Neoenergia released its financial and operating results for the fourth quarter and the accumulated total for 2024. Adjusted profit was R$1.4 billion in the fourth quarter and R$4.3 billion in 2024, in line with 2023.
In 2024, Neoenergia increased investments, ensuring the quality of energy delivery, with cost discipline and control of operating expenses below inflation by 4%, disregarding non-recurring effects in 2023.
The company ended 2024 with Capex of R$9.8 billion, which represents a growth of 10% compared to 2023, concentrated in distribution and transmission, with approximately R$9.6 billion in investments. In the fourth quarter, Capex was R$3 billion, up 26% compared to the same period in the previous year.
In terms of quality, the five distributors closed 2024 within the regulatory limits of DEC (Equivalent Duration of Interruption per Consumer) and FEC (Equivalent Frequency of Interruption per Consumer), in addition to having met the target set by the National Electric Energy Agency (Aneel). Another highlight was the recognition in the Abradee 2024 Award, which elected Neoenergia Cosern as the best distributor in the Northeast.
For Eduardo Capelastegui, CEO of Neoenergia, despite a challenging macroeconomic and sectoral scenario, 2024 was a year of consistent results for the company. “We continue with the sustainable growth strategy, based on a robust quality plan and discipline in capital allocation with investments mainly destined to distribution and transmission networks”, stated Capelastegui.
In this way, the company remained focused on increasing the resilience of its networks, including the continuous improvement of the distribution service to the 16.6 million customers in the five concessionaires: Neoenergia Brasília (DF), Neoenergia Coelba (BA), Neoenergia Cosern (RN), Neoenergia Elektro (SP/MS) and Neoenergia Pernambuco (PE).
Energy balance
The volume of energy injected, including distributed generation, was 22,635 GWh, with a growth of 2.1% in the fourth quarter, and 87,218 GWh, with an increase of 5.8%, in the year, compared to the same periods last year, respectively. The result was influenced by higher temperatures in the first half of last year, as well as by the increase in the customer base.
Cash EBITDA and net income
Caixa EBITDA reached R$2.8 billion in the fourth quarter and R$10.6 billion in the year, in line with 2023, due to negative tariff adjustments in the distributors’ B portion and the end of the Termopernambuco contract in the second quarter of 2024. The anticipation of the plant’s commercial operation was authorized, as of October last year, by the National Electric Energy Agency (Aneel). Neoenergia ended the fourth quarter with a net income of R$852 million and R$3.6 billion in the accumulated total for 2024.
Renewables
In the fourth quarter, wind and solar energy generated was 1,426 GWh, in line with the same period of the previous year. In the year, generation was 5,585 GWh, 7% higher than in 2023, as evidenced by the greater installed capacity of the Neoenergia Oitis (PI) wind complex and the Neoenergia Luzia (PB) solar complex.
Transmission
Neoenergia invested approximately R$4.1 billion in transmission last year, 19% higher than in 2023, fully dedicated to the construction of lines and substations for lots acquired at auction. The company delivered the Itabapoana, Estreito and Paraíso projects, in addition to important sections of Morro do Chapéu, Guanabara and Vale do Itajaí, adding approximately R$300 million in new Permitted Annual Revenue (RAP) and closing 2024 with R$1 billion in RAP. With this, the company is close to completing this investment cycle in 2025, when it will reach approximately R$1.9 billion in RAP.
Customers
The five distributors ended 2024 with 16.6 million customers. Compared to 2023, there was an increase of 292 thousand consumers, around 2%.
Losses
Regarding total losses, three distributors are below the regulatory limit. Neoenergia Coelba (BA) recorded, in the year, a percentage of 15.69% with a downward trajectory that approaches its regulatory limit of 15.44%.
ESG
In 2024, Neoenergia maintained its commitment to advancing the management of environmental, social and governance (ESG) aspects, focusing on the 30 goals established by 2030. It is worth highlighting the milestone of more than a thousand women trained by the School of Electricians since the beginning of the initiative in 2013. The company also remains on indexes such as ISE and IDiversa, from B3, which facilitated the contracting of R$ 10.7 billion in green lines throughout 2024, 87% of the total financing disbursed.
About Neoenergia: A publicly traded company with shares (NEOE3) traded on the São Paulo Stock Exchange. Part of the Spanish group Iberdrola, the company has been operating in Brazil since 1997 and is currently one of the leaders in the country’s electricity sector. Present in 18 states and the Federal District, its business is divided into the areas of generation, transmission, distribution and commercialization. Its distributors, Neoenergia Coelba (BA), Neoenergia Pernambuco (PE), Neoenergia Cosern (RN), Neoenergia Elektro (SP/MS) and Neoenergia Brasília (DF) serve approximately 16.6 million customers, equivalent to a population of over 37 million people.
Neoenergia has 3.9 GW of installed generation capacity, 88% of which is renewable energy. In transmission, there are 3.3 thousand km of lines in operation in 100% delivered lots, and 5.3 thousand km under construction. Through the Neoenergia Institute, it promotes sustainable development through socio-environmental actions and, thus, contributes to improving the quality of life of the communities where the company operates, especially the most vulnerable people, always aiming for sustainable development. As part of its commitment to increasing women’s participation in society, the company supports the Brazilian women’s soccer teams and the Neoenergia Brasileirão Feminino championship. Since January 2021, it has been part of the B3 Corporate Sustainability Index portfolio – Brasil, Bolsa, Balcão – which brings together companies that have the best corporate governance and sustainability practices.
Brazil Energy Insight 
Leave a comment