High electricity prices marked market behavior in May and directly affected the operations of BBCE (Brazilian Energy Trading Desk). Although the financial volume reached R$7,45 billion (the highest value ever recorded for a month of May), the number of contracts and energy traded suffered a sharp decline in the period.
According to data released by BBCE itself, the financial value transacted in the month represents an increase of 18,1% compared to May 2024. However, compared to April of this year, there was a drop of 15,1%. This performance reveals a scenario of high prices that made contracts more expensive, even with a lower movement of energy.
In total, 29,6 Wh of energy were traded, which represents a 42% drop compared to May of the previous year and a 15,1% drop compared to the previous month. The number of contracts signed also fell: 5,3 thousand contracts were ed, a 42,6% drop compared to May 2024 and a 30,3% drop compared to April 2025.
Another noteworthy fact is the average value of the transactions: R$1,4 million. Around 46% of these contracts involved assets maturing from the second half of 2025 onwards, signaling a market preference for longer-term transactions in light of price volatility. May was also marked by sharp movements in the physical energy market.
According to BBCE Forward Curve – the only price reference based on real transactions over the counter – physical assets began the month in an upward trend and reached their peak on the 27th, when the price reached R$350. After this point, a significant correction in values was observed.
The volatile behavior of prices, combined with the lower expected load in the electrical system, ended up slowing the momentum of market agents, resulting in lower liquidity and a reduction in the volume of energy traded. Despite this, the high financial amount indicates that the contracts signed were concentrated at higher values, which reinforces the impact of prices on the behavior of the sector.
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