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Provisional Measure No. 1,300/2025 ("MP 1,300") was
converted into Law No. 15,235, published on October 9, 2025.
Several structural topics related to the modernization of the
sector initially proposed in MP 1,300 were not addressed in Law
15,235 and are currently being discussed in the context of
Provisional Measure No. 1,304/2025 ("MP 1,304"), such as
changes to the rules governing self-production of electricity, the
elimination of tariff discounts for renewables, and the full
opening of the free market.
Below is a brief summary of the main points addressed by the new
Law.
Social Tariff
Law 15,235 maintained the changes proposed by MP 1,300 concerning the expansion of the Social Tariff:
- The Social Electricity Tariff allows 100% exemption on electricity bills for consumption up to 80 kWh/month for low-income families registered in CadÚnico, in addition to maintaining specific treatment for Indigenous peoples, Quilombola communities, and beneficiaries of the Continuous Cash Benefit Program (BPC); and
- Beginning January 1, 2026, exemption from payment of annual CDE quotas for families with per-capita income between 50% and 100% of the minimum wage, for consumption of up to 120 kWh/month, limited to one consumer unit per family.
Cost Allocation for Angra 1 and Angra 2
As per Law 15,235, beginning January 1, 2026, the additional cost of nuclear generation (Angra 1 and 2) will be allocated among all consumers in the SIN through a specific tariff surcharge, except for low-income consumers.
Renegotiation of Outstanding UBP Installments
Law No. 15,235/2025 introduced a mechanism to renegotiate future installments related to the Use of Public Assets ("UBP") for hydropower plants ("UHEs"), which was not originally included in MP 1.300.
Eligible UHEs:
Only UHEs auctioned under Law No. 9.648/1998, awarded based on the highest UBP payment criterion, are eligible.
Calculation of the UBP Balance to be Renegotiated:
The balance will be calculated based on the present value of the outstanding installments, disregarding amounts related to any extension of the original concession term.
For this purpose, the following applies to:
- The discount rate originally used in the UHE auction; or, if unavailable,
- The discount rate applied in the calculation of the most recently CNPE-approved concession bonus (i.e., 7.31% per Resolution No. 15/2021).
Mechanism:
Renegotiation occurs via a percentage reduction of the
outstanding UBP balance.
The percentage is proportional to the reduction applied by ANEEL
between the Reference Revenue and the Reference Cost for defining
UBP owed by agents extending concessions under Law No.
12,783/2013.
| According to Normative Resolution No. 1.027/2022, ANEEL applies a 50% reduction, and thus the amount deducted corresponds to half of the outstanding UBP balance. |
For "botox plants" (UHEs that sold energy in new or existing energy auctions), the reduction will be adjusted to deduct the present value of revenue incorporated into the generator's sale price (art. 18, II, Law No. 10,848/2004).
Calculation and Publication:
ANEEL must calculate and publish the renegotiated UBP balance and the draft contractual amendment by December 8, 2025.
Settlement:
The contractual amendment will establish that the previous UBP payment obligation is to be considered settled if replaced by a sectorial charge paid directly to the CDE, equivalent to the balance defined by ANEEL.
The amount must be updated pro rata die by the SELIC rate until effective payment.
Allocation of CDE Funds:
Resources collected will be used exclusively for tariff reduction in 2025 and 2026 for regulated-market consumers located in the Sudam and Sudene regions.
| Mechanism | ||
|---|---|---|
| ANEEL | Calculate and publish the reprofiled outstanding balance and the draft contractual amendment | By December 8, 2025 |
| Interested Agent | Express interest in adhering to the reprofiling mechanism | Within 60 days of publication of the outstanding balance |
| ANEEL | Summon the concessionaire to sign the amendment | Within 10 days of the agent's expression of interest |
| Interested Agent | Sign the contractual amendment | Within 20 days of ANEEL's summons |
| Settlement of Outstanding Balance | Payment of the reprofiled outstanding balance in a single installment to the CDE | Within 30 days of execution of the contractual amendment |
Public Consultation
On October 29, 2025, ANEEL opened Public Consultation No. 19/2025 to receive input on the methodology for calculating the present value of UBP installments owed by eligible hydropower plants. Contributions are accepted until November 4, 2025.
Accounting & Tax Considerations
The renegotiation will require detailed assessment of accounting impacts (e.g., derecognition of liabilities with effect on profit or loss, adjustment to intangible assets linked to UBP, etc.). Accordingly, companies should also evaluate the related tax impacts.
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