Entry · Price
PLD: Spot price (Settlement Price for Differences)
At what price are the differences between contracted and verified energy settled?
Acronyms: CCEE, Electric Energy Trading Chamber; REN, ANEEL Normative Resolution; ANEEL, Brazilian Electricity Regulatory Agency; ONS, National Electric System Operator; SIN, National Interconnected System.
In one sentence
Price of the Short-Term Market, at which the CCEE values the agents' exposures, that is, the differences between contracted energy and energy actually verified. It is calculated by the CCEE daily for each hour of the following day and for each submarket, based on the Marginal Operating Cost and within the minimum and maximum limits in force.
Real example
R$ 124.09/MWhNature of the data: Calculated
Sep 19, 2026, 00:00 to Sep 25, 2026, 23:00 · Southeast/Center-West
Source: CCEE, hourly PLD by submarket. Reference up to Sep 25, 2026. Captured on Sep 29, 2026. Dataset code at the source: PLD_HORARIO.
Average, over the hours of the operating week, of the Southeast/Center-West PLD: the price the CCEE calculates for each hour from the CMO, applying the floor and the ceilings. The DESSEM CMO of the same week is in the DESSEM entry.
In 2026, the PLD floor is R$ 57.31/MWh and the hourly ceiling, R$ 1,611.04/MWh. In the same cut, the average CMO that DESSEM estimates was R$ 63.31/MWh, below the average PLD.
Calculated: Deterministic transformation made by Scrutiniums, with a published formula.
Why it matters
How it is measured
In reais per megawatt-hour (R$/MWh), with one value per hour and per submarket, published by the CCEE. Daily, weekly or monthly averages are aggregations of these hours.
Technical detail: the norm, the sources and the observatory's calculation
In reais per megawatt-hour (R$/MWh), the usual unit for energy prices; the dataset description at the CCEE records the unit only as R$. One value per hour and per submarket, in the PLD_HORARIO dataset. Daily, weekly or monthly averages are aggregations of these hours.
Unit: R$/MWh, by hour and submarket
Not to be confused with
The CMO is the cost of meeting one more unit of load, estimated by the ONS models by subsystem. The PLD starts from the CMO, but it is not the CMO: it is calculated by the CCEE by hour and submarket and applies the regulatory limits.
TE e TUSD (Energy Tariff and Distribution System Use Tariff)
The PLD is the price of the differences settled in the Short-Term Market. The bill of the consumer served by the distribution utility follows the TE and the TUSD, which ANEEL approves in the tariff processes, plus the tariff flag and taxes.
PLD limits (floor, structural ceiling and hourly ceiling)
The limits are the floor and the two ceilings that ANEEL sets each year; the PLD is the price calculated within them. The limits are nominal values, without inflation correction: comparing years requires correcting the values.
The ESS is a charge, in reais by accrual month; the PLD is a price, in R$/MWh by hour. An ESS accrual value is not an amount paid in the month.
What cannot be concluded
- The PLD is not the tariff of the consumer served by the distribution utility: that bill follows the values of the Energy Tariff (TE) and of the Distribution System Use Tariff (TUSD), resulting from ANEEL's tariff processes.
- The minimum and maximum limits change every year; long comparisons in nominal values mix limit regimes.
Related entries
In the learning paths
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Official source
In other words: every day the CCEE calculates the prices for each hour of the following day, in each submarket, with three computer models, starting from the marginal operating cost and respecting a minimum limit and two maximum limits.
Literal excerpt from the document
Portuguese only“O Preço de Liquidação das Diferenças (PLD) é calculado pela Câmara de Comercialização de Energia Elétrica (CCEE) diariamente para cada hora do dia seguinte, considerando a aplicação dos limites máximos (horário e estrutural) e mínimo vigentes para cada período de apuração e para cada submercado. Este cálculo é realizado por modelos computacionais (Newave, Decomp e Dessem) e tem como base o Custo Marginal de Operação (CMO).”
In other words: the PLD is the price of the Short-Term Market. For each agent profile, submarket and hour, the CCEE determines the energy balance (positive or negative) and the result in that market; the dataset publishes these values by submarket and hour.
Literal excerpt from the document
Portuguese only“Detalhar os valores do Preço de Liquidação das Diferenças do MCP por mês de referência, período de comercialização e submercado. [...] PERIODO_COMERCIALIZACAO: Representa o período de comercialização, equivalente a uma hora [...] BE_POSITIVO: Corresponde ao Balanço Energético positivo do perfil de agente “a” no submercado “s” para o período de comercialização “j” [...] RESULTADO_MCP: Corresponde ao Resultado no Mercado de Curto Prazo do perfil de agente “a”, no submercado “s”, por período de comercialização “j”. [...]”
In other words: the Short-Term Market is the process in which the CCEE accounts for and financially settles the differences between the energy contracted and registered by the agents and the energy actually generated or consumed, and the agents' exposures are valued at the PLD.
Literal excerpt from the document
Portuguese only“XIII – Mercado de Curto Prazo – MCP: denominação do processo em que se procede à contabilização e liquidação financeira das diferenças apuradas entre os montantes de energia elétrica seguintes: a) contratados, registrados e validados pelos agentes da CCEE, cujo registro tenha sido efetivado pela Câmara; e b) de geração ou de consumo efetivamente verificados e atribuídos aos respectivos agentes da CCEE; [...] § 4º As operações realizadas no MCP serão contabilizadas pela CCEE de acordo com as Regras e Procedimentos de Comercialização, [...] devendo as exposições dos agentes da CCEE serem valoradas ao PLD.”
ONSOpen data portal, dataset “CMO Semanal” (description and data dictionary)
Literal excerpt from the document
Portuguese only“Valores do custo, por unidade de energia produzida, para atender ao incremento de uma unidade de carga no SIN, chamado de Custo Marginal de Operação – CMO. Valores para cada semana operativa por subsistema, e por patamar de carga, além da média semanal, estimados pelo modelo Decomp.”
ANEELOpen data portal, dataset “Tarifas de aplicação das distribuidoras de energia elétrica”
Literal excerpt from the document
Portuguese only“Apresenta os valores das Tarifas de Energia - TE e das Tarifas de Uso do Sistema de Distribuição - TUSD, resultantes dos processos de reajustes tarifários das distribuidoras de energia elétrica.”
Documents accessed and text checked on Sep 28, 2026; text revised on Oct 7, 2026.