Eneva S.A. is a Brazilian energy company that operates in an integrated manner across the natural gas and power generation chain, with common shares traded on B3 under the ticker ENEV3, listed on the Novo Mercado segment. Founded in 2001, initially as MPX Mineração e Energia Ltda., the company was created with a focus on thermoelectric projects, with its first major asset being a stake in the Termoceará TPP, in the state of Ceará. Throughout the 2000s, it built a portfolio of coal- and gas-fired thermal plants, such as the Porto do Pecém I, Porto do Pecém II and Porto do Itaqui TPPs, contracted in auctions held by the Câmara de Comercialização de Energia Elétrica (CCEE) through long-term CCEARs. In 2007, it became a corporation, changed its name to MPX Energia S.A., obtained a publicly held company registration and carried out an initial public offering in 2008, raising funds to expand its generation park. It later adopted the Eneva brand and consolidated its activities by combining thermal generation, natural gas exploration and production, and energy trading.

Eneva’s trajectory has been marked by the adoption of an integrated business model known as reservoir-to-wire (R2W), which directly connects onshore natural gas exploration and production to power generation in thermoelectric plants. This vertical integration allows the company to operate from the upstream stage of hydrocarbons to the generation and trading of electricity and natural gas, as well as derivatives and condensates. The R2W model is consolidated mainly in the Parnaíba Thermoelectric Complex, in the state of Maranhão, and in the Azulão-Jaguatirica Integrated System, which connects the Azulão field, in the state of Amazonas, to the Jaguatirica II TPP, in Roraima, through a logistics arrangement based on liquefaction, road transport of LNG and regasification adjacent to the plant. This integration reduces dependence on third-party gas pipelines, increases fuel cost predictability and enables most plants to operate without minimum generation inflexibility, being dispatched according to orders from the National Electric System Operator.

Eneva’s generation portfolio consists predominantly of natural gas-fired thermoelectric plants, combined with coal- and fuel oil-fired assets and solar photovoltaic generation. As of December 31, 2024, the company had a total installed thermoelectric capacity of around 6.5 GW, considering assets in operation and under construction, of which approximately 5.2 GW were in operation, representing a relevant share of Brazil’s thermal capacity and a significant portion of the country’s gas-fired generation. The Parnaíba Complex comprises six gas and steam plants (Parnaíba I to VI), with around 1.9 GW of capacity connected to the North Subsystem of the National Interconnected System, all supplied with gas produced and processed by the company itself. Eneva also operates the Espírito Santo Cluster (Luiz Oscar Rodrigues de Melo TPP, Viana I TPP and Povoação I TPP), the Jaguatirica II TPP in Roraima and coal-fired plants such as Itaqui, in Maranhão, and Pecém II, in Ceará. The portfolio is complemented by three oil-fired plants (Viana, Geramar I and Geramar II) and solar assets such as the Futura I Solar Complex, in the state of Bahia, and the Tauá photovoltaic plant, in Ceará.

Among the large-scale projects, the Sergipe Hub stands out, whose main asset is the Porto de Sergipe I TPP, a natural gas-fired plant with 1,593 MW of installed capacity, located in Barra dos Coqueiros, in the state of Sergipe. The Hub also includes a chartered floating regasification terminal (FSRU), which receives third-party LNG via LNG carriers, regasifies the fuel for the plant and is connected to the national gas pipeline grid, also allowing for on-grid gas trading. In the solar segment, the Futura I Complex, in Juazeiro (BA), with more than 690 MWac of installed capacity and generation mainly aimed at the Free Contracting Environment, marked Eneva’s entry into renewable sources, with an expansion pipeline for the Futura II project at the same site. The company is also developing the Azulão Complex, which includes the construction of the Azulão I and Azulão II TPPs, totaling 950 MW of gas-fired capacity in the Amazonas Basin, with gas supply from the company’s own onshore fields.

