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Brazilian drought 2024: How much will it cost for the gas and power markets?
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Report summary
Brazil is currently facing one of its most severe droughts on record. As a result, water inflow projections for the last quarter of 2024 (Q4/2024) indicate further declines in reservoir levels, and it is expected that the upcoming wet season will be insufficient to fully replenish the country's water basins. Gas to power is escalating quickly in the last months and generation in Q1/2025 is projected to reach 22 TWh, in comparison with 6 TWh in Q1/2024, highlighting the expected thermal reliance as the drought persists.
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