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, 2024

Commission File Number 1-34129

CENTRAIS ELÉTRICAS BRASILEIRAS S.A. - ELETROBRÁS

(Exact name of registrant as specified in its charter)

BRAZILIAN ELECTRIC POWER COMPANY

(Translation of Registrant's name into English)

Rua da Quitanda, 196 – 24th floor,
Centro, CEP 20091-005,
Rio de Janeiro, RJ, 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____

SUMMARY

Eletrobras ANNOUNCES 4^th quarter 2023 results

Eletrobras' operating and financial results in 2023 reflected the undertaking of greater cost efficiency and processes rationalization which enabled the Company to resume its investment program and consolidate its position as the largest power company in Latin America. The Company’s financial discipline and capital allocation made it possible to propose the distribution of dividends in the amount of R$1,296.7 million relating to 2023 results. The Company continued to accelerate its strategic agenda aimed at creating value with several highlights and achievements throughout 4Q23.

Operational

Structuring the trading area

Adjustment of PMSO costs and expenses

Simplifying the corporate structure and optimizing capital

Financial discipline

Contingency management

ESG

Financial Highlights:

Key Indicators

(1) Changes in the period: (1.1) Revision of Assured Capacity (AC) values of plants whose concessions were renewed due to capitalization (plants under the Quotas regime, Tucuruí, Itumbiara, Sobradinho, Mascarenhas de Moraes and Curuá-Una), as defined in Ordinance GM/MME 544/21, with a significant reduction in AC, effective as of 2023; (1.2) Ordinary Review of Assured Capacity of hydroelectric plants, valid from 2023, affecting several Eletrobras plants; (1.3) Increase in AC of Santa Cruz TPP due to closure of Combined Cycle; (1.4) Inclusion of SPEs that are now consolidated: HPPs Teles Pires, Baguari and Retiro Baixo; (2) does not include quotas; (3) includes contracts under Law 13.182/2015; (4) the figures presented are for the Assured Capacity of quotas in GWh.

In 4Q23, the Company’s generation operations consisted of 100 plants, of which 47 were hydroelectric, 43 wind, 9 thermal and 1 solar, encompassing Corporate projects, Shared Ownership and holdings via SPEs.

Total installed capacity reached 44,654 MW in 4Q23, which represents 22% of the total installed capacity in Brazil. Of the total installed capacity, approximately 96% is derived from clean sources, with low greenhouse gas emissions.

In 4Q23, Brazil's Installed Capacity was 199,324.57 MW, of which 55% came from hydroelectric sources, 24% from thermal sources, 14% from wind power, 6% from solar power and 1% from nuclear power. Eletrobras accounts for 22% of Brazil's total installed capacity.

Source: Operating Results Jan 1, 2023 to Dec 31, 2023 - ONS

The reduction of approximately 14% in net generation in 2023 when compared to 2022 was mainly due to the levels of Affluent Natural Energies (ENA) in the river basins of the North and Northeast regions, which registered a reduction, and the Southeast, Midwest and South regions, which registered an increase, both influenced by the El Niño climate phenomenon. In addition, in 2022 the Eletrobras System accounted for energy generated by Itaipu and Eletronuclear until the privatization.

PLD

Two key projects currently under construction will add 330.45 MW to Eletrobras' installed capacity between 2023 and 2024: the 302.4 MW Coxilha Negra wind farm, located in Rio Grande do Sul state, and the 27 MW Casa Nova B wind farm, in Bahia state.

At the Coxilha Negra Wind Farm, work on the transmission lines was completed at the end of November 2023 and the mechanical assembly of two wind turbines in December 2023. Operation began in February 2024 and is 54% of the way through the physical schedule.

At the Casa Nova B wind farm, the transport of the wind turbine blades from the Port of Recife to the project site was completed, and 18 trafos were also recovered. Work also began on the 34.5kV medium-voltage network and line entry from the Casa Nova B wind farm to the Casa Nova II substation. The start of operations is scheduled for September 2024, with approximately 60% progress on the project completed.

Eletrobras Companies sold 36.6 TWh of energy in 4Q23, down 5% compared to 38.6 TWh traded in 4Q22, especially under the Operation & Maintenance (O&M) regime due to the decotization process which is taking place gradually over a 5-year period as from 2023, as well as contract terminations.

Volumes include the energy sold by plants under the quota regime, renewed by Law 12.783/2013, as well as by plants under the operating regime (Free Contracting Environment - ACL and Regulated Contracting Environment - ACR).

