Taesa (Transmissora Aliança de Energia Elétrica S.A.) is a company that operates in the electric sector with a focus on electricity transmission. Considering the Allowed Annual Revenue (RAP), Taesa is one of the largest among private companies operating in this sector in Brazil.

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The company has 11,062 km of lines in operation and 2,514 km of lines under construction, totaling 13,576 km of extension and 97 substations.

Currently, it holds 39 transmission concessions, with an average maturity of 16.5 years. These concessions are divided as follows:

• 10 concessions make up the holding (TSN, Novatrans, ETEO, GTESA, PATESA, Munirah, NTE, STE, ATE, and ATE II);

• 10 full investments: Brasnorte, ATE III, São Gotardo, Mariana, Miracema, Janaúba, Sant’Ana, São João, São Pedro, and Lagoa Nova;

• 19 participations: ETAU, Transmineiras, and the AIE and TBE Groups;

Through these concessions, Taesa is able to operate in the states of Alagoas, Bahia, Espírito Santo, Goiás, Maranhão, Mato Grosso do Sul, Minas Gerais, Pará, Paraíba, Paraná, Pernambuco, Piauí, Rio Grande do Norte, Rio Grande do Sul, Santa Catarina, São Paulo, Sergipe, and Tocantins, in addition to the Federal District.

One of the company's competitive advantages is that the energy sector is perennial, meaning it is more stable and predictable. Thus, part of this predictability derives precisely from the fact that this sector works with long-term contracts that are adjusted for inflation.

The transmission sector in Brazil

The Brazilian transmission sector can be divided into the following 3 categories:

• Category 1 – Extended concessions: assets granted before 1999 and extended in 2012 for another 30 years with tariff reviews every 5 years.

• Category 2 – Bidding concessions with a protected base: assets auctioned between 1999 and November 2006, with Allowed Annual Revenue adjusted annually by the IGP-M index and halved in the 16th year of operation, without tariff reviews for concessions with a 30-year term;

• Category 3 – Auctioned concessions: assets auctioned from November 2006 onwards, with Allowed Annual Revenue adjusted annually by the IPCA index and tariff reviews in the 5th, 10th, and 15th years of the concession contract (30 years).

When analyzing the company's business model, it is possible to see that the concessions fall into categories 2 and 3. Thus, the company has a Market Share of approximately 12% in terms of total RAP in these two categories, with predominant activity in category 2.

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The history of Taesa began in the year 2000, when TSN and Novatrans were founded. Three years later, both were acquired by Terna S.p.A.

In 2006, the company was founded under the name Donnery Holdings S.A., with a subsequent change of the corporate name from Donnery Holdings S.A. to Terna Participações S.A.

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In the same year, the company went public, with its shares listed on Level 2 of Corporate Governance. As a result, Terna S.p.A. came to hold 66% of the company's share capital, while the remaining 34% circulated in the market.

The company made important acquisitions in 2007, such as Brasnorte, ETAU, GTESA, and PATESA. The following year, after acquiring ETEO, the company established Taesa Serviços and underwent an administrative management restructuring.

In 2009, the company underwent a change in controlling shareholders. As a result, the shares owned by Terna S.p.A. were transferred to Transmissora do Atlântico, a company whose share capital was divided between FIP Coliseu, with a 51% stake, and CEMIG GT, with 49%.

After these changes, the company changed its corporate name from Terna Participações S.A. to Transmissora Aliança de Energia Elétrica S.A.

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A year later, there was a public offering for the acquisition of shares due to the sale of controlling interest by Terna S.p.A. Additionally, the company incorporated Alterosa, Alvorada, TSN, Novatrans, ETEO, and Taesa Serviços.

In 2012, there was another public offering, this time for 24 million Units shares of Taesa. From this, the company acquired NTE, STE, ATE, and Unisa, 10% of Transmineiras through EATE, in addition to acquiring Mariana in the auction in 2013.

For years, the company operated in the expansion process through acquisitions of transmission lines in concession auctions.

In 2009, the company presented the completion of the Miracema project and the reinforcements of Novatrans. Because of this, it received an award for best practices in workplace safety.

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In 2020, the company completed the Mariana project and concluded the acquisition process of the São João, São Pedro (Âmbar), and Lagoa Nova (Rialma I) assets.

Finally, in 2022, Taesa acquired lots 3, 5, and 10 in Aneel auctions and completed the Aimorés, ESTE (TBE), and Paraguaçu projects.