This document provides an overview of CPFL Energia, a leading utility company in Brazil. It details CPFL's corporate structure and business segments, which include distribution, generation and transmission, commercialization, and solutions and services. The distribution segment operates four concessions covering 687 cities with 9.7 million customers. The generation portfolio has over 4.3 GW of installed capacity from renewable sources. CPFL is pursuing operational efficiency initiatives across its business segments and has a strategic plan focused on productivity, growth, and sustainability.

1. CPFL Energia
107
Years
of
History
1

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) CPFL Renováveis is held by CPFL Energia (46.7609%) and CPFL Geração (53.1831%)2
1
2 2
2
3
4
Distribution
83.71% 16.29%
Generation & Transmission
Renewable
100%
100%
100%
100%
Commercialization
CPFL Brasil
Varejista
100%
100%
99,95%
100%
100%
100%
Paulista Lajeado
Investco
CPFL Centrais Geradoras
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%
100%
65%
25.01%
48.72%
53.34%
51%
100%
100%
51.54%
100%
100%
100%
99.94%
Services
100%
100%
100%
100%
100%
100%
100%
100%
CPFL GD
100%

3. Controlling shareholder
5th 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 and Portugal
About US$ 11 billions* invested in
Brazilian electricity sector since 2010
*Source: base 2019
US$ 366 billion in revenues in 2018
3

4. EBITDA1
Power Plants
2nd largest
utility company
in Brazil
CPFL is a leading utility company in Brazil
with a premium and diversified portfolio CPFL Energia
19th largest
company in
Brazil4
R$ 3.4 bn
(57% 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$ 10.8 MM and 3 transmission projects under
construction with a RAP of R$ 68 MM
• Second largest energy distribution company, with a
14% market share2
• 4 concessions in the most developed regions of Brazil
• 9.7 million clients
• 22.1 TWh commercialized energy
• 3rd largest energy trader in terms of energy sold
Distribution
Generation & Transmission
Commercialization & Services
Conventional3
(21% of total):
R$ 1.3 bn
Renewables
(19% of total):
R$ 1.1 bn
R$ 0.2 bn
(3% of total)
R$ 6.0 bn
Total EBITDA
1) LTM 3Q19; 2) Based on energy sold in 2018; 3) Proportional to CPFL’s stake in each asset; 4) According to the Valor Econômico 2018 ranking of the 1000 largest companies in terms of net revenues
4

5. Strategic Plan leads the company to a greater value
creation by efficiency and growth
1 2
> Productivity & efficiency in operations
> Technology: Smart Grid & Digital/Analytics
> Regulatory influence for a better market
Optimize current assets Portfolio optimization & Growth
> Seek M&A in DisCos
> Greenfields (Wind/Solar/SHPP; Niche Transmission)
> Investments in Small M&A/startups
> Adjacent BUs (e.g. Soluções)
> Sustainability Platform: 58 KPIs to monitor important aspects of the company
> Internal actions: People & Culture; Governance; Processes & Systems;
Drivers from Mission/Vision
& Market trends
Deliver value to
shareholder
Increase company’s value & Be
relevant in the market/community
Portfolio of businesses
aligned with new trends
Levers
Enablers for
sustainable delivery
5

6. Sustainability Financial
Discipline
Operational
Efficiency
Corporate
Governance
Synergistic
Growth
We believe CPFL performance is based on 5 pillars
6

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
4.6 MM customers
1.8 MM customers
0.5 MM customers
2.9 MM customers
• 4 distributors
• 687 cities
• 9.7 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: 30.6 TWh
RAB: 554 MM
RAB: 5,421 MM
Market: 2.9 TWh
Market: 19.6 TWh
RAB: 2,487 MM
Market : 14.1 TWh
8
Next RTP: Apr 2023
Next RTP: Mar 2021
Next RTP: Jun 2023
Next RTP: Oct 2023
Energy sales | GWh EBITDA | LTM 3Q19

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 Oct-19 Dec-19 Dec-20
1,299
2,300
6,643
 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

11. MESH LoRa LTE PLC
100%
42%
0% 0%
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
Deadline: Aug-2020
Number of meters:
22,748
13,718 meters
replaced until Sep-2019
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$ 5.5 bn in 10 years

