EDP São Paulo | |||||||||
Volume (MWh) | Volume (MWh) | Consumers (unit) | |||||||
3Q17 | 3Q16 | Var | 9M17 | 9M16 | Var | 2017 | 2016 | Var | |
Residential | 903,662 | 876,704 | 3.1% | 2,744,540 | 2,683,866 | 2.3% | 1,668,007 | 1,639,558 | 1.7% |
Industrial | 357,576 | 450,100 | -20.6% | 1,033,685 | 1,447,226 | -28.6% | 12,660 | 12,418 | 1.9% |
Commercial | 439,293 | 492,754 | -10.8% | 1,399,924 | 1,641,355 | -14.7% | 126,883 | 122,770 | 3.4% |
Rural | 20,002 | 18,881 | 5.9% | 61,171 | 60,226 | 1.6% | 7,905 | 7,985 | -1.0% |
Others | 223,959 | 227,173 | -1.4% | 670,146 | 690,371 | -2.9% | 13,656 | 13,602 | 0.4% |
Energy Supplied to Final Consumers | 1,944,491 | 2,065,613 | -5.9% | 5,909,467 | 6,523,044 | -9.4% | 1,829,111 | 1,796,333 | 1.8% |
Supply | 11,626 | 10,977 | 5.9% | 34,503 | 32,804 | 5.2% | 2 | 2 | 0.0% |
Energy in transit (USD) | 1,750,127 | 1,473,507 | 18.8% | 5,073,334 | 4,240,656 | 19.6% | 435 | 284 | 53.2% |
Free consumers | 1,678,983 | 1,414,989 | 18.7% | 4,877,657 | 4,066,531 | 19.9% | 433 | 282 | 53.5% |
Concessionaries | 71,145 | 58,518 | 21.6% | 195,677 | 174,125 | 12.4% | 2 | 2 | 0.0% |
Own consumption | 1,495 | 1,513 | -1.2% | 4,631 | 4,691 | -1.3% | 164 | 170 | -3.5% |
Total Energy Distributed | 3,707,739 | 3,551,610 | 4.4% | 11,021,935 | 10,801,195 | 2.0% | 1,829,712 | 1,796,789 | 1.8% |
EDP Espírito Santo | |||||||||
Residential | 479,897 | 489,452 | -2.0% | 1,676,709 | 1,721,446 | -2.6% | 1,195,945 | 1,174,409 | 1.8% |
Industrial | 159,201 | 211,684 | -24.8% | 490,945 | 711,986 | -31.0% | 11,236 | 11,524 | -2.5% |
Commercial | 263,380 | 301,310 | -12.6% | 937,967 | 1,062,933 | -11.8% | 123,146 | 122,011 | 0.9% |
Rural | 176,141 | 200,577 | -12.2% | 589,704 | 629,313 | -6.3% | 185,481 | 180,469 | 2.8% |
Others | 170,684 | 179,911 | -5.1% | 589,522 | 586,540 | 0.5% | 13,329 | 13,469 | -1.0% |
Energy Supplied to Final Consumers | 1,249,303 | 1,382,933 | -9.7% | 4,284,848 | 4,712,218 | -9.1% | 1,529,137 | 1,501,882 | 1.8% |
Supply | 114,124 | 140,970 | -19.0% | 347,454 | 430,166 | -19.2% | 1 | 1 | 0.0% |
Energy in transit (USD) | 940,624 | 800,612 | 17.5% | 2,745,130 | 2,357,203 | 16.5% | 270 | 172 | 57.0% |
Free consumers | 925,211 | 795,236 | 16.3% | 2,672,728 | 2,321,823 | 15.1% | 250 | 152 | 64.5% |
Concessionaries | 15,404 | 5,376 | 186.5% | 72,402 | 35,381 | 104.6% | 1 | 1 | 0.0% |
Generation usage | 0 | 0 | - | 0 | 0 | - | 19 | 19 | 0.0% |
Own consumption | 1,588 | 1,577 | 0.7% | 5,588 | 5,889 | -5.1% | 213 | 209 | 1.9% |
Total Energy Distributed | 2,305,639 | 2,326,093 | -0.9% | 7,383,020 | 7,505,477 | -1.6% | 1,529,621 | 1,502,264 | 1.8% |
Distribution | |||||||||
Residential | 1,383,559 | 1,366,156 | 1.3% | 4,421,249 | 4,405,312 | 0.4% | 2,863,952 | 2,813,967 | 1.8% |
