cpfl energia institutional presentation

March, 2012

Agenda

Corporate Overview

Commercialization | Opportunities

Generation | Growth- Incorporation of CPFL Renováveis- CPFL Energia

Distribution | Operational Efficiency

3

Sales and Financials

Annex

4

Corporate overview – Highlights

The largest

private player

in the Brazilian Electric Sector

� ~R$ 27 billion of Market Cap as of March 22, 2012

� Leadership in distribution of energy through 8 subsidiaries Presence concentrated in the most developed regions of Brazil

� Leadership in Commercialization and a world-class provider of Value-Added Services

� Leadership in Renewable Energy in Latin America

� 2,768 MW of generation installed capacity, more than 90% from renewable sources

� 2011 EBITDA of R$ 3.8 billion and net income of R$ 1.6 billion

� Listed on Bovespa’s Novo Mercado and on NYSE (ADR Level III)

� Differentiated Dividend Policy: minimum of 50% of net income, semi-annually. Practice of 95% since IPO in 2004

1) Aneel – last available information 2) Concession area sales (excludes CCEE) 3) In Apr, 2011. Generation figures after ERSA and Jantus’ deals closing 4) Includes CPFL Energia’sstake in CPFL Renováveis (63.0%) 5) 2011 accumulated (October, 2011) 6) Take into account sales of commercialization and generation outwards the Group5

Brazil’s largest player in the electric sector

CPFL 2%3

CPFL Energia

CPFL 11%5

Others: 87%

CPFL 13%1

Market-share

Distribution (2011)Concession Area (captive + TUSD)

• 7.0 million customers• 569 municipalit ies• Sales of 54,590 GWh2

Generation (Mar-12)Focused mainly on renewables

• 65 power plants in operation• 2,768 MW of installed capacity• 30 plants under construction4

Commercialization (2011)Free Energy market and Services

• 140 free customers• Sales of 12,173 GWh6• Added value services

Market leader

3rd private generator

Main player

Others: 98%

Others:89%

3 majorplayers: 34%

3 majorplayers: 28%

3 majorplayers: 29%

DISTRIBUTION

COMMERCIALIZATION

5

GENERATION

9 SPPs

33 Wind Farms8 (CE), 21 (RN) and 4 (RS)

8 TPPs Sugarcane5 (SP), 1 (RN), 1 (MG) and 1 (PR)

5 (SC) and 4 (RS)

2 TPPs Fuel Oil

35 SPPs

6

Corporate structure | CPFL Energia (December 2011)Increased stake at CPFL Renováveis to 63.00% and at Epasa to 52.75% as from Dec/11

6

Free Float

DISTRIBUTION

GENERATION

3

COMMERCIALIZATION

RENEWABLES

Investco

Paulista Lajeado

SERVICES

1

1) C ontrolling shareholders; 2) Includes the 0.1% direct stake owned by C amargo Corrêa S.A.; 3) Termoparaíba and Termonordeste Thermoelectric F acilities; 4) C PFL Energia owns a 63.0% indirect interest in C PFL Renováveis through C PFL Geração, with 35.5% and C PFL Brasil w ith 27.5%

7

Best corporate governance practices

7

• Shares listed in differentiated segments:• Bovespa Novo Mercado• NYSE (ADR Level III)

• Compliant with the Sarbanes-Oxley Act

• Board of Directors composed by 7 members:• 1 Independent Member• Advised by 3 Committees

• Self-Assessment through Fiscal Council

• Enforcement of policies for information disclosure and trading of company’ shares by employees

• Dividend Payout Policy:• Minimum of 50% of net income, semi-annually

1st Brazilian company

Annual Client Leadership Award IFC 2008

Member of the Companies Circle – OCDE/IFC

Ranked in the 50 Largest Sustainable Latin American companies list (2008/2009)

Ranked in Ibovespa’s Transparency in Sustainability list (2nd place - 2009)

1st Place – May, 2011Energy Sector – The Most Sustainable Large Companies in Latin America for the 3rdconsecutive year

World-Class Corporate Governance Practices:

8

GENERATION

� Leader in renewable sources of energy in Latin America(> 4 GW through 2020)

� Operational excellence:

EBITDA margin > 70% for renewables and > 80% for conventional energy

� Successful track record in the development and construction of generation capacity

� Pursuing new opportunities (HPP and thermoelectric)

DISTRIBUTION

� Market leader, doubling market share;

