By Brazil Stock Guide – Eletronuclear, the Brazilian state-owned operator of the Angra 1 and 2 nuclear plants, reported a net loss of 142 million reais ($≈28 million) for 2025, attributing the result primarily to regulatory and accounting effects rather than operational performance.
The company said the main driver was a roughly 600 million reais adjustment in fuel-related costs under Brazil’s tariff structure, approved by the national power regulator ANEEL. The revision reduced gross revenue by about 13%, from 4.8 billion reais in 2024 to 4.2 billion reais in 2025.
The company said the so-called “Parcela A” component is non-manageable and represents a cost pass-through mechanism that does not generate margins for the operator. Despite efforts to cut operating costs and a positive contribution of about 400 million reais from its decommissioning fund, those gains were insufficient to offset regulatory impacts.
Eletronuclear said tariff revisions approved for 2026 include a recomposition of the fuel component and an extraordinary increase in another tariff segment, known as Parcela B. The adjustments are expected to boost regulated revenue by around 600 million reais, equivalent to an estimated 17% increase.
“Combined with ongoing operational and financial efficiency measures, these initiatives support expectations of a return to net profit in 2026, reinforcing the company’s economic and financial recovery trajectory,” the company said.