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Eneva, Largest Private Gas Operator, Grows 165% and Reports R$ 2.6 Billion, Highlighting Thermoelectric Dispatch and Energy Exported to Argentina.
The Eneva achieved remarkable progress in the last quarter, recording an unprecedented operational cash flow of R$ 1.3 billion. This success is largely attributed to the significant increase in energy generation and the intensification of exports to Argentina. The company has demonstrated an enviable capacity for adaptation and growth, which is reflected in the continuous expansion of its operations in the energy sector.
With a remarkable growth of 165% in its net generation in the third quarter, Eneva reaffirms its position as a market leader. Acting as the largest private natural gas operator in Brazil, Eneva continues to expand its horizons and innovate in its operations. The company’s successful trajectory is a testament to the effectiveness of its strategies and the commitment of its team to reach new heights in the energy segment.
Eneva and a Quarter of Positive Highlights
Eneva, recognized as the largest private natural gas operator in Brazil, had a largely positive third quarter. This is particularly due to the increase in thermoelectric dispatch and the significant volume of energy exported to Argentina. During the period from July to September, Eneva’s EBITDA reached R$ 1.1 billion, marking an impressive growth of 27.2% compared to the third quarter of 2023.
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The scarcity of rainfall caused the National Electric System Operator (ONS) to intensify the use of regulatory thermoelectric dispatch. Thus, it ensured the energy security of Brazil and boosted the company’s performance. In the same context, the net generation of Eneva’s thermoelectric plants reached 3,524 GWh, representing a significant increase of 165% compared to the same period last year.
Growth in Revenue and Installed Capacity
The company saw its net revenue grow, reaching R$ 2.6 billion, an increase of 8.4% compared to the same period last year. During this quarter, almost all of Eneva’s thermal assets were dispatched. The energy generated at the company’s plants was not only dispatched to the National Interconnected System and the Isolated System of Roraima, including the Jaquatirica II thermoelectric plant, but was also exported to Argentina. This consolidated Eneva as a leader in the thermal installed capacity of Brazil, especially after the acquisition of the plants in Linhares, Viana, and Povoação.
In the coming days, the acquisition of the Maranhão Energy Generator (Gera Maranhão) will be completed. As an advancement in its expansion strategy, Eneva has successfully finalized a primary capital offering, raising R$ 3.2 billion. Another significant point was the reduction of the company’s leverage, reaching 3.53x, reflecting a drop of 0.68x in the quarter. This decrease was strengthened by the anticipation of receivables from the UTE Porto do Sergipe I. Simultaneously, there was an increase in the average debt maturity, with post-2028 maturities growing from 65% in the second quarter of 2024 to 73% in the third.
Prospects for the Future and Contract Expansion
Eneva maintains a robust pipeline of projects in the exploration and production of oil and natural gas. In addition, the private natural gas operator seeks to expand its operations in the free energy market and identify new opportunities in the thermoelectric segment. To this end, it advocates for a new energy capacity auction, a measure considered vital to ensure the country’s energy supply.
During the third quarter, Eneva celebrated the signing of a 100% flexible natural gas supply contract with Termopernambuco, with a volume that can reach up to 2.4 million m³ per day. The company also initiated the fulfillment of the first natural gas supply contracts it celebrated. These contracts cover both the outside grid front, with Copergás in the small-scale LNG business model at the Parnaíba Complex, and within the grid, through Eneva’s gas desk, which primarily uses gas from the Sergipe Hub.
About Eneva and Its Relevance in the Energy Sector
Eneva stands out as the main private natural gas operator in the country, a fuel considered crucial for energy security. As a national company, it operates in exploration, production, and energy supply. It manages 15 natural gas fields in the Parnaíba (MA) and Amazonas (AM) basins, covering a concession area exceeding 63 thousand km², which represents the largest extent in Brazil. Additionally, it has a generation park with 7.2 GW of capacity in operation and under construction, bringing together thermoelectric plants in the states of Maranhão, Ceará, Sergipe, Roraima, Espírito Santo, and the Futura Solar Complex, located in Bahia.
Source: ENEVA Press
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