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São Paulo, May 12^th, 2008 – CPFL Energia S.A. (Bovespa: CPFE3 and Nyse: CPL), announces the 1Q08 results. The following financial and operational information, unless otherwise indicated, is presented in a consolidated form and is in accordance with Company Legislation. Comparisons are relative to 1Q07, unless otherwise stated.

CPFL ENERGIA ANNOUNCES NET INCOME OF R$ 273 MILLION IN 1Q08

Indicators (R$ Million)		1Q08		1Q07		Var.
Sales within the Concession Area - GWh		12,050		11,152		8.1%
Captive Market		9,168		8,552		7.2%
TUSD		2,882		2,600		10.8%
Sales in the Free Market - GWh		2,085		1,817		14.8%
Gross Operating Revenue		3,682		3,342		10.2%
Net Operating Revenue		2,484		2,153		15.4%
EBITDA		646		869		-25.7%
EBITDA Margin		26.0%		40.4%		-14.4%
Net Income		273		473		-42.3%
Net Income per Share - R$		0.57		0.99		-42.3%
Investments		229		237		-3.2%
Note: EBITDA is calculated from the sum of net income, taxes, financial result, depreciation/amortization and pension fund contributions plus adjustments for extraordinary items.

HIGHLIGHTS 1Q08

• Growth of 8.1% in energy sales within the concession area;

• Growth of 15.4% in net operating revenue;

• Increase of 12.4% in the average daily trading volume of CPFL Energia shares in 1Q08, reaching R$ 34.1 million;

• Conclusion of second cycle of CPFL Energia distributors’ tariff revision, due to the closing of the tariff revisions of CPFL Paulista, RGE, CPFL Santa Cruz and the four distributors of CPFL Jaguariúna.

Teleconference in Portuguese with Simultaneous Translation in English		Investor Relations
(Bilingual Q&A)		Department
• Tuesday, May 13th, 2008 – 02:00 pm (SP), 01:00 pm (EST)
Portuguese: 55-11-4688-6301 – Code: CPFL		55 19 3756-6083
English: 1-888-700-0802 (US) and 1-786-924-6977 (Other Countries) – Code: CPFL		ri@cpfl.com.br
• Webcast: www.cpfl.com.br/ir		www.cpfl.com.br/ir

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	Resultados 1T08 | 12 de maio de 2008

ÍNDICE

1) ENERGY SALES		3
1.1) Sales within the Distributors’ Concession Area		3
1.1.1) Sales to the Captive Market		3
1.1.2) Sales by Consumer Class – Captive Market		4
1.2) Sales to the Free Market		4
2) ECONOMIC-FINANCIAL PERFORMANCE		5
2.1) Operating Revenue		5
2.2) Cost of Electric Power		6
2.3) Operating Costs and Expenses		6
2.4) EBITDA		7
2.5) Financial Result		7
2.6) Taxation on Income		8
2.7) Net Income		8
3) DEBT		9
4) INVESTMENTS		11
5) CASH FLOW		12
6) DIVIDENDS		13
7) STOCK MARKET		14
7.1) Shares Performance		14
7.2) Ratings		15
8) CORPORATE GOVERNANCE		15
9) SHAREHOLDING STRUCTURE		16
10) PERFORMANCE OF THE BUSINESS SEGMENTS		17
10.1) Distribution Segments		17
10.1.1) Economic-Financial Performance		17
10.1.2) Tariff Revisions		20
10.2) Commercialization Segment		23
10.3) Generation Segment		24
11) ATTACHMENTS		27
11.1) Sales to the Captive Market by Distributors (in GWh)		27
11.2) Economic-Financial Performance by Distributors		28
11.3) Statement of Assets - CPFL Energia		30
11.4) Statement of Liabilities - CPFL Energia		31
11.5) Income Statement - CPFL Energia		32
11.6) Income Statement - Consolidated Distribution Segment		33
11.7) Income Statement - Consolidated Generation Segment		34

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1) ENERGY SALES

1.1) Sales within the Distributors’ Concession Area

In 1Q08, sales within the concession area, achieved by the distribution segment, totaled 12,050 GWh, an increase of 8.1%, due mainly to organic growth in the distributors’ concession area and the acquisition of CMS Energy Brasil (now denominated as CPFL Jaguariúna). Disregarding the effect of this acquisition, the increase would have been 4.8% .

Sales within the Concession Area - GWh
		1Q08		1Q07		Var.
Captive Market		9,168		8,552		7.2%
TUSD		2,882		2,600		10.8%
Total		12,050		11,152		8.1%

Sales to the captive market totaled 9,168 GWh, an increase of 7.2%, due to the organic growth and the acquisition mentioned above. Disregarding the effect of the acquisition the increase would have been 3.3% .

The quantity of energy, in GWh, corresponding to the consumption by free clients in the distributors’ areas of activity, billed through the Tariff of Use of the Distribution System (TUSD), reached 2,882 GWh, an increase of 10.8% . Disregarding the effect of the aforementioned acquisition the increase would have been 9.5% .

1.1.1) Sales to the Captive Market

Captive Market - GWh
		1Q08		1Q07		Var.
Residential		2,887		2,687		7.4%
Industrial		2,835		2,681		5.8%
Commercial		1,749		1,645		6.3%
Rural		629		545		15.3%
Others		1,069		993		7.7%
Total		9,168		8,552		7.2%
Note: The captive market sales tables by distributor are attached to this report in item 11.1.

In the captive market, emphasis is given to the growth in the residential class (7.4%), industrial class (5.8%) and commercial class (6.3%), which together account for 81.5% of the total consumption by the group distributors’ captive clients. If the acquisition of CMS Energy Brasil were not taken into account, the sales performances would be:

• Residential and commercial classes: increases of 4.6% and 4.2%, respectively. The performance by the commercial class was favored by the expansion in earning power and the ready availability of credit. These effects combined with the reduction in the price of domestic appliances have fuelled the expansion of the residential class. The temperatures over the period, which were below those registered in 1Q07, impeded even higher growth of these classes;

• Industrial class: increase of 0.7%, due to the industrial production performance, partially offset by the migration of captive clients to the free market and, most importantly the so called “special clients”, which have contracted demand over 500 kW and are qualified to purchase electric power from alternative generation sources, such as biomass and small hydroelectric plants (PCHs).

