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LOANS, FINANCING AND DEBENTURES | 12 Months Ended
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Dec. 31, 2024
LOANS, FINANCING AND DEBENTURES |
LOANS, FINANCING AND DEBENTURES | NOTE 22 - LOANS, FINANCING AND DEBENTURES The breakdown of loans, financing and debentures owed by Eletrobras, and its subsidiaries are given below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Average | ​ | ​ | ​ | ​
​ | ​ | annual rates in | ​ | ​ | ​ | ​
​ |  | 2024 (%) |  | 12/31/2024 |  | 12/31/2023
National Currency |  | ​ | ​ | ​ | ​ | ​
Capital markets1 | ​ | 12.47 | ​ | 39,904,209 | ​ | 27,074,612
Development banks2 | ​ | 11.18 | ​ | 14,308,971 | ​ | 16,735,742
Banking market3 | ​ | 13.18 | ​ | 3,529,199 | ​ | 5,103,955
Other Institutions5 |  | 10.39 | ​ | 1,118,862 | ​ | 3,646,220
​ | ​ | ​ | ​ | 58,861,241 | ​ | 52,560,529
Foreign currency | ​ | ​ | ​ | ​ | ​ | ​
Capital market1 | ​ | 13.86 | ​ | 11,971,847 | ​ | 6,246,018
Investment banks2 | ​ | 7.58 | ​ | 436,292 | ​ | 419,170
Banking market3 | ​ | 13.20 | ​ | 4,351,194 | ​ | 234,652
​ | ​ | ​ | ​ | 16,759,333 | ​ | 6,899,840
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | 75,620,574 | ​ | 59,460,369
​ | ​ | ​ | ​ | ​ | ​ | ​
Financial Charges | ​ | ​ | ​ | 1,100,380 | ​ | 1,640,901
Principal | ​ | ​ | ​ | 11,709,492 | ​ | 9,249,972
Current |  | ​ | ​ | 12,809,872 | ​ | 10,890,873
​ |  | ​ | ​ | ​ | ​ | ​
Non-current | ​ | ​ | ​ | 62,810,702 | ​ | 48,569,496
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | 75,620,574 | ​ | 59,460,369
1The balance refers to the bonuses, debentures and commercial paper; 2The balance refers to the operations with BASA FNO, BNDES, BNB and FINEP; 3The balance refers to loans and financing with financial institutions; Loans, financing and debentures have their long-term maturities scheduled as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | after 2029 |  | Total
Payment flow | ​ | 7,212,134 | ​ | 7,012,196 | ​ | 6,045,088 | ​ | 6,715,367 | ​ | 35,825,917 | ​ | 62,810,702
​ ​ Below we detail the composition of the capital market and its maturities: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | 12/31/2024 | ​ | 12/31/2023
​ |  | Maturity |  | Current |  | Non-Current |  | Current |  | Non-Current
Bonds | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Eletrobras | ​ | 02/04/2025 | ​ | 3,095,646 | ​ | — | ​ | — | ​ | 2,441,151
Eletrobras | ​ | 02/04/2030 | ​ | 248,409 | ​ | 4,415,847 | ​ | — | ​ | 3,804,867
Eletrobras | ​ | 01/11/2035 | ​ | 249,206 | ​ | 3,962,739 | ​ | — | ​ | —
​ | ​ | ​ | ​ | 3,593,261 | ​ | 8,378,586 | ​ | — | ​ | 6,246,018
Commercial Notes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Eletrobras | ​ | 08/23/2025 | ​ | 520,428 | ​ | — | ​ | 20,544 | ​ | 499,262
Eletrobras¹ | ​ | 08/23/2026 | ​ | 21,379 | ​ | 498,118 | ​ | 21,677 | ​ | 498,770
Eletrobras¹ |  | 08/23/2027 |  | 377,797 | ​ | 665,745 | ​ | 43,701 | ​ | 996,989
Eletrobras¹ |  | 08/23/2027 |  | 21,768 | ​ | 497,639 | ​ | 21,992 | ​ | 498,524
