Daily Current "Brazilian Utilities" Ajeje

Research evidence excerpt

Daily Current "Brazilian Utilities" Ajeje

Global Research

26 June 2026ab

Daily Current Equities

Latin AmericaBrazilian Utilities

Utilities

Giuliano Ajeje

With a more complex free market, small traders are likely to disappear, says Analyst

Mosna giuliano.ajeje@ubs.com

According to MegaWhat, the greater complexity in free market operations, which +55-11-2767 6371

was reflected in the polarization around the risk aversion criteria (CVaR), which Henrique Simoes

guide the models of operation and formation of energy prices, should result in a Associate Analyst

reduction in the volume of traders in the country, according to Aneel director henrique.simoes@ubs.com

Fernando Mosna. "There is the issue that is being debated by the CVaR, but I believe +55-11-2767 6308

that this will make us now able to experience a moment of concentration in the Julia Ongarato

traders. There will be a moment of agglutination. It will not be as pulverized as it Associate Analyst

was until six months, eight months ago," said the director. (link) julia.ongarato@ubs.com

+55-11-2767 6694

El Niño leads ONS to monitor rainfall in the South and reservoirs in the second

half of the year

According to MegaWhat, with El Niño set up in June and expected to intensify until

the summer, the National Electric System Operator (ONS) started to monitor the

possible effects of the phenomenon on rainfall in the South and the conditions of

the reservoirs in the second half of the year. The assessment was presented on

Thursday, June 25th, on the first day of the Monthly Operation Program (PMO) for

July, in a scenario in which the National Interconnected System (SIN) should end

June with 71% of energy stored, but with hydrological conditions below the long-

term average in the four subsystems. (link)