1.
1
CTEEP – 3Q11Results

2. CTEEP ANNOUNCES RESULTS FOR 3Q11
São Paulo, November 14 2011 – CTEEP ‐ Companhia de Transmissão de Energia Elétrica Paulista
(“CTEEP” or “Company”) (Bovespa: TRPL3 and TRPL4), the principal private sector electricity
transmission concessionaire in Brazil, announces its results for the 3rd quarter 2011. The following
financial and operating information for the periods shown below is in accordance with generally
accepted Brazilian accounting rules, except where otherwise stated.
Conference Call and HIGHLIGHTS
Webcast of Results
Day: 11/16/2011  Net operating revenue totaled R$ 896.5 million in 3Q11, an increase
Hour: 15h00 (Brasília), of 29.8% against 2Q11 (R$ 690.7 million) and 44.4% in relation to
12h00pm (NY) 3Q10 (R$ 620.7 million);
Connection numbers:  EBITDA of R$ 509.4 million in 3Q11 posted growth of 52.8% in
Brasil: (+55 11) 4688 6361 relation to 2Q11 (R$ 333.4 million) and 39.9% in comparison with
USA: (+1 888) 700 0802 3Q10 (R$ 364.1 million);
Other: (+1 786) 924 6977
 Net Income was R$ 344.9 million in 3Q11, an increase from R$ 200.5
Webcast: million of 72.0% against 2Q11 and 41.3% in relation to 3Q10 when
www.cteep.com.br/ri net income was R$ 244.0 million;
 Readjustment in Annual Allowed Revenue ‐ RAP: Pursuant to
Investor Relations Ratifying Resolution 1171, the electric energy regulator – ANEEL has
announced the new RAP for the 2011/2012 cycle. CTEEP’s RAP will
www.cteep.com.br/ri now be R$ 2,008.3 million, equivalent to an increase of 14.1% in
relation to the 2010/2011 cycle;
Marcio Lopes Almeida
Chief Financial and Investor  Dividends and interest on shareholders capital amounting to R$
Relations Officer 240.7 million, corresponding to R$ 1.56 per share for both vehicles
ri@cteep.com.br for profit distribution were paid out in the third quarter 2011;
Thiago Lopes da Silva  ANEEL Transmission Line Auction: On September 2 2011, at ANEEL
Investor Relations public action 004/2011 held at the BM&FBOVESPA, CTEEP
tlsilva@cteep.com.br successfully bid for lot K on an independent basis and lot L through
Phone: (+55 11) 3138‐7557 the intermediary of the Garanhuns partnership with CHESF.
Press Relations  APIMEC ‐ 2011: On October 14 2011, the Company held a public
Mariana Bertolini – CDI meeting for capital markets professionals and investment analysts.
Corporate Communications On this occasion, CTEEP was awarded the Gold Assiduity Seal for
mariana@cdicom.com.br uninterrupted meetings over ten‐year period.
Phone: (+55 11) 3817‐7913
2
CTEEP – 3Q11Results

3. Principal Results Indicators
Key Indicators
Change % Change %
(R$'000) 3Q11 2Q11 2Q10 3Q11/2Q11 3Q11/2Q10
Net Revenues 896,533 690,735 620,708 29.8% 44.4%
EBITDA 509,434 333,427 364,095 52.8% 39.9%
EBITDA Margin 56.8% 48.3% 58.7% 8.6 p.p ‐1.8 p.p
Net Income 344,863 200,505 244,010 72.0% 41.3%
Net Margin 38.5% 29.0% 39.3% 9.4 p.p ‐0.8 p.p
Earnings per Share 2.27 1.32 1.61 72.0% 41.3%
About CTEEP
Transmitting electric energy with quality and efficiency: this is the business of CTEEP – Companhia de Transmissão de
Energia Elétrica Paulista, the leading private sector concessionaire for electricity transmission in Brazil.
Some 30% of the electricity produced in Brazil and 60% consumed in the country’s Southeast is carried through its
network – made up of 12,993 km of transmission lines, 18,782 km of circuits, 2,488 km of optic fiber cables and 105
substations with tension up to 550kV.
CTEEP has an installed capacity of 44,431 MVA (Mega Volt Ampere) and with its own assets or through subsidiaries and
participations, has a footprint in 12 Brazilian states: Rio Grande do Sul, Santa Catarina, Paraná, São Paulo, Minas Gerais,
Rondônia, Mato Grosso, Mato Grosso do Sul, Goiás, Tocantins, Maranhão and Piauí.
The Company has stakes in companies established to render an electric energy transmission public utility service: a 100%
stake in the IEMG (Interligação Elétrica de Minas Gerais), Pinheiros (Interligação Elétrica Pinheiros) and in Serra do Japi
(Interligação Elétrica Serra do Japi); 51% in IESul (Interligação Elétrica Sul), 51% in IEMadeira (Interligação Elétrica
Madeira); and 25% in IENNE (Interligação Elétrica Norte e Nordeste).
Controlled by one of the largest energy transmission groups in Latin America, ISA which holds 89.40% of its common
shares ‐, CTEEP also counts among its investors, Eletrobras ‐ the largest energy group in Brazil, the government of the
state of São Paulo and 61 thousand personal and corporate shareholders.
CTEEP’s shares are listed on the BM&FBovespa and since 2002, the Company has adhered to Level 1 of BM&FBovespa’s
Corporate Governance. Its preferred shares are a component of the Ibovespa stock index, the most important indicator
of the average performance of share prices in the Brazilian stock market. In addition, the Company has an American
Depositary Receipts – ADR Program under SEC Rule 144 A in the United States.
Common Shares ‐ TRPL3 Preferred Shares ‐ TRPL4 Total Capital Stock
(42% of the total) (58% of the total)
ISA Capital do
Brasil Other
Shareholders ISA Capital do Eletrobra
89.40%
35.39% Brasil 35.42%
37.60%
Eletrobras
53.99%
State
Eletrobras Government State
Other 9.85% of São Paulo Governme
Shareholders Other
10.62% Sahreholders of São Pau
0.75%
20.82% 6.15%
3
CTEEP – 3Q11Results

