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INVESTMENTS | 12 Months Ended
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Dec. 31, 2023
INVESTMENTS |
INVESTMENTS | NOTE 17 - INVESTMENTS ​ 17.1 - Business Combination ​ The Company concluded the acquisition of control of the investees Teles Pires Participações S.A, Triângulo Mineiro Transmissora S.A. (“TMT”), Vale do São Bartolomeu S.A (“VSB”), Retiro Baixo and Baguari Energia. ​ The acquisition of control of these companies configured as combinations of businesses, in the terms of IFRS 3 - Business Combination. The Company, through its subsidiaries, has shareholdings in those investees prior to obtaining control, and they are therefore a combination of businesses made in stages. ​ The prices paid for the acquisitions are not subject to alteration, as no contingent considerations or right to indemnifications were provided for. ​ The preliminary fair values of the assets acquired, and liabilities assumed identifiable on the date of acquisition are presented below. The measurement was made in a preliminary manner, with its finalization having to be made within the period of up to 12 months after the date of acquisition, as provided for in IFRS 3 - Business Combination. The management has no expectation of relevant adjustments in the final measurement of the allocation. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | sep/23 |  | oct/23 |  | Nov-23 |  | dec/23 |  | dec/23
Fair value of liquid assets acquired by the Company | ​ | Teles Pires | ​ | Baguari | ​ | Retiro Baixo | ​ | TMT | ​ | VSB
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value of assets acquired |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 109,488 |  | 138,039 |  | 58,335 |  | 14,530 |  | 15,644
Accounts receivable |  | 106,619 |  | 23,363 |  | 10,775 |  | 5,502 |  | 5,693
Fixed Assets |  | 3,857,686 |  | 389,966 |  | 285,859 |  | — |  | —
Asset contract |  | — |  | — |  | — |  | 566,949 |  | 483,938
Intangible |  | 222,156 |  | 860,446 |  | 158,669 |  | 896 |  | 22,989
Other assets |  | 704,727 |  | 28,985 |  | 12,704 |  | 2,627 |  | 440
​ |  | 5,000,676 |  | 1,440,799 |  | 526,342 |  | 590,504 |  | 528,704
Fair value of liabilities assumed |  |  |  |  |  |  |  |  |  |
Loans |  | 2,688,777 |  | 14,126 |  | 30,179 |  | — |  | —
Remuneration to shareholders |  | — |  | 35,791 |  | — |  | — |  | —
Provisions |  | 261,916 |  | 64,435 |  | — |  | 1,757 |  | 155
Other current and non-current liabilities |  | 847,719 |  | 296,809 |  | 60,270 |  | 6,103 |  | 11,193
​ |  | 3,798,412 |  | 411,161 |  | 90,449 |  | 7,860 |  | 11,348
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value of net assets acquired |  | 1,202,264 |  | 1,029,638 |  | 435,893 |  | 582,644 |  | 465,620
Participation of non-controlling shareholders |  | ​ |  | ​ |  | ​ |  | ​ |  | 51,736
​ For the calculations of fair values of the net assets, the Income Approach method was used, based on the future cash flow discounted to present value, using the following premises: (i) period of concession; (ii) discount rate reflecting weighted average cost of capital (WACC);(iii) profitability attributed to the concession agreement was calculated by profitability (EBITDA) of the cash flow. ​ On the date of acquisition of control, the noncontrolling interest in the acquired company was measured based on proportion to fair value of the net assets identified. ​ The results of the measurement of the shareholding previously held before the business combination are included in item other revenue and expenses (note 37), in the income statement of the financial year. ​ Teles Pires Participações S.A. ​ In September 2023, Eletronorte transferred to Neoenergia their shareholdings of 49% in EAPSA, 0.04% in Neoenergia Coelba, 0.04% in Neoenergia Cosern and 0.04% in Afluente T; whereas Neoenergia transferred to Eletronorte their shareholdings of 50.56% of Teles Pires Participações, 0.9% of Companhia Hidrelétrica Teles Pires Participações and paid to Eletronorte R$453,982. ​ All the shareholdings involved in the transaction were measured at fair value on the date of effective transfer of control. ​ Prior to the transaction, Eletrobras, through its subsidiaries CGT Eletrosul and Furnas, held 49% of Teles Pires Participações, after the negotiation between Eletronorte and Neoenergia, Eletrobras came to hold 100% of Teles Pires Participações. ​ With the acquisition of control, the assets and liabilities of Teles Pires Participações S.A., measured at fair value, came to compose the consolidated asset balance of Eletrobras. Management made the following adjustments to the assets and liabilities, in relation to their accounting balances: (a) increase in the item provisions by R$140,226; (b) recognition of R$510,675, due to the risk of reimbursement to the distributors, by agreement with ANEEL for delays in execution of construction; (c) recognition of R$202,372 in deferred tax assets due to adjustments made; and allocated R$74,622 in the asset account of the concession – intangible, totaling adjustment of R$373,907 in net assets. ​ On the date of acquisition of control of Teles Pires Participações S.A., the consideration transferred by the shareholding acquired of 51% was R$613,155. The shareholdings previously held by CGT Eletrosul and by Furnas were remeasured to correspond to 49% of the fair value of the net assets acquired, as determined by IFRS 3 - Business Combination. ​
