corresponding invoice. ANP will be responsible for qualifying participants, monitoring prices, and making payments. The amount and duration of the subsidy may be amended, suspended, or extended according to supply and pricing conditions, as well as budgetary and financial availability. According to the Ministry of Finance, more than 25% of the diesel consumed in Brazil is imported, a circumstance that increases the domestic market’s exposure to international price and refining cost fluctuations.

Learn more at: Federal Government adopts new fuel measures in response to oil price fluctuations

ANP revises regulatory treatment applicable to micro and small enterprises

On September 4, 2026, the ANP’s Board of Directors approved a resolution revising the rules governing special treatment for microenterprises and small businesses subject to its oversight.

The new regulation seeks to update the provisions of ANP Resolution No. 759/2018. Currently, that regulation establishes the double-inspection procedure, under which the first inspection is primarily advisory in nature. If irregularities are identified, the facility is granted a period to remedy them, and penalties are imposed only if the notification is not complied with. The regulation also grants compliance periods longer than those applicable to other companies.

The revision, however, updates the regulation to specify situations in which an agent may not benefit from the double-inspection procedure. These include noncompliance with operational safety requirements, particularly where there is a direct and imminent danger, and the storage, sale, or disposal of fuels containing improperly added solvents. The text also extends notification periods compared with the previous regulation and introduces drafting adjustments to provide greater clarity and reduce ambiguities in the application of the rules.

According to ANP, approximately 74,000 establishments may fall within the scope of the regulation, including fuel stations, liquefied petroleum gas retailers, and other agents in the fuel supply sector. The resolution is the result of technical studies, a regulatory impact assessment, workshops with market representatives, and contributions received during Public Consultation and Hearing No. 6/2026. The measure seeks to reconcile an educational enforcement approach with the preservation of stricter controls in situations involving operational safety risks or potential harm to consumers.

Learn more at: Resolution revising rules on differentiated treatment for micro and small enterprises approved

PPSA releases preliminary notice for natural gas targeting strategic industrial sectors

On October 22, 2026, Pré-Sal Petróleo S.A. (PPSA) has released the preliminary notice for the first short-term auction of the Federal Government’s natural gas, scheduled for October 22. The initiative is part of the government’s strategy to enhance the competitiveness of Brazil’s industrial sector through the supply of pre-salt natural gas at more attractive prices.

Of the 1.1 million m³/day to be offered in the auction, the largest share has been allocated to the chemical and petrochemical sectors, which will be able to compete for up to 350,000 m³/day. These are followed by the steel, metallurgy and mining sectors (320,000 m³/day), ceramics (200,000 m³/day), fertilizers (130,000 m³/day), and glass manufacturing (100,000 m³/day).

The auction will be conducted through an electronic platform, where participants will submit bids and compete for the lots through offers made to the Federal Government. Acquisition limits have also been established by sector and economic group, aiming to broaden participation and mitigate concentration of the volumes offered.

The gas will be made available from the Itaboraí Gas Processing Unit (Rio de Janeiro), with deliveries expected between March and December 2027. The government expects the initiative to stimulate industrial demand for natural gas and encourage investment in production chains considered strategic to the Brazilian economy.

Read more: PPSA publishes a draft tender notice for a gas auction targeting strategic industrial sectors.

New law increases penalties for fuel theft and robbery

Law No. 15,517/2026 was published on September 23, 2026, amending the Brazilian Criminal Code and Law No. 8,176/1991 to establish specific rules for crimes involving petroleum, natural gas, fuels, biofuels and lubricating oils removed from pipelines, terminals, refineries, and transport vehicles.

The theft of covered products is now punishable by imprisonment for four to ten years and a fine. The sentence will be increased by one-third when the offense involves the destruction of barriers, the participation of two or more individuals, breach of trust, misuse of a current or former relationship with the affected company, or participation by a public official or employee. The sentence will be increased by two-thirds when the theft results in interruption of activities, supply shortages, fire, actual or potential pollution, serious bodily injury, or death. The law also established specific sentencing enhancements for the robbery of fuels.

