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Financial Instruments and Risk Management (Tables) | 12 Months Ended
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Dec. 31, 2024
Financial Instruments And Risk Management |
Schedule of Financial Instruments and Fair Value | The financial instruments, classified in accordance with the accounting principles, are as follows:
|  | Dec. 31, 2024 |  | Dec. 31, 2023
| Level | Balance |  | Fair value |  | Balance |  | Fair value
Financial assets |  |  |  |  |  |  |  |
Amortized cost (1) |  |  |  |  |  |  |  |
Marketable securities – Cash investments |  | 142 |  | 142 |  | 11 |  | 11
Accounts receivable from Customers and traders; Concession holders (transmission service) |  | 5,850 |  | 5,850 |  | 5,477 |  | 5,477
Restricted cash |  | 235 |  | 235 |  | 31 |  | 31
Accounts receivable from the State of Minas Gerais (AFAC) |  | 40 |  | 40 |  | 13 |  | 13
Concession financial assets – CVA (Parcel ‘A’ Costs Variation Compensation) Account and Other financial components |  | 1,296 |  | 1,296 |  | 806 |  | 806
Concession grant fee – Generation concessions |  | 3,098 |  | 3,098 |  | 3,031 |  | 3,031
|  | 10,661 |  | 10,661 |  | 9,369 |  | 9,369
Fair value through profit or loss |  |  |  |  |  |  |  |
Cash equivalents – Cash investments | 2 | 1,629 |  | 1,629 |  | 1,342 |  | 1,342
Marketable securities |  |  |  |  |  |  |  |
Bank certificates of deposit (CDBs) | 2 | - |  | - |  | 74 |  | 74
Financial Notes – Banks | 2 | 279 |  | 279 |  | 475 |  | 475
Treasury Financial Notes (LFTs) | 1 | 72 |  | 72 |  | 214 |  | 214
|  | 1,980 |  | 1,980 |  | 2,105 |  | 2,105
Derivative financial instruments (Swaps) | 2 | - |  | - |  | 368 |  | 368
Concession financial assets – Distribution infrastructure | 3 | 2,807 |  | 2,807 |  | 1,920 |  | 1,920
Indemnifiable receivable – Generation | 3 | 871 |  | 871 |  | 784 |  | 784
|  | 5,658 |  | 5,658 |  | 5,177 |  | 5,177
|  | 16,319 |  | 16,319 |  | 14,546 |  | 14,546
Financial liabilities |  |  |  |  |  |  |  |
Amortized cost (1) |  |  |  |  |  |  |  |
Loans and debentures (2) |  | (12,280) |  | (11,934) |  | (9,831) |  | (9,831)
Debt with pension fund (Forluz) |  | - |  | - |  | (90) |  | (90)
Deficit of pension fund (Forluz) |  | (494) |  | (484) |  | (521) |  | (521)
Concessions payable |  | (27) |  | (27) |  | (28) |  | (28)
Suppliers |  | (2,952) |  | (2,952) |  | (3,017) |  | (3,017)
Leasing liabilities (Adjusted for remeasurements) |  | (429) |  | (429) |  | (433) |  | (433)
Sector financial liabilities |  | (16) |  | (16) |  | - |  | -
|  | (16,198) |  | (15,842) |  | (13,920) |  | (13,920)
(1) | The book value represents the approximate fair value amount, except for loans, debentures and pension fund deficit equalization in relation to the amounts as of December 31, 2024.
(2) | The fair value presented is net of the transaction costs and anticipated resources presented in note 20.
Schedule of Derivative Instruments Contracted Realized Gain | The gains and losses realized in 2024 and 2023 are shown below:
Assets | Liability |  | Maturity period |  | Product |  | Trade market |  | Notional amount |  | Realized gain / loss
|  |  |  |  | 2024 |  | 2023
US$ exchange variation + Rate (9.25% p.y.) | Local currency R$ + 149.99% of CDI |  | Interest: Half-yearly Principal: Dec. 2024 |  | Swap + Options |  | Over the counter |  | US$120.000 |  | 212 |  | 97
US$ exchange variation + Rate (9.25% p.y.) | Local currency R$ + 125.54% of CDI |  | Interest: Half-yearly Principal: Dec. 2024 |  | Swap + Options |  | Over the counter |  | US$261.110 |  | 302 |  | 87
US$ exchange variation higher than R$5.1110 | US$ exchange variation higher than R$5.1110 |  | April 13, 2023 December 05, 2023 |  | NDF |  | Over the counter |  | US$392.344 |  | - |  | (79)
US$ exchange variation higher than R$4.9675 | US$ exchange variation higher than R$4.9675 |  | December 05, 2023 December 19, 2023 |  | NDF |  | Over the counter |  | US$376.550 |  | - |  | (38)
|  |  |  |  |  |  |  |  |  |  | 514 |  | 67
Schedule of Derivative Instruments Contracted | The net exposure to exchange rates is as follows:
Exposure to exchange rates | Dec. 31, 2024 |  | Dec. 31, 2023
| Foreign currency |  | R$ |  | Foreign currency |  | R$
US dollar |  |  |  |  |  |  |
Loans and financing (note 20) | - |  | - |  | (384) |  | (1,857)
Suppliers (Itaipu Binacional) | (34) |  | (210) |  | (50) |  | (240)
| (34) |  | (210) |  | (434) |  | (2,097)
Net liabilities exposed |  |  | (210) |  |  |  | (2,097)
Schedule of Fair Value of Derivative Hedge Instrument One | The Company has prepared a sensitivity analysis of the effects on the Company’s net income arising from depreciation of the Real exchange rate considering an adverse scenario in relation to the probable scenario.
