2. 2
Corporate Structure
(1) RGE is held by CPFL Energia (89.0107%) and CPFL Brasil (10.9893%); (2) CPFL Soluções = CPFL Brasil + CPFL Serviços + CPFL Eficiência; (3) 51.54% stake of the availability of power and
energy of Serra da Mesa HPP, regarding the Power Purchase Agreement between CPFL Geração and Furnas; (4) (5) Includes the assets of the former CPFL Centrais Geradoras and other subsidiaries
and affiliates. CPFL Renováveis is held by CPFL Energia (49.1502%) and CPFL Geração (50.8498%)
1
2 2
2
3
5
4
Distribution
83.7% 16.3%
Generation
Renewable
100%
100%
100%
100%
Commercialization
CPFL Brasil
Varejista
100%
100%
99.95%
100%
100%
100%
Paulista Lajeado
Investco
CPFL Transmissão
Piracicaba S.A.
UHE Serra da Mesa
CPFL Transmissão
Morro Agudo S.A.
CPFL Transmissão
Maracanaú S.A.
CPFL Transmissão
Sul I S.A.
CPFL Transmissão
Sul II S.A.
100%
59.93%
5.94%
100%
65%
48.72%
53.34%
51%
100%
100%
51.54%
100%
100%
100%
100%
Other
Subsidiaries
100%
25.01%
Services
100%
100%
100%
100%
100%
100%
100%
100%
CPFL GD
100%
3. Controlling shareholder
3rd largest company*
in Fortune Global 500
1.6MM employees*
88% of China's land mass served
1.1 billion people*
Pillars: Integrity, Innovation, Dedication
& Commitment
Operates* in Brazil, Chile, Australia, Philippines, Georgia,
Greece, Hong Kong (China), Italy, Portugal and Oman
About US$ 11 billions* invested in
Brazilian electricity sector since 2010
*Source: base 2020
US$ 380 billion in revenues in 2019
3
4. EBITDA1
Power Plants
3rd largest
utility company
in Brazil
CPFL is a leading utility company in Brazil
with a premium and diversified portfolio CPFL Energia
24nd largest
company in
Brazil4
R$ 3.8 bn
(58% of total)
• 3rd largest private player with 4.3 GW of installed
capacity3
• Absolute leadership in renewable energy in Brazil
• Diversified portfolio fully contracted on the long term
• 2 operating transmission projects with a RAP of
R$ 21.4 MM and 3 transmission projects under
construction with a RAP of R$ 68 MM
• 2nd largest energy distribution company, with a 14%
market share2
• 4 concessions in the most developed regions of Brazil
• 9.9 million clients
• 16.9 TWh commercialized energy
• 3rd largest energy trader in terms of energy sold
Distribution
Generation & Transmission
Commercialization & Services
Conventional3
(20% of total):
R$ 1.3 bn
Renewables
(20% of total):
R$ 1.3 bn
R$ 0.2 bn
(2% of total)
R$ 6.6 bn
Total EBITDA
1) LTM 3Q20; 2) Based on energy sold in 3Q20; 3) Proportional to CPFL’s stake in each asset; 4) According to the Valor Econômico 2020 ranking of the 1000 largest companies in terms of net revenues;
4
5. PILLARS
Strategic Plan 2020-24
ACTIONS Work with Safety, our non-negotiable commitment
Seek Growth Opportunities:
Acquisition of new discos in the next years
Development of generation projects and assessment of acquisition opportunities
In transmission, focus on lots with some synergy with CPFL assets
Digitalize processes and customer services in Distribution and in CPFL Soluções
Digital Operation in Distribution: automatic dispatch and ADMS
Automatize and modernize Distribution assets (smart grid), to
improve reliability and quality of service
Operational Efficiency:
Increase availability and efficiency of generation assets
Fight losses and delinquency
Be agile in system’s interventions to reduce SAIDI/SAIFI
Meet sector’s regulatory requirements
Take care of the relationship with our customers, with attention, cordiality and
meeting deadlines
Because HOW we deliver our strategic goals and targets is as important as delivering them
GROWTH
DIGITAL
INNOVATION/
SAFETY
FINANCIAL
RESULTS
CUSTOMER
FOCUS
REGULATION OPERATIONAL
EFFICIENCY
CPFL ENERGIA
STRATEGY
NEW BUSINESS
5
7. Our business segments
Solutions & ServicesDistribution
Power distribution with operating
efficiency by investing in
technology, automation and
innovation.
