Measured at fair value


	Participations		Property value (a)	Fair Value
	3/31/2022		3/31/2022	3/31/2022	12/31/2021
AES Tietê Energia S.A	7.56	%	35,872	363,193	333,932
Companhia Energética do Ceará - COELCE	7.06	%	63,019	237,325	254,664
Energisa Holding	2.31	%	389,337	410,063	354,279
Auren Energia S.A. (b)	0.35	%	19,668	168,160	—
Companhia Energética de São Paulo - CESP (b)	0.00	%	—	—	224,090
Centrais Elétricas de Santa Catarina S.A - CELESC	10.75	%	266,636	257,141	281,924
Companhia Paranaense de Energia - COPEL	0.56	%	60,413	104,093	92,459
Equatorial Energia Pará	0.99	%	16,075	144,798	117,671
Neoenergia Pernambuco	1.56	%	10,365	36,893	31,941
Energisa Mato Grosso - Distribuidora de Energia S.A.	0.18	%	3,064	33,800	32,400
Rio Paranapanema Energia	0.47	%	3,924	12,169	14,615
Companhia Energética de Brasília - CEB	2.10	%	11,861	27,787	23,650
Others	Between 0.06% and 0.31	%	38,479	127,494	116,984
			918,713	1,922,916	1,878,609

(a)

Equity value according to the participation of Eletrobras and its subsidiaries in the share capital of the companies, and

(b)

Companhia Energética de São Paulo (CESP) was merged with Auren Energia S.A. in January 2022.

16.1 - Provisions for investment losses

The balance of the provisions for losses on investments is shown below:


	3/31/2022	12/31/2021
Energia Sustentável do Brasil S.A. - ESBR	309,617	309,617
Interligação Elétrica do Madeira S.A. - IE Madeira	310,411	310,411
Companhia Energética Sinop S.A. - SINOP	354,900	354,900
Empresa de Energia São Manoel S.A.	177,516	177,516
Mata de Santa Genebra Transmissão S.A.	73,868	73,868
Transnorte Energia S.A.	132,949	133,058
Others	7,020	7,294
	1,366,281	1,366,664

16.2 - Provision for short-term liabilities

Arbitration of Madeira Energia S.A. (MESA)

The subsidiary Furnas holds 43.06% of the capital stock of MESA, the wholly-owned parent company of Santo Antonio Energia (SAESA).

On March 16, 2022, following requests for clarification, a decision was made by the Market Arbitration Chamber under Arbitration Procedure No. 115/2018, which determined the return of the capital contribution made by the shareholders in the said investee. In this arbitration, CEMIG and SAAG sought the annulment of the Extraordinary General Meeting of MESA, which was held on August 28, 2018, to capitalize MESA as a necessary step for the reprofiling of SAESA’s debts with National Bank for Economic and Social Development (BNDES) and transfer banks, agreed in December of that year.

Furnas, as part of this arbitration, analyzed the necessary measures to be adopted in order to safeguard and protect its interests and its investee, duly considering the contracts, guarantees, obligations, and commitments entered into with the stakeholders of MESA and SAESA. This arbitral award does not affect the accounting results of Eletrobras.

The financing agreements signed by SAESA, as well as the equity support agreements which the shareholders entered into, expressly provide that the shareholders are obliged to provide capital for SAESA to cover the costs of the Arbitral Procedure.

Therefore, Furnas recognized a provision of R$ 729,188 for unsecured liabilities (R$ 705,864 on December 31, 2021) related to this future contribution in proportion to its participation in the investee as a legal obligation, under the terms of IAS 28 - Investment in Associate and Joint Ventures, in Subsidiary and Joint Venture.

Arbitration of Santo Antonio Energia S.A. (SAESA)

In addition, the construction consortium initiated a second arbitration against the investee related to certain claims of the investee, and the result of this arbitration was published on February 7, 2022. Currently, compliance with the sentence is in the following stages:

On March 9, 2022, SAESA filed a request for clarification of certain points of the judgment, including those related to pecuniary aspects. Only after consideration of this request and any clarifications that are requested by the other parties involved will the judgment become final, capable of producing effects and effectively determining the amounts to be potentially owed by SAESA;

Some of SAESA’s requests were granted, as were some of the requests of Consórcio Construtor Santo Antônio (CCSA) and its consortium members against SAESA. The arbitral tribunal initially declared the ineffectiveness of the instrument entitled “Terms and Conditions”, which supported the recognition, by SAESA, of the “Reimbursable Expenses”, according to the explanatory note in its financial statements;

In addition to the origin of the requests of CCSA, with which SAESA strongly disagreed and which are already provisioned for in its financial statements in the line item “Guarantees in Guarantee” for R$ 769,897 and “Other Provisions” for R$ 492,017, other claims were granted and recorded with an additional value estimated at R$ 226,000.;

According to the financing agreements signed by SAESA with BNDES and financing agreements through the transfer of BNDES resources, the amounts which SAESA may potentially be required to pay must be paid according to the procedures defined in the respective financing agreements.

