With lower load prospects and high energy physicals prices, BBCE - the OTC Energy of Brazil and the leading energy market infrastructure of the country - ended May with R$7.45 billion physicals traded. This is the largest financial amount historically traded in May. The increase is 18.1% compared to the same month in 2024 but compared to April there is a decrease of 15.1%.

The high energy physicals prices impacted on the number of operations and the volume of energy traded, which ended the period with a significant drop. In total, 29.6 TWh energy physicals were traded at BBCE, a decrease of 42% compared to May 2024 and 15.1% compared to last April.

These amounts resulted in 5.3 thousand contracts, a 42.6% drop compared to the same month in 2024, and a 30.3% drop compared to April 2025. The average volume of these contracts was R$1.4 million and 46% of their volume involved energy to be delivered in the 2S2025.

May was an emblematic month for energy trading in Brazil. With price movements in different directions, energy physicals traded at BBCE opened the month on a high and, after reaching a peak of R$350 on the 27th, showed a significant drop, as shown by data from BBCE Curva Forward, the company´s price index.

According to Eduardo Rossetti, BBCE's Commercial, Products, External Communications and Marketing Executive Director, these movements reflect the uncertainties of the model that increased volatility.