4.
Operating Performance
 Operating Excellence
CTEEP’s operating revenue is directly related to the uptime of its assets: transmission lines, reactors and
transformers. Since any asset downtime is susceptible to a discount against its revenues, the Company
operates a continuous program of investing in the upgrading of operational efficiency and the quality of the
operation.
Below are some of the indicators which illustrate the Company’s operating efficiency between 2007 and
9M11:
4
CTEEP – 3Q11Results

5.
Effects of the adoption of IFRS and CPC pronouncements
 Effect on the financial statements
Below we show the reconciliation between the quarterly information prepared in conformity with current and previous
accounting practices, denominated “BR GAAP (pro‐forma)”:
BR GAAP Effect of the IFRS BR GAAP Effect of the IFRS
transition to the transition to
IFRS the IFRS
Assets (R$' 000) September 30, 2011 December 31, 2010
CURRENT ASSETS
Cash and Banks 327,466 - 327,466 54,983 - 54,983
Trade Account Receivable 260,703 1,338,171 1,598,874 244,524 1,179,866 1,424,390
Inventory 48,181 - 48,181 44,791 - 44,791
Amounts Receivable from the State Finance Secretariat 20,798 - 20,798 22,938 - 22,938
Taxes and Contributions to be offset 13,434 - 13,434 11,230 - 11,230
Tax benefit - Goodwill 28,832 (28,832) - 28,832 (28,832) -
Deferred income Tax and Social Contribution 28,997 (28,997) - 32,575 (32,575) -
Prepaid Expenses 6,339 455 6,794 1,876 735 2,611
Financial Derivatives 5,881 - 5,881
Others 73,975 - 73,975 35,848 - 46 35,802
814,606 1,280,797 2,095,403 477,597 1,119,148 1,596,745
NON-CURRENT ASSETS
Long-Term Assets
Trade Account Receivable 316 4,986,841 4,987,157 978 4,224,331 4,225,309
Amounts Receivable from the State Finance Secretariat 771,118 - 771,118 681,129 - 681,129
Tax benefit - incorporated goodwill 97,455 28,832 126,287 119,079 28,832 147,911
Deferred income Tax and Social Contribution 75,690 - 75,690 - 62,171 - 34,121 28,050
Pledges and Escrow 54,858 - 54,858 42,248 - 42,248
Inventory - 192,125 192,125 - 184,264 184,264
Financial Derivatives 26,770 - 26,770
Credits with Associates 7,925 - 7,925 6,624 - 6,624
1,034,132 5,132,108 6,166,240 912,229 4,403,306 5,315,535
Property, Plant and Equipment 5,895,774 (5,886,988) 8,786 5,254,978 (5,245,784) 9,194
Intangible Assets 74,246 (64,450) 9,796 70,066 (60,122) 9,944
5,970,020 (5,951,438) 18,582 5,325,044 (5,305,906) 19,138
Total Assets 7,818,758 461,467 8,280,225 6,714,870 216,548 6,931,418
Liabilities and Shareholders' Equity September 30, 2011 December 31, 2010
CURRENT LIABILITIES
Loans and Financing 948,296 - 948,296 332,413 - 332,413
Debentures 223,654 - 223,654 2,154 - 2,154
Suppliers 109,631 - 109,631 93,964 - 93,964
Taxes, Fees and Contributions 99,288 - 99,288 88,745 - 88,745
Taxes installments - Law 11,941 12,002 - 12,002 10,353 - 10,353
Regulatory Charges 55,414 - 55,414 49,559 - 49,559
Interest on Shareholders' Equity 240,447 0 240,447 193,822 0 193,822
Provisions 24,645 - 24,645 22,662 - 22,662
Amounts Payable - Fundação CESP 5,512 - 5,512 6,503 - 6,503
Deferred income Tax and Social Contribution 272 (272) - 207 (207) -
Financial Derivatives 9,256 0 9,256 - 0 -
Others 32,650 - 206 32,444 13,874 - 13,874
1,761,067 (478) 1,760,589 814,256 (207) 814,049
NON-CURRENT LIABILITIES
Long-Term Liabilities
Loans and Financing 768,654 - 768,654 540,032 - 540,032
Taxes installments - Law 11,941 145,026 - 145,026 144,964 - 144,964
PIS and COFINS - 207,388 207,388 - 117,632 117,632
Deferred income Tax and Social Contribution 19,386 24,247 43,633 19,539 - 10,187 9,352
Regulatory Charges 2,174 - 2,174 2,174 - 2,174
Provisions for Contingencies 163,945 - 163,945 161,688 - 161,688
Debentures 553,498 0 553,498 553,639 0 553,639
Especial Liabilities - Reversal/Amortization 24,053 - 24,053 24,053 - 24,053
Negative Goodwill 16,060 (16,060) - - 0 -
Others 38
1,692,796 215,575 1,908,371 1,446,089 107,445 1,553,534
SHAREHOLDERS' EQUITY
Paid-up Capital 1,119,911 - 1,119,911 1,119,911 - 1,119,911
Capital Reserves 2,231,113 - 2,231,113 2,231,113 - 2,231,113
Revenue Reserves 903,139 109,298 1,012,437 904,824 109,300 1,014,124
Accumulated profits 145,163 (3,787) 141,376 145,163 (3,787) 141,376
Proposal for distribution of a complementary dividend - - - 198,011 10 198,021
Advance for future capital increase 16,954 - 16,954 666 - 666
4,364,895 246,370 4,611,265 4,454,525 109,310 4,563,835
Total Liabilities and Shareholders' Equity 7,818,758 461,467 8,280,225 6,714,870 216,548 6,931,418
5
CTEEP – 3Q11Results

