The document summarizes the energy crisis in Brazil, discussing: I. What is happening - imminent electric rationing accepted due to low reservoir levels. II. How we got here - a complex mix of factors including depleted reservoirs over years and lack of adequate planning. The emergency plan to expand gas plants partly failed due to issues between the gas and electric sectors. III. Expected crisis impacts - rationing may cut load 15-20% for 9 months, costing $10-40 billion. No one knows the exact macroeconomic impact. IV. Proposed solutions - leverage existing market mechanisms, signal scarcity, and foster demand management to minimize impacts. Further reforms are still needed for a sustainable solution.