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1.1.2) Sales by Consumer Class – Captive Market

1.2) Sales to the Free Market

Free Market - GWh
		1Q08		1Q07		Var.
Total		2,085		1,817		14.8%

Sales to the free market made by the commercialization segment were up 14.8%, due mainly to the increase in sales through bilateral contracts, excluding related parties.

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2) ECONOMIC-FINANCIAL PERFORMANCE

Consolidated Income Statement - CPFL ENERGIA (R$ Thousands)
		1Q08		1Q07		Var.
Gross Operating Revenues		3,682,015		3,341,728		10.2%
Net Operating Revenues		2,484,484		2,153,194		15.4%
Cost of Electric Power		(1,552,665)		(1,051,176)		47.7%
Operating Costs & Expenses		(363,176)		(315,056)		15.3%
EBIT		568,643		786,962		-27.7%
EBITDA		645,620		868,889		-25.7%
Financial Income (Expense)		(117,807)		(107,046)		10.1%
Operating Income		450,836		679,916		-33.7%
Income Before Taxes		444,401		677,077		-34.4%
NET INCOME		273,067		472,928		-42.3%
EPS - R$		0.57		0.99		-42.3%
Note: Financial information on CPFL Jaguariúna is considered in the CPFL Energia consolidated statements and in the consolidated statements by segment (distribution, generation and commercialization) as from July/2007.

During the CPFL Paulista tariff revision process (in April, 2008), Aneel provisionally went forward with the tariff recalculation pass-on related to the seasonalization of the contract. Although this matter is being dealt with provisionally, CPFL Energia nevertheless chose to provide for it in the 1Q08 results at the controlled companies that carry this mode of operation (CPFL Paulista, CPFL Piratininga and CPFL Brasil). This provision affected the 1Q08 results negatively by R$ 186 million (R$ 112 million net of taxes).

2.1) Operating Revenue

Gross operating revenue in 1Q08 was R$ 3,682 million, representing growth of 10.2% (R$ 340 million), while net operating revenue reached R$ 2,484 million, equivalent to growth of 15.4% (R$ 331 million).

The main contributing factors to this evolution in operating revenue were:

(i) Increase of 8.1% in sales within the concession area mostly due to organic growth and the acquisition of CMS Energy Brasil;

(ii) Readjustments applied in April 2007 on distributor tariffs: CPFL Paulista (7.06%) and RGE (6.05%);

(iii) Increase of 63.8% (R$ 84 million) in electric power provision revenue, mainly due to the R$ 96 million increase in revenue obtained from other concessionaires/licensees resulting from the increase in sales through bi-lateral contracts as mentioned in item 1.2.

The increase in operating revenue was partially offset by the following factors:

(i) Distributor tariff revision: CPFL Piratininga (-10.11%), CPFL Santa Cruz (-7.13%), CPFL Leste Paulista (-1.65%), CPFL Jaguari (-1.58%), CPFL Sul Paulista (-3.57%) and CPFL Mococa (-5.65%), in effect as of October 2007 for CPFL Piratininga and February 2008 for the other distributors;

(ii) Non-recurring effect on net operating revenue, resulting from the provisional tariff recalculation pass-on related to the seasonalization of the contract, in accordance with Aneel’s technical note on CPFL Paulista’s tariff revision, in the amount of R$ 40 million.

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Disregarding this, net operating revenue in 1Q08 would have been R$ 2,524 million, equivalent to growth of 17.2% .

2.2) Cost of Electric Power

The cost of electric power, which consists of the purchase of electric power for resale and charges for the use of the distribution and transmission systems, amounted to R$ 1,553 million in 1Q08, representing an increase of 47.7% (R$ 501 million):

• The cost of energy purchased for resale in 1Q08 was R$ 1,351 million, which represents an increase of 55.0% (R$ 479 million). The main contributing factors to this variation are:

(i) Increase referring to the provisional tariff recalculation pass-on related to the seasonalization of the contract, in the amount of R$ 137 million and R$ 124 million net of credit of Pis and Cofins;

(ii) Recalculation of CPFL Paulista’s 2005/2006 IRT, a non-recurring item which positively affected the 1Q07 result and, correspondingly, an additional CVA asset of R$ 178 million and a regulatory liability (consumer refund) of R$ 99 million, resulting in an effect of R$ 79 million;

(iii) Amortization of the 2001 Parcel A, referring to CPFL Paulista’s purchased energy and charges (R$ 58 million);

(iv) Increase in cost of energy purchase in the free contracting ambient (R$ 54 million);

(v) Effect from the acquisition of CMS Energy Brasil (R$ 34 million);

(vi) Increase of R$ 27 million in the electric power cost of generators, due mainly to the purchases made by Castro Alves Hydroelectric Facility, in the amount of R$ 19 million, owing to the delay in the generation of power and the commitments assumed to deliver electric power already contracted.

The increase in the cost of energy purchased for resale was partially offset by Pis and Cofins credits, generated from the energy purchase (R$ 30 million).

• Charges for the use of the transmission and distribution system reached R$ 202 million in 1Q08, up 12.3% (R$ 22 million), due mainly to the increase of R$ 19 million in the basic grid charges and the increase of R$ 3 million in connection charges.

2.3) Operating Costs and Expenses

Costs and operating expenses were R$ 363 million in 1Q08, registering an increase of 15.3% (R$ 48 million).

The main factors contributing to this variation in operating costs and expenses are the following:

(i) The item PMSO registered an increase of 20.8% (R$ 48 million), due mainly to the following factors:

• Spending on personnel which registered a rise of 22.7% (R$ 22 million), due to, among other factors, the acquisition of CMS Energy Brasil (R$ 7 million) and the increase from CPFL Paulista (R$ 7 million), mostly resulting from the provision for expenses with Pis and Cofins from the Cesp Foundation, defrayed by the maintaining companies (R$ 4 million);

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• Spending on outsourced services which rose 15.1% (R$ 11 million), due mainly to the acquisition of CMS Energy Brasil (R$ 5 million), and the increase in expenditure on CPFL Brasil third party services (R$ 5 million). This spending upturn at CPFL Brasil is a result of outsourced labor contracting and is related to the increase in other operating revenues;

• Other operating costs and expenses which registered an increase of 24.0% (R$ 11 million), due to the acquisition of CMS Energy Brasil (R$ 7 million), among other factors.

Note: PMSO considers Personnel, Material, Outsourced Services and Others.

