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Latin Energy Conference 2005
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Company PresentationCompany Presentation
Latin Energy ConferenceLatin Energy Conference 20052005 December 8, 2005
TRANSMISSÃO PAULISTATRANSMISSÃO PAULISTA
CORPORATE INFORMATION
P. TAQUES(BE)
BAIXADASANTISTA
VICENTE DE CARVALHO
MONGAGUÁ
EMBU GUAÇU
(ELMA)
BERTIOGA IIINTERLAGOS
SÃOSEBASTIÃO
CARAGUATATUBA
UBATUBA
(FURNAS)
(BE)
(ELEKTRO)
TAUBATÉ
S. J. DOS CAMPOS
RIO PARDOTIJUCO PRETO
(FURNAS)
STO. ÂNGELO
MAIRIPORÃ
EDGARD DE SOUZA
CBA
CABREUVABOM JARDIM
(BE)
SUMARÉ
(CPFL)
BRAGANÇAPAULISTA
(EEB)
JAGUARIUNA
MOGI MIRIM III
MOGI MIRIM II(CPFL)
MOGI GUAÇU I
PINHAL(CPFL)
SÃO JOÃO DABOA VISTA II
STA. BARBARAD' OESTE(CPFL)
LIMEIRA I
RIO CLARO I
SÃO CARLOS II
SÃO CARLOS I(CPFL) DESCALVADO
(CPFL)PORTO FERREIRA
CASA BRANCA
S. JOSÉ DORIO PARDO
MOCOCAITAIPAVA
(CPFL)
UHE A. SALLESOLIVEIRA
(LIMOEIRO)
UHE EUCLIDESDA CUNHA UHE CACONDE
UHE JAGUARI
UHEPARAIBUNA
(CPFL)
RIBEIRÃOPRETO
PERUÍBE
REGISTRO
CAPÃO BONITO
ITAPETININGA II
ITAPETININGA I
CERQUILHO
TIETÊ
BOTUCATU
ITARARÉ I
ITARARÉ II
ITAPEVA
UHE ARMANDOA. LAYDNER(JURUMIRIM)
UHE CHAVANTES
AVARÉ(CLFSC)
BERN. DE CAMPOS(CLFSC)
(CPFL)
UHE BARRA BONITA
(CPFL)
ARARAQUARA
(CPFL)
UHE A. SOUZA LIMA(BARIRI)
BAURU
(CPFL)
UHE IBITINGA
(CNEE)
(CNEE)
CATANDUVA
S. JOSÉ DORIO PRETO
(CPFL)
UHE MÁRIOLOPES LEÃO(PROMISSÃO)
UBARANA
(CPFL)
UHE LUCASN. GARCEZ
(SALTO GRANDE)
UHE CANOAS I
UHE CANOAS II
ASSIS
ASSIS(EEVP)
STA. LINA(EEVP)
RANCHARIA(EEVP)
TUPÃ(EEVP)
(CAIUÁ)
PRES. PRUDENTE I
PRES. PRUDENTE II(CAIUÁ)
(CAIUÁ)
UHE ESCOLA DEENG. MAKENZIE
(CAPIVARA)
(COPEL)
(COPEL)
(COPEL)
(COPEL)
UHE ESCOLAPOLITÉCNICA (TAQUARUÇU)UHE ROSANA
(COPEL)
PTO. PRIMAVERA
DOURADOS(ENERSUL)
UHE SERGIO MOTA (PTO. PRIMAVERA)
DRACENA
FLÓRIDAPAULISTA
PENÁPOLIS
(CPFL)(CPFL)
UHE NOVAAVANHANDAVA
VALPARAÍSO
(CPFL)
JUPIÁ
(ENERSUL)
UHE ENG.SOUZA DIAS
(JUPIÁ) UHETRÊS
IRMÃOS
ILHA SOLTEIRA
UHE ILHA SOLTEIRA
JALES
VOTUPORANGA II
CARDOSO
UHE JOSÉ ERMÍRIO DE MORAES(ÁGUA VERMELHA)
(CEMIG)(FURNAS)
RIO
PA
RA
NÁ
RIO PARANAPANEMA
RIO TIETÊ
RIO PARAÍBA
RIO GRANDE
RIO PARDO
OCEANO ATLÂ
NTICO
RIO DEJANEIRO
MATO GROSSODO SUL
PARANÁ
MINAS GERAIS
(CPFL)
POÇOS DE CALDAS(FURNAS)
(ELEKTRO)
(ELEKTRO)
(ELEKTRO)
(ELEKTRO)
(ELEKTRO)