The new law also classified certain activities involving the acquisition, receipt, transportation, concealment, storage, sale and use of fuels of criminal origin as crimes against the economic order. When carried out in the course of commercial or industrial activities with knowledge of the product’s unlawful origin, such conduct may result in imprisonment for three to eight years, a fine and closure of the establishment for twice the period of the sentence imposed. The measure seeks to hold accountable not only those responsible for the original theft, but also the economic agents involved in the unlawful receipt and commercialization of stolen fuels.

Learn more: New law increases penalties for fuel theft and establishes rules for robbery, receipt and unlawful trade and Law No. 15,517, dated September 22, 2026.

Government extends diesel subsidy, and Petrobras confirms participation in the mechanism

On September 16, 2026, Petrobras confirmed that it would participate in the additional BRL 1.00 per liter subsidy for road diesel established by the Federal Government. Therefore, the company would adjust the fuel price by an amount equivalent to the subsidy, while keeping the prices charged to distributors unchanged throughout the benefit period. Petrobras considered the mechanism compatible with its interests and with the preservation of flexibility in implementing its commercial strategy, although formal participation remained subject to the publication of supplementary rules required to operationalize the payments.

The additional benefit was combined with the BRL 1.12 per liter subsidy in effect since June, bringing total diesel support to BRL 2.12 per liter. On September 24, Minister of Planning and Budget Bruno Moretti indicated that this amount would remain in place for an additional 30 days due to the continued increase in international fuel prices. The duration and amount of the mechanism may be modified depending on supply and price conditions, the international environment and the availability of budgetary and financial resources.

The extension comes amid persistent pressure on the international refined products market. According to Agência Eixos, the initial delay in implementing the subsidy, combined with lower imports, affected the fuel supply chain, particularly in Brazil’s Southern Region. The Government also reported that it had already allocated BRL 47 billion to subsidies aimed at containing gasoline and diesel prices.

Learn more: Petrobras adjusts diesel prices and confirms participation in subsidy, while awaiting operational rules and Brazilian Government indicates extension of fuel subsidies.

ENERGY AND NATURAL RESOURCES

NEWSLETTER

Institutional

CMSE: Committee decides to continue and enhance Demand Response mechanisms

At its 323rd ordinary meeting, held on September 2, 2026, the Electric Sector Monitoring Committee (“CMSE”) decided to continue and enhance the Demand Response mechanisms, following a presentation by the Ministry of Mines and Energy (“MME”) on the contribution of these resources to meeting the power and flexibility needs of the National Interconnected System (“SIN”). Among the aspects to be reviewed are baseline methodologies, product diversification, contracting and activation timelines and predictability, remuneration mechanisms, and performance monitoring. The National Electric Energy Agency (“ANEEL”) is expected to present a schedule for the ongoing and planned stages, with the goal of implementing the improvements as early as 2027, including those related to the Availability Product. At the same meeting, the committee approved the creation of a working group, coordinated by ANEEL, to further analyze Micro and Mini Distributed Generation (“MMGD”) facilities operating outside distributors’ control, and reinforced measures aimed at ensuring fuel supply reliability in the Northern Region’s Isolated Systems in light of the intensification of El Niño.

Access the CMSE information note

ANEEL: Agency approves the first revision of the 2026-2027 Regulatory Agenda

On September 8, 2026, ANEEL’s Collegiate Board approved the first revision of the 2026-2027 Regulatory Agenda, published in the Official Gazette on September 10, 2026. Newly included activities include: regulation of the allocation among generators of battery energy storage contracting costs; regulation of Decree No. 12,772/2025, which established the National Policy for Access to the Transmission System; regulation of the Supplier of Last Resort (Supridor de Última Instância – “SUI”), required to advance the opening of the retail electricity market to low-voltage consumers; and regulatory improvements to support electromobility and its connection to distribution systems, with a regulation expected to be issued still in 2026.

Access ANEEL’s Regulatory Agenda

MME: Ministry launches public consultation on the CDE budget for the Light for All Program in 2027

On September 11, 2026, the MME launched Public Consultation No. 10230 to gather contributions regarding the budget of the Energy Development Account (“CDE”) for the implementation of the Light for All Program in fiscal year 2027. The process is being conducted by the Department of Universalization and Social Policies for Electric Energy (“DUPS/SNEE”), and contributions may be submitted until September 28, 2026.

