Following the resounding success of the first edition in 2024, which drew over 250 attendees, over 100 global and local participants, and over 10 hours of content and networking, the N5X Summit returns on August 27th, 2025, with even more relevance. The event will be a platform to discuss the transition between bilateral power trading and the central counterparty financial market, the next step toward advancing the Brazilian power trading market design proposed by N5X.
We will once again bring together prominent executives from the local market, representatives from B3, and experts from the EEX Group to explore how central counterparty markets increase the security and liquidity of transactions. The program will address the main challenges of the free power market, opportunities for international participants, centralized risk management models, and the regulatory frameworks necessary for the sector's continued development.
We reaffirm our commitment to contributing to the creation of a more liquid, transparent and stable power market for Brazil.
Spaces for the N5X Summit 2025 are limited. Register now and join us to build the future of the Brazilian power trading market.
🗓️ Date: August 27th, 2025
📍 Location: Trio Pérgola (Engineer Luís Carlos Berrini Avenue, 105 - 8th floor - Vila Olímpia, São Paulo)
N5X Summit 2025 | Uncleared Market (morning agenda)
8:30 am Reception of guests
9:35 am Opening of the event
Dri Barbosa (CEO of N5X) welcomes participants and presents the day's main topics. This is a time to welcome guests, share the N5X Summit's objectives, and highlight the importance of the discussions that will be held throughout the program.
9:45 am Roundtable: Current challenges in the bilateral power trading market
In this roundtable, Ítalo Freitas (VP of Eletrobras) and Sérgio Azevedo Jr (Managing Director of Hydro) will discuss the challenges of the bilateral power market, sharing their strategies, risk views and lessons learned, moderated by Michel Maranzana (Customer Director of N5X).
- Performance and strategy of institutional participants in the free market
- Current credit risk management practices and weaknesses of the bilateral market
- Historical stress events, defaults and reduced liquidity
- Impacts of these challenges on commercial strategies and their adaptation
- Importance of a CCP as a solution for bilateral credit risk
10:45 am Interview: Market Security for the MCP
In this interview, Alexandre Lopes (VP of Energy at Abraceel) will discuss the advances and challenges in building a safer and more reliable environment for the Short-Term Market (MCP), with a focus on governance and predictability.
- Governance and security rules in force
- Historical evolution and status of structures for mitigating default risk
- Ongoing initiatives to strengthen predictability and stability in energy settlement
11:15 am Roundtable: Clearing 101 - the fundamentals for understanding the transformation of the power market
In this roundtable, Camila Pantera (Head of Regulatory and Legal Affairs at N5X), Erick Takarabe (Head of Risk and Strategic Analysis at N5X), Daniel Demattio (Managing Director at B3), and Luciana Costa (Superintendent of Regulation at B3) will discuss the essential concepts behind a central counterparty infrastructure, detailing regulatory, operational, and governance aspects.
- Essential definitions of financial instruments, regulated trading environment and central counterparty
- Responsibilities and duties of a clearinghouse
- Governance, transparency, supervision and regulation of a clearinghouse
- Transition from an exclusively physical and bilateral environment to a centralized, supervised and regulated environment
12:20 pm Lunch
N5X Summit 2025 | Cleared Market (afternoon agenda)
2:30 pm Interview: Central Counterparty Market Participant Model
In this interview, we will discuss the different models of participation in central counterparty markets and the necessary adaptations for the Brazilian electricity sector.
- Current power market participants
- Types of clearing participants
- Criteria and requirements for becoming a participant in a clearinghouse
- Adaptation and transition of current and new participants to clearing participants
3:00 pm Interview: Energy Futures Contracts
In this interview, Dri Barbosa (CEO of N5X) and Carlos Moreno (Head of Treasury and Risk Management at Casa dos Ventos) will discuss the fundamentals of futures contracts in the power sector, highlighting their differences compared to traditional contracts.
- Definitions and structures of futures, forward, physical and financial contracts
- N5X Financial Instrument Features
- Differentiators of the N5X financial instrument to integrate into the Brazilian electricity sector
3:30 pm Roundtable: Centralized risk management and safeguards framework
In this roundtable, Marcelo Carvalho (Chief Risk Officer at B3), Huan Zhang (Chief Risk Officer at Nodal Exchange), and Erick Takarabe (Head of Risk and Strategic Analysis at N5X) will discuss the pillars of centralized risk management and safeguard structures in markets with a central counterparty.
- Presentation of real cases of stress events in the financial and power markets and their mitigations
- Clearinghouse risk model, exposure and guarantees
- Safeguard structures in centralized infrastructures
5:15 pm Interview: Clearing Members in the Electricity Market - A BNP Paribas Success Story in the US
In this interview, Bertrand Meyer (Global Head Corporate Sales at BNP Paribas) will discuss the bank's experience as a clearing member in the North American power market.
- BNP's experience in structuring its operations in the North American power market
- The American model as inspiration for the entry of major international players into Brazil
- The relevance of clearing members in central counterparty markets
5:45 pm Talk: Advancement of the Brazilian power trading market design proposed by N5X
In this closing talk, Dri Barbosa (CEO of N5X) shares the company's strategic vision and the next steps towards consolidating a market with a central counterparty in Brazil.
- Milestones and Perspectives on N5X's Path to Becoming a CCP
- Technological innovation, regulatory advancement, and active collaboration with market participants
- Review of the evolution of the power trading market and the leading role of N5X
6:05 pm Happy Hour e networking
Register now and don't miss this unique networking and learning opportunity:
🗓️ Date: August 27th, 2025
📍 Location: Trio Pérgola (Engineer Luís Carlos Berrini Avenue, 105 - 8th floor - Vila Olímpia, São Paulo)
To find out what the 2024 edition was like, click here .
