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World Bank Document Document of The World Bank FOR OFFICIAL USE ONLY Public Disclosure Authorized Report No. 11529 PROJECT COMPLETION REPORT Public Disclosure Authorized BRAZIL RURAL ELECTRIFICATION PROJECT (LOAN 2365-BR) Public Disclosure Authorized JANUARY 6, 1993 Energy and Industry Division Public Disclosure Authorized Country Department I Latin America and the Caribbean Regional Office This documenthas a restricteddistribution and may be usedby recipientsonly in the performanceof their official duties. Its contentsmay not otherwisebe disclosedwithout World Bank authorization. CURRENCY EOUIVALENTS Currency unit = Brazilian Cruzeiro (Cr$) Cr$1.00 = 100 centavos US$1.00 = Cr$866 MEASURES AND EOUIVALENTS kW (kilowatt) 1,000 W (Watts) MW (Megawatt) = 1,000 kW kWh (kilowatt hour) = 1,000 Wh (Watt hours) MWh (Megawatt hours) 1,000 kilowatt hours GWh (Gigawatt hour) = 1,000,000 kWh kV (kilovolt) = 1,000 V (Volts) kVA (kilovolt-ampere) = 1,000 VA (Volt-amperes) MVA (Megavolt-ampere) = 1,000 kVA FISCAL YEAR January 1 to December 31 MWh (Megawatt hours) = 1,000 kilowatt hours GLOSSARY OF ACRONYMS CEMIG = Centrais Eletricas de Minas Gerais S.A. COPEL Companhia Paranaense de Energia DNAEE = Departamento Nacional de Aguas e Energia Eletrica ELETROBRkS = Centrais Eletricas Brasileiras S.A. ICB = International Competitive Bidding LIB = Limited International Bidding RE = Rural Electrification (generic) SEPLAN = Secretaria de Planejamento da Presidencia da Republica SEST = Secretaria de Controle de Empresas Estatais SAP Special Action Program FOR OFFICIALUSE ONLY THE WORLDBANK Washington,D.C. 20433 U.S.A. Office of Director-General Operations Evaluation January 6, 1993 MEMORANDUM TO THE EXECUTIVE DIRECTORSAND THE PRESIDENT SUBJECT: Project Completion Report on Brazil Rural ElectrificationProlect (Loan 2365-BR) Attached is a copy of the report entitled "ProjectCompletion Report on Brazil - Rural ElectrificationProject (Loan 2365-BR)" prepared by the Latin America and the CaribbeanRegional Office with the Borrower providingPart II of the report. The project's physical targets were exceeded. Lower unit costs, improved technical standards, and competitivepressures of ICB made possible a 652 increase in the number of connections above that anticipated during appraisal,with a 2X decrease in expenditure. The PCR is informative but contains no quantification of project benefits. Impact monitoring and evaluation studieswill be completed in 1993. These studies are of critical importance in deciding whether similar projects should be implementedin the future. Using the FRR as a proxy indicatorof the project's developmentsuccess until these studies are completed, the project is rated as unsatisfactory. The project has failed to meet its financial objectives, as has, in general, the Brazilian power aector. At current power prices, the project has a negative financial rate of return (FRR), which if continued over a sustained period would make it difficult for the power companies to cover the costs of repair and maintenance. Thus, the sustainability of project benefits is uncertain. An audit of the project may be carried out after the evaluation studies have been completed by the Borrower. Attachment Thisdocument has a restricteddistribution and may be usedby recipients only in the performance of theirofficiaL duties. Its contents may not otherwisebe discLosedwithout WorLd Bank authorization. FOR OFFICIAL USE ONLY PROJECT COMPLETION REPORT BRAZIL CENTRAIS ELETRICAS BRASILEIRAS, S.A. (ELETROBRAS); COMPANHIA ENERGETICA DE MINAS GERAIS (CEMIG); COMPANHIA PARANAENSE DE ENERGIA (COPEL) RURAL ELECTRIFICATION (RE) PROJECT LOAN 2365-BR TABLE OF CONTENTS PREFACE . (i) EVALUATION SUMMARY . (ii) PART I: MAIN FINDINGS & LESSONS (Prepared by the Bank) .1 1. Project Identity .1.. 2. Background .1.. Borrower & Beneficiaries .1.. Political & Economic Context ... 2 Bank Lending Policy ... 2 Bank lending to the Power Sector ... 4 Sector Organization ... 4 Sector Development Objectives ... 5 3. Preparation . 5 Timetable & Issues .... 5 Objectives . 7 Description .... 7 Expected Cost, Financing, Procurement, and Timetable ... 8 Negotiations, Loan Approval & Signing, and Effectiveness . .. 9 4. Implementation .9... 9 Cost, Financing, Project Scope, and Timing ... 9 Performance of Suppliers, Contractors, and Auditors ... 9 Unit Costs & ICB .... 10 COPEL: Training Program & Technical Assistance ... 10 CEMIG: Training Program & Technical Assistance ... 11 ELETROBRAS: RE Sector Study . 11 5. Project Results .... 12 Impact of Electrification on Rural Properties ... 12 Internal Rate of Return ... 13 6. Financial Performance .... 13 Sector Finances .... 13 Financial Performance of CEMIG & COPEL ... 