Eneva

What Eneva does

Eneva S.A. is a Brazilian integrated energy company publicly traded on B3 under ticker ENEV3, headquartered in Rio de Janeiro with operations spanning 10+ Brazilian states across the North, Northeast, and Southeast regions. The company operates across the full natural gas-to-power value chain as the largest private natural gas operator in Brazil, holding approximately 45.8 bcm of 2P reserves across four sedimentary basins and reporting a 36% exploration success rate versus a 10% global average. FY2025 net revenue was R$18.4 billion with R$6.5 billion in EBITDA, a 67% year-over-year increase. The portfolio includes approximately 7.2 GW of installed thermal capacity plus the LRCAP 2026 contract wins pushing the total above 10 GW, anchored by the Complexo Parnaíba (1.9 GW), Hub Sergipe (1.6 GW combined-cycle gas plant with FSRU terminal), and the Azulão 950 MW complex under construction in Amazonas.

The company's core technology is the proprietary Reservoir-to-Wire (R2W) vertical integration model, which connects gas production wells directly to power generation facilities and grid interconnection, eliminating intermediate transportation stages and improving supply predictability. This model is implemented at Parnaíba and replicated at Azulão-Jaguatirica. Eneva also operates Small Scale LNG (SSLNG) through its GNL Brasil joint venture with Virtu GNL, liquefying gas at Parnaíba for truck delivery to industrial clients and heavy transport fleets in regions without pipeline access. The Hub Sergipe FSRU terminal, connected to the TAG national gas pipeline network since October 2024, processes up to 21 million m³/day and enables on-grid gas commercialization across Brazil. Complementary digital services include the VOLTTA platform for free energy market access and EV charging network management.

Eneva generates revenue through multiple streams: long-term power capacity contracts (15-year fixed contracts from ANEEL-managed LRCAP auctions, with R$161 billion in fixed contracted revenue from LRCAP 2026); on-grid gas commercialization via the Mesa de Gás trading desk; off-grid LNG sales to industrial and heavy transport clients; merchant thermal generation dispatched based on merit order; and LNG regasification services at Hub Sergipe. Primary customer segments include large industrial consumers (e.g., Grupo Cerbras in Ceará ceramics), electricity distribution companies procuring capacity through ANEEL auctions, gas distribution utilities, off-grid industrial and transport clients, and free energy market participants served through VOLTTA. The customer mix spans B2B enterprise sales, regulated government contracts, and digital self-serve channels.

Name

Eneva

Legal name

Eneva S.A.

Website

https://eneva.com.br

Company type

Public

Founded year

1997

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Eneva is a Brazilian integrated energy company (B3: ENEV3) operating across natural gas exploration, LNG processing, and power generation. It serves industrial clients, electricity distributors, and free energy market participants through its proprietary Reservoir-to-Wire model and 10+ GW portfolio.

Ownership category

akta.pro rank

Product category

Integrated Power Generation and Natural Gas

NAICS

Natural Gas Extraction (211130), Electric Power Generation (22111), Electric Power Generation, Transmission and Distribution (2211)

SIC

Natural Gas Transmisison & Distribution (4923), Crude Petroleum & Natural Gas (1311)

akta.pro primary industry

Production Operations & Artificial Lift (Surface Facilities, Compression, Flow Assurance) (EUAAAAAK)

akta.pro secondary industry

Distribution System Engineering & Design (Mains/Services/Stations) (EUAJAEAB)

Keywords

• Natural gas production
• Thermal power generation
• LNG regasification services
• Electricity capacity auctions
• Small-scale LNG supply

Headquarters

HQ city

Botafogo

HQ country

Brazil

HQ region

Latin America

Offices11 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Supply Chain, Operations, Technology or R&D, Personnel, Marketing or Sales

Revenue model

1. Power Generation Capacity Contracts: Revenue from long-term capacity contracts secured through government-run auctions (LRCAP). These 15-year contracts provide fixed revenue for power generation capacity, with Eneva securing approximately 5 GW in the 2026 auction representing R$ 161 billion in fixed contracted revenue. New thermal projects require R$ 18.2 billion in capex investment.
2. On-Grid Gas Commercialization: Sale of natural gas to customers connected to the national gas pipeline network through the Hub Sergipe terminal. The Mesa de Gás (Gas Desk) commercializes firm and flexible gas supply, including opportunistic GNL trading. Contributed R$ 302.8 million EBITDA in 2025.
3. Off-Grid GNL Sales: Direct sale of LNG produced at Parnaíba liquefaction plants to end customers in regions not served by pipelines. The new off-grid commercialization model sells gas directly to industrial clients and heavy transport fleet operators. Contributed R$ 274.3 million EBITDA in 2025.
4. Thermopower Generation (Merchant): Revenue from dispatch of thermal plants based on merit order, where plants are activated when their costs are competitive relative to other sources in the system. Generation increased 20% in 2025 to 13,336 GWh, driven by improved hydrological conditions and higher spot prices.
5. LNG Terminal Services: Revenue from LNG import, storage, and regasification services at Hub Sergipe FSRU terminal, serving both own generation needs and third-party gas commercialization through the national pipeline network.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

