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Campinas-SP
CPFL ENERGIA
Investor Day 2019
Our Strategy
Gustavo Estrella
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
3
We believe CPFL performance is based on 5 pillars
Differentiated
Corporate
Governance
Financial
Discipline
Synergistic
Growth
Sustainability
Operational
Efficiency
4
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
5
 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
6
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
7
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
8
Strategy and Processes
Management Committee
Human Resources
Management Committee
Related Parties Committee
Risks Management
Committee
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
9
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
Employee Development & Diversity
 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
10
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
11
• 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$10.1 billion investment plan in
the next 5 years
• M&A: Sizeable potential privatization opportunities
within Company’s area of influence
• Does not represent a growth focus to CPFL at the
moment, but can be evaluated in a further
moment
• Contributes to company’s balanced and
diversified generation portfolio
• Organic: High quality pipeline totalizing 2.9 GW
of installed capacity with 40.7% projects ready for
auction
• M&A: Highly fragmented sector with several M&A
opportunities
The “Plug & Play” platform
Distribution
Renewable generation
Transmission
Conventional generation
12
Synergistic
Growth
17%
14%
12%
7%5%5%
4%
9%
6%
5%
2% 1% 12%
Opportunities in Distribution
RAB:
R$ 3 bn
RAB:
R$ 2 bn
RAB:
R$ 9 bn
RAB:
R$ 1 bn
RAB:
R$ 5 bn
Nowadays, around
60% of Brazilian
market is
controlled by 6
private
companies
But we still have
interesting
state-owned
assets to be
privatized in the
next years
Others
Market share in Distribution - 2018
13
Synergistic
Growth
Opportunities in Generation
1) Source: EPE Ten-year Plan 2019-2029. Expected investments in the wind, solar, biomass and small hydro sources until 2029; 2) Source: PARACEMP Aneel; 3) CPFL
estimates, considering 50% of total investment estimated by EPE.
14
36.7
74.9
24.5
8.5 2.5 2.7
Wind Solar
Biomass &
Biogas
SHPP
2019 2029
2,133 110
149
340 5,146
High quality pipeline of CPFL (MW)
• There are still several opportunities in the renewable sector,
which remains highly fragmented
• Strong track record in M&A, with 22+ renewable generation
assets acquired and successful integration given “Plug & play”
platform
• Estimated Capex of R$ 120 billion (3)
Highly fragmented sector²
(5.9%)
Player 2 (4.8%)
Player 3 (3.4%)
Player 4 (3.4%)
Player 5 (3.4%)
Player 6 (3.2%)
Player 7 (2.9%)
Others (73%)
Top 7 players
27%
Brazilian Renewables Installed Capacity Projection
2019-29E1 (GW)
SHPPWind Solar
2,415
OrganicGrowth
Inorganic
Growth
Pipeline of 2.9 GWInstalled
Capacity
TotalUnder
construction
10.2% 17.6% 1.7% 3.6%
CAGR19E-29E
Synergistic
Growth
Opportunities in Transmission
Energy consumption
centers are far from the
generation centers
Hydro generation
(Ex. Jirau, Belo
Monte, and Santo
Antônio)
Main areas
consumption
areas
Solar and Wind
generation
CPFL Capex Plan for Current Transmission Assets
Expected capex disbursement | R$ MM
58
348
217
19 0.04
642
2019E 2020E 2021E 2022E 2023E Total
 2 operational assets:
Piracicaba and Morro
Agudo
 3 auctions won in 2018:
Maracanaú II in Aug-18,
Sul I and II in Dec-18 –
168 kilometers and
combined RAP of R$68.2
million/year
Focus on areas with operations and/or
project from CPFL businesses with risk
limitation – niche approach (most of
Capex in low overrun risk items)
For future transmission auctions
Brazilian planned transmission expansion
Dec-19 (e) 2020-24 2025-29 2029 (e)
154
203
32 17
Dec-19 (e) 2020-24 2025-29 2029 (e)
396
557
100
62
Transmission lines (‘000 km) Substations (‘000 MVA)
+32% +41%
Estimated Capex  Transmission lines: R$ 73.6 BI | Substations: R$ 30.1 BI
15
Synergistic
Growth
SGCC STRATEGY: SGCC aspires to become a world-class energy
internet company by 2035
State Grid Corporation of China:
• aspires to become a world-class energy
internet company
• serving as an energy-transforming hub,
value-creating platform, benefit-
sharing community
• with the development of Strong & Smart
Grid and Internet of Things in
Electricity.
16
The actions of CPFL Strategic Plan are aligned with SGCC Strategy
Strong & Smart Grid:
 Smart Meter (regulation +
implementation)
 Grid Modernization projects
 Operation Center integration
Internet of Things in Electricity:
 R&D projects (microgrid, Smart City,
Storage)
 IT/Telecom and Digital Roadmaps
Vision & Mission: aligned with idea of world-class company
 Focus in technologies and renewable energy
 Be leader in operation efficiency financial performance and quality of services
 Advance in sustainability and social responsibility
Benefit-sharing Community:
 Low Carbon Portfolio (growth in Renewables,
energy efficiency projects)
 Safety
 Start-up programs (CPFL Inova)
 Social initiatives (CPFL Institute)
Value-creating Platform:
 Analytics Center
 RPA factory
 CPFL Soluções
 CPFL Total
Energy transforming Hub:
 Initiatives to increase Reliability Plan
 Digitalization plan
17
CPFL Soluções:
Reaching the modern consumer
Karin Luchesi
The new brand is already
born with 1,611
customers at the end of
2018 and representing
about 2% of CPFL
Energia's EBITDA.
CPFL Soluções
969 free customers of which
868 special customers (Sep-
19)
53 customers served in 2019
R$ 8.7 MM invested in
projects with customers
37 contracts for works on
transmission lines/substation
135 O&M contracts
6.54 MWp (2017-YTD). More
than 4.4 MWp in photovoltaic
energy only in 2019
Offer
integrated
solutions
consolidated in
a single
platform to
generate
value and to
increase the
competitiveness
to the
customers by
adding technical
and financial
solutions
CPFL Brasil: until September 2019/ Others: until October 2019
01 Industry knowledge
02 Broad portfolio
03 End-to-end
consolidated structure
CPFL's 107 years of knowledge
consolidated through the
implementation of these new
initiatives
Complete portfolio with
integrated solutions meets
customers' energy needs
End-to-end customer service
structure to deliver value,
competitiveness and financial return
Sustainable Growth Risk Mitigation
01 Credit risk
02 Market risk
03 Operational risk
Credit policy that mitigates clients'
potential for default, with well-
established rules and tools
Structured methodology for market
risk management and business
impact assessment
Training and continuous improvement
of processes and tools to ensure as
few failures as possible.
Sustainable Growth
19
New consumer
New
technologies,
related to
regulatory
changes and
access to
information,
change energy
consumer
profile
ENERGY
More sector knowledge given the relevance of
input in the production chain and impact on
operations: tariff flags, PLD, GSF, cross
subsidies, etc.
FLEXIBILILITY
Choose from one or a combination of energy
saving and security alternatives - free market,
DG, efficiency, cogeneration, storage
OPTIMIZATION
Efficient management using technology to
monitor and track real time consumption and
assets
SUSTAINABILITY
Renewable energy as a pillar of the business
growth. Energy savings to invest in the core
business of the Company
20
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
21
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
22
CPFL Brasil
Ricardo Motoyama de Almeida
Source CCEE – Infomercado - Sep’19
Free Market – steady high growth (7.5% p.y) over the last 5 years
CPFL Brasil grew 18.6% p.y over this period in sales to final consumer, with a high growth in its core
product (incentivized source +32.7% p.y.)
