New ANA sanitation rules favor Sabesp over Copasa and Sanepar
Brazil's ANA launched a new public consultation to standardize sanitation tariff review rules. Analysts suggest Sabesp is best positioned while Copasa faces higher regulatory risk.
The Brazilian Agência Nacional de Águas (ANA) opened Public Consultation No. 03/2026 to propose new standards for revising sanitation tariffs. While the agency will not set tariffs directly, it plans to create national benchmarks for operational costs, capital investment, and shareholder returns to reduce regulatory risk. This proposal aims to limit differences between state-level methodologies used by utilities.
Analyst Victor Sousa from Genial Investimentos assessed three major operators. He noted Sabesp appears best positioned under the new framework. Conversely, Copasa faces greater exposure to potential reductions in regulated remuneration. Sanepar is viewed as intermediate, with impacts primarily on debt costs and efficient operational cost calculations.
Beyond tariff revisions, Sousa argues the rule could facilitate concession structuring, public-private partnerships, and privatizations. This process might accelerate sector consolidation through mergers and acquisitions.
