Document of The World Bank FOR OFFICIAL USE ONLY Report No: RES18793 RESTRUCTURING PAPER ON A PROPOSED PROJECT RESTRUCTURING OF ELETROBRAS DISTRIBUTION REHABILITATION PROJECT LOAN 78840 June, 3 2010 TO THE CENTRAIS ELETRICAS BRASILEIRAS S.A. (ELETROBRAS) June 29, 2015 GEEDR LCR This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank authorization. ABBREVIATIONS AND ACRONYMS Eletrobras Centrais Eletricas Brasileiras S.A. PIU Project Implementation Unit RGR Reserva Global de Reversão Regional Vice President: Jorge Familiar Calderon Country Director: Deborah L. Wetzel Senior Global Practice Director: Anita Marangoly George Practice Manager/Manager: Malcolm Cosgrove-Davies Task Team Leader: Christophe de Gouvello 2 BRAZIL Eletrobras Distribution Rehabilitation Project CONTENTS A. SUMMARY 5 B. PROJECT STATUS 5 C. PROPOSED CHANGES 7 ANNEX 1: RESULTS FRAMEWORK AND MONITORING 11 3 DATA SHEET Brazil ELETROBRAS Distribution Rehabilitation (P114204) LATIN AMERICA AND CARIBBEAN Energy & Extractives Report No: RES18793 Basic Information Project ID: P114204 Lending Instrument: Specific Investment Loan Regional Vice President: Jorge Familiar Calderon Original EA Category: Partial Assessment (B) Country Director: Deborah L. Wetzel Current EA Category: Partial Assessment (B) Senior Global Practice Anita Marangoly George Original Approval Date: 03-Jun-2010 Director: Practice Malcolm Cosgrove- Current Closing Date: 30-Jun-2015 Manager/Manager: Davies Team Leader(s): Christophe de Gouvello Borrower: Centrais Eletricas Brasileiras Responsible Agency: Restructuring Type Form Type: Full Restructuring Paper Decision Authority: Country Director Approval Restructuring Level 2 Level: Financing ( as of 11-Feb-2015 ) Key Dates Approval Effectiveness Original Revised Project Ln/Cr/TF Status Signing Date Date Date Closing Date Closing Date P114204 IBRD-78840 Effective 03-Jun-2010 24-Feb-2011 23-May-2011 30-Jun-2015 30-Jun-2015 Disbursements (in Millions) % Cancelle Disburse Undisbur Project Ln/Cr/TF Status Currency Original Revised Disburse d d sed d P114204 IBRD-78840 Effective USD 495.00 495.00 0.00 143.81 351.19 29 Policy Waivers Does the project depart from the CAS/CPF in content or in other significant Yes [ ] No [ X ] respects? 4 Does the project require any policy waiver(s)? Yes [ ] No [ X ] A. Summary of Proposed Changes The Eletrobras project is being extended by 21 months primarily to allow for the completion of the project activities, including completion of ongoing contracts amounting to around U$175M. Having an extended project will also allow for the use of savings due to: (a) successful competitive procurement processes and (b) the depreciation of the Brazilian Real against the US dollar. The project will use these funds to: (i) expand some of the ongoing works; (ii) finance similar counterpart activities for which funds are now missing since a sectoral fund managed by Eletrobras (the Reserva Global de Reversão) was extinguished thus causing a major funding shortage; and (iii) additional energy efficiency measures under component 1 to facilitate and strengthen the achievement of key PDO indicator targets (frequency and duration of service interruption) despite the severe multi-year drought affecting the hydro-dominant power generation and increasing risk of rationing and thus service interruption. Change in Implementing Agency Yes [ ] No [ X ] Change in Project's Development Objectives Yes [ ] No [ X ] Change in Results Framework Yes [ X ] No [ ] Change in Safeguard Policies Triggered Yes [ ] No [ X ] Change of EA category Yes [ ] No [ X ] Other Changes to Safeguards Yes [ ] No [ X ] Change in Legal Covenants Yes [ ] No [ X ] Change in Loan Closing Date(s) Yes [ X ] No [ ] Cancellations Proposed Yes [ ] No [ X ] Change to Financing Plan Yes [ X ] No [ ] Change in Disbursement Arrangements Yes [ ] No [ X ] Reallocation between Disbursement Categories Yes [ ] No [ X ] Change in Disbursement Estimates Yes [ X ] No [ ] Change to Components and Cost Yes [ ] No [ X ] Change in Institutional Arrangements Yes [ ] No [ X ] Change in Financial Management Yes [ ] No [ X ] Change in Procurement Yes [ ] No [ X ] Change in Implementation Schedule Yes [ X ] No [ ] Other Change(s) Yes [ X ] No [ ] Appraisal Summary Change in Economic and Financial Analysis Yes [ ] No [ X ] Appraisal Summary Change in Technical Analysis Yes [ ] No [ X ] Appraisal Summary Change in Social Analysis Yes [ ] No [ X ] Appraisal Summary Change in Environmental Analysis Yes [ ] No [ X ] Appraisal Summary Change in Risk Assessment Yes [ ] No [ X ] B. Project Status The current project DO/IP ratings are MS, reflecting the probability that the project will achieve its 5 objectives now that it has overcome the severe difficulties, mainly related to procurement, which plagued the initial years of the project and has started demonstrating impact on the ground. While the disbursement rate is still modest ($143.8M or 29.1%), the number of contracts already signed amounts to 197, representing 69.5% of the equivalent value of the loan in Brazilian Reais using the exchange rate of the loan effectiveness date. The project is highly complex, dealing with six-nearly bankrupt distribution companies taken over by Eletrobras, operating in poor states that are distant from the company’s HQ in Brasilia - aiming to introduce cutting edge technology, through large bidding packages, including the purchase and installation of more than a 100K smart electronic meters by remote electrical distribution companies. Additionally, the project operates in adverse climatic conditions, which complicate its execution (heavy rains, floods, and difficult access). The project started slowly due to limited initial procurement capacity (in particular difficulties to prepare good quality bidding documents in English), delays in attracting bidders to less favorable regions in poor Amazon and Northeastern states, compatibility of Bank and National procurement rules for International Competitive Bidding (ICB) for goods, a complicated homologation process of new smart meters, clients' initial reluctance to open the market to international firms in view of fiscal complexity and the perceived risk of possible discontinuity of maintenance in remote regions. The above resulted in the close implication of CMU in the