Risk: foreign exchange rate exposure | Dec. 31, 2024 |  | Dec. 31, 2025
Book value |  | Probable' scenario |  | Adverse scenario
| Dollar R$5.7 |  | Dollar R$6.48
US dollar |  |  |  |  |
Suppliers (Itaipu Binacional) | (210) |  | (194) |  | (220)
Net liabilities exposed | (210) |  | (194) |  | (220)
Net effect of exchange rate fluctuation |  |  | 16 |  | (10)
Schedule of Net Assets Exposure to Exchange Rates | This exposure occurs as a result of net assets indexed to variation in interest rates, as follows:
| Dec. 31, 2024 |  | Dec. 31, 2023
Assets |  |  |
Cash equivalents – Cash investments – CDI | 1,629 |  | 1,342
Marketable securities – CDI / Selic | 493 |  | 774
Generation indemnity revenue | 871 |  | 784
Restricted cash – CDI | 235 |  | 31
CVA and in tariffs (Note 12.d) – Selic | 1,296 |  | 806
| 4,524 |  | 3,737
Liabilities |  |  |
Loans and debentures (Note 20) – CDI | (4,882) |  | (3,508)
Sector financial liabilities (note 12.d) | (16) |  | -
| (4,898) |  | (3,508)
Net liabilities exposed (1) | (374) |  | 229
Schedule of Exposure to Exchange Rates | The Company made a sensitivity analysis of the effects on results considering an adverse scenario in relation to the probable scenario, as shown in the table below. The CDI rate follows the Selic rate.
Risk: Increase in Brazilian interest rates | Dec. 31, 2024 |  | Dec. 31, 2025
Book value |  | Probable' scenario |  | Adverse scenario
| Selic 15% |  | Selic 15.25%
| TJLP 7.94% |  | TJLP 8.26%
Assets |  |  |  |  |
Cash equivalents | 1,629 |  | 1,873 |  | 1,877
Marketable securities | 493 |  | 566 |  | 568
Generation indemnity revenue (nota 12.b) | 871 |  | 1,001 |  | 941
Restricted cash | 235 |  | 270 |  | 271
CVA and Other financial components – SELIC (Note 12.d) | 1,296 |  | 1,490 |  | 1,493
| 4,524 |  | 5,200 |  | 5,150
Liabilities |  |  |  |  |
Loans and financing (Note 20) – CDI | (4,882) |  | (5,614) |  | (5,627)
CVA and Other financial components – SELIC (Note 12.d) | (16) |  | (18) |  | -
| (4,898) |  | (5,632) |  | (5,627)
Net liabilities exposed | (374) |  | (432) |  | (477)
Net effect of fluctuation in interest rates |  |  | (58) |  | (103)
Schedule of Risk of Increase in Inflation | This table presents the Company’s net exposure to inflation index:
Exposure to increase in inflation | Dec. 31, 2024 |  | Dec. 31, 2023
Assets |  |  |
Concession financial assets related to Distribution infrastructure - IPCA | 2,807 |  | 1,920
Concession Grant Fee – IPCA (Note 12.c) | 3,098 |  | 3,031
| 5,905 |  | 4,951
Liabilities |  |  |
Loans and debentures – IPCA and IGP-DI (Note 20) | (7,547) |  | (4,522)
Debt with pension fund (Forluz) – IPCA | - |  | (90)
Deficit of pension plan (Forluz) – IPCA | (494) |  | (521)
Leasing liabilities | (429) |  | (433)
| (8,470) |  | (5,566)
Net liabilities exposed | (2,565) |  | (615)
(1) | Portion of the concession financial assets relating to the Regulatory Remuneration Base of Assets ratified by the grantor (Aneel) after the 4 th tariff review cycle.
