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Latibex – november, 2009

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AES Tietê
AES Tietê

The document discusses AES Brasil Group, one of Brazil's largest private electricity companies. It operates in generation, distribution, trading and telecommunications. Some key points: - AES Brasil serves over 7 million customers and has invested $5 billion since privatization in 1998. - AES Tietê operates 10 hydroelectric plants in São Paulo with a total capacity of 2,651 MW. Energy is contracted to AES Eletropaulo until 2015. - Brazil's electricity matrix is mostly renewable at 80%, mainly from hydro. The country has significant potential to develop more hydro, bioelectricity and other renewable sources.

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Latibex Forum November, 2009
AES Brasil Group 7 million Clients ... with a 2008 result: Market Share 6 thousand AES People R$ 3.2 billion (Ebitda) R$ 1.7 billion (net income) Discos 14.6% 85.4% Gencos 3.0% 97.0% Investments 1998 - 2008: R$ 5 billion after privatization AES Brasil Disco Genco Trading Company Telecom Others 2
AES Tietê Overview • 30 year concession until 2029 and renewable for another 30 year • 10 hydroelectric plants in the State of São Paulo at Tietê, Pardo and Mogi Guaçu rivers • Installed capacity of 2,651 MW with assured energy of 1,275 MW • 100% of assured energy contracted with AES Eletropaulo until the end of 2015 • 8 Small Hydro Projects under analysis with total capacity of 133MW • 2 Small Hydro Plants under construction totalizing 7 MW UHE Bariri UHE Água Vermelha UHE Barra Bonita UHE Caconde UHE Ibitinga UHE Euclides da Cunha UHE Promissão UHE Limoeiro UHE Nova Avanhandava PCH Mogi-Guaçu 3
Financial Facts Investments Breakdown – R$ million Ebitda – R$ million Ebitda Margin New SHPPs1 79% 79% 79% 81% Investments 75% 63 59 1,254 51 14 47 20 35 1,097 1,099 8 33 1,028 5 936 12 11 43 49 35 39 30 22 2006 2007 2008 2009(e) 9M08 9M09 2006 2007 2008 9M08 9M09 1- SHPPs Jaguari Mirim and Piabanha Net Debt – R$ billion Net Income – R$ million Net Margin Net Debt / Ebitda 100 % 100 % 100 % 100 % 100 % Pay-out 0.6x 0.6x 0.4x 0.3x 0.3x 50 % 44% 44% 0.7 0.7 42% 42% 0.5 692 636 614 609 0.4 0.4 495 2006 2007 2008 9M08 9M09 2006 2007 2008 9M08 9M09 4
Electric Energy: Brazil Installed Capacity 2009 2017 102,082 MW Annual Growth: 4,8% a.a. 154,645 MW 84% Renewable* 80% Renewable* * Renewable sources = Hydro, Small Hydro Plant (SHP), Biomass and Wind Source: 10 year Electric Expansion Plan - MME/EPE 5