​ | ​ | ​
(a) Fair value of liquid assets acquired by the Company |  | 1,202,264
(b) Consideration transferred |  | 613,155
(c) Fair value of shareholding maintained before combination of businesses |  | 589,109
(d) = (b) + (c) |  | 1,202,264
(d) - (a) Premium |  | —
​ The Company recorded in the results for the financial year the following income from the operation of acquisition of control of Teles Pires, net of tax, as presented below: ​
​ | ​ | ​
Remeasurement of shareholding previously held |  | 188,274
Disposal of EAPSA |  | 537,663
​ |  | 725,937
​ If the results of Teles Pires had been consolidated as of January 1, 2023, the Company’s net revenue would have increased by R$650,445 and the Company’s profit would have been reduced by R$80,263. ​ The revenue included in the consolidated income statement since October 1, 2023 includes the net revenue balance of Teles Pires of R$235,042 and the loss of R$23,393 in the same period. ​ Baguari ​ On October 6, 2023, Furnas came to hold 100% of Baguari Energia and indirectly 100% of Baguari I and, therefore, 100% of the UHE Baguari Consortium. Prior to the transaction, the shareholding held by Furnas was of 15% of UHE Baguari. With the acquisition of control, the assets and liabilities of Baguari, measured at fair value, came to compose the consolidated asset balance of Eletrobras. The amount of R$799,187 was allocated in, in the concession assets - intangible account, and R$202,779 in deferred tax liabilities, totaling an adjustment of R$596,408 in net assets. ​ On the date of acquisition of control of Baguari, the consideration transferred by the shareholding acquired of 85% was R$875,204, in cash. The shareholding previously held by Furnas was remeasured to correspond to 15% of the fair value of the net assets acquired, as determined by IFRS 3 - Business Combination. ​
​ | ​ | ​
(a) Fair value of liquid assets acquired by the Company |  | 1,029,638
(b) Consideration transferred |  | 875,204
(c) Fair value of shareholding maintained before combination of businesses |  | 154,434
(d) = (b) + (c) |  | 1,029,638
(d) - (a) Premium |  | —
​ The Company calculated the result of R$74,135 in the acquisition of Baguari Energia, referring to the measurement of the shareholding previously held before the combination. ​ If the results of Baguari had been consolidated as of January 1, 2023, the Company’s net revenue would have increased by R$129,854 and the Company’s profit would have been increased by R$29,534. ​ The revenue included in the in the consolidated income statement since October 2023 includes the net revenue balance of Baguari of R$47,210 and the loss of R$12,568 in the same period. ​ Retiro Baixo Energia ​ On 22 November 2023, Furnas acquired 51% of the shareholding in the investee Retiro Baixo. Prior to the transaction, the shareholding held by Furnas was 49%; after the acquisition, it came to hold 100% of the shareholding. ​ With the acquisition of control, the assets and liabilities of Retiro Baixo, measured at fair value, came to compose the consolidated asset balance of Eletrobras. The amount of R$120,486 was allocated in the concession assets - account - intangible, and R$30,571 in deferred tax liabilities, totaling an adjustment of R$89,915 in net assets. ​ On the date of acquisition of control of Retiro Baixo, the consideration transferred by the shareholding acquired of 51% was R$222,306, in cash. The shareholding previously held by Furnas was remeasured to correspond to 49% of the fair value of the net assets acquired, as determined by IFRS 3 - Business Combination. ​
​ | ​ | ​
(a) Fair value of liquid assets acquired by the Company |  | 435,893
(b) Consideration transferred | ​ | 222,306
(c) Fair value of shareholding maintained before combination of businesses | ​ | 213,587
(d) = (b) + (c) | ​ | 435,893