� Operational excellencethrough use of innovation and best-in-class technologies

COMMERCIALIZATION

� Leader in energy sales, with a market share of over 10%

� Expansion of range of services and integration with the other business segments (more synergies)

Leadership in the Brazilian electricity sector, with a diversified portfolio

88

CPFL Energia strategic plan 2012-2016

Agenda

Corporate Overview




9


Annex

10

Leadership in the distribution business:

� 8 distribution companies;� 13% of market share;� 7.0 million customers;� 569 municipalities;� Sales of 54,590 GWh1 | 6.0% CAGR from 2004 to 2011

5,5 5,6 5,7

6,3 6,4 6,6 6,77,0

2004 2005 2006 2007 2008 2009 2010 2011

+1.5 million

Acquisitions2006 | Cia. Luz e Força Santa Cruz | RGE’s additional stake (32.69%);2007 | CMS Energy Brasil2 (4 distribution companies).

R$ 1,029 million in acquisitions

Presence in the most developed regions of Brazil

1) Concession area 2) CPFL Jaguariúna

Southeast region

South region

Number of customers

Distribution business

1010

Positioned in a very promising region

Commercial: expected inauguration of shopping malls2012-20131

São Paulo

1) Source: A BRASCE 2) Source and projection: IBGE and LC A Consultores

AraçariguamaBauruBoituvaBotucatu CampinasJundiaí (2)Ribeirão PretoS.J. do Rio Preto (2)São RoqueSorocaba (2)Sumaré

FarroupilhaGravataí

14In the

concession area

25 malls(total)

2In the

concession area

6 malls(total)

Rio Grande do Sul

Residential:Population growth2

Accumulated variation

SP RGE RS

14,1%11,4%

5,5% 5,0%

Concessionarea of

CPFL Energia(Southeast)

SP RGE RS

9,5%7,7%

5,5% 4,6%

Concessionarea of

CPFL Energia(Southeast)

2000-2010

2010-2022(e)

Larger growth rates in the concession areas of CPFL Energia

11

12

99 98 97 96 93 85 82 82 81 76 75 72 69 67 67 64 64 59 57 56 51 5 50 49 49 47 45 45 43 42

RG

E

Pira

tinin

ga

Cos

ern

Coe

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Pau

lista

AE

S S

ul

CE

LPE

Coe

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ar

Ligh

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ES

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Ban

deira

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Ele

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elsa

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B

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Ele

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EE

CE

PIS

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CE

MIG

Am

azon

as

Cel

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95 91 86 77 77 76 64 63 60 57 54 54 50 50 50 50 48 47 47 45 42 42 41 41 41 41 39

2

CP

FL

Sul

Jagu

ari

Moc

oca

San

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ruz

Mux

feld

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38

Companies with more than 400,000 customers | in %

Companies with less than 400,000 customers | in %

Efficiency Average

67

55

Source : ANEEL NT 294/2011 – Average of the methodology DEA and COLS without environmental components12

Operational Efficiency – Distribution companies

26.623.8

21.621.5

18.017.114.7

13.513.012.712.211.511.310.69.59.29.29.08.37.56.94.6 5.75.5

CPFL

Mococa

CPFL Santa

Cruz

CPFL

Paulista

CPFL

Piratininga

Coelce

CPFL Leste

Paulista

Escelsa

CPFL Sul

Paulista

CPFL

Jaguari

Elektro

Eletropaulo

Light

Copel

Bandeirante

Cosern

Cemig

Celesc

RGE

Celpe

AES Sul

Cem

ar

CEEE

Ampla

Coelba

DEC1 | 2010 (hours)

FEC1 | 2010 (#)

1) DEC -Duration of outages per consumer per y ear (in hours); FEC-Frequency of outages per consumer per y ear (number of outages). Excluding power outage effect in N


