SÃO PAULO – Centrais Elétricas Brasileiras, also known as Eletrobras, has seen a boost in profit for the second quarter due to the higher prices of energy sales in Brazil’s open power market.
Eletrobras announced on Monday evening that its net income for the quarter reached 1.6 billion reais ($327 million), compared to 1.4 billion reais in the same period last year. Net operating revenue also saw an increase, rising from 8.9 billion reais to 9.2 billion reais.
As part of its efforts to optimize operations, Eletrobras provisioned 513 million reais to fund its second voluntary retirement plan, which was accepted by 1,475 employees. The company anticipates annual savings of approximately 688 million reais from these retirements.
Brazil’s electricity market consists of various segments, including a government-regulated segment and an open market where prices are determined by supply and demand.
Eletrobras noted a significant 78% increase in power sold in the regulated market compared to the previous year. However, the average price in this market segment experienced a decline of 23% from the same period in 2022. In contrast, the company reported a 13.9% increase in sales in the open market with an average price rise of 3.5%.