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Brazilian power firm Eletropaulo reported a second quarter loss of 354mn reais (US$154mn) after being hit by rising wholesale energy costs.
The deficit followed a profit of 245mn reais in the same period last year, the São Paulo-based firm said in a statement.
The company posted negative Ebitda of 383mn reais compared with a positive result of US$510mn a year earlier.
The news comes as Brazil's drought-stricken distributors rely on spot market purchases from thermopower plants to make up for dwindling hydroelectric output.
Analysts say thermoelectricity costs up to six times as much as hydropower, which accounts for more than 75% of Brazil's installed capacity.
BNamericas will host its fourth LatAm Power Generation Summit in Santiago, Chile, on August 13-14. Click here to download the agenda.