CPFL ENERGIA S.A. 4Q23/2023 Results
Energy for a more sustainable future
Initial Guidelines
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Highlights
Results | Load1 in the | EBITDA | Net Income |
Concession area | |||
Increase of | R$ 3,111 MM | R$ 1,327 MM | |
+5.9% in 4Q23 | -18.2% in 4Q23 | -3.5% in 4Q23 | |
Increase of | R$ 12,830 MM | R$ 5,537 MM | |
+1.9% in 2023 | +4.6% in 2023 | +6.1% in 2023 |
Net Debt | Dividends | Capex Plan | Transmission |
2024-2028 | Segment | ||
R$ 24.2 billion | Proposal of | Estimates of R$ 28.4 | Commercial start-up |
dividend payment | |||
of Cachoeirinha 3 | |||
billion of investments, | |||
with a leverage | in the amount of | ||
project with | |||
with R$ 23.4 billion on | |||
of 1.87x Net | R$ 3,173 MM, | ||
expected RAP of R$ | |||
Distribution | |||
Debt/EBITDA2 | R$ 2.75/share | ||
11.5 MM (2023- | |||
2024) | |||
1) Load net of losses; 2) In the financial covenants criteria.
Uso Interno CPFL
Highlights
ESG
2030 ESG Plan
Updated ESG
Strategy
disclosed in
January 2024, with 23 public commitments
CDP 2024
CPFL Energia
scored "A" for the
first time in CDP
Climate Change and is now part of the A-List
B3's | TOP Employer |
Sustainability | Awards |
Indexes | |
CPFL Energia | 5th consecutive |
integrates once | year for its people |
again ISE and | management |
ICO2 indexes | practices and |
processes |
4Q23 Distribution Energy Sales
Load1 in the concession area | GWh
17,391 +5.9% 18,425
7,236 +3.1% 7,461
Free Client
Captive
10,156 +8.0% 10,964
4Q224Q23
Energy sales by consumption segment | GWh
+5.4% | ||||||
8 | 363 | (48) | (37) | |||
654 | ||||||
18.024 | 18.092 | 18.406 | 18.370 | 18,309 | ||
17,369 | 17.369 | |||||
+12.2% | +0.1% | +12.9% | -6.8% | -1.9% | ||
4 Q 2 2 | Re s i d . | I n d u s t . C o m m e r. Ru ra l | O t h e r s | 4 Q 2 3 |
Energy sales in the concession area2 | GWh
+5.4%
17,36918,309
7,194 +4.2% 7,496
Free Client
Captive
10,175 +6.3% 10,813
4Q224Q23
Main impacts by segment | %
Breakdown | 32.9% | 35.8% | 17.4% | 3.6% | 10.3% | |
Resid. | Indust. | Commer. | Rural | Others | Total | |
Billing calendar | -1.4% | 0.0% | -0.6% | -0.7% | -0.3% | -0.6% |
Temperature | 9.9% | 0.0% | 11.8% | 0.0% | 2.0% | 5.2% |
Migrations | 0.0% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% |
DG | -3.9% | -0.4% | -5.1% | -7.0% | -1.9% | -2.7% |
Macro/Others | 7.5% | 0.2% | 6.7% | 1.0% | -1.1% | 3.4% |
Total | 12.2% | 0.1% | 12.9% | -6.8% | -1.9% | 5.4% |
- Load net of losses; 2) As of 1Q22, sales in the concession area also include amounts distributed to other concessionaires and permissionaires, which make use of CPFL Energia's grid ("Use D"), so that the amounts from the free market have been changed throughout the historical series.
2023 Distribution Energy Sales
Load1 in the concession area | GWh
+1.9%
69,27170,554
28,910 +2.0% 29,485
Free Client
Captive
40,362 +1.8% 41,069
20222023
Energy sales by consumption segment | GWh
+1.0%
1,058 | (312) | 483 | (259) | (302) |
69,301 | 69.301 | 70.047 | 70.047 | 70.271 | 69.968 | 69,968 |
+5.1% | -1.2% | +4.2% | -8.6% | -3.8% | ||
2 0 2 2 | Re s i d . | I n d u s t . C o m m e r. Ru ra l | O t h e r s | 2 0 2 3 |
Energy sales in the concession area2 | GWh
+1.0%
69,30169,968
28,611 +2.3% 29,265
Free Client
Captive
40,690 +0.0% 40,704
20222023
Main impacts by segment | %
Breakdown | 31.4% | 36.9% | 16.9% | 3.9% | 10.8% | |
Resid. | Indust. | Commer. | Rural | Others | Total | |
Billing calendar | -0.1% | 0.0% | -0.1% | -0.1% | 0.0% | -0.1% |
Temperature | 2.4% | 0.0% | 2.8% | 0.0% | 0.5% | 1.2% |
Migrations | 0.0% | -0.1% | 0.0% | 0.0% | -2.1% | -0.3% |
DG | -3.9% | -0.4% | -4.6% | -6.4% | -1.7% | -2.6% |
Macro/Others | 6.7% | -0.8% | 6.2% | -2.3% | -0.5% | 2.7% |
Total | 5.1% | -1.2% | 4.2% | -8.6% | -3.8% | 1.0% |
- Load net of losses; 2) As of 1Q22, sales in the concession area also include amounts distributed to other concessionaires and permissionaires, which make use of CPFL Energia's grid ("Use D"), so that the amounts from the free market have been changed throughout the historical series.