Eletrobras¹ |  | 08/23/2028 |  | 42,662 | ​ | 990,422 | ​ | 44,205 | ​ | 996,753
​ |  | ​ | ​ | 984,034 | ​ | 2,651,924 | ​ | 152,119 | ​ | 3,490,298
Debêntures | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Eletrobras | ​ | 04/25/2024 | ​ | — | ​ | — | ​ | 2,233,550 | ​ | —
Eletrobras¹ |  | 11/15/2024 | ​ | — | ​ | — | ​ | 152,396 | ​ | —
Eletrobras |  | 04/15/2026 | ​ | 31,785 | ​ | 1,200,000 | ​ | 33,306 | ​ | 1,200,000
Eletrobras |  | 04/25/2026 | ​ | 14,572 | ​ | 1,000,000 | ​ | 15,497 | ​ | 1,000,000
Eletrobras | ​ | 09/15/2028 | ​ | 107,834 | ​ | 2,965,193 | ​ | 82,304 | ​ | 2,853,424
Eletrobras | ​ | 04/15/2029 | ​ | 48,659 | ​ | 1,982,737 | ​ | — | ​ | —
Eletrobras | ​ | 05/15/2029 | ​ | 5,546 | ​ | 951,227 | ​ | 5,468 | ​ | 906,463
Eletrobras¹ | ​ | 11/15/2029 | ​ | 4,162 | ​ | 1,062,361 | ​ | 2,373 | ​ | 1,000,832
Eletrobras |  | 04/15/2031 | ​ | 18,458 | ​ | 1,856,017 | ​ | 17,250 | ​ | 1,768,675
Eletrobras |  | 04/15/2031 | ​ | 25,279 | ​ | 1,016,742 | ​ | — | ​ | —
Eletrobras | ​ | 09/15/2031 | ​ | 76,849 | ​ | 4,087,442 | ​ | 56,898 | ​ | 3,999,963
Eletrobras | ​ | 09/15/2034 | ​ | 97,423 | ​ | 1,426,282 | ​ | — | ​ | —
Madeira Energia S.A |  | 04/15/2024 | ​ | — | ​ | — | ​ | 291,964 | ​ | —
Madeira Energia S.A | ​ | 06/28/2038 | ​ | 1,091,601 | ​ | 4,438,108 | ​ | 358,300 | ​ | 5,153,018
CHESF |  | 01/15/2029 | ​ | 25,459 | ​ | 98,775 | ​ | 23,406 | ​ | 115,247
CHESF | ​ | 04/15/2029 | ​ | 23,592 | ​ | 997,109 | ​ | — | ​ | —
CHESF | ​ | 06/15/2031 | ​ | 299,048 | ​ | 4,357,062 | ​ | — | ​ | —
CHESF | ​ | 09/15/2031 | ​ | 36,271 | ​ | 1,336,250 | ​ | — | ​ | —
CHESF | ​ | 09/15/2034 | ​ | 15,640 | ​ | 566,250 | ​ | — | ​ | —
CGTEletrosul | ​ | 09/16/2024 | ​ | — | ​ | — | ​ | 223,192 | ​ | —
CGTEletrosul | ​ | 08/31/2028 | ​ | 10,177 | ​ | 248,932 | ​ | 10,991 | ​ | 248,531
CGTEletrosul | ​ | 09/15/2028 | ​ | 14,095 | ​ | 95,585 | ​ | 11,999 | ​ | 102,624
CGTEletrosul | ​ | 11/15/2028 | ​ | 628 | ​ | 384,651 | ​ | 605 | ​ | 364,368
CGTEletrosul | ​ | 09/15/2029 | ​ | 3,166 | ​ | 244,117 | ​ | 5,801 | ​ | 227,231
CGTEletrosul | ​ | 04/15/2031 | ​ | 4,594 | ​ | 503,820 | ​ | — | ​ | —
Eletronorte | ​ | 06/28/2028 | ​ | 55,765 | ​ | 138,888 | ​ | — | ​ | 194,444
Eletronorte | ​ | 06/28/2028 | ​ | 101,359 | ​ | 232,334 | ​ | — | ​ | 333,333
Eletronorte | ​ | 04/15/2031 | ​ | 9,631 | ​ | 1,008,502 | ​ | — | ​ | —
Eletronorte | ​ | 09/15/2031 | ​ | 35,527 | ​ | 1,332,652 | ​ | — | ​ | —
Eletronorte | ​ | 09/15/2034 | ​ | 15,402 | ​ | 564,693 | ​ | — | ​ | —
Eletronorte | ​ | 05/30/2032 | ​ | — | ​ | — | ​ | 55,641 | ​ | 383,101
​ | ​ | ​ | ​ | 2,172,522 | ​ | 34,095,729 | ​ | 3,580,941 | ​ | 19,851,254
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | 6,749,817 | ​ | 45,126,239 | ​ | 3,733,060 | ​ | 29,587,570
​ ​ 22.1 Changes of loans, financing and debentures The changes shown below includes the years ended December 31, 2024 and 2023: ​
​ | ​ | ​ | ​ | ​
​ |  | 12/31/2024 |  | 12/31/2023
Opening balance as of January 1 |  | 59,460,369 | ​ | 58,071,102
Effect on cash flow: |  | ​ | ​ | ​