Regulated
Free
Consumption (MWavg)
14,581 15,685 18,313 19,080 19,505
46,762 45,852 44,010 44,156 44,729
2015 2016 2017 2019 YTD2018
+7.5%
-1.1%
+1.3%
+2.2%
24
+73%
Source CCEE – Infomercado - sep’19 / SAP and Maxcom v.970
Free Market – Number of customers continues to grow at a faster pace (19.9%)
CPFL Brasil grew exponentially in number of customers
Number of agents in the Free Market Number of CPFL end customers
44 65 98 105 101
140
394
534
702
868
2015 2018
459
2016 2017 2019 YTD
632
184
807
969
+20.1%
623 812 874 887
1,534
1,203
3,250
4,318
4,932
5,445
2015
1,826
2016 2017 2019 YTD2018
4,062
5,192
5,819
6,979
+19.9%
+25.3%
+45.9%
+23.1%
+57.8%
+10.4% +23.6%
-3.8%
Incentivized Customers
Free Customers25
2,908
2,199
2,186
2,063
1,622
1,503
1,429
1,367
1,215
1,199
33,703
6%
4%
4%
4%
3%
3%
3%
3%
2%
2%
66%
2,512
1,878
1,777
1,347
1,328
1,268
1,116
1,104
1,093
1,087
27,357
6%
4%
4%
3%
3%
3%
3%
3%
3%
3%
65%
858
503
396
353
325
321
290
286
250
227
5,717
9%
5%
4%
4%
3%
3%
3%
3%
3%
2%
60%
Total 51,394 MWavg 41,867 MWavg 9,526 MWavg
Others Others
CPFL Brasil – Top 3 in total market | Market Leader in incentivized energy
Source: Informercado CCEE – 2019; sep’19 – accumulated data (oct’18 to sep’19)
Others
General (MWavg) – 20191 Conventional (MWavg) Incentivized (MWavg)
26
Government
Initiatives
Ministry of Energy
initiated the
following public
consultation with
impact direct in the
free market
• CP 77: reduce the
limits of customer
obligation to acquire
energy from
incentivized sources
and propose market
study to be concluded
by 01/22 to assess
market liberalization
(below 500Kw) by
2024
Group B
liberalization
2.3
Current
19.5
6.5
19.5
Group A
liberalization
44.6
19.5
21.8
26.0
64.1
12.0
84,013.3
14.8
25.2
Current
185.6
14.8
Group A
liberalization
84,000.0
14.8
Group B
liberalization
198.9
New Migration: unpenetrated market of +12k clients and 2.3GWavg
of energy
Governmental initiatives towards a liberalized market might increase market potential
exponentially
1 – Internal analysis using the Valuation 07/2019 and regulatory changes;
2 – CPFL´s contribution in public consulting 33; 3) Samp aneel
Migration Potential
Current Consumption
Energy consumption¹ (GWavg) UCs Number3 (nº k)
Expected migration when economically feasible resulting in a market increase
Migration Potential
Current Consumers (UCs)
27
How CPFL is preparing for upcoming market increase?
Go to
Market
Technological
platform revision
Trading Desk active
management
Energy
Trading
Business Unit
• End to end process
revision
• Gains of scale & agility
• Digitalization
• Market pricing (business acumen)
• Risk management (market and
credit)
• CPFL Group total energy portfolio
management
• Sales teams, targets,
incentives and culture
aligned with this new
environment
• Customer segmentation
• Customers’ energy
advisory service
28
CPFL Renováveis
Fernando Mano
Leader in energy generation by renewable sources in Brazil
370 453
1,309
2,133
Total
operating
1.1 652
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
Installed Capacity (MW) Portfolio Evolution (MW)
R$ 1.1 billion
EBITDA in
LTM3Q19
(60.5% margin)
Net Income of
R$ 99 million in
LTM3Q19
99 power plants
(5 being
implemented)
58
municipalities
4
sources
1) August 2011 – CPFL Renováveis creation.
2.9 GW
pipeline
30
Business Development - expertise to implement and
operate projects and strong pipeline for growth
+1.4 GW Projects Development
729 MW Acquisitions
Track Record
High Quality
Pipeline
+ 4 GW of M&A pipeline
Contracted
Capacity
Pipeline of 2,903 MW, with 1,181 MW ready to
participate in auctions
Total
M&A Opportunities
5,146
1,181
149
340
2,133
2018
110
SHPP
+
Wind
Synergistic
Growth
2,415
1,234
Ready to sell energy
31
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%
32
Synergistic
Growth
31%
45% 48% 49%
52%
36%
31%
42%
50% 48% 49%
35%
28%
38%
48% 47% 49%
33%
CE RN PE PI BA RS
2017 2018 2019
Wind Farms Performance
Expected Generation Certification - Camargo-Schubert (Brazil) and DNV-GL (USA)
• Equivalent to 1,412
years of operational
performance
• More than 33 GW
evaluated
• 268 wind farm
evaluated
• 6.9 GW evaluated
(as of Sep/18)
• Average deviation
of -1%
• Average deviation
of -1% (Brazil and
NE)
CPFL Renováveis had contracted two certification companies to conduct energy assessment studies and both companies have a very good accuracy at predicted
energy with deviation about -1%
-11%
-7%-4%1%
-20%
-9%
Brazil Wind Benchmarking1
Average Capacity Factor - Last 2 years
It was considered only from January to
August of each year
1) Source: ONS, September 2019. Assumptions: wind farms connected to SIN, under operation after January 1st, 2017.
33
CPFL Renováveis has been constantly and consistently
seeking improvements in its operational efficiency
WCM -
WORLD CLASS
MANAGEMENT
INCREASE IN EFFICIENCY
MANAGEMENT ORGANIZATION
STRUCTURES PROCESSES
FUNCTIONAL STRUCTURES
IT
SGM - STRATEGIC MANAGENT SYSTEMS
 World Class Project:
 Achieve international excellence level in asset management and
operational processes
 Asset monitoring center
 Predictive and conditional maintenance - machine learning
 Continued search for efficiency gains:
 Integrated Operations Center for four sources and different
technologies
 Online monitoring tools
 Specialized team focused on supplier monitoring
 Benchmark among different suppliers
 Structuring projects:
 Review and standardization of operational processes
 BSC for operational indicators and targets
 Systems unification
Long term asset management strategy – Avançar Program
Operational
Efficiency
34
Remote Operation: 24 hours a day /
7 days a week
• Integrated operations center - Jundiaí, SP
• Operation of all 94 assets in a centralized
and standardized manner
• 4 different generation sources
• 6 different wind generation technologies
• Integration of different operating systems
SCADA operational system - High
performance concepts
• COI interfaces more effective and inspired
in the aeronautical industry
• Enable online tracking of every operation
focusing on the most critical assets for
efficiency
Integrated Operations Center (COI) - reference for
operational management in the renewable sector in Brazil
Lost of Energy due
to unavailability
Installed
Capacity
Online monitoring1,2 - Generation level,
availability and efficiency
Lost of Energy due
to low efficiency
Actual
Generation
The same
information,
in different
time spans
1) Online monitoring allows to maximize production level; 2) Online monitoring is also performed via mobile phones.
Operational
Efficiency
35
Maintenance strategy based on the criticality of the asset
CPFL Renováveis also adopts predictive and condition
monitoring methodologies
Assets monitoring center1
Electric power systems monitoring
Indicators: temperature in
different components, gas
pressure, thermographic and
surveillance cameras, etc.