(ELEKTRO)
(CLFSC) (CLFSC)OURINHOS
(ELEKTRO)
(ELEKTRO)
(ELEKTRO)
(COPEL)
(EPTE)
(CSPE)
(ELEKTRO) IBIÚNA(FURNAS)
TERMINALOESTE
TERMINALSUL
(SABESP)
(ELEKTRO
(PETROBRÁS)
(PETROBRÁS)
(BE)
(BE)
MOGI
MOGI(FURNAS)
ITAPETI
APARECIDA
STA. CABEÇA
TRÊSIRMÃOS
(CESP)
(CESP)(CTEO)
(CTEO)
LEGENDA
USINA HIDRELÉTRICA
USINA C/ SUBESTAÇÃO CTEEP
SUBESTAÇÃO CTEEP
SUBESTAÇÃO OUTRAS CIAS.
SUBESTAÇÃO INDUSTRIAL
LT FUTURA
LT 500 kV
LT 440 kV
LT 345 kV
LT 345 kV SUBTERRÂNEA
LT 230 kV
LT 230 kV SUBTERRÂNEA
LT 138 kV
LT 88 kV
LT 69 kV
LT DE OUTRAS CONCESSIONÁRIAS
SETEMBRO / 2001
MAIRIPORÃ
EDGARD DESOUZAIBIÚNA
(FURNAS)
INTERLAGOS
HENRYBORDEN
BAIXADASANTISTA
SUL
ITAPETI
MOGI
MOGI(FURNAS)
STO. ÂNGELO
TIJUCO PRETO(FURNAS)
LESTE
R. REBERTE F.
M. REALE
ANHANGUERA
ANHANGUERAPROVISÓRIA
PIRITUBA
M. FORNASARO
XAVANTES
PIRATININGA
BANDEIRANTES
CENTRO
NORTE
CENTROETR
EMBU GUAÇU
(ELMA)
GUARULHOS(FURNAS)
NORDESTE
VICENTE DECARVALHO
P. TAQUES(BE)
MONGAGUÁ
BERTIOGA II
(SABESP)
S/E S. J. DOSCAMPOS
S/E TAUBATÉ
S/E RIO PARDO
S/E SÃOSEBASTIÃO
UHE JAGUARI
CABREÚVA
S/E BRAGANÇAPAULISTA
S/E ARARAQUARA
S/E BOMJARDIM
S/E BOTUCATU
S/E BAURU
S/E PERUÍBE
TRANSMISSÃO PAULISTA - OPERATING REGION
4
Transmission LinesTransmission LinesLines length Lines length 11,837 km11,837 kmCircuits lengthCircuits length 18,267 km18,267 km
SubstationsSubstations
NumberNumber ofof substationssubstations 100100NumberNumber of of transformers transformers 464464NumberNumber of of reactorsreactors 7070
EnergyEnergy transmittedtransmitted in 2004 120,722 in 2004 120,722 GWhGWhTransformingTransforming capacity capacity 38,515 MVA38,515 MVA
NumberNumber of of employees employees 2,9482,948
OPERATING INFORMATIONSeptember/05
5
TelecommunicationsTelecommunicationsMicrowaveMicrowave stationsstations 145145TelephoneTelephone stations stations 108108OpticalOptical fiberfiber cablescables 1,400 km1,400 km
Control CentersControl CentersSystemSystem OperationOperation CenterCenter 11
Bom JardimBom Jardim
Regional Regional Operation Centers Operation Centers 3 3 BauruBauruCabreúvaCabreúvaSão PauloSão Paulo
OPERATING INFORMATIONOPERATING INFORMATIONSeptemberSeptember/05/05
6
ENERGY TRANSMITTED IN 2004 (GWh)
~CESP 36,341
~AES 11,944
~DUKE 11,167
~EMAE 731
~CBA 471
FURNAS (T)55,171
6,303
CEMIG (T)3,222
831
