Eng vi encontro - cpfl renováveis - miguel


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Eng vi encontro - cpfl renováveis - miguel

  1. 1. CPFL Energias RenováveisMiguel Abdalla SaadCEO of CPFL Renováveis
  2. 2. DisclaimerThis presentation may contain statements that represent expectations about future events or resultsaccording to Brazilian and international securities regulators. These statements are based on certainassumptions and analysis made by the Company pursuant to its experience and the economicenvironment and market conditions and expected future events, many of which are beyond theCompanys control. Important factors that could lead to significant differences between actual results andexpectations about future events or results include the Companys business strategy. Brazilian andinternational economic conditions, technology, financial strategy, developments in the utilities industry,hydrological conditions, financial market conditions, uncertainty regarding the results of futureoperations, plans, objectives, expectations and intentions, among others. Considering these factors, theCompanys actual results may differ materially from those indicated or implied in forward-lookingstatements about future events or results.The information and opinions contained herein should not be construed as a recommendation topotential investors and no investment decision should be based on the truthfulness, timeliness orcompleteness of such information or opinions. None of the advisors to the company or parties related tothem or their representatives shall be liable for any losses that may result from the use or contents ofthis presentation.This material includes forward-looking statements subject to risks and uncertainties, which are based oncurrent expectations and projections about future events and trends that may affect the Companysbusiness.These statements may include projections of economic growth, demand, energy supply, as well asinformation about its competitive position, the regulatory environment, potential growth opportunitiesand other matters. Many factors could adversely affect the estimates and assumptions on which thesestatements are based.
  3. 3. AgendaRenewable Energy in BrazilCPFL RenováveisOperational PerformancePM 579
  4. 4. AgendaRenewable Energy in BrazilCPFL RenováveisOperational PerformancePM 579
  5. 5. Renewable Energy with a high potential for growth Forecast for growth in renewable energy in Brazil at a CAGR of 8.5%, from 13.7 GW in 2011 to 36.1 GW in 2021, in a highly fragmented market Potential to be developed in Brazil Highly Fragmented Market Market Share of Renewable Energy in Brazil based on energy (18 GW) Evolution in Installed Capacity by Source | GW CAGR = +4.6% 182 116 2011 2021 Hydro Natural gas Others RenewablesSource: ANEEL; PDE 2021 and the Company; 1) Projected for 2021
  6. 6. The Renewable Energy segment still represents a small share (~12% of domestic Generation capacity) Distribution of installed capacity by energy source and region, 2011 (%) Others(2) Renewables Natural Gas 8.9 GW 13.7 GW Wind SHPP 10.2 GW 1.4 GW 4.6 GW Hydro(1) Biomass 83.6 GW 7.8 GW Although wind energy represents only 10% of the installed capacity of renewable sources, this source will reach 9.4 GW in 2016 – considering the projects contractedSource: Ten Year Energy Plan, PDE 2021.(1) Hydro includes energy imported from Itaipu. (2) Others: Uranium, coal, fuel oil, diesel oil and process gas
  7. 7. Brazil has exceptional wind conditions in addition tobenefiting from technological change Differentiated position for wind energy in Brazil due to exceptional natural wind conditions combined with recent advances in technology Wind characteristics in Brazil are better suited for energy generation Area Area Area 89% 95% 99% Significant technological advances in recent years 180 100m 160 3.000kW 140 Rotor Diameter (m) 80m Rating (kW) 1.800kW 120 70m 1.500kW 100 + + Altura(m) 50m 80 750kW 30m 60 300kW 17m 40 75kW 20 0 1980- 1990- 1995- 2000- 2000- 2010 1990 1995 2000 2005 2005
  8. 8. Comparison of load factors for wind farms in Brazil and the world The combination of superior tailor-made technology for a country with favorable wind conditions allows Brazil to present the largest capacity factors in the world Power curve by technology and by geographyLoad factorsOlder Equip. : 24% - 30% 25% - 36% 33.8%1Current Equip.: 37.0% 42.2% 49.2% (2009-2011) | 53.2% (2011-2012) Case Study 51.30%² SIIF Wind Farms 39.24% 39.61% 1) Rate of efficiency with smaller turbines. These models do not exist nor are they being built in Brazil. Net efficiency rate – disconsiders aerodynamic and electrical losses and unavailability; 2) Simulation by CPFL Renováveis based on wind certifications. Net efficiency rate – disconsiders aerodynamic and electrical losses and unavailability.