​ The Company calculated the result of R$44,058 in the acquisition of Retiro Baixo, referring to the measurement of the shareholding previously held before the combination. ​ If the results of Retiro Baixo had been consolidated as of January 1, 2023, the net revenue of the Company would have increased by R$68,842 and the Company’s profit would have been R$28,693. ​ The revenue included in the consolidated income statement since November 2023 includes the net revenue balance of Retiro Baixo of R$14,373 and the profit of R$4,377 in the same period. Triângulo Mineiro Transmissora S.A. (“TMT”) ​ On December 21, 2023, Furnas acquired 51% of the shareholding in the investee Triângulo Mineiro Transmissora S.A. Prior to the transaction, the shareholding held by Furnas was 49%; after the acquisition, it came to hold 100% of the shareholding. ​ With the acquisition of control, the assets and liabilities of TMT, measured at fair value, came to compose the consolidated asset balance of Eletrobras. The amount of R$896 was allocated to the concession assets - account - intangible, and R$227 in deferred tax liabilities, totaling an adjustment of R$669 in net assets. ​ On the date of acquisition of control of TMT, the consideration transferred by the shareholding acquired of 49% was R$273,211, in cash. The shareholding previously held by Furnas was remeasured to correspond to 49% of the fair value of the net assets acquired, as determined by IFRS 3 - Business Combination. ​
​ | ​ | ​
(a) Fair value of liquid assets acquired by the Company |  | 582,644
(b) Consideration transferred |  | 273,211
(c) Fair value of shareholding maintained before combination of businesses |  | 285,495
(d) = (b) + (c) |  | 558,706
(d) - (a) Premium |  | 23,938
​ The Company calculated the result of R$68,481 in the acquisition of TMT, regarding the remeasurement of the shareholding previously held before the combination. ​ If the results of TMT had been consolidated as of January 1, 2023, the Company’s net revenue would have increased by R$54,810 and the Company’s profit would have been reduced by R$44,234. ​ Vale do São Bartolomeu S.A. VSB ​ On December 21, 2023, Furnas acquired the shareholding in the investee Vale do São Bartolomeu S.A. Prior to the transaction, the shareholding held by Furnas was 39%; after the acquisition, it came to hold 90% of the shareholding. ​ With the acquisition of control, the assets and liabilities of VSB, measured at fair value, came to compose the consolidated asset balance of Eletrobras. The amount of R$63,365 was allocated to the concession assets - account- intangible, and R$5,833 in deferred tax liabilities, totaling an adjustment of R$57,532 in net assets. ​ On the date of acquisition of control, the consideration transferred by the shareholding acquired of 51% was R$ 304,228, in cash. The shareholding previously held by Furnas was remeasured to correspond to 39% of the fair value of the net assets acquired, as determined by IFRS 3 - Business Combination. ​
​ | ​ | ​
(a) Fair value of liquid assets acquired by the Company |  | 465,620
(b) Consideration transferred |  | 304,228
(c) Fair value of shareholding maintained before combination of businesses |  | 201,769
(d) = (b) + (c) |  | 505,997
(d) - (a) Premium |  | 40,377
​ The Company calculated the result of R$97,256 in the acquisition of VSB, referring to the measurement of the shareholding previously held of 39% before the combination. ​ If the results of VSB had been consolidated as of January 1, 2023, the Company’s net revenue would have increased by R$50,946 and the Company’s profit would have been increased by R$42,662. 17.2 - Change in investments ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
​ | ​ | ​ | ​ | ​ | ​ | Capital | ​ | Acquisition of | ​ | Other | ​ | Dividends and | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Balance on | ​ | payment/ | ​ | investee | ​ | Comprehensive | ​ | interest on own | ​ | Equity pickup | ​ | Estimated loss | ​ | Balance on
Equity interests and other investments | ​ | Shareholdings | ​ | 12/31/2022 | ​ | Increase | ​ | control | ​ | Results | ​ | capital | ​ | method | ​ | on investments |  | 12/31/2023
Jointly controlled companies |  | ​ | ​ | ​ |  | ​ |  | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​ |  | ​
Norte Energia S.A. - NESA |  | 49.98% | ​ | 6,060,822 |  | — |  | — |  | — | ​ | — | ​ | (431,409) |  | (337,152) |  | 5,292,261
Energia Sustentável do Brasil S.A. - ESBR |  | 40.00% | ​ | 3,563,552 |  | — |  | — |  | — | ​ | — | ​ | 17,684 |  | - |  | 3,581,236
Belo Monte Transmissora de Energia S.A. - BMTE |  | 49.00% | ​ | 2,005,808 |  | 550 |  | — |  | — | ​ | (63,089) | ​ | 208,823 |  | - |  | 2,152,092
Interligação Elétrica do Madeira S.A. - IE Madeira |  | 49.00% | ​ | 1,735,667 |  | — |  | — |  | — | ​ | (67,845) | ​ | 201,815 |  | 92,192 |  | 1,961,829
Mata de Santa Genebra Transmissão S.A. |  | 49.90% | ​ | 548,104 |  | — |  | — |  | — | ​ | (13,782) | ​ | 58,030 |  | 141,393 |  | 733,745
Empresa de Energia São Manoel S.A. |  | 33.33% | ​ | 588,913 |  | — |  | — |  | — | ​ | - | ​ | (9,405) |  | - |  | 579,508
Interligação Elétrica Garanhuns S.A. - IE Garanhuns |  | 49.00% | ​ | 502,090 |  | — |  | — |  | — | ​ | (16,433) | ​ | 57,613 |  | - |  | 543,270
Companhia Energética Sinop S.A. - SINOP |  | 49.00% | ​ | 526,442 |  | — |  | — |  | — | ​ | - | ​ | (27,042) |  | 139,677 |  | 639,077
Sistema de Transmissão Nordeste S.A. - STN |  | 49.00% | ​ | 269,217 |  | — |  | — |  | — | ​ | (52,145) | ​ | 47,000 |  | - |  | 264,072
