Copel Q1 Recurring EBITDA Rises 16.7% to R$1.75B on GenCo and DisCo Gains
Copel’s recurring EBITDA in 1Q26 reached R$1,754.6 million, up 16.7% year-over-year, driven by a 30.7% surge to R$1,023.7 million at GenCo and a 10.0% rise at DisCo. GenCo growth reflected higher CCEE revenue, bilateral sales volumes/prices and grid availability, partly offset by lower GSF and higher curtailment.
1. Recurring EBITDA Growth
Copel posted recurring EBITDA of R$1,754.6 million in 1Q26, a 16.7% increase over R$1,503.2 million in 1Q25, underscoring the company’s ability to leverage its asset base and operational strategies to generate consistent value.
2. Generation and Trading Performance
GenCo and TradeCo contributed 57.2% of group EBITDA, with GenCo EBITDA rising 30.7% to R$1,023.7 million. Growth drivers included higher CCEE supply revenue from short-term market transactions amid Southern submarket price movements, bilateral contract volumes up 11.7% and prices up 7.5%, and increased grid availability from the MSG acquisition and a 2.2% RAP uplift, partially offset by a GSF drop from 107.7% to 92.0% and curtailment climbing from 8.8% to 20.7%.
3. Distribution Segment Results
DisCo EBITDA grew 10.0%, adding R$69.4 million year-over-year, supported by a 2.1% expansion in the billed electricity market following stronger economic activity and customer base growth, as well as a June 2025 tariff adjustment that lifted parcel B by an average 1.3%.
4. Elejor Contribution
Elejor’s EBITDA increased by R$8.0 million in 1Q26, driven by higher energy volumes sold under bilateral contracts and an uptick in the average selling price.