  9. 9. Positive factors favor renewable energy sources The renewable energy segment in Brazil enjoys benefits that maximize returns and are sustainable in the long termSource: Company; 1) Taxes on earnings
  10. 10. AgendaRenewable energy in BrazilCPFL RenováveisOperational PerformancePM 579
  11. 11. Overview of CPFL Renováveis # 1 in Renewable Energy in Brazil with 1.7 GW of capacity contracted Capability of developing 3.0 GW in high quality pipeline Contracted Installed Capacity (MW) Pipeline(2) Total Solar SHPP Biomass Wind In operation1 2013 2015 Assets with Highly Reliable Probably Possible Total PPA1) Includes the completion of 7 (seven) wind farms in Santa Clara Complex, a total of 188 MW that are already capable of generating energy andreceiving revenues related to the contracted at the Reserve Energy Auction (LER) held in 2009 – dependent of the completion of the construction of theICG (Installation of the Private Interest Transmission Line for Generation under Shared Connection).2) Highly reliable projects are those that are ready to sell energy and have a prior environmental license and concluded technical studies. Probableprojects are those that will be ready to sell energy within the next 2 – 3 years and have received technical approval from ANEEL. Possible projects arethose that will be ready to sell energy within 4 – 5 years and have preliminary study approval from ANEEL.
  12. 12. Track Record1) The difference between total contracted energy of 1,735 MW and 1,611 MW (under construction + acquisitions) is due to some SHPPs previously owned by CPFL Energia
  13. 13. Leadership with a Diversified, High Quality Portfolio Geographic diversification of Sources Large Scale and the Only Player with diversified Sources in the Renewable Wind Energy Portfolio Installed Capacity Good location because of Energy Sector1 the quality of the winds Solar SHPP Biomass Wind Total: 1,735 MW Biomass Portfolio close to centers of production of sugarcane In operation: Hydro Wind Biomass Solar Under construction: Hydro Wind SHPP Portfolio Solar Biomass Abundant water SHPP resources Biomass Wind SHPP potential (Southeast and Center-West Regions) Wind potential (Northeast and South Regions)Source: Company and BIG – Generation Information Bank – ANEEL; 1) Will be operational by the end of 2015
  14. 14. Projects concluded in 2012 In 2012 CPFL Renováveis concluded the construction of 4 assets, and 284 MW of installed capacity in operation were added to the portfolioIpê Pedra Santa Clara Tanquinho• Source: Biomass • Source: Biomass • Source: Wind • Source: Solar• Installed Capacity: • Installed Capacity: • Installed Capacity: • Installed Capacity: 25MW 70MW 188MW 1.1MW• Contracted Energy: • Contracted Energy: • Contracted Energy: • Contracted Energy: 8.2MW 24.4MW 75.8MW 0.19MW (2)• Operation: May • Operation: May 2012 • Operation: July • Operation: 2012 2012(1) November 2012 (1) These facilities are ready to operate and generate energy but are waiting for the construction of the ICG to be concluded before beginning operations. The Company is receiving the revenues related to the contracted energy in the Reserve Energy Auction (LER) of 2009 (2) PPA from Jan/2013 through Dec/2037
  15. 15. Acquisitions concluded in 2012 318 MW in projects under construction or in operation were acquired in 2012Bons Ventos Atlântica EsterComplex Complex Power Plant• Source: Wind • Source: Wind • Source: Biomass• In Operation • Under Construction • In Operation• Installed Capacity: 157.5 • Installed Capacity: 120 • Installed Capacity: 40 MW MW MW • Contracted Energy: 7.0• Contracted Energy: 62.8 • Contracted Energy: 52.7 MW MW MW • Closing of the Operation:• Closing of the Operation: • Closing of the Operation: October/2012 June/2012 March/2012