Chapecoense Geração S.A. |  | 40.00% | ​ | 253,633 |  | — |  | — |  | — | ​ | (221,467) | ​ | 183,212 |  | - |  | 215,378
Enerpeixe S.A. |  | 40.00% | ​ | 261,789 |  | — |  | — |  | — | ​ | (1,848) | ​ | 3,695 |  | - |  | 263,636
Paranaíba Transmissora de Energia S.A. |  | 24.50% | ​ | 222,169 |  | — |  | — |  | — | ​ | (8,360) | ​ | 35,201 |  | - |  | 249,010
MGE Transmissão S.A. |  | 49.00% | ​ | 196,954 |  | — |  | — |  | — | ​ | (13,941) | ​ | 20,702 |  | - |  | 203,715
Goiás Transmissão S.A. |  | 49.00% | ​ | 206,773 |  | — |  | — |  | — | ​ | (29,751) | ​ | 14,553 |  | - |  | 191,575
Vamcruz I Participações S.A. |  | 24.50% | ​ | 130,332 |  | — |  | — |  | — | ​ | (394) | ​ | 1,661 |  | - |  | 131,599
Rouar S.A. |  | 50.00% | ​ | 133,828 |  | — |  | — |  | (10,031) | ​ | (12,560) | ​ | 12,206 |  | - |  | 123,443
Transenergia Renovável S.A. |  | 49.00% | ​ | 96,112 |  | — |  | — |  | — | ​ | (13,117) | ​ | 18,568 |  | - |  | 101,563
Transnorte Energia S.A.¹ |  | 50.38% | ​ | 39,627 |  | — |  | — |  | — | ​ | - | ​ | 38,830 |  | 122,787 |  | 201,244
Tijoa Participações e Investimentos |  | 49.90% | ​ | 28,527 |  | — |  | — |  | — | ​ | (41,813) | ​ | 43,189 |  | - |  | 29,903
Teles Pires Participações S.A. - TPP |  | 100.00% | ​ | 315,385 |  | 26,696 |  | (589,111) |  | — | ​ | - | ​ | (38,234) |  | 285,264 |  | -
Triangulo Mineiro Transmissora de Energia S.A. |  | 100.00% | ​ | 199,746 |  | — |  | (217,489) |  | — | ​ | (4,410) | ​ | 22,153 |  | - |  | -
Retiro Baixo Energética S.A. |  | 100.00% | ​ | 155,470 |  | — |  | (168,566) |  | — | ​ | - | ​ | 13,096 |  | - |  | -
Vale do São Bartolomeu Transmissora de Energia S.A. |  | 90.00% | ​ | 89,860 |  | — |  | (103,945) |  | — | ​ | (3,120) | ​ | 17,205 |  | - |  | -
Baguari Energia |  | 100.00% | ​ | 71,987 |  | — |  | (59,451) |  | — | ​ | (5,109) | ​ | (7,427) |  | - |  | -
Others² |  | 30.61% to 54.01% | ​ | 158,714 |  | 28,826 |  | — |  | — | ​ | (147,086) | ​ | 119,256 |  | 16,652 |  | 176,362
​ |  | ​ | ​ | 18,361,521 |  | 56,072 |  | (1,138,562) |  | (10,031) | ​ | (716,270) | ​ | 620,975 |  | 460,813 |  | 17,634,518
Associates |  | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Eletronuclear³ |  | 67.95% | ​ | 7,188,028 |  | — |  | — |  | (1,204) | ​ | — | ​ | 26,530 |  | — |  | 7,213,354
Companhia de Transmissão de Energia Elétrica Paulista S.A. - CTEEP | ​ | 35.74% | ​ | 5,007,916 | ​ | — | ​ | — | ​ | (68,008) | ​ | (519,299) | ​ | 947,470 | ​ | — | ​ | 5,368,080
Others |  | 33.41% to 40.44% | ​ | 1,666,799 |  | — |  | — |  | 51,802 | ​ | (316,805) | ​ | 482,554 |  | — |  | 1,884,349
​ | ​ | ​ | ​ | 13,862,743 | ​ | — | ​ | — | ​ | (17,410) | ​ | (836,104) | ​ | 1,456,555 | ​ | — | ​ | 14,465,784
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | 32,224,264 |  | 56,072 |  | (1,138,562) |  | (27,441) | ​ | (1,552,374) | ​ | 2,077,530 |  | 460,813 |  | 32,100,302
1 The Company has a 50.38% shareholding in Transnorte Energia S.A., however the control is shared with Alupar due to the shareholders agreement signed in March 2023; ​ 2 The shareholding of 54.01% in Serra do Facão Energia S.A. that consists of 43.03% ON and 100.00% PN, with this being classified as a joint subsidiary; and ​ 3 The shareholding of 67.95% in Eletronuclear consists of 35.90% ON and 99.99% PN, with this being classified as an associate. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | Dividends |  | ​ |  | ​ |  | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Transfer to | ​ | ​ | ​ | ​ | ​ | and | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | asset held | ​ | Other | ​ | ​ | ​ | interest on | ​ | Equity | ​ | Estimated | ​ | Balance
​ | ​ | ​ | ​ | Balance on | ​ | Effects of | ​ | for | ​ | Comprehensive | ​ | Increase/Reduction | ​ | own | ​ | pickup | ​ | loss on | ​ | on
Equity interests and other investments | ​ | Shareholdings | ​ | 12/31/2021 | ​ | deconsolidation | ​ | sale/Write-off | ​ | Results | ​ | of capital | ​ | capital | ​ | method | ​ | investments | ​ | 12/31/2022
Jointly controlled companies | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Norte Energia S.A. - NESA |  | 49.98 | % | 6,384,303 |  | — |  | — |  | — |  | — |  | — |  | (323,481) |  | — |  | 6,060,822
Energia Sustentável do Brasil S.A. - ESBR |  | 40.00 | % | 3,295,627 |  | — |  | — |  | — |  | — |  | — |  | (41,692) |  | 309,617 |  | 3,563,552
Belo Monte Transmissora de Energia S.A. - BMTE |  | 49.00 | % | 1,895,036 |  | — |  | — |  | — |  | — |  | (66,400) |  | 177,172 |  | — |  | 2,005,808
Interligação Elétrica do Madeira S.A. - IE Madeira |  | 49.00 | % | 1,409,983 |  | — |  | — |  | — |  | — |  | (123,598) |  | 231,063 |  | 218,219 |  | 1,735,667
Teles Pires Participações S.A. - TPP |  | 49.44 | % | 789,994 |  | — |  | — |  | — |  | 46,336 |  | — |  | (52,467) |  | (468,478) |  | 315,385
Mata de Santa Genebra Transmissão S.A. |  | 49.90 | % | 634,284 |  | — |  | — |  | — |  | — |  | (74,570) |  | 55,915 |  | (67,525) |  | 548,104