14 7. Performance .... 17 CEMIG & COPEL .... 17 Bank & Government .... 19 8. Lessons ......................................... 19 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. Table of Contents (Continued) PART II. COMMENTS OF EXECUTING AGENCIES . 20 PART III. STATISTICAL TABLES Table la: Bank Lending to ELETROBRAS . 28 Table lb: Bank Lending to COPEL ... ... 30 Table lc: Bank Lending to CEMIG ... ..... 31 Table 2: Issues at Identification and Appraisal . .. 32 Table 3: Project Timetable . .. 34 Table 4: Actual & Forecast Project Cost & Sources of Financing . 35 Table 5: Actual & Forecast Project Components and Implementation Periods ... ..... 36 Table 6a: Actual & Forecast Disbursement Timetable . .. 37 Table 6b: Actual & Forecast Disbursement by Category . 38 Table 7: Return on Combined Investment Programs . .. 39 Table 8a: Sector Tariff Levels . .. 40 Table 8b: Actual Sector Finances: Sources and Applications of Funds 41 Table 9a: CEMIG: Actual & Forecast Sales by Customer Category . 42 Table 9b: CEMIG: Actual & Forecast Income Statements . ... 43 Table 9c: CEMIG: Actual & Forecast Sources & Applications of Funds . 44 Table 9d: CEMIG: Actual & Forecast Balance Sheets . .. 46 Table 9e: CEMIG: Actual & Forecast Key Financial & Service Indicators 47 Table 10a: COPEL: Actual & Forecast Sales by Customer Category . 48 Table 10b: COPEL: Actual & Forecast Income Statements . .. 49 Table 10c: COPEL: Actual & Forecast Sources & Applications of Funds . 50 Table lOd: COPEL: Actual & Forecast Balance Sheets . .. 51 Table l0e: COPEL: Actual & Forecast Key Financial & Service Indicators 52 Table lla: CEMIG: Compliance with Key Covenants . 53 Table llb: COPEL: Compliance with Key Covenants . 54 Table 12: Use of Bank Resources . .. .. 55 PROJECT COMPLETION REPORT BRAZIL CENTRAIS ELETRICAS BRASILEIRAS, S.A. (ELETROBRAS); COMPANHIA ENERGETICA DE MINAS GERAIS (CEMIG); COMPANHIA PARANAENSE DE ENERGIA (COPEL) RURAL ELECTRIFICATION (RE) PROJECT LOAN 2365-BR PREFACE This is the Project Completion Report (PCR) for the Rural Electrification (RE) Project, for which Loan 2365-BR (US$222.8 million) was approved on December 8, 1983. The borrower and lesser beneficiary was Centrais Eletricas Brasileiras, SA (ELETROBRAS), the public-sector corporation which serves as holding company for the Federal power utilities and which performs sector-wide planning and financial functions. The major beneficiaries and executing agencies were Companhia Energetica de Minas Gerais (CEMIG) and Companhia Paranaense de Energia (COPEL), the state-owned power companies of their respective states. The project consisted of: (i) works and equipment to expand the rural distribution systems of the executing agencies; (ii) training and technical assistance to upgrade staff; and (iii) a study of RE problems. With the agreement of the Bank, the size and scope of both subprojects were substantially increased. Both companies completed the enlarged subprojects in 1989 (except for a handful of connections in 1990); they had surpassed the appraisal targets for new connections in 1987, the original target completion date. The loan was closed on June 30, 1990; and the last disbursement was on September 18, 1991. The Energy and Industry Operations Division, Country Department I (Brazil, Venezuela, and Peru) prepared this PCR based on, inter alia: (i) final project reports prepared by CEMIG and COPEL; (ii) Bank sources, including the loan documents, supervision reports, and Bank-beneficiary correspondence; and (iii) interviews with Bank staff. Preparation of this PCR began in July 1992. A draft of this report (Parts I and III) was sent to the borrower and beneficiaries. Their comments were incorporated into the PCR as Part II. PROJECT COMPLETION REPORT BRAZIL CENTRAIS ELETRICAS BRASILEIRAS, S.A. (ELETROBRAS); COMPANHIA ENERGETICA DE MINAS GERAIS (CEMIG); COMPANHIA PARANAENSE DE ENERGIA (COPEL) RURAL ELECTRIFICATION (RE) PROJECT LOAN 2365-BR EVALUATION SUMMARY Project Description. Loan 2365-BR (US$222.8 million) helped to finance a rural electrification project consisting of works and equipment (substations, lines, circuits, etc.) plus technical assistance, training, and a study of RE problems. The project objectives were: (a) increased agricultural production through electrified irrigation; (b) fuel savings as a result of substitution of electricity for petroleum products; and (c) improved rural living conditions. The borrower and lesser beneficiary was Centrais Eletricas Brasileiras, SA, the Federal holding company which has sector-wide planning and financial functions. The major beneficiaries and executing agencies were Companhia Energetica de Minas Gerais (CEMIG) and Companhia Paranaense de Energia (COPEL),
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