October 2026
Largest Energy Production Public Companies in Brazil
Benchmark revenue and EBITDA valuation multiples for public comps like
Petrobras, Axia Energia, Eneva, PRIO and Copel.
 | Petrobras is a Brazil-based integrated energy company controlled by the Brazilian government. The company focuses on the exploration and production of oil and gas in Brazilian offshore fields. Production in 2025 was 3.0 million barrels of oil equivalent per day (80% oil), and reserves stood at 12.1 billion boe (84% oil). At the end of 2025, Petrobras operated 10 refineries in Brazil with a capacity of 1.8 million barrels per day and distributed refined products and natural gas throughout the country. | $13 | +130% | $157B | $219B | 2.5x | 4.8x | ||
| Axia Energia is engaged in the generation, transmission, and commercialization of electricity in Brazil. The company operates a portfolio of wind, thermal, hydro, and nuclear power plants located throughout the country. | $12 | +12% | $27B | $36B | 4.4x | 51.3x | ||
| Eneva is a Brazilian integrated energy company active in natural-gas exploration, production, commercialization and thermal power generation. Its operating model links domestic gas resources with power plants and energy-market activities, allowing fuel supply and generation to be managed within one group. The company owns generation assets across several Brazilian states and sells electricity under regulated contracts and market arrangements. It also develops gas infrastructure and commercial solutions intended to connect onshore resources with industrial and power customers. Eneva is publicly listed in Brazil and expanded its installed capacity through multiple acquisitions. The 2024 purchases from Banco BTG Pactual added thermal plants in Espírito Santo and Maranhão to Eneva's operating portfolio. | $6 | +82% | $12B | $17B | 4.7x | 13.2x | ||
| PRIO SA is engaged in the exploration and production of oil and gas in Brazil and abroad. The company is engaged in oil and gas exploration and production in Brazil and overseas. Its exploration assets comprise Polvo field, Tubarao Martelo field, Campo de Frade, East Albacora field, and Wahoo block. | $14 | +109% | $11B | $15B | 5.0x | 11.2x | ||
| Cia Paranaense De Energia Copel is engaged in the areas of generation, transmission, commercialization and distribution of energy. It operates a comprehensive and effective electrical system with its own generating plants, transmission lines, substations, electrical lines and grids of the distribution system. The company's reportable segments include Power generation and transmission, Power distribution, GAS, Power Sale, Services, and Holding. The majority of its revenue is generated from the Power distribution segment under which it provides public electricity distribution services, being responsible for the operation and maintenance of the distribution infrastructure, as well as providing related services. | $3 | +43% | $10B | $14B | 2.8x | 16.1x | ||
| ENGIE Brasil Energia SA develops, operates, and commercializes electric energy power plants in Brazil. The company is engaged in segments namely Transmission, Trading, Gas Transportation, and Generation. The majority of the revenue generated by the company is from the Generation segment. | $6 | +15% | $8.6B | $14B | 5.4x | 9.5x | ||
| Cia Energetica DE Minas Gerais - Cemig, formerly Energy Company of Minas Gerais, is a Brazilian power company that generates, transmits, and distributes electricity. As one of the power companies in Brazil, the firm operates across Brazilian states and Chile. The company has various subsidiaries and operates chiefly through its generation, transmission, distribution, and gas segments. The majority of the company's revenue is derived from electricity sales to consumers. The company generates power through hydroelectric resources and, secondarily, through thermal and wind resources. | $4 | +67% | $7.7B | $11B | 1.3x | 6.8x | ||
| Energisa SA is a holding company. Energisa along with its subsidiaries is engaged in the production of energy from renewable sources and; the transmission and distribution of electricity. The company segments include Electricity Distribution, Hydraulic, solar and distributed generation, Electricity Transmission, Marketing, Gas distribution,and Holding company and Services. It generates maximum revenue from the Electricity Distribution segment. | $3 | +6% | $6.6B | $14B | 1.9x | 7.6x | ||