1) Predictive algorithm sensors enable early failure risk identification.
Mechanical system monitoring
Indicators: vibration level in
different components,
temperature, pressure, etc.
Operational
Efficiency
36
CONTINUOS
PROCESS
O&MEXECUTIONPREPARATIONVIABILITYDEVELOPMENTPROSPECTION
PROJECT SOLD
ON AUCTION
OR
FREE MARKET
COMMERCIAL
OPERATION
PROJECT PRIORIZATION &
DEVELOPMENT FOR
APPROVAL
BUSINESS DEVELOPMENT ENGINEERING & CONSTRUCTION O&M
VIABILITY MANAGEMENT EXECUTION MANAGEMENT
OPERATION
MANAGEMENT
Project Life Cycle
37
Operational
Efficiency
Workflow
Prospection and
Acquisition
Development
Engineering &
Construction
Operation
Technical due diligence
Engineering Conceptual/
Basic Design
Engineering Optimization
Project Concept Project Execution
CAPEX control,
chronogram control,
Contracts management,
risk management
Licensing, Property,
Finance, Sourcing
Energy Auctions
Power Plant
Optimization
Power production
Project Plan
Detailed Design
38
Operational
Efficiency
• Corporate restructuring under assessment to bring more efficiency
CPFL Renováveis Integration
• CPFL Energia organizational model - “Plug&Play” platform to support growth
enabled a reduction of ~20% in administrative positions including
management level
 Transition period ended in October and more than 100 employees have
already migrated to administrative structure of CPFL Energia
 Increase expertise and seniority of administrative heads (IT, Supply,…) to
support CPFL Renováveis
 CPFL Renováveis headquarter was transferred to Campinas
 Systems integration roll-out under implementation
• Integration of CPFL Renováveis administrative structure into CPFL Energia
organizational model was approved on July 1st, 2019
39
Growth and Efficiency in Distribution
Luis Henrique Ferreira Pinto
SP
RS
4.6 MM customers 1.8 MM customers
0.5 MM customers
2.9 MM customers
DISTRIBUTION DATA:
4 distributors;
• 687 cities;
• 4 states;
• 9.7MM customers;
• 22MM people;
• 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
41
• 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$MM)
SAIDI
(hours)
SAIFI
(times)
• AES Sul shared the same
geographic footprint with
RGE in the Rio Grande do
Sul state
• The integration took 18
months to be completed
and 92 systems were
integrated
1) Last 12 months ended in September 2019.
Successful turnaround of AES Sul thanks to our
plug-and-play platform
DeliverablesStrategic Rationale
Reduction of 548
employees (12% of
initial base)
in 2 years
Improvements of
almost 4h in
availability in 2 years
Improvements of
3.5x in the
interruptions in 2
years
Relevant cost savings
synergies in 2 years
2016 2017 2018 2019
2016 2017 2018 2019
2016 2017 2018 2019
612
794
1,120
1,264
(1)
+
Synergistic
Growth
42
Distribution Capex(e)1,2 2019-2023 | R$ Million
Total:
R$ 10,094 million 3
RGE:
R$ 4,336 million
Piratininga:
R$ 1,274 million
Paulista:
R$ 3,762 million
Santa Cruz:
R$ 722 million
1) Constant currency basis; 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)
 Expansion and strengthening of the electric system
 Investment in digitalization and automation - Automatic Reclosers
 Upgrade of management and operational support systems - ADMS
 Smart Metering project – group A in RGE Sul
Smart Metering
Project for group B is
not included in
Capex 2019-2023
43
A new level of operational efficiency:
investments in technology
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
45
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
46
Estimated Capex to reach the whole concession areas:
R$ 5.5 bn in 10 years
Goal: Replace the current Operation Systems in order to enable
the growth of intelligent and remote-controlled devices
Implementation Deadline: Feb-2023 (for all CPFL Discos and
full integration with satellite solutions)
Capex: R$ 47 MM
Headcount: 15 employees working full-time and 56+ part-time
Main improvements:
 Enables the growth of 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
47
2015 2016 2017 2018 2019 2027
4.9 5.1
7.9
9.8 10.7
23.5
Installation of Automatic Reclosers
Installed Automatic Reclosers (thousands)
Expected results
 Reduction of interruption time for clients
 Reduction of displacement of field teams
 Increase of operational efficiency
2019-23 Strategic PlanActual
Operational
Efficiency
48
Legal & Institutional Relations
Gustavo Gachineiro
Corporate
Governance1
Vice-Presidency of Legal &
Institutional Relations
Legal
Corporate
Communications
& Institutional
Relations
Sustainability
CPFL Institute
Vice-Presidency of Legal & Institutional Relations is responsible
for the relations with several stakeholders
1) Also reports to BoD50
Corporate
Governance
Shareholders’ Meeting
Bylaws
Board of Directors - BoDIndependent Auditors
5
Committees
Board of Executive Officers - BoE
Officers
Corporate Governance
Guidelines
2 Independent
Members
1 Professional
Member
Related Parties
Committee with 2
Independent Members
2021: Audit
Committee
CORPORATE GOVERNANCE DEPARTMENT
Audit Committee
for SOx
Fiscal Council - FC
Our Corporate Governance model is based on Brazilian’s best
practices, recommended by IBGC and Novo Mercado rules
51
BoE
(Subsidiaries+Holding)
Proposal/Pre-approval
BoD
Committees
(Holding)
+
Fiscal Council
BoD
approval
recommendation
of vote
 Strong Corporate Governance Controls
 Novo Mercado + CVM + SOx + ANEEL
 Corporate Governance Guidelines disclosed to ensure
transparency to stakeholders
 Adoption of practices and constant improvement
according to IBGC standards
 Controlling shareholder emphasizes Corporate
Governance
 Stronger formal governance controls (inclusion of
governance approvals into the Bylaws)
 Creation of Corporate Governance Department
ensuring compliance and best practices (report to BoD)
 Strict governance, but fully adaptable to business
needs
Corporate
Governance
The Corporate Governance model is aligned from the
Subsidiaries to our Holding
52
• Reputation Research
• Brand management and analysis
 26 brands
• Social media as relationship channels with
439k followers
• Highlight: initiatives to encourage the use of
digital channel for services
• More than 2000 news/month
• 97% of positive media at top tier media
• Owned & paid media strategy
including agencies and energy bill
• Institutional & targeted campaign :
 Safety/ Digital channels/
Energy Efficiency/ consumer
rights and duties/ Institutional
• Events as relationship building:
 59 external
 48 internal
• Brand and Project activation
• Segmented
communication channels:
operation, leadership and
administrative public
• Endomarketing campaigns
focused at strategic and
priority themes
• Crisis committee
• Sensible topics monitoring EVENTS
EXTERNAL
COMMS
(MKT)
BRANDING
DIGITALPRESS
INTERNAL
COMMS
CRISIS
MANAGEMENT
Institutional
Relations,
Comms &
Marketing
Corporate
Communications &
Institutional Relations
The Department Plan
53
Safety Campaign - Guardian of life
- The strength of an internal value
(Ambassador Employee)
- Consumer as protagonist of the campaign
- CPFL Group's largest media investment
Focus in the client- digital behavior
- Hit target: 80% of digital services
- App and site
- Conta fácil (Easy bill)
- Smart meters
Corporate
Communications
& Institutional
Relations
EXTERNAL
COMMS
(MKT)
54
Safe & Efficient
Operations
Core business processes to make it
safer and more efficient
Corporate development,
Growth & Innovation
Trends and opportunities to achieve
development and business growth
Reputation &
Responsibility
Initiatives that contribute to risk
reduction and recognition
Workforce
Employees Outsourced
Suppliers
[1] Safety culture
[2] Efficient supplier management
[6] Human capital development [10] Labor relations and compliance
[11] Attraction and retention
Business
Relationships
Shareholder
Regulator
Clients
[3] Efficient services
[4] Information Technology
[7] Carbon market and GHG emissions
[8] New business and opportunities
[12] Improvement in relationships
Communities
Population
Civil society
NGOs
[5] Prevention and mitigation of impacts [9] Sustainable solutions [13] Community development
Value
driver
Stakeholder
3prioritystakeholdergroups
56
indicators
CPFL Sustainability Platform main Drivers and
Stakeholders define our operations
3 of the main value drivers
Sustainability
55
Environmental Management
 CPFL Paulista, CPFL Piratininga, RGE and HPPs are
ISO 14.001:2015 certified, with annual internal
and external audits
 Contract with emergency response company for
potential environmental accidents (Avoid Liability)
 Supplier Development Program (trainings and audits):
20 critical suppliers
Environmental Committees in Generation
SPE’s
 HPPs - EPASA / BAESA / ENERCAN / CERAN / Foz
do Chapecó / Serra da Mesa
Environmental Licensing
 420 Operation Licenses (Generation, Transmission
and Distribution)
 Over 100 licensing processes per year for new
assets related to BAR and Green Field projects
(Usually in State level)
Vegetation Management
 Safer Afforestation: 34 partner municipalities
(substitution of 2,500 inappropriate trees and
over 10,000 new trees planted in 2019)
Our Environmental Management System is focused on the
Protection, Optimization and Creation of Sustainable Value
Sustainability
56
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 in the last year
Sustainability
57
CPFL Institute is the social investment platform of the CPFL group, created in 2003.
