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INVESTMENTS

12 Months Ended

Dec. 31, 2024

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

¹In 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);

⁴The 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

¹The 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;

²The 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

³The 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.