SAESA reiterated that it is still evaluating the impacts of the arbitration, which is still in progress.

16.3 - Change in investments

Below is the movement of the most relevant investments of the Company:



		Transfer to asset	Other			Dividends and
	Balance as of	held for sale (a) /	Comprehensive	Capitalization of	Investee	interest on		Balance as of
Associated companies and jointly-controlled ventures	12/31/2021	Write-off (b)	Results	AFAC	adjustments	equity	Equity	3/31/2022
Norte Energia S.A. - NESA	6,384,303	—	—	—	—	—	(82,860)	6,301,443
Companhia de Transmissão de Energia Elétrica Paulista S.A. - CTEEP	4,451,016	—	(16,410)	—	—	—	178,708	4,613,314
Energia Sustentável do Brasil S.A. - ESBR	3,295,627	—	—	—	—	—	(16,170)	3,279,457
Belo Monte Transmissora de Energia S.A. - BMTE	1,895,036	—	—	—	134	(12,250)	38,744	1,921,664
Interligação Elétrica do Madeira S.A. - IE Madeira	1,409,983	—	—	—	—	—	79,412	1,489,395
Equatorial Maranhão Distribuidora de Energia S.A.	1,079,600	—	(2,358)	—	—	(63,650)	43,071	1,056,663
Teles Pires Participações S.A. - TPP	789,994	—	—	—	—	—	(12,856)	777,138
Companhia Estadual De Transmissao De Energia Eletrica - CEEE-T	644,208	(648,271)	—	—	—	4,063	—	—
Mata de Santa Genebra Transmissão S.A.	634,284	—	—	—	—	(61,290)	23,478	596,472
Chapecoense Geração S.A.	454,259	—	—	—	—	—	30,714	484,973
Empresa de Energia São Manoel S.A.	428,168	—	—	—	—	—	(4,798)	423,370
Interligação Elétrica Garanhuns S.A. - IE Garanhuns	413,106	—	—	—	—	—	16,149	429,255
Companhia Energética Sinop S.A. - SINOP	349,256	—	—	—	—	—	(3,806)	345,450
Energética Águas da Pedra S.A. - EAPSA	291,327	—	—	—	—	—	18,235	309,562
Enerpeixe S.A.	266,309	—	—	—	—	—	(1,414)	264,895
Sistema de Transmissão Nordeste S.A. - STN	258,272	—	—	—	—	—	15,041	273,313
Paranaíba Transmissora de Energia S.A.	188,675	—	—	—	—	—	4,363	193,038
Triangulo Mineiro Transmissora de Energia S.A.	182,828	—	—	—	1,169	—	3,296	187,293
Goiás Transmissão S.A.	177,274	—	—	—	—	—	(191)	177,083
Retiro Baixo Energética S.A.	168,726	—	—	—	—	—	2,391	171,117
MGE Transmissão S.A.	168,273	—	—	—	—	—	1,952	170,225
Rouar S.A.	134,264	—	(21,356)	—	—	—	6,168	119,076
Lajeado Energia S.A.	99,516	—	—	—	—	—	23,753	123,269
Transenergia Renovável S.A.	97,461	—	—	—	—	—	145	97,606
Vale do São Bartolomeu Transmissora de Energia S.A.	79,406	—	—	—	—	—	2,559	81,965
CEB Lajeado S.A.	74,160	—	—	—	—	—	10,614	84,774
Luziania-Niquelandia Transmissora S.A.	38,320	—	—	—	—	—	—	38,320
Paulista Lajeado Energia S.A.	37,925	—	—	—	—	—	510	38,435
Construtora Integração Ltda.	21,527	(21,880)	—	—	—	—	353	—
Others	1,256,069	—	(71,207)	396	—	(941)	24,563	1,208,880
Total investments	25,769,172	(670,151)	(111,331)	396	1,303	(134,068)	402,124	25,257,445

(a)

The balance of R$ 648,271 refers to the asset held for sale - for more information see Note 37.

(b)

The balance of R$ 21.880 refers to the write-off occurred in the period in the investment of Construtora Integração Ltda due to it’s liquidation.


