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INVESTMENTS | 12 Months Ended
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Dec. 31, 2024
INVESTMENTS |
INVESTMENTS | NOTE 16 - INVESTMENTS 16.1 Changes in investments ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | (Constitutions) |  | ​
​ | ​ | ​ | ​ | ​ | ​ | Capital | ​ | ​ | ​ | Other | ​ | Dividends and | ​ | ​ | ​ | Reversals | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | reduction/increase | ​ | Transfer Held | ​ | Comprehensive | ​ | Interest on | ​ | Equity | ​ | of estimated | ​ | ​
Equity interests and other investments | ​ | Shares % | ​ | 2023 | ​ | and others | ​ | for Sale | ​ | Results | ​ | Equity | ​ | equivalence | ​ | losses |  | 2024
Jointly Subsidiaries companies | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Norte Energia S.A. - NESA |  | 49.98 | ​ | 5,292,261 |  | — |  | — |  | — | ​ | — | ​ | (835,909) |  | 329,890 |  | 4,786,242
Jirau Energia S.A. |  | 40.00 | ​ | 3,581,236 |  | — |  | — |  | — | ​ | — | ​ | 87,473 |  | — |  | 3,668,709
Belo Monte Transmissora de Energia SA - BMTE |  | 49.00 | ​ | 2,151,544 |  | — |  | — |  | — | ​ | (107,223) | ​ | 291,891 |  | — |  | 2,336,212
Interligação Elétrica do Madeira S.A. - IE Madeira |  | 49.00 | ​ | 1,961,829 |  | — |  | — |  | — | ​ | (49,696) | ​ | 234,265 |  | — |  | 2,146,398
Mata de Santa Genebra Transmissão S.A.² |  | 49.90 | ​ | 733,745 |  | — |  | (692,276) |  | — | ​ | (89,807) | ​ | 48,338 |  | — |  | —
Companhia Energética Sinop S.A. - SINOP |  | 49.00 | ​ | 639,077 |  | — |  | — |  | — | ​ | (5,915) | ​ | 24,934 |  | (40,723) |  | 617,373
Empresa de Energia São Manoel S.A. |  | 33.33 | ​ | 579,508 |  | — |  | — |  | — | ​ | — | ​ | 687 |  | (81,829) |  | 498,366
Interligação Elétrica Garanhuns SA - IE Garanhuns |  | 49.00 | ​ | 543,270 |  | — |  | — |  | — | ​ | (47,444) | ​ | 65,475 |  | — |  | 561,301
Transnorte Energia SA¹ |  | 50.38 | ​ | 230,070 |  | — |  | — |  | — | ​ | — | ​ | 148,309 |  | — |  | 378,379
Sistema de Transmissão Nordeste S.A. - STN |  | 49.00 | ​ | 264,072 |  | — |  | — |  | — | ​ | (37,416) | ​ | 56,465 |  | — |  | 283,121
Paranaíba Transmissora de Energia S.A. |  | 24.50 | ​ | 249,010 |  | — |  | — |  | — | ​ | (8,301) | ​ | 27,915 |  | — |  | 268,624
Enerpeixe S.A. |  | 40.00 | ​ | 263,636 |  | — |  | — |  | — | ​ | — | ​ | (9,555) |  | — |  | 254,081
Chapecoense Geração S.A. |  | 40.00 | ​ | 215,378 |  | — |  | — |  | — | ​ | (140,813) | ​ | 194,137 |  | — |  | 268,702
MGE Transmissão S.A. |  | 49.00 | ​ | 203,715 |  | — |  | — |  | — | ​ | (15,383) | ​ | 23,480 |  | — |  | 211,812
Goiás Transmissão S.A. |  | 49.00 | ​ | 191,575 |  | — |  | — |  | — | ​ | (24,498) | ​ | 14,892 |  | — |  | 181,969
Rouar S.A. |  | 50.00 | ​ | 123,443 |  | — |  | — |  | 36,139 | ​ | (11,598) | ​ | 6,302 |  | — |  | 154,286
Vamcruz I Participações S.A |  | 49.00 | ​ | 131,599 |  | — |  | — |  | — | ​ | (486) | ​ | 3,704 |  | — |  | 134,817
Transenergia Renovável S.A. |  | 49.00 | ​ | 101,563 |  | — |  | — |  | — | ​ | (1,681) | ​ | 7,298 |  | — |  | 107,180
Lago Azul Transmissão S.A.4 |  | 49.90 | ​ | 24,978 |  | — |  | (25,645) |  | — | ​ | (37) | ​ | 704 |  | — |  | —
Serra do Facão Energia6 |  | 54.01 | ​ | — |  | (54,013) |  | — |  | — | ​ | — | ​ | 54,013 |  | — |  | —
Tijoá Participações e Investimentos S.A. |  | 49.90 | ​ | 29,903 |  | — |  | — |  | — | ​ | (33,709) | ​ | 42,691 |  | — |  | 38,885
Others |  | 49.00 a 51.00 | ​ | 123,106 |  | 8,369 |  | — |  | — | ​ | (7,052) | ​ | 11,116 |  | — |  | 135,539