13

15.014.0

12.711.2

10.210.19.79.57.87.87.77.37.17.06.66.56.35.85.75.65.4

4.5 5.25.1

CPFL

Mococa

CPFL

Paulista

CPFL

Piratininga

Eletropaulo

Coelce

Elektro

Light

Escelsa

CPFL Santa

Cruz

Cem

ig

Cosern

Bandeirante

Celpe

CPFL Leste

Paulista

CPFL Sul

Paulista

CPFL

Jaguari

Copel

RGE

AES Sul

Celesc

Coelba

Ampla

Cem

ar

CEEE

Methodology of the 3rd tariff review cycle for distributors

1414

CPFL Energia - Recurring EBITDA Breakdown¹ - 2011 | R$ million | %

Commercialization278 | 7%

Generation1.189 | 31%

Consolidated3,769

Distribution2,350 | 62%

CPFL Paulista

CPFL Santa CruzCPFL Leste PaulistaCPFL JaguariCPFL Sul PaulistaCPFL Mococa

RGE

CPFL Piratininga

14% 18% 48% 62%

CPFL Piratininga

Oct/112

CPFL Santa CruzCPFL Leste PaulistaCPFL JaguariCPFL Sul PaulistaCPFL Mococa

Feb/122

CPFL Paulista

Apr/13

RGE

Jun/13

AffectedCPFL Energia’sEBITDA

Notes: 1) Excludes intercompany transactions and equity attributed to non-controlling shareholders; 2) Effectiv e enforcement deferred by 1 y ear by A NEEL

49.4%

22.3%22.0%

6.3%

Some Value Initiatives aimed at boosting efficiency and productivity

� Increase of operating productivity and efficiency� Growth at a lower incremental cost� Cost reduction per transaction via specialization,

e.g.: procurement 50%; payroll 35%; facilities

40%

CSCCorporate Services Center

IRPIncentivizedRetirement

Program

ZBBZero-Based

Budget

TauronSmart Grid

� Total of 445 adherences� Total costs: R$ 49.8 million (recorded in 2Q and 3Q of 2011)

� 43% reduction in the salary base of this population;

� Savings estimated at R$25 Mn per year

� Zero-Based Budgetmethodology implemented

� Inefficiencies from past budgets are not carried over to the next periods

� Improvements in the budgeting process and the organization’s cost culture;

� Avg. reduction of R$50 Mn per year in the next 5 years

� Implementation of smart grid concept: IT+Automation+Telecom

� Telemetering and self-healing

� Maximize return on electricity assets� Gains in productivity, efficiency and quality� Benefits estimated at R$106 Mn per year

Description Objectives

� Transference of transactional corporate activities to the CPFL CSC

� Corporate depts. focused on strategic, value-added levers vs. transactions

15

1) Bills ov erdue more than 30 day s – % of 12 months billings


16

jan/09

feb/09

mar/09

apr/09

may

/09

jun/09

jul/09

aug/09

sep/09

oct/09

nov/09

dec/09

jan/10

feb/10

mar/10

apr/10

may

/10

jun/10

jul/10

aug/10

sep/10

oct/10

nov/10

dec/10

jan/11

feb/11

mar/11

apr/11

may

/11

jun/11

jul/11

aug/11

sep/11

oct/11

nov/11

dec/11

1.424Q09

4Q10 4Q11

1.291.16

1.27

Delinquency (%)1 | CPFL Energia

2.4 million consumer units (CU) inspected

• 375 thousand CU identified and overhauled

• 591 thousand measuring equipment replaced

• 42 thousand regularization of illegal connections

Program for Reduction of Commercial Losses2007-2011

17

CPFL Energia Awards

Economical-Financial Management:

Management Quality:

Best Social Responsability:

Best Electic Energy DistributionCompany in Brazil:

Best Electic Energy DistributionCompany in the South Region:

Operational Management

Agenda

Corporate Overview




18


Annex

Expansion in Generation (conventional + renewable)

19

7,15

2,95 2,66 2,23 1,71 1,37 1,25 1,21 1,20 1,00

Genco 1 CPFLEnergia

Genco 3 Genco 4 Genco 5 Genco 6 Genco 7 Genco 8 Genco 9 Genco 10

2nd largest private player in generation:

� 78 power plants in operation

� 2,768MW of installed capacity (2.947 MW in FY12e)

� 21 power plants under construction

854 915 1,0721,588 1,704 1,737

2,396 2,644 2,947 3,166 3,326

2004 2005 2006 2007 2008 2009 2010 2011 2012e 2013e 2014e

2012e Installed Capacity Ranking (GW) | Private players

Installed capacity evolution (MW) | CPFL Energia

Incorporation of CPFL Renováveis on August 24, 2011

Corporate structures considering the projects involved in the joint venture

+ wide portfolio for development

20

CPFL Renováveis | Current portfolio

100% 100%

63.0%1 37.0%

SPP

• 34 operating: 307 MW• 1 under construction: 20 MW• Under development: 603 MW

Total: 930 MW

Biomass

• 4 operating: 175 MW• 4 under construction: 195 MW• Under development: 1,190 MW

Total: 1,560 MW

Wind

• 8 operating: 368 MW• 25 under construction: 670 MW• Under development: 910 MW

Total: 1,949 MW

Total: 4,438 MW

21 1) F rom A ugust 1, 2011 until Nov ember 30, 2011 = 54.5%. F rom December 1, 2011 = 63.0%