(ii) The item depreciation and amortization which registered an increase of 8.1% (R$ 7 million), due mainly to the acquisition of CMS Energy Brasil (R$ 3 million) and operational start-up of Campos Novos Hydroelectric Facility (R$ 3 million);

The increase in operating costs and expenses was partially offset by the following factor:

(i) The item Private Pension Fund which represented revenue of R$ 13 million in 1Q07, now in 1Q08, represents revenue of R$ 21 million due to the impact from the expected real earnings of the plan’s assets as defined by the Actuary Report of December 2007.

2.4) EBITDA

Based on the factors described above, CPFL Energia EBITDA in 1Q08, was R$ 646 million, registering fall of 25.7% (R$ 223 million).

Disregarding the non-recurring effects (the provisional tariff recalculation pass-on related to the seasonalization of the contract, and the energy purchases made by Castro Alves Hydroelectric Facility, which negatively impacted EBITDA in 1Q08, and the net effect of the Recalculation of the CPFL Paulista IRT, which positively impacted EBITDA in 1Q07), EBITDA in 1Q08 would have been R$ 829 million, presenting growth of 5.0% .

2.5) Financial Result

In 1Q08, the financial result, or the net financial expense was R$ 118 million, up 10.1% (R$ 11 million) compared to the R$ 107 million registered in 1Q07. Items that help explain this variation are:

(i) Financial Revenues: up 6.8% (R$ 7 million), rising from R$ 102 million in 1Q07 to R$ 109 million in 1Q08, mainly due to:

• The increase in the items Financial Investment Income (R$ 4 million), Surcharges and Penalties (R$ 4 million), Update of Judicial Bonds (R$ 10 million) and Exchange Rate and Monetary Updates (R$ 10 million);

• Compensated partially by the reduction of R$ 24 million in financial revenues stemming from the remuneration of regulatory assets due mainly to the consummation of the Extraordinary Tariff Re-composition (RTE) and Parcel “A”, together with the fall in the indexes used to update part of the regulatory assets.

(ii) Financial Expenses: increase of 8.5% (R$ 18 million), up from R$ 209 million in 1Q07 to R$ 227 million in 1Q08, mainly due to:

• Increase in Debt Charges (R$ 10 million), resulting mostly from the issue of debentures in the amount of R$ 450 million for the acquisition of CMS Energy Brasil, the increase in CPFL Geração’s debt inventory, the effect of the indexes that update Enercan’s debts and the start of operations of Castro Alves Hydroelectric Facility;

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• Increase in the item Exchange Rate and Monetary Updates (R$ 20 million), which represented an expense of R$ 22 million in 1Q07 and now in 1Q08 represents an expense of R$ 42 million;

• Compensated partially by the reduction in Banking Expenses (R$ 19 million), owing to the cessation of CPMF charges.

2.6) Taxation on Income

In 1Q08, social contribution and income tax totaled R$ 170 million, a reduction of R$ 34 million compared to 1Q07.

If the non-recurring effect regarding the merger of Semesa by CPFL Geração (in the amount of R$ 40 million) were not taken into account in 1Q07, the reduction in taxation on the 1Q08 result would be R$ 74 million when compared to 1Q07.

2.7) Net Income

Net income in 1Q08, was R$ 273 million, a reduction of 42.3% (R$ 200 million), with net income per share standing at R$ 0.57.

Disregarding the non-recurring effects (the provisional tariff recalculation pass-on related to the seasonalization of the contract, and the energy purchases made by Castro Alves Hydroelectric Facility, which negatively impacted EBITDA in 1Q08, and the net effect of the Recalculation of the CPFL Paulista IRT and the acknowledgement of the fiscal credit, which impacted EBITDA positively in 1Q07), net income in 1Q08 would be R$ 398 million, representing growth of 4.5%, and R$ 0.83 income per share.

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3) DEBT

CPFL Energia debt was R$ 6,306 million in 1Q08, an increase of 21.5% . Despite the elevation of financial debt in absolute terms, its average cost has practically remained unaltered, rising from 12.0% p.a., in 1Q07, to 12.3% p.a., in 1Q08, due to the elevation of the IGP-M/IGP-DI (from 1.0% to 2.2%, over the period) but partially offset by the fall in interest rates (from 12.9% p.a. to 11,1% p.a.), and the TJLP (from 6.50% p.a. to 6.25% p.a.), accrued over the period.

The main contributing factors to the variation in the balance of financial debt were:

(i) Funding (BNDES and other financial institutions), net of amortizations, obtained by CPFL Paulista, CPFL Piratininga, RGE, CPFL Brasil, CPFL Geração and generation projects, totalizing R$ 308 million, of which R$ 248 million was for Foz do Chapecó;

(ii) Issue of debentures by CPFL Energia, in the amount of R$ 450 million for the acquisition of CMS Energy Brasil;

(iii) Issue of debentures by RGE, in the amount of R$ 280 million;

(iv) Principal amortization of the issue of CPFL Geração debentures (R$ 137 million).

As a consequence of funding operations and amortizations carried out, a shift in the financial debt profile can be observed, demonstrated by the increase in the volume of debt linked to CDI (from 43.3% to 51.4%), and by the reduction in the volume of debt linked to IGP-M/IGP-DI (from 20.6% to 15.7%) .

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Financial Debt - 1Q08 (R$ Thousands)
		Charges				Principal				Total
		Short Term		Long Term		Short Term		Long Term		Short Term		Long Term		Total
Local Currency
BNDES - Repowering		135		-		8,704		28,302		8,839		28,302		37,141
BNDES - Investment		5,695		5,418		233,343		1,595,294		239,038		1,600,712		1,839,750
BNDES - Regulatory Asset		268		-		58,360		-		58,628		-		58,628
BNDES - Bens de Renda		16		-		-		869		16		869		885
Furnas Centrais Elétricas S.A.		-		-		69,499		100,221		69,499		100,221		169,720
Financial Institutions		1,344		-		82,615		142,356		83,959		142,356		226,315
Others		487		-		30,080		36,495		30,567		36,495		67,062
Subtotal		7,945		5,418		482,601		1,903,537		490,546		1,908,955		2,399,501
Foreign Currency
IDB		452		-		3,138		57,349		3,590		57,349		60,939
Financial Institutions		2,020		9,152		153,262		1,049,807		155,282		1,058,959		1,214,241
Subtotal		2,472		9,152		156,400		1,107,156		158,872		1,116,308		1,275,180
Debentures
CPFL Energia		3,737		-		-		450,000		3,737		450,000		453,737
CPFL Paulista		37,369		-		-		918,670		37,369		918,670		956,039
CPFL Piratininga		10,548		-		-		400,000		10,548		400,000		410,548
RGE		24,510		-		-		510,000		24,510		510,000		534,510
SEMESA		7,404		-		150,505		80,806		157,909		80,806		238,715
BAESA		1,506		-		3,164		33,063		4,670		33,063		37,733
Subtotal		85,074		-		153,669		2,392,539		238,743		2,392,539		2,631,282
Total		95,491		14,570		792,670		5,403,232		888,161		5,417,802		6,305,963
Percentage on Total Financial Debt (%)		-		-		-		-		14.1%		85.9%		100%

With regard to financial debt it should be noted that R$ 5,417 million (85.9% of the total) is considered long-term and R$ 888 million (14.1% of the total) is considered short-term.

