Transmission Auction 4/2026: revenue falls to half the ceiling

Compared with ANEEL's cap, the annual revenue of Transmission Auction 4/2026 fell from around BRL 1.63 billion to BRL 811.1 million. According to Canal Solar, the eight lots were awarded on 30 October, at B3, with a discount of 50.10% and estimated savings of BRL 24.43 billion over 30 years, excluding adjustments.

The regulatory clock starts at contract signature. According to O Setor Elétrico, on 24 September 2026, the tender document approved by ANEEL on 22 September sets implementation periods of 42 months for lots 6 and 7, 48 months for lots 1 to 3 and 60 months for lots 4 and 5, in a portfolio of 1,866 km of new lines and 12,694 MVA in seven states.

With a discount of this order, the margin for delay is narrow. Licensing, rights of way and equipment delivery must fit within each lot's deadline, and the schedule becomes the main test for the winners.

For generators awaiting grid reinforcement in these states, the tender dates are the milestone to watch. The announced savings materialise when the works enter operation on time.