The NTS is preparing a legal offensive against the ANP after a R$5.3 billion cut to its remuneration base, suspending new investments in response to an uncertain regulatory environment.
The Nova Transportadora do Sudeste (NTS) raised its tone against the National Agency of Petroleum, Natural Gas and Biofuels (ANP) this week. The company’s board approved litigation of the tariff review process, an extreme measure aimed at reversing the regulator’s decision that reduced the company’s requested remuneration base by R$5.3 billion.
The stalemate calls into question the predictability of the gas infrastructure sector. According to NTS’s official statement, the judicial route will be pursued if administrative appeals are denied or if attempts at a consensual solution fail. Meanwhile, the ATGás (Association of Natural Gas Pipeline Transport Companies) is seeking support from the Ministry of Mines and Energy (MME) for a hierarchical review of the decision.
Investment suspension
As an immediate response, NTS announced the suspension of new financial contributions and the reevaluation of projects that had already been approved but not yet executed. The company emphasizes that only critical maintenance, strictly aimed at safety and asset integrity, is preserved at this regulatory tension point.
The ANP’s decision, which will be on the agenda at the board meeting next Monday (9/11), is based on the application of the Recovered Capital Method (RCM). The agency maintains that, under this methodology, the assets of the Southeast Network would already be 100% amortized by legacy contracts.
NTS CEO Erick Portela stated:
“The company has no knowledge of this method being adopted by other regulators in Brazil, nor by regulators in any other jurisdictions for the purpose of remunerating regulated assets.”
Methodological Conflict and Future Risks
The core of the technical dispute lies in the disagreement between the method advocated by the transporter, the CHCI (Historical Cost Adjusted for Inflation), and the RCM applied by the ANP. While the NTS sought R$ 5.319 billion, the agency’s calculation yielded a negative residual value of R$ 1 billion, eliminating remuneration for most assets.
The transporter argues that using the RCM violates the regulatory precedent history and introduces improper retroactivity to investments made. Conversely, the ANP maintains that the regulation (RANP 15/2014) has always allowed alternative methods for pipelines in the operational phase, especially to address the peculiarities of transition contracts from the era of Petrobras‘ verticalization.
The outcome of this case is awaited with caution by the market. If the ANP position prevails, the company warns that the long‑term financial sustainability of its contracts could be severely compromised from 2030 onward. The meeting next Monday will determine not only the future tariff for the NTS but also the guidelines for the public consultation that will shape the 2026‑2030 tariff cycle for the entire sector.