TAEE3: quote, dividends and indicators for Taesa

Transmissora Aliança de Energia Elétrica S.A., known as Taesa, is a Brazilian publicly held company that operates exclusively in the electric power transmission segment. Its shares are traded on B3 under the tickers TAEE3, TAEE4, and TAEE11, and the company is listed on the Level 2 Corporate Governance segment. The company’s origins date back to 2006, when it was incorporated as Donnery Holdings S.A., soon after becoming Terna Participações S.A., with the purpose of concentrating in Brazil the assets of the Italian company Terna S.p.A. In this context, it assumed control of the transmission companies TSN – Transmissora Sudeste Nordeste S.A. and Novatrans Energia S.A., following prior approval from the Brazilian Electricity Regulatory Agency (ANEEL). In 2006, it carried out its initial public offering and began trading on the then BM&FBOVESPA, and in 2009 it changed its corporate name to Transmissora Aliança de Energia Elétrica S.A. (Taesa), in parallel with a corporate restructuring that transferred its control to Transmissora do Atlântico de Energia S.A., then owned by a private equity fund and Cemig Geração e Transmissão S.A.

Over the course of its history, Taesa has consolidated a diversified portfolio of transmission concessions through acquisitions and interests in special purpose entities. The company came to hold control or significant stakes in assets such as Munirah Transmissora de Energia S.A., responsible for 500 kV lines in Bahia; Brasnorte Transmissora de Energia S.A., which operates 230 kV lines in Mato Grosso; and Empresa de Transmissão do Alto Uruguai S.A. (ETAU), with 230 kV lines between Santa Catarina and Rio Grande do Sul. It also acquired ETEO – Empresa de Transmissão de Energia do Oeste S.A., with 505 km of 440 kV lines in the state of São Paulo. In several cases, Taesa evolved from minority stakes to full control, as occurred with Brasnorte, in which it came to hold 100% of the capital after share purchase transactions involving Eletrobras and other private shareholders. These acquisitions and mergers have expanded the network of lines and substations under its management, strengthening its presence in different regions of the National Interconnected System (SIN).

Taesa’s business model is focused on the construction, operation, and maintenance of high-voltage transmission lines, equal to or above 230 kV, and associated substations. The company operates by continuously making these facilities available to the SIN, ensuring the transfer of energy between generation and consumption centers, with no involvement in generation or distribution to end consumers. Its activities range from the implementation of new projects—including studies, engineering, construction, and assembly—to routine operation and scheduled maintenance, following timetables coordinated with the National Electric System Operator (ONS). Historically, the group also had a specialized service provider, Terna Serviços Ltda. (Taesa Serviços), dedicated to engineering, operation, and maintenance services in the power sector, including for third parties, reflecting the technical expertise the company has built up in transmission infrastructure.

Taesa’s transmission assets are organized under different concessionaires and projects, covering key regional interconnections. Among them is the North-South II Interconnection, through Novatrans, with a 500 kV line between the Samambaia (Federal District) and Imperatriz (Maranhão) substations, and the Southeast-Northeast Interconnection, via TSN, connecting the Serra da Mesa (Goiás) substation to Sapeaçu (Bahia) at 500 kV, with several intermediate substations. Other assets include 440 kV lines between Taquaruçú, Assis, and Sumaré, in the state of São Paulo, originally operated by ETEO, as well as 230 kV lines in states such as Pernambuco, Paraíba, and Rio Grande do Norte, through GTESA, PATESA, and other companies. There are also 500 kV and 230 kV concessions in different regions via companies such as Nordeste Transmissora de Energia, ATE I, ATE II, ATE III, Sul Transmissora de Energia, Miracema Transmissora de Energia, and other transmission companies in which Taesa holds an interest. Taken together, the group’s system totals more than 15,000 kilometers of transmission lines, in operation and under construction, integrating multiple electric regions of the country.

Taesa’s revenue comes predominantly from the Permitted Annual Revenue (RAP), a regulatory mechanism that compensates transmission companies for providing the public transmission service, regardless of the volume of energy actually transported by their facilities. RAP is established in the auction at the time the concessions are granted and may be supplemented by revenue from reinforcements and improvements approved by ANEEL. This revenue is received mainly in the form of a transmission system usage charge (EUST), levied on electricity sector agents, including generators, distributors, and free consumers connected to the basic grid. Taesa, its subsidiaries, and affiliates maintain transmission service agreements with the ONS, which manages the transmission system usage agreements (CUST) with users, so the company has no direct influence over the choice of users or how much each pays for access. RAP is adjusted annually by inflation indices such as the IGP-M or IPCA, as provided for in each concession contract, and is subject to periodic tariff reviews and specific sectoral regulations, including 50% reductions in RAP from the 16th year of operation in certain contracts auctioned up to 2006.

The regulatory environment in which Taesa operates is defined mainly by ANEEL, an independent government agency linked to the Ministry of Mines and Energy and responsible for regulating and supervising the generation, transmission, distribution, and commercialization of electric power in Brazil. Transmission concessions are granted through contracts that specify the asset base, RAP, concession term, performance conditions, and mechanisms for adjustment and review. Taesa’s facilities are part of the basic grid of the SIN and, in some cases, of other transmission facilities (DIT), and are operated under the coordination of the ONS, which manages real-time operation, system security, and optimization of power dispatch among regions. The absence of competition within each concession for the duration of its term coexists with strong competition in auctions for new projects, in which generation, transmission, and other power sector companies—except distributors—may participate, provided they meet the technical and financial requirements established by ANEEL.

Managing operational and service continuity risks is a key aspect of Taesa’s activities. Operating an extensive network of lines and substations is subject to events such as equipment failures, severe weather conditions, natural phenomena, fires, landslides, sabotage, and other occurrences classified as unforeseen circumstances or force majeure. The company and its subsidiaries perform scheduled maintenance negotiated with the ONS to minimize impacts on the power system and maintain insurance policies for physical assets and civil liability, including coverage for buildings, machinery, equipment, and directors’ and officers’ liability (D&O). As of 2025, Taesa also has cyber insurance covering its information technology and operational technology environments, addressing risks such as ransomware attacks, unavailability of critical systems, data breaches, and possible regulatory penalties related to the General Data Protection Law (LGPD) and power sector rules, integrating this instrument into its governance and integrated risk management framework.