Energy in Brazil Market Players Analysis

Products and Services

Here is a detailed report on the top 10 market players in the energy industry in Brazil, outlining their main products and services and evaluating available data on volume and revenue growth or decline.

Petrobras Petrobras is a state-owned Brazilian company primarily involved in the exploration, production, refining, transportation, and commercialization of oil, natural gas, and derivatives. A key strategic focus is on high-profitability, lower-cost assets, particularly in the pre-salt region. In terms of volume, production saw a slight decrease in 2024 but is recovering, especially in the pre-salt layer, which accounted for about 81% of the company's overall production in 2024. The company's guidance aims for a production of 2.3 million barrels per day in 2025 and 2.5 million by 2029. Petrobras reported R$ 490.82 billion in sales revenue in 2024, a decrease of 4.13% compared to 2023 revenue of R$ 512.6 billion. Sales revenues in USD decreased from $102.409 million in 2023 to $91.416 million in 2024. Full-year 2024 revenue was estimated at $91.6 billion, a 10.5% drop year over year.

Raízen Raízen, a joint venture between Cosan and Shell, operates in the production and commercialization of sugar, ethanol, biofuels, and the distribution of fuels under the Shell brand. The company is actively expanding the production of 2nd generation ethanol and strengthening its relationship with Shell stations and other client segments. In Q1 of the 2024/2025 harvest year (April-June 2024), ethanol sales volume increased by 19% year-on-year. Production of 2nd generation ethanol reached 16.2 million liters in Q1 2024/2025. Sugar sales volume saw an 18% reduction in the same period. Total ethanol sales volumes in Q3 2024/25 (October to December) rose 21% year-on-year. Sugarcane crushing for the 2024/25 harvest reached 77.5 million tonnes, a 6% short of estimates, with a 27% year-on-year drop in Q3 crushing and a 30% fall in Q4 compared to the previous year due to drought and fires. Raízen's net revenue for the 2023/2024 harvest year (ended March 2024) was R$ 58.49 billion. Net revenue in Q1 of the 2024/2025 harvest was R$ 57.8 billion. Net revenue rose 14% to R$ 66.87 billion in the third quarter of the 2024/25 season despite a net loss of R$ 2.57 billion in the same period, reversing a profit from the previous year.

Neoenergia Neoenergia operates across the entire electricity value chain, including generation, transmission, distribution, and commercialization. The company controls five distribution companies serving 16.6 million clients. Energy injected in distribution concessions increased by 2.1% in 2024. Generation from wind and solar sources increased by 7% in 2024, reaching 5,585 GWh, driven by greater installed capacity. The company operates 3,000 km of transmission lines and has another 5,600 km under construction. Neoenergia's consolidated net revenue (IFRS) in 2024 was R$ 48.9 billion. Net operational revenue in 2024 was R$ 46.6 billion. Adjusted profit was R$ 4.3 billion in 2024, in line with 2023, while net income in Q4 2024 was R$ 852 million, an annual decrease of 12%. Adjusted profit in Q4 2024 was R$ 1.4 billion. Revenue in 2Q24 increased to R$ 10.9 billion, a 4% rise compared to 2Q23, influenced by greater energy distribution and expanded wind and solar generation capacity.

Enel Brasil Enel Brasil is part of the global Enel Group and is involved in electricity distribution, generation, transmission, and energy solutions. It holds distribution concessions in states like Rio de Janeiro, Ceará, and São Paulo. The number of billed mass-market clients increased by 3.24% in 2023. Globally, Enel's electricity sales volumes decreased by 9.1% in 2024; however, higher volumes were sold in Brazil, showing an increase of 3.3 TWh. Enel Brasil's revenue for the first 9 months of 2024 was €5.665 billion, equivalent to approximately R$ 30.6 billion. Enel SpA's revenue globally was 75.71 billion Euros in 2024, a decrease of 19.65% from 2023.

