{"id":5017,"date":"2024-09-17T14:05:51","date_gmt":"2024-09-17T17:05:51","guid":{"rendered":"https:\/\/artica.capital\/clairfield-pilulas\/mercado-de-energia-no-brasil\/"},"modified":"2026-09-29T15:15:47","modified_gmt":"2026-09-29T18:15:47","slug":"mercado-de-energia-no-brasil","status":"publish","type":"pilulas","link":"https:\/\/artica.capital\/en\/clairfield-pilulas\/mercado-de-energia-no-brasil\/","title":{"rendered":"Energy Market in Brazil"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">O mercado de energia brasileiro \u00e9 um dos maiores do mundo, com uma matriz predominantemente renov\u00e1vel que tem se expandido nos \u00faltimos anos. Dentro desse cen\u00e1rio, o Ambiente de Contrata\u00e7\u00e3o Livre (ACL) vem ganhando espa\u00e7o e a proje\u00e7\u00e3o \u00e9 de continuar crescendo. O ACL permite que grandes consumidores negociem diretamente suas condi\u00e7\u00f5es de fornecimento de energia, oferecendo flexibilidade e pre\u00e7os competitivos.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dada a perspectiva positiva, o setor tem se encontrado aquecido para fus\u00f5es e aquisi\u00e7\u00f5es, que cada vez mais refor\u00e7am a sua dinamicidade.<\/p>\n\n\n\n<!-- pilula-html v1 -->\n<style>\n.pil{--navy:#2d3a51;--blue:#4f6388;--light:#8599b9;--pale:#e8ebf1;--card:#d3d9e3;--red:#c0272d;--txt:#333;font-family:\"Merriweather Sans\",sans-serif;color:var(--txt);margin-top:40px}\n.pil *{box-sizing:border-box}\n.pil img{max-width:100%;height:auto;display:block}\n.pil-sec{margin:0 0 56px}\n.pil-sec h2{background:var(--navy);color:#fff;font-size:19px;line-height:1.35;font-weight:700;padding:16px 20px;border-radius:0 0 28px 0;margin:0 0 20px;text-wrap:balance}\n.pil-sub{font-size:14px;font-weight:700;color:var(--navy);border-bottom:2px solid 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*\/\n.pil-list{margin:0;padding-left:18px;font-size:14px;line-height:1.6}\n.pil-list li{margin-bottom:6px}\n.pil-fact{font-size:14px;line-height:1.5;padding-left:14px;border-left:3px solid var(--light)}\n.pil-fact.dark{border-color:var(--navy)}\n.pil-fact b{color:var(--navy)}\n.pil-fact big{font-size:20px;font-weight:800;color:var(--navy)}\n.pil-hl{color:var(--blue);font-weight:700}\n\/* tabela *\/\n.pil-tw{overflow-x:auto}\n.pil-table{width:100%;border-collapse:collapse;font-size:13px}\n.pil-table th{background:var(--navy);color:#fff;text-align:left;padding:8px 10px;font-weight:700}\n.pil-table td{padding:7px 10px;border-bottom:1px solid #d8dce4;vertical-align:top}\n.pil-table tr:nth-child(even) td{background:#f5f6f9}\n.pil-table .n{text-align:right;font-variant-numeric:tabular-nums;white-space:nowrap}\n\/* linha do tempo *\/\n.pil-time{display:grid;gap:14px;border-left:2px dashed var(--light);padding-left:18px;margin-left:6px}\n.pil-time>div{position:relative;font-size:14px;line-height:1.5}\n.pil-time>div::before{content:\"\";position:absolute;left:-25px;top:5px;width:12px;height:12px;border-radius:50%;background:var(--navy)}\n.pil-time b.y{display:block;color:var(--light);font-size:16px;font-weight:800}\n\/* figuras (recortes do slide) *\/\n.pil-fig{margin:0}\n.pil-fig figcaption{text-align:center;font-weight:800;color:var(--light);font-size:16px;margin-top:4px}\n.pil-brand{background:var(--card);border-radius:14px;overflow:hidden}\n.pil-brand p{margin:0;text-align:center;font-size:20px;font-weight:800;font-style:italic;color:var(--navy);padding:10px 