We believe in the power of Art, Culture and Sport to transform lives and the society as a whole.
SOCIAL CULTURE SPORTS
128
municipalities
served
7.4
million
people linked
online
430,000
people favored by
social, cultural and
sports activities
600,000
Followers in social
networks
CPFL InstituteThe CPFL Institute destined around R$ 32 MM for initiatives that
positively impacted the communities in 2018
58
Financial outlook
Yuehui Pan
Cost control
and detailed
business
monitoring
Financial outlook
Financial
planning
Liability
management
Cash flow
management
Assessment for
new assets
Definition of
hurdle rates
Financial
Discipline
60
61
ZBB process is based on a matrix model which brings more transparency,
commitment and engagement to the Company as a whole
 3-month process
 Involvement of all
executives
 50+ meetings
 77% driver-based
budget
260+
Employees
working for
the ZBB
process
VP VP … VP
Full responsibility for the budget of all
expenses under their management
• ZBB Drivers: Productivity
Indicators by Area
• ZBB Ranking: Prioritization of
Activities by Department
• ZBB Drivers: Standard Cost,
Volume and Pricing Drivers
• ZBB Ranking: Individually
validated with Executives Dept.
P
M
S
O
Matrix mgmt
for cost control
ZBB Budget Process
 Forum between
Controllership and
Departments for
performance analysis
 Individual meetings with
business heads
 Presentation in BoD
Meeting
 Structured cost
performance report
Packageexpenses
Financial
Discipline
Monthly
follow-up
6262
Planning process involves all company’s departments to guarantee the quality of outputs:
 Business model per company (~150 models) and designed until the end of each concessions period
 Releases multi-year financial figures and KPI’s
Deliverables:
 Annual budget - In order to establish a guidance for CPFL results to measure business performance
 Rolling Forecast on a monthly basis - Evaluate possible impacts in advance
 Valuation: View of each entity and consolidated (SOTP)
 WACC (CAPM) definition – Drives investment and M&A decision
 Tool for financial scenario analysis, leverage monitoring – Supporting company decision:
Assure predictability and
better decision-making
 M&A scenarios: CPFL Energia consolidated impacts
 Regulatory impacts and support company’s conversation with
ANEEL
 Investment/Strategic decision
 Funding strategy decision
Financial
DisciplineFinancial Planning as a value creator
High
performance
of cash
High
predictability
of cash
Lower
risks
Cash Flow Management of more than 750 bank accounts, for
over 120 companies integrated and automated by ERP
High level of controls. Reconciliation 100%
automated in ERP, bank statement and general ledger
Cash Flow Actual & Forecast integrated in SAP Hanna
daily projections, tracking of deviations causes
higher accuracy.
Working Capital optimization: payments postponing
and receivables anticipations
Analyze and develop methods to measure credit risks.
Avoid financial losses with customers and suppliers (~2.500
companies monthly monitored)
TREASURY
Cash Flow management
Financial
Discipline
63
Goals
Prefunding
Prefund short term cash needs: in an early stage,
analyze the companies’ cash needs in order to maintain
liquidity and obtain better funding conditions in the
domestic and international financial markets
Support to
growth
Long term finance for Investments
Liability
Management
Active liability management of portfolio: seeking to
lengthen the average term and/or reduce the costs of the
debt portfolio
Highlights
Preserve
liquidity
Support
growth
Reduce
costs
Avoid
negative
carry
 Upgraded by 3 rating agencies:
CPFL prefund its short term needs and has an
active access to the capital markets
 Active relationship with +20 banks and
dozens of institutional investors
 Downtrend in leverage
 CPFL Renováveis cost of debt
convergence will unlock value to
shareholders through replacement of
debts
brAAA AAA(bra) AAA.br
Financial
Discipline
1 notch higher than sovereign rating
64
CPFL Financing Plan execution in 2019
 This Financing comprises the cash
needs for the next year
 Execution of this Plan:
 Amount: BRL 1.6 Bn
 Average term: 1.5 years
 Average cost: 104.7% CDI
 Funding in order to supply
Distribution companies’ Capex
 BNDES agreement signed in Dec-18:
 Amount: BRL 1.6 Bn
 Average term: 5.0 years
 Cost: IPCA + 4.8%
 Discos
 BRL 2.5 Bn debt replacement
 Average maturity: +2.9 years
 Cost: from CDI+0.48% to
CDI+0.23%
 CPFL Renováveis
 BRL 0.8 Bn debt replacement
 Average maturity: +2.5 years
 Cost: from 117.24% to 105.5% CDI
 Total debt replacement of BRL 3.4
Bn
Prefunding Support for Growth Liability Management
 Long-term investments acquired
through auctions
 BNB agreement signed last December
to fund CPFL Maracanaú (transmission
project):
 Amount: BRL 42 MM
 Average term: 11.5 years
 Cost: IPCA + 2.67%
Financial
Discipline
65
9M19 Results
EBITDA
9M19
R$ 4,653
MM
9M18
R$ 4,283
MM
Net Income
9M19
R$ 1,892
MM
9M18
R$ 1,496
MM
CAPEX
9M19
R$ 1,582
MM
9M18
R$ 1,370
MM
15.5%
R$ 212 MM
26.5%
R$ 396 MM
8.6%
R$ 370 MM
EBITDA
 Distribution continues as a highlight, with
an increase of 18.5%, mainly favored by
2018 tariff revisions
 Good performance of Conventional
Generation and Commercialization, Services
& Others offset the negative impact of
Renewable Generation (weak wind
performance in 2019)
Net Income
 Financial results favored by lower interest
rates and indebtedness, along with higher
regulatory assets
 Higher income tax due to better EBITDA
and financial results
CAPEX
 Distribution - R$ 1,436 MM in 9M19:
• Expansion and strengthening of the electric
system
 Renewable Generation- R$ 95 MM in 9M19:
• Gameleira and Cherobim projects
 Services - R$ 32 MM in 9M19:
• Upgrade of management and operational
support systems
• Uptrend systems to support management
decisions, operational and clients issues
9M19 Results
67
Leverage l Financial covenants criteria | R$ billion Gross debt breakdown by indexer 5
IFRS | 3Q19
Adjusted EBITDA1,2
R$ Million
Gross debt cost5 | IFRS | End of period
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
64%
4%
17%
15%
CDI Pre-fixed TJLP Inflation
Indebtedness
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
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 maturity:
3.24 years
Average Tenor: 3.24 years
Short-Term (12M): 16% of total
Cash Coverage:
0,93x Short-Term
Amortization(12M)
Debt Amortization Schedule | IFRS | End of period 6
68
Thank you
© CPFL Energia 2019. Todos os direitos reservados.