Access the public consultation on the MME portal

Auctions

ANEEL: Agency launches public consultation on the draft notice for Transmission Auction No. 1/2027, featuring an unprecedented battery lot

On September 8, 2026, ANEEL’s Collegiate Board approved the opening of Public Consultation No. 032/2026 to improve the draft bidding notice and annexes of Auction No. 1/2027-ANEEL.

Scheduled for April 30, 2027, the auction is expected to attract investments of approximately BRL 12.9 billion, including the construction of around 3,245 km of new transmission lines and 1,386 MVA of transformation capacity across 13 states. The main highlight is Lot 5, the first lot dedicated to battery storage procurement within the SIN transmission segment, aimed at increasing supply reliability for the regions of Cruzeiro do Sul and Feijó, in the state of Acre.

Contributions may be submitted from September 10 to October 26, 2026.

Access Public Consultation Notice No. 32/2026
Access transmission auction documentation

ANEEL: 2026 Transmission Auction confirmed with forecast investments of BRL 8.9 billion

ANEEL confirmed that Transmission Auction No. 4/2026 will be held on October 30, 2026, with estimated investments of BRL 8.9 billion. The auction will offer eight lots located in Bahia, Goiás, Mato Grosso do Sul, Paraíba, Paraná, Rondônia, and São Paulo, covering 1,866 km of new transmission lines and 12,694 MVA of transformation capacity. Implementation periods will range from 42 to 60 months and form part of the expansion planning for the transmission infrastructure required to accommodate growth in electricity demand and generation.

Read the news release

ANEEL: Public hearing discusses bidding documents for Brazil’s first large-scale battery auctions

These are Brazil’s first auctions exclusively focused on procuring capacity from large-scale storage systems. Auction No. 05/2026 will require batteries manufactured in Brazil, whereas Auction No. 06/2026 will permit imported equipment. Both contracts will have a 15-year term, with energy supply beginning in August 2028, and are part of the strategy to integrate energy storage systems into the national power matrix.

Read the news release

EPE: Company anticipates stages of the future competitive process for hydro storage procurement

On September 15, 2026, EPE presented its work plan to anticipate stages of the future competitive procedure for procuring services provided by Hydro Storage Systems (“SAH”), with a focus on pumped-storage hydropower plants. The measures comply with CNPE Resolution No. 08/2026 and consolidate the responsibilities assigned to EPE by Law No. 15,269/2025.

In October, EPE will publish project registration guidelines structured around three pillars: maturity level; technical characteristics and attributes; and costs and timelines. A public call is expected in November, strictly for consultative and informational purposes, without project evaluation or qualification for future auctions. The plan also includes institutional coordination with the MME and ANEEL, updates to cost databases and economic-financial parameters, and assessment of socio-environmental impacts. EPE also highlighted the recent eligibility of pumped-storage plants for the Special Environmental Licensing procedure (“LAE”).

Access EPE’s announcement
Access CNPE Resolution No. 08/2026

Regulation

MME: Ministry opens public consultation on expired and expiring hydropower concessions

The MME launched a public consultation to receive contributions regarding guidelines applicable to bidding and extension processes involving expired and expiring hydropower plant concessions, considering amendments introduced by Law No. 15,269/2025. Contributions may be submitted until October 23, 2026, and will support the preparation of a decree governing the treatment of such assets. Topics include concession fees, risk allocation, recalculation of firm energy certificates, contractual terms, compensation for reversible assets, plant modernization, and dam safety. The initiative seeks to establish more predictable and transparent mechanisms for managing concessions, particularly given the approaching expiration of several hydropower authorizations.

Read the news release

ANEEL: Agency proposes new rules for integrating distributed generation, batteries, and electric vehicles

ANEEEL launched Public Consultation No. 033/2026 to discuss the modernization of connection rules for distributed generation, energy storage systems, electric vehicles, and other distributed energy resources connected to distribution networks. The proposal revises Module 3 of the Distribution Procedures (“PRODIST”) and establishes requirements regarding monitoring, communication, protection systems, power quality, and injected power control.