6.
The financial asset originates when the operator has the unconditional contractual right to receive cash or another
financial asset from the conceding entity for construction services rendered; the conceding entity has little or no way of
avoiding payment since normally the agreement is legally enforceable. The concessionaire has the unconditional right
to receive cash if the conceding entity guarantees the payment in the agreement in the event (a) of pre‐established
values or values that can be determined or (b) insufficiency, if any, of the values received from the users of the public
utility services with respect to the pre‐established or determinable values even if the payment is conditional to a
guarantee from the concessionaire that the infrastructure meets specific quality and efficiency requirements.
3Q11 RESULTS
(in R$' 000) 3Q11 3Q10
Effect of the Effect of the
BR GAAP transition to IFRS BR GAAP transition to IFRS
the IFRS the IFRS
Net operating revenue 474,958 421,575 896,533 442,824 177,884 620,708
Costs of operating services (121,506) (236,408) (357,914) (110,233) (106,638) (216,871)
Gross Revenue 353,452 185,167 538,619 332,591 71,246 403,837
Operational Revenues (Expenses)
General and administrative (27,062) (2,052) (29,114) (35,557) (3,980) (39,537)
Management fees (1,347) (306) (1,653) (1,378) (316) (1,694)
Financial expenses (78,937) (4,743) (83,680) (33,723) (4,360) (38,083)
Financial income 33,247 9,911 43,158 11,389 970 12,359
Other expenses, net (7,433) 28,575 21,142 (2,418) (4,248) (6,666)
Operating profit 271,920 216,552 488,472 270,904 59,312 330,216
Income tax and social contribuition
Current (73,799) - (73,799) (41,729) - (41,729)
Deferred 10,091 (79,901) (69,810) (25,262) (19,215) (44,477)
Profit before reversal of interest on own capital 208,212 136,651 344,863 203,913 40,097 244,010
Net income for the fiscal year 208,212 136,651 344,863 203,913 40,097 244,010
9M11 CASH FLOW
(in R$' 000)
9M11 9M10
Effect of the Effect of the
BR GAAP transition to T IFRS BR GAAP transition to IFRS
the IFRS the IFRS
Cash Flow of operating activities 333,180 (301,325) 31,855 311,231 (170,914) 140,317
Cash flow of investment activities (301,776) 301,325 (451) (171,210) 170,914 (296)
-
Cash flow of financing activities 78,866 - 78,866 (152,424) - (152,424)
6
CTEEP – 3Q11Results

7. Description of the adjustments
Below we give a description of the main adjustments arising from the new accounting pronouncements which have impacted
the Company’s financial statements:
Concession agreements (ICPC 01 and OCPC 05)
As from January 1 2010 (effected from the opening balance of January 1 2009 for comparison purposes) the Company has
adopted and used the provisions of the ICPC 01 interpretation issued by CPC (“equivalent to IFRIC12 of the international
accounting standards as issued by the IASB”) for the purposes of classification and measurement of the concession activities.
This interpretation provides guidance to the concessionaires on the modus operandi for booking public utility concessions to
private entities, when:
 the conceding entity controls or regulates which services must be rendered, to whom the services must be rendered
and the price which must be charged; and
 the conceding entity controls – through ownership, usufruct or any other manner – any significant residual
participation in the infrastructure on maturity of the concession.
For concession agreements which qualify for application of ICPC 01, the infrastructure which has been constructed,
expanded, reinforced or improved by the operator is not recorded as a fixed asset pertaining to the operator because the
concession agreement does not transfer controlling rights to the concessionaire (much less ownership) of the use of public
utility service infrastructure. Only assignment of possession of these assets for the realization of public utility services is
envisaged, such assets reverting to the conceding entity following the termination of the respective agreement. The
concessionaire has the right to operate the infrastructure for rendering a public utility service in the name of the conceding
entity under the conditions provided in the agreement.
Thus, under the terms of the concession agreements in the context of ICPC 01, the concessionaire acts as a service provider.
The concessionaire builds, expands, upgrades or improves the infrastructure (construction services) used to render the public
utility service as well as operating and maintaining this infrastructure (operation and maintenance services) during a given
period. The concessionaire must register and measure the revenue from the services it renders in accordance with the
Technical Pronouncements CPC 17 – Construction Contracts (equivalent to IAS 11, as issued by the IASB) and CPC 30 –
Revenue Recognition (equivalent to IAS 18, as issued by the IASB). Should the concessionaire undertake more than one
service (for example, the services of construction or improvement and operation services) governed by a single agreement,
the remuneration received or receivable must be allocated on the basis of the fair values relative to the services rendered if
the values are identifiable separately. Thus the compensating item for the construction services or improvements effected to
the concession assets is classified as a financial asset, intangible asset or both.
The financial asset originates when the operator has the unconditional contractual right to receive cash or another financial
asset from the conceding entity for construction services; the conceding entity has little or no way of avoiding payment since
normally the agreement is enforceable in law. The concessionaire has the unconditional right to receive cash if the conceding
entity guarantees the payment in the agreement (a) of pre‐established values or values that can be determined or (b)
insufficiency, if any, of the values received from the users of the public utility services with respect to the pre‐established or
determinable values even if the payment is conditional to a guarantee from the concessionaire that the infrastructure meets
the specific quality and efficiency requirements. The remuneration received or receivable must initially be registered at its
fair value received or receivable.
The criteria used for the adoption of the interpretation of the concessions held by the Company and the impact of their initial
adoption are described below:
The interpretation of ICPC 01 was considered applicable to all the public‐private utility services agreements to which the
Company is a party.
All the concessions were classified according to the financial asset model, the revenues and costs of the work related to the
formation of the financial asset being recognized through the percentage of evolution method. The financial asset for
indemnification is recognized when the construction is finalized and included as remuneration for construction services.
The provisions of ICPC 01 were applied retroactively for the concessions of the controlled companies IEMADEIRA, IESUL,
IENNE, IEMG, Serra do Japi and
Pinheiros, the effects that the 7
CTEEP – 3Q11Results