​ |  | ​ | ​ | 17,634,518 |  | (45,644) |  | (717,921) |  | 36,139 |  | (581,059) | ​ | 498,625 | ​ | 207,338 |  | 17,031,996
Associates |  | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Eletronuclear5 |  | 67.95 | ​ | 7,213,354 |  | — |  | — |  | 133,068 | ​ | — | ​ | 562,181 |  | — |  | 7,908,603
ISA Energia3 | ​ | 21.63 | ​ | 5,368,079 | ​ | (1,511) | ​ | (2,279,664) | ​ | 87,874 | ​ | (325,103) | ​ | 874,509 | ​ | — | ​ | 3,724,184
Others |  | 33.41 a 40.44 | ​ | 1,884,351 |  | 5,030 |  | — |  | 3,650 | ​ | (315,515) | ​ | 485,106 |  | — |  | 2,062,622
​ | ​ | ​ | ​ | 14,465,784 | ​ | 3,519 | ​ | (2,279,664) | ​ | 224,592 | ​ | (640,618) | ​ | 1,921,796 | ​ | — | ​ | 13,695,409
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | 32,100,302 |  | (42,125) |  | (2,997,585) |  | 260,731 |  | (1,221,677) | ​ | 2,420,421 | ​ | 207,338 |  | 30,727,405
1 In December 2024, Eletrobras reclassified its entire stake in Mata de Santa Genebra Transmissão SA as held for sale (see note 40); ​ 2 In June 2024, 14.11% of the equity interest in ISA Energia was reclassified to Asset Held for Sale. The completion of the secondary distribution public offering occurred in July 2024; ​ 3 In September 2024, Eletrobras reclassified its entire stake in Lago Azul Transmissão SA as held for sale (see note 40); ​ 4 The 67.95% shareholding in Eletronuclear is composed of 35.90% ON and 99.99% PN, which is classified as an affiliate; and ​ 5 The 54.01% shareholding refers to Serra do Facão Energia S.A., which is composed of 43.03% ON and 100.00% PN, and is classified as a jointly controlled company. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Dividends | ​ | ​ | ​ | (Constitutions) | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Acquisition of | ​ | Other | ​ | and | ​ | ​ | ​ | Reversals of | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Capital | ​ | control of invested | ​ | Comprehensive | ​ | Interest on | ​ | Equity | ​ | estimated | ​ | ​
Equity interests and other investments | ​ | Shares % | ​ | 2022 | ​ | increase | ​ | company | ​ | Results | ​ | Equity | ​ | equivalence | ​ | losses | ​ | 2023
Jointly Subsidiaries 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 SA - 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 SA |  | 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
Chapecoense Geração S.A. |  | 49.00 | ​ | 253,633 |  | — |  | — |  | — |  | (221,467) |  | 183,212 |  | — |  | 215,378
Sistema de Transmissão Nordeste S.A. - STN |  | 40.00 | ​ | 269,217 |  | — |  | — |  | — |  | (52,145) |  | 47,000 |  | — |  | 264,072
Enerpeixe S.A. |  | 40.00 | ​ | 261,789 |  | — |  | — |  | — |  | (1,848) |  | 3,695 |  | — |  | 263,636
Paranaíba Transmissora de Energia S.A. |  | 49.00 | ​ | 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. |  | 24.50 | ​ | 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 Energia S.A.¹ |  | 50.38 | ​ | 39,627 |  | 28,826 |  | — |  | — |  | — |  | 38,830 |  | 122,787 |  | 230,070
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 |  | — |  | —
Lago Azul Transmissão S.A. | ​ | 49.90 | ​ | 71,987 | ​ | — | ​ | (59,451) | ​ | — | ​ | (5,109) | ​ | (7,427) | ​ | — | ​ | —
Others 2 |  | 30.61 a 54.01 | ​ | 158,714 |  | — |  | — |  | — |  | (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 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Eletronuclear ³ |  | 67.95 | ​ | 7,188,028 |  | — |  | — |  | (1,204) |  | — |  | 26,530 |  | — |  | 7,213,354
ISA Energia |  | 35.74 | ​ | 5,007,916 |  | — |  | — |  | (68,008) |  | (519,299) |  | 947,470 |  | — |  | 5,368,079
