We inform that this video conference is being recorded and will be made available on the IR website, where we have the presentation as well. I point out that those who need simultaneous interpreting, we have this available on the icon globe under the name Interpretation on the lower portion of the screen. Upon choosing it, choose Portuguese or English. If you're attending in English, you can silence the original audio, muting original audio.
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We point out the information here, hearing and declarations and statements concerning perspectives and businesses, projections and operations and financial goals are based upon premises and forecasts and information currently available. Future considerations are not guarantees of development and performance. We do not know of future developments. I would like to pass on the floor to Mr. Ricardo Botelho, President of the company. Mr. Ricardo Botelho, floor is yours.
Okay, thank you. It's one more important 3Q of 2021 conference, and we have here with us Mr. Maurício Botelho, our DRI and Financial VP, Mr. Gioreli de Sousa , Distribution VP, Mr. Alexandre Ferreira, Regulation VP, Mr. Nilson Santos, Revenue Protection, and RE team. Our presentation, first of all, I invite you to pay attention to slide number two. This slide must be read with attention before any decision made regarding the company.
In slide three, we share with you the results of this quarter compared to 2020, where we present a robust growth of EBITDA 38%, BRL 864 million, -60% compared to last semester. The result of the 9 months, the net revenue 75.5% at BRL 2.36 billion. Leverage to 4.4x, -0.9 compared to second and third quarter of last and this year. We have cash flow generation that Maurício will point out later on. Our investments in this trimester to BRL 1.2 billion, 84.5% growth with a lower basis of comparison in distribution as a segment.
Operational indicators that I will talk about later, 2.4% growth compared to the 0.3% of last year, it was above. The group actually was slightly lower below the regulatory framework. Our objective is to go back to points before the pandemic. A reduction expressive of Rondônia and Mato Grosso compared to the technical aspect, 75.6% that will be explained later on.
Assets-wise, we advanced with the building of seven solar panel energy generation usinas. Three of them in the first quarter. BRL 89 million invested in the remaining ones. BRL 26 million invested in the latest plant also in May 9, 2019. 17 connected power plants. Transmission, we are getting near the end of the EPA2 project and our greatest project Energisa transmission Tocantins with delivery and operations in 2022.
Slide number five. Energy in the third quarter. Operational highlights of the group. Slide number five shows the performance of the energy market, 2.4% growth compared to the same period last year. Happening under a basis of comparison less depressed than that was growing 0.6%, ahead and was way ahead of the average Brazil. Therefore, it was above the level pre-pandemic. Third quarter 2021, it was mostly positive in the northeast of Brazil. The weather was hotter.
In the northeast especially, the climate was milder in the center-east and north, lessening the growth in those regions. The results of Energisa classes residential, industrial, commercial were the main vectors of growth. Commercial had the highest growth, 6.8%. Services and retail as well. Industrial, 1.8% was headed by textile, mining, vehicles, metalwork in southern Paraíba. Southeast Tocantins and Minas Gerais.
Households, 0% growth in seven out of the total of 11. Climate and calendar concessions in Paraíba and Sergipe that had activities related to irrigation of sugarcane and the grain chain supply chain in Rondônia. It has to do with the resilience of the market. We have that highlighted in many of our presentations.
Slide six. Energy losses. A good quarter, overall. 12.96% total loss, 0.5% and 0.86% compared to June this year and September last year. Acre Rondônia acquisition was below the regulatory basis. The reduction was 0.9 percentage points before an increase of 0.72 percentage points in December 2020.
Energisa Minas Gerais, after the rate reviews, had technical losses, more adherence to the reality, and total losses below the regulatory basis. Among which Energisa Mato Grosso were below the regulatory basis with the best performance since shifting 0.6 to 1.5, better than 2020 and 0.2, compared to the first quarter of this year. This indicator is very positive, and the combat to the losses overcome the adverse events of 2020, and we've regained a good results that we had before the pandemic.
Paraíba and Rondônia, we are working on the indicators of losses for the regulatory framework. Indicators of quality of our eleven distributors. Expressive results, the DEC and FEC. Energisa Tocantins with the best DEC in history. Third quarter in a row, overcoming the best value in the history. September 20 compared to that, -55 hours in the DEC of Tocantins.