			Other
	Balance as of	Capital	Comprehensive	Capitalization of	Capital increase /	Investee	Dividends and		Balance as of
Associated companies and jointly-controlled ventures	12/31/2020	payment	Results	AFAC	decrease	adjustments	interest on equity	Equity	3/31/2021
Norte Energia S.A. - NESA	6,600,626	—	—	—	—	—	—	(64,094)	6,536,532
Companhia de Transmissão de Energia Elétrica Paulista S.A. - CTEEP	4,314,282	5,381	10,086	—	(905)	—	(377,815)	146,378	4,097,407
Energia Sustentável do Brasil S.A. - ESBR	3,250,575	—	—	—	—	—	—	(11,740)	3,238,835
Belo Monte Transmissora de Energia SPE S.A. - BMTE	1,702,719	—	—	—	—	242	—	41,832	1,744,793
Interligação Elétrica do Madeira S.A. - IE Madeira	1,375,039	—	—	—	—	—	—	70,214	1,445,253
Madeira Energia S.A. - MESA	906,289	—	—	—	—	—	—	(219,537)	686,752
Norte Brasil Transmissora de Energia S.A. - NBTE	795,287	—	—	—	—	—	—	10,355	805,642
Teles Pires Participações S.A. - TPP	746,820	—	—	—	—	—	—	3,623	750,443
Companhia Energética Sinop S.A. - SINOP	555,783	—	—	—	—	—	—	(5,011)	550,772
Empresa de Energia São Manoel S.A.	434,379	—	—	—	—	—	—	(4,976)	429,403
Mata de Santa Genebra Transmissão S.A.	534,167	—	—	—	—	—	—	19,778	553,945
Chapecoense Geração S.A.	373,740	—	—	—	—	—	—	22,998	396,738
Interligação Elétrica Garanhuns S.A. - IE Garanhus	324,874	—	—	—	—	—	—	15,891	340,765
Enerpeixe S.A.	265,711	—	—	—	—	—	—	(7,319)	258,392
Energética Águas da Pedra S.A. - EAPSA	244,444	—	—	—	—	—	—	16,376	260,820
Transmissora Sul Litorânea de Energia S.A. - TSLE	171,632	—	—	—	—	—	(13,041)	9,012	167,603
Sistema de Transmissão Nordeste S.A. - STN	217,861	—	—	—	—	—	—	16,928	234,789
Goiás Transmissão S.A.	212,431	—	—	—	—	—	—	1,617	214,048
Paranaíba Transmissora de Energia S.A.	173,434	—	—	—	—	—	—	3,371	176,805
Rouar S.A.	128,315	—	13,662	—	—	—	—	124	142,101
Transnorte Energia S.A.	25,498	—	—	—	—	—	—	1,409	26,907
MGE Transmissão S.A.	137,148	—	—	—	—	—	—	2,615	139,763
Transenergia Renovável S.A.	116,395	—	—	—	—	—	414	1,081	117,890
Retiro Baixo Energética S.A.	157,183	—	—	1,225	—	—	—	2,058	160,466
Triangulo Mineiro Transmissora de Energia S.A.	126,654	—	—	—	—	—	—	1,937	128,591
Vale do São Bartolomeu Transmissora de Energia S.A.	64,019	—	—	—	—	—	—	5,461	69,480
Lajeado Energia S.A.	90,340	—	95	—	—	—	—	23,618	114,053
CEB Lajeado S.A.	67,956	—	(4)	—	—	—	—	6,761	74,713
Paulista Lajeado Energia S.A.	38,056	—	—	—	—	—	(2,022)	2,352	38,386
Others	2,844,586	2,244	61,467	—	—	(780)	42,973	125,308	3,075,798
Total investments	26,996,243	7,625	85,306	1,225	(905)	(538)	(349,491)	238,420	26,977,885

16.4 – Market value of associates that are quoted on the stock exchange (B3)


			Fair value (a)
Publicly traded companies	Participation		3/31/2022	12/31/2021
Valued using the equity method
Companhia de Transmissão de Energia Elétrica Paulista S.A. - CTEEP	35.80	%	6,306,422	5,775,156
Equatorial Maranhão Distribuidora de Energia S.A.	33.55	%	2,138,503	2,238,434
Companhia Estadual de Transmissão de Energia Eletrica - CEEE-T (b)	32.65	%	1,261,782	1,180,812
Empresa Metropolitana de Águas e Energia S.A. - EMAE	40.44	%	580,113	1,095,497
Companhia Estadual de Distribuição de Energia Elétrica - CEEE-D	4.62	%	135,905	152,108

(a)

Based on the stock price on the base date.

(b)

Company classified as held for sale - see Note 37.

16.5 – Net Working Capital of Associates

Affiliates

(a)

The Company also holds interests, through its subsidiaries, in the SPEs Madeira Energia S.A., Norte Energia S.A., Teles Pires Participações S.A. and Enerpeixe, which, as of March 31, 2022, presented negative net working capital of R$ 2,675,148, R$ 26,956, R$ 75,570 and R$ 51,523, respectively. In addition, provisions were considered for cases in which the Company has a legal obligation to the investees that have their investment reduced to zero.