Interligação Elétrica Garanhuns S.A. - IE Garanhuns |  | 49.00 | % | 413,106 |  | — |  | — |  | — |  | — |  | (7,415) |  | 96,399 |  | — |  | 502,090
Empresa de Energia São Manoel S.A. |  | 33.33 | % | 428,168 |  | — |  | — |  | — |  | — |  | — |  | (16,771) |  | 177,516 |  | 588,913
Energética Águas da Pedra S.A. - EAPSA |  | 49.00 | % | 291,327 |  | — |  | (286,776) |  | — |  | — |  | (65,154) |  | 60,603 |  | — |  | —
Companhia Energética Sinop S.A. - SINOP |  | 49.00 | % | 349,256 |  | — |  | — |  | — |  | — |  | — |  | (38,037) |  | 215,223 |  | 526,442
Sistema de Transmissão Nordeste S.A. - STN |  | 49.00 | % | 258,272 |  | — |  | — |  | — |  | — |  | (52,964) |  | 63,909 |  | — |  | 269,217
Chapecoense Geração S.A. |  | 40.00 | % | 454,259 |  | — |  | — |  | — |  | — |  | (369,709) |  | 169,083 |  | — |  | 253,633
Enerpeixe S.A. |  | 40.00 | % | 266,309 |  | — |  | — |  | — |  | — |  | — |  | (4,520) |  | — |  | 261,789
Goiás Transmissão S.A. |  | 49.00 | % | 177,274 |  | — |  | — |  | — |  | — |  | (9,188) |  | 38,687 |  | — |  | 206,773
Paranaíba Transmissora de Energia S.A. |  | 24.50 | % | 188,675 |  | — |  | — |  | — |  | — |  | (10,433) |  | 43,927 |  | — |  | 222,169
MGE Transmissão S.A. |  | 49.00 | % | 168,273 |  | — |  | — |  | — |  | — |  | (8,934) |  | 37,615 |  | — |  | 196,954
Triangulo Mineiro Transmissora de Energia S.A. |  | 49.00 | % | 182,828 |  | — |  | — |  | — |  | — |  | (5,145) |  | 22,063 |  | — |  | 199,746
Retiro Baixo Energética S.A. |  | 49.00 | % | 168,726 |  | — |  | — |  | — |  | — |  | (37,513) |  | 24,257 |  | — |  | 155,470
Rouar S.A. |  | 50.00 | % | 134,264 |  | — |  | — |  | (9,089) |  | — |  | (4,734) |  | 13,387 |  | — |  | 133,828
Transenergia Renovável S.A. |  | 49.00 | % | 97,461 |  | — |  | — |  | — |  | — |  | (13,514) |  | 12,165 |  | — |  | 96,112
Vale do São Bartolomeu Transmissora de Energia S.A. |  | 39.00 | % | 79,406 |  | — |  | — |  | — |  | — |  | (6,240) |  | 16,694 |  | — |  | 89,860
Luziania-Niquelandia Transmissora S.A. |  | 49.00 | % | 38,320 |  | — |  | — |  | — |  | — |  | (5,700) |  | 15,130 |  | — |  | 47,750
Itaipu |  | — |  | 279,025 |  | — |  | (279,025) |  | — |  | — |  | — |  | — |  | — |  | —
Others |  | 24.50% to 54.10 | % | 364,160 |  | — |  | (22,068) |  | — |  | 19,798 |  | (51,137) |  | 70,036 |  | 648 |  | 381,437
​ |  | ​ |  | 18,748,336 |  | — | ​ | (587,869) |  | (9,089) |  | 66,134 |  | (912,348) |  | 671,137 |  | 385,220 |  | 18,361,521
Associates | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Eletronuclear |  | 67.95 | % | — |  | 6,571,987 |  | — |  | 474,581 |  | — |  | — |  | 141,460 |  | — |  | 7,188,028
Companhia de Transmissão de Energia Elétrica Paulista S.A. - CTEEP |  | 35.03 | % | 4,451,016 |  | — |  | — |  | 75,855 |  | (11,244) |  | (250,310) |  | 742,599 |  | — |  | 5,007,916
Companhia Estadual de Transmissao de Energia Elétrica - CEEE-T |  | — |  | 644,208 |  | — |  | (648,271) |  | — |  | — |  | 4,063 |  | — |  | — |  | —
Lajeado Energia S.A. |  | 40.07 | % | 99,516 |  | — |  | — |  | 67 |  | — |  | (115,640) |  | 112,094 |  | — |  | 96,037
CEB Lajeado S.A. |  | 40.07 | % | 74,160 |  | — |  | — |  | 18 |  | — |  | (37,123) |  | 57,784 |  | — |  | 94,839
Paulista Lajeado Energia S.A. |  | 40.07 | % | 37,925 |  | — |  | — |  | — |  | — |  | (13,690) |  | (9,713) |  | — |  | 14,522
Others |  | 33.28% to 39.02 | % | 1,714,011 |  | — |  | (344,643) |  | 23,414 |  | (6,688) |  | (215,141) |  | 290,448 |  | — |  | 1,461,401
​ |  | ​ |  | 7,020,836 | ​ | 6,571,987 |  | (992,914) |  | 573,935 |  | (17,932) |  | (627,841) |  | 1,334,672 |  | — |  | 13,862,743
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ |  | 25,769,172 |  | 6,571,987 |  | (1,580,783) |  | 564,846 |  | 48,202 |  | (1,540,189) |  | 2,005,809 |  | 385,220 |  | 32,224,264
​ 17.3 - Estimated losses on investments ​ When objective evidence is identified of losses in investments in associates, the Company makes an assessment of the recoverable value of those investments on the basis of the discounted cash flow (value in use) or its fair value net of sales expenses, using the greater of the two. ​ The assumptions used are the Company’s Management’s best estimate of future trends in the electricity sector and are based both on external sources of information and on historical data from the SPEs. The main premises are described below: ​
| ● | Growth compatible with historical data and growth prospects for the Brazilian economy;
​
| ● | Discount rate per year (after taxes*) specific to each SPE, respecting the capital structure and cost of debt of each one, using the WACC, using the same parameters, except for the capital structure and cost of debt, used to calculate the discount rates for corporate assets. For more information, see note 20;
​
| ● | Revenues projected in accordance with the contracts, with no provision for extending the concession / authorization; and
​
| ● | Expenses considering the Business Plan of each investee and the historical values realized.