R$ Thousands		1Q08		1Q07		Var.
Total Debt (1)		(6,635,981)	(2)	(6,085,863)		9.0%
(+) Regulatory Asset/(Liability)		371,575		942,020		-60.6%
(+)Available Funds		1,147,248		1,028,907		11.5%
(=) Adjusted Net Debt		(5,117,158)		(4,114,936)		24.4%
Notes: (1) Financial Debt + Derivatives + Private Pension Plan (Fundação CESP);             (2) Total Debt in 1Q08 net of judicial deposit, in the amount of R$ 382 million.

In 1Q08, adjusted net debt, after the exclusion of the regulatory assets/(liabilities) and cash equivalents reached R$ 5,117 million, an upturn of 24.4% (R$ 1,002 million).

The Company closed 1Q08 with a Net Debt / EBITDA ratio of 1.6x.

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4) INVESTMENTS

In 1Q08, R$ 229 million was invested in the maintenance and expansion of business, of which R$ 136 million was channeled to distribution, R$ 91 million to generation and R$ 2 million to commercialization.

Listed below are some of the main investments made by CPFL Energia in each segment:

• Distribution: investments were made in the expansion and strengthening of the electric system to keep pace with market growth, both in power sales and number of customers. Investments were also made in improvements in electric system maintenance, operational infrastructure, upgrading of operational administration support systems, customer help services and research and development programs, among others;

• Generation: investments were earmarked principally for ongoing construction projects – Ceran Complex (Castro Alves and 14 de Julho Hydroelectric Facilities) and Foz do Chapecó Hydroelectric Facility.

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5) CASH FLOW

The table below shows the cash flow evolution over 1Q08:

Consolidated Cash Flow - 1Q08 (R$ - In Thousands)
Beginning Balance - 12/31/2007		927,897
Net Income		273,067
Depreciation and Amortization		144,399
Derivative Instruments		(197,985)
Cash Investments		(184,938)
Other Adjustments		87,848
		(150,676)
Investment Activities
Acquisition of Property, Plant and Equipment		(229,402)
Others		(5,123)
		(234,525)
Financing Activities
Loans, Financing and Debentures		993,122
Principal Amortization of Loans, Financing and Debentures		(1,024,200)
Dividends Paid		(787)
		(31,864)
Cash Flow Generation		(143,998)
Ending Balance - 03/31/2008		783,899

The cash flow balance at 1Q08 closing was R$ 784 million, representing a reduction of 15.5% (R$ 144 million) in relation to the starting balance. We highlight the following factors that contributed to this fluctuation in cash flow:

(i) Cash increase:

     • Cash generated by operational activities in the amount of R$ 122 milhões.

(ii) Cash decrease:

     • Principal amortizations of loans, financing and debentures, which surpassed funding by R$ 31 million;

     • Acquisition of fixed assets in the amount of R$ 229 million (previously shown in item 4, “Investments”).

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6) DIVIDENDS

On April 30^th 2008, CPFL Energia effectuated the 2H07 dividend payment in the amount of R$ 719 million, the equivalent of R$ 1,497964530 per share.

CPFL Energia's Dividend Yield
		1H06		2H06		1H07		2H07
Dividend Yield - last 12 months (1)		8.7%		9.6%		10.9%		9.7%
Note: (1) Based on the average share price over the period.

The 2H07 dividend yield, calculated from the average price of the period (R$ 35.99) is 9.7% .

The declared sums comply with the CPFL Energia “dividend policy”, which establishes that earnings distribution – in the form of dividends and/or interest on own capital (JCP) – should be at least 50% of half-yearly adjusted net income.

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7) STOCK MARKET

7.1) Shares Performance

CPFL Energia, currently running a free float of 27.6%, trades shares in Brazil (Bovespa), on the New York Stock Exchange (Nyse).

In 1Q08, CPFL Energia shares appreciated 9.1% on Bovespa and 12.0% on Nyse, closing the period priced at R$ 35.31 per share and US$ 60.98 per ADR, respectively.

The average daily trading volume in 1Q08 was R$ 34.1 million, of which R$ 15.0 million was on Bovespa and R$ 19.2 million was on Nyse, representing an increase of 12.4% . The number of trades made on Bovespa increased 4.0%, rising from a daily average of 679 in 1Q07 to 706 in 1Q08.

Nota: Considers the sum of the average daily volume on Bovespa and Nyse.

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7.2) Ratings

The table below shows the evolution of CPFL Energia’s Corporate Ratings:

Ratings of CPFL Energia - National Scale
Agency				2007		2006		2005
Standard & Poor's		Rating		brAA-		brA+		brA
		Outlook		Stable		Positive		Positive
Fitch Ratings		Rating		AA (bra)		A+ (bra)		A- (bra)
		Outlook		Stable		Stable		Stable
Nota: Considers position at closing.

8) CORPORATE GOVERNANCE

CPFL Energia is the only publicly-held company in the Brazilian electric sector to simultaneously trade shares on the Novo Mercado – Bovespa and on the New York Stock Exchange (NYSE) with ADR’s level III.

The Company is also included in:

• The major indexes that list companies practicing differentiated corporate governance, sustainability and corporate responsibility, such as the Corporate Governance index – IGC, the index of tag-along differentiated shares – ITAG and the index of Corporate Sustainability – ISE, of Bovespa;

• A select group of fourteen Latin-American companies recognized for their adoption of differentiated corporate governance practices – The Companies Circle - , which was constituted through the initiative of the Organization for Economic Cooperation and Development (OECD) and the International Finance Corporation (IFC), with the aim of promoting and encouraging good corporate governance practices in Latin-America. In October 2007, CPFL Energia participated in the Latin American Corporate Governance Roundtable, sponsored by the OECD, in cooperation with the IFC and the World Bank, held in the city of Medellín, Colombia.