According to the agency, the objective is to prepare the power infrastructure for the growing participation of these resources, increasing observability, flexibility, and operational efficiency.

Contributions may be submitted between September 10 and November 9, 2026.

Access ANEEL’s notice

ANEEL: Agency launches public consultation to improve the operational classification of SIN power plants

On September 15, 2026, ANEEL opened a public consultation to improve the operational classification of SIN generation facilities. The proposal, submitted by the National System Operator (“ONS”), seeks to update the criteria used to define the level of participation of generation projects in system planning, scheduling, and operation, a matter with direct implications for operators’ obligations and interactions with ONS.

Read ANEEL’s announcement

ANEEL: Agency approves amendments to Commercialization Rules for thermoelectric plants

ANEEL approved amendments to Module 16 of the Commercialization Rules to align them with Regulatory Resolution No. 1,093/2024, which governs approval of the Variable Unit Cost (“CVU”) of thermoelectric plants lacking contractual cost-adjustment mechanisms. The changes establish a permanent solution for implementation of the regulation, assigning the Electric Energy Trading Chamber (“CCEE”) responsibilities related to CVU updates and monitoring the financial impacts resulting from application of the methodology. The enhancement also seeks to correct distortions identified in the Short-Term Market (“MCP”) and harmonize accounting and fixed-cost recovery mechanisms for thermoelectric plants.

Read ANEEL’s announcement

ANEEL: Agency proposes indicator to monitor distribution project deadlines

ANEEL launched a public consultation to discuss the creation of the Market Service Indicator (“IAM”), designed to monitor compliance with deadlines for works required to connect new consumers to the public electricity distribution service. The proposal responds to recurring non-compliance with regulatory deadlines established by Regulatory Resolution No. 1,000/2021 and aims to create permanent monitoring and service-improvement mechanisms. According to the agency, the backlog of pending connections has exceeded 75,000 units since 2023, motivating the creation of a new indicator with regulatory consequences in cases of non-compliance.

Read the news release

ANEEL: Public consultation proposes improvements to the 2027 Commercialization Rules

ANEEL launched Public Consultation No. 30/2026, to receive contributions on the 2027 version of the Electricity Commercialization Rules. The proposal includes updates arising from recent regulations, improvements related to the Energy Reallocation Mechanism (“MRE”), adjustments to commercialization agreements, treatment of suspended Regulated Market Energy Commercialization Agreements (“CCEARs”), and alignment of mechanisms between regulated and free markets. According to ANEEL, the update seeks to ensure adherence to the prevailing legal and regulatory framework, promoting predictability, legal certainty, and operational efficiency within the CCEE.

Read the news release

System Operation

ONS: First 2026 Access Season indicates utilization of approximately 11 GW of registered capacity

ONS disclosed the preliminary results of the First 2026 Access Season under the National Policy for Access to the Transmission System (“PNAST”), indicating that approximately 11 GW of the 20.28 GW of registered capacity may proceed in the process of obtaining access to the Basic Grid. According to Technical Note NT-ONS DPL 0083/2026, around 8.06 GW are expected to receive direct service indications, while 2.94 GW may proceed to a competitive process.

ONS: Operator signs agreement with CEPEL and launches SAAT Nexus for transmission charge settlement

On September 14, 2026, ONS announced the signing of a technical cooperation agreement with the Electric Energy Research Center (“CEPEL”) to improve computational tools used in daily SIN operational planning, with the prospect of eventually replacing the dispatch and pricing chain with open-source solutions. At the same event, ONS launched SAAT Nexus, a new centralized environment for settlement of Transmission System Usage Charges (“EUST”). The initiative is part of the “Single Platform” project and enforces the 2024 ANEEL determination approving simplification of transmission charge payments.

Read the news release

System and Market Data

ANEEL: Expansion of the power matrix in August reaches nearly 2 GW

According to data released by ANEEL on September 11, 2026, Brazil’s electricity supply increased by 1,968.37 MW in August. As a result, expansion of the country’s power matrix throughout 2026 reached 4.9 GW, with new generating facilities entering operation in 15 states.

