May 2026
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Largest Utilities Public Companies in Brazil
Benchmark revenue and EBITDA valuation multiples for public comps like
Sabesp, CPFL Energia, Equatorial Energia, Eneva and Copel.
 | Companhia De Saneamento Basico Do Estado De Sao Paulo is engaged in the provision of basic and environmental sanitation services in the Sao Paulo State and supplies treated water and sewage services on a wholesale basis. The company operates in a single segment, which is Sanitation services. | $5 | -76% | $19B | $25B | 3.4x | 7.4x | ||
| CPFL Energia SA is the holding company of the CPFL Group, operating in Brazil’s electricity sector, implementing and operating projects and concessions in the energy distribution, generation, transmission, and trading segments and related activities through its subsidiaries and affiliate companies. The Group’s operating segments are electric energy distribution, electric energy generation, electric energy commercialization, and services rendered activities. | $9 | +8% | $10B | $15B | 1.8x | 5.9x | ||
| Equatorial SA holds equity interests in other companies, consortia, and ventures that operate in the electric power sector or related activities and other sectors. | $8 | +10% | $10B | $19B | 1.9x | 8.5x | ||
| Eneva SA is a Brazilian energy utilities company involved in the generation and distribution of electricity, with complementary businesses in natural gas exploration and production. The company generates electricity through various resources, including coal, natural gas, thermoelectric plants, and renewable energy sources, such as solar energy. Furthermore, the company mines coal in Columbia, operates thermoelectric plants in Chile and Brazil, and extracts natural gas from Brazil. The firm primarily operates through its Power Generation, Energy Trading, Natural Resources, and Corporate segments. | $5 | +88% | $9B | $14B | 3.7x | 10.6x | ||
| 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 generation and transmission segment under which it produces electricity from hydraulic, wind, and thermal projects and provides services of transmission and transformation of electric power and other related services. | $3 | +192% | $8B | $12B | 2.3x | 10.5x | ||
| Neoenergia SA is principally dedicated to the activities of distribution, transmission, generation, and commercialization of electricity. The main activities of the operating segments are as follows: (i) Networks - comprising business lines related to concessions for electricity distribution and transmission services; (ii) Renewables - comprising activities related to concessions for electricity generation services from renewable natural sources, such as wind farms, solar farms and hydroelectric plants; (iii) Liberalized - comprising electricity generation activities from thermal power plants and energy trading activities; and (iv) Other - including corporate and operational support activities. The company generates the majority of its revenue from Networks segment. | $7 | +36% | $8B | $18B | 2.0x | 6.6x | ||
| 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. | $2 | +4% | $7B | $10B | 1.2x | 5.8x | ||
| Ultrapar Participacoes SA engages in the investment of its own capital in services, commercial, and industrial activities, through the subscription or acquisition of shares of other companies. The Company has three business segments: Ultragaz distributes LPG in the segments: bulk, comprising condominiums, trade, services, industries, and agribusiness; and bottled, mainly comprising residential consumers. The Ipiranga engages in the distribution and sale of oil-related products, biofuels, and similar products to service stations that operate under the Ipiranga brand throughout Brazil and to consumers and carrier-reseller-retailer. The Ultracargo operates in specialized liquid bulk storage solutions in the main logistics centers of Brazil. | $5 | +49% | $5B | $8B | 0.3x | 5.3x | ||
| 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. | $10 | -- | $5B | $13B | 1.8x | 6.8x | ||
| Brookfield Infrastructure Corp is an indirect subsidiary of the partnership of the diversified infrastructure owner and operators. Its business is comprised of a U.K. regulated distribution operation, a Brazilian regulated natural gas transmission operation and an international intermodal logistics operation. Geographically, the company generates a majority of its revenue from Brazil and rest from United Kingdom and the United States. | $41 | 0% | $5B | $18B | 4.9x | 5.5x | ||
| Compania de Saneamento de Minas Gerais - COPASA MG provides water supply, sewage, and solid waste services. The company operates out of subsidiaries COPASA Servicos de Irrigacao S.A., COPASA Aguas Minerais de Minas S.A, and COPANOR. COPASA Servicos de Irrigacao S.A. manages, performs, and sells irrigation system services. COPASA Aguas Minerais de Minas S.A. produces, bottles, distributes, and sells mineral water. COPANOR provides water supply and sewage treatment services across the North and Northeast regions of the State of Minas Gerais. A majority of revenue is derived from water services while the rest is derived from sewage services. The company operates out of Brazil, where an amount of revenue is generated. | $10 | +92% | $4B | $5B | 3.2x | 8.3x | ||
| CIA de Gas de Sao Paulo - COMGAS distributes piped natural gas in part of the State of Sao Paulo for consumers in the industrial, residential, commercial, automotive, thermal generation and cogeneration sectors. | $25 | +8% | $3B | $5B | 2.1x | 6.4x | ||
| 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 | -7% | $3B | $6B | 1.7x | 6.5x | ||
| 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. | $8 | -- | $3B | $5B | 5.1x | 8.8x | ||
| 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 | +9% | $3B | $4B | 1.7x | 6.2x | ||
| Companhia de Eletricidade do Estado da Bahia - Coelba is a Neoenergia group that distributes electricity. | $10 | +35% | $2B | $6B | 2.0x | 6.6x | ||