supervision of the project, and the intensification of the Bank’s oversight. The following actions were taken: project rating was downgraded to MU, new TTL was appointed and moved to the field during 2013, and a detailed Action Plan including concrete milestones was negotiated with Eletrobras Presidency. A thorough MTR was conducted in May 2013 and the agreed Action Plan closely monitored. This resulted in the strengthening of monitoring tools, complementary milestones in the Action Plan, and a request that the PIU hire complementary expertise to expedite project execution. Additional activities included a technical study tour to convince Eletrobras technicians that international competition was worth the effort, the active participation of the Bank team to help elaborate the most complex procurement packages, and the strengthening of the Bank's technical supervision capacity (an engineering firm was contracted) for preparing NO for the most sensitive, complex bidding process. The efforts mentioned above resulted in a project turnaround that is only partially manifested by disbursement rates because of the end-tail disbursement profile of most contracts. There has been a surge in human resources and capacity of the central PIU and the 6 local PIUs since early 2013. State-of-the -art project management methods were successfully implemented at both the central and local team levels. A wave of large procurement processes successfully came to closure, including the signature of a major $94M Advanced Metering System contract on February 9, 2015. All milestones of the Action Plan were complied with. Significant physical progress on the execution of counterpart-funded activities was achieved. Initial significant progress was observed in main PDO indicators in 3 of 6 distribution companies (reduction of number and length of service interruptions) due to the installation of “reclosers�, i.e., “smart - grid� equipment financed by the project: two of the six companies received a prize (2014) for best improvement of customer satisfaction region-wide and nationwide. Similar indicator improvements would probably have also been observed in two other states, would there not have occurred the very unusual floods (1 in 300 years), which occurred in April 2014, whereby the Rio Madeira broke its banks, severely disrupting the electricity system in these states. Substantial cost savings resulted from successful competitive processes and the depreciation of the Brazilian Real against the US dollar, thus freeing-up resources for expanding IBRD funded project activities and strengthening the achievement of the PDO indicators. However, in parallel, counterpart funds dried-up as a sectoral fund managed by Eletrobras (the Reserva 6 Global de Reversão) was suddenly extinguished by the government, thus causing a major counterpart funding shortage. While this is not affecting Eletrobras legal commitments (percentage of expenditures to be financed by IBRD under the loan agreement is 100%), this would prevent Eletrobras and the 6 benefiting distribution companies from contributing on their own towards the achievement of the PDO. This issue will be addressed through the allocation of part of the savings as detailed in the section below on Chang to Financing Plan. In addition, a severe multi-year drought has depleted the reservoirs of the main hydropower plants of the country, significantly increasing the risk of rationing (the Brazil power system relies mainly on hydro- electricity), which would directly affect key PDO indicators (frequency and duration of power cuts). This issue will be addressed through the allocation of part of the savings as detailed in the “other changes� section below. All legal covenants and safeguards requirements are complied with and there have been no deviation of Safeguards during implementation. The latest audit reports are up to date and deemed satisfactory to the Bank. C. Proposed Changes Development Objectives/Results Project Development Objectives Original PDO The higher level objective of the proposed Project is to improve the quality of electricity service provided by the Eletrobrás-managed distribution companies to the population in the States of Acre, Alagoas, Amazonas, Piaui, Rondonia and the City of Boa Vista, as a means to improve the quality of life and foster economic growth. Change in Project's Development Objectives Change in Results Framework Explanation: The indicators are being updated to reflect the new closing date of the project. Furthermore, one indicator – Collection Rates – had its values revised due to an agreed change in the methodology to calculate these values. Financing Change in Loan Closing Date(s) Explanation: The loan closing date is being extended by 21 months primarily to allow for the completion of the ongoing contracts and remaining planned project activities. The extension of the project is needed mainly because of the delays it faced at the beginning of implementation. As indicated in the Project Status section above, the most critical reason was due to weak initial procurement capacity, the complexity of bidding packages, and provisions that the Bank had to make to ensure effective national and international competition for large contracts in non-attractive regions (poor states in the Amazon and Northeast regions), which resulted initially in several no-shows and proposals above estimates, in particular for works contracts. Several procurement processes had to be re- launched. The Bank had to help the client iron out compatibility issues between Bank procurement rules and national legislation related to import duties and to overcome initial reluctance to open competition to 7 firms with no previous presence in Brazil. Furthermore, the highly complex nature of the project contributed to delays due to: (i) the implementation taking place at seven very distant sites (six states plus Brasilia); (ii) one particularly large, cutting edge technological package (more than a hundred thousand electronic meters spread over 3,000 km sending data directly to Brasilia, $90M) which required the laboriously long development of a customized complex international turn-key bidding package. The main procurement difficulties have been overcome and the project has now transitioned from “procurement phase� to “execution phase�, allowing for more precise projections of the execution calendar. On that basis, and using project management tools (MS Project), the Bank and the Eletrobras team agreed on the need for a 21-month extension to complete activities located on the project's critical path. In addition, as a consequence of the deteriorated financial situation of Eletrobras detailed in the next section (Change to Financing Plan), Eletrobras minority shareholders are now opposing the transfer of other resources from the Eletrobras Holding to the six distribution companies, particularly for investment. As a result, without the extension of the loan, the 6 distribution companies will neither be able to complete the loss-reduction activities supposed to be financed by the loan nor even fulfill their related on-going contractual commitments. Ln/Cr/T Original Closing Current Closing Proposed Closing Previous Closing Status F Date Date Date Date(s) IBRD- Effective 30-Jun-2015 30-Jun-2015 31-Mar-2017 30-Jun-2015 78840 Change to Financing Plan Explanation: The changes in the Financing Plan of the project reflect the reallocation of costs savings to compensate the diminished volume of funds the Borrower is able to contribute to the project. The reduction of the Borrower contribution is the result of several factors that have been recently affecting the energy sector in Brazil in general, and Eletrobras in particular. The entire sector has been badly hurt by a multi-year water crisis, leaving the sector financially fragile. The Brazilian hydro-dominated system (historically more than 70%) is very vulnerable to extreme weather patterns, and recent rain volume coming into reservoirs has been less than 40% of the historical average over last three years, leading to historically severe depletion of reservoirs. This has resulted in very high generation costs by the dispatching of full-time thermal plants originally designed to operate only as back- ups. This has increased the risk of blackouts, which would affect the project key indicators (frequency and duration of service interruption). This has also drained distribution companies’ resources, and accumulated extra costs have reached approximately US$15bn in 2014 in addition to similar figures in 2013. Another consequence has been very low revenue for hydro-based generation companies, which, in addition, have had to purchase high-cost thermal electricity to comply with contractual delivery obligations (free market prices have been multiplied by more than 10). Thus, corresponding losses for these companies are expected to be around R$20bn (U$8bn) in 2015. After three years, this has led to high tariff increases (expected to be up to 80%), strongly increasing customer payment default rates, and thus further degrading the financial situation of the distribution companies. Eletrobras has been especially hurt financially, constraining its future role in financing its share of project 8 activities. Eletrobras is, at the same time, an hydro-based generator and the operator of the six distribution companies participating in the project (which were still accumulating losses), thus accumulating financial harm from both sides. In addition 2013, as part of an incremental reform of the power sector regime, Eletrobras was forced to accept the extension of generation concession contracts, which came with drastic losses in revenue. Furthermore, and more importantly for the project, during this process Eletrobras also lost access to the resources of the RGR, which were funding the project’s counterpart operations and were suddenly extinguished as part of the same reform package. Therefore, remaining counterpart activities can no longer be funded by Eletrobras. In addition, according to the contractual arrangements under the project between the Eletrobras Holding and the six distribution companies participating in the project, the latter were supposed to temporarily pre-finance the counterpart activities and then be reimbursed by the Holding; the RGR was suddenly extinguished after a large volume of works had been completed, but inspection was not completed and thus reimbursements by the Holding were not made. This forced the distribution companies to default, so future counterpart activities can no longer be funded if not by the IBRD loan itself. However, as mentioned above, significant savings resulted from successful bidding processes and exchange rates gains. Since counterpart-funded activities are of same nature and purpose as the ones funded by IBRD being implemented, part of these savings will replace counterpart funds to finance these activities, in some cases retroactively. No change in project components or expenses categories is needed. The Bank project team checked with the legal and procurement departments that such counterpart fund reductions and substitutions with loans proceeds are authorized under the existing legal agreement. In order to know the exact amount to be retroactively financed, the Bank will review, upon receipt, the documentation accounting for the counterpart procurement methodology and selection of firms and consultants to determine if the respective activity will be covered by the Bank’s loan. Source(s) At Approval Current (from AUS) Proposed BORR 214,300,000.00 214,300,000.00 160,300,000.00 IBRD 495,000,000.00 495,000,000.00 495,000,000.00 Total 709,300,000.00 709,300,000.00 655,300,000.00 Disbursement Estimates Change in Disbursement Estimates Explanation: Estimates are revised to reflect the project extension. Fiscal Year Current (USD) Proposed (USD) 2010 0.00 0.00 2011 0.00 0.00 2012 400,000.00 400,000.00 2013 21,135,380.00 21,135,380.00 2014 33,286,000.00 33,286,000.00 2015 87,754,000.00 87,754,000.00 2016 188,500,000.00 188,500,000.00 2017 163,924,620.00 163,924,620.00 Total 495,000,000.00 495,000,000.00 9 Other Change(s) Change in Implementation Schedule Explanation: The implementation schedule is revised to reflect the new closing date of the project. Other Change(s) Explanation: As part of the allocation of cost savings, more activities will be financed under component 1 to protect and enhance the quality of the service, including by rationalizing the use of the service by customers. In particular, the project would use savings to: (i) further expand loss-reduction