State Grid Brazil successfully tendered 95% of shareholders as of late November.
We are reaffirming our fair value estimate of $16.25 per ADR share and our stable, narrow moat ratings for CPFL Energia after the company reported third-quarter net income of BRL 390 million, up from BRL 269 million in the same year-ago period. Load growth was strong in the quarter, up more than 4% in the concession area. Contracted demand pulled back, with off-peak and peak demand down about 1% each. CPFL Energia invested BRL 544 million in the quarter, with most going to renewable energy proje...
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