Análise e Avaliação Teórica dos Leilões de Compra de Energia Elétrica Proveniente de Empreendimentos Existentes no Brasil

The reform process that the Brazilian electric industry has been undergoing since the mid 90’s suffered a great inflection after the energy rationing of 2001 and the financial crisis of 2002 that followed it. The privatization programs initiated in the previous decade were suspended, which led to the stabilization of a hybrid market composed by private and state owned companies in a competitive environment. As a response to this crisis, a new institutional model was introduced in 2004. It was designed to favor both return on capital and reasonable prices through adequate and efficient mechanisms of negotiation. In this context, regular energy auctions play a new role: to ensure the success of the new institutional model. Considering that the energy produced by existing power plants was meant to be auctioned first, it becomes imperative that possible and alternative auction designs get analyzed. Therefore, this paper aims at approaching the main characteristics of the Brazilian electric industry and finally, discussing the auction results regarding the present situation of the sector and the expectations towards its development.