Overview Key strengths Key risks Smooth debt maturities in the next three years and low maintenance capital expenditures (capex) give the company financial flexibility. CESP?s main asset, Porto Primavera, is exposed to a single hydrological system in southeastern Brazil. Positive energy balance because CESP is transferring its bilateral contracts in the free market to its parent, Auren, which increases the company?s cash flow predictability, in spite of reduced revenues. The company is involved in litigation related to environmental and land disputes where its current and former hydropower plants are located, which could lead to cash flow outlays. The construction of solar park Jaíba V diversifies its asset base and lowers hydrology risks. More aggressive dividends upstream to Auren could hurt