* The use of post-tax discount rates in determining the amounts in use would not result in materially different recoverable amounts if pre-tax rates were used. ​
​ | ​ | ​ | ​ | ​
​ |  | 12/31/2023 |  | 12/31/2022
Norte Energia S.A. | ​ | 337,152 | ​ | —
Teles Pires Participações S.A. - TPP | ​ | — | ​ | 468,478
Interligação Elétrica do Madeira S.A. - IE Madeira |  | — |  | 92,192
Companhia Energética Sinop S.A. - SINOP |  | — |  | 139,677
Transnorte Energia S.A. |  | — |  | 122,787
Mata de Santa Genebra Transmissão S.A. |  | — |  | 141,393
Lago Azul Transmissão |  | — |  | 16,652
​ |  | 337,152 |  | 981,179
​ 17.4 - Measured at fair value ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Shareholdings | ​ | Asset Value | ​ | Fair value
​ |  | 12/31/2023 |  | 12/31/2023 |  | 12/31/2023 |  | 12/31/2022
AES Tietê Energia S.A | ​ | 0.53 | % | 11,551 | ​ | 38,990 | ​ | 383,958
Companhia Energética do Ceará - COELCE |  | 7.06 | % | 76,658 |  | 193,330 |  | 200,391
Energisa Holding |  | 1.16 | % | 57,144 |  | 248,904 |  | 371,418
Auren Energia S.A. |  | 0.05 | % | 3,114 |  | 6,978 |  | 152,425
Centrais Elétricas de Santa Catarina S.A - CELESC |  | 10.75 | % | 266,636 |  | 270,991 |  | 227,237
Companhia Paranaense de Energia - COPEL |  | — | ​ | — |  | — |  | 105,164
Equatorial Energia Pará |  | 0.99 | % | 16,075 |  | 169,356 |  | 143,008
Energisa Mato Grosso - Distribuidora de Energia S.A. |  | — | ​ | — |  | — |  | 32,632
Rio Paranapanema Energia |  | 0.47 | % | 3,924 |  | 11,524 |  | 11,899
Companhia Energética de Brasília - CEB | ​ | 2.10 | % | 11,861 | ​ | 25,039 | ​ | 16,330
CEEED | ​ | 4.62 | % | — | ​ | 68,575 | ​ | —
Others |  | Between 0.0019% to 0.13 | % | 3,999 |  | 70,694 |  | 116,796
​ |  | ​ | ​ | 450,962 |  | 1,104,381 |  | 1,761,258
​ In December 2023, the Company transferred to Votorantim S.A. 9,823,673 shares in Auren Energia for R$131,146 and 24,662,112 shares in AES Brasil for R$300,878. 17.5 - Summary of information on the main joint ventures and associates ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 12/31/2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Other | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | components of | ​ | Total
​ | ​ | Shareholder’s | ​ | Current | ​ | Non-current | ​ | Total | ​ | Current | ​ | Non-Current | ​ | ​ | ​ | Total | ​ | Net operating | ​ | Net | ​ | comprehensive | ​ | comprehensive
​ |  | Equity |  | assets |  | asset |  | asset |  | Liabilities |  | Liability |  | Net assets |  | liabilities |  | revenue |  | Profit / (Loss) |  | income |  | income
Jointly controlled companies |  | ​ | ​ | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Norte Energia S.A. - NESA | ​ | 49.98 | % | 1,773,469 | ​ | 41,373,463 | ​ | 43,146,932 | ​ | 2,354,484 | ​ | 29,534,358 | ​ | 11,258,090 | ​ | 43,146,932 | ​ | 5,764,413 | ​ | (850,814) | ​ | — | ​ | (850,814)
Energia Sustentável do Brasil S.A. - ESBR |  | 40.00 | % | 1,450,472 |  | 18,666,697 |  | 20,117,169 |  | 1,136,429 |  | 10,027,652 |  | 8,953,088 |  | 20,117,169 |  | 3,378,906 |  | 44,213 |  | — |  | 44,213
Belo Monte Transmissora - BMTE |  | 49.00 | % | 1,231,090 |  | 7,944,087 |  | 9,175,177 |  | 613,330 |  | 4,170,939 |  | 4,390,908 |  | 9,175,177 |  | 1,039,054 |  | 415,782 |  | — |  | 415,782
Interligação Elétrica do Madeira S.A. - IE Madeira |  | 49.00 | % | 1,022,813 |  | 6,293,140 |  | 7,315,953 |  | 578,744 |  | 2,733,476 |  | 4,003,733 |  | 7,315,953 |  | 712,294 |  | 411,868 |  | — |  | 411,868
Mata de Santa Genebra |  | 49.90 | % | 689,261 |  | 3,078,913 |  | 3,768,174 |  | 115,975 |  | 2,181,769 |  | 1,470,430 |  | 3,768,174 |  | 393,463 |  | 116,292 |  | — |  | 116,292
Chapecoense Geração |  | 40.00 | % | 410,737 |  | 2,573,564 |  | 2,984,301 |  | 607,435 |  | 1,838,423 |  | 538,443 |  | 2,984,301 |  | 1,274,912 |  | 487,050 |  | — |  | 487,050
Empresa de Energia São Manoel |  | 33.33 | % | 320,697 |  | 3,419,572 |  | 3,740,269 |  | 151,647 |  | 1,850,081 |  | 1,738,541 |  | 3,740,269 |  | 446,946 |  | (28,801) |  | — |  | (28,801)
Companhia Energética Sinop | ​ | 49.00 | % | 210,141 | ​ | 2,706,715 | ​ | 2,916,856 | ​ | 143,063 | ​ | 1,469,551 | ​ | 1,304,242 | ​ | 2,916,856 | ​ | 341,162 | ​ | (55,189) | ​ | — | ​ | (55,189)
Associates | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Companhia de Transmissão de Energia Elétrica Paulista S.A. - CTEEP |  | 35.74 | % | 5,978,428 | ​ | 29,932,728 | ​ | 35,911,156 | ​ | 2,444,736 | ​ | 15,674,708 | ​ | 17,380,140 | ​ | 35,499,584 | ​ | 6,215,521 | ​ | 2,892,362 |  | (186,196) |  | 2,706,166
Eletronuclear |  | 67.95 | % | 3,179,932 |  | 19,937,388 |  | 23,117,320 |  | 2,612,091 |  | 9,889,551 |  | 10,615,678 |  | 23,117,320 |  | 3,931,707 |  | 318,199 |  | (1,772) |  | 316,427