CPFL Renováveis | Current portfolio

22 1) F rom A ugust 1, 2011 until Nov ember 30, 2011 = 54.5%. F rom December 1, 2011 = 63.0%

Installed capacity (MW)Assured energy (AvgMW)

Installed capacity(Total: 4,438 MW)

Biomass19%

SPP19%

Wind61%

2012

� 7 Wind Farms: Santa Clara� 2 Biomass TPPs: Ipê and Pedra

2013 2014

� 1 SPP: Salto Góes� 2 Biomass TPPs: Coopcanaand Alvorada

� 13 Wind Farms: Macacos I, Campo dos Ventos II and Atlântica

� 9 Wind Farms: Campo dos Ventos and São Benedito

Projects under construction – Start-up

Operating(Mar 2012)

Underconstruction

Operating(until 2014)

Underdevelopment

Total

849384

885388

1,734

772

100%with PPA

2,704

1,196

4,438

1,968

Wind: 1,038 MWBiomass: 370 MWSPP: 327 MW

283 MW 348 MW 254 MW

Biomass32%

SPP22%

Wind47%

CPFL Renováveis

Atlântica wind farm (under construction)Location: Palmares do Sul | RS

Taíba

Ester TPP | biomass (into commercial operation)Location: Cosmópolis | SP

• Acquisition: R$ 111.5 million2

• Installed Capacity: 40 MW• Physical guarantee: 11 avg. MW• PPA: 7 avg. MW (LFA 2007) | 15 years;4 avg. MW (ACL)

Bons Ventos wind farms(in commercial operation)

• Acquisition: R$ 1,062 million1

• 157.5 MW

• 63 avg. MW

• Commercial Start-up• Taíba: 4Q08• Bons Ventos, Canoa Quebrada e Enacel: 1Q10

• PPA:• Proinfa | R$ 290.50/MWh(Dec/11)

• 20 years

Location: Ceará

Expansion | Wind Farms and Biomass TPP Acquisitons

23

• 4 wind farms

• Installed Capacity: 120 MW• Physical guarantee : 52.7 avg. MW• PPA: LFA (Aug/10) | R$ 147.44/MWh (Dec/11) | 20 years

Expansion | Acquisition of Santa Luzia SPP on Aug/11

24

Santa Luzia SPPLocation: Chapecó River | Operational Sinergy

CPFL Renováveis SPP´s

• Commercial start-up: 3Q11

• Installed Capacity: 28.5 MW

• Assured Energy: 18 avg.MW

• PPA:• 14 avg.MW | 2007 LFAPrice: R$ 170/MWh (jun/11)Long Term contract: Dez/39

• 4 avg.MW | Free Market

ArvoredoAlto Irani

Plano AltoSalto Góes

Santa Luzia

25

412 MW | Certified projects

320 MW | Non-certified projects

Total | 732 MW

Acquisition of 100% of the Jantus SL (SIIF Énergies Brasil)

per R$ 823million (equity) and R$ 675 million (net debt)

1)

Generation | Portfolio of projects under construction

(e)C(MW)

(Avg. MW) (e)

2Q12 25 8.479% BNDES21% equity ACL

2Q12 70 24.4 73% BNDES27% equity

LER (Aug/10)R$ 154.121

3Q12 188 76.065% BNDES35% equity

LER (dez/09)R$ 168.321

95% concluded

60% concluded

Commercial start-up in 2012(e) | 283 MW / 109 avg. MW

Bio Pedra TPP

Santa Clara wind farm

83% concluded

Bio Ipê TPP

1) Constant currency (Dec/2011)26

1) Takes into account Atlântica wind farms (120MW/53avg. MW) 1) Macacos, Pedra Preta, Costa Branca and Juremas 2) Constant currency (Dec/2011)

(e) (MW) (MWmédios) (e)

1Q13 20 11.1 BNDES funding(63% debt / 37% equity)