COPEL (T)9
2,223
LIGHT (T)7
967
ELETROPAULOBANDEIRANTEPIRATININGA
65,792
16,821
~ GENERATING Co. TRANSMITTING Co. DISTRIBUTING Co. OTHERS
120,722
~PETROBRÁS 1,424
ELETROSUL (T)235
416
CPFL
ELEKTRO11,549
CBA + Carbocloro3,682
Grupo Rede2,471
CPEE+CSPE+CJE+CLFM
2,323
Enersul (ESD+PPR+Selvíria)
1,855
Cia Luz e ForçaSanta Cruz
600
Petrobrás, R. PardoOutros
60
Perdas, Cons. Pp.Serv. Auxiliar
4,829
7
OwnershipOwnership StructureStructureSeptemberSeptember 20052005
PN58%
ON42%
União15%
Eletrobrás10%
Individuals
5%Others
6%
Metrô3%
State of São Paulo
61%
6%
Eletrobrás54%
Others
22%
BNDES3%
15%
Total: 149.3 billion shares
Total OS: 62.6 billion Total PS: 86.7 billion
Individuals State of São Paulo
8
OPERATING REVENUESR$ Millions
BASIC NETWORKExisting AssetsNew InvestmentsPayment in advance
CONNECTION ASSETSExisting AssetsDIT´s - New Investments
632104
6742
1757
182
REGULATORY CHARGES CCCCDE
221234
ADJUSTMENT INSTALLMENT (4)
954
4724920
541
3023
305
(9)
843
09.30.05 09.30.04
426
9
INCOME STATEMENTR$ Millions
NET REVENUE
OPERATING EXPENSES
EBITDAEBITDA MARGIN
DEPRECIATION
OPERATING INCOMEOPERATING MARGIN
FINANCIAL RESULT
NON OPERATING INCOME
INCOME BEFORE TAXES
IR AND CSLL
NET INCOMENET MARGIN
EarningsEarnings per per thousand sharesthousand shares –– R$R$
INTEREST ON CAPITAL
09.30.05 09.30.04 Variation %890.2
(425.1)
465.152.3%
(127.0)
338.138.0%%
101.0
0.5
439.6
(104.2)
335.437.7%%
2.252.25
149.4
760.6
(362.9)
397.752.3%%
(123.7)
274.036.0%%
57.7
7.1
338.8
(108.1)
230.730.3%%
1.551.55
27.2
17.0
17.1
16.9-
2.7
23.4--
75.0
-
29.8
(3.6)
45.3--
45.3
449.3
10
RATIOSRATIOS
9 MONTHS PERIOD - %
OPER. EXPENSE/ NET REVENUE
PERSONNEL / NET REVENUE
SERVICE RESULT / NET REVENUE
EBITDA / NET REVENUE
NET INCOME / NET REVENUE
ANNUALIZED NET INCOME / EQUITY
2005 2004
62.0
28.2
38.0
52.3
37.7
11.5
64.0
30.1
36.0
52.3
30.4
8.5
11
BALANCE SHEETS - ASSETS
R$ Millions
CURRENT ASSETS
LONG TERM ASSETS
PERMANENT ASSETS
09.30.05
1,067
369
3,480
4,916
12
BALANCE SHEETS - LIABILITIES
R$ Millions
CURRENT LIABILITIES
LONG-TERM LIABILITIES
DEFERRED INCOME
SHAREHOLDERS´ EQUITY
09.30.05
350
562
122
3,882
4,916
13
FINANCIAL DEBTR$ Millions
F CESP - CTEEP RES.
F CESP - CTEEP BSPS
F CESP - EPTE BSPS
SOCIÉTÉ GÉNÉRALE
ELETROBRÁS
96 months
240 months
240 months
10 sem.