Read ANEEL’s news release

Report and indicators on generation

ANEEL: Agency launches portal providing access to approved technical studies

ANEEL made available the Approved Technical Studies Portal, a digital platform containing hydropower inventory and feasibility studies approved by the agency. The tool allows direct access by external users, eliminating the need for individual requests to the agency’s library. Searches may be conducted by river, proceeding number, approval act, and other criteria related to analyzed projects, increasing transparency and access to technical information used in hydropower development and electric sector planning activities.

Read the news release

Relevant Decisions

Forest Energies

ANEEL’s Board of Directors approved the outcome of Public Consultation No. 2/2026 and, through Regulatory Resolution No. 1,166/2026, established the guidelines and conditions for implementation of the Forest Energies Regulatory Sandbox. The discussion focused on the creation of an experimental regulatory environment designed to enable innovative energy solutions for remote regions of the Amazon, allowing for controlled regulatory flexibility and data collection to support future regulatory developments. The decision was based on the need to accelerate the energy transition in hard-to-reach locations, foster technological innovation, and test new business models and energy supply arrangements within a framework supervised by the agency.

Access the vote

Demand Response in Operational and Pricing Models

ANEEL’s Board of Directors decided not to approve, at this time, the representation of the Demand Response Program in the chain of electro-energetic optimization models used for system operation and price formation. During the discussions, the relevance of the mechanism to serving the National Interconnected System (“SIN”) was acknowledged; however, it was concluded that further methodological enhancements, greater transparency, and improved traceability of the program’s results are still required. As a result, the agency instructed the National System Operator (“ONS”) and the Electric Energy Trading Chamber (“CCEE”) to continue their studies, submit an implementation schedule, and improve, within 90 days, the mechanisms for disclosing information and the benefits associated with the program.

Access the decision

Adjustment of Parameters in Thermoelectric CCEARs

NEEL’s Board of Directors approved the outcome of Public Consultation No. 21/2025 and issued Regulatory Resolution No. 1,167/2026, incorporating into the Commercialization Rules the “Adjustment of CCEAR Revenue Parameters” module. The discussion concerned the definitive implementation of the methodology established by Regulatory Resolution No. 1,093/2024 for updating both the CVU and the Fixed Cost Component (“PCF”) of thermoelectric plants that do not contain contractual adjustment clauses. The decision aims to replace temporary procedures with a permanent regulatory solution, assigning implementation responsibilities to CCEE and correcting inconsistencies identified in fixed-cost accounting and revenue recovery within the MCP, thereby providing greater legal certainty and predictability to market participants.

Access the vote and draft of the resolution

ANEEL: Allocation of proceedings

In September, new proceedings were assigned and allocated to ANEEL’s directors. Among these proceedings, we highlight the following due to their scope and theme:

MONITORING

Brazilian Congress – Highlights

Federal Court of Accounts (“TCU”)

National Energy Sector Agenda – August and September

Auctions

RENEWABLES

HIGHLIGHTS

ANP proposes revision of RenovaBio rules for new distributors

On September 4, 2026, the ANP’s Board of Directors approved the Regulatory Impact Assessment Report and the opening of a public consultation for a period of 45 days, followed by a Public Hearing, in order to receive contributions regarding the revision of ANP Resolution No. 791/2019, which governs the allocation of mandatory annual emissions reduction targets under RenovaBio.

The amendment seeks to adapt the regulation to the rules introduced by Law No. 15,082/2024 and Decree No. 12,437/2025, particularly with regard to the definition and proof of targets applicable to fuel distributors during their first years of operation.

In this context, key amendments included in the proposed revision are the establishment of a schedule for distributors to verify and publish their individual targets and the description of the methodology used to calculate individual targets, particularly for distributors during their first two years of operation. In addition, considering the entry of new market participants, the proposal provides for proportional adjustments to the targets of distributors already operating in the market and regulates the possibility of revoking an authorization to operate in the event of noncompliance with the target for more than one reporting period.

The ANP recommended that the new resolution enter into force on January 1, 2027, considering the need to adapt both the agency’s own procedures and distributors’ planning for the acquisition and retirement of CBIOs.