Cemig Cemig is a state-owned integrated energy company in Minas Gerais, engaged in generation, transmission, distribution, and commercialization of electricity, serving approximately 9.41 million clients in December 2024. The total energy supplied to captive clients and transported for free clients in Q4 2024 was 12,317 GWh, a 1% decrease compared to Q4 2023. Gross revenue from energy sales to final consumers in Q4 2024 was R$ 8.250 billion, showing a 7.4% increase driven by tariff adjustments, despite a 4% reduction in volume. Cemig's net revenue in 2024 was R$ 39.819 billion, an increase from R$ 36.8 billion in 2023. Construction revenue related to distribution networks increased to R$ 4.378 million in 2024, compared to R$ 3.601 million in 2023.

Copel Copel is an integrated energy company in Paraná, with activities in generation, transmission, and distribution of electricity. The company operates hydroelectric plants with a combined installed capacity of 4,176 MW after recent concession renewals. Energy consumption in Q4 2024 increased by 4.7%, reaching 8,814 GWh. Copel's operational net revenue in 2024 was R$ 22.651 billion, an increase of 5.5% compared to R$ 21.479 billion in 2023. This variation was mainly due to tariff adjustments, increased billed captive market revenue, and growth in consumer base, partially offset by lower revenue from free consumers due to decreased market energy prices.

Eletrobras Eletrobras is a major Brazilian power company primarily involved in the generation and transmission of electricity. In 2024, Eletrobras' revenue was R$ 40.18 billion, an increase of 8.13% compared to R$ 37.16 billion in the previous year. Revenues from the generation segment accounted for R$ 28.1 billion in 2024, compared to R$ 26.6 billion in 2023, and R$ 23.9 billion in 2022. The revenue from transmission was R$ 10.1 billion in 2024, R$ 9.6 billion in 2023, and R$ 9.1 billion in 2022.

Vibra Energia Vibra Energia is one of the largest fuel distribution companies in Brazil, operating under the BR brand. The company's annual adjusted net revenue rose by 5.7% in 2024, reaching R$ 173 billion. In Q4 2024, adjusted net revenue increased by 1.4% year-over-year to R$ 44.45 billion. For the full year 2024, sales volumes reached nearly 36 million cubic meters. In Q4 2024, sales volumes were over nine million cubic meters. In the first half of 2024, Vibra generated R$ 82 billion in revenues, with R$ 50.5 billion from its retail segment and R$ 31.5 billion from the B2B segment. In Q1 2025, net revenues climbed 13% to R$ 45 billion, despite a 2.2% volume decline. In renewables, Vibra generated R$ 1.2 billion in net revenue in Q1 2025, up 15.1% from Q1 2024.

Engie Brasil Engie Brasil operates in the generation, transmission, and commercialization of electricity, and natural gas transport. The company added 1.2 GW to its installed capacity in 2024, increasing its total 100% renewable capacity to 9.6 GW. Total installed capacity from renewable and low-emission sources is approximately 13 GW. Energy volumes sold in 2024 reached 36,064 GWh, a 0.4% increase from 2023. The client base in the Free Energy Market increased by 32%. Net operational revenue surpassed R$ 11.2 billion in 2024, a 4.4% increase compared to 2023. Net operating revenue in Q1 2025 totaled R$ 3 billion, representing a growth of 15.5% compared to the same period in 2024. Commercialized energy volume (excluding trading) totaled 9,588 GWh in Q1 2025, an increase of 12.1% compared to Q1 2024.

AES Brasil AES Brasil operates in the generation and commercialization of electricity, focusing on renewable energy sources like hydroelectric, wind, and solar power. Specific volume and revenue data for 2024 were not readily available in the provided snippets.