Eneva is an integrated Brazilian energy company operating across the natural gas and power value chain. It explores and produces natural gas from onshore reserves, liquefies and regasifies LNG, generates electricity through thermal and renewable assets, and commercializes gas and energy to industrial clients, distribution utilities, and free market participants. Its Reservoir-to-Wire (R2W) model connects gas production wells directly to power generation, while its SSLNG business delivers LNG via truck to off-grid industrial and heavy transport clients.

Product overview

Eneva is an integrated energy company operating across the natural gas and power value chain. Its portfolio includes: upstream gas exploration/production (45.8 bcm 2P reserves) and midstream LNG operations (Parnaíba liquefaction at 1.3 MMm³/d and Hub Sergipe FSRU at 21 MMm³/d); thermal power generation through six major complexes (Parnaíba 1.9 GW, Hub Sergipe 1.6 GW, Azulão 950 MW under construction, plus Solar Futura 590+ MW, and others totaling ~7.2 GW installed); small-scale LNG supply (SSLNG) via GNL Brasil JV for off-grid industrial and transport customers; gas trading via Mesa de Gás for on-grid sales; and digital services through VOLTTA for free energy market access and electromobility. The company operates the Reservoir-to-Wire (R2W) integrated model connecting gas production to power generation, serving both on-grid (connected to national pipeline) and off-grid (LNG truck delivery) markets across Brazil.

Differentiator

Problem solved

Functional benefit

Products and services

• Complexo Parnaíba
• Hub Sergipe
• Complexo Azulão 950
• Complexo Solar Futura I
• UTE Jaguatirica II
• UTE Termofortaleza
• Viana, Linhares e Povoação Energia
• UTE Itaqui
• Gera Maranhão (UTE Geramar I and II)
• VOLTTA
• Mesa de Gás (Gas Trading Desk)
• SSLNG (Small Scale LNG) / Gás em Pequena Escala
• Off-Grid LNG Supply (GNL Brasil JV)

Quantifiable outcome

• 20% increase in power generation to 13,336 GWh in 2025
• +4 more outcomes

Named customers1 record

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

13 partnerships are on record, tiered core and minor.

• Maria OiticicacoreStrategic or Co-development Partner · 1 April 2026Biojewelry brand partnership for Elas Empreendedoras participants in Amazonas and Ceará. Partnership results in exclusive collection creation under Maria Oiticica brand, launching September 2026 in Rio de Janeiro, Manaus, and Fortaleza.
• Diamante EnergiacoreStrategic or Co-development Partner · 30 March 2026Eneva agreed to sell its coal-fired Pecém II power plant (365 MW) to Diamante for up to R$1 billion. In a parallel deal, Diamante committed to build an LNG import terminal at Pecém port in northeast Brazil, where Eneva secured capacity contracts for new gas plants.
• SENACcoreStrategic or Co-development Partner · 1 March 2026Partnership for exclusive Elas Empreendedoras training program for Venezuelan refugee women in Boa Vista. First class of 30 women from Salomão and Pedra Pintada communities receiving hospitality and entrepreneurship training.
• SEBRAEcoreStrategic or Co-development Partner · 1 February 2026Partnership for the launch of Elas Empreendedoras in Espírito Santo. SEBRAE involvement in diagnosing business potential of participants at the Povoação quilombola community in Linhares municipality.
• NIAD Shopping CentersminorGTM or Marketing Partner · 1 January 2026VOLTTA (an Eneva solution) partnered with NIAD to install EV charging stations at six shopping centers managed by NIAD in Brazil (Distrito Federal, Paraná, Espírito Santo, Goiás, Rio de Janeiro). First phase includes AC and DC chargers with planned upgrades based on demand.
• Instituto EquatorialcoreStrategic or Co-development Partner · 1 November 2025Partnership to implement the 'Energia que Conecta' digital literacy program in São Luís, Maranhão. Joint initiative brings digital education to youth, women, and adults in vulnerable situations, with classes held at Casa Prospera in the Liberdade neighborhood.
• Childhood BrasilcoreStrategic or Co-development Partner · 1 October 2025Partnership for prevention and fight against sexual exploitation of children and adolescents in Amazonas. Includes awareness campaigns, professional training for hotel network, and community mobilization. R$ 1.5 million investment through FIA funds.
• SoulCodecoreStrategic or Co-development PartnerDigital literacy and AI education partner for the Elas Empreendedoras program. SoulCode Academy has trained over 6,000 people in technology, data, and AI, with focus on women in vulnerable social situations.
• Bolivian Gas SuppliersminorStrategic or Co-development PartnerFirst gas import from Bolivia completed in October 2025, diversifying supply sources for the Mesa de Gás commercialization desk. Part of broader strategy to position Eneva as key player in South American energy integration.
• Argentine Gas SuppliersminorStrategic or Co-development PartnerFirst gas import from Argentina completed in December 2025, using Bolivia as transit route. Further diversifies supply portfolio for Mesa de Gás operations.
• Virtu GNLcoreStrategic or Co-development PartnerJoint venture GNL Brasil with Virtu GNL for LNG logistics and distribution in Brazil. Enables SSLNG (Small Scale LNG) delivery to off-grid regions via cryogenic truck transportation network.
• Siemens EnergycoreTechnology or IntegrationTurbine supplier for new thermal projects from LRCAP 2026 auction. R$ 655.1 million in advance payments for turbines for Sergipe, Ceará, and Sudeste Hubs as part of R$ 18.2 billion capex commitment.
• GE VernovacoreTechnology or IntegrationTurbine supplier for new thermal projects from LRCAP 2026 auction. Part of strategic equipment contracts for Hub expansion and new thermal plant development.