LFA Aug/10R$ 160.412

2Q13 50 18.0BNDES funding(under review) ACL

2Q13 50 18.0 BNDES funding(under review)

ACL

3Q13 78.2 37.1 BNDES funding(under review)

LFA Aug/10R$ 137.32


LER Aug/10R$ 133.72

Commercial start-up in 2013(e) | 348 MW / 144 avg. MW1

54% concluded

8% concluded

8% concluded

Salto Góes SPP

Coopcana TPP

Alvorada TPP

10% concluded

7% concluded

27


1) Campo dos Ventos I, III, V, São Domingos and Ventos de São Martinho 2) Ventos de São Benedito, Ventos de São Dimas, Santa Mônica and Santa Úrsula

Commercial start-up in 2014(e) | 254 MW / 129 avg. MW

(e) (MW) (MWmédios) (e)

2Q14 138 68.5BNDES funding(under review)

Free Market2033


Free Market2034

Pending approval by ANEEL

Pending approval by ANEEL

28


Agenda

Corporate Overview




29


Annex

Commercialization business

30 1) Exclude non-controlling shareholders30

192 219

455

587

456 446

485

514

Dec/2008 Dec/2009 Dec/2010 Dec/11

4.1%45.1%

Dec/2008 Dec/2009 Dec/2010 Dec/2011

Current: 9.1 GW averagePotential: + 2 GW average

Current: 1.1 GW averagePotential: + 6 GW average

# of competitive customers – >3 MW # of special customers – from 0.5 to 3 MW

Competitive advantages of CPFL in this market: market leadership, expertise and synergies with CPFL Renováveis

Number of free clients in Brazil

Agenda

Corporate Overview




31


Annex

Sales – CPFL presents consistent growth

Sales in the Concession Area (GWh)1 Breakdown | 2011

CAGR = +6.0% p.a.

1) Excludes intercompany transactions (consolidation accounting basis), CCEE and generation sales (except to the free market). 2010 TUSD adjusted (97 CAT Resolution) 2) Source: EPE

TUSDCaptive Industrial

Commercial

ResidentialOthers

39,91739,25037,82137,32335,24531,77831,23533,076

14,67413,13810,97811,71011,2309,5857,2633,288

54,59052,37848,79949,03346,47541,36338,49836,364

2004 2005 2006 2007 2008 2009 2010 2011

1

45%

15%

14%25%

32

+4.9%

Annual Sales Growth in the Concession Area | 2011 (GWh)2

Financial results

33

EBITDA Margin

EBITDA (R$ million)IFRS

2009 2010 2011

3.4533.350

3.769

Net Income² (R$ million)IFRS

Net Revenues (R$ million)IFRS

2009 2010 2011

11,35812,024

12,794

27.9% 29.5%

2010 2011

+6.2%

1) Exclude non-controlling shareholders33

+12.5%

2009 2010 2011

1.689

1.560 1.582

+1.4%

2009 2010 2011

Dividends

34

2H04 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11

140

401498

612722

842719

602 606 572655

774

486

748 758

3.7%

6.5%

9.1% 8.7% 9.6%10.9%

9.7%7.6% 7.3% 7.6% 7.9% 8.6%

6.9% 6.0%7.1%

8.29 9.43 11.6715.02 14.13 15.87 17.99 18.05 16.69 15.77 16.51 18.44 20.18 22.05 21.95

CPFL has distributed 95% of the net income since its IPOCumulative dividends since IPO (Sep/04): R$ 9,1 billion

Dividend Yield 1 (LTM) Declared dividends2 (R$ Mi) CPFL average price (R$/ORD)3

1) Considering last two half years’ div idend yield 2) Refer to declared div idend. Payment in the next half year 3) Considers share price adjusted for reversal stock split and simultaneous split of shares on June 29, 2011 (not adjusted per div idends).