8. adoption of IFRS had on the opening balance of January 1 2009 being recalculated (the opening period used for comparative
purposes), the accumulated effects being attributed to the components of shareholders’ equity. Given the impossibility of
reliably reconstructing historical data, the prospective application was adopted for the concession agreements signed by
CTEEP.
As set forth in the agreements, the extinguishment of the concession will legally determine the reversion to the conceding
entity of the assets connected to the service, their verification and evaluation, as well as the determination of the amount of
the indemnification due to the concessionaire based on the values and the dates of their incorporation into the electricity
system. The Company believes that the value of the indemnification to which it will have a right shall correspond to the New
Replacement Value adjusted to the accumulated depreciation for each item. Considering the uncertainties that prevail in the
energy market today, the Company has estimated the value of the indemnification of its assets based on their respective
book values, this being the amount that Management understands as being the minimum guaranteed by the regulations in
force. Given that Management constantly monitors sector regulations, in the event of changes in these regulations which
might alter the estimated value of the indemnity for the assets, the accounting effects of these changes will be treated in a
prospective manner in the Financial Statements. However, Management reiterates it commitment in continuing to defend
shareholder interests in realizing these assets with a view to maximizing the return on capital invested in the concession in
accordance with the legal parameters. This indemnification is part of the remuneration of the construction services and is
recognized immediately upon the work being concluded.
The Company has determined the fair value of the construction services considering that the projects build in a sufficient
margin to cover the costs of construction together with certain expenses during the construction phase. The effective rate of
interest that remunerates the financial asset arising from the construction services was established considering the expected
shareholders return on an asset with these characteristics.
The financial assets were classified as loans and receivables and the financial income recorded on a monthly basis and
registered directly to results.
The revenues with construction and financial revenue calculated on the financial asset arising from construction are subject
to deferral of the cumulative Social Integration Program ‐ PIS and Contribution for the Financing of Social Security – COFINS
charges, registered in the “deferred taxes” account in the long‐term liabilities.
Fiscal Benefit – goodwill incorporated from the controlling company (CPC 04)
The fiscal benefit – goodwill incorporated from the controlling company previously shown in the current assets was
reclassified to the long‐term assets.
Deferred income tax and social contribution (CPC 32)
Recognized on the temporary differences at the end of each fiscal year between the balances for assets and liabilities
recognized in the financial accounts and the corresponding fiscal base used in the calculation of the taxable profit. Deferred
tax assets and liabilities are measured at the applicable rates in the period when the liability is expected to be liquidated or
the asset realized according to the prevailing rates in the current tax legislation.
Additionally and in line with CPC 26, the deferred taxes, originally shown in the current assets, were reclassified to the long‐
term assets.
Booking of the proposal for dividend payment (ICPC 08)
This interpretation clarifies that the declaration of dividends exceeding the mandatory minimum following the accounting
period to which the financial statements refer should not be recognized as a liability, not meeting the present obligation
criteria on the date of the financial statements as set forth in CPC 25 – Provision, Contingent Liabilities and Contingent
Assets.
8
CTEEP – 3Q11Results

9.
Employee benefits ‐ Fundação CESP (CPC 33)
This accounting pronouncement provides guidance on recognition, measurement and evidence of the benefits granted to the
employees.
Since fiscal year 2008, the actuarial calculations for pension and retirement plans sponsored by the Company show a surplus,
which, since the corridor approach is used in these calculations, generate unrecognized gains. However, the gain recorded
does not exceed the restriction limit to the recognition of the asset (“asset ceiling”) established by CPC 33 (IAS 19).
Negative goodwill (ICPC 09)
Represented by negative goodwill recorded at the time of the acquisition of 49% of the common shares of EPTE ‐ Empresa
Paulista de Transmissão de Energia Elétrica S.A. These shares pertained to the Secretaria de Estado dos Negócios da Fazenda
de São Paulo and Companhia Paulista de Administração de Ativos ‐ CPA and were acquired on March 26 1999 by CESP ‐
Companhia Energética de São Paulo. At the time of CESP’s partial spin‐off, these shares and the negative goodwill were
transferred to CTEEP. EPTE was incorporated by the Company on November 10 2001. In line with ICPC 09, the negative
goodwill was recorded in the retained earnings as an advantageous acquisition.
9
CTEEP – 3Q11Results

10. Economic and Financial Performance
 Readjusted Annual Allowed Revenue
On June 28 2011, ANEEL published Ratifying Resolution 1171 setting CTEEP’s annual allowed revenue due to the transmission
concessionaires for making the Basic Network and Other Transmission Facilities available for the 12‐month cycle encompassing
the period from July 1 2011 to June 30 2012.
In accordance with the Resolution, CTEEP’s Annual Allowed Revenue ‐ RAP was R$ 1,760.82 million on July 1 2010 increasing to
R$ 2,008.3 million on July 1 2011, corresponding to an increase of R$ 247.5 million and equivalent to 14.1%.
The RAP of the Company and its controlled companies to be calculated equally in twelve parts over the period from July 1 2011
to June 30 2012, is composed as follows:
Network Basic Other Transmission Facilities
Concessionay / Existing New Share Existing New Share
Bid Investiment TOTAL
Contract Assets Investiments Adjustment Assets Adjustment
s
59/2001 1,241,581 314,290 ‐ ‐17,795 360,076 106,099 ‐11,767 1,992,484
CTEEP
143/2001 ‐ ‐ 15,925 ‐132 ‐ ‐ ‐ 15,793
IEMG 004/2007 14,193 ‐ ‐ ‐ ‐ ‐ ‐ 14,193
012/2008 ‐ ‐ 7,386 ‐ ‐ ‐ ‐ 7,386
PINHEIROS 015/2008 12,491 ‐ ‐ ‐ ‐ ‐ ‐ 12,491
018/2008 ‐ ‐ 3,174 ‐ ‐ ‐ ‐ 3,174
SERRA DO
026/2009 ‐ ‐ 25,200 ‐ ‐ ‐ ‐ 25,200
JAPI
IENNE 001/2008 36,435 ‐ ‐ ‐ ‐ ‐ ‐ 36,435
013/2008 4,447 ‐ ‐ ‐ ‐ ‐ ‐ 4,447
IESUL
016/2008 8,006 ‐ ‐ ‐ ‐ ‐ ‐ 8,006
013/2009 ‐ ‐ 176,249 ‐ ‐ ‐ ‐ 176,249
IEMADEIRA
15/2009 ‐ ‐ 151,788 ‐ ‐ ‐ ‐ 151,788
(R$ million) 1,317,153 314,290 379,722 ‐17,927 360,076 106,099 ‐11,767 2,447,646
As at September 30 2011, CTEEP’s stake in its controlled companies was distributed as follows:
CTEEP Participation in Share
Subsidiary
Capital
IEMG 100%
PINHEIROS 100%
SERRA DO JAPI 100%
IEMADEIRA 51%
IESUL 51%
IENNE 25%
10
CTEEP – 3Q11Results