  16. 16. Other Assets in Operation SHPP Biomass Wind Ninho da Águia – MG (10 MW) Baia Formosa– RN (40 MW) Icaraizinho– CE (55 MW) Americana – SP (30 MW) Bio Buriti – SP (50 MW) Paracuru – CE (25 MW)
  17. 17. Projects under construction Commercial start up in 1H13 | 120 MW/47 MW average (e) (MW) (MWavg) (e) 96% concluded BNDES funding Alternative 1Q13 20 11.1 (63% debt / Sources Auction 37% equity) Aug/10Salto Góes SPP 46% concluded BNDES funding (approved, in 2Q13 50 18.0 Free Market contracting process)Coopcana TPP 49% concluded BNDES funding (approved, in 2Q13 50 18.0 Free Market contractingAlvorada TPP process)
  18. 18. Projects Under Construction (Cont.) Commercial start up in 2H13 | 228 MW/105 MW average (e) (MW) (MWavg) (e) 37% concluded Alternative BNDES funding 3Q13 78,2 37.5 Sources Auction (under review) Aug/10Macacos I wind farm1 9% concluded BNDES funding Reserve Auction 3Q13 30 15.0 (under review) Aug/10Campo dos Ventos II 23% concluded Alternative BNDES funding 3Q13 120 52.7 Sources Auction (under review) 2010Atlântica wind farm2
  19. 19. Projects Under Construction (Cont.) Commercial start-up in 2015 | 254 MW/129 MW average (e) (MW) (MWavg) (e) 9% concluded BNDES funding 1Q15 82.0 40.2 Free market (under review) 8% concluded BNDES funding 3Q15 172.0 89.0 Free market (under review)1) Campo dos Ventos I, III, V 2) Ventos de São Benedito, Ventos de Santo Dimas, Santa Mônica, Santa Úrsula, São Domingos and Ventos de São Martinho
  20. 20. AgendaRenewable Energy in BrazilCPFL RenováveisOperational PerformancePM 579
  21. 21. Performance of CPFL Renováveis’ Generation of Wind Energy CPFL Renováveis already has a history of high efficiency. Real output over the last 12 months is greater than the certified load factor. SiiF wind farms Bons Ventos wind farms Certified Load Factor Real UDM Load Factor1 Rate of Efficiency Consolidated UDM Real Load Factor 1Source: Company; (1) Last 12 months beginning Nov/11
  22. 22. Performance of Hydro Power Generation of CPFL Renováveis 2012 recorded rainfall levels that were much lower than the historical average. Nevertheless, our SHPPs were part of the MRE, mitigating the impact. Physical Guarantee (MWavg) Generated energy (MWavg)1 Efficiency(1) Last 12 months beginning Nov/11
  23. 23. Performance of Biomass Generation of CPFL Renováveis Thermoelectric power plants powered by biomass have a total installed capacity of 270 MW in operation September/2011 59.1(3) October/2011 May/2012 May/2012 October/2012 (incorporation) • Adjustments in the steam production at Bio Pedra TPP at the beginning of the harvest; and • The drought in the Northeast Region, which Expected affected the production of bagasse at Bio Physical Generated Energy Nov - Dec/12 Efficiency guarantee (MWavg)2 Rate Formosa. (MWavg) (MWmed) In both cases the effects were mitigated: in Bio(1) Does not include Ester Plant Pedra with a lower capex, and in Baia Formosa(2) Accumulated through October/2012 through contractual protection.(3) Estimated through December 31, 2012
  24. 24. AgendaRenewable Energy in BrazilCPFL RenováveisOperational PerformancePM 579
  25. 25. Impact of PM 579 on CPFL Renováveis Provisional Measure 579, published by the Federal Government on September 11, 2012, will not bring significant impact on CPFL Renováveis • Our first concessions expire in 2027 (58.6 MW average) • Authorizations expire between 2029 and 2046 • Reductions in the price of re-contracted energy (which does not affect current PPAs) • Uncertainties about the renewal of concessions and authorizations
  26. 26. CPFL Energias RenováveisMiguel Abdalla SaadCEO of CPFL Renováveis