Generation of power on different
fronts nationwide. Niche projects
on Transmission segment.
Generation & Transmission
Complete portfolio with integrated
solutions in energy management,
trading, infrastructure and services,
distributed generation and energy
efficiency to transform businesses.
Shared corporate services to meet
the group's needs.
7
8. SP
RS
4.7 MM customers
1.8 MM customers
0.5 MM customers
2.9 MM customers
• 4 distributors
• 687 cities
• 9.9 MM customers
• 22 MM people
• 2% p.a. organic growth
• 14% market share
• R$ 13,655 MM RAB
Distribution profile
One of the most premium and concentrated concessions areas in Brazil:
– Total GDP of R$ 920 billion (15% of Brazil)
– Largest distribution coverage of São Paulo and Rio Grande do Sul
RAB: 5,193 MM
Market: 30.4 TWh
RAB: 554 MM
RAB: 5,421 MM
Market: 3.1 TWh
Market: 18.9 TWh
RAB: 2,487 MM
Market : 13.7 TWh
8
Next RTP: Apr 2023
Next RTP: Mar 2021
Next RTP: Jun 2023
Next RTP: Oct 2023
Energy sales | GWh EBITDA | LTM – 3Q20
Residential
31%
Industrial
35%
Commercial
16%
Others
17%
Paulista
46%
Piratininga
21%
RGE
29%
Santa Cruz
5%
9. Efficiency & Quality
Digital and Customized
Client Relationship
Smart Grid & Digital
Grid
Smart Metering large
scale expansion
Investment in grid
automation
Develop Telecom
Infrastructure
Optimization of actions
regarding ADA
Optimization of detection
Losses
Improvement of service
channels and active
communication
Modernize, strengthen
and flexibilize the grid
Operation Center
Unification & use of
Artificial Intelligence and
automation
Dispatch Centralization
with Productivity
measurement
Vision: become a smart utility, creating value through scale & efficiency, and
preparing the grid for the future
Discos: Focus on operational efficiency
Operational
Efficiency
9
10. Group A: Roll-out of the Smart Metering at RGE Sul
Capex:
R$ 32.2 MM
2-year project:
2019 -2020
6,643 meters
55 AP’s and
1,428 Relays
5.839
6.643
20.848
63%
18%
20%
SP RGE RGE Sul
Standardization of telemetering processes for RGE Sul, following the standard already implemented in other
concession areas since 2016
Telemetering ensures improved billing quality and revenue protection
Operational
Efficiency
Meters – Replacement Progress
RGE Sul Concession Area
10
Dec-19 Sep-20 Dec-20
2.300
5.448
6.643
11. Validate the application of smart meters to customers of group B (residential customers) with communication modulesPurpose
Jaguariúna/SPLocation
Technologies that will be evaluated: LTE, LoRa, MESH and PLCTechnologies
Group B: Smart Metering for Residential Customers
Customer will have
access to daily energy
consumption
CPFL APP
Capex: R$ 26 MM
22,096 meters
replaced
Operational
Efficiency
Key analysis
Evaluate the performance of communication
technologies
Productivity of meter replacement activities
Evaluation of Billing, Reading, Connect and Disconnect
processes
Safety in field activities
MESH
LoRa
LTE
PLC
11
Estimated Capex to reach the whole concession areas:
~R$ 8 bn in 10 years
MESH LoRa LTE PLC
100% 100% 100% 100%
12. Goal: Replace current Operation Systems in order to enable the
growth of intelligent and remote-controlled devices
Deadline: Feb-2023
Capex: R$ 47 MM
Headcount: 15 employees working full-time and 56+ part-time
Main improvements:
Higher digitization and automation of electrical system
Platform that integrates many Operation Systems
High availability and level of redundancy of the system
Electrical asset optimization functions (self healing, fault location,
network reconfiguration to reduce losses, peak load reduction, etc.)
