Ampla

Active

Prospective

Companhia de Electricidade do Estado Rio de Janeiro SA (CERJ) is the electricity distribution company in the state of Rio de Janeiro. The company has about 1.2 million customers, located in some of Rio's poorest neighborhoods. CERJ distributes 20% of the power in the state, while Light Rio Servicos de Electricidade SA distributes the remaining 80%. Rio de Janeiro State's equity participation in CERJ (78.1%) was sold in two transactions. In the first one, 7.8% of the equity was sold to company employees at a 30% discount from the minimum auction price for a controlling stake ($451 million for 70.3% of the equity). This represented $50 million in divestiture revenues. In a second transaction, 70.3% of the equity was sold for US$588 million to a consortium comprised by Enersis (21% of CERJ's equity), Chilectra (21%), Electricidade de Portugal (21%) and Spanish Endesa (7%) in November 1996. In 2000, Endesa (Spain) increased its participation in Cerj directly and indirectly through its affiliates (Endesa raised its stake to 75.9% through a capital increase, and by acquiring shares from minority shareholders, who kept only 1% of Cerj's shares, and from EdP, which kept a 19% stake in the company). Later that year, Enersis increased its share in Cerj to 58.2% through an IPO launched by Endesa (Spain) As of December 2003, Enesis increased its share of Cerj to 78.1% ( 53.1% directly and 28.1% through its subsidiary Chilectra) after capitalizing its R$370 million intercompany loan to Cerj. In September 2004, CERJ changed its name and became Ampla. Name Change: Ampla was created on September 2004: "Ampla (formerly known as CERJ)..." The company invested US$150 million in 1997 which is part of its 1997-2000 invesment program of US$500 million investment. Cerj invested US$ 130 million in 1998, US$ 79.6 million in 1999 and US$ 75.9 million in 2000. In 2001 the company invested US$ 90.5 million (R$ 201.5 million) and reach the mark of 1.691 million of consumers units. The total electricity consumption in 2002 was 6,916,000 MWh. In 2002, with the end of the electricity rationing program, the total consumption increased to 7,057,000. During 2002, CERJ invested US$ 66.7 million (R$ 195 million) and increased its consumers units to 1.778 million.

Energy

Brazil

High

World Bank Group

Project

Power Generation (CCGT), Government