The energy operation planning of National Interconnected System - SIN - aims at optimal utilization of system resources, seeking low tariffs and respecting the criteria of safety and compliance with restrictions inherent to the problem of system operation as consumptive water uses, the limits of energy exchange between regions, the generation demand of certain power plants for electrical reasons among many others. Due to the great importance of hydroelectric generation in the Brazilian electric system, the energy storage in the reservoirs of hydroelectric plants through the water supply is critical for systemic security. This energy reserve, in satisfactory amounts, enables the full market power supply even in unfavorable hydrological conditions avoiding rationing that causes huge losses to the Brazilian economy and society. The security mechanism through the representation of storage curves of the subsystems equivalent reservoirs has been used after the energy rationing occurred in 2001. Since then, many changes over the years have been incorporated into the Brazilian electrical system such as the increased ability of interregional exchanges, the expansion of power plants with high unit variable costs, the decreased ability to regulate the affluences, the market development and the expansion of the SIN boundaries. This dissertation analyzes the impacts with the consideration of the risk aversion curves in the model used for the SIN medium-term energy operation planning already taking into account the increase in systemic complexity over the years.