​Brazilian Electricity Regulatory Agency. Entity linked to the MME that regulates and supervises the activities of generation, transmission, distribution and commercialization of energy.​

​Free Market. Market segment for the purchase of electricity by non-regulated entities, such as the free consumers and traders of electricity.​

​Regulated Environment. Market segment for the purchase through public bids, by the distribution companies.​

​American Depositary Receipt. Receipt of company’s shares outside the United States, issued by a bank and kept in a US bank, by which issuers of securities listed in other countries meet standards and US regulations, which facilitates receipt of dividends by US investors.​

Extraordinary General Meeting. Meeting of shareholders of a company to discuss and decide on matters of social interest, except relevant to the AGO.​

​Annual General Meeting. Annual meeting of shareholders of a company for making management accounts, examination and approval of financial statements, allocation of profits, dividends and election of officers and of the Audit Committee.​




​Brazilian Central Bank. Entity linked to the Ministry of Finance of Brazil that issues money, performs circulation services and controls the flow of foreign capital.​

​Securities, Commodities and Futures Exchange of São Paulo. It is the world’s second largest stock exchange by market value.​

​National Bank for Economic and Social Development S.A. – Federal public company based in Rio de Janeiro whose purpose is the long-term financing for social, regional and environmental investments.​

​BNDES Participações SA. Stock corporation established to manage investments in companies held by the BNDES.​


Fossil Fuel Consumption Account. Account created to cover costs of using fossil fuels (diesel and coal) in thermoelectric generation in areas not served by the electrification service.​

​Chamber of Electric Energy Commercialization. Entity that facilitates the activities of buying and selling energy in Brazil.​

​Energy Development Account. Subsidy source created to make alternative sources of energy competitive and to promote the universalization of electricity services. It will last until 2023 and it is considered the successor to the CCC.​

Common Share
​Title representing a smaller share of the capital stock of a corporation that gives the holder the right to vote in the shareholders’ meeting.​

Compulsory Loan
​Loan set up in order to expand and improve the Brazilian electric sector that was charged and collected from industrial consumers with monthly consumption less than 2000kwh through electricity bills issued by companies distributing electricity. The annual value of these contributions, from 1977, has become entry credit, nominal and non-transferable in favor of the taxpayer. In the early 1980s the government extended the term of compulsory loan until the end of 1993. The law sets a maximum period of 20 years for the return of the compulsory loan to their taxpayers, but provided the Eletrobras the possibility of anticipation of that return through ownership of credits conversion – to convert the book credits into shares and to deliver these shares to their holders.​

Currency risk
​Risk that investors in power plants were submitted to for purchasing natural gas in dollars and selling the energy generated by the fuel in reais which prevented the financing of enterprises, since the rate can only be adjusted once a year.​

​Parcel A Items’ Value Variation Compensation Account. Mechanism created in October 2001 to offset the variations of values of items of non-manageable costs (Parcel A) occurring between annual tariff adjustments of energy distribution. If the CVA is negative on the date of the annual adjustment, there is transfer to tariff rates. If the account is positive, the balance is used to offset the annual tariff adjustment.​

​Brazilian Securities Commission. Entity linked to the Ministry of Finance of Brazil that disciplines, normalizes and supervises all matters relating to the securities market and their agents.​


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Empréstimo Compulsório
Recurso instituído com o objetivo de expandir e melhorar o setor elétrico brasileiro e cobrado e recolhido dos consumidores industriais com consumo mensal igual ou superior a 2000kwh por meio das contas de luz emitidas pelas empresas distribuidoras de energia elétrica. O valor anual destas contribuições, a partir de 1977, passou a constituir crédito escritural, nominal e intransferível em favor do contribuinte. No início da década de 1980 o governo prorrogou o prazo de vigência do Empréstimo Compulsório até o fim de 1993. A legislação fixou um prazo máximo de 20 anos para devolução do empréstimo compulsório aos seus contribuintes, mas facultou à Eletrobras a possibilidade de antecipação dessa devolução, através de conversão acionária dos créditos. Ou seja, transformar os créditos escriturais em ações e entregar estas ações aos respectivos titulares.

