ENERGY CO OF PARANA Business Summary

Energy Co of Parana (ELPC), known as Copel, operates as a premier integrated energy utility in Brazil, generating revenue primarily through regulated distribution and transmission tariffs (RAP) and competitive energy trading. Following its 2023 privatization into a corporation without a defined controller, the company has streamlined its operations into three core segments: Power Generation and Transmission (GeT), Power Distribution (DIS), and Power Trading (Comercialização), while successfully divesting non-core assets like Copel Telecom and Compagas. Copel maintains a dominant market position in the state of Paraná, serving over 5.1 million consumer units with a 6.2 GW generation capacity. It competes directly with national giants such as Eletrobras, CEMIG, and CPFL Energia, distinguishing itself through a high-efficiency smart grid program and a strategic pivot toward a 100% renewable energy matrix. The company is led by CEO Daniel Pimentel Slaviero, a seasoned executive who orchestrated Copel's historic transition from state control to a market-driven corporation, and CFO Felipe Gutterres, whose pedigree includes senior financial leadership at Shell and Wilson Sons. The executive team is supported by Chief People Officer Ana Feller and Legal & Compliance Officer Eduardo de Souza Barbosa, focusing on a post-privatization mandate of operational deleveraging and capital discipline. Copel's governance is overseen by an independent board chaired by Marcel Malczewski, a prominent tech entrepreneur. Major institutional backing is provided by BlackRock, which holds a 5.17% stake as of February 2026, alongside BNDESPAR (22.1%) and the State of Paraná (16%), the latter of which retains a special class share with strategic veto power.