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LOANS, FINANCING AND DEBENTURES | 12 Months Ended
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Dec. 31, 2023
LOANS, FINANCING AND DEBENTURES |
LOANS, FINANCING AND DEBENTURES | NOTE 23 - LOANS, FINANCING AND DEBENTURES The breakdown of loans, financing and debentures owed by Eletrobras, and its subsidiaries are given below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Annual rates on 12/31/2023 | ​ | ​ | ​ | ​
​ |  | Minimum |  | Maximum |  | 12/31/2023 |  | 12/31/2022
National Currency |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital markets1 | ​ | 3.58 | % | 16.24 | % | 27,074,612 | ​ | 21,990,407
Development banks2 | ​ | 2.49 | % | 11.55 | % | 16,735,742 | ​ | 15,386,133
Banking market3 | ​ | 2.94 | % | 17.02 | % | 5,103,955 | ​ | 5,738,125
Sector funds4 |  | 5.00 | % | 5.00 | % | 1,319,921 | ​ | 1,035,420
Other Institutions5 |  | 5.42 | % | 14.82 | % | 3,646,220 | ​ | 7,414,629
​ | ​ | ​ | ​ | ​ | ​ | 53,880,450 | ​ | 51,564,714
Foreign currency | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital market1 | ​ | 3.63 | % | 4.63 | % | 6,246,018 | ​ | 6,553,517
Investment banks2 | ​ | 2.00 | % | 4.02 | % | 419,170 | ​ | 988,291
Banking market3 | ​ | 6.60 | % | 6.60 | % | 234,652 | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | 6,899,840 | ​ | 7,541,808
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | 60,780,290 | ​ | 59,106,522
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial Charges | ​ | ​ | ​ | ​ | ​ | 1,640,901 | ​ | 1,664,942
Principal | ​ | ​ | ​ | ​ | ​ | 9,689,946 | ​ | 5,859,828
Current |  | ​ | ​ | ​ | ​ | 11,330,847 | ​ | 7,524,770
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-current | ​ | ​ | ​ | ​ | ​ | 49,449,443 | ​ | 51,581,752
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | 60,780,290 | ​ | 59,106,522
1 The balance refers to the bonuses, debentures and commercial paper; 2 The balance refers to the operations with BASA FNO, BNDES, BNB and FINEP; 3 The balance refers to loans and financing with financial institutions; 4 The balance refers to the Global Reversion Reserve (RGR); and 5 The balance refers, substantially, to the debt with Apollo FIDC and BR Eletro FIDC. Below is a breakdown on December 31, 2023, of the debt raised on the capital markets (national and foreign currencies) and through their maturities, the segregation between current and non-current: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | 12/31/2023 | ​ | 12/31/2022
​ |  | Maturity |  | Current |  | Non-current |  | Current |  | Non-current
Bonus | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Eletrobras | ​ | 2/4/2025 | ​ | — | ​ | 2,441,151 | ​ | 38,617 | ​ | 2,594,669
Eletrobras | ​ | 2/4/2030 | ​ | — | ​ | 3,804,867 | ​ | 73,904 | ​ | 3,846,327
​ | ​ | ​ | ​ | — | ​ | 6,246,018 | ​ | 112,521 | ​ | 6,440,996
Commercial Notes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Eletrobras | ​ | 10/13/2023 | ​ | — | ​ | — | ​ | 16,853 | ​ | 6,000,000
Furnas | ​ | 8/23/2025 | ​ | 20,544 | ​ | 499,262 | ​ | — | ​ | —
Furnas |  | 8/23/2026 |  | 21,677 | ​ | 498,770 | ​ | — | ​ | —
Furnas |  | 8/23/2027 |  | 43,701 | ​ | 996,989 | ​ | — | ​ | —
Furnas |  | 8/23/2027 |  | 21,992 | ​ | 498,524 | ​ | — | ​ | —
Furnas |  | 8/23/2028 |  | 44,205 | ​ | 996,753 | ​ | — | ​ | —
​ |  | ​ | ​ | 152,119 | ​ | 3,490,298 | ​ | 16,853 | ​ | 6,000,000
Bonds | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Eletrobras | ​ | 4/25/2024 | ​ | 2,233,550 | ​ | — | ​ | 40,090 | ​ | 2,200,000
Eletrobras |  | 4/15/2026 | ​ | 33,306 | ​ | 1,200,000 | ​ | 37,365 | ​ | 1,200,000
Eletrobras |  | 4/25/2026 | ​ | 15,497 | ​ | 1,000,000 | ​ | 18,487 | ​ | 1,000,000
Eletrobras |  | 5/15/2029 | ​ | 5,468 | ​ | 906,463 | ​ | 5,576 | ​ | 866,533
Eletrobras | ​ | 4/15/2031 | ​ | 17,250 | ​ | 1,768,675 | ​ | 16,817 | ​ | 1,690,763