Sales: include developments under Law 13.182/15

Note: Average ACR prices in the chart do not include O&M. Average ACR prices in the chart do not include IEP contracts and thermal availability contracts. It includes the SPEs consolidated by Furnas: Santo Antônio HPP (from 3Q22), Baguari and Retiro Baixo HPPs (from 4Q23); and the SPE consolidated by Eletronorte: Teles Pires HPP (from 4Q23).

This balance includes the Teles Pires, Baguari and Retiro Baixo plants, recently consolidated by Eletrobras.

Contracts signed until Dec 31, 2023.

It should be noted that the balance sheet takes into account the SPEs consolidated by Furnas: Santo Antônio HPP (as of 3Q22), Baguari and Retiro Baixo HPPs (as of 4Q23), whether in terms of resources, sales or average prices. In the same way, the SPE consolidated by Eletronorte, Teles Pires HPP (from 4Q23) is being considered.

1., Independent Energy Producers (IEP) contracts resulting from the Amazonas Distribuidora de-verticalization process, the thermal plant availability contracts and the Assured Capacity Quotas are not included in the balance sheet, whether in resources, requirements (sales) or average prices. These resources are presented in order to make up the total resources considered.

2. Own Resources include the Decotization plants (new IEPs) and the New Grants (Sobradinho, Itumbiara, Tucuruí, Curuá-Una and Mascarenhas de Moraes). For the hydroelectric projects, an estimate of GFIS2 was considered, i.e. the Assured Capacity taking into account the Adjustment Factors due to Internal Losses, Losses in the Basic Grid and Availability and adjustments due to the particularities of the portfolio.

3. The revised Assured Capacity values as defined in Ministerial Order No. 709/GM/MME of November 30, 2022 are taken into account

4. With the decotization process, the plants currently under the quota regime will be granted a new concession under the Independent Energy Producer (IEP) regime, which will take place gradually over a 5-year period starting in 2023. The Assured Capacity values were defined in Ministerial Order GM/MME No. 544/21.

5. Considering the new concession grants from 2023 onwards for the Sobradinho, Itumbiara, Tucuruí, Curuá-Una and Mascarenhas de Moraes plants, whose Assured Capacity values were defined in Ministerial Order GM/MME No. 544/21.

6. This does not include the Assured Capacity of the Jaguari HPP, of 12.7 aMW, whose concession is under provisional administration by Furnas.

7. Decotization will take place gradually over a 5-year period starting in 2023. The Assured Capacity values considered from 2023 onwards were those defined in Ministerial Order GM/MME No. 544/21.

8. The figures show an estimate of the energy not contracted. For 2023, the value used was 89.7%. For the other years, an average historical GSF value from 2018 to 2023 was used, of 81.8%. Source: CCEE, obtained from the CCEE website, at the following link: https://www.ccee.org.br/dados-e-analises/dados-geracao (in Portuguese), under the MRE option in the panel. It should be noted that this is only an estimate, based on facts that occurred in the past. The graph with the historical GSF values is shown on the page 8 of this report.

The Company ended 4Q23 with 73.8 thousand km of transmission lines (TLs) and 282 substations.

(1) Partnerships consider extensions proportional to the capital invested by Eletrobras Companies in the development.

There are 199 large-scale transmission projects under implementation (reinforcements, improvements, and auction projects) with additional associated RAP of R$972 million between 2023-2027, which will add around 89 km of TLs and 4,166 MVA in substations. According to the ONS SGPMR system database, the Eletrobras companies had a total of 11,807 small-scale events under implementation, of which 11,134 were small-scale improvements and 673 were small-scale reinforcements.

In 4Q23, generation revenue was R$7,221 million, up R$416 million compared to 4Q22, mainly reflecting higher revenues from: (a) supply of R$690 million and (b) the short-term market (CCEE) of R$246 million, partially offset by lower revenues from: (c) operation and maintenance of R$202 million and (d) supply of R$43 million.

Power supply for distribution companies

Revenue from power supply for distribution companies is obtained from customers who are not end consumers, such as distributors, traders and generators. In 4Q23, this revenue was R$4,860 million, up R$690 million compared to 4Q22, mainly reflecting the consolidation of the SPEs in the amount of R$341 million: Teles Pires (R$272 million in Eletronorte), Baguari (R$53 million in Furnas) and Retiro Baixo (R$16 million in Furnas).

In addition, the following effects at Furnas stand out: (a) R$131 million increase in revenue from ACR contracts, extended as a result of renegotiation of hydrological risk of Mascarenhas de Moraes plant and (b) a greater quantity of energy contracted in the ACL, from 1,823 GWh in 4Q22 to 2,410 GWh in 4Q23, representing increase of R$91 million. At Chesf, revenues from supply increased by R$132 million as a result of the 374 MW increase in aMW sold on the ACL compared to the same period last year.