Schedule of Exposure to Exchange Rates Risk | The Company has prepared a sensitivity analysis of the effects on its net income arising from reductions in rates in an adverse scenario.
| Dec. 31, 2024 |  | Dec. 31, 2025
Book value |  | Probable' scenario |  | Adverse scenario
| IPCA 4.5% |  | IPCA 8.08%
| IGPM 3.76% |  | IGPM 9.47%
Assets |  |  |  |  |
Concession financial assets related to Distribution infrastructure – IPCA (1) | 2,715 |  | 2,837 |  | 2,934
Concession financial assets related to gas distribution infrastructure – IGPM | 92 |  | 96 |  | 101
Concession Grant Fee – IPCA (Note 12.c) | 3,098 |  | 3,238 |  | 3,349
| 5,905 |  | 6,171 |  | 6,384
Liabilities |  |  |  |  |
Loans, financing and debentures – IPCA and IGP-DI (Note 20) | (7,547) |  | (7,887) |  | (8,157)
Deficit of pension plan (Forluz) | (494) |  | (516) |  | (534)
Leasing liabilities | (429) |  | (449) |  | (464)
| (8,470) |  | (8,852) |  | (9,155)
Net liability exposed | (2,565) |  | (2,681) |  | (2,771)
Net effect of fluctuation in IPCA and IGP–M indexes |  |  | (116) |  | (206)
(1) | Portion of the Concession financial assets relating to the Regulatory Remuneration Base of Assets ratified by the grantor (ANEEL) after the 4th tariff review cycle.
Schedule of Financial Instruments at Interest Rates | The flow of payments of the Company’s obligation to suppliers, debts with the pension fund, Loans and debentures, at floating and fixed rates, including future interest up to contractual maturity dates, is as follows:
| Up to 1 month |  | 1 to 3 months |  | 3 months to 1 year |  | 1 to 5 years |  | Over 5 years |  | Total
| Principal |  | Interest |  | Principal |  | Interest |  | Principal |  | Interest |  | Principal |  | Interest |  | Principal |  | Interest |
Financial instruments at interest rates: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Floating rates (*) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans and debentures | - |  | - |  | 324 |  | 216 |  | 2,414 |  | 706 |  | 5,354 |  | 2,217 |  | 5,902 |  | 1,513 |  | 18,646
Onerous concessions | - |  | - |  | 1 |  | - |  | 3 |  | - |  | 14 |  | - |  | 15 |  | - |  | 33
Deficit of the pension plan (FORLUZ) | 5 |  | 2 |  | 10 |  | 5 |  | 45 |  | 21 |  | 304 |  | 81 |  | 207 |  | 15 |  | 695
| 5 |  | 2 |  | 335 |  | 221 |  | 2,462 |  | 727 |  | 5,672 |  | 2,298 |  | 6,124 |  | 1,528 |  | 19,374
- Fixed rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Suppliers | 2,787 |  | - |  | 163 |  | - |  | 2 |  | - |  | - |  | - |  | - |  | - |  | 2,952
Total | 2,792 |  | 2 |  | 498 |  | 221 |  | 2,464 |  | 727 |  | 5,672 |  | 2,298 |  | 6,124 |  | 1,528 |  | 22,326
(*) The lease payment flow is presented in note 17.
Schedule of Credit Exposure | Banks that exceed these thresholds are classified in three groups, in accordance with their equity value, plus a specific segment comprising those whose credit risk is associated only with federal government, and within this classification, limits of concentration by group and by institution are set:
|  |  | Limit per bank (% of equity) (1) (2)
Group | Equity |  | AAA |  | AA |  | A |  | BBB
Federal Risk | - |  | 10% |  | 10% |  | 10% |  | 10%
A1 | Equal or over R$10 billion |  | 9% |  | 8% |  | 7% |  | 6%
A2 | Between R$5 billion and R$10 billion |  | 8% |  | 7% |  | 6% |  | 5%
A3 | Between R$2 billion and R$5 billion |  | 7% |  | 6% |  | 5% |  | 4%
A4 | Between R$800 million and R$2 billion |  | 6% |  | 5% |  | 4% |  | -
1. | The percentage assigned to each bank depends on individual assessment of indicators, e.g. liquidity, and quality of the credit portfolio.
2. | When the institution has different ratings from different risk rating agencies, the rating that is most favorable for the institution is taken into account.
Schedule of measures arising from non-compliance of quality criteria and parameters for economic and financial sustainability | As of 2021, the contract established that failure to meet the quality criteria for three consecutive years or the minimum parameters for economic and financial sustainability for two consecutive years will result in the opening of forfeiture proceedings. This rule was regulated by Normative Resolution 948/2021, summarized as follows:
Indicator | Criteria | Measures arising from non-compliance
Economic and financial management | In the base year | Capital contribution (1)
Limitation on the distribution of dividends and interest on own capital
Restrictive regime for contracts with related parties
Economic and financial management | 2 consecutive years | Expiry of the concession
Quality of supply | In the base year | Results plan (2)
Quality of supply | 2 consecutive years or 3 of the previous 5 calendar years | Limitation on the distribution of dividends and interest on own capital (3)
Quality of supply | 3 consecutive years | Expiry of the concession
(1) | Within 180 days of the end of each financial year, for the total insufficiency that occurs in reaching the Minimum Parameter for Economic and Financial Sustainability.
(2) | Failure to comply with any of the DEC or FEC limits for one year makes it compulsory for the concessionaire to present a Results Plan, which must be submitted for Aneel's prior acceptance and monitored in its execution by the inspection areas.
(3) | This limitation will come into effect on January 1st of the calendar year following the year in which the indicator was not met.

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