activities under the project (addendum to contracts to increase number of regularized clients to increase billing, additional distant metering to track and prevent fraud, additional re-closers to reduce frequency and duration of service interruptions, improvement of the grid to reduce regulatory penalties, etc.); and (ii) finance energy conservation activities as a way to reduce energy demand and thus the risk of power rationing, which would impact key project indicators (frequency and duration of service interruption): as a consequence of the multi-year drought, the capacity of hydropower plants to generate electricity has dropped considerably, forcing full-time dispatching of thermal plants originally designed to operate only as back-ups, thus increasing the risk of black-outs and rationing. At the same time, energy conservation activities will contribute to the PDO by limiting the increase in customer bills that would result from the regularization of illegal connections and from tariff increases, thus improving the acceptance of the regularization and reducing the risk of default and commercial losses of the six companies. 10 Project Project ELETROBRAS Distribution Rehabilitation (P114204) Restructuring Status: DRAFT Name: Stage: Team Requesting Leader(s) Christophe de Gouvello LCC5C Created by: James Victor Pannett on 07-Apr-2015 Unit: : Product Responsible IBRD/IDA GEEDR Modified by: James Victor Pannett on 09-Jun-2015 Line: Unit: Country: Brazil Approval FY: 2010 LATIN AMERICA AND Lending Region: Specific Investment Loan CARIBBEAN Instrument: Project Development Objectives Original Project Development Objective: The higher level objective of the proposed Project is to improve the quality of electricity service provided by theEletrobrás-managed distribution companies to the population in the States of Acre, Alagoas, Amazonas, Piaui, Rondonia and the Cityof Boa Vista, as a means to improve the quality of life and foster economic growth. Results Core sector indicators are considered: Yes Results reporting level: Project Level Project Development Objective Indicators Status Indicator Name Core Unit of Measure Baseline Actual(Current) End Target Revised Duration of Service Text Value 71.99 55.02 19 Interruptions (DEC): Date 31-Dec-2010 31-Dec-2014 30-Mar-2017 Amazonas Comment Duration of Service Text Value 71.99 50.14 19 Interruptions (DEC): Date 31-Dec-2010 01-Nov-2014 31-Dec-2014 Amazonas Comment Revised Duration of Service Text Value 44.64 63.87 27 Interruptions (DEC): Eletroacre Date 31-Dec-2010 31-Dec-2014 30-Mar-2017 Comment Duration of Service Text Value 44.64 54.80 27 Interruptions (DEC): Eletroacre Date 31-Dec-2010 01-Nov-2014 31-Dec-2014 Comment Revised Duration of Service Text Value 17.66 11.96 9 Interruptions (DEC): Boa Vista Date 31-Dec-2010 01-Nov-2014 30-Mar-2017 Energia Comment Duration of Service Text Value 17.66 11.96 9 Interruptions (DEC): Boa Vista Date 31-Dec-2010 01-Nov-2014 31-Dec-2014 Energia Comment Revised Duration of Service Text Value 20.6 30.16 15 Interruptions (DEC): CEAL Date 31-Dec-2010 01-Nov-2014 30-Mar-2017 Comment Duration of Service Text Value 20.6 30.16 15 Interruptions (DEC): CEAL Date 31-Dec-2010 01-Nov-2014 31-Dec-2014 Comment Revised Duration of Service Text Value 40.85 32.95 26 Interruptions (DEC):CEPISA Date 31-Dec-2010 31-Dec-2014 30-Mar-2017 12 Comment Duration of Service Text Value 40.85 28.43 26 Interruptions (DEC):CEPISA Date 31-Dec-2010 01-Nov-2014 31-Dec-2014 Comment Revised Duration of Service Text Value 31.77 28.97 30 Interruptions (DEC): CERON Date 31-Dec-2010 31-Dec-2014 30-Mar-2017 Comment Duration of Service Text Value 31.77 20.99 30 Interruptions (DEC): CERON Date 31-Dec-2010 01-Nov-2014 31-Dec-2014 Comment Revised Frequency of Service Text Value 51.05 48.31 16 Interruption (FEC): Amazonas Date 31-Dec-2011 31-Dec-2014 30-Mar-2017 Comment Frequency of Service Text Value 51.05 39.37 16 Interruption (FEC): Amazonas Date 31-Dec-2011 01-Nov-2014 31-Dec-2014 Comment Revised Frequency of Service Text Value 45.22 40.85 33 Interruption (FEC): Eletroacre Date 31-Dec-2011 01-Nov-2014 30-Mar-2017 Comment Frequency of Service Text Value 45.22 47.45 33 Interruption (FEC): Eletroacre Date 31-Dec-2011 01-Nov-2014 31-Dec-2014 Comment 13 Revised Frequency of Service Text Value 20.10 21.53 22 Interruption (FEC): Boa Vista Date 31-Dec-2011 01-Nov-2014 30-Mar-2017 Energia Comment Frequency of Service Text Value 20.10 21.53 22 Interruption (FEC): Boa Vista Date 31-Dec-2011 01-Nov-2014 31-Dec-2014 Energia Comment Revised Frequency of Service Text Value 16.74 16.22 14 Interruption (FEC): CEAL Date 31-Dec-2011 01-Nov-2014 30-Mar-2017 Comment Frequency of Service Text Value 16.74 16.22 14 Interruption (FEC): CEAL Date 31-Dec-2011 01-Nov-2014 31-Dec-2014 Comment Revised Frequency of Service Text Value 30 20.58 21 Interruption (FEC): CEPISA Date 31-Dec-2011 31-Dec-2014 30-Mar-2017 Comment Frequency of Service Text Value 30 23.40 21 Interruption (FEC): CEPISA Date 31-Dec-2011 01-Nov-2014 31-Dec-2014 Comment Revised Frequency of Service Text Value 28.90 24.61 28 Interruption (FEC): CERON Date 31-Dec-2011 31-Dec-2014 30-Mar-2017 Comment Frequency of Service Text Value 28.90 32.45 28 14 Interruption (FEC): CERON Date 31-Dec-2011 01-Nov-2014 31-Dec-2014 Comment Revised Total losses: Amazonas Text Value 41% 38.24% 28% Date 31-Dec-2011 01-Nov-2014 30-Mar-2017 Comment Total losses: Amazonas Text Value 41% 38.24% 28% Date 31-Dec-2011 01-Nov-2014 31-Dec-2014 Comment Revised Total losses: Eletroacre Text Value 26% 24.26% 15% Date 01-Nov-2014 30-Mar-2017 Comment Total losses: Eletroacre Text Value 26% 24.26% 15% Date 01-Nov-2014 31-Dec-2014 Comment Revised Effectiveness of social action Text Value No social The first two 70% of total and communication programs action and programs were consumers in communicatio evaluated in April survey areas are n programs 2014 with varying aware of results. In terms messages of population 95% of total aware of DisCos staff campaigns, the understand percentages were: messages Acre 41.8%, Alagoas 29.6%, Amazonas 21%, 15 Piaui 32.3%, Rondonia 51.6% and Roraima 15%. Of these, the percentages that thoughtthe messages were clear are: Acre 94.1%, Alagoas 57.6%, Amazonas 76.1%, Piaui 74.4%, Rondonia 68.4% and Roraima 56.4%.The Campaigns were using all types of media (TV, radio, newspapers and outdoors), and the findings from the initial evaluation are being used to further customize the next campaigns to ensure the best medium is being used. Date 01-Nov-2014 30-Mar-2017 Comment Effectiveness of social action Text Value No social The first two 70% of total 16 and communication programs action and programs were consumers in communicatio evaluated in April survey areas are n programs 2014 with varying aware of results. In terms messages of population 95% of total aware of DisCos staff campaigns, the understand percentages were: messages Acre 41.8%, Alagoas 29.6%, Amazonas 21%, Piaui 32.3%, Rondonia 51.6% and Roraima 15%. Of these, the percentages that thoughtthe messages were clear are: Acre 94.1%, Alagoas 57.6%, Amazonas 76.1%, Piaui 74.4%, Rondonia 68.4% and Roraima 56.4%. The Campaigns were using all types of media (TV, radio, newspapers and outdoors), and the findings from the 17 initial evaluation are being used to further customize the next campaigns to ensure the best medium is being used. Date 01-Nov-2014 31-Dec-2014 Comment Revised Introduction of best practices Text Value Best practices Five of the ten Manuals for environmental and social not introduced expected products adopted in the management have been six Distribution delivered. These Companies are: (1) Report on Social & Environmental activites developed by the EDEs; (2) report on the norms & procedures of the energy firms in Brazil; (3) Report identifying and consolidating strengths and bestpractices observed in the firms, seeing what can be replicated among 18 the EDEs; (4) Report compiling an analysis of the federal, state and municipal laws in the areas where Eletrobras engages, that shall be part of the adopted guidelines; and (5) Environmental manual for works, with the uniqueness of each EDE. Date 01-Nov-2014 30-Mar-2017 Comment A selected consulting firm will elaborate the environmental manuals. Contracts being signed. Introduction of best practices Text Value Best practices Five of the ten Manuals for environmental and social not introduced expected products adopted in the management have been six Distribution delivered. These Companies are: (1) Report on Social & Environmental activites 19 developed by the EDEs; (2) report on the norms & procedures of the energy firms in Brazil; (3) Report identifying and consolidating strengths and bestpractices observed in the firms, seeing what can be replicated among the EDEs; (4) Report compiling an analysis of the federal, state and municipal laws in the areas where Eletrobras engages, that shall be part of the adopted guidelines; and (5) Environmental manual for works, with the uniqueness of each EDE. Date 01-Nov-2014 31-Dec-2014 Comment A selected 20 consulting firm will elaborate the environmental manuals. Contracts being signed. Revised Collection rates: CERON Text Value 96.1% 96.5% 99.5% Date 31-Dec-2011 30-Apr-2015 30-Mar-2017 Comment Collection rates: CERON Text Value 95.4% 98% Date 30-Jun-2013 31-Dec-2014 Comment Revised Collection rates: CEPISA Text Value 90.4% 91.7% 99.5% Date 31-Dec-2011 30-Apr-2015 30-Mar-2017 Comment Collection rates: CEPISA Text Value 89.8% 98% Date 30-Jun-2013 31-Dec-2014 Comment Revised Collection rates: CEAL Text Value 91.2% 89.7% 99.5% Date 31-Dec-2011 30-Apr-2015 30-Mar-2017 Comment Collection rates: CEAL Text Value 92.1% 98% Date 30-Jun-2013 31-Dec-2014 Comment 21 Revised Collection rates: Boa Vista Text Value 85.7% 92.4% 99.5% Date 31-Dec-2011 30-Apr-2015 30-Mar-2017 Comment Collection rates: Boa Vista Text Value 86.0% 98% Date 30-Jun-2013 31-Dec-2014 Comment Revised Collection rates: Eletroacre Text Value 92.4% 100.4% 99.5% Date 31-Dec-2011 30-Apr-2015 30-Mar-2017 Comment Collection rates: Eletroacre Text Value 95.6% 98% Date 30-Jun-2013 31-Dec-2014 Comment Revised Collection rates: Amazonas Text Value 91.9% 94.4% 99.5% Date 31-Dec-2011 30-Apr-2015 30-Mar-2017 Comment Collection rates: Amazonas Text Value 87.7% 98% Date 30-Jun-2013 31-Dec-2014 Comment Revised Total losses: CERON Text Value 33% 23.97% 17% Date 01-Nov-2014 30-Mar-2017 Comment Total losses: CERON Text Value 33% 23.97% 17% 22 Date 01-Nov-2014 31-Dec-2014 Comment Revised Total losses: CEPISA Text Value 36% 29.97% 22% Date 01-Nov-2014 30-Mar-2017 Comment Total losses: CEPISA Text Value 36% 29.97% 22% Date 01-Nov-2014 31-Dec-2014 Comment Revised Total losses: CEAL Text Value 32% 26.13% 14% Date 01-Nov-2014 30-Mar-2017 Comment Total losses: CEAL Text Value 32% 26.13% 14% Date 01-Nov-2014 31-Dec-2014 Comment Revised Total losses: Boa Vista Energia Text Value 16% 12.12% 8% Date 01-Nov-2014 30-Mar-2017 Comment Total losses: Boa Vista Energia Text Value 16% 12.12% 8% Date 01-Nov-2014 31-Dec-2014 Comment Intermediate Results Indicators Status Indicator Name Core Unit of Measure Baseline Actual(Current) End Target 23 Revised Length of MV and LV lines Kilometers Value 0.00 73.10 690.00 rehabilitated/ upgraded circuits: Date 01-Nov-2014 30-Mar-2017 Amazonas Energia Comment Length of MV and LV lines Kilometers Value 0.00 73.10 690.00 rehabilitated/ upgraded circuits: Date 01-Nov-2014 31-Dec-2014 Amazonas Energia Comment Revised Length of MV and LV lines Kilometers Value 0.00 81.70 312.00 rehabilitated/ upgraded circuits: Date 01-Nov-2014 30-Mar-2017 Eletroacre Comment Length of MV and LV lines Kilometers Value 0.00 81.70 312.00 rehabilitated/ upgraded circuits: Date 01-Nov-2014 31-Dec-2014 Eletroacre Comment Revised Length of MV and LV lines Kilometers Value 0.00 24.40 142.00 rehabilitated/ upgraded circuits: Date 01-Nov-2014 30-Mar-2017 Boa Vista Energia Comment Length of MV and LV lines Kilometers Value 0.00 24.40 142.00 rehabilitated/ upgraded circuits: Date 01-Nov-2014 31-Dec-2014 Boa Vista Energia Comment Revised Length of MV and LV lines Kilometers Value 0.00 209.40 660.00 rehabilitated/ upgraded circuits: Date 01-Nov-2014 30-Mar-2017 CEAL Comment Length of MV and LV lines Kilometers Value 0.00 209.40 660.00 24 rehabilitated/ upgraded circuits: Date 01-Nov-2014 31-Dec-2014 CEAL Comment Revised Length of MV and LV lines Kilometers Value 0.00 4.00 115.00 rehabilitated/ upgraded circuits: Date 01-Nov-2014 30-Mar-2017 CEPISA Comment Length of MV and LV lines Kilometers Value 0.00 4.00 115.00 rehabilitated/ upgraded circuits: Date 01-Nov-2014 31-Dec-2014 CEPISA Comment Revised Length