Others |  | 33.41 a 40.44 | ​ | 1,666,799 |  | — |  | — |  | 51,802 |  | (316,805) |  | 482,555 |  | — |  | 1,884,351
​ |  | ​ | ​ | 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 holds a 50.38% shareholding in Transnorte Energia SA, however control is shared with Alupar due to the shareholders’ agreement signed in March 2023; ​ 2 The 54.01% shareholding refers to Serra do Facão Energia S.A., which is composed of 43.03% ON and 100.00% PN, and is classified as a jointly controlled company; and ​ 3 The 67.95% shareholding in Eletronuclear is composed of 35.90% ON and 99.99% PN, which is classified as an affiliate. ​ 16.2 Estimated losses on investments ​ When objective evidence of losses in investments in affiliates and jointly held subsidiaries is identified, the Company assesses the recoverable value of these investments based on the discounted cash flow (value in use) or their fair value net of selling expenses, using the higher of the two. The assumptions used consider the best estimate of Eletrobras Management on future trends in the electricity sector and are based on both external sources of information and historical data from the SPEs. The main assumptions are described below:
| ● | Growth compatible with historical data and growth prospects of the Brazilian economy;
| ● | Annual discount rate (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 of corporate assets. For further information, see note 19;
| ● | Projected revenues in accordance with contracts, with no provision for extending the concession/authorization; and
| ● | Expenses considering the Business Plan of each investment and the historical values achieved.
​
* | The use of post-tax discount rates in determining values in use would not result in materially different recoverable amounts than if pre-tax rates were used.
​
​ | ​ | ​ | ​ | ​
​ |  | 12/31/2024 |  | 12/31/2023
Empresa de Energia São Manoel | ​ | 81,829 | ​ | —
Norte Energia S.A. | ​ | 7,262 | ​ | 337,152
Companhia Energética Sinop S.A. - SINOP |  | 40,723 |  | —
​ |  | 129,814 |  | 337,152
​ 16.3 Measured at fair value ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Shares % |  | 12/31/2024 |  | 12/31/2023
Centrais Elétricas de Santa Catarina S.A - CELESC | ​ | 10.75 | ​ | 333,818 | ​ | 270,991
Energisa Holding |  | 1.03 |  | 171,873 |  | 248,904
Equatorial Energia Pará |  | 0.99 |  | 125,704 |  | 169,356
Companhia Energética do Ceará - COELCE |  | 7.10 |  | 120,320 |  | 193,330
Cia Estadual de Distribuição de Energia Elétrica - CEEE |  | 4.62 |  | 44,661 |  | 68,575
Companhia Energética de Brasília - CEB |  | 2.10 |  | 24,350 |  | 25,039
Rio Paranapanema Energia |  | 0.47 |  | 13,136 |  | 11,524
Auren Energia S.A. | ​ | 0.05 | ​ | 4,605 | ​ | 6,978
AES Tietê Energia S.A | ​ | — | ​ | — | ​ | 38,990
Others |  | Between 0.03 to 0.13 |  | 22,767 |  | 38,406
​ |  | ​ |  | 861,234 |  | 1,072,093
​ 16.4 Summary of information on the main jointly controlled undertakings and affiliates ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 12/31/2024
​ | ​ | ​ | ​ | Current | ​ | Non-Current | ​ | Total | ​ | Current | ​ | Non-Current | ​ | ​ | ​ | Total | ​ | Net Operating | ​ | Profit/(Net
​ |  | Participation % |  | assets |  | Assets |  | assets |  | Liabilities |  | Liabilities |  | Net worth |  | liabilities |  | Revenue |  | Loss)
Jointly Subsidiaries companies |  | ​ | ​ | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Norte Energia S.A. - NESA |  | 49.98 | ​ | 2,322,930 | ​ | 40,441,466 | ​ | 42,764,396 | ​ | 2,539,955 | ​ | 30,637,340 | ​ | 9,587,101 | ​ | 42,764,396 | ​ | 6,249,120 | ​ | (1,675,978)
