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** As filed with the Securities and Exchange Commission on April 10, 2024**

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 20-F

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2023

Commission file number:001-14668

COMPANHIA PARANAENSE DE ENERGIA – COPEL

(Exact Name of Registrant as Specified in its Charter)

Energy Company of Paraná (Translation of Registrant’s Name into English)The Federative Republic of Brazil D5 (Jurisdiction of Incorporation or Organization)

Rua José Izidoro Biazetto, 158 – bloco A – 81200-240 Curitiba, Paraná, Brazil

(Address of Principal Executive Offices)

Daniel Pimentel Slaviero

+55 41 3331 4011 – ri@copel.com

Rua José Izidoro Biazetto, 158 – bloco A – CEP 81200-240, Curitiba, Paraná, Brazil

(Name, telephone, e-mail and/or facsimile number and address of company contact person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Shares, without par valueN/ANew York Stock Exchange*
Preferred Class B Shares, without par valueN/ANew York Stock Exchange*
American Depositary Shares (as evidenced by American Depositary Receipts), each representing four Common Shares of COPELELPCNew York Stock Exchange
American Depositary Shares (as evidenced by American Depositary Receipts), each representing four Preferred Class B Shares of COPELELPNew York Stock Exchange
  • Shares are not listed for trading, but only in connection with the registration of American Depositary Shares pursuant to the requirements of the New York Stock Exchange.

Securities registered or to be registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

**Indicate the number of outstanding shares of each of the Issuer’s classes of capital or common stock as of December 31, 2023:**F1

1,300,347,300 Common Shares, without par value

3,128,000 Class A Preferred Shares, without par value

1,679,335,290 Class B Preferred Shares, without par value

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☒No☐

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Yes☐No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒No☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Securities Exchange Act:

Large accelerated filer ☒Accelerated filer☐

Non-accelerated filer☐Emerging growth company☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

†The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5,2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (§ 15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☐IFRS - International Financial Reporting Standards as issued by the International Accounting Standards Board ☒Other ☐

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

Item 17☐Item 18☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes☐No☒

Table of Contents

Presentation of Financial and Other Information2
Forward-Looking Statements3
Item 1. Identity of Directors, Senior Management and Advisers3
Item 2. Offer Statistics and Expected Timetable3
Item 3. Key Information4
Risk Factors4
Item 4. Information on the Company22
The Company22
Significant Changes in Our Business27
Business28
Concessions53
Competition61
Environment, Social and Governance62
Plant, Property and Equipment65
The Expropriation Process66
The Brazilian Electric Power Industry67
Item 4A. Unresolved Staff Comments92
Item 5. Operating and Financial Review and Prospects93
Overview93
Analysis of Electricity Sales and Cost of Electricity Purchased97
Results of Operations for the Years Ended December 31, 2023 and 202298
Liquidity and Capital Resources105
Item 6. Directors, Senior Management and Employees111
Board of Directors111
Executive Board114
Supervisory Board117
Audit Committee118
Appointment and Evaluation Committee119
Investment and Innovation Comittee120
Sustainable Development Committee121
Minoritary Shareholders Committee121
Compensation of Directors, Officers, Fiscal Council Members and Audit Committee Members122
Employees123
Share Ownership124
Item 7. Major Shareholders and Related Party Transactions125
Major Shareholders125
Related Party Transactions128
Item 8. Financial Information129
Legal Proceedings130
Dividend Payment132
Item 9. The Offer and Listing137
Item 10. Additional Information138
Memorandum and Articles of Association138
Material Contracts144
Exchange Controls145
Taxation147
Documents on Display153
Item 11. Quantitative and Qualitative Disclosures about Market Risk153
Item 12. Description of Securities Other than Equity Securities153
Item 12A. Debt Securities153
Item 12B. Warrants and Rights153
Item 12C. Other Securities153
Item 12D. American Depositary Shares153
Item 13. Defaults, Dividend Arrearages and Delinquencies154
Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds154
Item 15. Control and Procedures154
Item 16A. Audit Committee Financial Expert155
Item 16B. Code of Ethics155
Item 16C. Principal Accountant Fees and Services155
Item 16D. Exemption from the Listing Standards for Audit Committees156
Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers157
Item 16F. Changes in Registrant’s Certifying Accountant157
Item 16G. Corporate Governance157
Item 16H. Mine Safety Disclosure159
Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections159
Item 16J. Insider Trading Policies160
Item 16K. Cybersecurity160
Item 17. Financial Statements161
Item 18. Financial Statements161
Item 19. Exhibits162
Technical Glossary163
Signatures169
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.