Industrial | 516,777 | 661,784 | -21.9% | 1,524,630 | 2,159,212 | -29.4% | 23,896 | 23,942 | -0.2% |
Commercial | 702,673 | 794,064 | -11.5% | 2,337,892 | 2,704,289 | -13.5% | 250,029 | 244,781 | 2.1% |
Rural | 196,143 | 219,458 | -10.6% | 650,875 | 689,539 | -5.6% | 193,386 | 188,454 | 2.6% |
Others | 394,642 | 407,084 | -3.1% | 1,259,669 | 1,276,911 | -1.4% | 26,985 | 27,071 | -0.3% |
Energy Supplied to Final Consumers | 3,193,794 | 3,448,546 | -7.4% | 10,194,315 | 11,235,263 | -9.3% | 3,358,248 | 3,298,215 | 1.8% |
Supply | 125,750 | 151,947 | -17.2% | 381,957 | 462,971 | -17.5% | 3 | 3 | 0.0% |
Energy in transit (USD) | 2,690,751 | 2,274,120 | 18.3% | 7,818,464 | 6,597,859 | 18.5% | 705 | 456 | 54.6% |
Free consumers | 2,604,194 | 2,210,225 | 17.8% | 7,550,385 | 6,388,354 | 18.2% | 683 | 434 | 57.4% |
Concessionaries | 86,548 | 63,895 | 35.5% | 268,079 | 209,505 | 28.0% | 3 | 3 | 0.0% |
Generation usage | 0 | 0 | - | 0 | 0 | - | 19 | 19 | 0.0% |
Own consumption | 3,083 | 3,090 | -0.2% | 10,219 | 10,579 | -3.4% | 377 | 379 | -0.5% |
Total Energy Distributed | 6,013,378 | 5,877,703 | 2.3% | 18,404,955 | 18,306,672 | 0.5% | 3,359,333 | 3,299,053 | 1.8% |
Energy supplied to final consumers: the total amount of energy supplied to final consumers decreased 7.4% and 9.3% in 3Q17 and 9M17 respectively, mainly as a result of the large number of consumers' migrations from the captive market to the free market, motivated by attractive prices of the Free Contract Framework (ACL), observed throughout 2016 and beginning of 2017. During the last 12 months, the total amount of migrations was 250 consumers (1511 in EDP São Paulo and 992 in EDP Espírito Santo). Nevertheless, the migration of consumers has shown reduction over the quarters of 2017, due to the significant increase in the Spot Price value when compared to the same period of 20163. The captive market result remains affected by the slower pace of the country's economic activity, as detailed below:
-
Residential and Commercial: residential consumption increased 1.3% and 0.4% in 3Q17 and 9M17 respectively, due to the increase in EDP São Paulo's consumption, as detailed below. In the commercial segment, reductions were of 11.5% and 13.5%
in 3Q17 and 9M17 respectively, reflecting the consumer's migration from the captive market to the free market in both concession areas and the continuity of the retail4 activity decline (-0.9% in 9M17 when compared to the same period of 2016). The results of both segments remain affected by higher levels of unemployment5 in Brazil of 12.6%, and even higher rates in the States of São Paulo and Espírito Santo, 14.2% and 14.4% respectively.