Jirau Energia S.A. |  | 40.00 | ​ | 1,890,657 |  | 17,564,198 |  | 19,454,855 |  | 1,141,624 |  | 9,141,462 |  | 9,171,769 |  | 19,454,855 |  | 3,582,148 |  | 218,681
Belo Monte Transmissora - BMTE |  | 49.00 | ​ | 1,278,940 |  | 8,374,140 |  | 9,653,080 |  | 660,683 |  | 4,224,616 |  | 4,767,781 |  | 9,653,080 |  | 1,159,427 |  | 500,304
Interligação Elétrica do Madeira S.A. - IE Madeira |  | 49.00 | ​ | 1,228,448 |  | 6,352,671 |  | 7,581,119 |  | 760,573 |  | 2,440,143 |  | 4,380,403 |  | 7,581,119 |  | 747,614 |  | 478,090
Associates | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
ISA Energia |  | 21.63 | ​ | 6,942,987 |  | 35,058,267 |  | 42,001,254 |  | 3,058,587 |  | 19,228,086 |  | 19,714,581 |  | 42,001,254 |  | 6,417,562 |  | 3,498,416
Eletronuclear |  | 67.95 | ​ | 3,817,658 | ​ | 20,768,853 | ​ | 24,586,511 | ​ | 3,008,197 | ​ | 9,939,459 | ​ | 11,638,855 | ​ | 24,586,511 | ​ | 4,230,830 | ​ | 544,787
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 12/31/2023
​ | ​ | ​ | ​ | Current | ​ | Non-Current | ​ | Total | ​ | Current | ​ | Non-Current | ​ | ​ | ​ | Total | ​ | Net Operating | ​ | Profit/(Net
​ |  | Participation % |  | assets |  | Assets |  | assets |  | Liabilities |  | Liabilities |  | Net worth |  | liabilities |  | Revenue |  | Loss)
Jointly Subsidiaries 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)
Jirau Energia S.A. | ​ | 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
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
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
Associates | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
ISA Energia | ​ | 35.74 | ​ | 5,012,971 | ​ | 29,806,577 | ​ | 34,819,548 | ​ | 2,305,315 | ​ | 15,134,093 | ​ | 17,380,140 | ​ | 34,819,548 | ​ | 5,133,704 | ​ | 2,841,117
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
​ ​ 16.5 Market value of affiliates listed on the stock exchange ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Corporate participations | ​ | % shareholding of capital stock | ​ | ​ | ​ | ​
​ |  | ON |  | PN |  | Total |  | 12/31/2024 |  | 12/31/2023
ISA Energia | ​ | 9.73 | ​ | 29.28 | ​ | 21.63 | ​ | 3,577,796 | ​ | 6,465,873
Equatorial Maranhão Distribuidora de Energia S.A. |  | 33.34 | ​ | 37.29 | ​ | 33.41 | ​ | 1,270,047 |  | 1,605,618
Empresa Metropolitana de Águas e Energia S.A. - EMAE |  | — | ​ | 64.82 | ​ | 40.44 | ​ | 627,521 |  | 881,518
​ 16.6 Shares in guarantee ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 12/31/2024 | ​ | 12/31/2023
Participations |  | Value of |  | Percentage of |  | Investment |  | Investment
corporate | ​ | Investment | ​ | blocking | ​ | blocked | ​ | blocked
ISA Energia |  | 3,584,465 |  | 28.55 | ​ | 1,023,239 | ​ | 1,953,354
Centrais Elétricas de Santa Catarina S.A - CELESC |  | 333,818 |  | 13.76 | ​ | 45,931 | ​ | 39,511
Energisa Holding |  | 171,873 |  | 85.57 | ​ | 147,073 | ​ | 247,497
Companhia Energética do Ceará - COELCE |  | 120,320 |  | 6.06 | ​ | 7,297 | ​ | 10,555
Auren Energia S.A. |  | 4,605 |  | 20.80 | ​ | 958 | ​ | 6,978
AES Brasil Energia S.A. |  | — |  | — | ​ | — | ​ | 37,425
Others |  | 1,417,395 |  | 22.14 to 60.41 | ​ | 327,507 | ​ | 662,963
​ |  | 5,632,476 |  | ​ | ​ | 1,552,005 | ​ | 2,958,283
​ Given that the Company is involved in several lawsuits in the Judiciary, in which it appears as a defendant, equity interests are offered as collateral in the appeals to these lawsuits, as follows: ​ Accounting Policy The Company accounts for 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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