Funding |  | 29,965,839 | ​ | 11,821,053
Interest Paid |  | (6,411,738) | ​ | (5,433,471)
Principal Amortization |  | (16,009,832) | ​ | (13,455,384)
Non-cash effect: |  | ​ | ​ | ​
Merge of subsidiary |  | — | ​ | 2,753,190
Interest and charges incurred | ​ | 5,651,860 | ​ | 5,622,235
Monetary variations incurred |  | 501,819 | ​ | 250,298
Exchange rate variations incurred |  | 113,072 | ​ | (124,412)
Fair value adjustment | ​ | 2,434,141 | ​ | (44,242)
Transfer to held for sale | ​ | (84,956) | ​ | —
Final balance on December 31 | ​ | 75,620,574 | ​ | 59,460,369
​ During the 2024 fiscal year, the Company concluded the issuance of credit transactions, as demonstrated below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Eletrobras |  | Eletrobras |  | Eletrobras |  | Eletrobras |  | Eletrobras
Operation | ​ | Bonds | ​ | Debentures | ​ | Debentures | ​ | Commercial Notes | ​ | Debentures
Series | ​ | — | ​ | 1st series | ​ | 2nd series | ​ | Unique | ​ | Unique
Type | ​ | — | ​ | Not encouraged | ​ | Not encouraged | ​ | ​ | ​ | ​
Rate (% p.a.) | ​ | 122.59 CDI | ​ | DI + 0.85 | ​ | DI + 1.00 | ​ | DI + 0.75 | ​ | 6.87
Amount (R$) | ​ | 4,219,050 | ​ | 1,988,895 | ​ | 1,019,900 | ​ | 2,000,000 | ​ | 1,600,000
Maturity | ​ | 1/11/2035 | ​ | 4/15/2029 | ​ | 4/15/2031 | ​ | 6/15/2026 | ​ | 9/15/2034
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Chesf | ​ | Chesf | ​ | Chesf | ​ | Chesf | ​ | Eletronorte
Operation | ​ | Debentures | ​ | Debentures | ​ | Debentures | ​ | Debentures | ​ | Debentures
Series | ​ | Unique | ​ | Unique | ​ | 1st series | ​ | 2nd series | ​ | Unique
Type | ​ | Not encouraged | ​ | Not encouraged | ​ | ​ | ​ | ​ | ​ | Encouraged
Rate (% p.a.) | ​ | DI + 0.85 | ​ | DI + 0.31 | ​ | DI + 0.85 | ​ | DI + 1.05 | ​ | IPCA + 6.34
Amount (R$) | ​ | 1,000,000 | ​ | 4,900,000 | ​ | 1,336,250 | ​ | 566,250 | ​ | 1,000,000
Maturity | ​ | 4/15/2029 | ​ | 6/15/2031 | ​ | 9/15/2031 | ​ | 9/15/2034 | ​ | 4/15/2031
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Eletronorte | ​ | Eletronorte | ​ | CGT Eletrosul | ​ | ​ | ​ | ​
Operation | ​ | Debentures | ​ | Debentures | ​ | Debentures | ​ | ​ | ​ | ​
Series | ​ | 2nd series | ​ | 1st series | ​ | Unique | ​ | ​ | ​ | ​
Type | ​ | ​ | ​ | ​ | ​ | Encouraged | ​ | ​ | ​ | ​
Rate (% p.a.) | ​ | DI + 1.05 | ​ | DI + 0.85 | ​ | IPCA + 6.34 | ​ | ​ | ​ | ​
Amount (R$) | ​ | 566,250 | ​ | 1,336,250 | ​ | 500,000 | ​ | ​ | ​ | ​
Maturity | ​ | 9/15/2034 | ​ | 9/15/2031 | ​ | 4/15/2031 | ​ | ​ | ​ | ​
​ ​ In January 2024, the Company raised, through its subsidiary CGT Eletrosul, funds in the amount of R$493,000 (US$100,000 thousand) through a loan governed by Law 4,131/62, from Banco Citibank. Concurrently with the fundraising, a swap transaction was entered into with the purpose of mitigating the associated exchange rate risk. The funds obtained are intended to replenish working capital with amortization in a single installment, scheduled at the end of the contract, in January 2025. In June 2024, the Company raised