The governance and valuation of Latin America's largest power utility, Centrais Elétricas Brasileiras S.A., known as Eletrobras, now face renewed political risk as former President Luiz Inácio Lula da Silva, a leading opposition figure, has again targeted the company’s private status. The former president, who is seen as a likely candidate in the 2026 presidential election, stated in May 2026 that his “dream” is to see the company “reestatizar,” or returned to public control, a move he described as necessary to undo what he called the “biggest theft in the country.” This commentary sets the stage for a major political debate around the control of a company that is critical to Brazil’s energy matrix and whose privatization was a key victory for the center-right government.