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20240709 CDB Investor Deck_Jul24_vF_Website.pdf
 

CPFL Investor Day 2019

  • 3. 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 3
  • 4. We believe CPFL performance is based on 5 pillars Differentiated Corporate Governance Financial Discipline Synergistic Growth Sustainability Operational Efficiency 4
  • 5. 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 5
  • 6.  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 6
  • 7. 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 7
  • 8. 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 8
  • 9. Strategy and Processes Management Committee Human Resources Management Committee Related Parties Committee Risks Management Committee 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 9
  • 10. 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 Employee Development & Diversity  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 10
  • 11. 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 11
  • 12. • 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$10.1 billion investment plan in the next 5 years • M&A: Sizeable potential privatization opportunities within Company’s area of influence • Does not represent a growth focus to CPFL at the moment, but can be evaluated in a further moment • Contributes to company’s balanced and diversified generation portfolio • Organic: High quality pipeline totalizing 2.9 GW of installed capacity with 40.7% projects ready for auction • M&A: Highly fragmented sector with several M&A opportunities The “Plug & Play” platform Distribution Renewable generation Transmission Conventional generation 12 Synergistic Growth
  • 13. 17% 14% 12% 7%5%5% 4% 9% 6% 5% 2% 1% 12% Opportunities in Distribution RAB: R$ 3 bn RAB: R$ 2 bn RAB: R$ 9 bn RAB: R$ 1 bn RAB: R$ 5 bn Nowadays, around 60% of Brazilian market is controlled by 6 private companies But we still have interesting state-owned assets to be privatized in the next years Others Market share in Distribution - 2018 13 Synergistic Growth
  • 14. Opportunities in Generation 1) Source: EPE Ten-year Plan 2019-2029. Expected investments in the wind, solar, biomass and small hydro sources until 2029; 2) Source: PARACEMP Aneel; 3) CPFL estimates, considering 50% of total investment estimated by EPE. 14 36.7 74.9 24.5 8.5 2.5 2.7 Wind Solar Biomass & Biogas SHPP 2019 2029 2,133 110 149 340 5,146 High quality pipeline of CPFL (MW) • There are still several opportunities in the renewable sector, which remains highly fragmented • Strong track record in M&A, with 22+ renewable generation assets acquired and successful integration given “Plug & play” platform • Estimated Capex of R$ 120 billion (3) Highly fragmented sector² (5.9%) Player 2 (4.8%) Player 3 (3.4%) Player 4 (3.4%) Player 5 (3.4%) Player 6 (3.2%) Player 7 (2.9%) Others (73%) Top 7 players 27% Brazilian Renewables Installed Capacity Projection 2019-29E1 (GW) SHPPWind Solar 2,415 OrganicGrowth Inorganic Growth Pipeline of 2.9 GWInstalled Capacity TotalUnder construction 10.2% 17.6% 1.7% 3.6% CAGR19E-29E Synergistic Growth
  • 15. Opportunities in Transmission Energy consumption centers are far from the generation centers Hydro generation (Ex. Jirau, Belo Monte, and Santo Antônio) Main areas consumption areas Solar and Wind generation CPFL Capex Plan for Current Transmission Assets Expected capex disbursement | R$ MM 58 348 217 19 0.04 642 2019E 2020E 2021E 2022E 2023E Total  2 operational assets: Piracicaba and Morro Agudo  3 auctions won in 2018: Maracanaú II in Aug-18, Sul I and II in Dec-18 – 168 kilometers and combined RAP of R$68.2 million/year Focus on areas with operations and/or project from CPFL businesses with risk limitation – niche approach (most of Capex in low overrun risk items) For future transmission auctions Brazilian planned transmission expansion Dec-19 (e) 2020-24 2025-29 2029 (e) 154 203 32 17 Dec-19 (e) 2020-24 2025-29 2029 (e) 396 557 100 62 Transmission lines (‘000 km) Substations (‘000 MVA) +32% +41% Estimated Capex  Transmission lines: R$ 73.6 BI | Substations: R$ 30.1 BI 15 Synergistic Growth
  • 16. SGCC STRATEGY: SGCC aspires to become a world-class energy internet company by 2035 State Grid Corporation of China: • aspires to become a world-class energy internet company • serving as an energy-transforming hub, value-creating platform, benefit- sharing community • with the development of Strong & Smart Grid and Internet of Things in Electricity. 16
  • 17. The actions of CPFL Strategic Plan are aligned with SGCC Strategy Strong & Smart Grid:  Smart Meter (regulation + implementation)  Grid Modernization projects  Operation Center integration Internet of Things in Electricity:  R&D projects (microgrid, Smart City, Storage)  IT/Telecom and Digital Roadmaps Vision & Mission: aligned with idea of world-class company  Focus in technologies and renewable energy  Be leader in operation efficiency financial performance and quality of services  Advance in sustainability and social responsibility Benefit-sharing Community:  Low Carbon Portfolio (growth in Renewables, energy efficiency projects)  Safety  Start-up programs (CPFL Inova)  Social initiatives (CPFL Institute) Value-creating Platform:  Analytics Center  RPA factory  CPFL Soluções  CPFL Total Energy transforming Hub:  Initiatives to increase Reliability Plan  Digitalization plan 17
  • 18. CPFL Soluções: Reaching the modern consumer Karin Luchesi
  • 19. The new brand is already born with 1,611 customers at the end of 2018 and representing about 2% of CPFL Energia's EBITDA. CPFL Soluções 969 free customers of which 868 special customers (Sep- 19) 53 customers served in 2019 R$ 8.7 MM invested in projects with customers 37 contracts for works on transmission lines/substation 135 O&M contracts 6.54 MWp (2017-YTD). More than 4.4 MWp in photovoltaic energy only in 2019 Offer integrated solutions consolidated in a single platform to generate value and to increase the competitiveness to the customers by adding technical and financial solutions CPFL Brasil: until September 2019/ Others: until October 2019 01 Industry knowledge 02 Broad portfolio 03 End-to-end consolidated structure CPFL's 107 years of knowledge consolidated through the implementation of these new initiatives Complete portfolio with integrated solutions meets customers' energy needs End-to-end customer service structure to deliver value, competitiveness and financial return Sustainable Growth Risk Mitigation 01 Credit risk 02 Market risk 03 Operational risk Credit policy that mitigates clients' potential for default, with well- established rules and tools Structured methodology for market risk management and business impact assessment Training and continuous improvement of processes and tools to ensure as few failures as possible. Sustainable Growth 19
  • 20. New consumer New technologies, related to regulatory changes and access to information, change energy consumer profile ENERGY More sector knowledge given the relevance of input in the production chain and impact on operations: tariff flags, PLD, GSF, cross subsidies, etc. FLEXIBILILITY Choose from one or a combination of energy saving and security alternatives - free market, DG, efficiency, cogeneration, storage OPTIMIZATION Efficient management using technology to monitor and track real time consumption and assets SUSTAINABILITY Renewable energy as a pillar of the business growth. Energy savings to invest in the core business of the Company 20
  • 21. 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 21
  • 22. 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 22