of MV and LV lines Kilometers Value 0.00 177.80 580.00 rehabilitated/ upgraded circuits: Date 01-Nov-2014 30-Mar-2017 CERON Comment Length of MV and LV lines Kilometers Value 0.00 177.80 580.00 rehabilitated/ upgraded circuits: Date 01-Nov-2014 31-Dec-2014 CERON Comment Revised Length of new MV lines: Kilometers Value 0.00 115.10 122.00 Amazonas Energia Date 01-Nov-2014 30-Mar-2017 Comment Length of new MV lines: Kilometers Value 0.00 115.10 122.00 Amazonas Energia Date 01-Nov-2014 31-Dec-2014 Comment Revised Length of new MV lines: Kilometers Value 0.00 51.65 46.00 Eletroacre Date 01-Nov-2014 30-Mar-2017 25 Comment Length of new MV lines: Kilometers Value 0.00 51.65 46.00 Eletroacre Date 01-Nov-2014 31-Dec-2014 Comment Revised Length of new MV lines: Boa Kilometers Value 0.00 29.50 27.00 Vista Energia Date 01-Nov-2014 30-Mar-2017 Comment Length of new MV lines: Boa Kilometers Value 0.00 29.50 27.00 Vista Energia Date 01-Nov-2014 31-Dec-2014 Comment Revised Length of new MV lines: Kilometers Value 0.00 355.69 360.00 CEAL Date 01-Nov-2014 30-Mar-2017 Comment Length of new MV lines: Kilometers Value 0.00 355.69 360.00 CEAL Date 01-Nov-2014 31-Dec-2014 Comment Revised Length of new MV lines: Kilometers Value 0.00 119.12 158.00 CEPISA Date 01-Nov-2014 30-Mar-2017 Comment Length of new MV lines: Kilometers Value 0.00 119.12 158.00 CEPISA Date 01-Nov-2014 31-Dec-2014 Comment 26 Revised Length of new MV lines: Kilometers Value 0.00 302.36 383.00 CERON Date 01-Nov-2014 30-Mar-2017 Comment Length of new MV lines: Kilometers Value 0.00 302.36 383.00 CERON Date 01-Nov-2014 31-Dec-2014 Comment Revised Installed automated reclosers: Number Value 0.00 12.00 168.00 Amazonas Energia Date 01-Nov-2014 30-Mar-2017 Comment Procurement process is underway for the installation of reclosers, regulators, and cables accordingly to theagreed Action Plan. Installed automated reclosers: Number Value 0.00 12.00 168.00 Amazonas Energia Date 01-Nov-2014 31-Dec-2014 Comment Procurement process is underway for the installation of reclosers, regulators, and cables 27 accordingly to theagreed Action Plan. Revised Installed automated reclosers: Number Value 0.00 20.00 150.00 Eletroacre Date 01-Nov-2014 30-Mar-2017 Comment Procurement process is underway for the installation of reclosers, regulators, and cables accordingly to theagreed Action Plan. Installed automated reclosers: Number Value 0.00 20.00 150.00 Eletroacre Date 01-Nov-2014 31-Dec-2014 Comment Procurement process is underway for the installation of reclosers, regulators, and cables accordingly to theagreed Action Plan. Revised Installed automated reclosers: Number Value 0.00 50.00 22.00 Boa Vista Energia Date 01-Nov-2014 30-Mar-2017 28 Comment Procurement process is underway the installation of reclosers, regulators, and cables accordingly to theagreed Action Plan. Installed automated reclosers: Number Value 0.00 50.00 22.00 Boa Vista Energia Date 01-Nov-2014 31-Dec-2014 Comment Procurement process is underway the installation of reclosers, regulators, and cables accordingly to theagreed Action Plan. Revised Installed automated reclosers: Number Value 0.00 132.00 200.00 CEAL Date 01-Nov-2014 30-Mar-2017 Comment Procurement process is underway for the installation of reclosers, regulators, and 29 cables accordingly to theagreed Action Plan. Installed automated reclosers: Number Value 0.00 132.00 200.00 CEAL Date 01-Nov-2014 31-Dec-2014 Comment Procurement process is underway for the installation of reclosers, regulators, and cables accordingly to theagreed Action Plan. Revised Installed automated reclosers: Number Value 0.00 11.00 386.00 CEPISA Date 01-Nov-2014 30-Mar-2017 Comment Procurement process is underway for the installation of reclosers, regulators, and cables accordingly to theagreed Action Plan. Installed automated reclosers: Number Value 0.00 11.00 386.00 30 CEPISA Date 01-Nov-2014 31-Dec-2014 Comment Procurement process is underway for the installation of reclosers, regulators, and cables accordingly to theagreed Action Plan. Revised Installed automated reclosers: Number Value 0.00 50.00 40.00 CEROn\N Date 01-Nov-2014 30-Mar-2017 Comment Procurement process is underway for the installation of reclosers, regulators, and cables accordingly to theagreed Action Plan. Installed automated reclosers: Number Value 0.00 50.00 40.00 CEROn\N Date 01-Nov-2014 31-Dec-2014 Comment Procurement process is underway for the installation of reclosers, 31 regulators, and cables accordingly to theagreed Action Plan. Revised Installed voltage regulators and Number Value 0.00 88.00 120.00 banks of capacitors: Amazonas Date 01-Nov-2014 30-Mar-2017 Energia Comment Procurement process is underwayfor the installation of reclosers, regulators, and cables accordingly to theagreed Action Plan. Installed voltage regulators and Number Value 0.00 88.00 120.00 banks of capacitors: Amazonas Date 01-Nov-2014 31-Dec-2014 Energia Comment Procurement process is underwayfor the installation of reclosers, regulators, and cables accordingly to theagreed Action Plan. Revised Installed voltage regulators and Number Value 0.00 9.00 135.00 32 banks of capacitors: Eletroacre Date 01-Nov-2014 30-Mar-2017 Comment Procurement process is underway for the installation of reclosers, regulators, and cables accordingly to thea greed Action Plan. Installed voltage regulators and Number Value 0.00 9.00 135.00 banks of capacitors: Eletroacre Date 01-Nov-2014 31-Dec-2014 Comment Procurement process is underway for the installation of reclosers, regulators, and cables accordingly to thea greed Action Plan. Revised Installed voltage regulators and Number Value 0.00 15.00 9.00 banks of capacitors: Boa Vista Date 01-Nov-2014 30-Mar-2017 Energia Comment Procurement process is underway for the installation of reclosers, 33 regulators, and cables accordingly to theagreed Action Plan. Installed voltage regulators and Number Value 0.00 15.00 9.00 banks of capacitors: Boa Vista Date 01-Nov-2014 31-Dec-2014 Energia Comment Procurement process is underway for the installation of reclosers, regulators, and cables accordingly to theagreed Action Plan. Revised Installed voltage regulators and Number Value 0.00 63.00 120.00 banks of capacitors: CEAL Date 01-Nov-2014 30-Mar-2017 Comment Procurement process is underway for the installation of reclosers, regulators, and