Daily Current "Brazilian Utilities" Ajeje

Research evidence excerpt

Daily Current "Brazilian Utilities" Ajeje

Global Research

23 June 2026ab

Daily Current Equities

Latin AmericaBrazilian Utilities

Utilities

Giuliano Ajeje

Hydroelectric, wind and solar compete for apportionment in the new Analyst

curtailment rule giuliano.ajeje@ubs.com

According to MegaWhat, on Monday, June 22, Aneel's board of directors postponed a +55-11-2767 6371

decision on the closure of Public hearing 45/2019, which deals with the rules for Henrique Simoes

generation cuts in the National Interconnected System (SIN). The request for review Associate Analyst

was made by director Fernando Mosna, after more than two hours of reading the henrique.simoes@ubs.com

vote by the reporting director, Agnes da Costa, and 15 oral arguments from agents +55-11-2767 6308

and associations in the sector. (link) Julia Ongarato

Associate Analyst

Aneel approves transmission auction in October and excludes lot with Bolivia julia.ongarato@ubs.com

+55-11-2767 6694

According to MegaWhat, Aneel's board of directors approved on Monday (22), in an

extraordinary meeting, the notice of the transmission auction scheduled for

October 30, 2026. The event is expected to cost R$8.9bn in investments. The

transmission lines tendered are located in the states of Bahia, Goiás, Mato Grosso do

Sul, Paraíba, Paraná, Rondônia and São Paulo. (link)

UBS - recently published reports

On June 22 we initiated coverage of Compass - Pipeline to growth - Initiating with

Buy. We initiate coverage on PASS3 with a Buy rating and a R$38/share price target,

representing a 50% upside. Compass is Brazil's largest natural gas platform, sitting

at the intersection of two very different business models. On one side, a portfolio of

regulated distribution concessions - mainly, Comgás, the largest gas distributor in