11.  Revenue Recognition according to IFRS
As set forth in ICPC 01, the concessionaires must register and measure the revenue from the services rendered in
compliance with the CPC 17 technical pronouncements – Construction Agreements and CPC 30 – Revenue Recognition
(operation and maintenance services).
 Gross Operating Revenue
Gross Operating Revenue reported a quarter‐on‐quarter increase of 28.4% to R$ 1,002.2 million in 3Q11 and 43.2%
when compared with 3Q10 due in large part to the increase of 104.1% in construction revenues, of 35.8% in revenues
from operations and maintenance and 3.6% from financial revenues in the past 12 months.
Gross Operating Revenue
(R$ million)
+ 43.2%
+ 28.4% 1,002.2
4.1
780.5
700.1 4.0
3.6 561.5
339.9
413.5
138.0 138.3
136.9
298.7 298.2
146.1
3Q10 2Q11 3Q11
Construction Operation and Maintenance Financial Other
Revenue from Construction, and Operation and Maintenance services ‐ The revenue relating to construction services
or improvements under the concession service agreement is recognized based on the stage at which work in progress
has reached.
Construction Revenues totaled R$ 298.2 million in 3Q11, stable when compared to the R$ 298.7 million reported in
2Q11 but 104.1% higher when compared with the R$ 146.1 million in the same period in 2010 reflecting progress in
work at Serra do Japi and IEMadeira, as well as upgrading and expansion work at CTEEP itself, compensated by the
conclusion of work at IENNE, IESUL and Pinheiros and largely concluded during the course of fiscal year 2010.
Revenue from Operational and Maintenance Services – these are recognized in the period in which they were
rendered by the Company. When the Company renders more than one service under a concession service contract,
remuneration received is allocated by reference to the fair values of the services delivered.
Operational and Maintenance Revenue totaled R$ 138.3 million in 3Q11 compared with R$ 138.0 million in 2Q11 and
R$ 136.8 million in 3Q10.
11
CTEEP – 3Q11Results

12. Financial Revenue – Financial revenue is recognized when there is a probability that future economic benefits will
accrue to the Company and revenue value can be reliably measured. Interest revenue is recognized by the linear
method based on the time frame and effective interest rate applicable on the outstanding principal amount. The
effective interest rate is the same as that used to discount future estimated cash receivables during the expected life of
the financial asset in relation to the initial net book value for this same asset.
The impact of the readjustment in the Company’s RAP is related to Financial Revenue since future cash receivables must
be readjusted in the light of the new value stipulated by the regulator (ANEEL). Consequently, future cash flow is
similarly readjusted for the new RAP value up to the end of the concession period. The revised present value of this
readjusted cash flow will serve as the basis for remuneration of the financial assets (accounts receivable) for the next
cycle at the same effective interest rate.
In 3Q11, Financial Revenue amounted to R$ 561.5 million, a growth of 65.2% when compared with R$ 339.9 million for
2Q11 and 35.8% in relation to the R$ 413.5 million for 3Q10. This reflects the remuneration of the outstanding balance
of accounts receivable, readjusted for the RAP.
Other Revenue – Other revenue relates to leasing income from a fixed line telephone company and services related the
maintenance and technical analysis conducted for third parties.
 Deductions from Operating Revenue
Deductions from Operating Revenue increased 17.8% in the quarter and 33.1% in the past 12 months, reaching
R$ 105.7 million in 3Q11 against R$ 89.7 million in 2Q11 and R$ 79.4 million in 3Q10, due to the increase, verified in the
last 12 months, of 53.2% in taxes on revenue ‐ reflecting growth in operating revenue.
 Net Operating Revenue
In the light of the factors mentioned above, Net +44.43%
896.5
+29.79%
Operating Revenue increased 29.8% in the
690.7
quarter to R$ 896.5 million against R$ 690.7 620.7
million in 2Q11. In the past 12 months, this item
registered growth of 44.4%, over the R$ 620.7
million recorded in 3Q10.
3Q10 2Q11 3Q11
 Costs of the Operating Services and Operating Expenses
Construction together with operation and maintenance costs posted an increase of 11.8% relative to the second
quarter of 2011 and 65.0% against the same period in 2010, totaling R$ 357.9 million in 3Q11 against R$ 320.1 million
in 2Q11 and the R$ 216.9 million in 3Q10. This variation arises largely from the increase of 176.3% in expenditures with
materials, reflecting the progress made in work at Serra do Japi and IEMadeira in addition to upgrading and expansion
work at CTEEP in the past 12 months.
12
CTEEP – 3Q11Results

