Copel is a Brazilian integrated electricity utility focused on the State of Paraná in southern Brazil. Copel operates across four functional segments: distribution, generation and transmission, energy trading, and ancillary services. Copel Distribuição is the largest earnings contributor, holding concessions covering 394 of 399 municipalities in Paraná plus one in Santa Catarina, serving roughly 5.3 million captive customers at tariffs regulated by Brazil's electricity regulator, ANEEL. ANEEL resets the distributor's cost base and allowed revenues every five years through a Periodic Tariff Review; the next review in 2026 is a key near-term catalyst. Copel's generation portfolio totals 6,226 MW of installed capacity, entirely renewable, with hydroelectric plants dominating — the three largest hydro plants together account for roughly 83% of total hydro capacity — supplemented by 42 wind farms in northeastern Brazil. Generation revenues are earned through long-term regulated auction contracts, free-market bilateral contracts, and spot market sales, with profitability materially affected by hydrology and wind conditions. Copel also owns roughly 4,594 km of transmission lines, earning fully regulated fixed annual fees. Copel's trading arm, Copel Mercado Livre, sells electricity to large commercial and industrial customers in Brazil's deregulated free market. Management's growth plan involves a R$18B capex program for 2026–2030, focused on grid modernization to grow the distribution regulatory asset base and expanding contracted hydroelectric capacity through Brazil's capacity reserve auctions.