The CPFL Energia Board of Directors is the central forum for decision-making and for the definition of general corporate guidelines focused on the creation of value for shareholders. It comprises seven members of which one is an independent member.

In an Ordinary General Meeting (OGM), held on April 9^th, 2008, new members of the Board of Directors were elected with a mandate of one year. In a Board of Directors Meeting also held on April 9^th 2008, the Chairman and Deputy Chairman were elected. Below we present the seven effective members:

• Luiz Anibal de Lima Fernandes (Chairman)

• Cecília Mendes Garcez Siqueira (Deputy Chairman)

• Carlos Alberto Cardoso Moreira

• Francisco Caprino Neto

• Milton Luciano dos Santos

• Otávio Carneiro de Rezende

• Ana Dolores Moura Carneiro de Novaes (Independent Member)

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The Company Board of Directors can call upon the advice of three permanent committees. The Committees of People Management and Management Processes are composed of title-holding directors who analyze target definitions, the evaluation of the Executive Committee, the monitoring of management information and corporate risks, and the overseeing of the annual Internal Audit plan. The Committee of Related Parties pre-analyzes all transactions involving related parties, to ensure compliance with the usual market conditions.

The Board can also count on the support of Temporary Commissions to oversee the flux of relevant topics or specific themes outside the competence of the committees. The Committees and Commissions also act within the ambit of the associated and controlled companies.

The Fiscal Board, delegated by the Board of Directors, discharge the duties of the Audit Committee, in accordance with the Securities and Exchange Commission (SEC) rules applicable to foreign companies listed on United States Stock Exchanges.

The CPFL Energia Board of Executive Officers is composed of a Chief Executive Officer, who is the main executive and president of the Board of Directors of the controlled companies, which ensures that all the governance guidelines are aligned with the holding company, resulting in an integrated and optimized structure. The five other Officers (of Distribution, of Generation, of Energy Management, Financial and Investor Relations, of Strategy and Regulation, and of Administration) are responsible within their respective areas to conduct the business of the controlled companies.

9) SHAREHOLDING STRUCTURE

CPFL Energia is a holding company with stock participations in other companies and its results depend directly on the results of the controlled companies.

Note: (1) Includes 0.2% of others.

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10) PERFORMANCE OF THE BUSINESS SEGMENTS

10.1) Distribution Segments

10.1.1) Economic-Financial Performance

Consolidated Income Statement - Distribution (R$ Thousands)
		1Q08		1Q07		Var.
Gross Operating Revenues		3,319,019		3,111,278		6.7%
Net Operating Revenues		2,178,590		1,960,083		11.1%
Cost of Electric Power		(1,459,410)		(1,120,130)		30.3%
Operating Costs & Expenses		(296,829)		(269,054)		10.3%
EBIT		422,351		570,899		-26.0%
EBITDA		482,245		635,336		-24.1%
Financial Income (Expense)		(24,332)		(38,860)		-37.4%
Operating Income		398,019		532,039		-25.2%
Income Before Taxes		392,567		527,717		-25.6%
NET INCOME		258,987		348,195		-25.6%
Notes:
(1) Financial information on CPFL Jaguariúna is considered in the CPFL Energia consolidated statements and in the consolidated statements by segment (distribution, generation and commercialization) as from July/2007.
(2) The economic-financial performance tables by distributor are attached to this report in item 11.2.

During the CPFL Paulista tariff revision process (in April, 2008), Aneel provisionally went forward with the tariff recalculation pass-on related to the seasonalization of the contract. Although this matter is being dealt with provisionally, CPFL Energia nevertheless chose to provide for it in the 1Q08 results at the controlled companies that carry this mode of operation (CPFL Paulista, CPFL Piratininga and CPFL Brasil).

The effect on the result caused by the provisions made is commented on as follows.

Operating Revenue

Gross operating revenue in 1Q08 reached R$ 3,319 million, representing an increase of 6.7% (R$ 208 million), while net operating revenue was R$ 2,179 million, equivalent to growth of 11.1% (R$ 219 million).

This increase in operating revenue was partially offset by the following factor:

(i) Increase of 8.1% in sales within the concession area due mainly to organic growth and the acquisition of CMS Energy Brasil;

(ii) Readjustments applied in April 2007 on distributor tariffs: CPFL Paulista (7.06%) and RGE (6.05%);

(iii) Non-recurring effect on net operating revenue of the distributors, CPFL Paulista and CPFL Piratininga, resulting from the provisional tariff recalculation pass-on related to the seasonalization of the contract, in accordance with Aneel’s technical note on CPFL Paulista’s tariff revision, in the amount of R$ 21 million.

This increase in operating revenue was partially offset by the following factor:

(i) Distributor tariff revision: CPFL Piratininga (-10.11%), CPFL Santa Cruz (-7.13%), CPFL Leste Paulista (-1.65%), CPFL Jaguari (-1.58%), CPFL Sul Paulista (-3.57%) and CPFL Mococa (-5.65%), in effect as of October 2007 for CPFL Piratininga and February 2008 for the other distributors.

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Cost of Electric Power

The cost of electric power comprised of the cost of power for resale and the charges for the use of the transmission and distribution system totaled R$ 1,459 million in 1Q08, representing an increase of 30.3% (R$ 339 million):

• The cost of electric power purchased for resale in 1Q08 was R$ 1,263 million, an increase of 33.8% (R$ 319 million). The main contributing factors to this variation are:

(i) Increase referring to the provisional tariff recalculation pass-on related to the seasonalization of the contract, in the amount of R$ 137 million and R$ 124 million net of credit of Pis and Cofins;      

(ii) Recalculation of CPFL Paulista’s 2005/2006 IRT, a non-recurring item which positively affected the 1Q07 result and, correspondingly, an additional CVA asset of R$ 178 million and a regulatory liability (consumer refund) of R$ 99 million, resulting in an effect of R$ 79 million;

(iii) Amortization of the 2001 Parcel A, referring to CPFL Paulista’s purchased energy and charges (R$ 58 million);

(iv) Effect from the acquisition of CMS Energy Brasil (R$ 34 million).

