CPLE3: quote, dividends and indicators for Copel

Companhia Paranaense de Energia – Copel, identified on B3 mainly by the ticker CPLE3, is a publicly held corporation with dispersed ownership and no controlling shareholder, with origins linked to the State of Paraná. Formally created by State Law No. 1,384 of 1953 and incorporated by Decree No. 14,947 of October 26, 1954, the company was founded with the mission of centralizing electrification investments in Paraná, using the State Electrification Fund as its basis. Over the following decades, it incorporated several regional energy companies and structured the state’s generation, transmission, and distribution system, with key milestones such as the construction of important hydroelectric plants, including Chopim I, Salto Grande do Iguaçu, Júlio de Mesquita Filho, Governador Parigot de Souza and, later, large plants such as Foz do Areia, Segredo, and Salto Caxias. In 1979, it formally expanded its field of activity to other energy sectors and adopted the name Companhia Paranaense de Energia – Copel.

Copel’s journey as a publicly traded company began in April 1994, with the start of share trading on the then BM&FBovespa, now B3 S.A. – Brasil, Bolsa, Balcão. In July 1997, the company’s shares were listed on the New York Stock Exchange (NYSE), becoming the first Brazilian electric utility to trade shares in that market. Since 2002, it has also been part of Latibex, an exchange based in Madrid focused on securities of Latin American companies traded in euros. Over time, Copel has advanced in B3’s corporate governance tiers, joining Level 1 in 2008, adhering to Level 2 in 2021, and later migrating to the Novo Mercado, the segment with the highest governance standards in the Brazilian market. In 2023, it completed the process of transforming into a corporation with dispersed capital, following the partial divestment of shares held by the State of Paraná.

Copel’s business model is integrated, operating across the entire electricity sector value chain: generation, transmission, distribution, and trading of electric power, in addition to holding and investment activities. The company operates in 10 Brazilian states, with operational focus concentrated in Paraná, but with significant expansion in generation and transmission into other regions, especially Rio Grande do Norte and Rio Grande do Sul. In the fiscal year ended December 31, 2025, Copel reported consolidated EBITDA of R$ 6,526.9 million, allocated among the generation, transmission, distribution, and trading segments. Net operating revenue comes mainly from distribution, followed by generation, trading, and transmission, reflecting the historical relevance of the captive consumer base and network infrastructure in Paraná.

In the generation segment, Copel’s portfolio is entirely based on renewable sources, predominantly hydro and wind. Considering all projects in which it holds an interest, total proportional installed capacity amounted to 6,246 MW as of December 31, 2025. Of this amount, the generation mix consisted of approximately 81% hydro and 19% wind, with operations in three states: Paraná, Rio Grande do Norte, and Rio Grande do Sul. In the 12-month period ended December 2025, the company operated, in 100% owned assets, seven hydroelectric plants and 42 wind farms, with an average proportional physical guarantee of 2,569 MW and generation of 21,805 GWh, subject to hydrological variations and centralized dispatch by the National System Operator (ONS). The generation fleet includes large hydroelectric plants such as Governador Bento Munhoz da Rocha Netto (Foz do Areia), Governador Ney Aminthas de Barros Braga (Segredo), Governador José Richa (Salto Caxias), and Mauá, as well as assets such as the Bela Vista Small Hydroelectric Plant (PCH Bela Vista) in southwestern Paraná, and extensive wind complexes in Rio Grande do Norte, organized in multiple farms contracted in new energy, reserve energy, and alternative sources auctions.

In transmission, Copel owns and operates an extensive high-voltage infrastructure, with around 9,687 km of transmission lines and transformation capacity of about 21,112 MVA in substations, considering both owned and jointly held assets. The system is formed predominantly by 230 kV and higher-voltage facilities, complemented by 69 kV and 138 kV assets classified as border basic network, which are essential for connecting to distributors and for the flow of energy generated and received by the National Interconnected System. The company is remunerated through the Permitted Annual Revenue (RAP), defined by the Brazilian Electricity Regulatory Agency (ANEEL), totaling approximately R$ 1.8 billion in the 2025/2026 tariff cycle and with an average remaining term of about 20 years in its transmission concessions. In 2025, the transmission segment recorded EBITDA of R$ 979 million.

In the distribution segment, Copel operates through Copel Distribuição S.A., responsible for public electricity service in almost the entire state of Paraná. The concession area covers 394 of Paraná’s 399 municipalities and the municipality of Porto União, in Santa Catarina, totaling 1,068 locations and around 5.3 million consumer units in 2025. The distribution infrastructure includes approximately 218,470 km of lines and networks, with strong presence in both urban and rural areas, distributed across low, medium, and high voltage levels. The concession, formalized by Contract No. 046/1999, has been extended until July 7, 2045. Copel maintains continuity of supply indicators (DEC and FEC) within the regulatory limits set by ANEEL, as well as relatively controlled delinquency levels. Between 2016 and 2020, the regulatory asset base (RAB) of the distribution business grew significantly, reflecting an investment cycle focused on network expansion and modernization. In 2025, the distribution segment accounted for the largest share of net revenue and posted EBITDA of R$ 2,641.5 million.

In trading, Copel operates mainly through Copel Comercialização S.A., known as Copel Mercado Livre, created in 2016 to operate in the Free Contracting Environment (ACL). In 2025, this subsidiary’s client portfolio included more than 1,500 free consumers, located in 23 Brazilian states, with traded volume of approximately 3.2 average GW and 27,563 GWh over the year, representing significant growth compared to previous years. The company also trades energy in the Regulated Contracting Environment (ACR), through auctions regulated by ANEEL and conducted by the Electric Energy Trading Chamber (CCEE). In 2025, the ACR accounted for about 27% of contracted energy, while the ACL represented approximately 64%, highlighting the greater weight of the free market in the group’s commercial strategy.

Copel’s operations are subject to extensive sector regulation, particularly by ANEEL, which is responsible for concessions, tariff reviews, RAP definition, service quality limits, and rules for access to transmission and distribution networks. The company also interacts with the Ministry of Mines and Energy on topics such as extension of hydroelectric concessions, concession bonuses, and physical guarantees of projects, as well as with the CCEE in the context of power purchase and sale agreements and short-term market settlement. In telecommunications, a segment in which it once had significant presence, the company now operates in a more limited manner, following reorganizations and divestments over the years.

In terms of environmental, social, and governance (ESG) practices, Copel has over time incorporated initiatives related to environmental impact assessment, water resource management, and renewable generation projects. Back in the 1980s, it prepared the first environmental impact study and corresponding report (EIA/RIMA) in the Brazilian power sector, for the Segredo Hydroelectric Plant. Later, it began to operate projects authorized to trade carbon credits, such as the Santa Clara and Fundão plants, and significantly expanded its wind power portfolio, aligning with the diversification of the renewable generation mix. Its progressive adherence to higher corporate governance tiers on B3, culminating in its entry into the Novo Mercado, has strengthened structures for transparency, minority shareholder protection, and professional management, all relevant parameters for analyzing shares such as CPLE3 in the context of the Brazilian capital market.