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Eneva, the largest private gas operator, grows 165% and earns R$2,6 billion, highlighting thermoelectric dispatch and energy exported to Argentina.
A eneva achieved remarkable progress in the last quarter, recording an unprecedented operating cash flow of R$1,3 billion. This success is largely attributed to the significant increase in energy generation and the intensification of exports to Argentina. The company has demonstrated an enviable capacity for adaptation and growth, which is reflected in the continued expansion of its operations in the energy sector.
With a remarkable growth of 165% in its net generation in the third quarter, eneva reaffirms its position as a market leader. Acting as the largest private natural gas operator Brazil, Eneva continues to expand its horizons and innovate its operations. The company’s successful trajectory is a testament to the effectiveness of its strategies and the commitment of its team to reach new heights in the energy segment.
Eneva and a Quarter of Positive Highlights
Eneva, recognized as the largest private natural gas operator in Brazil, had a largely positive third quarter. This is especially due to the increase in thermoelectric dispatch and the significant volume of exported energy for Argentina. During the period from July to September, Eneva's EBITDA reached R$ 1,1 billion, marking an impressive growth of 27,2% when compared to the third quarter of 2023.
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The lack of rain has caused the National Electric System Operator (ONS) to intensify the use of thermoelectric regulatory order. In this way, it ensured the energy security of Brazil and boosted the company's performance. In the same context, the net generation of thermoelectric plants Eneva's production reached 3.524 GWh, representing a significant increase of 165% compared to the same period of the previous 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 destined for dispatch 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 thermoelectric installed capacity of Brazil, especially after the purchase of the Linhares, Viana and Povoação plants.
In the coming days, the acquisition of Geradora de Energia do Maranhão (Gera Maranhão) will be completed. As a step forward in its expansion strategy, Eneva has already successfully completed a primary capital offering, raising R$3,2 billion. Another significant point was the reduction of company leverage, reaching 3,53x, reflecting a 0,68x decline in the quarter. This decrease was reinforced by the anticipation of receivables from UTE Porto do Sergipe I. At the same time, there was an increase in the extension of average debt maturities, with post-2028 maturities growing from 65% in the second quarter of 2024 to 73% in the third.
Prospects for the Future and Expansion of Contracts
Eneva maintains a robust pipeline of projects in oil and natural gas exploration and production. 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 the implementation of a new energy capacity supply auction, a measure considered vital to ensure the country's energy supply.
During the third quarter, Eneva celebrated the signing of a natural gas supply contract 100% flexible with Termopernambuco, with a volume that can reach up to 2,4 million m³ per day. The fulfillment of the first natural gas supply contracts signed by the company has also begun. These contracts cover both the off-grid front, with Copergás in the small-scale LNG business model in the Parnaíba Complex, and the on-grid front, through Eneva's gas table, which mainly uses gas from the Sergipe Hub.
About Eneva and its Relevance in the Energy Sector
Eneva stands out as the country's leading private operator of natural gas, a fuel considered crucial for energy security. As a national company, it operates in the exploration, production and supply of energy. It manages 15 natural gas fields in the Parnaíba (MA) and Amazonas (AM) Basins, covering a concession area of over 63 km², which represents the largest area in Brazil. In addition, 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