• Charges for the use of the transmission and distribution system were R$ 196 million in 1Q08, up 11.3% (R$ 20 million), due mainly to the increase of R$ 18 million in basic grid charges.

Operating Costs and Expenses

Costs and operating expenses were R$ 297 million in 1Q08, registering an increase of 10.3% (R$ 28 million).

The main contributing factors that explain this variation in operating costs and expenses are:

(i) Item PMSO registered an increase of 15.6% (R$ 31 million).

The main factors contributing to this variation are:

• Spending on personnel which registered an increase of 20.7% (R$ 18 million), due to, among other factors, the acquisition of CMS Energy Brasil (R$ 4 million) and the increase from CPFL Paulista (R$ 7 million), mostly resulting from the constitution of the provision for expenses with Pis and Cofins from the Cesp Foundation, defrayed by the maintaining companies (R$ 4 million);

• Spending on outsourced services, which registered an increase of 13.2% (R$ 8 million), due to the acquisition of CMS Energy Brasil (R$ 5 million);

• Other costs and operating expenses which registered an increase of 7.3% (R$ 3 million), due mainly to the acquisition of CMS Energy Brasil (R$ 2 million).

Note: PMSO considers Personnel, Materials, Outsourced Services and Others.

(ii) The item Depreciation and Amortization which registered an increase of 4.9% (R$ 4 million), due mainly to the acquisition of CMS Energy Brasil (R$ 3 million).

The increase in operating costs and expenses was partially offset by:

(i) The item Private Pension Fund which represented revenue of R$ 12 million in 1Q07, now in 1Q08, represents revenue of R$ 20 million due to the impact from the expected real earnings of the plan’s assets as defined by the Actuary Report of December 2007.

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EBITDA

Based on the factors described above, EBITDA in 1Q08, was R$ 482 million, registering a decrease of 24.1% (R$ 153 million).

Disregarding the non-recurring effects (the provisional tariff recalculation pass-on related to the seasonalization of the contract, which negatively impacted EBITDA in 1Q08, and the net effect of the Recalculation of the CPFL Paulista IRT, which positively impacted EBITDA in 1Q07), EBITDA in 1Q08 would be R$ 586 million, presenting growth of 5.4% .

Financial Result

In 1Q08, the financial result, or the net financial expense was R$ 24 million, down 37.4% (R$ 15 million) compared to the result of R$ 39 million registered in 1Q07. Items that can explain this variation are:

(i) Financial Revenues: increase of 2.6% (R$ 2 million), up from R$ 86 million in 1Q07 to R$ 89 million in 1Q08, due mainly to:

• Increase in the items Financial Investment Income (R$ 5 million), Surcharges and Penalties (R$ 4 million), Update of Judicial Bonds (R$ 9 million) and Exchange Rate and Monetary Updates (R$ 8 million);

• Partially offset by the reduction of R$ 24 million in financial revenue stemming from the remuneration of regulatory assets due mainly to the consummation of the Extraordinary Tariff Re-composition (RTE) and Parcel “A”, together with the fall in the indexes used to update part of the regulatory assets.

(ii) Financial Expenses: reduction of 9.8% (R$ 12 million), falling from R$ 125 million in 1Q07 to R$ 113 million in 1Q08, due mainly to:

• Reduction in Debt Charges (R$ 14 million), mostly due to the fall in interest rates (CDI and TJLP);

• Reduction in Banking Expenses (R$ 15 million), resulting mainly from the cessation of CPMF charges;

• Partially offset by the increase in item Exchange Rate and Monetary Update (R$ 18 million), which in 1Q07 was an expense of R$ 13 million and in 1Q08 is an expense of R$ 31 million.

Net Income

Net Income in 1Q08 was R$ 259 million, representing a reduction of 25.6% (R$ 89 million).

Disregarding the non-recurring effects (the provisional tariff recalculation pass-on related to the seasonalization of the contract, which negatively impacted EBITDA in 1Q08 and the net effect of the Recalculation of the CPFL Paulista IRT, which positively impacted EBITDA in 1Q07), EBITDA in 1Q08 would be R$ 321 million, presenting growth of 8.4% .

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10.1.2) Tariff Revisions

The objective of the tariff revision is to reassess the economic-financial equilibrium of the concession and to pass onto the consumers the concessionaire’s productivity gains. Projected data over the subsequent 12 months are utilized and each item of controllable costs is verified, as well as the regulatory margin and the reintegration quota are defined, establishing criteria and limits for the definition of efficient costing, using as a parameter a reference company defined by the regulatory authority (Aneel).

The following table demonstrates the periodicity and the date of the next tariff revision for each CPFL group distributor:

Tariff Revisions
Distribution Company		Period		Date of Next Tariff Revision
CPFL Piratininga		Each 4 years		October 2011
CPFL Santa Cruz		Each 4 years		February 2012
CPFL Jaguariúna
CPFL Leste Paulista		Each 4 years		February 2012
CPFL Jaguari		Each 4 years		February 2012
CPFL Sul Paulista		Each 4 years		February 2012
CPFL Mococa		Each 4 years		February 2012
CPFL Paulista		Each 5 years		April 2013
RGE		Each 5 years		April 2013

Second Periodic Tariff Revision

10.1.2.1) CPFL Piratininga

On October 22, 2007, through Homologated Resolution No. 553, Aneel established a provisional result for the second periodic tariff revision for CPFL Piratininga, to take effect from October 23, 2007.

In this second cycle of tariff revisions, the CPFL Piratininga electric power tariffs were readjusted by -10,11%, of which -10.94% referred to tariff repositioning and +0,83% referred to financial components outside the scope of the periodic tariff revision.

The preliminary value of Factor Xe established by Aneel was 0.73%, to be applied as a reduction factor in Parcel B in real terms, on the next tariff readjustments.

10.1.2.2) CPFL Santa Cruz and CPFL Jaguariúna Distributors

On January 29, 2008, Aneel established the provisional result of the second periodic tariff revision of five distributors of the CPFL Group, to take effect from February 3, 2008. The distributors that had their revisions announced on this date were: CPFL Santa Cruz and the four CPFL Jaguariúna distributors, namely: Companhia Paulista de Energia Elétrica (CPFL Leste Paulista), Companhia Jaguari de Energia (CPFL Jaguari), Companhia Sul Paulista de Energia (CPFL Sul Paulista) and Companhia Luz e Força Mococa (CPFL Mococa).