​ Additional information: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | 12/31/2023
​ | ​ | Cash and cash | ​ | Current financial | ​ | Non-current financial | ​ | Depreciation and | ​ | ​ | ​ | ​ | ​ | Income tax
Jointly controlled companies |  | equivalents |  | liabilities* |  | liabilities* |  | amortisation |  | Interest income |  | Interest expense |  | expense
Norte Energia S.A. - NESA |  | 704,312 |  | 978,409 |  | 28,236,723 |  | (1,708,076) |  | 275,685 |  | (2,570,068) |  | 151,829
Jirau Energia S.A. |  | 863,473 |  | 785,517 |  | 9,464,700 |  | (760,823) |  | 150,273 |  | (1,008,553) |  | (26,923)
Associates |  |  |  |  |  |  |  |  |  |  |  |  |  |
Companhia de Transmissão de Energia Elétrica Paulista S.A. - CTEEP |  | 245,819 |  | 2,094,880 |  | 15,126,192 |  | (24,889) |  | 222,090 |  | (1,043,648) |  | (228,637)
Eletronuclear |  | 29,374 |  | 544,969 |  | 6,352,760 |  | (420,733) |  | 907,977 |  | (1,374,023) |  | (269,463)
* Excluding trade and other payables and provisions. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 12/31/2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Other | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | components of | ​ | Total
​ | ​ | Shareholder’s | ​ | Current | ​ | Non-current | ​ | Total | ​ | Current | ​ | Non-Current | ​ | ​ | ​ | Total | ​ | Net operating | ​ | Net | ​ | comprehensive | ​ | comprehensive
​ |  | Equity |  | assets |  | asset |  | asset |  | Liabilities |  | Liability |  | Net assets |  | liabilities |  | revenue |  | Profit / (Loss) |  | income |  | income
Jointly controlled companies |  | ​ | ​ | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Norte Energia S.A. - NESA |  | 49.98 | % | 1,760,261 | ​ | 41,668,551 | ​ | 43,428,812 | ​ | 2,254,754 | ​ | 29,070,142 | ​ | 12,103,916 | ​ | 43,428,812 | ​ | 5,565,305 | ​ | (647,346) | ​ | — | ​ | (647,346)
Sustentável do Brasil S.A. - ESBR |  | 40.00 | % | 1,210,513 |  | 19,354,405 |  | 20,564,918 |  | 1,058,167 |  | 10,597,876 |  | 8,908,875 |  | 20,564,918 |  | 3,116,478 |  | (104,235) |  | — |  | (104,235)
Belo Monte Transmissora - BMTE |  | 49.00 | % | 1,140,735 |  | 7,679,713 |  | 8,820,448 |  | 630,800 |  | 4,096,162 |  | 4,093,486 |  | 8,820,448 |  | 954,985 |  | 360,022 |  | — |  | 360,022
Interligação Elétrica do Madeira S.A. - IE Madeira |  | 49.00 | % | 931,271 |  | 6,251,143 |  | 7,182,414 |  | 634,666 |  | 2,817,425 |  | 3,730,323 |  | 7,182,414 |  | 735,154 |  | 471,557 |  | — |  | 471,557
Associates | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Companhia de Transmissão de Energia Elétrica Paulista S.A. - CTEEP |  | 35.74 | % | 4,670,170 |  | 27,573,380 |  | 32,243,550 |  | 1,293,346 |  | 14,413,723 |  | 16,536,481 |  | 32,243,550 |  | 5,450,570 |  | 2,319,791 |  | 216,001 |  | 2,535,792
Eletronuclear |  | 67.95 | % | 4,610,349 | ​ | 18,373,593 | ​ | 22,983,942 | ​ | 2,434,613 | ​ | 9,970,923 | ​ | 10,578,406 | ​ | 22,983,942 | ​ | 3,963,282 | ​ | 29,822 | ​ | 698,427 | ​ | 728,249
​ Additional information: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 12/31/2022
​ | ​ | ​ | ​ | ​ | ​ | Non-current | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Cash and cash | ​ | Current financial | ​ | financial | ​ | Depreciation and | ​ | ​ | ​ | ​ | ​ | Income tax
​ |  | equivalents |  | liabilities* |  | liabilities* |  | amortisation |  | Interest income |  | Interest expense |  | expense
Jointly controlled companies |  |  |  |  |  |  |  |  |  |  |  |  |  |
Norte Energia S.A. - NESA |  | 741,217 |  | 933,855 |  | 28,701,002 |  | (7,979) |  | 235,784 |  | (2,522,958) |  | 115,441
Jirau Energia S.A. |  | 692,538 |  | 728,213 |  | 10,005,345 |  | (761,506) |  | 115,409 |  | (981,914) |  | 51,122
Associates |  |  |  |  |  |  |  |  |  |  |  |  |  |
Companhia de Transmissão de Energia Elétrica Paulista S.A. - CTEEP |  | 336,523 |  | 1,052,827 |  | 14,096,618 |  | (27,498) |  | 169,221 |  | (981,399) |  | (358,343)
Eletronuclear |  | 32,471 |  | 594,758 |  | 6,718,183 |  | (594,597) |  | 540,160 |  | (1,532,700) |  | (253,229)
* Excluding trade and other payables and provisions. ​ 17.6 - Market value of associates that are quoted on the stock exchange ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Fair value1
Valued using the equity method | ​ | Shareholdings |  | 12/31/2023 |  | 12/31/2022
Companhia de Transmissão de Energia Elétrica Paulista S.A. - CTEEP |  | 35.74 | % | 6,465,890 | ​ | 5,566,247
Equatorial Maranhão Distribuidora de Energia S.A. |  | 33.41 | % | 1,605,618 |  | 1,348,024
Empresa Metropolitana de Águas e Energia S.A. - EMAE |  | 40.44 | % | 881,517 |  | 1,015,837