13. Cost of Services
Change % Change %
(R$' 000) 3Q11 2Q11 3Q10
3Q11/2Q11 3Q11/3Q10
Personnel (45,661) (40,736) (45,299) 12.1% 0.8%
Material (210,077) (209,955) (76,031) 0.1% 176.3%
Leases and rentals (1,893) (2,346) (1,713) -19.3% 10.5%
Services (93,881) (63,449) (86,398) 48.0% 8.7%
Other (6,402) (3,633) (7,430) 76.2% -13.8%
Total (357,914) (320,119) (216,871) 11.8% 65.0%
General and Administrative Expenses reported a reduction of 20.8% in relation to 2Q11 also declining by 25.4%
compared with 3Q10, largely due to the reduction in contingencies offset by the increase in outstanding executory
actions involving tied escrow accounts and deposits (see Explanatory Note 9 of ITR for September 30).
General and Administrative Expenses
Change % Change %
(R$' 000) 3Q11 2Q11 3Q10
3Q11/2Q11 3Q11/3Q10
Personnel (10,649) (10,630) (9,244) 0.2% 15.2%
Material (435) (399) (551) 9.0% -21.1%
Leases and rentals (1,638) (1,209) (1,024) 35.5% 60.0%
Services (11,767) (8,376) (8,706) 40.5% 35.2%
Depreciation (1,582) (1,639) (1,489) -3.5% 6.2%
Contingencies (1,035) (12,606) (16,114) -91.8% -93.6%
Other (3,661) (3,969) (4,103) -7.8% -10.8%
Total (30,767) (38,828) (41,231) -20.8% -25.4%
 EBITDA e Margem EBITDA
58.7% 48.3% 56.8%
In 3Q11, EBITDA margin was 57%, amounting
+39.9% 509.4
to R$ 509.4 million, a growth of 52.8%
+52.8%
compared with 2Q11 (R$ 333.4 million) and 364.1
333.4
41.1% against the same period for 2010
when EBITDA totaled R$ 361.1 million.
3Q10 2Q11 3Q11
Ebitda Ebitda Margin
13
CTEEP – 3Q11Results

14.  Financial Result
The financial result was an expense of R$ 40.5 million in 3Q11, corresponding to a reduction of 24.6% (R$ 53,7 million)
in relation to 2Q11 and an increase of 57.5% (R$ 25.7 million) for the same period in 2010. The decline in financial
expenses in the quarter is mainly due to the recognition of financial revenue in the form of Interest on Assets with
respect to a legal ruling in favor of the Company (Note 9 (b) of the ITR), as well as an increase in the average
outstanding balance of Interest on Assets and Liabilities of R$ 6.7 million, a result of the positive accumulated currency
translation effect at the IEMadeira subsidiary of R$ 9.9 million offset against a negative accumulated currency
translation effect of R$ 3.2 million.
The impact of interest on shareholders’ equity on financial expenses is already eliminated for the purposes of
calculating the financial result.
 Income Tax and Social Contribution
Income tax and social contribution expenses increased 66.6% in the past 12 months, amounting to R$ 143.6 million in
3Q11 against R$ 86.2 million in 3Q10. The effective rate of income tax and social contribution was 29.4% in 3Q11
compared with 26.1% in 3Q10.
 Lucro Líquido
In the light of the factors already mentioned, net
+41.35%
income for 3Q11 was R$ 344.9 million, 344.9
+72.01%
representing a growth of 72% over the R$ 200.5 244.0
200.5
million reported in 2Q11 and 41.3% in relation the
R$ 244.0 million posted in 3Q10. Basic and diluted
3Q10 2Q11 3Q11
earnings per share were R$ 2.27.
14
CTEEP – 3Q11Results

15. Capital Structure
 Breakdown of Debt
Gross consolidated debt as at September 30 2011 amounted to R$ 2,494.1 million. Out of total consolidated
gross debt, R$ 971.5 million (39%) represented loan agreements with the National Economic and Social
Development Bank ‐ BNDES.
At the end of 3Q11, net debt was R$ 2,166.6 million.
The net debt to net equity ratio at the end of 3Q11 was 47.0%.
FUNDING CHARGES MATURITY 3Q11 12/31/2010
BNDES
TJLP + 2.3% year 6/15/2015 351,410 421,146
CTEEP
TJLP + 1.8% year 6/15/2015 210,417 160,605
IEMG TJLP + 2.4% year 4/15/2023 58,889 37,630
IEMADEIRA TJLP + 2.8% year 1/15/2012 217,147 185,134
IESUL TJLP + 2.4% year 5/15/2025 9,671 -
PINHEIROS TJLP + 2.6% year 5/15/2026 123,932 -
Comercial Papers
5th Series - CTEEP CDI + 0.4% year 7/5/2012 308,237 -
4th Series - CTEEP CDI + 0.4% year 1/12/2012 216,998 -
Debentures
1st Issuance CDI + 1.3% year 12/15/2014 507,100 490,405
2sd Issuance IPCA + 8.1% year 9/15/2012 64,911 65,388
Single Series CDI + 6.5% year 9/15/2012 205,141 -
Banks
CTEEP USD + 4% year * 4/26/2013 119,754 -
CDI + 2.0% year - 2,969 1,396
IENNE
10.0% year 5/19/2030 55,748 56,094
IESUL CDI + 1.5% year 3/11/2011 - 8,297
Serra do Japi CDI + 0.3% year 10/20/2011 40,645 -
Eletrobras - 11/15/2021 407 441
Leasing - - 726 1,702
TOTAL CONSOLIDATED 2,494,102 1,428,238
* With swap 103.5% of CDI.
** With performance bonus of 1.5% the cost of debt is 8.5% per annum.
15
c
CTEEP – 3Q11Results

16. Capital Markets
CTEEP’s common and preferred shares (BM&FBovespa: TRPL3 and TRPL4) ended 3Q11 with prices at
R$ 54.00 and R$ 47.98, respectively, corresponding to a decline of 4.42% and 4.40%, also respectively. During
the period, Ibovespa reported a devaluation of 16.15% and the Electric Power Stock Index (IEE) depreciated
7.53%.
105
100
‐ 1.58%
95 ‐ 4.40%
‐ 7.53%
90
TRPL4
85 ‐ 16.15%
IBOVESPA
80 IEE Quotation from July to September 2011
Total Return (base 100 = 06/30/2011 )
75
July‐11 August‐11 September‐11
During the course of the period, CTEEP’s preferred shares (TRPL4) represented an average daily trading
volume on the BM&FBovespa of R$ 7.1 million, an accumulated financial volume for the first nine months of
2011 of R$ 1,327 million.
Trading Financial - 9M11
(R$ million)
Total R$ 1.327 million Daily Avarege: R$ 7.1 million
20.00
18.00
16.00
14.00
12.00
10.00
8.00
6.00
4.00
2.00
0.00
Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11
The daily average number trades in the Company’s preferred shares was 722. The total number of trades
executed in the first nine months of 2011 was 135,749 trades.
Trade Volume - 9M11
(units)
Total of trades: 135.749 Daily Avarege: 722
1800
1600
1400
1200
1000
800
600
400
200
0
Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11
16
CTEEP – 3Q11Results

