AXIA Energia (formerly Eletrobrás) is Brazil's largest electricity generation and transmission company, privatized in June 2022 when the Brazilian government reduced its majority voting stake. On the generation side, AXIA operates 43,872 MW of installed capacity — roughly 17% of Brazil's total — with the portfolio now 100% renewable following the sale of all thermal plants in 2025. The generation portfolio is predominantly hydroelectric, with key assets including the Tucuruí complex (8,535 MW) and the Paulo Afonso/Xingó complex (~7,400 MW combined). AXIA sells electricity through two channels: the regulated market, where long-term power purchase agreements are signed with distribution companies via government auctions, and the free market, where AXIA negotiates bilateral contracts directly with large industrial and commercial consumers. On the transmission side, AXIA operates ~74,769 km of transmission lines, representing ~37% of Brazil's national interconnected grid. Transmission revenue is fully regulated, based on the RAP — an annual revenue stream set by ANEEL and indexed to inflation — which stood at R$16.5B as of end-2025. Since privatization, AXIA has been reducing legacy liabilities, divesting non-core assets, and growing investment from ~R$2.5-3B annually to R$9.6B in FY25, with R$12-14B targeted for 2026-2027. Growth is focused on winning new transmission concessions, reinforcing existing grid assets, and developing a pipeline of hydro capacity and battery storage projects for future auctions.