Comparative Table: Volume and Revenue Growth/Decline (2024 vs. Previous Periods)

Company	Main Products/Services	Volume Trend (2024)	Revenue Trend (2024, BRL)
Petrobras	Oil, Natural Gas, Derivatives	Slight decrease in total production, recovery in pre-salt; Pre-salt 81% of total production. Guidance for increased production in 2025 and 2029.	R$ 490.82 billion, down 4.13% from 2023. Estimated $91.6 billion, down 10.5% from 2023.
Raízen	Sugar, Ethanol, Biofuels, Fuel Distribution	Ethanol sales volume up 19% in Q1 24/25 vs Q1 23/24; 2nd gen ethanol production 16.2 million liters in Q1 24/25; Sugar sales volume down 18% in Q1 24/25 vs Q1 23/24. Sugarcane crushing down 6% in 2024/25 harvest. Ethanol sales volume up 21% in Q3 24/25 vs Q3 23/24.	R$ 58.49 billion (2023/2024 harvest); R$ 57.8 billion (Q1 24/25). Net revenue up 14% in Q3 24/25 season.
Neoenergia	Electricity Generation, Transmission, Distribution, Commercialization	Energy injected in distribution concessions up 2.1%. Wind and solar generation up 7%.	R$ 48.9 billion (consolidated IFRS); R$ 46.6 billion (net operational). Adjusted profit R$ 4.3 billion (in line with 2023). Net income Q4 2024 R$ 852 million, down 12% annually. Revenue in 2Q24 up 4% vs 2Q23.
Enel Brasil	Electricity Distribution, Generation, Transmission, Energy Solutions	Billed mass-market clients up 3.24% in 2023. Electricity sales volumes in Brazil up 3.3 TWh in 2024 (part of global operations).	€5.665 billion (first 9 months of 2024), approx. R$ 30.6 billion.
Cemig	Electricity Generation, Transmission, Distribution, Commercialization	Energy supplied/transported down 1% in Q4 2024 vs Q4 2023. Client base approx. 9.41 million (Dec 2024).	Net revenue R$ 39.819 billion (2024), up from R$ 36.8 billion (2023). Gross revenue from energy sales up 7.4% in Q4 2024 vs Q4 2023 despite volume decrease. Construction income up to R$ 4.378 million (2024).
Copel	Electricity Generation, Transmission, Distribution	Energy consumption up 4.7% in Q4 2024.	Operational net revenue R$ 22.651 billion (2024), up 5.5% from R$ 21.479 billion (2023).
Eletrobras	Electricity Generation, Transmission	Specific 2024 volume data not detailed in snippets.	Revenue R$ 40.18 billion (2024), up 8.13% from R$ 37.16 billion (2023). Generation revenue R$ 28.1 billion (2024), up from R$ 26.6 billion (2023). Transmission revenue R$ 10.1 billion (2024), up from R$ 9.6 billion (2023).
Vibra Energia	Fuel Distribution, Lubricants, Renewables	Sales volumes nearly 36 million cubic meters in 2024; over 9 million cubic meters in Q4 2024. Volume down 2.2% in Q1 2025.	Annual adjusted net revenue R$ 173 billion (2024), up 5.7%. Adjusted net revenue Q4 2024 R$ 44.45 billion, up 1.4% vs Q4 2023. Revenue H1 2024 R$ 82 billion. Net revenues Q1 2025 R$ 45 billion, up 13%. Renewables revenue Q1 2025 R$ 1.2 billion, up 15.1% vs Q1 2024.
Engie Brasil	Electricity Generation, Transmission, Commercialization, Natural Gas Transport	Energy volumes sold 36,064 GWh in 2024, up 0.4% from 2023. Client base in Free Energy Market up 32%. Commercialized energy volume (excluding trading) up 12.1% in Q1 2025 vs Q1 2024.	Net operational revenue > R$ 11.2 billion (2024), up 4.4% from 2023. Net operating revenue Q1 2025 R$ 3 billion, up 15.5% vs Q1 2024.
AES Brasil	Electricity Generation, Commercialization (Renewable)	Specific 2024 volume data not detailed in snippets.	Specific 2024 revenue data not detailed in snippets.