EDP São Paulo: residential consumption increased 3.1% and 2.3% in 3Q17 and 9M17 respectively, due to: (i) the increase of 1.7% in number of consumers; (ii) higher temperatures recorded in the concession area (+1.1 °C versus 3Q16); and (iii) billing recovery actions, through actions to decrease irregular consumption. The commercial segment decreased 10.8% and 14.7% in 3Q17 and 9M17 respectively, reflecting the migration of 67 consumers from the captive market to the free market (40 in 4Q16, 12 in 1Q17, 8 in 2Q17 and 7 in 3Q17), in addition to the maintenance of weak economic activity, mitigated by 3.4% increase in the number of consumers. Excluding the effect of the migrations, the commercial segment would have increased 3.6% this quarter and 1.5% in 9M17. The results of residential and commercial segments were negatively impacted by the smaller number of average billing days (-1.5 days for consumers of low voltage and -1.1 days for consumers of medium and high voltage). EDP Espírito Santo: consumption of the residential segment declined 2.0% and 2.6% in 3Q17 and 9M17 respectively, due to: (i) lower temperatures recorded in the state (-1.7 °C versus 3Q16); and (ii) weak economic activity. The consumption in the commercial segment decreased 12.6% and 11.8% in 3Q17 and 9M17 respectively, due to the effects mentioned above, combined with the migration of 49 consumers to the free market (26 in 4Q16, 9 in 1Q17, 9 in 2Q17 and 5 in 3Q17). Excluding the effect of the migrations, the commercial segment would have decreased 6.8% this quarter1 In EDP São Paulo, the total amount of migrations from the captive market to the free market was 151, of which: (i) 67 migrations in the commercial segment; (ii) 81 in industrial segment; (iii) 3 refering to Public Service; (iv) 1 disconnection; and (v) 1 new connection.
2 In EDP Espírito Santo, the total amount of migrations from the captive market to the free market was 99, of which: (i) 49 migrations in the commercial segment; (ii) 50 in industrial segment; and (iii) 1 disconnection.
3 3Q17 Spot Price (SE/Central-Western submarket) was R$ 436.20 versus R$ 115.35 in 3Q16.
4 Source: Serasa Experian. Serasa Experian Trade Activity Index - August/17.
5 Source: IBGE. National Continuous Household Sample Survey (Pnad) - August/17.
and 4.7% in 9M17. The results for both segments were negatively impacted by the smaller number of average billing days (-2.8 days for consumers of low voltage and - 3.0 days for consumers of medium and high voltage).
Residential Segment
Consumption per Consumer (kWh)
Consumption per Consumer (kWh)
3Q17
3Q16
Var
9M17
9M16
Var
- Consumption per consumer
EDP São Paulo
180.8
178.5
1.3%
184.0
183.3
0.4%
EDP Espírito Santo
133.8
139.1
-3.8%
156.4
164.1
-4.7%
-
Industrial: the consumption of the industrial segment reduced 21.9% and 29.4% in 3Q17 and 9M17 respectively, due to consumers' migration from the captive market to the free market.
EDP São Paulo: the retraction of 20.6% and 28.6% in 3Q17 and 9M17 respectively reflect the migration of 81 consumers to the free market (50 in 4Q16, 14 in 1Q17, 6 in 2Q17 and 11 in 3Q17). Excluding the effect of the migrations, the industrial segment would have increased 7.4% and 3.8% in 3Q17 and 9M17 respectively, due to the rise of 1.5% in the industrial production in the State of São Paulo6, driven by the extractive industry segment (6.6%) and vehicles, trailers and truck bodies segment (13.9%). The industrial production recovery in the State already reflects in the Brazilian unemployment level reduction, of 0.7p.p., when compared to the previous quarter (13.3%). Among the factors that contributed to the increase in vehicle production, it is important to highlight: (i) the significant increase in exports, especially to Argentina; (ii) licensing boosted by car rental companies and (iii) release of the amounts retained in the Guarantee Fund for Length of Service (Fundo de Garantia por Tempo de Serviço - FGTS). Furthermore, the automotive sector, which still shows high levels of inventories, has recovered its production consuming part of the high idle capacity. The result of the industrial segment consumption in 9M17 was negatively affected by the smaller number of average billing days, as previously mentioned in the residential and commercial segments, mitigated by the increase of 1.9% in number of consumers.