  • 24. Source CCEE – Infomercado - Sep’19 Free Market – steady high growth (7.5% p.y) over the last 5 years CPFL Brasil grew 18.6% p.y over this period in sales to final consumer, with a high growth in its core product (incentivized source +32.7% p.y.) Regulated Free Consumption (MWavg) 14,581 15,685 18,313 19,080 19,505 46,762 45,852 44,010 44,156 44,729 2015 2016 2017 2019 YTD2018 +7.5% -1.1% +1.3% +2.2% 24
  • 25. +73% Source CCEE – Infomercado - sep’19 / SAP and Maxcom v.970 Free Market – Number of customers continues to grow at a faster pace (19.9%) CPFL Brasil grew exponentially in number of customers Number of agents in the Free Market Number of CPFL end customers 44 65 98 105 101 140 394 534 702 868 2015 2018 459 2016 2017 2019 YTD 632 184 807 969 +20.1% 623 812 874 887 1,534 1,203 3,250 4,318 4,932 5,445 2015 1,826 2016 2017 2019 YTD2018 4,062 5,192 5,819 6,979 +19.9% +25.3% +45.9% +23.1% +57.8% +10.4% +23.6% -3.8% Incentivized Customers Free Customers25
  • 26. 2,908 2,199 2,186 2,063 1,622 1,503 1,429 1,367 1,215 1,199 33,703 6% 4% 4% 4% 3% 3% 3% 3% 2% 2% 66% 2,512 1,878 1,777 1,347 1,328 1,268 1,116 1,104 1,093 1,087 27,357 6% 4% 4% 3% 3% 3% 3% 3% 3% 3% 65% 858 503 396 353 325 321 290 286 250 227 5,717 9% 5% 4% 4% 3% 3% 3% 3% 3% 2% 60% Total 51,394 MWavg 41,867 MWavg 9,526 MWavg Others Others CPFL Brasil – Top 3 in total market | Market Leader in incentivized energy Source: Informercado CCEE – 2019; sep’19 – accumulated data (oct’18 to sep’19) Others General (MWavg) – 20191 Conventional (MWavg) Incentivized (MWavg) 26
  • 27. Government Initiatives Ministry of Energy initiated the following public consultation with impact direct in the free market • CP 77: reduce the limits of customer obligation to acquire energy from incentivized sources and propose market study to be concluded by 01/22 to assess market liberalization (below 500Kw) by 2024 Group B liberalization 2.3 Current 19.5 6.5 19.5 Group A liberalization 44.6 19.5 21.8 26.0 64.1 12.0 84,013.3 14.8 25.2 Current 185.6 14.8 Group A liberalization 84,000.0 14.8 Group B liberalization 198.9 New Migration: unpenetrated market of +12k clients and 2.3GWavg of energy Governmental initiatives towards a liberalized market might increase market potential exponentially 1 – Internal analysis using the Valuation 07/2019 and regulatory changes; 2 – CPFL´s contribution in public consulting 33; 3) Samp aneel Migration Potential Current Consumption Energy consumption¹ (GWavg) UCs Number3 (nº k) Expected migration when economically feasible resulting in a market increase Migration Potential Current Consumers (UCs) 27
  • 28. How CPFL is preparing for upcoming market increase? Go to Market Technological platform revision Trading Desk active management Energy Trading Business Unit • End to end process revision • Gains of scale & agility • Digitalization • Market pricing (business acumen) • Risk management (market and credit) • CPFL Group total energy portfolio management • Sales teams, targets, incentives and culture aligned with this new environment • Customer segmentation • Customers’ energy advisory service 28
  • 30. Leader in energy generation by renewable sources in Brazil 370 453 1,309 2,133 Total operating 1.1 652 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 Installed Capacity (MW) Portfolio Evolution (MW) R$ 1.1 billion EBITDA in LTM3Q19 (60.5% margin) Net Income of R$ 99 million in LTM3Q19 99 power plants (5 being implemented) 58 municipalities 4 sources 1) August 2011 – CPFL Renováveis creation. 2.9 GW pipeline 30
  • 31. Business Development - expertise to implement and operate projects and strong pipeline for growth +1.4 GW Projects Development 729 MW Acquisitions Track Record High Quality Pipeline + 4 GW of M&A pipeline Contracted Capacity Pipeline of 2,903 MW, with 1,181 MW ready to participate in auctions Total M&A Opportunities 5,146 1,181 149 340 2,133 2018 110 SHPP + Wind Synergistic Growth 2,415 1,234 Ready to sell energy 31
  • 32. 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% 32 Synergistic Growth
  • 33. 31% 45% 48% 49% 52% 36% 31% 42% 50% 48% 49% 35% 28% 38% 48% 47% 49% 33% CE RN PE PI BA RS 2017 2018 2019 Wind Farms Performance Expected Generation Certification - Camargo-Schubert (Brazil) and DNV-GL (USA) • Equivalent to 1,412 years of operational performance • More than 33 GW evaluated • 268 wind farm evaluated • 6.9 GW evaluated (as of Sep/18) • Average deviation of -1% • Average deviation of -1% (Brazil and NE) CPFL Renováveis had contracted two certification companies to conduct energy assessment studies and both companies have a very good accuracy at predicted energy with deviation about -1% -11% -7%-4%1% -20% -9% Brazil Wind Benchmarking1 Average Capacity Factor - Last 2 years It was considered only from January to August of each year 1) Source: ONS, September 2019. Assumptions: wind farms connected to SIN, under operation after January 1st, 2017. 33
  • 34. CPFL Renováveis has been constantly and consistently seeking improvements in its operational efficiency WCM - WORLD CLASS MANAGEMENT INCREASE IN EFFICIENCY MANAGEMENT ORGANIZATION STRUCTURES PROCESSES FUNCTIONAL STRUCTURES IT SGM - STRATEGIC MANAGENT SYSTEMS  World Class Project:  Achieve international excellence level in asset management and operational processes  Asset monitoring center  Predictive and conditional maintenance - machine learning  Continued search for efficiency gains:  Integrated Operations Center for four sources and different technologies  Online monitoring tools  Specialized team focused on supplier monitoring  Benchmark among different suppliers  Structuring projects:  Review and standardization of operational processes  BSC for operational indicators and targets  Systems unification Long term asset management strategy – Avançar Program Operational Efficiency 34
  • 35. Remote Operation: 24 hours a day / 7 days a week • Integrated operations center - Jundiaí, SP • Operation of all 94 assets in a centralized and standardized manner • 4 different generation sources • 6 different wind generation technologies • Integration of different operating systems SCADA operational system - High performance concepts • COI interfaces more effective and inspired in the aeronautical industry • Enable online tracking of every operation focusing on the most critical assets for efficiency Integrated Operations Center (COI) - reference for operational management in the renewable sector in Brazil Lost of Energy due to unavailability Installed Capacity Online monitoring1,2 - Generation level, availability and efficiency Lost of Energy due to low efficiency Actual Generation The same information, in different time spans 1) Online monitoring allows to maximize production level; 2) Online monitoring is also performed via mobile phones. Operational Efficiency 35
  • 36. Maintenance strategy based on the criticality of the asset CPFL Renováveis also adopts predictive and condition monitoring methodologies Assets monitoring center1 Electric power systems monitoring Indicators: temperature in different components, gas pressure, thermographic and surveillance cameras, etc. 1) Predictive algorithm sensors enable early failure risk identification. Mechanical system monitoring Indicators: vibration level in different components, temperature, pressure, etc. Operational Efficiency 36
  • 37. CONTINUOS PROCESS O&MEXECUTIONPREPARATIONVIABILITYDEVELOPMENTPROSPECTION PROJECT SOLD ON AUCTION OR FREE MARKET COMMERCIAL OPERATION PROJECT PRIORIZATION & DEVELOPMENT FOR APPROVAL BUSINESS DEVELOPMENT ENGINEERING & CONSTRUCTION O&M VIABILITY MANAGEMENT EXECUTION MANAGEMENT OPERATION MANAGEMENT Project Life Cycle 37 Operational Efficiency