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)
2015 2016 2017 2018 2019 2027
4.9 5.1
7.9
9.8 10.7
23.5
2019-23 Strategic PlanActual
Expected results
 Reduction of interruption
time for clients
 Reduction of displacement
of field teams
 Increase of operational
efficiency

13. Generation & Transmission profile
• 4,304 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

14. Commercial Startup 1998 2004 2005 2007 2007 2008 2008 2010 2010-11
CPFL Stakes 51.54% 65% 25.01% 48.72% 6.93% 65% 65% 51% 53.34%
Installed Capacity (MW) 1,275.0 130.0 690.0 880.0 902.4 130.0 100.0 855.0 341.6
Physical Guarantee (MWavg) 637.5 56.1 372.8 379.7 505.2 61.8 47.5 427.2 247.6
Concession terms 2028 2036 2036 2035 2032 2036 2036 2036 2042
Generation projects
# projects 45 8 40 1
Installed Capacity
(MW)
1,309 370 453 1
Physical Guarantee
(MWavg)
499 94 251 0,2
Contracted energy in
2019 (Mwavg)
559 109 225 -
Type of agreements
Proinfa, LFA, LEN,
LER and ACL
LFA, LEN, LER
and ACL
Proinfa, LFA, LEN
and ACL
ACL
652
1,153 1,283
1,773 1,799
2,054 2,103 2,133 2,243
2011¹ 2012 2013 2014 2015 2016 2017 2018 2024
Portfolio Evolution (MW)
2.9 GW
pipeline
14

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$ 189.95/MWh1 until 2053 R$ 89.89/MWh1 until 2043
Environment
 Installation License obtained in Aug-19 (final adjustments
review obtained in Sep-19); important anticipation milestone;
 Vegetal Suppression Authorization expected for Nov-19;
 Authorization for Fauna Rescue and Special Building Offices
Authorizations expected to be issued in Nov-19;
 Substation Installation License expected for Dec-19.
 Installation License obtained in Sep-19; important
milestone for project financing.
Current Stage:
Capex
8.8%
Physical Progress
5.2%
Photo: Mata Velha SHPP Photo: Pedra Cheirosa Wind Complex
1) Constant currency (Sep-19); 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
9.6%
Physical Progress
5.0%
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
Own energy
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
To be concluded in Dec-19
+496 revisited
companies
of the 2018
edition
Jun 28
Examination
board held at
CUBO to select
the 12 companies
from the 2nd
edition
Energy
Operating Efficiency
Digital Transformation
Smart Cities
523k
Total of bots
in production
at CPFL
Energia
59 RPAs
2 IPAs
31k61
Human
processing
spared time
(in hours)
Total number
of
transactions
done by the
bots
Notes: Robot Factory numbers from Apr 2018 to Oct 2019 | 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 + 30 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. CPFL SUSTAINABILITY DRIVER
Provide sustainable, accessible and reliable energy to all walks of life, and enhance a safer, healthier and prosperous life of people in regions where we operate
Sustainable Energy
Aiming for the smallest
possible environmental footprint
Smart Solutions
Providing the solutions for
the future of energy
Society Shared Value
Maximizing our positive impacts
in the community and value chain
Ethics & Transparency
Inclusion
Employee Development
 Changing customer profiles and habits  New technologies and digitalization  Regulatory framework modernization
TRENDS IN THE POWER SECTOR
Power the transition to a more sustainable and smart way of providing and using energy,
maximizing our positive impacts in the community and value chain
Objective
Pillars
Enablers
 Transition to a low carbon matrix
Sustainability
Sustainability Plan
22

23. CPFL Santa Cruz and RGE -
winners1 in ABRADEE
Socio-Environmental
Responsibility Award, for
distribution companies: 2019
1st and 2nd positions3 in the
simulation of the Emission
Trading System (FGV) with the
best operational and financial
efficiency indicators: 2018
Among the leaders in the
CDP (Carbon Disclosure
Project) Supplier
Engagement related to
Climate Change: 2018
Gold Seal in Brazilian
GHG Protocol
Program: reports 2011,
2012, 2013, 2014, 2015,
2016, 2017 and 2018
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)
3 Distribution in 1st position and Generation in 2nd position
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
23

24. • 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$10.1 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
24

