Petrobras (NYSE: PBR) secures 2.6 GW thermal capacity and R$4.45B revenue

Rhea-AI Filing Summary

Petróleo Brasileiro S.A. – Petrobras reports results from Brazil’s third Capacity Reserve Auction (LRCAP 03/2026). The company contracted two thermal power plants from its portfolio, Canoas and Termoceará, totaling 332.521 MW of firm capacity with three-year contracts starting on 08/01/2026 and 08/01/2027.

Including eight plants contracted in the second LRCAP on March 18, 2026, Petrobras has now secured contracts for nine thermal plants, providing approximately 2.6 GW of firm capacity to Brazil’s National Interconnected System for the 2026–2031 period. The company estimates annual fixed revenue of about R$ 4.45 billion from both auctions.

Petrobras highlights that its 13-plant thermal portfolio, with 4.9 GW of capacity capable of supplying around 21 million households, is fully contracted and positioned to support energy security and what it calls a just energy transition in Brazil.

Insights

Energy infrastructure and utilities analyst

Petrobras locks in multi-year thermal power capacity revenue.

Petrobras has contracted nine thermal plants across Brazil’s second and third capacity reserve auctions, securing about 2.6 GW of firm capacity to the National Interconnected System for 2026–2031. The filing cites estimated annual fixed revenue of roughly R$ 4.45 billion.

These are availability-based contracts, paying for capacity rather than just energy output, which can provide predictable cash flows as long as plants remain eligible and available. The company positions this as supporting energy security and a “just energy transition,” while still relying on fossil-fuel-based thermal assets.

The portfolio now totals 13 contracted thermal plants with 4.9 GW of capacity, enough to supply about 21 million households. Subsequent company disclosures may detail operating margins and capital needs for maintaining this fleet under the new contracts.

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FAQ

What did Petrobras (PBR) announce regarding the third Capacity Reserve Auction?

Petrobras announced it contracted two thermal power plants in Brazil’s third Capacity Reserve Auction LRCAP 03/2026. The Canoas and Termoceará plants add 332.521 MW of firm capacity under three-year contracts, starting in August 2026 and August 2027, reinforcing its thermal power portfolio.

How much capacity did Petrobras (PBR) secure across the recent LRCAP auctions?

Across the second and third LRCAP auctions, Petrobras secured contracts for nine thermal plants totaling about 2.6 GW of firm capacity. This capacity will support Brazil’s National Interconnected System from 2026 to 2031 under availability-based contracts for its thermal power assets.

What revenue does Petrobras (PBR) expect from the LRCAP thermal contracts?

Petrobras estimates annual fixed revenue of approximately R$ 4.45 billion from the contracted thermal plants in the second and third LRCAP auctions. This revenue is tied to making firm capacity available to Brazil’s National Interconnected System over the 2026–2031 contract periods.

What is the size of Petrobras (PBR) thermal power portfolio after these auctions?

Petrobras reports a thermal power portfolio of 13 plants, all contracted with the electricity sector for defined periods. The portfolio has total capacity of 4.9 GW, which the company states is sufficient to supply approximately 21 million households through Brazil’s National Interconnected System.

When will the newly contracted Petrobras (PBR) plants begin supplying capacity?

The Canoas plant’s capacity contracts start on August 1, 2026, and the Termoceará plant’s contracts begin on August 1, 2027. Each plant has a three-year contract term, providing firm capacity to Brazil’s National Interconnected System during its respective supply period.

How does Petrobras (PBR) describe the impact of these thermal contracts?

Petrobras states that its performance in the auctions shows the competitiveness and reliability of its thermal portfolio. It says these contracts support Brazil’s energy security, contribute to what it calls a just energy transition, and ensure adequate remuneration for the thermal assets over the contract terms.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

For the month of March, 2026

Commission File Number 1-15106

PETRÓLEO BRASILEIRO S.A. – PETROBRAS

(Exact name of registrant as specified in its charter)

Brazilian Petroleum Corporation – PETROBRAS

(Translation of Registrant's name into English)

Avenida Henrique Valadares, 28 – 9th floor 
20231-030 – Rio de Janeiro, RJ
Federative Republic of Brazil

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. 

Form 20-F ___X___ Form 40-F _______

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes _______ No___X____

 

Petrobras announces results in the third Capacity Reserve Auction

—

Rio de Janeiro, March 20, 2026 – Petróleo Brasileiro S.A. – Petrobras, following up on the announcement of March 18, 2026, informs that it has contracted two plants from its thermal power portfolio in the third Capacity Reserve Auction – LRCAP 03/2026, held today by Brazil’s National Electric Energy Agency (ANEEL) and the Electric Energy Trading Chamber (CCEE), with technical support from the Energy Research Company (EPE). The 3^rd LRCAP focused on contracting capacity from plants powered by diesel oil, fuel oil, and biodiesel.

Table – Petrobras’ Results in the 3^rd LRCAP 2026

Unit	Product	Contracted Capacity (MW)	Start of Supply	Contract Term
Canoas	Capacity 2026	157.831	08/01/2026	3 years
Termoceará	Capacity 2027	174.690	08/01/2027	3 years
Petrobras Total	-	332.521	-	-

Including the eight thermal power plants contracted in the 2^nd LRCAP, held on Wednesday (March 18), Petrobras contracted a total of nine plants in the two auctions, totaling approximately 2.6 GW of firm capacity for the National Interconnected System (SIN) for the period from 2026 to 2031.

The company’s performance in the auctions demonstrates the competitiveness and reliability of its thermal power portfolio, reinforcing its commitment to the country’s energy security and a just energy transition. In addition, the result also ensures the necessary remuneration for the assets to be available to the electricity sector during the contract period. The estimated annual fixed revenue from the results of both auctions is approximately R$ 4.45 billion.

Petrobras’ thermal power portfolio

Petrobras’ thermal power portfolio consists of 13 plants, all contracted with the electricity sector for the periods established in the respective products, and able to deliver power and energy according to the needs of the SIN. The portfolio has a capacity of 4.9 GW, sufficient to supply approximately 21 million households.

www.petrobras.com.br/ri

For more information:

PETRÓLEO BRASILEIRO S.A. – PETROBRAS | Investor Relations

Email: petroinvest@petrobras.com.br/acionistas@petrobras.com.br

Av. Henrique Valadares, 28 – 9th floor – 20231-030 – Rio de Janeiro, RJ.

Tel.: 55 (21) 3224-1510/9947

This document may contain forecasts within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Trading Act of 1934, as amended (Trading Act) that reflect the expectations of the Company's officers. The terms: "anticipates", "believes", "expects", "predicts", "intends", "plans", "projects", "aims", "should," and similar terms, aim to identify such forecasts, which evidently involve risks or uncertainties, predicted or not by the Company. Therefore, future results of the Company's operations may differ from current expectations, and the reader should not rely solely on the information included herein.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: March 20, 2026

PETRÓLEO BRASILEIRO S.A–PETROBRAS

By: /s/ Fernando Sabbi Melgarejo

______________________________

Fernando Sabbi Melgarejo

Chief Financial Officer and Investor Relations Officer