ADMS Project Operational
Efficiency
12
Automatic Reclosers
Installed Automatic Reclosers (thousands)
2020-24 Strategic PlanActual
Expected results
Reduction of interruption
time for clients
Reduction of displacement
of field teams
Increase of operational
efficiency
2015 2016 2017 2018 2019 Sep/20 2027
4.9 5.1
7.9
9.8
11.4 12.7
23.5
13. Generation & Transmission profile
• 4,305 MW of installed capacity
• 3rd largest private generation company
• 96% renewable sources
• 11 Brazilian states
• 58 cities
• R$300+ million invested in the last three years
Transmission - Focus on niche projects
13
Generation Installed Capacity | MW1
Sul I Sul II
15. Strong expertise
in engineering
and construction
of new plants –
all last projects
on time and on
budget
Integration
is enabling
additional cost
reduction
Operational
Efficiency
CPFL Renováveis: cost control and efficiency in new projects
On time Early operation
Eurus Macacos I
Morro dos
Ventos II
Mata
Velha
Campo dos
Ventos
São
Benedito
Pedra
Cheirosa
Boa Vista 2
30 MW 78.2 MW 29.2 MW 24 MW 115.5 MW 115.5 MW 48.3 MW 29.9 MW
Jan-14 May-14 Jan-16 Jan-18 Jan-17 Jan-17 May-18 Jan-20
Jan-14 May-14 Apr-15 May-16 Nov-16 Dec-16 Jun-17 Nov-18
Scheduled for
Delivered in
“Plug & Play”
platform
Synergies Systems
integration
15
16. Greenfield Projects
New Energy Auction
28th LEN 2018
PPAs start date
January 2024
109.7 MW
of installed capacity Cherobim SHPP Gameleira Wind Complex2
Installed Capacity 28.0 MW 81.7 MW
Physical Guarantee 16.6 average-MW 39.4 average-MW3
PPA R$ 202.54/MWh1 until 2053 R$ 95.84/MWh1 until 2043
Environment
Installation License obtained in Set-19 (important anticipation
milestone)
Vegetal Suppression Authorization expected in Dec-20
Authorization for Fauna Rescue expected in Nov-20
Installation License obtained in Aug-19 (important anticipation
milestone)
Vegetal Suppression Authorization obtained in Nov-19
Authorization for Fauna Rescue and Special Building Offices
Authorizations obtained in Nov-19
Substation Installation License obtained in Dec-19
Installation License – Transmission Line obtained in May-20
(important anticipation milestone)
Vegetal Suppression Authorization – Transmission Line
obtained in May-20 (important anticipation milestone)
Current Stage:
Capex
6.2%
Physical Progress
10.8%
Photo: Mata Velha SHPP Photo: Pedra Cheirosa Wind Complex
1) Prices in Sep-20; 2) It comprises the following wind farms: Costa das Dunas, Figueira Branca, Farol de Touros and Gameleira; 3) 12.0 average-MW of energy
contracted in the 2018 A-6 Auction; 26.6 average-MW was sold in the free market (ACL).
Current Stage:
Capex
30.3%
Physical Progress
28.1%
16
Synergistic
Growth
17. New brand to
meet the
strategic
decision to bring
customers
energy solution
•Go-to-market strategy focused on segments,
products and incentives that bring higher returns.
•Technological platform revision to evaluate current
systems and establish a next years deployment
roadmap for supporting business growth.
•After-sales establishment to leverage customer
success culture, aligned with new brand
positioning.
