The Brazilian electricity sector has undergone considerable reforms and has advanced significantly on energy procurement policies with the objective to ensure energy security and reliability at low cost for consumers. Auctions arise as a competitive contracting environment with the promise to provide conditions such as low risk and relatively stable returns to potential investors. This paper analyzes the risks and incentives for base load gas-fired power plant in the context of the 2015 New Energy Auctions in Brazil. The model assesses impacts of parameters defined at auction on projects sustainability throughout the period of the power purchase agreement. Sensitivity analyzes are performed to measure these parameters contributions in terms of competitiveness in the auction and potential risks over the contract period. The results demonstrated possible strategies and impacts for a gas-fired power plant with or without inflexibility in these auctions.