cables accordingly to theagreed Action Plan. Installed voltage regulators and Number Value 0.00 63.00 120.00 34 banks of capacitors: CEAL Date 01-Nov-2014 31-Dec-2014 Comment Procurement process is underway for the installation of reclosers, regulators, and cables accordingly to theagreed Action Plan. Revised Installed voltage regulators and Number Value 0.00 19.00 290.00 banks of capacitors: CEPISA Date 01-Nov-2014 30-Mar-2017 Comment Procurement process is underway for the installation of reclosers, regulators, and cables accordingly to theagreed Action Plan. Installed voltage regulators and Number Value 0.00 19.00 290.00 banks of capacitors: CEPISA Date 01-Nov-2014 31-Dec-2014 Comment Procurement process is underway for the installation of reclosers, 35 regulators, and cables accordingly to theagreed Action Plan. Revised Installed voltage regulators and Number Value 0.00 39.00 98.00 banks of capacitors: CERON Date 01-Nov-2014 30-Mar-2017 Comment Procurement process is underway for the installation of reclosers, regulators, and cablesaccordingly to the agreed Action Plan. Installed voltage regulators and Number Value 0.00 39.00 98.00 banks of capacitors: CERON Date 01-Nov-2014 31-Dec-2014 Comment Procurement process is underway for the installation of reclosers, regulators, and cablesaccordingly to the agreed Action Plan. Revised Adoption and implementation Text Value Environmental Five of the ten Guidelines of environmental and social and social expected products adopted in the guidelines across six DisCos guidelines not have been six DisCos 36 adopted delivered. These are: (1) Report on Social & Environmental activites developed by the EDEs; (2) report on the norms & procedures of the energy firms in Brazil; (3) Report identifying and consolidating strengths and bestpractices observed in the firms, seeing what can be replicated among the EDEs; (4) Report compiling an analysis of the federal, state and municipal laws in the areas where Eletrobras engages, that shall be part of the adopted guidelines; and (5) Environmental manual for works, with the 37 uniqueness of each EDE. Date 01-Nov-2014 30-Mar-2017 Comment A selected consulting firm will elaborate the environmental guideline. Contracts being signed. Adoption and implementation Text Value Environmental Five of the ten Guidelines of environmental and social and social expected products adopted in the guidelines across six DisCos guidelines not have been six DisCos adopted delivered. These are: (1) Report on Social & Environmental activites developed by the EDEs; (2) report on the norms & procedures of the energy firms in Brazil; (3) Report identifying and consolidating strengths and bestpractices observed in the firms, seeing what can be replicated among 38 the EDEs; (4) Report compiling an analysis of the federal, state and municipal laws in the areas where Eletrobras engages, that shall be part of the adopted guidelines; and (5) Environmental manual for works, with the uniqueness of each EDE. Date 01-Nov-2014 31-Dec-2014 Comment A selected consulting firm will elaborate the environmental guideline. Contracts being signed. Revised Implementation of a Text Value Social/commu The first two Campaigns social/communication nication programs were launched campaign program not evaluated in April implemented 2014 with varying results. In terms of population aware of campaigns, the 39 percentages were: Acre 41.8%, Alagoas 29.6%, Amazonas 21%, Piaui 32.3%, Rondonia 51.6% and Roraima 15%. Of these, the percentages that thoughtthe messages were clear are: Acre 94.1%, Alagoas 57.6%, Amazonas 76.1%, Piaui 74.4%, Rondonia 68.4% and Roraima 56.4%.The Campaignswere using all types of media (TV, radio, newspapers and outdoors), and the findings from the initial evaluation are being used to further customize the next campaigns to ensure the best medium is being used.The next 40 communication capaign is scheduled for early2015to be done ahead of the redastration exercise, as well as the campaign ahead of the installing and substituting of old meteresfor the new AMI. Date 01-Nov-2014 30-Mar-2017 Comment Example: Energia+ Environment and Citizenship, applied to energy efficiency itinerant programs, with the aim of increasing the awareness for young people and students about the importance of selective collection and solid waste recycling. 41 Implementation of a Text Value Social/commu The first two Campaigns social/communication nication programs were launched campaign program not evaluated in April implemented 2014 with varying results. In terms of population aware of campaigns, the percentages were: Acre 41.8%, Alagoas 29.6%, Amazonas 21%, Piaui 32.3%, Rondonia 51.6% and Roraima 15%. Of these, the percentages that thoughtthe messages were clear are: Acre 94.1%, Alagoas 57.6%, Amazonas 76.1%, Piaui 74.4%, Rondonia 68.4% and Roraima 56.4%.The Campaignswere using all types of media (TV, radio, newspapers and outdoors), and the findings from the 42 initial evaluation are being used to further customize the next campaigns to ensure the best medium is being used. The next communication capaign is scheduled for early2015 to be done ahead of the redastration exercise, as well as the campaign ahead of the installing and substituting of old meteresfor the new AMI. Date 01-Nov-2014 31-Dec-2014 Comment Example: Energia+ Environment and Citizenship, applied to energy efficiency itinerant programs, with 43 the aim of increasing the awareness for young people and students about the importance of selective collection and solid waste recycling. Revised UGP functioning and progress Text Value No UGP The UGP has UGP reports provided for project been functioning functioning satisfactorily, following Project Management Institute (PMI) norms. and the first progress report was submitted to the Bank in October 2014. Date 01-Nov-2014 30-Mar-2017 Comment UGP is in place and adopted PMI monitoring and reporting standards. First versions of reports and methodology under revision. 