financial resources abroad from Citibank N.A., having received the total amount of R$4,000,000, for a term of 2 years. The debt was settled in September and October 2024 in the amount of R$4,244,822. In December 2024, the subsidiary CGT Eletrosul raised funds in the amount of R$1,000,000 (US$83,521 thousand and €78,930 thousand) through a loan governed by Law 4,131/62, from Banco Citibank and Itaú. Concurrently with the raising, a swap transaction was entered into with the same financial institutions, with the purpose of mitigating the associated exchange rate risk. In December 2024, the Company raised, through a financing contracting instrument guaranteed by the Italian export credit agency - Servizi Assicurativi Del Commercio Estero SPA (SACE), the amount of R$ 2,384,383 (US$ 400,000 thousand) for a total term of 10 years, with a 3-year grace period and 7 years of amortization. 22.2 Guarantees The Company participates, as intervening guarantor, in several ventures of its controlled and non-controlled investees. The total exposure in guarantees is composed of the sum of the commitments assumed for affiliates and jointly controlled ventures in the amount of R$25,453,409, on December 31, 2024, presented in the table below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
UNCONTROLLED COMPANIES
​ | ​ | ​ | ​ | Guaranteed | ​ | ​
​ | ​ | ​ | ​ | Outstanding | ​ | Warranty
Guarantor |  | Enterprise/Project |  | Balance in 2024 |  | Expiration
Eletrobras |  | UHE Belo Monte - Norte Energia |  | 13,705,150 |  | 2042
Eletrobras |  | Angra III |  | 3,214,289 |  | 2036
Eletrobras |  | UHE Jirau |  | 2,967,800 |  | 2034
Eletrobras |  | Angra III |  | 2,826,476 |  | 2038
Eletrobras |  | UHE Jirau |  | 828,232 |  | 2035
Eletrobras |  | UHE Sinop |  | 548,222 |  | 2038
Eletrobras |  | Transnorte Energia |  | 404,620 |  | 2041
Eletrobras | ​ | Transnorte Energia | ​ | 362,679 | ​ | 2026
Eletrobras | ​ | Transnorte Energia | ​ | 232,598 | ​ | 2026
Eletrobras | ​ | Amazonas Energia | ​ | 137,477 | ​ | 2026
Eletronorte |  | UHE Sinop |  | 74,238 |  | 2032
Chesf |  | UHE Sinop |  | 74,238 |  | 2032
Eletrobras |  | Angra I |  | 75,740 |  | 2027
Eletrobras |  | Caldas Novas Transmissão |  | 1,650 |  | 2028
Guarantees for non-controlled companies |  | 25,453,409 |  |
​ The guarantees provided to the controlled investees are presented in a segregated manner as their balances are already recorded in financing and loans payable. ​ On December 31, 2024, the guaranteed amount for the subsidiaries of R$24,441,964 is presented in the table below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Guaranteed | ​ | ​
​ | ​ | ​ | ​ | Outstanding | ​ | Warranty
Guarantor |  | Enterprise/Project |  | Balance in 2024 |  | Expiration
Eletrobras |  | UHE Santo Antônio |  | 5,530,369 |  | 2038
Eletrobras |  | Issuance of Debentures - Chesf |  | 4,896,860 |  | 2031
Eletrobras |  | Issuance of Debentures - Chesf |  | 1,954,411 |  | 2034
Eletrobras |  | Issuance of Debentures - Eletronorte |  | 1,954,411 |  | 2034