80 quar.
5
84
150
239
20
1
21
260
AMORTI-ZATION
INTERESTRATE
INSTITUTION TERM
1997/2005
1997/2017
1997/2017
1998/2006
1994/2021
IGPDI + 6.00%
IGPDI + 6.00%
IGPDI + 6.00%
EURO + 9.59%
UFIR + 8.00%
PAYMENTSBALANCE09.30.05
14
1
8
23
11
-
11
34
BALANCE12.31.04
18
84
150
252
40
1
41
293TOTAL
OPERATING REVENUES
15
CUST CPST
ONS (1)
T R
A N
S M
I T
TIN
G C
OM
P.
T R
A N
S M
I T
TIN
G C
OM
P.
BASICBASIC
NETWORKNETWORK
USERSUSERS
CCT
TRANSMISSION MODELCONTRACTUAL RELATIONS
No. of agents1998: 432005: 141
No. of agents1998: 132005: 46
(1) ONS (1) ONS –– National Electric System OperatorNational Electric System Operator
16
LEGAL BASIS: CONCESSION CONTRACT
! Annual adjustment in July 1st of each year
! index: IGP-M (FGV)
! revenue review every 4 years, only for new investments; first review in July/2005 (postponed) for works energizedafter December/99
17
PERMITTED ANNUAL REVENUEPERMITTED ANNUAL REVENUERAP = RPB + RPC + PA
RAP = permitted annual revenue
RPB = basic network revenue
RPB = RBSE + RBNI + RBNIA
RBSE = basic network revenue of services existing on 12/31/99
RBNI = basic network revenue of investments concluded after
12/31/99 until 06/30/05
18
ALLOWED ANNUAL REVENUERAP = RPB + RPC + PA
RPC = permitted revenue of other installations of transmission (DIT’s)
and connection
DIT’s = transmission assets recognized by ANEEL as
integrating the fixed asset of the transmitting company,
that do not integrate the basic network and made available
to the distributing or generating companies
CONNECTION = set of maneuver, protection, control, measuring
necessary to connect the installation of one or more
users equipment necessary to connect one or more
users to the transmission system
PA = adjustment installment - revenue deficit ou superavit of the
transmitting company in the previous period (June / May)
19
•• RevenueRevenue PeriodicalPeriodical RevisionRevision
Considering that the regulation on the subject was not
defined by ANEEL, the periodical revision will be made
in a future date
•• AdjustmentAdjustment as from July 1st, 2005
9.0752% (IGP-M variation from June/04 to May/05)
ANEEL RESOLUTION # 149/2005
CRITERIA USED BY ANEEL
20
07/01/04Res. 70/04
07/01/05Res. 149/05
Variation%
1. Basic Network - RB 785.7 1,030.2 31.12
1.1- RB – SE (existing assets) 670.9 903.3 34.641.1.1- Base value 687.7 750.1 9.071.1.2- Reclassification -16.8 153.2 -1,011.90
1.2- RB – NI (new investments) 114.8 126.9 10.541.2.1- Base value 33.5 93.3 178.511.2.2- Reclassification -12.4 - -1.2.3- NI after 06/30/03 93.7 - -1.2.4- NI after 06/30/04 - 33.6 -
2. Other Transmission Assets - DIT 399.8 291.5 -27.09
2.1- DIT – SE (existing assets) 379.7 285.0 -24.942.1.1- Generating companies 6.4 5.1 -20.31 2.1.2- Distributing companies 309.0 433.1 40.162.1.3- Reclassification 64.3 -153.2 -338.26
2.2- DIT – NI (new investments) 20.1 6.5 -67.662.2.1- Distributing companies 7.7 6.5 -15.582.2.2- Reclassification 12.4 - -
3. Adjustment Installment -7.4 5.8 -178.38
4. Total Revenue 1,178.1 1,327.5 12.68
PERMITTED ANNUAL REVENUE - RAP07/01/05 to 06/30/06 cycle - R$ Millions
BUDGET CONTEXT2006
22
61,57162,486 63,110
63,971
67,048
