State Grid Transaction Inching Along for CPFL Shareholders
We are reaffirming our fair value estimate of $16.25 per ADR share and our stable, narrow moat rating for CPFL Energia after the company reported second-quarter adjusted net income of BRL 123 million, down from BRL 240 million in the year-ago period.ÂWhile economic headwinds appeared to ease in the first quarter, CPFL Energia experienced weakness in the second quarter with contracted load declines of 1.2% during off peak and 2.1% during peak. Performance in the company's expanding renewable ope...
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