Baseline actions
•Continue to pursue opportunities to increase
penetration in billing:
•Affinity insurance business plan
•New services (e.g. donations, recurrent small
value payments)
•Advertising product
Baseline actions
CPFL Soluções and CPFL Total: New opportunities Operational
Efficiency
17
18. Freedom to choose
energy supplier and
negotiate supply
conditions, price and
contract terms
ENERGY
MANAGEMENT
Energy advisory, so
that the customers
have energy savings
and manage energy
easily
Diagnostic solutions
to project execution:
construction,
operation,
maintenance and
retrofit of electrical
installations
Complete portfolio with integrated solutions in management,
marketing, infrastructure and energy services, distributed
generation and energy efficiency to transform business
FREE
MARKET
Energy self-
production from
renewable sources
Customized solutions
that drive business
efficiency and
profitability
DISTRIBUTED
GENERATION
INFRASTRUCTURE
AND ENERGY
SERVICES
ENERGY
EFFICIENCY
CPFL Soluções portfolio
18
19. CPFL Soluções selected projects
CADEG
Solar project in public markets and self-
production
Unicamp Sustainable Camp
Project to became the University of
Campinas sustainable
Solar power generation:
Investment: R$ 8 mi
Installed capacity: 1.7 MWp
Customer savings: R$ 1.8 mi/year
Natural Gas Self-production
Investment: R$ 5 mi
Installed capacity: 2.4 MVA
Customer savings: R$ 0.4 mi/year
Solar power generation:
Installed capacity: 534 kWp
Replacement of 3,000 LED bulbs
Replacement of more then 40 air
conditioners
Total Investment: R$ 10 mi
Customer savings: R$ 0.4 mi/year
Syngenta
Construction of new substation and
connection extension
Substation:
Construction of a 138-11,4kV substation
Power transformer
Installation of a new power transformer –
5/6,25 MVA
Project involved 40 people during
construction, for 15 months
Total Investment: R$ 10 mi
19
20. 12
20
43
56
289 Registered
Interview
Selection Meeting
Selection Board
Finalists
+496 revisited
companies
of the 2018
edition
Jun 28 2019
Examination
board held at
CUBO to select
the 12 companies
from the 2nd
edition
Energy
Operating Efficiency
Digital Transformation
Smart Cities
852k
Total of bots
in production
at CPFL
Energia
60 RPAs
1 IPAs
48k61
Human
processing
spared time
(in hours)
Total number
of
transactions
done by the
bots
Notes: Robot Factory numbers from Apr 2018 to May 2020 | RPA – Robotic Process Automation | IPA – Intelligent Process Automation
• Analytical Center is a dedicated structure
created to bring Data-Driven culture to the
company, optimizing and innovating processes
through data analytics tools
• We had developed + 40 projects involving
critical areas with potential gains estimated in
~R$ 60 MM and ~R$ 10 MM already
captured
• Additionally, implementation of R&D project with
sponsorships for Unicamp students
(master/doctors)
Robot
Factory
Operational
Efficiency
Innovation
20
21. Strategy and Processes
Management
Human Resources
Management
Related Parties
Risks Management
Budget and Corporate
Finance
Board of
Directors
Executive
Board
Fiscal
Council
We always seek for the best practices in order
to keep our high-standard corporate governance
9 6(1) 6(1)
6(1)
3
6(1)
6(1)
Number of
members Highest corporate
governance standards in
Brazil
Member nominated by State Grid
Independent members
■ The Related Parties Committee shall
have in its composition at least 1
independent member, as defined by
Novo Mercado Regulation; it has
now 2 independent members
■ The Committees meeting can only be
validly held with the presence of all 3
members (siting or alternate)
1) 3 effective members and 3 alternate members
Related Parties Committee
The corporate governance model adopted by CPFL Energia and its subsidiaries
is based on the principles of transparency, equity, accountability and corporate
responsibility
Advisory
Committees to the
Board of Directors
Department of
Internal Audit
Department
of Corporate
Governance
Bylaws
General
Shareholders
Meeting
9
Differentiated
Corporate
Governance
21
22. Sustainability Plan
In 2019, we approved the 2020-
2024 Sustainability Plan, which is
in line with Strategic Planning to
enhance the positive impacts of
our businesses. The Plan is
organized into three pillars, for
which we have defined 15
commitments
23. 23
In order to develop and undertake the 15 public
commitments in our Sustainability Plan, we evaluated the
connection of our businesses to the SDGs including
environmental, social, economic and governance actions
Keep at least 95% from renewable
sources in our generation portfolio until
2024
SDG CONTRIBUTIONS
SUSTAINABLE ENERGY SMART SOLUTIONS SOCIETY SHARED VALUE
1
Reduce in 10% our carbon intensity
indicator until 20242
Publish CPFL adaptation actions to
climate change3
Refurbish at least 40,000 equipment
(transformers, voltage regulators,
reclosers, etc.) until 2024
4
Ensure the destination of 100% of the
main grid components to recycling or
to reverse supply chain until 2024
5
Reach 100% of Group A clients with
telemetering until 20206
Invest R$ 350 million in distribution
network automation until 20247
Achieve 90% of attendance by digital
channels until 20248
Invest R$ 45 million in the