Incentives for Renewable Energies • Renewable sources, such as small hydros, wind, biomass, waste and solar plants with installed capacity up to 30 MW receive public incentives • Long-term contracts are granted to incentivized energy generators through specific energy auctions • Renewable energy generators and free consumers that acquire incentivized energy are entitled to a discount (ranging from 50% to 100%) in their tariffs for the use of distribution network • No concession or bid process required, just an authorization from Regulatory Agency (ANEEL) • Tax exemption • Special credit facilities (BNDES) 6
Generation Potential Hydro Brazilian Hydroelectric Potential (MW) Amazonas 835 77,058 28,256 106,149 42.2 Paraná 41,696 10,742 5,363 57,801 23.0 Tocantins/ Araguaia 12,198 11,297 4,540 28,035 11.2 São Francisco 10,290 5,550 1,917 17,757 7.1 Atlântico Sudeste 4,107 9,501 1,120 14,728 5.9 Uruguai 5,182 6,482 1,152 12,816 5.1 Atlântico Sul 1,637 1,734 2,066 5,437 2.2 Atlântico Leste 1,100 1,950 1,037 4,087 1.6 Paraguai 499 846 1,757 3,102 1.2 Parnaíba 225 819 0 1,044 0.4 Atlântico NE Oc. 0 58 318 376 0.1 Atlântico NE Or. 8 127 23 158 <0.1 Total 77,777 126,164 47,549 251,490 100.0 % 30.9 50.2 18.9 100.0 Source: 10 year Electric Expansion Plan - MME/EPE 7
Generation Potential Bioelectricity Potential Bioelectricity Market for Export (MWavg) 13,158 12,158 11,158 10,158 9,158 CAGR: 18% 8,158 7,158 6,158 5,158 4,158 3,358 1,800 2,087 09 10 11 12 13 14 15 16 17 18 19 20 21 20 20 20 20 20 20 20 20 20 20 20 20 20 / / / / / / / / / / / / / 08 09 10 11 12 13 14 15 16 17 18 19 20 20 20 20 20 20 20 20 20 20 20 20 20 20 Source: Unica 8
Generation Potential Wind First Energy Auction from Wind Farms TOTAL WIND POTENTIAL OF 143.5 GW approved by the Regulatory Agency (ANEEL) North 9% • Auction scheduled for 14th of December of 2009 (12.8 GW) Northeast 52% • Energy supply through wind farms starting in (75 GW) July, 2012 • 20 years PPA Center West 2% • Ceiling bidding prices established in US$ (3.1 GW) 93/MWh (Dutch Auction) (FX = R$ 2.02 /US$) Southeast 21% • Estimated amount of energy to be (29.7 GW) South commercialized:13.3 GW (441 subscribed 16% projects) (22.8 GW) Source: ANEEL, Eletrobras 9
Generation Potential Small Hydro Installed Capacity (MW) 5,356 COD with environmental hazard COD with environmental restrictions COD without any restrictions 3,845 In operation 3,806 3,677 3,240 2,507 1,733 1,090 837 609 415 483 92 147 23 2014... 2010 2011 2012 2013 2000 2007 2008 2009 2001 2002 2003 2004 2005 2006 Source: ANEEL 10
The statements contained in this document with regard to the business prospects, projected operating and financial results, and growth potential are merely forecasts based on the expectations of the Contacts: Company’s Management in relation to its future performance. Such estimates are highly dependent ri.aestiete@aes.com on market behavior and on the conditions affecting Brazil’s macroeconomic performance as well as the + 55 11 2195 7048 electric sector and international market, and they are therefore subject to changes.