Rondônia, as an indicator of losses, has strong losses of DEC losses in this quarter with a reduction very expressive of eight hours compared to the third quarter of last year. 29.51 hours, that is our level, and the regulatory limit threshold is 27.19 hours. Energisa Acre, below the regulatory threshold. DEC in Q3 3.22 hours, comparing quarters. DEC, FEC all below the regulatory threshold.
Tocantins, South, Southeast, Acre with the minimum balance in all. Rondônia, compared to the third, second quarter last year, we had the margin comfortably speaking in the regulatory line. Acre FEC negative -25% in the same period, 2020, inferior to the regulatory threshold. The states in these two concessions prior to the privatization, we see an improvement in the quality over the last few years. The indicators of losses and qualities have to do with the investments realized over the last few years and the very good execution of the work of our staff.
The next slide, number eight. We have the revenue with reduction of 0.27, impacted by the results of the pandemic of 2019. Measures annual 0.878 of 2020, 0.05 percentage point of improvement in 2021. Nova Friburgo 0.24, Borborema 0.8, Tocantins 0.15. With the best revenue since 2020. Negotiations and debt collection have been improving majorly. The indicator of default, we have an improvement in 30 million compared to this year, in doubts in terms of whether there would be some payments or not in default.
The forecast during the pandemic and the movements around Rondônia helped that scenario. 44 million was the result of that receivable with the higher rates and the slower growth. It still left us with some flexible ways of making the payments. On that note, I'll pass on the floor to Mr. Botelho. Mauricio, floor is yours.
Thank you, Ricardo. Good afternoon, all. We are going to talk controllable expenses. Let me just get the PowerPoint presentation fixed. Just bear with me for a minute. Next slide, please, if you will. In slide number 10, we have expenses of PMSO, BRL 694 million. Third quarter, you see a difference due to the also exceptional measures during the pandemic in 2019 and 2020, where we adopted cost containment and PMSO more lean services, and services that were considered and the measures taken in terms of wages.
The PMSO is still at a pre-pandemic level with a -1.5% in the third quarter of 2019. A comparative chart over the last nine months. A growth that has been an advantage here to help understand this inflation surge of BRL 17 million in overhead expenses when compared to 2020. Higher prices, commodities, volumes, and the retaking of the activities. Commodities such as fuels, parts, accessories, and electrical material in general.
Personnel and outsourced services. You see here that we have results of the retaking some of our areas with starting new services new points of energy, cutting new points of energy and the new prices of the contracts as well. The inflation pressure and the new activities took on the variations of costs since 2019 maintaining it at a lowest level since the previous years. EBITDA third quarter 42% growth BRL 519 million compared to the third quarter of 2020. BRL 1.7 billion.
That performance is explained by the implementation of the Parcela B BRL 519 million. Fruits of rates reviewed and new investments. Paraíba +7%. Sergipe 6.7 Borborema with 7% as well. Concessions Nova Friburgo 2.6. North, East, as you can see here, 57.6. EBITDA without recurring effects in the FCF reflected in the cash flow 37.7%, BRL 1.5 billion. The contribution from sale to EBITDA of regulatory BRL 27 million in the quarter. Year-to-date EBITDA BRL 4.4 billion, 58.2%, or 1.2 translated into the numbers of 2020.
Slide 12. Let's see the comparison of the EBITDA adjusted and the PMSO of the last few months. As you can see here, there is less volatility. Other points. EBITDA that we use based upon BRL 515 million, BRL 1.9 billion more compared to the third quarter 2020. PMSO +1.464%. The most important part of the expansion of the EBITDA was by the lowest speed of growth in PMSO, even with the growing inflation.
Slide number 13. We have some highlights on the turnaround of Rondônia and now Acre. Reductions of PMSO in both of the companies in the third quarter of 2020. We have a good evolution of the adjusted EBITDA. The two companies together, BRL 73 million in comparison to the second quarter of this year. BRL 795 million, even higher when we compare to the same companies in the third quarter of 2020.
