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Elektro Supply Request For Proposal - Summary

Elektro Supply Request For Proposal - Summary. Objective: Cover Elektro 2002 short position Volume: 120 MW in blocks ( maximum 120 MW, minimum 5 MW) Term: 2, 4, 5 or 10 years Modulation: To be proposed by seller Delivery Point: Southeast Submarket Center of Gravity

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Elektro Supply Request For Proposal - Summary

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  1. Elektro SupplyRequest For Proposal - Summary • Objective: Cover Elektro 2002 short position • Volume: 120 MW in blocks ( maximum 120 MW, minimum 5 MW) • Term: 2, 4, 5 or 10 years • Modulation: To be proposed by seller • Delivery Point: Southeast Submarket Center of Gravity • Start Date: January 1, 2002 • Price Adjustment: Yearly, escalated by 100 % Brazilian PPI (IGPM - same as Elektro’s tariff) or a mix of IGPM and FX (subjected to pass-through resolution) • Decision criteria: pricing against forward curve, pass-through limits to Elektro’s tariff and limitation of price exposure

  2. Elektro SupplyCurrent Status • Finalize RFP and send to major market players: Light, Gerasul, Copel, Tradener, AES/Tietê, Duke/Paranapanema, Furnas, Cemig, Escelsa,CPFL, EDP/Bandeirante, Grupo Rede, EPTE,CESP, IPPs • Proposals under negotiation: • Gerasul committed to send an offer this Wednesday for 84 average MW; Southeast sub market ; 4 or 5 years term. Start Date January 2002. POSTPONED TO FRIDAY • Tradener committed to send an offer this week for a minimum of 50 and a maximum of 120 average MW; Southeast sub market; 4 and 7 years term. Start Date January 2002 A FORMAL OFFER WAS RECEIVED • There isn’t much physical energy available in the market; time is running against us • Due to market condition and timing we recommend to close the position, or at least part of it, prior to complete RFP, if the above offers are acceptable

  3. Elektro PositionPotential Exposure NPV Elektro Position means present value for one year to cover Elektro position with market prices (one year swap price)

  4. Elektro SupplyTradener Proposal • Volume : 100 MW in 2002 and 200 MW in 2003 and 2004 • Delivery Point : SouthEast Sub Market • Readusjustment : IGPM ( Brazilian Whole Sale Index) • Price : 70 R$ per MWh • Maximum price allowed by curve : 1.05 Normative Value = R$ 75.97/ MWh • Maximum price for pass through purpose : R$ 75.97 / MWh • Tradener proposed price is 8.5% below limits. • Issue : Petrobras marketing Agreement

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