EDP Espírito Santo: the retraction of 24.8% and 31.0% in 3Q17 and 9M17 respectively reflect the migration of 50 consumers to the free market (32 in 4Q16, 9 in 1Q17, 5 in 2Q17 and 4 in 3Q17). Excluding the effect of the migrations, the industrial segment would have decreased 7.0% and 6.0% in 3Q17 and 9M17 respectively, due to the downturn of the economy. It is worth highlighting that the performance of the non-metallic minerals sector, which accounts for about 46% of the captive market, and whose main niches are cement, marble and granite production, has been impacted by the downturn in Brazilian construction and by the drop of ornamental rocks exports. This quarter, the consumption of 22 out of 23 observed sectors have dropped when compared to the same period of 2016. Additionally, the result of 9M17 was also affected by smaller number of average billing days, as previously mentioned in the residential and commercial segments.- Rural: the total consumption of the rural segment decreased 10.6% in 3Q17 and 5.6% in 9M17.
6 Source: IBGE. Monthly Survey of Regional Industry - August/17.
EDP Espírito Santo: increase of 17.5% and 16.5% in 3Q17 and 9M17 respectively. Excluding the effects of the migrations, the increase would have been 11.0% this quarter and 10.5% in 9M17, reflecting the increase in the consumption of a consumer in the metallurgy sector (with self-production) and the demand resumption of a major client in the mineral extractivism sector, after two years of reduction of its consumption. In the "Concessionaires" line, the increase of 186.5% occurred due to the partial consumption of Santa Maria, which exceeded the sale contract agreement with EDP Espírito Santo after its declassification to the "Supplies" category by ANEEL from 2016, surpassing 500 GWh. As established by ANEEL, this reclassification began in 2016, with 20% of the volume being reclassified each year, during a 5-year period.The volume of energy sold by the Group7 reached 3,505 GWh, reduction of 2.9% when compared to the 3,608 GWh sold in the related period. Year to date, the volume reached 10,325 GWh, decrease of 2.7%.
- Hydroelectric Generation
The volume of energy sold by the hydro power plants, per consolidation criteria, reached 1,811 GWh in the quarter, decrease of 4.7% in comparison to the same period of 2016, reflecting a lower volume of contracted energy from Enerpeixe and Energest. Year to date, the volume reduced 8.2%, reaching 5,221 GWh.
It is worth mentioning that in 2017 the percentage of non-contracted energy ("natural hedge") is 11% (114 average MW). Additionally, a purchase of 70 average MW was made to complement the Company's hedge, totaling 184 average MW (18% of Physical Guarantee), considering participation in the projects (Jari and Cachoeira Caldeirão HPP's).
The non-consolidated Assets8 had a volume of energy sold of 336 GWh (209 GWh in Jari HPP and 127 GWh in Cachoeira Caldeirão HPP), reduction of 4.4% due to the lower volume of contracted energy in Jari HPP this quarter, when compared to the same period last year. Year to date, the volume of energy sold was 1,074 GWh, increase of 21.5% when compared to 3Q16, due to the beginning of Cachoeira Caldeirão HPP's operation.
Jari and Cachoeira Caldeirão HPP's Total TPP Total HPP's3,505 | |
351 | 336 |
1,358 | 1,358 |
26%
25% 25%24% 25%
25%
24%1,899 1,811
1Q 2Q 3Q 4Q 3Q16 3Q17 2017 2016*Estimated values for 4Q17
The quarter's average GSF was 62.2%, representing an exposure of 766 GWh9 to the average spot price of R$ 436.20/MWh (SE/Central-Western submarket). Year to date, the average GSF was 85.6%, an exposure of 900 GWh10 to the average spot price of R$ 298.04/MWh (SE/Central-Western submarket). It is worth mentioning that in 1Q17 there was secondary energy in the system, positively contributing to the accumulated exposure of GSF in the semester.
7 Energy sold includes 50% participation of the Company in Jari and Cachoeira Caldeirão HPP's.
8 According to 50% participation of the Company in Jari and Cachoeira Caldeirão HPP's.
9 Excluding the impact of Jari and Cachoeira Caldeirão HPP's.
10 Excluding the impact of Jari and Cachoeira Caldeirão HPP's.
EDP - Energias do Brasil SA published this content on 16 October 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 16 October 2017 22:14:08 UTC.
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