Eletrobras | ​ | 9/15/2028 | ​ | 82,304 | ​ | 2,853,424 | ​ | — | ​ | —
Eletrobras | ​ | 9/15/2031 | ​ | 18,964 | ​ | 1,333,187 | ​ | — | ​ | —
Eletrobras | ​ | 9/15/2031 | ​ | 18,967 | ​ | 1,333,388 | ​ | — | ​ | —
Eletrobras |  | 9/15/2031 | ​ | 18,967 | ​ | 1,333,388 | ​ | — | ​ | —
Furnas |  | 11/15/2024 | ​ | 152,396 | ​ | — | ​ | 155,786 | ​ | 150,001
Furnas | ​ | 11/15/2029 | ​ | 2,373 | ​ | 1,000,832 | ​ | 2,464 | ​ | 952,777
Furnas | ​ | 7/1/2038 | ​ | 358,300 | ​ | 5,153,018 | ​ | 145,793 | ​ | 5,067,260
Furnas |  | 4/15/2024 | ​ | 291,964 | ​ | — | ​ | 353,111 | ​ | 273,902
Chesf | ​ | 1/15/2029 | ​ | 23,406 | ​ | 115,247 | ​ | 18,740 | ​ | 132,155
CGT Eletrosul |  | 9/16/2024 | ​ | 223,192 | ​ | — | ​ | 9,182 | ​ | 214,545
CGT Eletrosul | ​ | 9/15/2028 | ​ | 11,999 | ​ | 102,624 | ​ | 11,390 | ​ | 107,610
CGT Eletrosul | ​ | 11/16/2028 | ​ | 605 | ​ | 364,368 | ​ | 639 | ​ | 348,212
CGT Eletrosul | ​ | 9/17/2029 | ​ | 5,801 | ​ | 227,231 | ​ | 13,221 | ​ | 199,061
CGT Eletrosul | ​ | 8/31/2028 | ​ | 10,991 | ​ | 248,531 | ​ | — | ​ | —
Eletronorte | ​ | 6/28/2028 | ​ | — | ​ | 194,444 | ​ | 170,107 | ​ | 111,111
Eletronorte | ​ | 6/28/2028 | ​ | — | ​ | 333,333 | ​ | 252,523 | ​ | 208,333
Eletronorte | ​ | 5/30/2032 | ​ | 55,641 | ​ | 383,101 | ​ | — | ​ | —
​ | ​ | ​ | ​ | 3,580,941 | ​ | 19,851,254 | ​ | 1,251,291 | ​ | 14,722,263
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | 3,733,060 | ​ | 29,587,570 | ​ | 1,380,665 | ​ | 27,163,259
​ The loans, financing and debentures profile is shown in note 38.3. ​ The Company contracted financial derivative instruments for debt protection in dollars with the objective of protecting the bonds in relation to exchange rate variation. The fair value of the derivatives is shown in note 38.2. ​ New debt and financing With the objective of paying off the most onerous liabilities and strengthening the cash situation, in June 2023, the subsidiary Eletronorte contracted debt in the amount of R$820,000 with a payment period of 5 years, the amount of R$140,000 by bank credit note signed with China Construction Bank, at an interest rate of CDI + 2.00% p.a. and the amount of R$680,000 by export credit note, signed with Banco do Brasil, at an interest rate of CDI + 2.20% p.a. Reprofiling of debt In May 2020, the subsidiary CGT Eletrosul raised funds in the amount of R$1,000,000 by bank credit note from Banco Bradesco BBI. In June 2023, this debt was reprofiled, postponing the payment period to 5 years from June 2023 and with the reduction of the interest rate from CDI + 2.62% p.a. to CDI + 2.17% p.a. Eletrobras is the guarantor in this operation. Reprofiling of debentures In June 2023, the Board of Management of the Company approved the reprofiling of the 1st issue of debentures of Amazonas Geração e Transmissão de Energia, whose debt balance is R$180,555 and the 2nd issue of simple debentures, of Eletronorte, whose debt balance is R$333,333 and the approval of the collateral guarantee, by Eletrobras, as guarantor and principal payer of the referred to debentures. With the reprofiling, the maturing of these liabilities by Eletronorte was postponed to 5 years as of June 2023 and with the reduction of the current interest rates (CDI + 2.75% p.a. for Amazonas Geração e Transmissão de Energia and CDI + 2.60 % p.a. for Eletronorte) within the scope of these contracts to CDI + 2.17% p.a. Issuance of debentures In September 2023, there was the settlement of the public offering by the Company regarding its 4th issue of simple debentures, not convertible in shares, unsecured, in two series, for public distribution, of 7,000,000 debentures with nominal unit value of R$1,000.00 (one thousand reals), on the date of issue, totaling the amount of R$7,000,000 on the date of issue with (i) R$4,000,000 from the first series; and (ii) R$3,000,000 from the second series. Issuance of Commercial Notes In September 2023, the offer on behalf of the subsidiary Furnas was closed for the 1st issue of commercial paper, in 5 series, with collateral guarantee from the Company, for public distribution, for the total value of R$3,500,000, with: (i) R$500,000 in the 1st series; (ii) R$500,000 in the 2nd series; (iii) R$1,000,000 in the 3rd series; (iv) R$500,000 in the 4th series; and (v) R$1,000,000 in the 5th series. Redemption of commercial paper In October 2023, Eletrobras fully redeemed in advance the 1st issue of Commercial Paper. The total value paid was R$6,284,425. 