Slide 14. Rondônia and Acre. EBITDA. Regulatory one comparison. Energisa Rondônia is out of an EBITDA that was negative in 2020 to +189% that was closed this year, being established closer and closer to the regulatory threshold. Acre, we are growing closer to the threshold. The concessions in Rondônia and Acre are becoming more and more efficient, with visible improvements in the quality of services to customers, as brought up by Mr. Ricardo.
Slide 15. Net revenue BRL 664 million, 6.3% less than the third quarter of 2020. If we exclude the subscription bonus and market, it was very close to last year. Non-cash and non-recurrent BRL 190 million in growth quarterly, +32%. 75.5% in the accrued, a variation of BRL 1.5 billion.
Slide six. Indebtedness of 14.6 million, 609 million in a difference compared to the previous year, with a lot of resource captation. BRL 1.9 billion in the quarter, previous quarter, third quarter. We go on here as you can see with a position of cash flow that is rather robust, BRL 6.6 billion, more than enough for the expected expenses for 2022.
The average term is 1.1 year for contracts, same as June, 8.38% against 7.30% in the previous quarter. Our indexator is the CDI, 20.27 to 2027. The net debt based upon the EBITDA down to 2.4-fold in September. 3.3-fold compared to that of September 2020. The coverage of our net debt with EBITDA is 4.25-fold. We are at a very comfortable level with that indicator.
Next, we have our investments. In this quarter, BRL 1.2 billion in investments, 84.7%. That is a plus compared to 548 of the third quarter last year. That growth happened basically in electrical and non-electrical assets. If we consider that, only the electrical side, we have +1.07%, 552%, 74% to concessions, concessionaires, and partly to the distributors.
Distributed generation, we have 23 sites compared to operational projects up to September this year. We have two new projects that are ongoing in October, and a few more to start by the end of the year. Installed capacity of 54 MW peak. By the end of the year, we must be in the order of 73.5 MW peak. I would like to point out that for 2021, we are sharing with you record growth, BRL 3.9 billion, out of which BRL 2.8 billion in distribution and BRL 834 million in transmissions.
Next slide. Investments you see here realized in the six projects that you've heard about. BRL 287 million, that is what they stand for, despite the pandemic as a scenario in 2019 and 2020. We are following our projects like up to the standard with BRL 1.5 billion to BRL 180 million in 2020 and BRL 700 million accrued up to this year. BRL 2.7 billion foreseeable through to the end of this project. We just signed the contract Energisa two.
We had ANEEL have a public bidding in June, and investments will start incoming in the next upcoming months. In the next slide, we have the status of this project. Energisa Goiás and Pará, they are undergoing operations since 2020. These two units have a RAP of BRL 100 million. Energisa Pará two. Energisa Tocantins are undergoing construction with a partial RAP of BRL 123 million, which is partial. Energisa Pará two, 500 kV.
Project 230 kV anticipated to being almost two years. Energisa Tocantins transmissions and transmissions two are the only two that are at 100% construction, and they are not having a partial RAP. The RAP of the company totalized BRL 124 million in twenty-one, twenty-two, and EBITDA of BRL 172 billion. The company is highly focused with anticipations relevance in terms of terms and increasing our RAP.
On that note, I'd like to wrap up my presentation. Energisa Day will be for approaching the strategies at growth in the long term, and I invite you all. Thank you all for the attention, for being with me. On this note, I would like to open the floor for a Q&A.
Good afternoon, all. Now we'll start the Q&A session. We would like to kindly invite you to ask questions at once and then you wait on the response of the company. In order for you to ask questions, you should send that through the Q&A icon. Your names will be announced, and you'll ask your questions live. Then you'll get a request to activate your microphone. Please hold on while we get the questions. First, André Sampaio, sell-side analyst, Santander. Please, floor is open for your question.
Good afternoon, everyone. I would like to ask about the company's Sulgás. Why weren't you part of the bidding? And I would like to hear from you what your strategy is for this segment. And if you have intentions to look into new activities and gas petrol. I'd like to know whether you understand there should be some remedy of caps for future opportunities.
Hi, this is Ricardo. Sulgás-wise, we had an initial assessment so that there might be an incursion in the distribution segment. That wasn't viable due to the parameters that actually guide our prudent investments with decision-making, ROI risk conditions and many other aspects among those. Bidding-wise, there was only one proponent, the same one that has the acquisition rights of 49% of the company.
