CURRENT SITUATION 9M13

Transcription

1 CURRENT SITUATION 9M13

2 1. Sector Overview 2

3 ELECTRICITY CONSUMPTION 2013 Consumption by Category Brazil Consumption (TWh) (+3,5%) (+5,9%) Industrial Residential Commercial Others* Total Source: EPE Others*= Rural; Public Service; Public Lighting 3

4 10 Biggest Producers (Installed capacity in MW average December 2013) 8,4% 7,8% 7,3% 5,9% 5,8% 5,6% 5,4% 4,9% 4º 4º 3,9% 2,1% SOURCE: Brazilian Electricity Regulator (ANEEL) 4

5 LEVEL OF RESERVOIRS Subsystem - Southeast / Midwest (70% of the country s storage) ,2% 40 35,2% Jan Fev Mar Abr Mai Jun Jul Ago Set Out Nov Dez Source: ONS 5

6 Affluent Natural Energy Southeast / Midwest MW average Jan Fev Mar Abr Mai Jun Jul Ago Set Out Nov Dez Média Historical histórica Average Source: ONS 6

7 Stored Energy SE/MW (% EARmax) % ,2 /feb ,5 /feb Jan Fev Mar Abr Mai Jun Jul Ago Set Out Nov Dez Source: ONS 7

8 Energy Generation 2001 X Brazil MWmed GH Hydroelectric Generation GT Thermal Generation J F M A M J J A S O N D GH_2001 GH_2014 GT_2001 GT_2014 Carga_2001 Load_2001 Carga_2014 Load_2014 Source: ONS 8

9 EAR X ENA Southeast / Midwest EAR 80% EAR Stored Energy ENA Sudeste Affluent Natural Energy MLT Long Term Historical Average ENA [MWmed] % % % % 30% 20% 35,2% 35,0% MLT % % 0 EAR 2013 EAR 2014 ENA 2013 ENA 2014 Source: ONS 9

10 AVERAGE PLD - R$/MWh Subsystem Southeast / Midwest Annual Average Monthly Average 413,95 339,75 344,84 331,07 378,22 266,16 260,99 290,72 214,54 196,13 207,62 97,36 67,31 135,4 70,28 38,73 29,42 166,69 121,29 163, Jan Feb Mar Apr May Jun July Aug Sept Oct Nov Dec Jan Source: CCEE 10

11 ASSURED ENERGY x HYDRAULIC GENERATION Dec/ Dec/2013 GW Average GW (Med) Garantia Assured Física Energy Geração Hydraulic Hidráulica Generation GSF ,00 60,70 1,02 1,02 1,03 1,03 1,00 1,01 0,97 0,98 1,03 1,03 1,08 Fator MRE 1,20 1, ,25 45,77 0,7545,45 47,97 47,97 48,04 47,07 47,03 46,27 43,91 43,7344,00 43,00 47,38 45,73 43,87 44,63 46,33 45,10 45,84 45,86 45,37 46,89 45,92 42,42 0,80 0, , ,20 0 dez/12 jan/13 fev/13 mar/13 abr/13 mai/13 jun/13 jul/13 ago/13 set/13 out/13 nov/13 dez/13 0,00 Source: CCEE GSF Generation Scaling Factor 11

12 SEASONALIZATION BRAZIL 2014 GW average GSF 0,94 Average 48,8 GW 55,9 54,9 51,2 46,8 45,4 46,2 47,5 48,1 48,4 47,9 47,6 46,8 Jan Febr Mar April May June July Aug Sep Oct Nov Dec 12 Source: CCEE GSF: January estimated 12

13 2. CESP Overview 13

14 CESP has six hydroelectric power plants located in the State of São Paulo with total installed capacity of 7,457.3 MW and total guaranteed power output of 3,916 average megawatts (MW). Ilha Solteira * The concession was not renewed and CESP was temporarily designated as responsible for providing the Electric Energy Generation Service. Três Irmãos * Jaguari Jupiá Porto Primavera Paraibuna 14

15 POWER PLANTS ILHA SOLTEIRA TRÊS IRMÃOS * GUARANTEED START CONCESSION GENERATING INSTALLED POWER OUTPUT OF MATURITY UNITS CAPACITY (AVERAGE MW) OPERATIONS DATE 20 3,444 1,731.5 Jul/18/1973 Jul/07/ Nov/28/1993 Nov/18/11 JUPIÁ PORTO PRIMAVERA PARANÁ RIVER... PARAIBUNA JAGUARI PARAIBA RIVER... T O T A L , Apr/14/1969 Jul/07/ ,540 1,017 Jan/23/1999 May/21/ , , Apr/20/1978 Mar/09/ May/05/1972 May/20/ , , * CESP was designated as responsible for providing Electric Energy Generation Service to Três Irmãos HPP. CESP will continue to function the plant until a new operator wins the auction. 15