23.1 - Changes in loans, financing and debentures The changes presented below comprise the years ending December 31, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​
​ |  | 2023 | ​ | 2022
Opening balance as of January 1 |  | 59,106,522 | ​ | 44,015,645
Effect on cash flow: |  | ​ | ​ | ​
Funding |  | 11,821,053 | ​ | 8,500,000
Interest Paid |  | (5,512,449) | ​ | (3,306,894)
Amortization of Principal |  | (13,763,329) | ​ | (6,848,652)
Non-cash effect: |  | ​ | ​ | ​
Effects of deconsolidation |  | — | ​ | (6,380,128)
Interest and charges incurred | ​ | 5,721,589 | ​ | 3,865,933
Monetary variations incurred |  | 211,492 | ​ | 366,669
Exchange rate changes |  | (89,641) | ​ | (515,681)
Adjustment resulting from contracts with resources from RGR | ​ | 558,360 | ​ | —
RGR derecognition | ​ | 13,710 | ​ | (573,008)
Fair value adjustment | ​ | (44,242) | ​ | —
Acquisition of investee control | ​ | 2,753,190 | ​ | 19,979,111
Assumption of debt | ​ | — | ​ | —
Transfers | ​ | 4,035 | ​ | 3,527
Final balance on December 31 | ​ | 60,780,290 | ​ | 59,106,522
​ The long-term portion of loans, financing, and debentures are scheduled to mature as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 to 2042 |  | Total
11,330,847 | ​ | 7,996,447 | ​ | 7,742,228 | ​ | 6,834,676 | ​ | 5,682,482 | ​ | 21,193,610 | ​ | 60,780,290
​ 23.2 – Guarantees The Company participates, as a guarantor, in several projects of its controlled and non-controlled investees. The total exposure in guarantees comprises the guarantees provided to associates and joint ventures in the amount of R$25,756,842, as of December 31, 2023, as shown in the table below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
NON-CONTROLLED COMPANIES
​ | ​ | ​ | ​ | Guaranteed Debt | ​ | Warranty
​ | ​ | ​ | ​ | Balance on | ​ | Termination
Guarantor |  | Enterprise/Project |  | 12/31/2023 |  | (year)
Eletrobras |  | UHE Belo Monte (Norte Energia) |  | 13,978,841 |  | 2042
Eletrobras |  | UHE Jirau |  | 3,151,036 |  | 2034
Eletrobras |  | Angra III |  | 3,141,268 |  | 2036
Eletrobras |  | Angra III |  | 2,795,369 |  | 2038
Eletrobras |  | UHE Jirau |  | 871,999 |  | 2035
Eletrobras |  | UHE Sinop |  | 563,615 |  | 2038
Eletrobras |  | Empresa de Energia São Manoel |  | 533,477 |  | 2038
Eletrobras |  | Amazonas Energia |  | 257,153 |  | 2026
Furnas |  | Empresa de Energia São Manoel |  | 101,757 |  | 2033
Eletrobras |  | Angra I |  | 79,146 |  | 2027
Chesf |  | UHE Sinop |  | 75,640 |  | 2032
Eletronorte |  | UHE Sinop |  | 75,640 |  | 2032
Eletrobras |  | Chapada do Piauí II |  | 65,148 |  | 2032
Eletrobras |  | Chapada do Piauí I |  | 64,736 |  | 2032
Eletrobras |  | Caldas Novas Transmissão |  | 2,017 |  | 2028
Guarantees of non-controlled companies |  | 25,756,842 |  |
​ The guarantees supplied to subsidiary investees are shown in segregated form as their balances are already recorded in financing and loans payable. ​ As of December 31, 2023, the guaranteed amount for the subsidiaries of R$17,945,868 is shown in the table below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
CONTROLLED COMPANIES
​ | ​ | ​ | ​ | Guaranteed Debt | ​ | Warranty
​ | ​ | ​ | ​ | Balance on | ​ | Termination
Guarantor |  | Enterprise/Project |  | 12/31/2023 |  | (year)
Eletrobras |  | UHE Santo Antônio |  | 5,512,526 |  | 2038