| Alupar Investimento SA is an investment in other entities operating in the energy and infrastructure industries, in Brazil and abroad. It has two segments Transmission segment and the Generation segment. Its sources of revenue include energy transmission revenue, infrastructure revenue, revenue from the remuneration of concession assets, and revenue from energy supply. The majority of revenue comes from the remuneration of concession assets. It generates the vast majority of its revenue in Brazil. | $7 | -- | $2B | $4B | 5.0x | 5.9x | ||
| CIA Distrib de Gas do Rio de Janeiro - CEG operate as a public gas services, of any type and origin, in the State of Rio de Janeiro and to explore, exclusively, the distribution of piped gas. It distributes natural gas for the residential, commercial, industrial, electrical power generation sectors and also for compressed natural gas stations. | $8 | -58% | $2B | $2B | 2.1x | 8.6x | ||
| 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. | $9 | -41% | $2B | $3B | 2.1x | 7.8x | ||
| Elektro - Eletricidade e Servicos SA is a power distribution company. The company is principally engaged in the transmission, distribution and generation of electric energy for industrial, residential and rural consumption, among others. | $9 | +10% | $2B | $3B | 2.0x | 6.5x | ||
| CIA Catarinense de Aguas e Saneamento - CASAN operates in municipalities through program contracts and also agreements. It coordinates, plans, executes, operates and explores the public utilities of sewage and drinking water supply. It also carries out basic sanitation works in the municipalities in the state of Santa Catarina. | $1 | -- | $1B | $2B | 3.7x | 8.4x | ||
| Ampla Energia E Servicos SA is engaged in the distribution and sale of electricity to residential, commercial, and industrial customers in Brazil. It also participates in the research linked to electric industries. | $3 | +69% | $1B | $2B | 1.2x | 7.9x | ||
| Centrais Eletricas de Santa Catarina SA is a Brazil-based company. It is engaged in the generation, transmission, and distribution of electric energy. The company's segments are Celesc D, and Celesc G. The company, through its subsidiaries, is also engaged in the operation, maintenance, expansion and sale related to its generating complex, formed by hydroelectric power plants established in partnership with private investors. | $27 | +43% | $1B | $2B | 0.9x | 6.0x | ||
| Equatorial MaranhaoDistribuidora de Energia SA develops, produces and generates electric power. The company distributes electric energy for residential, commercial, rural and industrial consumption, corporate, real estate, and public power customers in Brazil. | $6 | +14% | $1B | $2B | 1.2x | 5.5x | ||
| Rio Paranapanema Energia SA is involved in the energy sector. The company is engaged in the generation and commercialization of electric energy for industrial, residential and commercial consumption, among others. In addition to generating, the company also markets electricity in the Free and Regulated (ACL) and Free Contracting Environments. It also provides for online energy monitoring using real-time technology. | $7 | +9% | $694M | $901M | - | - | ||
| CIA Energetica Do Ceara - COELCE is primarily engaged in the generation and sale of electricity business activities. It also involved in development, distribution, and marketing of electrical power. In addition, the company involved in the distribution of electrical power for industrial, rural, public and residential consumption. It derives most of its revenues from the sale of the electricity business activities and has operations spread across Brazil. | $7 | +28% | $574M | $2B | 1.2x | 5.6x | ||
| Companhia Energetica de Brasilia - CEB through its subsidiaries and holdings is engaged in generation, transmission, marketing and distribution of electricity as well as related services. It also constructs electric power stations and distribution network; and produces and distributes gas through pipelines. | $6 | +45% | $403M | $269M | 2.7x | 4.3x | ||
| Light SA is a Brazilian private-public utility of which the state-owned power company, CEMIG, wields a controlling stake. The company generates, distributes, and trades energy. To do this, the company owns and operates a portfolio of hydroelectric power plants that serve the Brazilian state of Rio de Janeiro. Light derives maximum of its revenue from the supplying of energy, with network usage and the construction of assets also bringing in substantial amounts of revenue. The vast majority of the company's customers are residential consumers. The company operates in three segments namely: Distribution, Generation and Trading, out of which maximum revenue is generated from Distribution segment. | $1 | -58% | $262M | $2B | 0.7x | 4.8x | ||
| Companhia Celg de Participacoes SA operates as the holding company in electricity sector. The Company generates, distributes, transmits and markets electric energy in Brazil. | $2 | -55% | $158M | $107M | 17.3x | 12.4x | ||
| Companhia Estadual De Distribuicao De Energia Eletrica CEEE-D generates, distributes, and sells electricity to residential, commercial and industrial clients in the south-east of Rio Grande do Sul, Brazil. | $2 | +13% | $133M | $2B | 1.3x | 23.0x | ||
| Afluente Transmissao de Energia Eletrica SA operates in the electric power transmission industry. It is active in the study, planning, design, construction, operation, maintenance, and exploration of systems of electric power transmission. The firm operates transmission lines and sub-stations in Bahia, Brazil. | $2 | +13% | $95M | $95M | 9.8x | 14.5x | ||
| Renova Energia SA is a Brazilian energy company engaged in the development, implementation and operation of power generation projects from renewable sources -wind, small hydroelectric power plants (PCHs) and solar, and trading of energy and related activities. The company is responsible for prospecting, developing, and implementing projects to generate power. The company has operating segments namely: Wind, Solar, Trading, and Administrative. It derives maximum revenue from Trading segment, which is engaged in energy trading in all its forms and management of the Company’s energy purchase and sale contracts. | $0 | +9% | $67M | $218M | 2.1x | 10.5x | ||
| Median | $6 | +10% | $2B | $4B | 2.0x | 6.6x |
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