¹ Based on the stock price on the base date reported in the table. 17.7 – Shares in guarantee Since the Company has several lawsuits within the scope of the Judiciary, where it appears as a defendant, equity interests are offered as a guarantee, in the resources of these lawsuits, as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
12/31/2023
Business | ​ | Value of | ​ | Percentage | ​ | Investment
Shareholdings | ​ | investment | ​ | Blocking | ​ | Blocked
Companhia de Transmissão de Energia Elétrica Paulista S.A. - CTEEP |  | 5,255,701 |  | 37.17 | % | 1,953,354
AES Brasil Energia S.A. |  | 38,990 |  | 95.99 | % | 37,425
Energisa Holding |  | 248,904 |  | 99.43 | % | 247,497
Centrais Elétricas de Santa Catarina S.A - CELESC |  | 270,991 |  | 14.58 | % | 39,511
Companhia Energética do Ceará - COELCE |  | 193,330 |  | 5.46 | % | 10,555
Auren Energia S.A. |  | 6,978 |  | 100.00 | % | 6,978
Others |  | 1,339,404 |  | 32.29% to 100.00 | % | 662,963
​ |  | 7,354,298 |  | ​ | ​ | 2,958,283
​ 17.8 - Negative Net Working Capital The Company and its subsidiaries hold interests in the companies Madeira Energia S.A., Norte Energia S.A., Teles Pires Participações S.A., Chapecoense Geração S.A., Lajeado Energia S.A., and Vamcruz I Participações S.A. that presented in the year ended December 31, 2023, negative net working capital of R$347,547, R$465,637, R$161,979, R$196,698, R$30,120 and R$42,312, respectively. Accounting Policy The Company evaluates its investments in subsidiaries, jointly controlled and affiliated companies using the equity method, see note 4.5, and other investments in equity interests at fair value. The fair value considered for these shares corresponds to the current price of the shares traded on the Stock Exchange. In the equity method, the shareholding of the investor in the profit or loss of the period of the investee is recognized in the results period of the investor, as the result of the equity. Changes in the value of investments in equity investments valued at fair value, resulting from the change in share prices, are recorded directly in shareholders’ equity, as other comprehensive income. Dividend receipts paid to the Company by these investees are recorded in profit or loss. In the consolidated balance sheet, the balance sheet balances of the Company’s subsidiaries are distributed, according to the nature, under the items of assets and liabilities, thus not comprising the consolidated balance of investments. See note 4.5. ​ The company treats transactions with non-controlling interests as transactions with owners of the company's assets. For purchases of non-controlling interests, the difference between any consideration paid and the acquired portion of the carrying amount of the subsidiary's net assets is recorded in equity. Gains or losses on disposals of non-controlling interests are also recorded directly in equity. Associates are all the entities over which the Group has significant influence but not control, generally through a shareholding of 20% to 50% of voting rights. Joint agreements are all those entities over which the Company has shared control with one or more parties. Investments in joint agreements are classified as joint operations or joint ventures, depending on the rights and on the contractual obligations of each investor. ​ Joint operations are accounted in the financial statements to represent the rights and the contractual obligations of the Company. Thus, the assets, liabilities, revenue and expenses related to their interests in joint operations are accounted individually in the financial statements. Investments in associates and joint ventures are initially recognized at cost and adjusted thereafter using the equity method. ​ Estimates and critical judgements ​ Combination of businesses ​ In the measurement process of the business combination, the Company applies assumptions and valuation techniques that involve judgements by the Management on the basis of their business model and on the individual characteristics of the business evaluated, that result in the measurement of the fair values of the assets acquired and of the liabilities taken on. ​ Losses from investments ​ For the purposes of test of recoverability of its investments, the Company considers as recoverable value the current value of the estimated future cash flows, with a discount rate that reflects the current market valuation and/or opportunity cost to the Company, the currency value at the time and the specific risks of the asset. ​ For the impairment tests of the assets for which the Company initiated studies for the negotiation, not yet characterized as available for sale in accounting terms, the recoverable value represents the average of the values of the proposals, not yet binding, received from the possible interested parties.

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