development of electrical mobility
technology until 2024
9
Offer to our clients low carbon
solutions for their energy transition10
Invest R$ 150 million in Energy
Efficiency actions in Public Hospitals
between 2020 and 2022
11
Invest R$ 200 million in Energy
Efficiency actions toward low income
communities until 2024
12
Maximize our positive impact in the
communities, investing at least R$ 60
million in social projects until 2024
13
Continuously seek to improve health
and safety indicators, intensifying our
actions towards employees, community
and suppliers
14
Integrate sustainability aspects in the
monitoring process for 100% of CPFL
critical suppliers until 2024
15
Ethics Transparency Employee Development & InclusionENABLERS
OUR 15 PUBLIC
COMMITMENTS
SUSTAINABILITY PLAN
24. CPFL Santa Cruz and RGE -
winners1 in ABRADEE
Socio-Environmental
Responsibility Award, for
distribution companies: 2019
Among the leaders in the
CDP (Carbon Disclosure
Project) Supplier
Engagement related to
Climate Change: 2018
CPFL Energia – winner
with Biodiversity
management and
Circular economy
cases: 2020
CPFL Energia - best company
in national power sector,
highlight with the CPFL in
Hospitals program and in
Community Relations theme: 2019
1 CPFL Santa Cruz: category - concessionaires with up to 500,000 clients / RGE: category - concessionaires more than 500,000 clients
2 The United Nations Economic Commission for Latin America and Caribbean (ECLAC)
CPFL Energia - winner in
Planet axis, big companies
category, with the Living Lab
case, and highlight in SDG in
Brazil event (NY): 2019
CPFL Energia - recognized
by the UN ECLAC2 with
the sustainable
development case, Living
Lab: 2019
Highest total score (0.9 higher
than runner-up)
Highest power sector score in
the Environment Dimension
Second highest score in the
Social and General
Dimensions
Highlighted in Community
Relations
CPFL was recognized for its sustainability,
accumulating awards
Sustainability
24
Gold Seal in Brazilian
GHG Protocol Program:
reports 2011, 2012, 2013,
2014, 2015, 2016, 2017,
2018 and 2019
25. • Substations and selected transmission lines
Focus on niche assets complementary to
company’s portfolio
• Maintain financial discipline and focus on niche
approach, leveraging competences
Uniquely positioned to
grow in different fronts
Sizeable growth opportunities already mapped supported by Company’s proven
track record of successful execution of in-house projects and M&A integration
CPFL organizational model creates a “Plug & Play” platform to extract synergies from growth opportunities
• Organic: CPFL has invested R$7.0 billion in the last
3 years and has a R$11.6 billion investment plan in
the next 5 years
• M&A: Sizeable potential privatization opportunities
within Company’s area of influence
• Does not represent a growth focus to CPFL at the
moment, but can be evaluated in a further
moment
• Contributes to company’s balanced and
diversified generation portfolio
• Organic: High quality pipeline totalizing 2.9 GW
of installed capacity with 40.7% projects ready for
auction
• M&A: Highly fragmented sector with several M&A
opportunities
The “Plug & Play” platform
Distribution
Renewable generation
Transmission
Conventional generation
Synergistic
Growth
25
26. • Synergies from the merger of RGE and RGE Sul:
A higher profit tax base, using the tax losses more rapidly
Operational synergies specially near the border of both concessions
Cost optimization, including inventory management, personnel,
contracts, IT and others
Regulatory efficiency by improving the required ratios, benefiting from
tariff adjustments
2016 2017 2018 2019 LTM
3Q20
4,316
4,017
3,768 3,663 3,675
Employees(#)
EBITDA
(R$MM)
SAIDI
(hours)
SAIFI
(times)
• AES Sul shared the same
geographic footprint with
RGE in the Rio Grande do
Sul state
• The integration took 18
months to be completed
and 92 systems were
integrated
Successful turnaround of AES Sul thanks to our
plug-and-play platform
DeliverablesStrategic Rationale
Reduction of 641
employees (15% of
initial base)
in 3.5 years
Improvements of
almost 5h in
availability in 3 years
Improvements of
3.5x in the
interruptions in 3
years
Relevant cost savings
synergies in 3 years
2016 2017 2018 2019 LTM 3Q20
2016 2017 2018 2019 LTM 3Q20
2016 2017 2018 2019 LTM 3Q20
612
794
1,120
1,368
+
26
Synergistic
Growth
1,382
27. Financial framework with focus on discipline
Keep the culture of
constant cost
reduction and
optimize performance
of the Company
Financial
Discipline
Cost control
and detailed
business
monitoring
Assure predictability
and better decision-
making
Financial
planning
Preserve liquidity,
seek lower debt cost
and adequate debt
profile, support
growth
Liability
management
Keep adequate
cash levels and
maximize returns
Cash flow
management
Full-time M&A
team evaluating
all opportunities
Assessment for
new assets
Strong governance
to approve hurdle
rates and define
new target assets
Definition of
hurdle rates
27
28. Total Shareholder Return (TSR): +2.6%3
1) Considering RGE Sul since Nov-2016; 2) Dividend policy of minimum 50% payout; 3) TSR from Dec-14 to Oct-20 = Dividends +1.9% (+) Stock performance +0.6% = +2.6%.