  • 38. Workflow Prospection and Acquisition Development Engineering & Construction Operation Technical due diligence Engineering Conceptual/ Basic Design Engineering Optimization Project Concept Project Execution CAPEX control, chronogram control, Contracts management, risk management Licensing, Property, Finance, Sourcing Energy Auctions Power Plant Optimization Power production Project Plan Detailed Design 38 Operational Efficiency
  • 39. • Corporate restructuring under assessment to bring more efficiency CPFL Renováveis Integration • CPFL Energia organizational model - “Plug&Play” platform to support growth enabled a reduction of ~20% in administrative positions including management level  Transition period ended in October and more than 100 employees have already migrated to administrative structure of CPFL Energia  Increase expertise and seniority of administrative heads (IT, Supply,…) to support CPFL Renováveis  CPFL Renováveis headquarter was transferred to Campinas  Systems integration roll-out under implementation • Integration of CPFL Renováveis administrative structure into CPFL Energia organizational model was approved on July 1st, 2019 39
  • 40. Growth and Efficiency in Distribution Luis Henrique Ferreira Pinto
  • 41. SP RS 4.6 MM customers 1.8 MM customers 0.5 MM customers 2.9 MM customers DISTRIBUTION DATA: 4 distributors; • 687 cities; • 4 states; • 9.7MM customers; • 22MM people; • 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 41
  • 42. • 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$MM) SAIDI (hours) SAIFI (times) • AES Sul shared the same geographic footprint with RGE in the Rio Grande do Sul state • The integration took 18 months to be completed and 92 systems were integrated 1) Last 12 months ended in September 2019. Successful turnaround of AES Sul thanks to our plug-and-play platform DeliverablesStrategic Rationale Reduction of 548 employees (12% of initial base) in 2 years Improvements of almost 4h in availability in 2 years Improvements of 3.5x in the interruptions in 2 years Relevant cost savings synergies in 2 years 2016 2017 2018 2019 2016 2017 2018 2019 2016 2017 2018 2019 612 794 1,120 1,264 (1) + Synergistic Growth 42
  • 43. Distribution Capex(e)1,2 2019-2023 | R$ Million Total: R$ 10,094 million 3 RGE: R$ 4,336 million Piratininga: R$ 1,274 million Paulista: R$ 3,762 million Santa Cruz: R$ 722 million 1) Constant currency basis; 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)  Expansion and strengthening of the electric system  Investment in digitalization and automation - Automatic Reclosers  Upgrade of management and operational support systems - ADMS  Smart Metering project – group A in RGE Sul Smart Metering Project for group B is not included in Capex 2019-2023 43
  • 44. A new level of operational efficiency: investments in technology
  • 45. 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 45
  • 46. 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 46 Estimated Capex to reach the whole concession areas: R$ 5.5 bn in 10 years
  • 47. Goal: Replace the current Operation Systems in order to enable the growth of intelligent and remote-controlled devices Implementation Deadline: Feb-2023 (for all CPFL Discos and full integration with satellite solutions) Capex: R$ 47 MM Headcount: 15 employees working full-time and 56+ part-time Main improvements:  Enables the growth of 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 47
  • 48. 2015 2016 2017 2018 2019 2027 4.9 5.1 7.9 9.8 10.7 23.5 Installation of Automatic Reclosers Installed Automatic Reclosers (thousands) Expected results  Reduction of interruption time for clients  Reduction of displacement of field teams  Increase of operational efficiency 2019-23 Strategic PlanActual Operational Efficiency 48
  • 49. Legal & Institutional Relations Gustavo Gachineiro
  • 50. Corporate Governance1 Vice-Presidency of Legal & Institutional Relations Legal Corporate Communications & Institutional Relations Sustainability CPFL Institute Vice-Presidency of Legal & Institutional Relations is responsible for the relations with several stakeholders 1) Also reports to BoD50
  • 51. Corporate Governance Shareholders’ Meeting Bylaws Board of Directors - BoDIndependent Auditors 5 Committees Board of Executive Officers - BoE Officers Corporate Governance Guidelines 2 Independent Members 1 Professional Member Related Parties Committee with 2 Independent Members 2021: Audit Committee CORPORATE GOVERNANCE DEPARTMENT Audit Committee for SOx Fiscal Council - FC Our Corporate Governance model is based on Brazilian’s best practices, recommended by IBGC and Novo Mercado rules 51
  • 52. BoE (Subsidiaries+Holding) Proposal/Pre-approval BoD Committees (Holding) + Fiscal Council BoD approval recommendation of vote  Strong Corporate Governance Controls  Novo Mercado + CVM + SOx + ANEEL  Corporate Governance Guidelines disclosed to ensure transparency to stakeholders  Adoption of practices and constant improvement according to IBGC standards  Controlling shareholder emphasizes Corporate Governance  Stronger formal governance controls (inclusion of governance approvals into the Bylaws)  Creation of Corporate Governance Department ensuring compliance and best practices (report to BoD)  Strict governance, but fully adaptable to business needs Corporate Governance The Corporate Governance model is aligned from the Subsidiaries to our Holding 52
  • 53. • Reputation Research • Brand management and analysis  26 brands • Social media as relationship channels with 439k followers • Highlight: initiatives to encourage the use of digital channel for services • More than 2000 news/month • 97% of positive media at top tier media • Owned & paid media strategy including agencies and energy bill • Institutional & targeted campaign :  Safety/ Digital channels/ Energy Efficiency/ consumer rights and duties/ Institutional • Events as relationship building:  59 external  48 internal • Brand and Project activation • Segmented communication channels: operation, leadership and administrative public • Endomarketing campaigns focused at strategic and priority themes • Crisis committee • Sensible topics monitoring EVENTS EXTERNAL COMMS (MKT) BRANDING DIGITALPRESS INTERNAL COMMS CRISIS MANAGEMENT Institutional Relations, Comms & Marketing Corporate Communications & Institutional Relations The Department Plan 53
  • 54. Safety Campaign - Guardian of life - The strength of an internal value (Ambassador Employee) - Consumer as protagonist of the campaign - CPFL Group's largest media investment Focus in the client- digital behavior - Hit target: 80% of digital services - App and site - Conta fácil (Easy bill) - Smart meters Corporate Communications & Institutional Relations EXTERNAL COMMS (MKT) 54
  • 55. Safe & Efficient Operations Core business processes to make it safer and more efficient Corporate development, Growth & Innovation Trends and opportunities to achieve development and business growth Reputation & Responsibility Initiatives that contribute to risk reduction and recognition Workforce Employees Outsourced Suppliers [1] Safety culture [2] Efficient supplier management [6] Human capital development [10] Labor relations and compliance [11] Attraction and retention Business Relationships Shareholder Regulator Clients [3] Efficient services [4] Information Technology [7] Carbon market and GHG emissions [8] New business and opportunities [12] Improvement in relationships Communities Population Civil society NGOs [5] Prevention and mitigation of impacts [9] Sustainable solutions [13] Community development Value driver Stakeholder 3prioritystakeholdergroups 56 indicators CPFL Sustainability Platform main Drivers and Stakeholders define our operations 3 of the main value drivers Sustainability 55