69,03470,033
72,506
77,642
80,022
82,012
86,187
88,471
60,000
62,500
65,000
67,500
70,000
72,500
75,000
77,500
80,000
82,500
85,000
87,500
90,000
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Average rate 0.8% paAverage rate 0.8% pa Average rate 3.8% paAverage rate 3.8% pa
20052005
Previous ModelPrevious Model Present ModelLaws # 9.648/98 and 10.848/04
Average Rate3.4% pa
(foreseen)
Average Rate3.4% pa
(foreseen)
EVOLUTION OF THE TRANSMISSION BASIC NETWORK(in Km)
23
TRANSMISSION PLANNING SYSTEM
ASSETMANAGEMENT
CONSOLIDATED PLANS
M.M.E. / ANEEL / ONS
IMPROVEMENTS
REINFORCEMENTS
EXPANSION
MULTI-YEAR
BUDGET
2005 - 2008
NEW BIDDINGS
EXPANSION SECTORIAL PLANS
CCPEPDET
(5 / 10 years)
ONSPAR - PAM(3 years)
TRANSMISSÃOPAULISTA
TRANSMISSÃOPAULISTA
PAR PAR -- EnlargementEnlargement and Reinforcementand Reinforcement Plan Plan PAM PAM -- AdequacyAdequacy and Improvementand Improvement PlanPlanCCPE CCPE -- Electric System Expansion Planning CoordinationElectric System Expansion Planning Coordination CommitteeCommitteePDET PDET -- TransmissionTransmission ExpansionExpansion DeterminatingDeterminating PlanPlan
24
ANEEL CAPITAL MODEL (1)
AssumptionAssumption: : each project should be financed byeach project should be financed by 60% of 60% of debt anddebt and40% of 40% of equityequity
the modelthe model assumes assumes the fair return on equitythe fair return on equity isis10.99% 10.99% papa for for transmission businesstransmission business
ANEEL ANEEL considers the cost considers the cost of capital as of capital as followsfollows::KeKe = 10.99% = 10.99% papa Kd = 10.12% Kd = 10.12% papa
ConsequenceConsequence: WACC = (40% x 10.99%) + (60% x (1 : WACC = (40% x 10.99%) + (60% x (1 –– T) x 10.12%)T) x 10.12%)WACC = 8.40% WACC = 8.40% papa
Considering the capexConsidering the capex, , the other expensesthe other expensesconnected connected to to the project and using the the project and using the capitalcapitalmodel abovemodel above, ANEEL defines , ANEEL defines the the permitted annualpermitted annualrevenuerevenue (RAP) for (RAP) for the projectthe project
(1) (1) CurrentlyCurrently usedused byby ANEEL ANEEL although notalthough not formallyformally approvedapprovede.g. e.g. ANEEL Vote ANEEL Vote Report Report # 48500.003924/05# 48500.003924/05--0303
25
ANEEL CAPITAL MODEL
Additional issuesAdditional issues
The modelThe model is is applied applied for for auctions and expansion projects auctions and expansion projects authorized byauthorized by ANEEL for a ANEEL for a concessionary concessionary
Investment referringInvestment referring to to equipment substitution equipment substitution in a in a concessionary may be only partially considered byconcessionary may be only partially considered by ANEEL for ANEEL for revenue purposesrevenue purposes
According According to to Resolution Resolution ANEEL # 158/05, ANEEL # 158/05, certain reinforcement certain reinforcement projects will not be previously authorizedprojects will not be previously authorized, , though they may be though they may be considered considered for for annual revenues purposesannual revenues purposes at at the moment the moment of of the the revision revision of of revenuesrevenues to to occur everyoccur every 4 4 years years
