We expect only a marginal y-o-y increase in revenues in FY 2009, reflecting COPEL's plan to keep its electric tariff rates constant in FY 2009, despite the Brazilian energy regulatory authority (ANEEL) permitting an increase in tariffs. On 23 June 2009, ANEEL permitted the company to increase its average electric tariff by 15%. Prior to this, COPEL announced on 15 June 2009 that, taking into account the current economic downturn, the company plans…

Going forward we expect COPEL's revenues to increase, as we expect the Brazilian energy regulatory authority (ANEEL) will grant COPEL the ability to increase tariffs, and we have forecast an increase in electricity demand from the residential sector in Brazil, reflecting an increase in the urban population coupled with an increase in the per capita disposable income in Brazil. Although ANEEL has not declared an increase in tariff electricity rates for COPEL…

Comphania Paranaense de Energia - COPEL (COPEL) reported 4Q 08 revenues which were in-line with our estimate, while profitability was below our estimate. Going forward, we believe the company will experience a tough operating environment, given the global economic weakness and subsequent downturn in the Brazilian economy. Hence, we are likely to revise our estimates downwards in our next update report. Therefore, although the preferred stock target prices does not support…