business plan for 2004 - EDP

into account, HidroCantábrico would have achieved a
market share of 7.7% in gas distribution business in
Spain.
Sales of Electricity by Distribution
HidroCantábrico (100%) GWh
Gas and Electricity Supply Activities
2003 2002 Var. %
High voltage 5 520 5 571 (0.9%)
Medium voltage 991 861 15.1%
Low voltage 2 148 2 015 6.6%
Electricity Distribution 8 659 8 447 2.5%
Gas Distribution 9 627 1 824 -
The 50.2% growth of electricity customers is due to the
fact that in 2003 liberalisation came to cover all low
voltage customers, while the growth of gas customers
includes, in addition to this effect, the increase caused by
the consolidation of NaturCorp.
Supply Customers
HidroCantábrico (100%)
2003 2002 Var. %
Electricity Supply 3 376 2 247 50.2%
Asturias 1 180 472 150.0%
Rest of Spain 2 196 1 775 23.7%
Gas Supply 474 84 464.3%
Asturias 70 8 775.0%
Rest of Spain 404 76 431.6%
Supply Customers
HidroCantábrico (100%) thousand
Electricity Supply Gas Supply
Electricity supply totalled 4 712 GWh, 19.1% more than in
2002, while gas supply amounted to 5 711 GWh which
compares with 1 908 GWh in 2002. Taking into account
the total sales of NaturCorp in 2003, HidroCantábrico
would have achieved a market share of 3.9% of the
liberalised gas market in Spain and 7.4% on the basis of
the liberalised and non-liberalised markets.
>> 1.3 Brazil
2003 - Annual Report - EDP
Energy Sales by Supply
HidroCantábrico (100%) GWh
>> 1.3.1 Organisation and Regulation of the Brazilian
Electricity Sector
The organisation and regulation of the Brazilian
electricity sector throughout 2003 was influenced by the
following aspects:
• The macroeconomic situation that varied between a
framework of disproportionate risk perception and one
of reasonable balance;
• A positive energy situation as far as the hydrological
risk in the main load centres was concerned (with the
exception of the Northeast Region);
• Significant growth of installed capacity; and
2003 2002 Var. %
Asturias 1 024 933 9.7%
Rest of Spain 3 688 3 022 22.0%
Electricity Supply 4 712 3 955 19.1%
Asturias 408 157 159.9%
Rest of Spain 5 303 1 751 202.9%
Gas Supply 5 711 1 908 199.3%
• Moderate growth of the consumer market, despite the
fact that the growth of the economy was almost nil.
In September 2002, on the eve of the presidential elections
the Brazil-risk stood at 2 393 points and the commercial
dollar rate at 3.89 reals. The General Price Index (IGP-M)
stood at 25.31% in December, the trade surplus at 13.13
billion dollars and the GDP was growing at a real rate of
1.5%, signaling a confidence crisis in the new government
elected in October 2002.
A conservative macroeconomic policy was maintained
during 2003, introducing reform in the social security and
taxation areas and an endeavour was made to gain
international confidence. The country was able to reverse
expectations and the year ended with the Brazil-Risk
below 500 points and the commercial dollar trading
around 2.90 reals, an IGP-M of 8.71% and a record trade
balance of 24 831 billion dollars. However, the
conservative monetary policy was reflected in GDP
growth, up by just 0.2%
The a good rainy season in 2002-03 (with the exception of
Northeast Region) and the coming on stream of new
undertakings, were determinant to the performance of
the electricity sector in 2003, which resulted in an excess
of electricity supply.
Although the 12-month accumulated total consumption
to October 2003 increased by an average of 4.4%, the
absolute threshold achieved was lower than in 2000. The