Learn more at: Revision of RenovaBio rules for new distributors to undergo public consultation and hearing

MME opens public consultation on RenovaBio targets

On September 15, 2026, the Ministry of Mines and Energy (“MME”) approved the opening of Public Consultation No. 232/2026, with a 45-day period for the submission of contributions, regarding RenovaBio’s annual national greenhouse gas emissions reduction targets for the period from 2027 to 2036.

The initiative stems from the needs and guidance of the CBIO market, reinforcing its role in the energy transition and establishing long-term percentages for reducing the presence of CO2 in the Brazilian fuel matrix. To provide greater robustness to public contributions, the MME made available relevant documentation, including the Regulatory Impact Assessment Report, the models used in defining the targets, spreadsheets and detailed calculation records, the estimated issuance of CBIOs for 2027, and the proposed targets for the entire period.

RenovaBio cycles establish national targets for ten-year periods, updated periodically in order to incorporate market projections, the outlook for biofuel supply, and the evolution of the carbon intensity of the energy matrix. These targets are used to define distributors’ individual targets, which are met through the acquisition and retirement of CBIOs.

Learn more at: MME opens public consultation on RenovaBio targets for the period from 2027 to 2036

NEWS

ANP proposes rules for regulatory sandboxes

On September 9, 2026, the ANP’s Board of Directors approved the opening of a public consultation and the holding of public hearings on a proposed resolution aimed at governing the creation and operation of regulatory sandboxes within the ANP.

The objective is to encourage innovations in technology, products, services, and business models to be tested in a safe and transparent manner, fostering innovation and promoting competition with responsibility. The measure is part of the 2025-2026 Regulatory Agenda and is based on the Legal Framework for Startups and Law No. 14,948/2024, which established the legal framework for low-carbon hydrogen.

The proposal structures experimentation into three modalities: (i) the sandbox, aimed at encouraging testing in a real environment; (ii) the pilot project, intended to assess solutions or activities that do not yet have specific regulation; and (iii) pilot regulation, intended for the temporary and broader application of certain rules in order to assess their effects prior to potential permanent adoption. The draft also provides for a specific governance structure to assess proposals, monitor experiments, and consolidate the results obtained.

At the end of each experiment, reports and opinions must be prepared to support the decision of the Collegiate Board of Directors regarding the potential incorporation of the tested solutions into definitive regulation.

Learn more at: ANP Opens Public Consultation and Hearings on Proposed Sandbox Framework

Federal Government implements tax and economic measures for the fuel market in response to oil price volatility

On September 9, 2026, the Federal Government published Decree No. 13,116/2026, which reduced the rates of the contribution to the Social Integration Program (“PIS/PASEP”) and the Contribution for the Financing of Social Security (“COFINS”) levied on the importation and commercialization of gasoline (except aviation gasoline) and hydrated fuel ethanol.

With respect to gasoline, PIS/PASEP and COFINS rates were reduced by BRL 0.63 per liter, lowering the burden of those contributions to BRL 0.16 per liter. For hydrated ethanol, the contributions were fully exempted, resulting in a tax reduction of BRL 0.19 per liter. The measures remain effective until October 9.

The tax reduction applicable to gasoline replaces the mechanism previously established by Provisional Measure No. 1,358/2026, which provided for an economic subsidy of BRL 0.44 per liter and expires this week.

Conversely, for road diesel fuel, Provisional Measure No. 1,391/2026 authorizes the granting of an economic subsidy to producers and importers, initially set at BRL 1.00 per liter, for as long as instability in the fuel supply resulting from geopolitical conflicts persists. The benefit may be revised by the Ministry of Finance and must be fully passed through to the fuel sale price.

The ANP will be responsible for conducting the qualification process for participants, monitoring price formation, and operationalizing payments related to the subsidy.

Learn more at: Federal Government adopts new fuel measures in response to oil price fluctuations, Decree No. 13,116, of September 9, 2026, and Provisional Measure No. 1,391, of September 11, 2026

ANP extends deadline for contributions on new RenovaCalc versions

On September 11, 2026, the ANP extended the deadline for submitting contributions in the public participation process regarding the new versions of RenovaCalc (the tool used to calculate the carbon intensity of biofuels produced in Brazil) to October 16, 2026. According to the agency, the extension aims to broaden the participation of regulated agents, the academic community, society, and other interested stakeholders in the tool’s update process.