17. CTEEP also participates in the sponsored Level 1 American Depositary Receipts (ADR) Program supported by
underlying common and preferred shares of the Company in the ratio of 1 Depositary Receipt for each share
of both types. At the close of 3Q11, CTEEP’s shareholder base was made up of 23,699 ADRs represented by
underlying common shares and a further 2,097,818 ADRs, represented by preferred shares.
0 $32.82 $33.19 $32.28 $32.93
$31.20 $31.25 $31.15 $31.74 $31.97
$30.48 $30.14 $30.45
0
0 $25.82
$66.50 $68.59 $67.25 $66.61 $68.71
0 $63.69 $64.52 $65.90 $63.88
$63.00 $62.99 $62.98
0 $54.16
0
0
0
0
0
0
Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11
DR's Market Capitalization (US$ millions)
DR's Month end Price (US$)
Shareholders’ Remuneration
In 3Q11, CTEEP paid out R$ 63.5 million in interest on shareholders’ capital corresponding to R$ 0.42 per
share of both types and R$ 177.2 million in dividends ‐ equivalent to R$ 1.17 per share of both types.
AUTHORIZED AMOUNT R$
DATE OF
TYPE FISCAL YEAR
PAYMENT
EVENT DATE TOTAL P/SHARE
RCA 6/30/2011 JCP 2011 63,460,717.92 0.417975 7/28/2011
RCA 6/30/2011 Dividends 2011 160,524,955.66 1.057275 7/28/2011
RCA 4/29/2011 Dividends 2010 16,714,326.45 0.110087 7/28/2011
TOTAL OF PAYMENT - 3Q11 240,700,000.03 1.585337
17
CTEEP – 3Q11Results

18. Investments
 ANEEL Transmission Line Auction 004/2011
On September 2 2011, at ANEEL public action 004/2011 held at the BM&FBOVESPA, CTEEP successfully bid
for Lot K on an independent basis and Lot L through the intermediary of the Garanhuns consortium with
CHESF.
Lot K is composed of SE Itapeti 345/88kV – a new 88kV substation yard. This project will be incorporated in the
Pinheiros subsidiary (wholly owned by CTEEP) at an estimated investment of R$ 73.0 million and generating an
Annual Allowed Revenue (RAP) of R$ 4.4 million, as of baseline month of September 2011. Operational startup is
scheduled for September 2013.
Lot L is made up of TL 500kv Luiz Gonzaga – Garanhuns with 224km, TL 500kV Garanhuns Pau Ferro with 239km, TL
500kV Campina Grande – Garanhuns with 190km, TL 500kV Garanhuns – Angelim I with 13km, SE 500/230kv
Garanhuns 200MVA and SE Pau Ferro – a new 500kV substation yard. Investment in this project is worth an
estimated R$ 942.0 million, responsible for an Annual Allowed Revenue (RAP) of 68.9 Million as of September 2011.
The Company’s stake in the project is 51%. Operational startup is scheduled for July 2014.
Subsequent Events
 APIMEC ‐ 2011
On October 14 2011, the Company held a public meeting for capital markets professionals and
investment analysts. On this occasion, CTEEP was awarded the Gold Assiduity Seal for 10 years of
uninterrupted meetings.
 Funding – Law 4.131
On October 17 2011, CTEEP signed a Long‐Term Direct External Loan with JPMorgan Chase (New York) of the
Law 4131 type (issued September 3 1962) for USD 85.7 million at a cost of FX variation +2.15% p.a.
Additionally, the Company entered into a swap agreement with JPMorgan S.A. at the notional value of R$
150.0 million, switching FX variation + 2.15% for 98.35% of the annual CDI (Interbank Deposit Interest Rate).
The Company is to adopt Hedge Accounting and will classify the contracted derivative as a Fair Value Hedge
according to the parameters described in Brazilian accounting standard CPC 38 and IAS 39 of the
International Accounting Standards.
 Increase in Capital Stock
On October 28 2011, the Brazilian Securities and Exchange Commission ‐ CVM authorized the Registration of
a Public Offering of Remnant Shares of the Company. The respective auction of remnant shares took place
on November 4 2011 from 4:00 p.m. to 4:15 p.m. on the BM&FBovespa. The minimum prices were the same
as those practiced for the preceding stages of the process for increasing the capital stock and the quantities
offered correspond to the remnants of the unsubscribed shares. With remnant shares still unsubscribed at
the end of the auction, the Company granted those shareholders that subscribed shares to the increased
capital stock the right to revisit their decision in relation to the subscription of shares, totally or partially, up
to November 11 2011. The
18
CTEEP – 3Q11Results

19. outcome of this initiative will be announced to the market by November 18 2011.
19
CTEEP – 3Q11Results

20. Attachments
 Attachment I – Balance Sheet
Assets (R$' 000) 09/30/2011 12/31/2010
CURRENT ASSETS
Cash and Banks 327,466 54,983
Financial Investments - -
Trade Account Receivable 1,619,672 1,447,328
Inventory 48,181 44,791
Amounts Receivable from the State Finance Secretariat - -
Recoverable taxes and conbtributions 13,434 11,230
Prepaid Expenses 6,794 2,611
Others 79,856 35,802
2,095,403 1,596,745
NON-CURRENT ASSETS
Long-Term Assets
Trade Account Receivable 5,758,275 4,906,438
Amounts Receivable from the State Finance Secretariat - -
Tax benefit - incorporated goodwill - -
Deferred income Tax and Social Contribution - -
Pledges and Escrow - -
Credits receivable from controlled companies - -
Inventory 192,125 184,264
Deferred taxes - 28,050
Others 215,840 196,783
6,166,240 5,315,535
Property, Plant and Equipment 8,786 9,194
Intangible Assets 9,796 9,944
18,582 19,138
Total Assets 8,280,225 6,931,418
20
CTEEP – 3Q11Results