Distribution Delinquency
ADA | R$ million | ||||
+53.7% | ||||
69.7 | 80.5 | |||
57.0 | 63.5 | |||
52.4 | ||||
0.90% | 0.82% | 0.91% | ||
0.73% | 0.73% | |||
4Q22 | 1Q23 | 2Q23 | 3Q23 | 4Q23 |
ADA
% ADA / Revenue from Sales to Final Consumers
-7.2% | |
291.7 | 270.7 |
0.91% | 0.84% |
2022 | 2023 |
Collection actions | Power cuts | Thousands
Pre-pandemic historical average
2017-2019
155/Month
-14.3% | |||||
628 | 649 | 632 | Monthly average | ||
574 | 492 | power cuts | |||
209 | 216 | 211 | |||
191 | |||||
164 | |||||
4Q22 1Q23 2Q23 3Q23 4Q23
Distribution Energy Losses
Losses | Last 12 months¹;²
8.39% +0.37p.p. 8.76%
8.18%
7.85%
4Q224Q23
CPFL Energia ANEEL Limit
Dec-22 | Dec-23 | Limit³ | ||
CPFL Paulista | 8.70% | 9.14% | 7.90% | |
CPFL Piratininga | 7.36% | 7.75% | 5.97% | |
CPFL Santa Cruz | 7.08% | 7.75% | 8.30% | |
RGE | 8.86% | 9.03% | 9.16% | |
- Excluding the differences in the billing calendar, losses in 4Q23 would have a variation of +0.25% (8.52% in 4Q23 vs 8.27% in 4Q22); 2) According to the criteria defined by ANEEL, except for not considering distributed generation effects (DG). In CPFL Piratininga and RGE, high-voltage customers (A1) were disregarded; 3) ANEEL Limit referring to 12/31/2023.
Generation 4Q23
Average PLD (SE/CW) | R$/MWh
Hydro
56%
+39.6% | 2022 | ||||
R$ 60 | |||||
69 | 69 | 73 | 78 | 2023 | |
56 | |||||
R$ 72 | |||||
4Q22 | 1Q23 | 2Q23 | 3Q23 | 4Q23 | +20.1% |
GSF | Secondary Energy
100% | 95% | 2022 | |||
86% | 85% | ||||
80% | |||||
72% | 2023 | ||||
90% | |||||
+6.3% | |||||
4Q22 | 1Q23 | 2Q23 | 3Q23 | 4Q23 | |
Wind
32%
Wind Farms | Generation | GWh | Wind Farms | Availability |
+7.1% | 2022 | 2022 | |||||||
-1.4% | |||||||||
1,316 | 4,064 | 96.3% | 96.3% | 96.0% | |||||
95.8% | |||||||||
5Y AVG | |||||||||
2023 | 95.8% | 95.7% | 2023 | ||||||
95.3% | |||||||||
1,229 | 849 | 1,246 | 1,211 | 4,054 | 95.7% | ||||
748 | -0.2% | -0.3% | |||||||
4Q22 | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 4Q23* | |
4Q22 | 1Q23 | 2Q23 | 3Q23 | 4Q23 |
*Without ONS Restriction
4Q23 Results
EBITDA performance by segment | R$ million
-18.2%| - 694 MM | |||||||||||||||||
248 | (974) | ||||||||||||||||
51 | (18) | ||||||||||||||||
3,805 | |||||||||||||||||
3,111 | |||||||||||||||||
+13.7% | -56.1% | +609.3% | -7.3% | ||||||||||||||
4Q22 | Distribution | Generation | Comm, Services | Transmission | 4Q23 | ||||||||||||
& Others |
Distribution: R$ 2,061 million
Generation: R$ 761 million
Comm, Services & Others:
R$ 59 million
Transmission: R$ 230 million
Distribution: +R$ 248 million
- Market /Tariff (+R$ 544 MM)
- Tax transaction related to litigation - Pension Plan in 4Q22 (+R$ 275 MM)
- Private Pension Plan (+R$ 162 MM)
- Migration effect in 4Q22 (+R$ 125 MM)1
- Regular effect (+R$ 37 MM)
- Concession financial asset (+R$ 43 MM)
IPCA
4Q22 4Q23
0.71% 0.78%
- Concession financial asset - RAB appraisal report (-R$631 MM)
- CPFL Paulista in 4Q22 (-R$ 429 MM)
- RGE in 4Q22 (-R$ 193 MM)
- CPFL Piratininga in 4Q23 (-R$ 9 MM)
- PMSO (-R$ 108 MM)
- ADA (-R$ 28 MM)
- Others (-R$ 10 MM)
1) Impact of the conversion from lifetime income to financial income in CPFL Paulista and CPFL Piratininga - extraordinary effect of - R$ 125 MM in 4Q22.
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Disclaimer
CPFL Energia SA published this content on 22 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 March 2024 14:10:34 UTC.
