Assets

The Parnaíba Complex has a total installed capacity of 1.9 GW and is composed of 5 natural gas-fired thermoelectric power plants in operation (Parnaíba I, II, III, IV and V), totaling 1.8 GW operational, and 1 non-operational plants (Parnaíba VI), as well as 11 onshore fields located in its adjacency.

Energy Generation

The power plants are connected to the North Subsystem of the North Subsystem of production and the energy transmission network of the National Interconnected System (Sistema Interligado Nacional in Portuguese. Acronym: SIN)

The TPPs Parnaíba I, II and III, have agreements in the Regulated Market (ACR), in which generators sell energy to distributors through auctions organized by the regulatory agency, ANEEL. These are long-term agreements, which guarantee a fixed compensation to the generating agent (protected against inflation), regardless of generation, plus variable compensation when there is dispatch. For TPP Parnaíba V, these contracts will become effective as of January 2024.

The Parnaíba VI plant do not have existing contracts in the ACR, since they are currently in the construction process, with the beginning of Energy Sales Contracts in the Regulated Environment (CCEAR) scheduled for January 2025.

In 2021, the Parnaíba IV TPP won the first ANEEL Reserve Capacity Auction, signing a commitment to sell 39 MW of power, for a period of 15 years, with delivery starting July 1, 2026. Currently, the Parnaíba IV plant is the only operational plant that is in the free market (ACL), operating Merchant.

Upstream

Eneva has natural gas exploration and production assets located in four Brazilian states: Maranhão (the Parnaíba sedimentary basin), Amazonas (the Amazonas and Solimões sedimentary basins), and Mato Grosso do Sul and Goiás (the Paraná sedimentary basin). The company holds concession contracts to operate eleven fields declared as commercial in the Parnaíba Basin, in Maranhão. Of this total, seven are in production – Gavião Real, Gavião Vermelho, Gavião Branco, Gavião Caboclo, Gavião Azul, Gavião Preto and Gavião Tesoura – and four a under development – Gavião Branco Norte, Gavião Carijó, Gavião Belo and Gavião Mateiro. The Company’s portfolio also comprises assets in the discovery assessment phase and exploratory blocks acquired in the 13th and 14th ANP Bidding Rounds, now in the exploratory drilling and seismic phase, respectively, in addition to blocks acquired in the 1st Permanent Offering Cycle, held by the ANP in 2019.

Eneva’s total gas production capacity in the Parnaíba Basin is up to 8.4 million m³/day, and is linked to power generation, that is, the gas is produced according to the demand of the Parnaíba Complex’s thermoelectric plants. In this sense, Eneva adopted an innovative business model in the Complex, the Reservoir-to-Wire (R2W) model, allowing the non-associated onshore gas, which is more competitive in terms of cost of discovery, development and production per cubic meter, to be used in the generation of energy at more attractive costs for the Brazilian electricity system.

Additionally, in the Parnaíba Complex, the Company has 29.45 bcm of reserves (2P) certified by Gaffney Cline & Associates, as of the base date of December 2021, and a pipeline network of 203 km in length.

Commercialization

Eneva also operates in the commercialization of energy and gas authorized by the ANP, which operates in the free market (ACL), positioned to increase the profitability of existing products; manage liquidity risk in short, medium and long-term contracts; increase the added value of its products through market intelligence; new business opportunities; and increase the profitability of existing assets through improvements in the management of our energy portfolio. From analyses relative to, among others, the hydrological scenario of the SIN basins, macroeconomics and the evolution of energy supply and demand, strategies are defined for the commercialization in the free market of energy from own and third party generation sources.

The market is moving towards a more open free market, with greater integration between the gas and energy sectors, and the trading company can capture opportunities of a more open and mature energy market.

Azulão Complex

TPP Azulão is a new natural gas-fired thermoelectric plant, with an installed capacity of 295 MW, located in the municipality of Silves, in the state of Amazonas, and will be connected to the Northern Subsystem of the National Interconnected System. The plant will use as fuel the natural gas coming from the Azulão Field, located less than 1km away from the site where it will be installed.

