No mercado de energia, risco maior movimenta derivativos, colateral e até bolsa

The electricity trading market has become significantly more complex and risky due to a recent wave of judicial recoveries for energy trades, higher price volatility, lower market liquidity, and issues such as reductions in renewable energy generation. Companies in the sector are seeking new ways to manage risk in their transactions, driving demand for financial market-inspired solutions such as collateral in commercialization operations, the creation of an auction environment with a clearing house, and the adoption of energy derivatives contracts.

For instance, the electronic trading platform BBCE is collaborating with Bradesco to offer energy buy and sell transactions covered by collateral, with daily calculation and charging of collateral based on each party's financial exposure in the market, similar to a margin call. CEO Camila Batich told Brazil Journal that this protection layer is highly sought after, especially during times of trust crisis, and will be a good test.

The BBCE, which has over 40 shareholders including Engie, EDP, and Enel, also recently saw a surge in energy derivatives transactions on its platform, with derivative contract inventories surging by 300% in the past year, reaching a record R$10 billion by the end of August. Most of these involve non-standardized derivatives, where parties bet on price movements and record the contract on BBCE, which acts as the settlement agent for the final transaction results.

Companies are increasingly viewing derivatives as a security and hedge issue, due to the market's sophistication. Additionally, another trading platform, N5X, is working on building an auction-based energy trading environment with a clearing house acting as a central counterparty to guarantee transaction risks. If these plans materialize, companies could buy and sell electricity contracts without worrying about the other side of the transaction, similar to today's stock market.

Platform N5X, created by European energy exchange operator EEX in partnership with L4 Venture Builder, a fund with B3 capital, is in the process of obtaining approval from the Central Bank to create its clearing house and electricity auction. CEO Camila Pantera expects the clearinghouse and auction to be created by the second half of 2027, though this timeline may vary depending on regulatory interactions and internal studies.

Tiago Medeiros, director of trading at Czarnikow in the UK, believes that creating a clearinghouse is a natural step for the electricity market, and it may take longer than initially anticipated. "We had a bad period that made everyone wake up to this market risk. I think it will be a year or two more, but it will happen," he said at a recent industry event.

However, not everyone is as concerned about current energy trading turbulence, with some seeing it as an opportunity. Commodities trading giant Trafigura has just launched its electricity operations in the country after years of studying and preparing for the market's complexities. "We are a risk-loving house. That's what we do," said Trafigura's head of commercialization, Pedro Vidal.

"A clearing will be a real turning point, increasing liquidity and bringing more participants. But the market already has many opportunities. Large players have reduced or left operations, and we want to capitalize on this vacuum by providing liquidity through energy contracts, financial products, and structured operations."