26
INVESTMENT BUDGET FOR 2006 (*)
1. Improvements 78.0System modernization
2. Reinforcements (possible additional revenues) 56.0
ANEEL Resolution # 158/05
3. 460.0
Specific ANEEL Resolutions published
4. Corporate Investments 1.3
595.3TOTAL
R$ millions
(*) Approved by the Board of Directors on 12/05/2005
Reinforcements (defined additional revenues)
27
SCOPESCOPE
IT ESTABLISHES DEFINITIONS FOR IT ESTABLISHES DEFINITIONS FOR REINFORCEMENTS AND REINFORCEMENTS AND
IMPROVEMENTSIMPROVEMENTS TO BE APPLIED IN ANNUAL PROPOSALS FOR THE TO BE APPLIED IN ANNUAL PROPOSALS FOR THE
TRANSMISSION SYSTEM EXPANSION, AS WELL AS RULES AS TO THE TRANSMISSION SYSTEM EXPANSION, AS WELL AS RULES AS TO THE
NEED OF ANEEL’s PREVIOUS AUTHORIZATION AND BEGINNING OF NEED OF ANEEL’s PREVIOUS AUTHORIZATION AND BEGINNING OF
RECEIPT OF THE RECEIPT OF THE PERMITTED ANNUAL REVENUEPERMITTED ANNUAL REVENUE
ANEEL RESOLUTION # 158/2005MAY 23, 2005
28
"" THE RESOLUTION ESTABLISHES THAT SOME REINFORCEMENTS THE RESOLUTION ESTABLISHES THAT SOME REINFORCEMENTS
AND AND IMPROVEMENTS SHALLIMPROVEMENTS SHALL BE IMPLEMENTED BY BE IMPLEMENTED BY TRANSMISSIONTRANSMISSION
COMPANIES AND THE INVESTMENTS CONSIDERED FOR REVENUE COMPANIES AND THE INVESTMENTS CONSIDERED FOR REVENUE
PURPOSES IN THE SUBSEQUENT PURPOSES IN THE SUBSEQUENT PERIODICAL PERIODICAL REVIEWREVIEW OF OF
REVENUESREVENUES
ANEEL RESOLUTION # 158/2005
PERFORMANCE EVOLUTION2001 - 2005
30
OPERATING EXPENSES / NET OPERATING REVENUESOPERATING EXPENSES / NET OPERATING REVENUES%%
90.090.0
83.283.2
75.375.3
62.262.2 62.062.0
Dec/01Dec/01 Dec/02Dec/02 Dec/03Dec/03 Dec/04Dec/04 SepSep/05/05
31
40.740.7
37.637.636.736.7
28.928.9 28.228.2
Dec/01Dec/01 Dec/02Dec/02 Dec/03Dec/03 Dec/04Dec/04 SepSep/05/05
PERSONNEL / NET REVENUESPERSONNEL / NET REVENUES
%
32
37.139.1
43.7
52.8 52.3
Dec/01Dec/01 Dec/02Dec/02 Dec/03Dec/03 Dec/04Dec/04 SepSep/05/05
EBITDA / NET REVENUESEBITDA / NET REVENUES
%
33
OPERATING PROFIT / NET REVENUESOPERATING PROFIT / NET REVENUES
%%
12.716.8
24.7
37.838.0
Dec/01Dec/01 Dec/02Dec/02 Dec/03Dec/03 Dec/04Dec/04 SepSep/05/05
34
NET PROFIT / NET REVENUESNET PROFIT / NET REVENUES
%%
12.712.716.816.8
24.724.7
31.831.8
37.737.7
Dec/01Dec/01 Dec/02Dec/02 Dec/03Dec/03 Dec/04Dec/04 SepSep/05/05
35
3.03.0
5.05.0
6.56.5
8.58.5
11.511.5
Dec/01Dec/01 Dec/02Dec/02 Dec/03Dec/03 Dec/04Dec/04 SepSep/05/05
NET PROFIT / EQUITYNET PROFIT / EQUITY%%
(ANNUALIZED)
36
MARKET VALUEMARKET VALUE
12/28/01 to 12/02/0512/28/01 to 12/02/05
TRPL3 459.2 %TRPL3 459.2 %
TRPL4 280.0 %TRPL4 280.0 %
IBOVESPA 141.8 %IBOVESPA 141.8 %
Índice 100 em 28/12/2001
20
60
100
140
180
220
260
300
340
380
420
460
500
540
Dec/01 Apr/02 Ago/02 Dec/02 Apr/03 Ago/03 Dec/03 Apr/04 Ago/04 Dec/04 Apr/05 Ago/05
TRPL3 (OS) TRPL4 (PS) IBOVESPA IEE
IEE 120.3 %IEE 120.3 %
Dec/05
37
5.155.156.506.50 5.455.45 5.615.61
11.4011.4013.8513.85
12.1012.10
14.6014.60
28.8028.8024.7024.70
2001 2002 2003 2004 2005
TRPL3 (OS)
TRPL4 (PS)
MARKET VALUER$ per thousand shares
(12/02)
PRIVATIZATION
39