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CPFL Santa Cruz

In this second cycle of tariff revisions, the electric power tariff revisions of CPFL Santa Cruz were readjusted by -7.13%, of which -9.73% referred to tariff repositioning and +2.60% referred to financial components outside the periodic tariff revision.

The value of factor Xe, established by Aneel was 0.22%, to be applied as a reduction factor in Parcel B in real terms, on the next tariff readjustments.

CPFL Leste Paulista

The electric power tariffs of CPFL Leste Paulista were readjusted by -1,65%, of which -2,69% referred to tariff repositioning and +1,04% referred to financial components outside the periodic tariff revision.

The value of factor Xe, established by Aneel was 1.07%, to be applied as a reduction factor in Parcel B, in real terms, on the next tariff readjustments.

CPFL Jaguari

The electric power tariffs of CPFL Jaguari were readjusted by -1.58%, of which -0.35% referred to tariff repositioning and -1.23% referred to financial components outside the periodic tariff revision.

The value of factor Xe, established by Aneel was 2.10%, to be applied as a reduction factor in Parcel B, in real terms, on the next tariff readjustments.

CPFL Sul Paulista

The electric power tariffs of CPFL Sul Paulista were readjusted by -3.57%, of which -2.98% referred to tariff repositioning and -0.58% referred to financial components outside the periodic tariff revision.

The value of factor Xe, established by Aneel was 1.3%, to be applied as a reduction factor in Parcel B, in real terms, on the next tariff readjustments.

CPFL Mococa

The electric power tariffs of CPFL Mococa were readjusted by -5.65%, of which -8.40% referred to tariff repositioning and +2.75% referred to financial components outside the periodic tariff revision.

The value of factor Xe, established by Aneel was 0.24%, to be applied as a reduction factor in Parcel B, in real terms, on the next tariff readjustments.

10.1.2.3) CPFL Paulista

On April 7^th 2008 through Homologated Resolution No. 627, Aneel established the provisional result of the second periodic tariff revision for CPFL Paulista, to take effect as of April 8^th 2008.

In this second cycle of tariff revisions, the electric power tariffs of CPFL Paulista were readjusted by -13.61%, of which -13.69% referred to tariff repositioning and +0.07% referred to financial components outside the periodic tariff revision.

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The preliminary value of factor Xe, established by Aneel was 0.83%, to be applied as a reduction factor in Parcel B in real terms, on the next tariff readjustments.

10.1.2.4) RGE

On April 17^th 2008 through Homologated Resolution No. 636, Aneel established the provisional result of the second periodic tariff revision for RGE, to take effect as of April 19^th 2008.

In this second cycle of tariff revisions, the electric power tariffs of RGE were readjusted by +4.77%, of which -5.37% referred to tariff repositioning and +10.15% referred to financial components outside the periodic tariff revision.

The preliminary value of factor Xe, established by Aneel was 0.66%, to be applied as a reduction factor in Parcel B in real terms, on the next tariff readjustments.

The items that make up the readjustments authorized by Aneel are shown, for each distributor, in the table below:

Date of the Second Tariff Review		Oct/07		Feb/08		Feb/08		Feb/08		Feb/08		Feb/08		Apr/08		Apr/08
						CPFL Jaguariúna
Amounts by Company (R$ Million)		CPFL		CPFL Santa		CPFL Leste		CPFL		CPFL Sul		CPFL		CPFL		RGE
		Piratininga		Cruz		Paulista		Jaguari		Paulista		Mococa		Paulista
Verified Revenue		2,136.9		213.3		77.1		88.0		92.4		54.1		5,175.5		1,950.5
Parcel A		1,423.9		124.3		42.9		68.6		58.7		31.0		3,314.1		1,324.7
Parcel B
Reference Company		244.2		42.6		16.6		11.8		19.6		13.4		542.4		241.7
Delinquency		12.6		1.5		0.2		0.2		0.2		0.1		34.6		14.5
Gross Remuneration Base		154.5		14.9		11.7		4.9		7.7		3.7		351.3		179.7
Depreciation		81.1		10.6		4.3		2.5		4.2		1.8		252.1		97.1
Total Parcel B		492.5		69.5		32.8		19.4		31.8		19.0		1,180.4		533.1
Required Revenue (Parcels A + B)		1,916.4		193.8		75.6		88.0		90.5		50.0		4,494.5		1,857.8
(-) Other Revenues		(13.2)		(1.3)		(0.6)		(0.3)		(0.9)		(0.4)		(27.3)		(12.2)
Net Required Revenue		1,903.2		192.5		75.1		87.7		89.6		49.6		4,467.3		1,845.6
Financial Components		15.8		5.0		0.8		(1.1)		(0.5)		1.4		3.3		187.3
Periodic Tariff Revision		-10.94%		-9.73%		-2.69%		-0.35%		-2.98%		-8.40%		-13.69%		-5.37%
Financial Components		0.83%		2.60%		1.04%		-1.23%		-0.58%		2.75%		0.07%		10.15%
Periodic Tariff Revision - with		-10.11%		-7.13%		-1.65%		-1.58%		-3.57%		-5.65%		-13.61%		4.77%
Financial Components
Xe Factor		0.73%		0.22%		1.07%		2.10%		1.31%		0.24%		0.83%		0.66%

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10.2) Commercialization Segment

Consolidated Income Statement - Commercialization (R$ Thousands)
		1Q08		1Q07		Var.
Gross Operating Revenues		451,744		448,434		0.7%
Net Operating Revenues		381,625		386,723		-1.3%
EBITDA		42,738		113,188		-62.2%
NET INCOME		29,074		75,835		-61.7%
Note: Financial information on CPFL Jaguariúna is considered in the CPFL Energia consolidated statements and in the consolidated statements by segment (distribution, generation and commercialization)  as from July/2007.

During the CPFL Paulista tariff revision process (in April, 2008), Aneel provisionally went forward with the tariff recalculation pass-on related to the seasonalization of the contract. Although this matter is being dealt with provisionally, CPFL Energia nevertheless chose to provide for it in the 1Q08 results at the controlled companies that carry this mode of operation (CPFL Paulista, CPFL Piratininga and CPFL Brasil). This provision affected the 1Q08 results negatively by R$ 72 million (R$ 43 million net of taxes).

Positively impacting the result was the added value service revenue (SVA), provided by the controlled company CPFL Serviços through the construction of a 138 kV substation, transmission lines and distribution networks which presented growth of 425%, up from R$ 4 million in 1Q07 to R$ 21 million in 1Q08.

