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Elektro Supply Request For Proposal - Summary

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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 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
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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
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Elektro PositionPotential Exposure

NPV Elektro Position means present value for one year to cover Elektro position

with market prices (one year swap price)

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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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