25. • Synergies from the merge 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
4,316
4,017
3,768 3,698
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
1) Last 12 months ended in September 2019.
Successful turnaround of AES Sul thanks to our
plug-and-play platform
DeliverablesStrategic Rationale
Reduction of 548
employees (12% of
initial base)
in 2 years
Improvements of
almost 4h in
availability in 2 years
Improvements of
3.5x in the
interruptions in 2
years
Relevant cost savings
synergies in 2 years
2016 2017 2018 2019
2016 2017 2018 2019
2016 2017 2018 2019
612
794
1,120
1,264
(1)
+
25
Synergistic
Growth

26. 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
26

27. Total Shareholder Return (TSR): +9.1%3
1) Considering RGE Sul since Nov-2016; 2) Dividend policy of minimum 50% payout; 3) TSR from Dec-14 to Dec-19 = Dividends +1.0% (+) Stock performance +8.2% = +9.1%.
9M19 Results and Key Financial figures1
CAPEX
9M19
R$ 1,582
MM
9M18
R$ 1,370
MM
15.5%
R$ 212 MM
Net Income
9M19
R$ 1,892
MM
9M18
R$ 1,496
MM
26.5%
R$ 396 MM
EBITDA
9M19
R$ 4,653
MM
9M18
R$ 4,283
MM
8.6%
R$ 370 MM
27
R$ MM 2014 2015 2016 2017 2018 LTM 3Q19
CAGR 2014
– LTM 3Q19
EBITDA 3,761 4,143 4,126 4,864 5,637 6,007 9.8%
Distribution 2,180 2,144 1,845 2,234 3,004 3,425 9.5%
Conv. Generation 680 893 1,110 1,200 1,272 1,287 13.6%
Renew. Generation 664 1,001 993 1,222 1,209 1,126 11.1%
Comm, Services & Others 238 105 178 208 152 169 -6.6%
NET INCOME 886 875 879 1,243 2,166 2,562 23.6%
CAPEX 1,062 1,428 2,238 2,570 2,062 2,264 16.3%
Distribution 702 868 1,201 1,883 1,770 2,053 23.9%
Comm, Services & Others 359 559 1,037 688 293 211 -10.1%
PAYOUT 44% 25% 25% 25% 25% (2)
-

28. Leverage l Financial covenants criteria | R$ billion
Adjusted EBITDA1,2
R$ Million
1) LTM EBITDA; 2) Adjusted by the proportional consolidation; 3) If not considering Re-IPO impact, Financial Covenant was 2,57x (Net Debt w/o Re-IPO impact was R$ 14,6 billion); 4) The increase
of the Net Debt and Ebitda occurred mainly due to the consolidation of CPFL Renováveis, considering financial covenants criteria; 5) Financial debt (-) hedge; 6) Considers only the notional and
hedge of the debt – R$ 19,664 million, which is not included charges, MTM and funding costs.
Adjusted Net Debt1
/Adjusted EBITDA2
4,531 5,342 5,481 5,683 6,296
Indebtedness
2017 2018 1Q19 2Q19 3Q19
14.5
16.3
14.9
11.0
16.8 4
2.57
3.19 3.05
2.72
1.93
2.68
14.6 ³
Average Tenor: 3.24 years
Short-Term (12M): 16% of total
Cash Coverage:
0,93x Short-Term
Amortization(12M)
Financial
Discipline
28
Gross debt cost5 | IFRS | End of period
8.0% 7.5% 7.6% 7.4% 6.8%
4.9%
3.6%
2.9%
3.9% 3.8%
2017
2018
1Q19
2Q19
3Q19
Nominal
Real
Average maturity:
3.24 years
Gross debt breakdown by indexer 5
IFRS | 3Q19
64%
4%
17%
15%
CDI Pre-fixed TJLP Inflation
Upgraded by 3 rating agencies:
brAAA
1 notch higher than sovereign rating
AAA.brAAA(bra)
Debt Amortization Schedule | IFRS | End of period 6

29. Total:
R$ 11,938 million
Distribution3:
R$ 10,094 million
Generation4:
R$ 1,028 million
Trading & Services:
R$ 175 million
Transmission:
R$ 642 million
2,066
2,174
2,565
2,447 2,410
2,341
1) Constant currency; 2) Investment plan disclosed in 4Q18/2018 Earnings Release, in March 2019; 3) Disregard investments in Special Obligations on Distribution
segment (among other items financed by consumers); 4) Conventional + Renewable.
Capex(e)1,2 2019-2023 | R$ Million
29

30. © CPFL Energia 2019. Todos os direitos reservados.