Eletrobras |  | UHE Teles Pires |  | 1,604,112 |  | 2036
Eletrobras |  | Issuance of Debentures - Furnas |  | 1,017,764 |  | 2029
Eletrobras |  | Issue of Commercial Paper - Furnas |  | 1,045,090 |  | 2028
Eletrobras |  | Issue of Commercial Paper - Furnas |  | 1,044,830 |  | 2027
Eletrobras |  | Support to the Working Capital Structure 4 |  | 729,858 |  | 2028
Eletrobras |  | Belo Monte Transmissora de Energia |  | 603,127 |  | 2029
Eletrobras |  | Support to the Working Capital Structure 5 |  | 583,638 |  | 2028
Eletrobras |  | Issue of Commercial Paper - Furnas |  | 522,545 |  | 2027
Eletrobras |  | Issue of Commercial Paper - Furnas |  | 522,415 |  | 2026
Eletrobras |  | Issue of Commercial Paper - Furnas |  | 521,651 |  | 2025
Eletrobras |  | UHE Teles Pires |  | 439,398 |  | 2032
Eletrobras |  | UHE Santo Antônio |  | 433,894 |  | 2030
Eletrobras |  | Issue of debentures - Settlement of BNDES contracts |  | 333,638 |  | 2028
Eletrobras |  | UHE Santo Antônio |  | 292,212 |  | 2024
Eletrobras |  | Issue of debentures - CGT Eletrosul |  | 259,621 |  | 2028
Eletrobras |  | Issue of debentures - CGT Eletrosul |  | 228,803 |  | 2025
Eletrobras |  | Release Wind Complex - Environment II |  | 205,078 |  | 2028
Eletrobras |  | UHE Simplício |  | 203,838 |  | 2026
Eletrobras |  | Miscellaneous - AmGT |  | 194,647 |  | 2028
Eletrobras |  | Chesf Corporate Projects |  | 162,324 |  | 2029
Eletrobras |  | Issuance of Debentures - Furnas |  | 152,396 |  | 2024
Eletrobras |  | Support to the Working Capital Structure 3 |  | 140,724 |  | 2028
Eletrobras |  | Linha Verde Transmissora |  | 133,144 |  | 2033
Eletrobras |  | Eólicas Casa Nova II e III |  | 129,139 |  | 2031
Eletrobras |  | Corporate Transmission Projects |  | 115,202 |  | 2031
Eletrobras |  | Transmissora Sul Brasileira de Energia |  | 114,545 |  | 2028
Eletrobras |  | Investment Plan 2012-2014 |  | 113,230 |  | 2029
Eletrobras |  | Corporate Transmission Projects |  | 112,830 |  | 2034
Eletrobras |  | UHE Mauá |  | 111,586 |  | 2028
Eletrobras |  | Transmissora Delmiro Gouveia |  | 92,914 |  | 2032
Eletrobras |  | UHE São Domingos |  | 77,536 |  | 2028
Eletrobras |  | UHE Passo de São João |  | 43,560 |  | 2026
Eletrobras |  | Transmissora Delmiro Gouveia |  | 43,518 |  | 2031
Eletrobras |  | UHE Batalha |  | 39,715 |  | 2025
Eletrobras |  | Chesf Corporate Projects |  | 35,740 |  | 2029
Eletrobras |  | UHE Baguari |  | 11,381 |  | 2026
Eletrobras | ​ | RS Energia | ​ | 11,505 | ​ | 2027
Eletrobras | ​ | RS Energia | ​ | 6,194 | ​ | 2027
Controlled companies guarantees |  | 17,945,868 |  |
​ In the period ended December 31, 2023, the Company had R$153,945 in non-current liabilities, referring to provisions for guarantees. ​ 23.3 – Assumed Obligations - Covenants The Company has restrictive clauses (covenants) in some of its loan, financing and debentures contracts. The principal covenants are regarding: (i) net debt on EBITDA, (ii) debt service coverage ratio (ICSD), (iii) corporate guarantees, (iv) requirements for changing corporate control and (v) limitation to the significant sale of assets. It is important to highlight that were no covenant defaults during the financial year ended December 31, 2023. ​ Accounting Policy ​ Loans, financing and debentures are initially recognized at fair values which, in those cases, represent the transaction values, and subsequently updated by contractual charges (interest, monetary adjustments and exchange rate variations) and payments made. ​ To address the risks of possible execution of the guarantees provided by Eletrobras for financing non-controlled companies, the Company provides between 1% and 5% of the outstanding balance, considering the degree of risk involved, which is calculated based on the history of execution of guarantees and the net working capital of the company holding the debt.

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