| Auren Energia SA operates as an energy company. Its activity includes Wind power generation, Hydropower generation, Commercialization, Sale of energy and Holding and Pipeline projects. | $3 | +44% | $3.1B | $7.3B | 2.8x | 10.6x | ||
| Transmissora Alianca de Energia Eletrica SA, or Taesa, is an electric utility company that acts as one of the electric transmission concessionaires in Brazil. Taesa implements, operates, and maintains electric power transmission services and facilities both for Brazil's National Interconnected System and for the electricity transmission sectors of other countries as well. The company generates the majority of its revenue in the form of compensation for its investments in the construction of transmission lines and for the operation and maintenance service that it provides all over Brazil. Taesa's controlling shareholders include a large, state-owned Brazilian power company, CEMIG. | $3 | +23% | $3B | $5.1B | 5.5x | 9.6x | ||
| Rede Energia Participacoes SA along with its subsidiaries generates, distributes and markets electrical energy as well as provides services related to electricity sector. It provides its services to residential, commercial, industrial, rural and public customers. | $1 | -6% | $2.8B | $6.1B | 1.8x | 6.8x | ||
| Equatorial Para Distribuidora De Energia SA engages in the generation, transmission, and distribution of electricity in Brazil. The company supplies electricity for residential, commercial, industrial, and rural consumption. It operates through various power generation sources, including thermal, hydroelectric, nuclear, and wind plants. | $1 | +10% | $2.5B | $3.8B | 1.7x | 6.2x | ||
| Brava Energia SA is engaged in the oil and gas sector with a focus on the redevelopment of mature production fields located onshore, in shallow waters, and offshore. The company operates in the following business segments: Exploration and Production (E&P), Mid and Downstream, and Corporate and other businesses. Maximum revenue is generated from the Mid and Downstream segment, which includes the activities of refining, logistics, transportation, acquisition and export of crude oil, as well as the purchase and sale of oil derivatives in Brazil. This segment acquires crude oil from the E&P segment and acquires oil derivatives in local and international markets. The Exploration and Production segment includes oil and gas exploration and production activities in Brazil. | $4 | +51% | $1.9B | $4.8B | 2.1x | 4.1x | ||
| Energisa Mato Grosso Distribuidora de Energia SA is engaged in the distribution, transmission, generation & marketing of electric energy. It operates a transmission & distribution network and five thermoelectric generation plants. | $8 | -31% | $1.6B | $3.3B | 2.1x | 8.0x | ||
| Raizen SA is an integrated energy company. Its operating model involves the production and sale of renewable energy and sugar from sugarcane to the delivery of this energy to different parts of the world. The Company’s main activities are the distribution and sale of fossil and renewable fuels, the production and sale of automotive and industrial lubricants, oil refining, and operations related to convenience stores. The company operates in three reportable segments Mobility, Sugar and Renewables. The Marketing and Services segment refers to the trading and sale activities of fossil and renewable fuels and lubricants, through a franchised network of service stations under the Shell brand in all the national territory and Latin America, operating in Argentina and Paraguay. | $0 | -56% | $796M | $13B | 0.3x | (8.9x) | ||
| Petroreconcavo SA is engaged in the operations and production of mature oil and natural gas fields and its by-products in Brazil. The company specializes in the development and rejuvenation of mature and marginal fields in onshore basins and is the operator in all of its fields. | $2 | +8% | $731M | $1B | ||||
| Empresa Metropolitana de Aguas & Energia SA is engaged in electricity generation. The company manages a complex hydraulic system that includes dykes, dams, and reservoirs, with notable ones being Billings and Guarapiranga, located in the southern zone of Sao Paulo city, as well as the Sao Paulo and Pedreira pumping stations and the Pinheiros River canal. The company's activities include electricity supply, the construction of energy generation assets, and the provision of operation and maintenance services for power plants and related structures, serving both private companies and public sector entities. | $8 | +9% | $182M | $91M | ||||
| Median | $4 | +15% | $3.1B | $11B | 2.1x | 7.6x |
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