The project is part of ENEVA’s strategy to replicate the R2W (Reservoir-to-Wire) business model, successfully implemented in the Parnaíba Basin and in the Integrated Azulão-Jaguatirica Project, and was contracted in ANEEL’s first Reserve Capacity Auction, in December 2021. The contract established in the auction foresees that UTE Azulão will be committed to sell 295 MW of power, for a period of 15 years, starting from the beginning of the plant’s commercial operation, which is scheduled for July 2026.

Azulão-Jaguatirica Integrated Project II

The project consists in the extraction, production, treatment, and liquefaction of natural gas in the Azulão Field, located in the Amazonas Basin, in the state of Amazonas, with transportation in cryogenic tanks to the Jaguatirica TPP, located in Boa Vista, in the state of Roraima. In an area adjacent to the plant, LNG (liquefied natural gas) is tanked and regasified for use in thermoelectric generation.

Energy generation

The Jaguatirica II thermoelectric power plant, located in Boa vista, state of Roraima, has an installed capacity of 141 MW. The TPP won the 2019 ANEEL Auction to Supply Boa Vista and connected locations. The contract established in the auction provides for a commitment to deliver 117 MW of power, fully flexible, for a period of 15 years, starting from the commercial operation of the plant, which will be concluded in May 2022.

Upstream

The Azulão Field, purchased by Eneva in 2018, has a volume of reserves certified by the independent consultancy Gaffney, Cline & Associates, of 14.8 billion cubic meters of natural gas (2P) and 4.7 million barrels of condensate (2P), on the base date of April 30, 2022. The mentioned gas volume is enough to guarantee 100% of dispatch at UTE Jaguatirica II and UTE Azulão I during the entire contract period, if necessary.

Situated in Sergipe, it consists of a strategic hub for the national scenario: the Sergipe Hub. This integrated structure brings together the Porto de Sergipe I Thermal Power Plant (TPP) and the Floating Storage Regasification Unit (FSRU). Additionally, the interconnection of the Sergipe Hub structure with TAG’s gas pipeline network is under construction, expected to be completed in the second half of 2024. Eneva owns the assets in the Sergipe Hub and has been developing this hub since October 2022, when it announced the acquisition of 100% of the issued shares of DC Energia, a holding company that holds equity stakes in CELSEPAR and CEBARRA.

Power 2 gas: Porto Sergipe I TPP 

The Porto Sergipe I TPP, located in Barra dos Coqueiros, Sergipe, has been in operation since 2020 and is fully contracted in the regulated environment until December 2044. With an installed capacity of 1,593 MW, the plant has contributed to the supply security of the Northeast region and the country. The TPP operates in combined-cycle mode using natural gas and steam, optimizing power generation and significantly reducing CO2 emissions compared to other traditional sources, contributing to the diversification of Brazil’s energy matrix and aligning the country with international sustainability goals. The fuel used, natural gas, reinforces this commitment to clean and efficient energy generation.

On-grid Gas Commercialization: Integration with FRSU and the national gas network

The Porto de Sergipe I TPP is supplied with Liquefied Natural Gas (LNG) purchased from third parties and transported by LNG carriers (tanker ships that transport natural gas) to Floating Storage Regasification Unit (FSRU) in Aracaju. At the FRSU, LNG is regasified, returning to its original gaseous state and stored in cryogenic tanks. Pipelines then direct the regasified natural gas to the TPP. Once at the plant, natural gas powers gas turbines, generating electricity. The steam generated in this process is later used in steam turbines, optimizing the plant’s energy efficiency. Finally, the electricity generated by the TPP is injected into the high-voltage transmission grid, supplying cities and industries throughout the country.
It is important to highlight that TAG’s gas pipeline network is spread along the Northeast coast and connects with other gas pipeline networks across the country. Therefore, the completion of the interconnection will enable the transportation of natural gas from the FRSU to other regions, activities, and customers. In early 2024, Eneva launched the Gas Trading Desk, which will offer various services related to gas sales from the Sergipe Hub’s FSRU, the first private LNG terminal connected to the national gas transportation network.

Eneva currently owns two coal-fired power plants that together have an installed capacity of 725 MW.