PRIVATIZATION
RELEVANT NOTICE RELEVANT NOTICE -- FebruaryFebruary 03, 03, 20052005ProjectProject of of Law onLaw on CTEEP CTEEP privatizationprivatization sentsent to to the State Legislaturethe State Legislature
RELEVANT NOTICE RELEVANT NOTICE -- MayMay 1919, 2005, 2005StateState LegislatureLegislature approvesapproves thethe privatization projectprivatization project of of lawlaw
NOTICE TO THE MARKET NOTICE TO THE MARKET -- MayMay 24, 24, 20052005GovernorGovernor promulgates the privatization lawpromulgates the privatization law of CTEEPof CTEEP
RELEVANT NOTICE RELEVANT NOTICE -- July 12, 2005July 12, 2005
PED determines CESP to PED determines CESP to performperform thethe activitiesactivities necessarynecessary to to thetheprivatizationprivatization of CTEEPof CTEEP
RELEVANT NOTICE RELEVANT NOTICE -- OctoberOctober 14,14, 20052005CESP CESP contracts advisorscontracts advisors for for thethe privatization processprivatization process of CTEEPof CTEEP
40
PRIVATIZATION
NOTICE TO THE MARKET NOTICE TO THE MARKET –– DecemberDecember 2, 2, 20052005São Paulo São Paulo State Government publishes notice about State Government publishes notice about CTEEP CTEEP Privatization Privatization PublicPublic Meeting to Meeting to be held on be held on 12/21/200512/21/2005
NOTICE TO THE MARKET NOTICE TO THE MARKET –– DecemberDecember 5, 20055, 2005
São PauloSão Paulo State GovernmentState Government announces the openingannounces the opening of CTEEP of CTEEP Data Data RoomRoom
41
As a As a resultresult ofof the procedures referred the procedures referred to into in the notices published on the the notices published on the subjectsubject, , the valuation servicesthe valuation services ofof the Company and the sale model the Company and the sale model are are being being developeddeveloped, , conducted by the consortiums contracted byconducted by the consortiums contracted by CESP for CESP for such such a a purposepurpose
AccordingAccording to to thethe tentativetentative scheduleschedule of of thethe processprocess preparedprepared byby thethe advisersadvisers, , thethe salesale auctionauction of CTEEP’s of CTEEP’s shareshare controlcontrol is is foreseenforeseen for for FebruaryFebruary 8, 20068, 2006
AccordingAccording to to thethe legislationlegislation in in effecteffect, , thethe definitiondefinition of of minimumminimum priceprice and and otherother salesale conditionsconditions shallshall bebe opportunely approvedopportunely approved byby thethe DirectiveDirective CouncilCouncilof of thethe StateState PrivatizationPrivatization ProgramProgram -- PED, PED, thatthat shallshall alsoalso establishestablish a date for a date for thetheholding of holding of thethe salesale auctionauction
EveryEvery future relevantfuture relevant informationinformation onon thethe CTEEP’s CTEEP’s privatizationprivatization processprocess shallshallbebe opportunelyopportunely givengiven to to thethe marketmarket byby thethe CompanyCompany
PRIVATIZATION
Company PresentationCompany Presentation
Latin Energy ConferenceLatin Energy Conference 20052005 December 8, 2005
TRANSMISSÃO PAULISTATRANSMISSÃO PAULISTA
