This chapter examines energy governance in Brazil. It shows that energy security, defined in terms of national security and economic modernization, historically played a significant role in shaping debates on Brazilian political economy. State-owned enterprises were created, notably Petrobras in oil and gas and Eletrobras in power generation, to respond to growing energy consumption and the country’s industrial ambitions. Ethanol politics, on the other hand, was shaped by contending interests of sugar producers as they negotiated and bargained with the Brazilian state. Despite efforts to open the energy market for private competition, the state remains an important player. Privatization has been limited and heavily guided by the state. The Brazilian state emphasizes the strategic nature of energy and has remained key in securing its energy needs and attempts at energy diversification. Future studies should focus on how far the state is willing to rely on market mechanisms to develop the energy sector as well as explore the link between energy security and national development.