Power supply for end consumers

Revenue from power supply for end consumers, in turn, is obtained directly from the end consumer, such as industries or retailers. In 4Q23, revenues from procurement this kind of supply were R$934 million, down R$43 million compared to 4Q22.

The reduction in revenue from power supply for end consumers is primarily due to the lower volume of energy sold to industrial consumers covered by Law 13.182/15, specifically energy from the Itumbiara HPP in Furnas. This reduction was caused by unilateral cancellations by customers of part of the contracted procurement volumes. The impact of the reduction at Furnas was R$53 million, which was offset by: (a) the entry of new contracts in the ACL (R$19 million); and (b) the use of surplus energy for resale activities at SAESA (R$33 million). In turn, Eletronorte reported a reduction of R$24 million in revenues from procurement in 4Q23, of which R$19 million was related to a reduction in Albrás' revenues, due to an 8% reduction in the client’s average price reflecting variations in the parameters used to calculate the sale price (dollar, sector charges, average aluminum prices).

CCEE Revenue

CCEE (short-term market) revenue was R$387 million, up R$246 million compared to 4Q22, due to the increase in energy settled (higher GSF %) and in the PLD in 4Q23 compared to the same period in 2022. Of note were the following increases: Eletronorte of R$103 million, Chesf R$69 million and Furnas R$65 million.

Operation and Maintenance Revenue - Plants Renewed by Law 12.783/2013

Revenues from operation and maintenance were R$1,040 million, down R$202 million from 4Q22, mainly reflecting the start of the gradual decotization process of the quota-holding plants (20% each year), mitigated by the effects of the annual readjustment of the Annual Generation Revenue - RAG, in accordance with Homologation Resolution No. 3,068/2022 (2022-2023 cycle) and Homologation Resolution No. 3,225/2023 (2023-2024 cycle), impacting Eletronorte, Chesf and Furnas.

Generation Revenue by Contracting Environment

Below, we present Eletrobras' trading results by contracting environment.

* Construction revenue, financial effect of Itaipu and eliminations (accounting adjustments)

Transmission revenue was R$4,558 million in 4Q23, a 26% increase over 4Q22, mainly from construction revenue which went up R$813 million, O&M up R$109 million and contractual transmission revenue up R$4 million.

Operation & Maintenance (O&M) revenue

O&M revenue increased by R$109 million, mainly due to the publication of Aneel Homologation Resolution 3216/2023, effective as of July/2023, which primarily includes the tariff readjustment for the 23/24 cycle, as well as the partial recognition of the Periodic Tariff Review (RTP) of some tendered contracts.

Eletronorte's O&M revenue increased by R$62 million, mainly reflecting the R$54 million increase related to renewed contract 058/2001. The results for the other companies were: Furnas with
+R$31 million, CGT Eletrosul with +R$22 million and Chesf with -R$10 million.

Construction Revenue

The construction revenue for the period is directly related to the investments made (appropriated and allocated) in the transmission projects in progress. Construction revenue totaled R$1,272 million, up R$813 million, mainly reflecting the R$372 million investment in Furnas' renewed contract 062/2001, Eletronorte's contract 058/2001 for R$273 million and Chesf's contract for R$122 million (CT 061/2001).

Contractual Finance Revenue

The contractual finance revenue is associated with the application of inflationary indices to the balances of the contract assets of each concession. The accumulated IPCA for October-December/2022 was 0.71%, while for October-December/2023 it was 0.78%. As for the IGP-M, the percentage varied from-2.46% to 1.46%.

The impact on the Eletrobras companies was: (a) CGT Eletrosul: +R$16 million; (b) Chesf: +R$1.4 million; (c) Furnas: -R$6 million, specifically contract 062 (RBNI R$19.2 million and RBSE -R$47.6 million) and (d) Eletronorte: -R$7.6 million (RBNI R$11.1 million and RBSE -R$18.7 million). The negative variation in RBSE amounts was due to the reduction in the average base as a result of the amortization of the existing balance.

This effect is due to the application of IFRS rules and differs from the regulatory revenue, which was adjusted in July 2023, according to Homologation Resolution No. 3.216/23.

To verify revenue by Company, please access the financial statements on the IR website at https://ri.eletrobras.com/en/.

Regulatory Revenue

Regulatory transmission revenue varied between quarters due to: (i) re-profiling of RBSE of around R$915 million, (ii) monetary restatement by IPCA (most contracts) or IGP-M, of around R$120 million; and (ii) new investments, tariff revisions and adjustment portions and others, of around R$196 million. It should be noted that Aneel has extended the approval of the full RAP, resulting from the RTP, for concession contracts 057/2001, 058/2001, 061/2001 and 062/2001 to 2024.