21. Liabilities and Shareholders' Equity 09/30/2011 12/31/2010
CURRENT LIABILITIES
Loans and Financing 948,296 332,413
Bonds 223,654 2,154
Suppliers 109,631 93,964
Taxes, Fees and Contributions 99,288 88,745
Taxes installments - Law 11,941 12,002 10,353
Regulatory Charges 55,414 49,559
Interest on Shareholders' Equity 240,447 193,822
Provisions 24,645 22,662
Amounts Payable - Fundação CESP 5,512 6,503
Financial Derivatives 9,256 -
Others 32,444 13,874
1,760,589 814,049
NON-CURRENT LIABILITIES
Long-Term Liabilities
Loans and Financing 768,654 540,032
Bonds 553,498 553,639
Taxes installments - Law 11,941 145,026 144,964
PIS and COFINS - -
Deferred income Tax and Social Contribution 251,021 126,984
Regulatory Charges 2,174 2,174
Provisions for Contingencies 163,945 161,688
Especial Liabilities - Reversal/Amortization 24,053 24,053
Others - -
1,908,371 1,553,534
SHAREHOLDERS' EQUITY
Paid-up Capital 1,119,911 1,119,911
Capital Reserves 2,248,067 2,231,779
Revenue Reserves 1,012,437 1,212,145
Profits / Losses 230,850 -
4,611,265 4,563,835
Total Liabilities and Shareholders' Equity 8,280,225 6,931,418
21
CTEEP – 3Q11Results

22.  Attachment II – Income Statement (R$ thousands)
RESULTS 3Q11
(R$' 000)
Change % Change %
3Q11 2Q11 2Q10 2Q11x1Q11 2Q11x2Q10
Net operating revenue 896,533 690,735 620,708 29.8% 44.4%
Costs of operating services (357,914) (320,119) (216,871)
Gross Revenue 538,619 370,616 403,837
Operational Revenues (Expenses) (9,625) (73,029) (47,897) -86.8% -79.9%
Management fees (1,653) (1,558) (1,694)
Other General and Administrative Expenses (29,114) (37,270) (39,537)
Other Operating Expenses (7,208) (35,698) (7,208)
Other Operating Income 28,350 1,497 542
Previous to the Net Financial Income and Taxes 528,994 297,587 355,940
Financial Results (40,522) (53,749) (25,724) -24.6% 57.5%
Financial Income 43,158 8,004 12,359
Financial Expenses (83,680) (61,753) (38,083)
Income Before Income Taxes 488,472 243,838 330,216 100.3% 47.9%
Income tax and social contribuition (143,609) (43,333) (86,206) 231.4% 66.6%
Current (73,799) (54,638) (41,729)
Deferred (69,810) 11,305 (44,477)
Net Income from Continuing Operations 344,863 200,505 244,010 72.0% 41.3%
Profit / Loss of Consolidated Period 344,863 200,505 244,010 72.0% 41.3%
Awarded to Members of the Parent Company 344,863 200,505 244,010
Assigned to Non-Controlling Partners - - -
Earnings per Share - (R / share) 2.2714 1.3206 1.6071 72.0% 41.3%
Number of Shares (expressed in units) 151,828 151,828 151,828
22
CTEEP – 3Q11Results

23.  Attachment III – Cash Flow (R$ thousands)
CASH FLOW
(in R$' 000)
2M11 2M10
Cash Flow of operating activities
Net Cash by operating activities 67,979 566,764
- -
Cash provided by operating 1,104,594 816,700
Net Income 751,224 641,575
Provision for adjustments inventories 4,733 4,423
Deferred income tax and social contribution 61,093 20,944
Provision for contingencies 2,295 (840)
Residual value of permanent asset disposals and donations 16 110
Loss on Change in Participation Controlled 28,490 160
Reversal of the loss provision in a Controlled Company
PIS and COFINS Deferred 82,300 33,934
Amortization of goodwill 21,624 21,624
Interest and foreign exchange variation on assets and
liabilities 154,653 94,770
- -
Changes in Assets and Liabilities (1,036,615) (249,936)
Trade accounts receivable (918,394) (239,057)
Inventories (11,275) (40,154)
Amounts receivable - State Finance Department (87,849) (66,480)
Taxes and contributions to offset (1,986) 202,520
Pledges and restricted deposits (12,610) 2,805
Prepaid expenses (4,183) (2,726)
Other 11,472 (52,082)
Suppliers 15,008 9,872
Taxes and social charges payable 10,494 (23,948)
Regulatory charges payable 5,683 4,663
Provisions 1,932 (8,293)
Amounts payable - Cesp (991) 378
Deferred income tax and social contribution 577 -
Taxes installments - Law 11,941 (6,545) -
Other (37,948) (37,434)
Cash flow of investment activities
Purchase of property, plant and equipment (1,907) (1,902)
Increase in deferred charges (13,109) -
- -
Net cash used in investiment activities (17,154) (1,902)
Cash flow of financing activities
News loans 1,209,561 870,997
Loan payments (including interest) (330,742) (625,786)
Dividends paid (673,449) (555,188)
Payment of capital 16,288 28,030
- -
Net cash provided by (used in) financing activities 221,658 (281,947)
Change in Cash
Increase (Decrease) in Cash 272,483 282,915
Opening Balance of Cash and Cash Equivalents 54,983 43,234
- -
Closing Balance of Cash and Cash Equivalents 327,466 326,149
23
CTEEP – 3Q11Results