In upstream, Eneva has established itself as one of the main private onshore natural gas operators in Brazil, with operations concentrated in the Parnaíba, Amazonas, Solimões and Paraná basins. As of December 31, 2023, proved plus probable (2P) reserves totaled tens of billions of cubic meters of natural gas in the Parnaíba and Amazonas basins, with independent certification. The company operates fields, development areas, exploratory blocks and discovery assessment plans, with production capacity of up to 9 million m³ of natural gas per day, predominantly destined to supply the Parnaíba Complex and the Jaguatirica II TPP. In addition to monetization through power generation, Eneva produces and sells gas, condensate and other associated products, including small-scale LNG (SSLNG) solutions for industrial customers and heavy transport fleets located outside the gas pipeline network.

From a commercial standpoint, Eneva structures its revenues across several interconnected segments, with a strong contribution from long-term thermal generation contracts and energy trading. In fiscal year 2024, consolidated gross revenue reached over R$ 12 billion, with emphasis on revenues from CCEARs in the Regulated Contracting Environment and bilateral contracts in the Free Contracting Environment. The regulated contract portfolio has an average remaining term of more than 10 years, with monetary adjustment indexed to IPCA, contributing to greater cash flow predictability. The company also operates in energy trading through specific subsidiaries, managing surpluses and deficits in its generation base, buying and selling energy in the free market and optimizing the portfolio of gas, coal and solar plants. In parallel, gas supply contracts, both on-grid and off-grid, reinforce the diversification of revenue sources within the same value chain.

Eneva’s geographic presence is concentrated in the North, Northeast and Southeast regions of Brazil, with operations in states such as Maranhão, Amazonas, Roraima, Bahia, Ceará, Sergipe and Espírito Santo. The Parnaíba Complex, in Maranhão, is a strategic hub that combines gas production, processing in the Parnaíba Natural Gas Treatment System and power dispatch to the SIN. In the North, the Azulão-Jaguatirica Integrated System ensures electricity supply to the isolated system of Roraima, reducing dependence on oil-fired generation in the region. In the Northeast, in addition to coal-fired plants and the Porto de Sergipe I TPP, the company operates solar assets and gas-fired thermoelectric plants; in the Southeast, it operates gas- and oil-fired plants in Espírito Santo. Its activities are fully focused on the Brazilian market, with an emphasis on supply security and support for the power system during periods of higher demand or unfavorable hydrology.

Eneva’s activities are conducted in highly regulated sectors, subject to oversight by agencies such as the National Electric Energy Agency (ANEEL), the National Agency of Petroleum, Natural Gas and Biofuels (ANP) and the National Electric System Operator. The thermoelectric plants operate under authorizations and contracts arising from regulated auctions, while hydrocarbon exploration and production concessions and contracts are subject to the ANP’s concession regime and supervision. Environmental, permitting and operational safety aspects are central in both the generation and E&P stages, requiring state and federal installation and operating licenses, as well as compliance with environmental standards and emissions and effluent monitoring. In terms of corporate governance, listing on B3’s Novo Mercado entails the adoption of practices such as capital composed solely of common shares, a board of directors subject to specific rules and greater transparency—elements that structure the company’s relationship with the Brazilian capital market and ENEV3 shareholders.

In terms of environmental, social and governance agenda, Eneva operates an asset base with predominance of gas-fired thermoelectric plants, a source that plays a relevant role as a transition energy in a power system based on intermittent renewables, while at the same time developing large-scale solar generation. The expansion of the photovoltaic portfolio, combined with the use of competitively priced onshore natural gas, places the company in a context of seeking greater generation efficiency and a relative reduction in emissions compared to more carbon-intensive fossil sources such as oil and coal. In addition, operations in remote and relatively less developed regions, such as the interior of Maranhão, Amazonas and Roraima, involve relationships with local communities, job creation and specific socio-environmental responsibility demands. Structured governance and integration across the gas and power links form the basis on which Eneva conducts its long-term strategy in the Brazilian energy market, through its ENEV3 shares traded on B3.

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