1. TPP Porto do Itaqui (“TPP Itaqui”), in Maranhão, with an installed capacity of 360 MW;
2. TPP Porto do Pecém II (“TPP Pecém II”), in Ceará, with an installed capacity of 365 MW.

TPPs Itaqui and Pecém II are plants in operation and are part of the North and Northeast subsystems, respectively, of SIN. The plants are located near port areas and are supplied by imported coal. The energy produced by these plants is sold through contracts established in energy auctions in the regulated environment (“CCEARS”), which together are responsible for an annual fixed gross revenue of R$ 899 million (base date: fiscal year 2021), indexed annually to the IPCA.

These (“CCEARS”) additionally provide for a variable revenue to cover the costs of fuel (updated monthly by the variation of the CIF ARA) and operation and maintenance (updated annually by the variation of the IPCA), incurred when the plants are dispatched by ONS. 

The Itaqui plant was contracted in ANEEL’s A-5 auction, in 2007, and sold 315 MWm. The start and maturity dates of the CCEAR are January 2012 and December 2026, respectively. Whereas the Pecém II plant was contracted in ANEEL’s A-5 auction, in 2008, and sold 277 MWm. The start and maturity dates of the CCEAR are January 2013 and December 2027, respectively.

The Futura 1 Solar Complex, located in the state of Bahia, is comprised of Futura Solar Photovoltaic Power Plants 1 to 22 and has 692.4 MWac of installed capacity. The Complex started its commercial operation in May 2023 and, since then, the Company has been remunerated for the energy generated.

The Futura Solar Complex includes 2 additional plants, Futura 2 and Futura 3, which may be developed in the future, according to the macroeconomic scenario and market opportunities. The 3 projects, together, will be able to reach an installed capacity of 3.9 GWp.

Considering the renewable segment, the Company now has a more balanced energy generation portfolio. The Photovoltaic Power Plants Futura 1, 2 and 3 projects will contribute with a greater share of energy that is not contracted and available for negotiation in the free environment, allowing the strengthening of energy trading activities. The growth of the renewable energy generation portfolio will also contribute to reduce the intensity of greenhouse gas emissions (GHG) in Eneva’s generation portfolio, strengthening the Company’s energy transition process.

Besides the Futura Project, the Company owns the Tauá Photovoltaic Plant, a plant with an installed capacity of 1MW that corresponds to the consumption of approximately 1,500 residences. It is located in the state of Ceará, connected to the energy transmission grid of the National Interconnected System (SIN), and interconnected to the Northeast production subsystem. The beginning of the plant’s commercial operation was in August 2011 and the energy generated is sold in the Free Contracting Environment.

In the 2nd cycle of the ANP Permanent Offering, in December 2020, Eneva acquired 100% interest in the Juruá marginal accumulation area, which is located in the municipalities of Tefé/AM and Carauari/AM, 725 km southwest of the City of Manaus/AM, and 110 km west of the Urucu Pole. According to data certified by GCA as of June 30, 2021, contingent resources (P50) total 20.85 billion cubic meters.

Located in Caucaia, Ceará, the Fortaleza Thermal Power Plant, with an installed capacity of 327 MW and composed of a combined cycle of gas and steam, was acquired in August 2022 by Eneva, with the acquisition of 100% of the issued shares by CGTF – Central Geradora Termelétrica Fortaleza S.A. The Power Purchase Agreement (PPA) of Fortaleza TPP expired in December 2023, the plant was shut down, and the concession terminated. The asset will remain in hibernation while Eneva evaluates potential opportunities for a new cycle contract for this plant.

In the 2nd cycle of the ANP’s Permanent Offer, in December 2020, Eneva acquired four blocks located in the states of Mato Grosso do Sul and Goiás, with a concession area of 11,544 km² (PAR-T-196, PAR-T-215, PAR-T-86, PART-99). The acquisition was made in partnership with Enauta Energia S.A. (70% participation by Eneva and 30% by Enauta), in which Eneva is the operator. 

Eneva has also acquired 527 km of existing 2D seismic and between 2023 and 2024, the planned acquisition of 2D seismic is 2,000 to 3,000 km. Additionally, the Company intends to start drilling exploratory wells in the year 2025.