3Q20 Results and Key Financial figures1
28
CAPEX
3Q20
R$ 770
MM
3Q19
R$ 616
MM
25%
R$ 154 MM
Net Income
3Q20
R$ 1,352
MM
3Q19
R$ 748
MM
80.8%
R$ 604 MM
EBITDA
3Q20
R$ 1,954
MM
3Q19
R$ 1,618
MM
20.8%
R$ 336 MM
R$ MM 2015 2016 2017 2018 2019 LTM3Q20
CAGR 2015 –
LTM3Q20
EBITDA 4.143 4.126 4.864 5.637 6.394 6.599 9,8%
Distribution 2.144 1.845 2.234 3.004 3.696 3.828 12,3%
Conv. Generation 893 1.110 1.200 1.272 1.307 1.331 8,3%
Renew. Generation 1.001 993 1.222 1.209 1.204 1.287 5,1%
Comm, Services & Others 105 178 208 152 188 153 7,8%
NET INCOME 875 879 1.243 2.166 2.748 3.574 32,5%
CAPEX 1.428 2.238 2.570 2.070 2.245 2.601 12,7%
Distribution 868 1.201 1.883 1.770 2.033 2.199 20,4%
Comm, Services & Others 559 1.037 688 301 211 402 -6,4%
PAYOUT 25% 25% 25% 25% 77% - -
29. 12
Upgraded by 3 rating agencies:
brAAA
1 notch higher than sovereign rating
AAA.brAAA(bra)
29
Indebtedness Financial
Discipline
2017 2018 2019 1Q20 2Q20 3Q20
14.5
16.3 16.8
15.1
15.0
13,3
Adjusted EBITDA1,2
R$ Million
Adjusted Net
Debt1
/Adjusted
EBITDA2
4,531 5,342 6,677 6,846 6,548 6,895
3,19
3.05
2.52
2.21 2.29 1.93
Leverage l Financial covenants criteria | R$ billion Gross debt cost3 IFRS | End of period
Real
Nominal
3.6% 3.8%
1.8% 2.1% 2.0%
0.5%
7.5%
6.8% 6.2%
5.4%
4.2% 3.6%
2018
3Q19
2019
1Q20
2Q20
3Q20
Gross debt breakdown by
indexer3
IFRS | 3Q20
77%
2%
21%
CDI TJLP Inflation
Cash 2020 2021 2022 2023 2024 2025+
622
2.903
6.758
2.613
2.831
4.738
2.725
3.600
Cash Coverage:
1.92x Short-Term
Amortization(12M)
Debt Amortization Schedule | IFRS End of period
Average Tenor: 2.68 years
Short-Term (12M): 20% of total
Short Term
Long Term
1) LTM EBITDA; 2) Adjusted by the proportional consolidation as well as considering SGBP’s loan agreement; 3) Financial debt (-) hedge.
30. 14
2019 Actual 2020 2021 2022 2023 2024
2,033 2,192
2,406
2,608
2,166 2,216
138
416
298
255
133 55
62
101
29 31
36 36
21
360
192 12
0,2 0,2
2,254 3,069 2,924 2,906 2,334 2,306
Total
R$ 13,542 million
Distribution3
R$ 11,587 million
Generation4
R$ 1,158 million
Commercialization & Services
R$ 233 million
Transmission
R$ 564 million
Capex(e)1,2 2020-2024 | R$ Million
1) Constant currency; 2) Investment plan disclosed in 4Q19/2019 Earnings Release, in March 2020; 3) Disregard investments in Special Obligations on Distribution segment (among other
items financed by consumers); 4) Conventional + Renewable.30