Scale indicators13 records

Recent moves9 records

Expansion highlights6 records

Others

• ISA Cteep: ISA Cteep is Brazil's largest private electricity transmission operator, an adjacent infrastructure peer in the electricity value chain. It is comparable as a regulated Brazilian energy infrastructure investment but does not directly compete with Eneva in generation or gas.

Broad incumbents

• Raízen: Raízen is a Cosan-Shell joint venture and one of Brazil's largest energy companies, with downstream fuel distribution, sugar/ethanol, and increasingly power generation. It is comparable as a large integrated Brazilian energy platform with adjacent interests in renewables and gas-related businesses.
• Petrobras: Petrobras is Brazil's dominant oil and gas major and the largest upstream player. While not a direct competitor in power generation, Petrobras dominates gas production and supply in Brazil and competes with Eneva for gas E&P acreage, LNG infrastructure investment, and industrial gas contracts.
• Equatorial Energia: Equatorial Energia is a Brazilian multi-utility holding company with electricity distribution, transmission, and generation assets across multiple states. It is a comparable diversified Brazilian energy infrastructure investor with growing gas distribution interests, overlapping with Eneva in regulated energy infrastructure.
• Vibra Energia: Vibra Energia (formerly BR Distribuidora) is Brazil's largest fuel distributor with growing renewable generation and B2B energy supply businesses. It overlaps with Eneva in downstream fuel and energy supply to industrial clients, though its scale and regulated legacy are broader than Eneva's thermal-plus-gas model.
• CPFL Energia: CPFL Energia is one of Brazil's largest electricity distributors and generators, controlled by China's State Grid. While primarily a distribution franchise, its generation arm competes with Eneva in capacity auctions and renewable energy markets, with a broader portfolio of regulated and free-market activities.

Direct peers

• Auren Energia: Auren Energia is a Brazilian integrated energy company with thermal, hydro, wind, and solar generation capacity across multiple states. It competes directly with Eneva in capacity auctions and free market energy commercialization, and is of comparable scale in the Brazilian generation market.
• Engie Brasil: Engie Brasil is one of the largest private power generators and gas infrastructure operators in Brazil, owning TAG (the national gas pipeline network) and significant thermal and renewable capacity. It directly competes with Eneva in capacity auctions, gas supply, and renewable generation, making it the most directly comparable peer.
• Compass Gás e Energia: Compass is Cosan's gas distribution and commercialization business, holding interests in gas distributors (Comgás, Sulgás) and dedicated to expanding gas supply across Brazil. It directly competes with Eneva in industrial gas supply, free market commercialization, and competes for new gas demand from large industrial consumers.

Emerging players

• Omega Energia: Omega Energia is a Brazilian energy company focused on renewable generation (small hydro, solar, wind) and free-market energy commercialization. While smaller and renewable-focused, it competes with Eneva's VOLTTA platform in the free energy market and serves similar industrial and commercial customers seeking competitive supply.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/enevabrasil
• YouTubeyoutube.com/channel/UCoKGozwYQBgiiI7uR-bNC-w
• Facebookfacebook.com/enevabrasil
• LinkedInlinkedin.com/company/eneva
• Instagraminstagram.com/enevabrasil

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Eneva