In accordance with ANEEL Normative Resolutions No. 1,011/2022 and No. 1,081/2023, as well as Submodule 1.6 of the Commercialization Procedures of the Electric Energy Trading Chamber (CCEE), this Explanatory Note presents the criteria and conditions considered for the composition of the Comparable Reference Price.

The Comparable Reference Price is merely indicative and non-binding, serving as a comparative basis for commercial negotiations in the Free Contracting Environment (ACL), and is subject to change according to commercial negotiation conditions, the client’s consumption profile, and market dynamics.

For the composition of the PRC, the following assumptions are adopted: a flat consumption profile — that is, without modulation, seasonality, or flexibility — inclusion of all applicable taxes, except ICMS, and exclusion of variable and non-predictable sectoral charges, such as the System Services Charge (ESS), the Energy Reserve Charge (EER), and the Capacity Reserve Power Charge (ERCAP). Any financial guarantees or credit risk analysis are not considered in the indicative pricing.