2024-01-02 18:00:51
Comerc entered into a partnership with Itaú to explore the free energy market — in yet another move by a trading company seeking to associate with a large distribution counter.
Two weeks ago, Auren closed a similar partnership with Vivo, creating a joint venture also to act in the free energy market.
In the case of Comerc — which has Vibra as its largest shareholder, with 50% of the capital — the agreement will begin as just a commercial partnership, in which Itaú will originate customers for the trading company.
The agreement might evolve into a profit sharing or for a joint venturedepending on some precedent conditions.
According to a source close to the companies, negotiations between the two parties have been ongoing for more than a year, and the agreement is strategic because it puts Comerc in an advantageous position in a market where competition is becoming increasingly brutal.
Comerc’s CEO, André Dorf, said in a statement that companies’ decision to migrate to the free market requires consultative support and a relationship of trust and credibility. “Comerc has joined forces with a partner that brings together all these attributes,” he said.
The agreement also comes in a timing strategic, with the greater opening of the free energy market creating a unique window of opportunity to capture thousands of new customers.
Until December, this market was limited to high voltage consumers who consume more than 500 KW of energy per month — a group that currently encompasses 36 thousand companies. Starting this month, however, the free market was opened to all high voltage customers, even those consuming less than 500 KW, expanding the addressable market by another 70 thousand companies.
As in the Auren/Vivo partnership, Comerc and Itaú will seek to serve these new customers who are now able to enter the free market.
According to Itaú, the initial scope of the partnership will be bank customers who consume more than 2.3 KW of energy per month, with an energy bill of, on average, R$8,000/month. The bank did not reveal the size of this customer portfolio today.
Despite this initial focus, the biggest opportunity is in low voltage, a market infinitely larger than high voltage as it encompasses all houses, apartments and small businesses.
The release of the free market for low voltage is still a long way off, but there is a bill being processed in Congress that provides for release between 2026 and 2028.
Comerc is now one of the leaders in the free energy market, serving 17% of consumers in this segment, equivalent to 6% of all energy consumed in the country.
In addition to Vibra, Comerc has among its shareholders the management company Perfin, with 35% of the capital, and the company’s founder Kiko Vlavianos, with 8%. Between December 2025 and December 2027, Vibra may exercise a call to purchase the remaining 50% of the capital. Perfin and Kiko have a put which can also be exercised during the same period.
Pedro Arbex
1704261346
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