Debt profile and Leverage

35

CDI

Prefixed (PSI)

IGP

TJLP

Gross debt breakdown1Gross debt real cost1 | LTM

Net debt2 | R$ billion

2009 2010 1Q11 2Q11 3Q11 4Q11

6.47.9 7.6 8.0 8.9

10.72,55x:Excluding debt of projects under construction and considering pro forma LTM Ebitda(e) of CPFL Renováveis

Net debt/EBITDA3

1.952.38 2.27 2.33 2.43

2.84

(R$ million)

9.4%7.9%

9.9%

7.3%7.1%4.9%4.4%4.3%4.4%3.9%4.3%

2004

2005

2006

2007

2008

2009

2010

1Q11

2Q11

3Q11

4Q11

1) Financial debt + pension fund; 2) Net debt calculation pursuant to financial covenants methodology . Excludes pension fund debt and judicial deposits related to income tax at CPFL Paulista. Doesn’t take into account regulatory assets and liabilities in EBITDA; 3) EBITDA LTM

2.700

1.4361.510

1.971

1.7791.857

1.468

3.338

Cash 2012 2013 2014 2015 2016 2017 2018+

Cash coverage: 1.9x short-term amortizations

Debt profile

3636 1) Disregard f inancial charges (ST = R$225 million; LT = R$24 million) and hedging (net positiv e effect of R$219 million)36

Amortization schedule (R$ million)

Average tenor: 4.3 years

Short-term: 12.3% of total

Capex(e) 2012-2016

371) Constant currency (Dec/11). Take into account 100% interest in CPFL Renováveis and Ceran (IFRS) and proportional stake in the others generation plants. 2) Take into account private network incorporation and Tauron Project. 3) Take into account generation plants released until Mar 12, 2012

Total Capex(e) 2012-2016| R$ 8,310 million1

2011 actual(cash flow)

2012 2013 2014 2015 2016

1,9052,943

2,3701,115 946 935

Distribution2

R$ 4,983 million

Commercialization and Services

R$ 230 million

Generation (Convencional + Renewables3

R$ 3,097 million

2011 actual

2012

2013

2014

2015

2016 860

843

972

1,102

1,207

1,065

20

68

111

1,215

1,683

823

55

35

32

53

54

17

Agenda

Corporate Overview




38


Annex

Capex 2004-2011

2004 2005 2006 2007 2008 2009 2010 2011

261 368 527 676 665 746 1.128

741 343 255 266

445 502 570

645

449 626

412929

Distribution Generation Acqusitions

Investments of

• R$ 5.1 billion in Distribution and

R$ 3.6 billion in Generation since IPO

604 623

1,419 1,5331,167

1,316

1,7732,119

Capex + Acquisitions1 | in R$ million

Acquisitions

• R$ 2.0 billion (equity)

1) Taking into account the acquisitions (equity) of 32.69% of RGE’s additional stake, 11% of Foz do Chapecó’s additional stake, Cia. Luz e Força Santa Cruz, CMSEnergy , SPP Santa Luzia (63%) and SIIF Énergies Brasil;39

Stock performance | CPFL Energia outperformed the main indices

40

2011 share performance on Bovespa1

1) Cotações de fechamento em 29/dez/2011 – com ajuste por proventos (CPFE3: R$ 26,02/CPL: US$22,15)

109

69

4631 27 23 22 20 15 14 13

2011 share performance on NYSE1

34.0%19.7%

-18.1%

CPFE3 IEE IBOV

MSCI Indexes

Daily average trading volume on Bovespa + NYSE in 2011Main electricity companies (R$ million)

Integrated(State-owned)

Genco(State-owned)

Genco(State-owned)

Disco Genco Integrated Integrated Genco Genco Genco

25.9%

5.5%

-20.6%

CPL Dow Jones Index

Dow Jones Br20

Private company with greater liquidity

41

TSR Performance

Total Shareholder Return1 2005 – 20112 | % p.a.

Note: 1) TSR = TIR shareholder – Market cap v alues on 12/31/2004 and 12/31/2011. Amounts adjusted by IGP-M (Dec/11)Source: Thomson F inancial; Economática;

Genco Genco Integrated Disco Integrated Integrated Integrated Genco

24%

21% 21%18% 18% 18%

14%

5%

2%

Methodology of the 3rd tariff review cycle for distributors

4242

•Maintenance

•WACC of

• Capital structure (D/E)

• Adjustment of leverage Beta:

of proposal of the 2nd phase, with improvements

• Single productivity of

•Deliquency and with a limit determined by ANEEL

central point of calculation

considers the companies differently; companies that perform better have a greater benefit and lower fee. The reverse is true for companies that have a poorer quality performance, when compared with the history of the company itself.

• For , the variation in the DEC and FEC quality indicators between

• XT limited to

(Nov, 11)

Comparison of global electricity consumption

43

Consumption of electricity versus GDP¹

cpfl energia institutional presentation

Technology