Annual Allowed Revenue (“AAR”) 2026/2027 Cycle
On June 22, 2026, Order No. 2,268 was published (click here), which established the AAR of ISA ENERGIA BRASIL and its subsidiaries and jointly controlled companies for the availability of the transmission facilities that comprise the Basic Grid and Other Transmission Facilities, for the 12-month Tariff Cycle covering the period from July 1, 2026 to June 30, 2027 (2026/2027 cycle). According to the Order, RAP¹ and the amounts corresponding to the PAs of the consolidated companies and jointly controlled companies, net of PIS/COFINS, became R$ 6,773 million, weighted by ISA ENERGIA BRASIL’s interest in the jointly controlled companies (base date June 2026). Excluding the amounts corresponding to the PAs, consolidated RAP for the cycle is R$ 6,776 million.
After the asset swap concluded on July 31, 2026, RAP for the cycle, excluding PA, totaled R$ 7,082.3 million. Of this amount, 53.7% represents RAP from the renewed Paulista Concession contract, including Reinforcements and Improvements (“R&I”), RBSE and the Operation and Maintenance (“O&M”) portion of the contract. In addition, 46.3% of RAP refers to auctioned contracts from transmission auctions or acquisitions carried out by the Company, of which (i) 37.8% relates to projects in operation, i.e., with active RAP; and (ii) 8.4% relates to projects under construction, which will add remuneration to the Company when completed.
RAP Cycle 2026/20271
1 AAR cycle 2026/2027.
2 Operation and Maintenance + Retrofitting and Improvements.
AAR Cycle1 Evolution (million)
1 Based on the values established at the time of publication of the respective AAR Tariff Cycle Homologation Resolutions.
AAR for the 2026/2027 cycle increased by R$ 708.9 million (+11.1%) compared to the previous tariff cycle (2025/2026). The main reasons for this variation are:
▲ incorporation of IE Madeira’s full AAR (+R$ 390.4 million);
▲ AAR inflation adjustment for the 2026/2027 cycle (+R$ 314.4 million);
▲ new R&I projects that started operations in the last cycle (+R$ 129.1 million);
▼ sale of interest in IE Garanhuns in August 2026.
In addition, the resolution also defined the PA amounts to be offset in the same period to address any financial adjustments. Total PA, considering the consolidated total and the amount proportional to the Company’s interest in jointly controlled companies, varied by R$ 16.1 million for the 2026/2027 cycle.
Updated on August 3, 2026.