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    ELET6   BRELETACNPB7

CENTRAIS ELÉTRICAS BRASILEIRAS S.A. - ELETROBRÁS

(ELET6)
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Centrais Eletricas Brasileiras S A Eletrobrás : Annual Report 2020

07/13/2021 | 09:47am EDT

Eletrobras

Annual Report 2020

ELETROBRAS

ANNUAL REPORT 2020

Contents

3

Introduction

69

PROSPERITY

4

Message from management

70

Financial performance

7

2020 at a glance

77

Operating performance

9

2020 Overview

85

R&D and Innovation

11

About this Report

94

Supplier management

19

Our EESG journey

96

Social Value Creation

21

GOVERNANCE

99

PEOPLE

23

About Eletrobras

100

Our employees

25

Presence in Brazil and Latin America

114

Stakeholder engagement

32

The Eletrobras Identity

115

Human Rights

38 Embedding sustainability in governance

44

Recognition

125

PLANET

46

Integrity Program

127

Water

50

Ethics

134

Climate Change

52

Risk management

138

Biodiversity

61 Strategic Planning

144 GRI CONTENT INDEX

164 ASSURANCE REPORT

166 APPENDIXES

184 CREDITS

Cover image: The Sobradinho Dam. Photo by: André Schuler.

ELETROBRAS I ANNUAL REPORT 2020

MESSAGE

ABOUT THIS REPORT

EESG JOURNEY

GOVERNANCE

PROSPERITY

PEOPLE

PLANET

GRI

APPENDIXES

3

Introduction

We are pleased to present our Annual Report 2020, an account of our achievements and performance in the year and our policies, strategies, direction and commitment to ESG (environ- mental, social and governance).

We welcome any questions or feedback on this Report.

Please write to sustentabilidade@eletrobras.com

GRI 102-53

The Xingó Dam. Chesf Archives

ELETROBRAS I ANNUAL REPORT 2020

MESSAGE

ABOUT THIS REPORT

EESG JOURNEY

GOVERNANCE

PROSPERITY

PEOPLE

PLANET

GRI

APPENDIXES

4

Message from Management

GRI 102-14

In such an aberrant year as 2020, the important role of reliable electricity in the response to the coronavirus pandemic increased stakeholders' awareness of how essential Eletrobras's services are.

We faced the biggest operational challenge in our history. At the onset of the crisis, we immediately made the unprecedented decision to assign 75% of our employees to work from home, while the rest of our workforce continued to work at our plants, substations and operation centers across Brazil under stringent health and safety protocols.

The successful transition was made possible by an extensive restructuring process in recent years across the Eletrobras Group, in which we modernized our governance structure, invested in operations automation, and implemented a single-instance SAP ERP system at all Eletrobras Group companies. The pandemic tested our resilience, and these measures proved successful. Through them, we were able to remotely operate 399 facilities

  • including plants, substations and operation centers - from 183 main and backup sites.

The safety protocols we implemented aimed to maintain the reliability and availability of our generation and transmission assets at or higher than pre-pandemic levels. We also supported society at such a critical time by delivering the best we have to offer: the energy that Brazil needs to function and develop. At the height of the pandemic, we supplied as much as 40%* of Brazil's generation capacity.

As our operations crews continued to work on the front lines to ensure a continued, reliable supply of electricity, Eletrobras Group's executive directors set up a Crisis Committee that met on a daily basis to assess developments, establish safety protocols, and take the measures necessary to guarantee operational continuity. This Committee has also monitored employee health and provided support to their families.

As we navigated the severe crisis in 2020, Eletrobras made important progress across different business fronts. We launched a Cultural Transformation program - one of the most important programs in our recent history - to build a corporate culture based on creativity, collaboration, innovation and sustainability, and a meritocratic, high performance work environment in which employees' talents and accomplishments are recognized and rewarded. Following

a baseline survey to determine the current state of Group companies' organizational culture, based on the perspectives and suggestions of employees, we will lay the groundwork over the next few months for a major transformation to build the Eletrobras Brazilians want: a modern, dynamic and meritocratic organization.

*Referring to the period from 3/10/2020 to 8/25/2020, during which Eletrobras accounted for 40% of the generation capacity of the National Grid at peak.

ELETROBRAS I ANNUAL REPORT 2020

MESSAGE

ABOUT THIS REPORT

EESG JOURNEY

GOVERNANCE

PROSPERITY

PEOPLE

PLANET

GRI

APPENDIXES

5

In 2020 we made continued progress in our investiments optimization. We completed the sale of SPEs Mangue Seco 2, Centroeste, MTE, Santa Vitória do Palmar and Complexo Campos Neutrais. Several SPEs were sold, wound up and merged in 2020, reducing

the number of SPEs we have a stake in from 136 to 94. We also approved the acquisition of minority interests in and the merger of 12 other SPEs into subsidiaries Furnas (Transenergia Goiás) and Chesf (11 projects within the Pindaí I, II and III wind farm clusters), further reducing the number of SPEs we hold to 82 in early 2021.

Elvira Presta. Eletrobras Archives

Ruy Schneider. Eletrobras Archives

We completed a project to achieve compliance with Brazil's new General Data Protection Act (LGPD) at Group companies

In addition, we completed the merger of two subsidiaries in the South: Eletrosul and CGTEE. The project was launched in 2017 and incorporated into Eletrobras's Business and Management Master Plan (PDNG), with a focus on achieving corporate synergies across regional subsidiaries. The company resulting from the merger, CGT Eletrosul, is a fully integrated operation focused on Brazil's south, benefiting from greater operational efficiency, process improvement and optimized performance.

Restructuring also progressed on the organizational front, with changes aiming to integrate the holding company's and subsidiaries' organizational structures. Internally, we completed a project to achieve compliance with Brazil's newly introduced General Data Protection Act (LGPD) at Group companies, and published a new version of the Eletrobras Code of Ethical Code and Integrity, which we then disseminated through extensive employee communications and training.

In the Transmission segment, the year was marked by Eletrobras's participation in energy auctions for the first time in six years. The holding company led the participation of three subsidiaries in the auctions, with stringent financial discipline. A particularly significant milestone in

the year was the successful completion of the rate-setting reviews for transmission concessions extended under Law no. 12 783/2013. The rate-setting review results were incorporated into the Permitted Annual Revenue (RAP) for the 2020- 2021 rate-setting cycle, adjusted and remunerated by the real Cost of Equity (Ke) for the transmission segment as established by the Brazilian power sector regulator, ANEEL. Under

MME Ordinance 120/2016, the current cycle's rate-setting review also included the portion of Ke remuneration not incorporated from

Disclaimer

Eletrobrás - Centrais Elétricas Brasileiras SA published this content on 12 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 July 2021 13:46:02 UTC.


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Rodrigo Limp Nascimento Chief Executive Officer & Director
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