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Latibex – november, 2009

  • 2. AES Brasil Group 7 million Clients ... with a 2008 result: Market Share 6 thousand AES People R$ 3.2 billion (Ebitda) R$ 1.7 billion (net income) Discos 14.6% 85.4% Gencos 3.0% 97.0% Investments 1998 - 2008: R$ 5 billion after privatization AES Brasil Disco Genco Trading Company Telecom Others 2
  • 3. AES Tietê Overview • 30 year concession until 2029 and renewable for another 30 year • 10 hydroelectric plants in the State of São Paulo at Tietê, Pardo and Mogi Guaçu rivers • Installed capacity of 2,651 MW with assured energy of 1,275 MW • 100% of assured energy contracted with AES Eletropaulo until the end of 2015 • 8 Small Hydro Projects under analysis with total capacity of 133MW • 2 Small Hydro Plants under construction totalizing 7 MW UHE Bariri UHE Água Vermelha UHE Barra Bonita UHE Caconde UHE Ibitinga UHE Euclides da Cunha UHE Promissão UHE Limoeiro UHE Nova Avanhandava PCH Mogi-Guaçu 3
  • 4. Financial Facts Investments Breakdown – R$ million Ebitda – R$ million Ebitda Margin New SHPPs1 79% 79% 79% 81% Investments 75% 63 59 1,254 51 14 47 20 35 1,097 1,099 8 33 1,028 5 936 12 11 43 49 35 39 30 22 2006 2007 2008 2009(e) 9M08 9M09 2006 2007 2008 9M08 9M09 1- SHPPs Jaguari Mirim and Piabanha Net Debt – R$ billion Net Income – R$ million Net Margin Net Debt / Ebitda 100 % 100 % 100 % 100 % 100 % Pay-out 0.6x 0.6x 0.4x 0.3x 0.3x 50 % 44% 44% 0.7 0.7 42% 42% 0.5 692 636 614 609 0.4 0.4 495 2006 2007 2008 9M08 9M09 2006 2007 2008 9M08 9M09 4
  • 5. Electric Energy: Brazil Installed Capacity 2009 2017 102,082 MW Annual Growth: 4,8% a.a. 154,645 MW 84% Renewable* 80% Renewable* * Renewable sources = Hydro, Small Hydro Plant (SHP), Biomass and Wind Source: 10 year Electric Expansion Plan - MME/EPE 5
  • 6. Incentives for Renewable Energies • Renewable sources, such as small hydros, wind, biomass, waste and solar plants with installed capacity up to 30 MW receive public incentives • Long-term contracts are granted to incentivized energy generators through specific energy auctions • Renewable energy generators and free consumers that acquire incentivized energy are entitled to a discount (ranging from 50% to 100%) in their tariffs for the use of distribution network • No concession or bid process required, just an authorization from Regulatory Agency (ANEEL) • Tax exemption • Special credit facilities (BNDES) 6
  • 7. Generation Potential Hydro Brazilian Hydroelectric Potential (MW) Amazonas 835 77,058 28,256 106,149 42.2 Paraná 41,696 10,742 5,363 57,801 23.0 Tocantins/ Araguaia 12,198 11,297 4,540 28,035 11.2 São Francisco 10,290 5,550 1,917 17,757 7.1 Atlântico Sudeste 4,107 9,501 1,120 14,728 5.9 Uruguai 5,182 6,482 1,152 12,816 5.1 Atlântico Sul 1,637 1,734 2,066 5,437 2.2 Atlântico Leste 1,100 1,950 1,037 4,087 1.6 Paraguai 499 846 1,757 3,102 1.2 Parnaíba 225 819 0 1,044 0.4 Atlântico NE Oc. 0 58 318 376 0.1 Atlântico NE Or. 8 127 23 158 <0.1 Total 77,777 126,164 47,549 251,490 100.0 % 30.9 50.2 18.9 100.0 Source: 10 year Electric Expansion Plan - MME/EPE 7
  • 8. Generation Potential Bioelectricity Potential Bioelectricity Market for Export (MWavg) 13,158 12,158 11,158 10,158 9,158 CAGR: 18% 8,158 7,158 6,158 5,158 4,158 3,358 1,800 2,087 09 10 11 12 13 14 15 16 17 18 19 20 21 20 20 20 20 20 20 20 20 20 20 20 20 20 / / / / / / / / / / / / / 08 09 10 11 12 13 14 15 16 17 18 19 20 20 20 20 20 20 20 20 20 20 20 20 20 20 Source: Unica 8
  • 9. Generation Potential Wind First Energy Auction from Wind Farms TOTAL WIND POTENTIAL OF 143.5 GW approved by the Regulatory Agency (ANEEL) North 9% • Auction scheduled for 14th of December of 2009 (12.8 GW) Northeast 52% • Energy supply through wind farms starting in (75 GW) July, 2012 • 20 years PPA Center West 2% • Ceiling bidding prices established in US$ (3.1 GW) 93/MWh (Dutch Auction) (FX = R$ 2.02 /US$) Southeast 21% • Estimated amount of energy to be (29.7 GW) South commercialized:13.3 GW (441 subscribed 16% projects) (22.8 GW) Source: ANEEL, Eletrobras 9
  • 10. Generation Potential Small Hydro Installed Capacity (MW) 5,356 COD with environmental hazard COD with environmental restrictions COD without any restrictions 3,845 In operation 3,806 3,677 3,240 2,507 1,733 1,090 837 609 415 483 92 147 23 2014... 2010 2011 2012 2013 2000 2007 2008 2009 2001 2002 2003 2004 2005 2006 Source: ANEEL 10
  • 11. The statements contained in this document with regard to the business prospects, projected operating and financial results, and growth potential are merely forecasts based on the expectations of the Contacts: Company’s Management in relation to its future performance. Such estimates are highly dependent ri.aestiete@aes.com on market behavior and on the conditions affecting Brazil’s macroeconomic performance as well as the + 55 11 2195 7048 electric sector and international market, and they are therefore subject to changes.