Energias do Brasil SA and subsidiaries - EDP no Brasil | Investidores

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4 2009 MANAGEMENT REPORT A subsidiary of EDP Energias de Portugal, one of the largest European operators in the energy sector, EDP Energias do Brasil went public in the New Market of the São Paulo Stock Exchange in July 2005, adhering to the highest standards of corporate governance. The organization chart below summarizes the Group's current ownership structure: MACROECONOMIC SCENARIO AND THE ELECTRICITY SECTOR 2009 was marked by instability moments in the international economic scenario arising from the financial crisis that emerged in 2008. In order to cope with the crisis, the Brazilian government adopted measures to encourage consumption, such as the reduction of the core interest rate (with the core interest rate - the SELIC rate - at its lowest historic threshold - 8.75% per year), the grant of new tax incentives (Federal VAT (IPI) reduction for cars and household appliances), infrastructure investments and credit expansion. Data on the third quarter showed that Brazil's GDP dropped 1.2% as compared with the same quarter of 2008; however, it grew by 1.3% as compared with the second quarter of 2009. For 2009, we expect no growth in relation to 2008. ENERGY CONSUMPTION The national electric energy consumption in the network totaled 388,204 GWh in 2009, a decrease of 1.1% as compared with 2008. The Brazilian electric energy market suffered the strong impact of the world financial crisis, but its effects were concentrated in the industrial class as a consequence of the immediate and severe downturn in the activities of this sector. The domestic demand, on the other hand, remained strong, mainly as a result of the measures taken by the government to mitigate the effects of the crisis, among which is the lowering of taxes and taxes on cars and household appliances, interest reduction and credit expansion. Accordingly, despite the crisis, the consumption of the residential and business classes increased by approximately 6% in 2009 as compared with 2008.
REGULATORY ENVIRONMENT TARIFF REVIEWS 5 2009 MANAGEMENT REPORT In 2009, pursuant to methodology set forth in Resolution 338/2008, the Brazilian Electricity Regulatory Agency - Aneel approved on a definitive basis the periodic tariff reviews of the distributors of EDP Energias do Brasil. EDP Escelsa – On October 6, 2009, ANEEL permanently ratified the Escelsa's fourth periodic tariff review (period of August 2007- August 2010), the main changes introduced, in view of what it had established temporarily in 2007 and 2008, were: (i) Company of Reference: went from R$221 million to R$210 million. On May 12, 2009, as a result of Public Inquiry nº 035/2009, Aneel had published a value of R$ 202 million; (ii) Xe Component of X Factor: index used in the calculation of the annual tariff readjustments, was altered from 1.45% to 0.00%; (iii) Percentage of Unrecoverable Losses of Income: it was altered from 0.50% to 0.60% of the pretax income (with taxes). These alterations are retroactive to August 07, 2007 and the values of the Gross and Net Regulatory Remuneration Bases were maintained. ANEEL decided on the administrative appeals lodged previously by EDP Escelsa, against Homologatory Resolution 528/2007 and Homologatory Resolution 686/2008, relating to provisions related to the Tariff Structure, the Supply Revenue and to adjustments in the calculation of deficit of the Luz para Todos (“Light for All”) Program. Having computed all the effects, the tariff review index, approved by Aneel is –-6.44 %, substituting the temporary amount, set in August 2007, of - 6.92%. EDP Bandeirante - On October 6, 2009, Aneel approved on a definitive basis the second periodic tariff review of EDP Bandeirante (period October 2007-October 2011), whose principal changes in relation to prior provisional decisions made in 2007 and 2008, are as follows: (i) Company of Reference: goes from R$263 million to R$247 million. On July 13, 2009, Aneel disclosed, as result of the Public Consultation nº 047/2009, a value of R$235 million; (ii) Xe Component of X Factor: an index used in the calculation of the annual tariff readjustments, altered from 0.74% to 1.01%; (iii) Percentage of Unrecoverable Losses of Income: goes from 0.50% to 0.60% of the pre-tax income (with taxes). These alterations are retroactive to October 23, 2007 and the values of the Gross and Net Regulatory Remuneration Bases are maintained. Having computed all the effects, the tariff review index, now approved by Aneel is - 9.79%, substituting the temporary amount, set in October 2007, of - 8.80%. TARIFF ADJUSTMENTS EDP Escelsa – On August 04, 2009, Aneel approved the average readjustment of electricity tariffs of EDP Escelsa in 15.12% for the period from August 7, 2009 to August 6, 2010. Considering the financial adjustments already included in the EDP Escelsa's tariffs, related to the recovery of prior periods, the average tariff readjustment in electric energy bills will be 10.01%.
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Financial assets EDP - ENERGIAS DO
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Net revenues 1,136,436 Electricity
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