A two-year delay in the TBG tariff review puts the market at risk of accumulating debt with the pipeline operator, warns president Jorge Hijjar.
The Transportadora Brasileira Gasoduto Bolívia-Brasil (TBG) is pressuring the National Agency of Petroleum, Natural Gas and Biofuels (ANP) for an urgent resolution regarding its tariff review. The process, which has been pending since 2024, is stalling the company’s financial planning and creating uncertainty regarding the system’s operational sustainability.
According to the executive, the bottleneck has been exacerbated by prolonged discussions involving the remuneration bases of other transporters, such as TAG and NTS. Without a resolution, TBG projects a reversal in the Regulatory Account, which could lead the market to become a debtor to the Gasbol operator by the end of this year, rather than receiving funds.
Impacts on cash flow and stability
The Regulatory Account mechanism, designed to balance any distortions between expected and realized revenue, has been a source of disagreement. The ANP’s decision to accelerate the return of balances to users reduced the accumulated amount, which fell from R$ 488 million at the end of 2024 to R$ 202 million in July 2026.
Hijjar noted:
We warned the ANP that this would not be good for the concept of tariff stability, which is a very clear regulatory principle worldwide. We warned them: we will have lower tariffs for one year, but afterward, they will inevitably have to rise.
This policy of accelerated repayment has allegedly distorted the tariff reality of the Gasbol pipeline. According to TBG, there was a revenue shortfall of approximately R$ 660 million in the first seven months of 2026 alone—a scenario that already negatively affected the 2025 balance sheet, resulting in a decline in Ebitda and dividend distribution capacity.
Strategic challenges and the future of gas
Beyond the tariff dispute, TBG is preparing for a transformation in the regional supply landscape. The expectation that Bolivian gas exports will drop drastically by 2030 leaves Brazil facing the need for new routes, including the importation of LNG from Argentina.
To ensure the reliability of the system, the company is advocating for the approval of priority investments.
Among these is the “Free Allocation” project, which plans a R$ 1 billion investment to adapt the pipeline to new flows and primarily meet the demands of thermal power plants in the LRCAP.
The company estimates that this infrastructure will be essential to handle an additional volume of 12 million m³/day at peak demand.