​Earnings before Interest Payment, Taxes, Depreciation and Amortization of Deferred Charges. Evaluation element that measures the cash flow in a company’s operations before it is affected by financial and accounting charges.​


Free float
​Number of shares of a company available for trading on organized markets.​


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​Hydro Power Plant. Plant in which the mechanical energy of water turns turbines and generates electricity.​


​Annual Information. Accounting document that companies must submit annually to the CVM and provides information on key financial indicators, summary of the main accounts of financial and graphic displays of selected data.​

Ibovespa – Bovespa Index
More important indicator of average share prices in the Brazilian stock market.​

​International Financial Reporting Standards. Set of accounting standards, developed by the International Accounting Standards Board (IASB), which is becoming the global standard for the preparation of financial statements of public companies.​

​The obligations companies have to assess the assets that generate earnings before accounting for them on the balance sheet. Each time it is found that an asset is valued at a non-recoverable value in the future, that is, every time there is a projection of cash flow in an amount less than the amount by which the asset is registered, the company will have to writedown the difference.​

​Corporate Sustainability Index. It reflects the return of a portfolio composed of shares of companies with recognized commitment to social responsibility and corporate sustainability. It also promotes good practices in the Brazilian business environment.​

​Differentiated Tag-Along Shares Index. It measures the performance of a theoretical portfolio composed of shares of companies that offer better terms to minority shareholders in the event of sale of control.​

​Quarterly Information. Accounting document, similar to the IAN, that companies should submit periodically to the CVM.​


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Lucro antes do pagamento de Juros, Impostos, Depreciação e Amortização do diferido. Elemento de avaliação que mede a geração de caixa nas operações da empresa, antes que seja afetada pelos encargos financeiros e débitos contábeis.


Market Capitalization or Market Cap
​Market value. Sum of the value of shares issued for trading a particular market, valued at current prices.​

​Ministry of Mines and Energy. Entity that formulates short, medium and long term policies and plans and proposes preventive or corrective measures to ensure the reliability of Brazil’s energy supply.


​New York Stock Exchange.​


​National Electric System Operator. Private entity that coordinates and controls the operation of generation and transmission of electricity in the Brazilian interconnected systems.​


Parcel A
​Cost of distribution that includes, among others: (i) electricity purchase costs for resale linked to Initial Contracts; (ii) acquisition costs of electricity from Itaipu; (iii) electricity purchase costs resulting from bilateral contracts freely negotiated between the parties; and (iv) regulatory costs, including costs relating to charges for the use of the transmission and connection systems.​


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​Basic Network Existing Systems. Payment to the electricity transmission companies for reversible assets existing on May 31, 2000.​

​Global Reversion Reserve. Reserve created in 1957 for the purpose of establishing a fund to support Federal Government spending to cover compensation for possible reversal of concessions linked to the electricity service. Later it came to be used in generation, transmission, distribution, energy efficiency, public lighting and universal access to electricity.


​Securities and Exchange Commission. US entity that protects investors and maintains the integrity of the securities markets.​

Securities Act
​Securities Act of 1933 of the United States, as amended. Law that has has two basic objectives: require that investors receive financial and other significant information concerning securities being offered for public sale; and prohibit deceit, misrepresentations, and other fraud in the sale of securities.​

​National Interconnected System. Facilities responsible for the electricity supply to all electrically interconnected regions formed by the generation companies in the South, Southeast, Midwest, Northeast and part of the North of Brazil.


Tag along
​Share sale rights granted to minority shareholders at the same price of the controlling shareholders in the event of sale of shares held by these controllers.​

​Thermal Power Plant. Plant in which the chemical energy of fossil fuels is converted into electricity.


Práticas contábeis geralmente aceitas nos Estados Unidos.

Usina Hidrelétrica. Central na qual a energia mecânica da água gira turbinas e gera energia elétrica.

Usina Térmica. Central na qual a energia química de combustíveis fósseis é convertida em energia elétrica.

​Generally Accepted Accounting Principles in the United States.​

​Thermonuclear Plant. Thermoelectric plant in which a nuclear reaction serves as a source for generating electricity.


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