That probably made more sense for this acquisition by them than ourselves. They bid initially for 51%. That didn't work, but I know for sure that they are at 49%. With regards to the acquisition of Compass, the company, whatever we would say at this point would be speculation, and that's not what we're here for. André, the floor is yours. André, actually, thank you. Marcelo Sá, sell-side analyst from Itaú.
Thank you for the call. There was an article on the broadcast website talking about rates increasing by 20% next year. That was by Enel. We know that there are discussions ongoing for loans from banks and discussions of investments among banks and with banks. By saying that, I'd like to understand how far they have come in those discussions, if that is really going, if rates are, as a matter of fact, increasing, and what is your forecast for next year with inflation and all that is happening. If there is room for anything that I'm not foreseeing here.
Renewables, that's my second question. Some players of this sector went and dove into the segment. Renewables at the moment, do you think M&A would be worthwhile for you? Because it would be a full platform. How you see it from the perspective I bring to the table.
Marcelo, good afternoon. I'll deal with the first question. The increase of the rates for the next year, some of them may be very high. Operations that are being structured by Enel, the ministries involved and ANEEL, with the events of last year, next year. We are just coming out of the pandemic. We are going to find a way to dilute those losses as time comes. Soon you'll have more details. We've talked about these actions previously, but they are most of them ongoing.
Marcelo, considering your second question in the renewables, we have a strategy in that sense. We are making advances along with Alsol. We have a growth that is rather expressive. We believe we are growing distributed generation. We have a project ongoing. Renewable generation, we have a portfolio. I would like to invite you to be part of the Energisa Day, where we'll give you more details of this. I'm not gonna give you any spoiler at this point.
We want to think of the expansions in the areas that we are actually making progress in concession and transmission.
Thank you. Thank you all. Thank you, Marcelo. We have another question. Maria Carolina Cabrera, sell-side analyst, Credit Suisse, floor is yours.
Good afternoon. I have two questions. First, going back to gas. If you have projects in terminals, many sectors are working on that on account of the reserve bidding that will have in the end of the year. Just to explore the theme, you mentioned about the Energisa Day, and to see if that's part of the strategy.
A second question, this week, Enel was back to the regulatory subjects, methodology of losses, and that voting of the conclusion of the public consultation was even postponed. If you would actually summarize the retaking of that subject. Some companies were concerned with the change in methodology. In the note of contribution, there was some improvement. But would the improvement that we noticed is something that you did too?
I'll deal with the first question. Alexandre will go for the second. I will not give, without any spoilers here. We have a concern for some time for diversification of our activities. We have evolutions in the renewables and gas distribution, generation. We understand that natural gas is good for distribution, but we like to think biomethane, biogas, and hydrogen. That theme is interconnected. We'll give you some details in our next upcoming event, and we analyze all these options. Being a bit more specific in distribution, generation or biomethane, gas and hydrogen.
Good afternoon. Your second question. CP 29, that reviews the methodology of non-technical and irrecoverable revenue. Our position here is that we have an evolution in the methodology. The standard of recognition of our company's improved basically because of the good new ranking that was published. Acre and Rondônia grew their production and were recognized. The technical note was more than 30% than forecast.
The proposal can improve the recognition level, above all at the level that we contribute exhaustively, giving some sign of incentive to companies that are operating with efficiency of losses. We expect that by the end of this public consultation, we can have the improvement of those companies that can have an incentive that is more efficient in that sense. Thank you.
Thank you, Ricardo. Alexandre. One more question, Daniela Madeira, sell-side analyst with Guti Investments.
Good afternoon. I would like to know whether you think in terms of increasing the term for the debt in the future.
I think I can deal with that question. We're always here looking for alternatives for increasing the term and indebtedness. It all depends on the opportunity and the conditions that the present moment presents. It's always within our radar trying to lengthen the term for indebtedness. In order to ask questions, you should send them through Q&A. You see the icon here at the lower part of the question, and then we'll announce your name.
There are no further questions, therefore the session, the Q&A session, is adjourned. The video conference Q3 2021 Energisa is now adjourned. Our IR department can deal with further questions. Thank you, all participants, and have a great afternoon.