0 12px}\n@media (max-width:700px){\n  .pil-grid2,.pil-grid2.wide-left,.pil-grid2.wide-right{grid-template-columns:1fr}\n  .pil-grid3,.pil-grid4,.pil-grid5{grid-template-columns:1fr 1fr}\n  .pil-sec h2{font-size:17px}\n  .pil-bars{height:180px}\n  .pil-bars>div>span{font-size:10px}\n  .pil-years{font-size:9px}\n}\n@media (max-width:480px){\n  .pil-bars{gap:1.2%}\n  .pil-years{gap:1.2%;font-size:8px}\n  .pil-bars>div>span{font-size:8px;letter-spacing:-.3px}\n  .pil-bars:has(>div:nth-child(13))>div>span{writing-mode:vertical-rl;transform:translateX(-50%) rotate(180deg);top:auto;bottom:100%;padding-bottom:2px}\n  .pil-years:has(>span:nth-child(13)) span{writing-mode:vertical-rl;transform:rotate(180deg);margin:0 auto}\n}\n<\/style>\n<div class=\"pil\">\n\n<section class=\"pil-sec\">\n  <h2>O Brasil \u00e9 um dos principais produtores e consumidores mundiais de energia el\u00e9trica, com destaque na gera\u00e7\u00e3o renov\u00e1vel<\/h2>\n  <div class=\"pil-sub\"><span>Consumo de eletricidade (2021)<\/span><\/div>\n  <div class=\"pil-grid2\" style=\"max-width:420px;margin:0 auto 18px;gap:12px\">\n    <div class=\"pil-box\"><div class=\"pil-stat\" style=\"padding:10px\"><span>Gera\u00e7\u00e3o<\/span><strong>3\u00ba<\/strong><span>Renov\u00e1vel<\/span><\/div><\/div>\n    <div class=\"pil-box\"><div class=\"pil-stat\" style=\"padding:10px\"><span>Consumo<\/span><strong>6\u00ba<\/strong><span>Energ\u00e9tico<\/span><\/div><\/div>\n  <\/div>\n  <div style=\"display:flex;justify-content:space-between;align-items:center\"><span class=\"pil-unit\">TWh<\/span><span class=\"pil-legend\"><span><i style=\"background:var(--light);border-radius:50%;border:1.5px solid var(--navy)\"><\/i><span>% energia renov\u00e1vel<\/span><\/span><\/span><\/div>\n  <div class=\"pil-bars\" role=\"img\" aria-label=\"Consumo de eletricidade em 2021, em TWh, e percentual de energia renov\u00e1vel: China 7.806 (29%); Estados Unidos 3.979 (21%); \u00cdndia 1.443 (20%); R\u00fassia 996 (20%); Jap\u00e3o 913 (21%); Brasil 573 (77%); Coreia do Sul 568 (7%); Canad\u00e1 555 (68%); Alemanha 512 (41%); Fran\u00e7a 447 (26%). Eixo com quebra nas barras de China e Estados Unidos\">\n    <div style=\"height:100%;background:linear-gradient(#a6a6a6 0 6%,#fff 6% 9%,#a6a6a6 9% 12%,#fff 12% 15%,#a6a6a6 15%)\"><span>7.806<\/span><\/div>\n    <div style=\"height:92.1%;background:linear-gradient(#a6a6a6 0 6%,#fff 6% 9%,#a6a6a6 9%)\"><span>3.979<\/span><\/div>\n    <div style=\"height:84%;background:#a6a6a6\"><span>1.443<\/span><\/div>\n    <div style=\"height:57.9%;background:#a6a6a6\"><span>996<\/span><\/div>\n    <div style=\"height:53.1%;background:#a6a6a6\"><span>913<\/span><\/div>\n    <div class=\"cur\" style=\"height:33.3%\"><span>573<\/span><\/div>\n    <div style=\"height:32.9%;background:#a6a6a6\"><span>568<\/span><\/div>\n    <div style=\"height:32.2%;background:#a6a6a6\"><span>555<\/span><\/div>\n    <div style=\"height:29.8%;background:#a6a6a6\"><span>512<\/span><\/div>\n    <div style=\"height:26.1%;background:#a6a6a6\"><span>447<\/span><\/div>\n  <\/div>\n  <div class=\"pil-years\"><span>China<\/span><span>EUA<\/span><span>\u00cdndia<\/span><span>R\u00fassia<\/span><span>Jap\u00e3o<\/span><span><b>Brasil<\/b><\/span><span>Coreia do Sul<\/span><span>Canad\u00e1<\/span><span>Alemanha<\/span><span>Fran\u00e7a<\/span><\/div>\n  <div