  • 56. Environmental Management  CPFL Paulista, CPFL Piratininga, RGE and HPPs are ISO 14.001:2015 certified, with annual internal and external audits  Contract with emergency response company for potential environmental accidents (Avoid Liability)  Supplier Development Program (trainings and audits): 20 critical suppliers Environmental Committees in Generation SPE’s  HPPs - EPASA / BAESA / ENERCAN / CERAN / Foz do Chapecó / Serra da Mesa Environmental Licensing  420 Operation Licenses (Generation, Transmission and Distribution)  Over 100 licensing processes per year for new assets related to BAR and Green Field projects (Usually in State level) Vegetation Management  Safer Afforestation: 34 partner municipalities (substitution of 2,500 inappropriate trees and over 10,000 new trees planted in 2019) Our Environmental Management System is focused on the Protection, Optimization and Creation of Sustainable Value Sustainability 56
  • 57. 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 in the last year Sustainability 57
  • 58. CPFL Institute is the social investment platform of the CPFL group, created in 2003. We believe in the power of Art, Culture and Sport to transform lives and the society as a whole. SOCIAL CULTURE SPORTS 128 municipalities served 7.4 million people linked online 430,000 people favored by social, cultural and sports activities 600,000 Followers in social networks CPFL InstituteThe CPFL Institute destined around R$ 32 MM for initiatives that positively impacted the communities in 2018 58
  • 60. Cost control and detailed business monitoring Financial outlook Financial planning Liability management Cash flow management Assessment for new assets Definition of hurdle rates Financial Discipline 60
  • 61. 61 ZBB process is based on a matrix model which brings more transparency, commitment and engagement to the Company as a whole  3-month process  Involvement of all executives  50+ meetings  77% driver-based budget 260+ Employees working for the ZBB process VP VP … VP Full responsibility for the budget of all expenses under their management • ZBB Drivers: Productivity Indicators by Area • ZBB Ranking: Prioritization of Activities by Department • ZBB Drivers: Standard Cost, Volume and Pricing Drivers • ZBB Ranking: Individually validated with Executives Dept. P M S O Matrix mgmt for cost control ZBB Budget Process  Forum between Controllership and Departments for performance analysis  Individual meetings with business heads  Presentation in BoD Meeting  Structured cost performance report Packageexpenses Financial Discipline Monthly follow-up
  • 62. 6262 Planning process involves all company’s departments to guarantee the quality of outputs:  Business model per company (~150 models) and designed until the end of each concessions period  Releases multi-year financial figures and KPI’s Deliverables:  Annual budget - In order to establish a guidance for CPFL results to measure business performance  Rolling Forecast on a monthly basis - Evaluate possible impacts in advance  Valuation: View of each entity and consolidated (SOTP)  WACC (CAPM) definition – Drives investment and M&A decision  Tool for financial scenario analysis, leverage monitoring – Supporting company decision: Assure predictability and better decision-making  M&A scenarios: CPFL Energia consolidated impacts  Regulatory impacts and support company’s conversation with ANEEL  Investment/Strategic decision  Funding strategy decision Financial DisciplineFinancial Planning as a value creator
  • 63. High performance of cash High predictability of cash Lower risks Cash Flow Management of more than 750 bank accounts, for over 120 companies integrated and automated by ERP High level of controls. Reconciliation 100% automated in ERP, bank statement and general ledger Cash Flow Actual & Forecast integrated in SAP Hanna daily projections, tracking of deviations causes higher accuracy. Working Capital optimization: payments postponing and receivables anticipations Analyze and develop methods to measure credit risks. Avoid financial losses with customers and suppliers (~2.500 companies monthly monitored) TREASURY Cash Flow management Financial Discipline 63
  • 64. Goals Prefunding Prefund short term cash needs: in an early stage, analyze the companies’ cash needs in order to maintain liquidity and obtain better funding conditions in the domestic and international financial markets Support to growth Long term finance for Investments Liability Management Active liability management of portfolio: seeking to lengthen the average term and/or reduce the costs of the debt portfolio Highlights Preserve liquidity Support growth Reduce costs Avoid negative carry  Upgraded by 3 rating agencies: CPFL prefund its short term needs and has an active access to the capital markets  Active relationship with +20 banks and dozens of institutional investors  Downtrend in leverage  CPFL Renováveis cost of debt convergence will unlock value to shareholders through replacement of debts brAAA AAA(bra) AAA.br Financial Discipline 1 notch higher than sovereign rating 64
  • 65. CPFL Financing Plan execution in 2019  This Financing comprises the cash needs for the next year  Execution of this Plan:  Amount: BRL 1.6 Bn  Average term: 1.5 years  Average cost: 104.7% CDI  Funding in order to supply Distribution companies’ Capex  BNDES agreement signed in Dec-18:  Amount: BRL 1.6 Bn  Average term: 5.0 years  Cost: IPCA + 4.8%  Discos  BRL 2.5 Bn debt replacement  Average maturity: +2.9 years  Cost: from CDI+0.48% to CDI+0.23%  CPFL Renováveis  BRL 0.8 Bn debt replacement  Average maturity: +2.5 years  Cost: from 117.24% to 105.5% CDI  Total debt replacement of BRL 3.4 Bn Prefunding Support for Growth Liability Management  Long-term investments acquired through auctions  BNB agreement signed last December to fund CPFL Maracanaú (transmission project):  Amount: BRL 42 MM  Average term: 11.5 years  Cost: IPCA + 2.67% Financial Discipline 65
  • 67. EBITDA 9M19 R$ 4,653 MM 9M18 R$ 4,283 MM Net Income 9M19 R$ 1,892 MM 9M18 R$ 1,496 MM CAPEX 9M19 R$ 1,582 MM 9M18 R$ 1,370 MM 15.5% R$ 212 MM 26.5% R$ 396 MM 8.6% R$ 370 MM EBITDA  Distribution continues as a highlight, with an increase of 18.5%, mainly favored by 2018 tariff revisions  Good performance of Conventional Generation and Commercialization, Services & Others offset the negative impact of Renewable Generation (weak wind performance in 2019) Net Income  Financial results favored by lower interest rates and indebtedness, along with higher regulatory assets  Higher income tax due to better EBITDA and financial results CAPEX  Distribution - R$ 1,436 MM in 9M19: • Expansion and strengthening of the electric system  Renewable Generation- R$ 95 MM in 9M19: • Gameleira and Cherobim projects  Services - R$ 32 MM in 9M19: • Upgrade of management and operational support systems • Uptrend systems to support management decisions, operational and clients issues 9M19 Results 67
  • 68. Leverage l Financial covenants criteria | R$ billion Gross debt breakdown by indexer 5 IFRS | 3Q19 Adjusted EBITDA1,2 R$ Million Gross debt cost5 | IFRS | End of period 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 64% 4% 17% 15% CDI Pre-fixed TJLP Inflation Indebtedness 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 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 maturity: 3.24 years Average Tenor: 3.24 years Short-Term (12M): 16% of total Cash Coverage: 0,93x Short-Term Amortization(12M) Debt Amortization Schedule | IFRS | End of period 6 68
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