The proposed amendments include methodological updates and revisions to the databases used by RenovaCalc to calculate the carbon intensity of biofuels and determine the Energy-Environmental Efficiency Score of producer and importer facilities participating in RenovaBio.

RenovaBio establishes annual decarbonization targets for the fuel sector with the objective of increasing the share of biofuels in the national energy matrix. These targets are established by the National Energy Policy Council (CNPE) and allocated by the ANP among obligated parties.

Compliance with the targets occurs through the acquisition of CBIOs, exchange-traded assets whose issuance is linked to the energy-environmental performance of certified producers and importers, as measured by the Energy-Environmental Efficiency Score (NEEA). For this purpose, the RenovaCalc calculators are used to determine the carbon intensity of biofuels and the NEEA of facilities participating in the program.

The new versions of RenovaCalc, as well as the guidelines and procedures for submitting contributions, remain available on the ANP’s website throughout the public participation period.

Learn more at: RenovaBio: ANP extends deadline for receipt of contributions on the new versions of RenovaCalc

Decree eases requirements for ethanol subsidy and extends its duration

On September 23, 2026, Decree No. 13,127/2026 was published, amending the conditions of the economic subsidy for ethanol producers provided for in Decree No. 13,119/2026 and establishing an extraordinary subsidy. The regulation amended the duration of the subsidy, which was initially set to remain in force for 30 days from September 16, establishing that it would apply until October 9, 2026, with the possibility of extension by the Ministry of Finance. The measure aims to preserve ethanol’s competitiveness vis-à-vis gasoline amid changes in fuel taxation.

The decree also relaxed the requirements imposed on producers to demonstrate that the discount was applied to the sale of fuel. Under the original rules, beneficiaries were required to demonstrate that the subsidy amount had effectively been deducted from fuel sale prices and to identify the discounts on electronic invoices. Under the revised wording, it is sufficient to report the sale price of subsidized fuel and indicate on the invoices that the producer has joined the economic subsidy.

The subsidy was established by Complementary Law No. 235/2026, which originated from the so-called Fuel Bill and provides approximately BRL 1.2 billion in resources for ethanol producers, in addition to BRL 750 million in tax credits available for offsetting PIS/PASEP and COFINS. The initiative forms part of the measures adopted by the government to mitigate tax impacts on fuels, stimulate biofuel consumption, and preserve the competitiveness of Brazil’s sugar-energy sector.

Learn more at: Decree Eases Requirements for Ethanol Subsidy Program and Extends Its Duration and Decree No. 13,127, September 23, 2026.

MME opens public consultation on expired and expiring hydropower concessions

On September 22, 2026, the MME released for public consultation Technical Note No. 39/2026/SAER/SE, which presents a proposal concerning the guidelines applicable to the tendering and extension of hydropower plant concession rights, in light of the framework of amendments made by Law No. 15,269/2025 to Law No. 12,783/2013.. The initiative seeks input from industry participants and the public on the alternatives available for expired and expiring concessions, with a view to supporting the preparation of a regulatory instrument establishing a standardized, predictable and transparent framework for these assets. Contributions may be submitted until October 23, 2026.

The documents submitted for consultation address parameters related to concession fees, risk allocation, recalculation of firm energy, contractual terms and the methodology for calculating concession values. The proposal also considers potential compensation for reversible assets based on their New Replacement Value and presents guidelines concerning dam safety, plant modernization, service provision and the environmental and regulatory compliance of the facilities.

MME also proposes short-term solutions for concessions due to expire in 2026 and 2028, with the aim of preventing hydropower plants from operating under precarious arrangements and ensuring the continuity and regularity of electricity generation. The consultation further covers guidelines applicable to the independent power production regime.

Learn more at: MME opens public consultation on expired and expiring hydropower concessions, SNTEP/MME Ordinance No. 3,234, dated September 18, 2026 and Technical Note No. 39/2026/SAER/SE

OPPORTUNITIES

* Please note that the deadlines presented in the table above are subject to frequent changes. Therefore, the dates indicated reflect those published as of the date of this newsletter’s publication.