The national electricity regulator ANEEL has significantly escalated regulatory risk for Italian-owned Enel in Brazil after its technical arm rejected the final defense submitted by Enel São Paulo (Enel SP), maintaining the recommendation to terminate the distributor's concession. The Superintendência de Fiscalização Técnica (SFT) of ANEEL formally concluded that the company's arguments, submitted after the opening of the process known as *caducidade*—the technical term for rescinding a public service concession contract—were insufficient to halt the proceedings. Crucially, the technical area also rejected Enel SP's request for an independent expert review (perícia), stating the existing documentation was already sufficient for a decision and labeling the request "unnecessary" for clarification.