It should also be noted that the main difference between regulatory and IFRS revenue in 4Q23 was due to the increase in RBSE's RAP as a result of the re-profiling reported above. Under IFRS, the increase in RAP due to the re-profiling did not result in the recognition of revenue, given that the balance of the contractual asset already provides for the increases in RAP, while under the regulatory method revenue is only recognized when the RAP is invoiced.

Approved RAP x Regulatory Revenue 4Q23

The graph below shows the reconciliation between Approved RAP and regulatory revenue in 4Q23. Approved RAP corresponds to 3/12 of the RAP defined by Aneel. The Approved Adjustment Portion (AP) consists of 3/12 of the adjustment portion defined by Aneel for the availability of the facilities under Eletrobras' responsibility for the 2023/2024 cycle by means of Homologation Resolution 3216/2023. The discount on the variable portion is associated with the unavailability of transmission facilities, as regulated by Module 4 of the transmission rules.

The CDE/Proinfa amounts refer to the energy development account and the incentive program for alternative sources of power, considered in the credit notices (AVC) issued by the ONS as pass through. CDE Fund refers to the amounts relating to the CDE Fund (pass through) with PIS/Cofins. These amounts are not collected due to tariff discounts. It should be noted that these revenues should be treated as pass-through, since the transmission companies have the role of collecting this sector charge.

Other revenues were R$79 million in 4Q23, down R$287 million compared to 4Q22. This was attributable to: (a) Eletronorte down R$164 million, due to the reclassification of R$117 million from CDE + PROINFA, which was accounted for in other revenues in 4Q22 and were allocated to O&M Revenues in 4Q23; and (b) Furnas down R$86 million, mainly due to actuarial gains (R$77 million) that occurred in 4Q22 and had no counterpart in 4Q23.

In 4Q23, energy purchased for resale totaled R$942 million, down R$34 million compared to 4Q22, primarily from (i) Furnas which was down R$111 million, due to the lower average price and quantity contracted, partially offset by (ii) Eletronorte which was up R$32 million due to the increase in energy purchased for resale from Teles Pires and (iii) CGT Eletrosul which was up R$37 million influenced by the expense of R$30 million relating to GSF insurance.

In 4Q23, the charges on use of the electricity grid were R$984 million, up R$220 million compared to 4Q22, reflecting the adjustments in Aneel Homologation Resolution 3,217/2023, as well as the increase of approximately R$167 million in Eletronorte from the consolidation of Teles Pires.

In 4Q23, the costs associated with the use of fuels to produce electricity totaled R$602 million, up R$58 million YoY, primarily due to the R$46 million impact at Eletronorte due to the readjustment of contractual gas price and increase in gas consumption at the Mauá 3 and Aparecida TPPs, to serve the Out of the Merit and Price Order (FOMP) dispatches.

In 4Q23, construction costs totaled R$1,371 million, up R$628 million YoY due to Furnas’ R$381 million investments linked to the renewed 062/2001 contract; and (b) Eletronorte costs of R$284 million, mainly reflecting the R$272 million increase in the renewed 058/2001 contract.

Staff

Recurring personnel costs were R$1,005 million in 4Q23, a 14% reduction compared to R$1,170 million in 4Q22, mainly reflecting the savings related to the dismissal of 2,811 employees at Eletrobras companies from the two Voluntary Dismissal Plans (VDPs), and the R$53 million increase from the 4.18% salary readjustment under the current Collective Bargaining Agreement. The number of employees was reduced by 14%, from 9,670 in 2022 to 8,328 in 2023.

Non-recurring items: VDP Incentive Plans totaling R$25 million and retroactive impact of profit sharing based on the 2023 results of R$208 million in December/2023.

Material

Material costs totaled R$99 million, up R$7 million compared to 4Q22, with no significant variations and no non-recurring effects in the quarter.

Services

Recurring services costs totaled R$576 million, down R$212 million from 4Q22, mainly reflecting costs at Furnas, down R$104 million and Eletronorte, down R$86 million. This decrease was partially offset by the R$69 million increase at the holding company, including R$46 million spent on consultancy and auditing as well as R$17 million on Legal Services.

Non-recurring items: R$80 million in the holding company related to consultancies for the Transformation Office.