class=\"pil-years\" style=\"font-weight:700;color:var(--navy);margin-top:6px\"><span>29%<\/span><span>21%<\/span><span>20%<\/span><span>20%<\/span><span>21%<\/span><span style=\"background:var(--navy);color:#fff;border-radius:10px\">77%<\/span><span>7%<\/span><span>68%<\/span><span>41%<\/span><span>26%<\/span><\/div>\n  <div class=\"pil-src\">Fonte: EPE; IEA \u2013 Ag\u00eancia internacional de energia; An\u00e1lise \u00c1rtica<\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2>Apesar da queda na gera\u00e7\u00e3o de energias renov\u00e1veis durante a pandemia, o Brasil se recuperou e segue expandindo sua matriz sustent\u00e1vel<\/h2>\n  <div class=\"pil-sub\"><span>Evolu\u00e7\u00e3o da matriz energ\u00e9tica brasileira<\/span><\/div>\n  <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5017-matriz.png\" alt=\"Gr\u00e1fico de colunas empilhadas da matriz energ\u00e9tica brasileira, em TWh (hidrel\u00e9tricas \/ e\u00f3lica e solar \/ biomassa \/ g\u00e1s natural \/ outros \/ petr\u00f3leo e carv\u00e3o = total), e % gerado com fontes renov\u00e1veis: 2016 381 \/ 34 \/ 49 \/ 57 \/ 29 \/ 29 = 579, 80%; 2017 371 \/ 43 \/ 49 \/ 66 \/ 30 \/ 29 = 588, 79%; 2018 389 \/ 52 \/ 52 \/ 54 \/ 30 \/ 24 = 601, 82%; 2019 398 \/ 63 \/ 52 \/ 60 \/ 30 \/ 23 = 626, 82%; 2020 396 \/ 68 \/ 56 \/ 54 \/ 27 \/ 21 = 621, 84%; 2021 363 \/ 89 \/ 52 \/ 87 \/ 30 \/ 36 = 656, 77%; 2022 427 \/ 112 \/ 52 \/ 42 \/ 29 \/ 16 = 677, 87%\" loading=\"lazy\">\n  <div class=\"pil-src\">(1) Incluindo nuclear, g\u00e1s de coqueira, biodiesel e outras fontes menores<br>Fonte: EPE; IEA \u2013 Ag\u00eancia internacional de energia; An\u00e1lise \u00c1rtica<\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2>O mercado brasileiro de energia \u00e9 segmentado entre o Ambiente de Contrata\u00e7\u00e3o Livre e o Regulado<\/h2>\n  <div class=\"pil-sub\"><span>ACR x ACL<\/span><\/div>\n  <div class=\"pil-grid2\">\n    <div class=\"pil-box\">\n      <h3>Ambiente de Contrata\u00e7\u00e3o Regulada (ACR)<\/h3>\n      <div style=\"padding:16px;background:var(--pale)\">\n        <ul class=\"pil-list\">\n          <li>Os consumidores s\u00e3o obrigados a comprar energia de sua empresa local \u2013 <b>com nenhuma flexibilidade quanto a pre\u00e7os e fonte de energia<\/b><\/li>\n          <li>Os consumidores est\u00e3o expostos ao risco regulat\u00f3rio, especialmente na forma de aumento de pre\u00e7os (bandeiras) e impostos<\/li>\n          <li>Os contratos de fornecimento de energia no ACR s\u00e3o padronizados e as tarifas s\u00e3o reguladas pelo governo, sem possibilidade de negocia\u00e7\u00e3o direta entre o consumidor e a fornecedora<\/li>\n        <\/ul>\n        <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5017-ic-acr.png\" alt=\"\u00cdcones de cadeado e de pr\u00e9dios\" loading=\"lazy\" style=\"max-width:220px;margin:14px auto 0;mix-blend-mode:multiply\">\n      <\/div>\n    <\/div>\n    <div class=\"pil-box\">\n      <h3>Ambiente de Contrata\u00e7\u00e3o Livre (ACL)<\/h3>\n      <div style=\"padding:16px;background:var(--pale)\">\n        <ul class=\"pil-list\">\n          <li>Criado em 1995, o ACL permite que os participantes negociem livremente as condi\u00e7\u00f5es comerciais de seu fornecimento de energia \u2013 criando um <b>ambiente competitivo que reduz os pre\u00e7os de energia<\/b><\/li>\n          <li>Atualmente, apenas <b>clientes de alta tens\u00e3o<\/b> (grupo A, com conex\u00e3o \u00e0 rede el\u00e9trica em tens\u00f5es iguais ou superiores a 2,3 kV) podem participar do ACL<\/li>\n          <li><b>Discuss\u00f5es no Congresso almejam abrir o mercado para consumidores de baixa tens\u00e3o entre 2026 e 2028<\/b><\/li>\n        <\/ul>\n        <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5017-ic-acl.png\" alt=\"\u00cdcones de alerta de alta tens\u00e3o e cifr\u00e3o\" loading=\"lazy\" style=\"max-width:220px;margin:14px auto 0;mix-blend-mode:multiply\">\n      <\/div>\n    <\/div>\n  <\/div>\n  <div class=\"pil-src\">Fonte: ABRACEEL; ONS; CCEE; An\u00e1lise \u00c1rtica<\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2>O consumo no mercado ACL est\u00e1 projetado para crescer, impulsionado tamb\u00e9m pelo potencial da Gera\u00e7\u00e3o Distribu\u00edda no pa\u00eds<\/h2>\n  <div class=\"pil-grid2\">\n    <div>\n      <div class=\"pil-sub\"><span>Crescimento do ACL<\/span><\/div>\n      <div style=\"display:flex;justify-content:space-between;align-items:center\"><span class=\"pil-unit\">TWh, % do consumo total<\/span><span class=\"pil-legend\"><span><i style=\"background:var(--navy)\"><\/i><span>ACL<\/span><\/span><span><i style=\"background:#c0c0c0\"><\/i><span>ACR<\/span><\/span><\/span><\/div>\n      <div class=\"pil-cagr\">ACL<br>CAGR<br><span style=\"background:var(--light);color:#fff\">5,4%<\/span><\/div>\n      <div class=\"pil-bars\" style=\"height:260px\" role=\"img\" aria-label=\"Consumo de energia, em TWh, e participa\u00e7\u00e3o ACL \/ ACR: 2010 465 (23% \/ 77%); 2016 521 (24% \/ 76%); 2022 586 (34% \/ 66%); 2028E 634 (43% \/ 57%). CAGR do ACL de 5,4%\">\n        <div style=\"height:73.3%;display:flex;flex-direction:column-reverse;background:none\"><span>465<\/span><div style=\"height:77%;background:#c0c0c0;display:flex;align-items:center;justify-content:center;font-size:12px\"><span>77%<\/span><\/div><div style=\"height:23%;background:var(--navy);color:#fff;display:flex;align-items:center;justify-content:center;font-size:12px\"><span>23%<\/span><\/div><\/div>\n        <div style=\"height:82.2%;display:flex;flex-direction:column-reverse;background:none\"><span>521<\/span><div style=\"height:76%;background:#c0c0c0;display:flex;align-items:center;justify-content:center;font-size:12px\"><span>76%<\/span><\/div><div style=\"height:24%;background:var(--navy);color:#fff;display:flex;align-items:center;justify-content:center;font-size:12px\"><span>24%<\/span><\/div><\/div>\n        <div style=\"height:92.4%;display:flex;flex-direction:column-reverse;background:none\"><span>586<\/span><div style=\"height:66%;background:#c0c0c0;display:flex;align-items:center;justify-content:center;font-size:12px\"><span>66%<\/span><\/div><div style=\"height:34%;background:var(--navy);color:#fff;display:flex;align-items:center;justify-content:center;font-size:12px\"><span>34%<\/span><\/div><\/div>\n        <div style=\"height:100%;display:flex;flex-direction:column-reverse;background:none\"><span>634<\/span><div style=\"height:57%;background:#c0c0c0;display:flex;align-items:center;justify-content:center;font-size:12px\"><span>57%<\/span><\/div><div style=\"height:43%;background:var(--navy);color:#fff;display:flex;align-items:center;justify-content:center;font-size:12px\"><span>43%<\/span><\/div><\/div>\n      <\/div>\n      <div class=\"pil-years\"><span>2010<\/span><span>2016<\/span><span>2022<\/span><span><b>2028E<\/b><\/span><\/div>\n    <\/div>\n    <div>\n      <div class=\"pil-sub\"><span>Posicionamento do Brasil na Gera\u00e7\u00e3o Distribu\u00edda (GD)<\/span><\/div>\n      <div style=\"display:grid;gap:14px\">\n        <div class=\"pil-card tint\" style=\"display:grid;grid-template-columns:48px 1fr;gap:14px;align-items:center\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5017-ic-sol.png\" alt=\"\u00cdcone de sol\" loading=\"lazy\" style=\"mix-blend-mode:multiply\"><span><b>Alto potencial de energia solar:<\/b> Capacidade solar do Brasil \u00e9 compar\u00e1vel com pa\u00edses des\u00e9rticos (Chile, Australia, Ar\u00e1bia Saudita), tornando-o local privilegiado para energia solar<\/span><\/div>\n        <div class=\"pil-card tint\" style=\"display:grid;grid-template-columns:48px 1fr;gap:14px;align-items:center\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5017-ic-raio.png\" alt=\"\u00cdcone de raio\" loading=\"lazy\" style=\"mix-blend-mode:multiply\"><span><b>Crescimento da capacidade instalada:<\/b> At\u00e9 2040, solar e e\u00f3lica ser\u00e3o 47% da matriz energ\u00e9tica do Brasil, com mercado de US$ 11 bi. Em 2022, o Brasil era o 8\u00ba em capacidade solar no mundo<\/span><\/div>\n        <div class=\"pil-card tint\" style=\"display:grid;grid-template-columns:48px 1fr;gap:14px;align-items:center\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5017-ic-gd.png\" alt=\"\u00cdcone de painel solar e turbina e\u00f3lica\" loading=\"lazy\" style=\"mix-blend-mode:multiply\"><span><b>Crescimento da gera\u00e7\u00e3o distribu\u00edda:<\/b> projetos de gera\u00e7\u00e3o distribu\u00edda solar atingiram 27 GW em 2023 e devem crescer para 37 GW at\u00e9 2031, impulsionados por incentivos financeiros e marco legal favor\u00e1vel<\/span><\/div>\n      <\/div>\n    <\/div>\n  <\/div>\n  <div class=\"pil-src\">Fonte: ANEEL; EPE; CCEE; Enel; CNI; ONS; Thymos Energia; Absolar; An\u00e1lise \u00c1rtica<\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2>Dada a perspectiva positiva do mercado, M&amp;As t\u00eam sido frequentes nos \u00faltimos anos no Brasil (1\/2)<\/h2>\n  <div class=\"pil-sub\"><span>Transa\u00e7\u00f5es selecionadas<\/span><\/div>\n  <p class=\"pil-p\" style=\"font-size:12px;color:#666\">Em cada cart\u00e3o: <b>Alvo<\/b> em cima, <b>Comprador\/Investidor<\/b> embaixo.<\/p>\n  <div class=\"pil-grid3\">\n    <figure class=\"pil-fig\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5017-deal1.png\" alt=\"2018: Matrix (alvo) e DXT Commodities (comprador\/investidor)\" loading=\"lazy\"><figcaption>2018<\/figcaption><\/figure>\n    <figure class=\"pil-fig\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5017-deal4.png\" alt=\"2018: WX Energy (alvo) e Ra\u00edzen (comprador\/investidor)\" loading=\"lazy\"><figcaption>2018<\/figcaption><\/figure>\n    <figure class=\"pil-fig\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5017-deal2.png\" alt=\"2019: Compass G\u00e1s &amp; Energia (alvo) e Cosan (comprador\/investidor)\" loading=\"lazy\"><figcaption>2019<\/figcaption><\/figure>\n    <figure class=\"pil-fig\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5017-deal5.png\" alt=\"2019: Eletron Energy (alvo) e Alothon Group LLC (comprador\/investidor)\" loading=\"lazy\"><figcaption>2019<\/figcaption><\/figure>\n    <figure class=\"pil-fig\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5017-deal3.png\" alt=\"2021: Comerc Energia (alvo) e Perfin (comprador\/investidor)\" loading=\"lazy\"><figcaption>2021<\/figcaption><\/figure>\n    <figure class=\"pil-fig\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5017-deal6.png\" alt=\"2021: Targus Energia (alvo) e Vibra (comprador\/investidor)\" loading=\"lazy\"><figcaption>2021<\/figcaption><\/figure>\n  <\/div>\n  <div class=\"pil-src\">Fonte: S&amp;P Capital IQ; Not\u00edcias; An\u00e1lise \u00c1rtica<\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2>Dada a perspectiva positiva do mercado, M&amp;As t\u00eam sido frequentes nos \u00faltimos anos no Brasil (2\/2)<\/h2>\n  <div class=\"pil-sub\"><span>Transa\u00e7\u00f5es selecionadas<\/span><\/div>\n  <p class=\"pil-p\" style=\"font-size:12px;color:#666\">Em cada cart\u00e3o: <b>Alvo<\/b> em cima, <b>Comprador\/Investidor<\/b> embaixo.<\/p>\n  <div class=\"pil-grid3\">\n    <figure class=\"pil-fig\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5017-deal7.png\" alt=\"2021: Focus Energia (alvo) e Eneva (comprador\/investidor)\" loading=\"lazy\"><figcaption>2021<\/figcaption><\/figure>\n    <figure class=\"pil-fig\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5017-deal10.png\" alt=\"2021: Comerc Energia (alvo) e Vibra (comprador\/investidor)\" loading=\"lazy\"><figcaption>2021<\/figcaption><\/figure>\n    <figure class=\"pil-fig\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5017-deal8.png\" alt=\"2022-23: Prime Energy (alvo) e Shell (comprador\/investidor)\" loading=\"lazy\"><figcaption>2022-23<\/figcaption><\/figure>\n    <figure class=\"pil-fig\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5017-deal11.png\" alt=\"2022-23: Stima Energia (alvo) e Mitsui &amp; Co. (comprador\/investidor)\" loading=\"lazy\"><figcaption>2022-23<\/figcaption><\/figure>\n    <figure class=\"pil-fig\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5017-deal9.png\" alt=\"2024: Witzler (alvo) e Ultragaz (comprador\/investidor)\" loading=\"lazy\"><figcaption>2024<\/figcaption><\/figure>\n    <figure class=\"pil-fig\"><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5017-deal12.png\" alt=\"2024: Esfera (alvo) e Auren (comprador\/investidor)\" loading=\"lazy\"><figcaption>2024<\/figcaption><\/figure>\n  <\/div>\n  <div class=\"pil-src\">Fonte: S&amp;P Capital IQ; Not\u00edcias; An\u00e1lise \u00c1rtica<\/div>\n<\/section>\n\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>O mercado de energia brasileiro \u00e9 um dos maiores do mundo, com uma matriz predominantemente renov\u00e1vel que tem se expandido nos \u00faltimos anos. Dentro desse cen\u00e1rio, o Ambiente de Contrata\u00e7\u00e3o Livre (ACL) vem ganhando espa\u00e7o e a proje\u00e7\u00e3o \u00e9 de continuar crescendo.<\/p>","protected":false},"author":1,"featured_media":5010,"template":"","meta":[],"class_list":["post-5017","pilulas","type-pilulas","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/pilulas\/5017","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/pilulas"}],"about":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/types\/pilulas"}],"author":[{"embeddable":true,"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/users\/1"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/media\/5010"}],"wp:attachment":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/media?parent=5017"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}