44 UGP functioning and progress Text Value No UGP The UGP has UGP reports provided for project been functioning functioning satisfactorily, following Project Management Institute (PMI) norms. and the first progress report was submitted to the Bank in October 2014. Date 01-Nov-2014 31-Dec-2014 Comment UGP is in place and adopted PMI monitoring and reporting standards. First versions of reports and methodology under revision. Revised Distribution lines constructed Kilometers Value 0.00 1543.82 3595.00 or rehabilitated under the Date 03-Jun-2010 01-Nov-2014 30-Mar-2017 project Comment Distribution lines constructed Kilometers Value 0.00 1543.82 3595.00 or rehabilitated under the Date 03-Jun-2010 01-Nov-2014 31-Dec-2014 project Comment Revised Distribution lines constructed Kilometers Value 0.00 973.42 1096.00 45 under the project Sub Type Date 03-Jun-2010 01-Nov-2014 30-Mar-2017 Breakdown Comment Distribution lines constructed Kilometers Value 0.00 973.42 1096.00 under the project Sub Type Date 03-Jun-2010 01-Nov-2014 31-Dec-2014 Breakdown Comment Revised Length of new MV lines: Kilometers Value 0.00 115.10 122.00 Amazonas Energia Sub Type Date 03-Jun-2010 01-Nov-2014 30-Mar-2017 Breakdown Comment Length of new MV lines: Kilometers Value 0.00 115.10 122.00 Amazonas Energia Sub Type Date 03-Jun-2010 01-Nov-2014 31-Dec-2014 Breakdown Comment Revised Length of new MV lines: Kilometers Value 0.00 51.65 46.00 Eletroacre Sub Type Date 03-Jun-2010 01-Nov-2014 30-Mar-2017 Breakdown Comment Length of new MV lines: Kilometers Value 0.00 51.65 46.00 Eletroacre Sub Type Date 03-Jun-2010 01-Nov-2014 31-Dec-2014 Breakdown Comment Revised Length of new MV lines: Boa Kilometers Value 0.00 29.50 27.00 Vista Energia Sub Type Date 03-Jun-2010 01-Nov-2014 30-Mar-2017 Breakdown Comment Length of new MV lines: Boa Kilometers Value 0.00 29.50 27.00 Vista Energia Sub Type Date 03-Jun-2010 01-Nov-2014 31-Dec-2014 46 Breakdown Comment Revised Length of new MV lines: Kilometers Value 0.00 355.69 360.00 CEAL Sub Type Date 03-Jun-2010 01-Nov-2014 30-Mar-2017 Breakdown Comment Length of new MV lines: Kilometers Value 0.00 355.69 360.00 CEAL Sub Type Date 03-Jun-2010 01-Nov-2014 31-Dec-2014 Breakdown Comment Revised Length of new MV lines: Kilometers Value 0.00 119.12 158.00 CEPISA Sub Type Date 03-Jun-2010 01-Nov-2014 30-Mar-2017 Breakdown Comment Length of new MV lines: Kilometers Value 0.00 119.12 158.00 CEPISA Sub Type Date 03-Jun-2010 01-Nov-2014 31-Dec-2014 Breakdown Comment Revised Length of new MV lines: Kilometers Value 0.00 302.36 383.00 CERON Sub Type Date 03-Jun-2010 01-Nov-2014 30-Mar-2017 Breakdown Comment Length of new MV lines: Kilometers Value 0.00 302.36 383.00 CERON Sub Type Date 03-Jun-2010 01-Nov-2014 31-Dec-2014 Breakdown Comment Revised Distribution lines rehabilitated Kilometers Value 0.00 570.40 2499.00 under the project Sub Type Date 03-Jun-2010 01-Nov-2014 30-Mar-2017 Breakdown Comment 47 Distribution lines rehabilitated Kilometers Value 0.00 570.40 2499.00 under the project Sub Type Date 03-Jun-2010 01-Nov-2014 31-Dec-2014 Breakdown Comment Revised Length of MV and LV lines Kilometers Value 0.00 73.10 690.00 rehabilitated/ upgraded circuits: Sub Type Date 03-Jun-2010 01-Nov-2014 30-Mar-2017 Amazonas Energia Breakdown Comment Length of MV and LV lines Kilometers Value 0.00 73.10 690.00 rehabilitated/ upgraded circuits: Sub Type Date 03-Jun-2010 01-Nov-2014 31-Dec-2014 Amazonas Energia Breakdown Comment Revised Length of MV and LV lines Kilometers Value 0.00 81.70 312.00 rehabilitated/ upgraded circuits: Sub Type Date 03-Jun-2010 01-Nov-2014 30-Mar-2017 Eletroacre Breakdown Comment Length of MV and LV lines Kilometers Value 0.00 81.70 312.00 rehabilitated/ upgraded circuits: Sub Type Date 03-Jun-2010 01-Nov-2014 31-Dec-2014 Eletroacre Breakdown Comment Revised Length of MV and LV lines Kilometers Value 0.00 24.40 142.00 rehabilitated/ upgraded circuits: Sub Type Date 03-Jun-2010 01-Nov-2014 30-Mar-2017 Boa Vista Energia Breakdown Comment Length of MV and LV lines Kilometers Value 0.00 24.40 142.00 rehabilitated/ upgraded circuits: Sub Type Date 03-Jun-2010 01-Nov-2014 31-Dec-2014 Boa Vista Energia Breakdown Comment Revised Length of MV and LV lines Kilometers Value 0.00 209.40 660.00 48 rehabilitated/ upgraded circuits: Sub Type Date 03-Jun-2010 01-Nov-2014 30-Mar-2017 CEAL Breakdown Comment Length of MV and LV lines Kilometers Value 0.00 209.40 660.00 rehabilitated/ upgraded circuits: Sub Type Date 03-Jun-2010 01-Nov-2014 31-Dec-2014 CEAL Breakdown Comment Revised Length of MV and LV lines Kilometers Value 0.00 4.00 115.00 rehabilitated/ upgraded circuits: Sub Type Date 03-Jun-2010 01-Nov-2014 30-Mar-2017 CEPISA Breakdown Comment Length of MV and LV lines Kilometers Value 0.00 4.00 115.00 rehabilitated/ upgraded circuits: Sub Type Date 03-Jun-2010 01-Nov-2014 31-Dec-2014 CEPISA Breakdown Comment Revised Length of MV and LV lines Kilometers Value 0.00 177.80 580.00 rehabilitated/ upgraded circuits: Sub Type Date 03-Jun-2010 01-Nov-2014 30-Mar-2017 CERON Breakdown Comment Length of MV and LV lines Kilometers Value 0.00 177.80 580.00 rehabilitated/ upgraded circuits: Sub Type Date 03-Jun-2010 01-Nov-2014 31-Dec-2014 CERON Breakdown Comment Revised Full implementation of ERPs in Text Value ERP not ERP the six DisCos installed implemented in the six DisCos Date 13-Aug-2013 30-Mar-2017 Comment Full implementation of ERPs in Text Value ERP not ERP 49 the six DisCos installed implemented in the six DisCos Date 13-Aug-2013 31-Dec-2014 Comment Revised Full implementation of the Text Value CMS not CMS CMS in the six DisCos installed implemented in the six DisCos Date 28-Oct-2013 30-Mar-2017 Comment Eletrobras will decide shortly whether to implement a new CMS or use AJURI in the six DisCos Full implementation of the Text Value CMS not CMS CMS in the six DisCos installed implemented in the six DisCos Date 28-Oct-2013 31-Dec-2014 Comment Eletrobras will decide shortly whether to implement a new CMS or use AJURI in the six DisCos Revised Installation of AMI systems in Text Value AMI systems Contract signed 100% of each DisCo not installed on February 9, customer target 2015 50 Date 23-Feb-2015 30-Mar-2017 Comment Eletrobras will submit to the Bank the bidding package for the acquisition and installation of AMI accordingly to the agreed ActionPlan. Installation of AMI systems in Text Value AMI systems Contract signed 100% of each DisCo not installed on February 9, customer target 2015 Date 23-Feb-2015 31-Dec-2014 Comment Eletrobras will submit to the Bank the bidding package for the acquisition and installation of AMI accordingly to the agreed ActionPlan. 51