Energisa quer ser ‘multi-utility’ – e vê gatilhos para crescer no gás

Three years after entering the natural gas market, Energisa sees its gas business gaining further momentum. The company believes new trends such as the construction of more thermal power plants and new data center projects will spur additional investments in the gas network, turning it into future revenue. Botelho's family group, with roots in electricity distribution, decided to diversify into gas in 2023 after acquiring ES Gás, the concessionaire in Espírito Santo.

In 2024, they increased their stake with a 51% purchase of Norgás, which has distribution participation in Alagoas, Ceará, Pernambuco and Rio Grande do Norte. "It's a business that shares similarities with electricity distribution and has enormous potential to develop," said Fabio Bertollo, president of Energisa's gas business. Over its history, the company has always sought alternatives to apply the large sum generated by its core energy distribution business.

It entered generation, transmission, and now believes it hit the right note with gas, where it sees space for organic growth and possible mergers and acquisitions. The numbers paint a picture of an "ocean blue" to be explored. In Espírito Santo, 94% of the population is still not connected to the gas network. In the Northeastern states where Energisa operates through Norgás, that percentage reaches 97%.

"So there is an exponential organic growth potential. We can continue growing for a long time," Bertollo said. According to him, Energisa's strategy is to be a "multi-utility" in energy, similar to European and American companies that operate simultaneously in gas and electricity. In ES Gás, the company increased the number of customers by 28% in the last three years, to 100,000, while in Norgás, the consumer base grew by 16.5% in two years, to 282,000.

Beyond growth in the gas market driven by industries, commerce, and residences, which have exceeded initial expectations, Energisa sees a value lever in the demand for thermal power plants. In March, the Government held the largest energy auction in history to contract gas-fired plants that will reinforce the system, mainly in demand peaks.

And the expectation is that more such auctions will occur in the coming years. Only the projects contracted in the areas of ES Gás and Norgás in this first auction will generate a net present value of R$ 367 million for Energisa, derived from investments in additional infrastructure to serve the plants that will generate revenue for the group's concessions in the future.

"We imagine this (auction for thermal plants) is here to stay, because it's a necessity. It will happen one way or another," said Bertollo. Data center projects, which have high energy consumption, could also be growth triggers for expanding networks and revenue, the company's assessment. The government's data center incentive program, Redata, began proposing tax exemptions only for projects supplied with renewable generation, but the text approved in the Senate expanded the scope to those associated with "low-emission" energy sources, opening space for gas.

Currently, there is a dispute about how the project will be regulated, with pressure from the renewable lobby to restrict gas, but Energisa defends the importance of thermal power as a firm energy source for data centers – and an opportunity. "We are seeing in the US many ventures that are even leaving the grid to have their own energy based on gas.

We want to position ourselves as someone who can provide this type of solution," Bertollo said. Energisa's gas division also invested in a biogas plant in Santa Catarina and is completing a second project in Paraná, eyeing the demand for renewable gas produced from waste. "It's a diversification within diversification," said Bertollo.

In the first half, Energisa Distribuidora de Gás recorded an EBITDA of R$ 109 million. While this is still a small fraction of the total consolidated EBITDA of R$ 4.6 billion for Energisa, the growth rate is striking: the organic growth in gas was 60% year-over-year, compared to 1% for the entire holding. "The group is optimistic about what lies ahead. This is nowhere near where we imagined it could go," said Bertollo.