Others

Other recurring costs and expenses totaled R$135 million in 4Q23, down R$303 million compared to 4Q22, reflecting: (a) R$156 million reduction at Furnas due to reclassifications under Indemnities and Condemnations, which is now allocated to Operating Provisions; and (b) the holding company, with a total reduction of R$97 million, resulting from operating losses due to the transfer of the energy trading activity from Itaipu to ENBPar of R$62 million, besides the R$21 million reduction in Legal Costs.

For comparative purposes, 3Q22 PMSO amount has been adjusted to "other", reflecting the actuarial benefit that is now impacted by the provisions.

Operating provisions

Positive values in the table above mean a reversal of the provision.

1 Management of generation assets for investment in improvements.

¹ Amounts reclassified to "Asset held for Sale".

Total equity interests were negatively impacted by Eletronuclear, an affiliated company, due to the scheduled stoppage of the Angra I and II plants and positively by the affiliated Company CTEEP due to reconstitution of the financial component of RBSE and the volume of tax benefit on the payment of Interest on Equity (IOE) recognized in 4Q23.

In 4Q23, the adjusted financial result was negative R$2,123 million, compared to negative R$1,643 million in 4Q22. The main variations in 4Q23 were:

¹ PIS/Cofins tax related to Furnas’ and Eletronorte’s IOE can be found in the Financial Result.

In 4Q23, current and deferred taxes were a debt balance of R$358 million, down 46% YoY, mainly due to the Interest on Equity from subsidiaries Furnas and Eletronorte in the total amount of R$1,580 million which generated tax savings of R$453 million, and the constitution of deferred tax assets of R$2,454 million relating to SAESA.

Gross debt was R$60.8 billion, down R$9.7 billion QoQ and up R$1.7 billion YoY. The increase in gross debt compared to the same period last year was due to the conclusion of the consolidation process of SPE Teles Pires, which added R$2.7 billion to debt, as well as significant issues of capital market instruments in August and September, through Furnas, CGT Eletrosul e Eletrobras holding company, for a total of R$10.7 billion.

The QoQ reduction was mainly due to the settlement of the Eletrobras Commercial Note in the first half of October, in the amount of approximately R$6.2 billion, and the prepayment of R$2.1 billion relating to the debts of Santo Antônio Energia S.A. (SAESA), which led to a subsequent reduction in the holding company's consolidated indebtedness.

The early repayments and funding reduced the average term of the debt by around 5.5 months and cost was reduced by 92 bps, resulting in an average cost of CDI + 1.5091% p.a. at the end of the period.

The net debt/adjusted EBITDA ratio reached 2.2x in 4Q23.

^{1 See Note 15 to the 2023 Annual Financial Statements.}

^{Highlight: Since 3Q22, Eletrobras' debt has been substantially affected by the consolidation of SAESA's gross debt.}

* For accounting balance purposes, the debt is stated in the original currency of the loan contract.

However, it should be noted that the Company has carried out currency hedge operations for some of its foreign currency debts, which with their respective equivalent rates (post hedge) linked to the CDI are as follows: 2025 Bond - 97.41% of CDI; 2030 Bond - CDI+1.70% p.a. and Citibank - CDI + 1.70% p.a.

This does not include R$79.6 million in receivable from Itaipu's financial assets, $3,989 million in PCLD and current charge.

In April 2023, ANEEL issued Technical Note 085/2023, which addresses the comments on the calculations presented as part of the payment of RBSE's financial component in Technical Note 085/2022-SGT/ANEEL of June 2022, which in turn revisited the requests for reconsideration filed as part of payment of RBSE's financial component and re-profiling. The document does not constitute a decision by ANEEL, and therefore has no practical effect as of the date of publication of this document, since it depends on a decision by the ANEEL board, and therefore had no impact on Homologation Resolution 3216/23, which established the RAPs for the 2023-2024 cycle. The Company continues to monitor and act on the issue so that the assumptions, methodologies and calculations considered so far remain in force.

The figures above include TFSEE (Electricity Services Inspection Fee) charges and funds for R&D and Energy Efficiency, and do not include PIS and COFINS. In addition, the data refers to the tariff cycle (July to July of each year) and not the calendar year (January to December). The amounts approved in the re-profiling have been updated by the IPCA.

In 4Q23, investments totaled R$4,632 million, 148% higher than in 3Q23. For the full year, investments totaled R$9,018 million, up 60% compared to 2022.

Generation

Investments in generation totaled R$2,727 million in 2023, with the main amounts spent on:

Transmission

Investments in transmission totaled R$3,528 million in 2023, with the following standing out:

Note: The figures presented are partial, preliminary and not assured, and may be adjusted in line with the processes of calculating, verifying and updating the data.

Data for the whole of 2023 and 2022, comparatively.