Eletrobras |  | Teles Pires Participações |  | 1,487,392 |  | 2036
Eletrobras |  | Issuance of Debentures - Chesf |  | 1,020,701 |  | 2029
Eletrobras |  | Issuance of Debentures - Eletronorte |  | 1,042,876 |  | 2031
Eletrobras |  | Working Capital Structure 4 - Eletronorte |  | 722,178 |  | 2028
Eletrobras |  | Working Capital Structure 5 - Eletronorte |  | 583,964 |  | 2028
Eletrobras |  | Cash Reinforcement - CGT Eletrosul |  | 520,660 |  | 2025
Eletrobras |  | Cash Reinforcement - CGT Eletrosul |  | 503,440 |  | 2025
Eletrobras |  | Cash Reinforcement - CGT Eletrosul |  | 501,169 |  | 2025
Eletrobras |  | Issuance of Debentures - CGT Eletrosul |  | 521,184 |  | 2031
Eletrobras |  | Belo Monte Transmissora de Energia |  | 262,477 |  | 2029
Eletrobras |  | UHE Santo Antônio |  | 381,321 |  | 2030
Eletrobras |  | Issuance of Debentures - Settlement of BNDES Contracts - Eletronorte |  | 333,693 |  | 2028
Eletrobras |  | Issuance of Debentures - CGT Eletrosul |  | 260,577 |  | 2028
Eletrobras |  | Issuance of Debentures - CGT Eletrosul |  | 228,262 |  | 2025
Eletrobras |  | Complexo Eólico Livramento - Entorno II |  | 214,614 |  | 2028
Eletrobras |  | Various - AmGT |  | 194,654 |  | 2028
Eletrobras |  | Working Capital Structure 3 - Eletronorte |  | 123,221 |  | 2028
Eletrobras |  | Corporate Projects Chesf |  | 135,719 |  | 2029
Eletrobras |  | Linha Verde Transmissora |  | 121,066 |  | 2033
Eletrobras |  | Eólicas Casa Nova II e III |  | 114,317 |  | 2031
Eletrobras |  | Transmissora Sul Brasileira de Energia |  | 109,681 |  | 2028
Eletrobras |  | Corporate Projects of Transmission - Chesf |  | 102,273 |  | 2031
Eletrobras |  | Corporate Projects of Transmission - Chesf |  | 200,555 |  | 2034
Eletrobras |  | UHE Mauá |  | 84,956 |  | 2028
Chesf |  | Transmissora Delmiro Gouveia |  | 85,236 |  | 2032
Eletrobras |  | UHE São Domingos |  | 60,806 |  | 2028
Chesf |  | Transmissora Delmiro Gouveia |  | 40,429 |  | 2031
Eletrobras |  | Corporate Projects of Transmission - Chesf |  | 79,302 |  | 2036
Eletrobras |  | UHE Passo de São João |  | 26,919 |  | 2026
Eletrobras |  | Projetos Corporativos Chesf |  | 29,698 |  | 2029
Eletrobras |  | RS Energia |  | 8,031 |  | 2027
Eletrobras |  | RS Energia |  | 4,542 |  | 2027
Guarantees of controlled companies |  | 24,441,964 |  |
​ ​ In the year ended December 31, 2024, the Company held the amount of R$143,925 (R$ 153,945, on December 31, 2023) recorded in its non-current liabilities related to provisions for guarantees. ​ 22.3 Obligations assumed - Covenants The Company has restrictive clauses (covenants) in some of its loan, financing and debenture agreements. The main covenants relate to: I.net debt to EBITDA; II.debt service coverage ratio (DSCR); III.corporate guarantees; IV.requirements for changing corporate control and V.limitation on significant asset sales. ​ It should be noted that there was no breach of covenants in the years ended December 31, 2024 and 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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