16 Date : December ,921 0,921 0,934 0,928 0,934 0,930 0,925 0,924 0,0252 0,0106 0,0105 0,0063 0,0054 0,0059 0,0069 0,0095 0, ,896 0,0252 Source: ONS 16

17 CESP has been consistently producing energy above the physically guaranteed level Energy Production (GWh) 34, , Guaranteed Power = 3,916.0 MW average* Nominal Annual Production = 34,304 GWh *including Três Irmãos Power Plant 17

18 3. Financial Overview 18

19 Gross Revenue BRL million 3,819 3,319 3,379 3, , , , , ,068 1,287 62,15 Average Prices R$/MWh 76,11 79,41 81,40 84,73 92,29 91,50 68,81 Invoiced Amount GWh ,303 8,220 19

20 EXPENSES Operational Expenses Adjusted Financial Expenses (excluding exchange variation) R$ million M M13 20

21 Number of Employees 1, * 1, , , ** 1, T13 * Net effect of admissions in the tender and layoffs. ** Effect of Retirement Incentive Plan 21

22 EBITDA EBITDA EBITDA Margin (%) (R$ million) 68, ,2 52,4 50,4 57,5 51, M M13 22

23 INVESTMENTS Capital Investments R$ million M13 Maintenance / Improvement Porto Primavera 23

24 FINANCIAL DEBT 9,8 Evolution by Currency Sep/30/2013 R$ 2,956 million % Local Currency 45% 7,5 6,9 7,0 55% 55% 36% 39% 5,3 35% 4,5 4,2 37% 31% 3,7 3,0 34% 27% 45% 64% 61% 65% 63% 69% 66% 73% Q DEBT/EBITDA 24

25 FINANCIAL DEBT IN FOREIGN CURRENCY : R$ 797 million (27%) OTHERS R$ 2 0% ( US$ 357 million ) BRADY PLAN R$ 64 8% BNDES R$ % 25

26 FINANCIAL DEBT IN LOCAL CURRENCY : R$ 2,159 million (73%) ELETROBRÁS R$ 32 1% BIB s R$26 1% BNDES Finame R$39 2% Pension Fund R$ 135 6% BONDS SERIES 8 R$1,090 50% FIDC R$ % 26

27 FINANCIAL DEBT PROFILE Sept/30/2013 R$ 2,956 million 1,518 8% Local Currency 1, % % 36% % 72% 64% 58% 96% 57% 42% 4% After CESP paid out in August the Bonds # 7 (US$220 million) 27

28 FINANCIAL HIGHLIGHTS R$ (000) Operational Revenue 3,314,503 2,882, % Net Operations Revenue 2,952,910 2,548, % Financial Results (317,624 ) (456,612) -30.4% EBITDA 2,035,308 1,684, % EBITDA Margin 68.9% 66.1% +2.9p.p Net Income 795, , % Interest on Capital 196, , % 28

29 SHARE PRICES CESP 6 Period as from: Dec/31/2012 to Dec/31/2013 CESP 6: +15.6% R$22.42 R$19.39 IEE: - 8.8% 26,250 IBOV: % 51,507 IEE- Electric Energy Index IBOV Bovespa Index Page Source: AE Broadcast

30 CESP and BM&F INDEXES 30

31 4. Três Irmãos HPP 31

32 TRÊS IRMÃOS HPP FACTS Concession Maturity Date November 18, 2011 CESP Required the Concession Renewal Granting Power opportunely did not reply Provisional Measure 579 included Três Irmãos September 11, 2012 (Indemnization offered R$1.7 bi ) CESP did not accept the concession renewal December 3, 2012 Power from Tres Irmãos was allocated as quotas April 18, 2013 (Granting Power did not offer any indemnization at that time) CESP is temporarily designated as responsible for the provision of Generation Services (CESP accepts it with GAG of R$ 29.3 million per year) Meetings with MME / EPE October 2013 (CESP divulges its indemnization amount of R$ 3.8 bi) New bid foreseen for March

33 TRÊS IRMÃOS HPP REVENUE Costs of Management of Generation Assets (GAG) (MME Ordinance No. 125/2013) Annual : R$ 29.3 million Annual Generation Revenue (RAG) * (ANNEL Legal Resolution No /2013) Annual : R$ 71.8 million Refunded: Financial Compensation for the use of Water Resources and PIS/COFINS Monthly: R$ 7.5 million * RAG includes: Charges for Use of the Transmission System, Connection, Inspection Fee and R&D 33

34 5. Energy Auction 34

35 ENERGY AUCTION Auction A -1 Date: Dec/17/2013 Energy delivery: Jan/1st/2014 Foreseen demand of the Distribution Market: 6,000 MW average Total energy traded at auction: 2,571 MW average Products Maximum Price 1 year R$ months R$ years R$ Average PLD in December R$ CESP uncontracted energy MW average CESP : Sale of 400 MW average (1 year) R$ Sale of 98 MW average (18 meses) R$

36 6. Q & A 36

37 Investor Relations (11)