References

• MM 2024: As maiores empresas do Brasil - Exame.
• Cemig tem lucro líquido de R$ 998 mi no 4º tri, queda de 47,1% em 1 ano | CNN Brasil.
• Copel tem lucro de quase R$ 3 bilhões em 2024 - Gazeta do Povo.
• Lucro da Cemig sobe e vai a R$ 7,1 bilhões em 2024 - CanalEnergia.
• Neoenergia tem lucro de R$ 1,4 bi no 4º trimestre de 2024 - Poder360.
• Raízen reverte lucro em prejuízo de R$ 178 mi no 4º tri do ano-fiscal 2023/24 | CNN Brasil.
• Cemig registra lucro líquido de R$ 998 milhões no 4º trimestre, queda de 47,1% em 1 ano.
• Neoenergia 4T24 e 2024: crescimento contínuo e manutenção de rentabilidade; positivo.
• Lucro da Petrobras tem queda de 70,6% em 2024, para R$ 36,6 bilhões - VEJA.
• Raízen (RAIZ4): lucro salta 195% para R$ 754,4 milhões - Suno.
• Lucro líquido da Cemig recua 47,1% no 4° trimestre de 2024 - SAFRAS & Mercado.
• Lucro da Copel sobe 20% no ano - Grupo Amanhã.
• Lucro líquido ajustado da Engie cresce 29,4% no 4° trimestre de 2024 - Agência CMA.
• Veja ranking de maiores empresas brasileiras em receita e valor de mercado; Petrobras lidera - ISTOÉ DINHEIRO.
• Petrobras tem prejuízo de R$ 17 bilhões no 4º trimestre de 2024; lucro anual caiu 70,6%.
• M&A News: Global M&A Deals Week of December 25 to 31, 2023.
• Enel registrou lucro líquido de € 5,8 bilhões em nove meses - Diário Comercial.
• ENGIE Brasil Energia investe R$ 9,7 bi, em 2024, sendo o maior aporte de sua história.
• Raízen reverte lucro e registra prejuízo líquido de R$ 2,57 bilhões no 3T25 - SAFRAS & Mercado.
• Lucro da Neoenergia recua e fica em R$ 3,6 bilhões em 2024 - CanalEnergia.
• Raízen tem lucro líquido de R$ 1,1 bilhão - Poder360.
• Cemig tem lucro de R$ 5,8 bilhões em 2023 - CanalEnergia.
• Engie Brasil (EGIE3): lucro líquido ajustado de R$ 1,060 bilhão no 4T24, aumento de 29,4%.
• Neoenergia registra lucro ajustado de R$ 4,3 bilhões em 2024.
• Lucro da Vale tem lucro líquido de US$ 6,16 bi em 2024, queda de 23% em um ano - CNN Brasil.
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• Transf rmig lives with our energy - Latibex.
• Enel: EBITDA and profits up in 2024 driven by Spain and the Americas, dividend up 9%.
• Companhia Energetica de Minas Gerais CEMIG : 2Q24 Earnings Releases | MarketScreener.
• Raizen ethanol sales up 21% on the year, targets premium export markets.
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• earnings release - 4q24.
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• Eletrobras 2025 Company Profile: Stock Performance & Earnings | PitchBook.
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• Vibra Energia Reports R$ 510 Million Q4 Profit Amid Revenue Growth and Tax Challenges.
• Vibra Energia S.A. - Public now.
• Raízen SA Global Rating Outlook Revised To Negative From Stable On High Leverage.
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• ENGIE Brasil Energia reports adjusted EBITDA of R$2 billion in the first quarter of the year (+12.4% vs 1Q24) - Public now.
• ENGIE Brasil Energia invests R$ 9.7 bi. in 2024, the most in its history - Public now.
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