Neoenergia in Transmission Auction 4/2026: bid discount and schedule risk

Neoenergia came out of ANEEL's Transmission Auction No. 4/2026, Brazil's power regulator auction held on 30 October, with two lots, according to CanalEnergia, and restated R$ 50 billion for distribution over five years plus R$ 8 billion for transmission. In lot 7, in Paraíba, the winning annual permitted revenue (RAP) was R$ 68 million, a 38.55% discount, with R$ 665.3 million of investment and a 42-month deadline, according to Cenário Energia.

The tender priced risk by the bid. According to Canal Solar, the performance bond was 5% of investment for discounts up to 50%, 7.5% between 50% and 60% and 10% above that, under 30-year contracts with operation expected between August 2030 and February 2032.

Lot 7 had the smallest discount among the four lots reported by Cenário Energia. That leaves room to absorb construction and equipment costs. If the schedule assumption fails, the concessionaire absorbs it, with revenue already fixed by the bid.

A less aggressive bid gives up ground today and buys margin to deliver in 42 months. In transmission, a record of meeting deadlines also counts at the next auction.