Operating Revenue

In 1Q08, gross operating revenue reached R$ 452 million, representing an increase of 0.7% (R$ 3 million), while net operating revenue was R$ 382 million, equivalent to a reduction of 1.3% (R$ 5 million).

Disregarding the non-recurring effect (provisional tariff recalculation pass-on related to the seasonalization of the contract), gross operating revenue would be R$ 518 million, representing an increase of 15.6%, and net operating revenue would be R$ 442 million, an increase of 14.3% .

EBITDA

In 1Q08, EBITDA was R$ 43 million, a fall of 62.2% (R$ 70 million).

Disregarding the non-recurring effect (provisional tariff recalculation pass-on related to the seasonalization of the contract), EBITDA would be R$ 103 million, down 9.0% .

Net Income

In 1Q08, net income was R$ 29 million, a reduction of 61.7% (R$ 47 million).

Disregarding the non-recurring effect (provisional tariff recalculation pass-on related to the seasonalization of the contract), net income would be R$ 72 million, down 4.5% .

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10.3) Generation Segment

Consolidated Income Statement - Generation (R$ Thousands)
		1Q08		1Q07		Var.
Gross Operating Revenues		195,450		157,056		24.4%
Net Operating Revenues		183,132		146,829		24.7%
Cost of Electric Power		(32,098)		(5,047)		536.0%
Operating Costs & Expenses		(42,251)		(32,693)		29.2%
EBIT		108,783		109,089		-0.3%
EBITDA		127,172		124,524		2.1%
Financial Income (Expense)		(43,452)		(34,876)		24.6%
Operating Income		65,331		74,213		-12.0%
Income Before Taxes		65,331		73,833		-11.5%
NET INCOME		41,164		88,700		-53.6%
Note: Financial information on CPFL Jaguariúna is considered in the CPFL Energia consolidated statements and in the consolidated statements by segment (distribution, generation and commercialization) as from July/2007.

Operating Revenue

Gross operating revenue in 1Q08 was R$ 195 million, representing growth of 24.4% (R$ 38 million).

Net operating revenue reached R$ 183 million, equivalent to 24.7% growth (R$ 36 million), due mainly to the following factors:

(i) Start of commercial operations of the Campos Novos Hydroelectric Facility (Enercan) in February, 2007, and start of operations of the Castro Alves Plant (Ceran Complex), in March, 2008, which together contributed R$ 28 million in additional revenue;

(ii) Participation in Paulista Lajeado, acquired together with the CMS Energy Brasil assets (R$ 8 million).

Cost of Electric Power

The cost of electric power service in 1Q08 was R$ 32 million, representing an increase of 536.0% (R$ 27 million), due mainly to the acquisitions made by the Castro Alves Hydroelectric Facility, in the amount of R$ 19 million, owing to the delay in the generation of power and the commitments assumed to deliver electric power already contracted.

Operating Costs and Expenses

Costs and operating expenses in 1Q08 were R$ 42 million, representing an increase of 29.2% (R$ 10 million). The main factors contributing to this variation are:

(i) Increase of 81.4% (R$ 4 million) in spending on other operating costs, mostly a result of the participation in Paulista Lajeado, acquired together with the CMS Energy Brasil assets;

(ii) Increases of 25.5% (R$ 3 million) in the item Depreciation and Amortization and 21.1% (R$ 1 million) in spending on outsourced services mainly a result of the start of operations of the Campos Novos Hydroelectric Facility.

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EBITDA

Based on the factors previously described, EBITDA, in 1Q08, was R$ 127 million, an increase of 2.1% (R$ 3 million).

Financial Result

In 1Q08, the financial result, or the net financial expense was R$ 43 million, up 24.6% (R$ 9 million) due mainly to the increase in debt charges (R$ 12 million). The main explanatory factors for this variation are:

(i) Increase in CPFL Geração’s debt inventory (R$ 4 million);

(ii) The effect of indexes that update Enercan’s debts (R$ 5 million), basically US dollar and currencies’ basket;

(iii) Castro Alves Hydroelectric Facility operational start-up (R$ 2 million).

Taxation on Income

Taxation on income (social contribution and income tax) in 1Q08 presented an expense of R$ 23 million against a revenue of R$ 15 million in 1Q07, representing a negative effect of R$ 38 million. This negative effect is mainly due to the acknowledgement in 1Q07 of the effect related to the merger of Semesa by CPFL Geração in the amount of R$ 40 million.

Net Income

No 1Q08, net income was R$ 41 million, a reduction of 53.6% (R$ 48 million).

Status of Generation Projects

Castro Alves Hydroelectric Facility (Ceran Complex)

The first generating unit of the Castro Alves Hydroelectric Facility, responsible for 63% (40.3 median MW) of the plant’s assured power, started commercial operations on March 4^th 2008. The second generating unit began commercial operations on April 2^nd 2008, and accounts for the remaining 37% of the plant’s assured power. CPFL’s participation in the project is 65%, which represents installed capacity and assured power of 84.5 MW and 41.6 median MW, respectively.

14 de Julho Hydroelectric Facility (Ceran Complex)

The 14 de Julho Hydroelectric Facility is at the final stage of construction (89% of works completed 92.9% of civil works, 48.4% of electro-mechanical equipment and 82.4% of the engineering project). The start of commercial operations is forecast for 4Q08. CPFL’s participation in the project is 65%, representing installed capacity and assured power of 65.0 MW and 32.5 median MW, respectively.

Foz do Chapecó Hydroelectric Facility

The Foz do Chapecó Hydroelectric Facility is still in the construction phase (33% of works completed: 34.9% of civil works, 5.6% of electro-mechanical equipment and 51.5% of the engineering project). The start of commercial operations is forecast for 3Q10. CPFL’s participation in the project is 51%, which represents installed capacity and assured power of 436.1 MW and 220.3 median MW, respectively. Energy from the Foz do Chapecó Hydroelectric Facility is 100% contracted:

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• CPFL’s participation:

• 172.8 median MW already contracted with the CPFL Group at a price close to 100% of the Standard Value;

• 47.5 median MW (11% acquired in August 2006) traded on the Aneel auction on October 16^th 2007 at the price of R$ 131.49/MWh.

• Participation of other shareholders:

• 211.7 median MW sold on the Aneel auction on October 16^th 2007 at the price of R$ 131.49/MWh.

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11) ATTACHMENTS

11.1) Sales to the Captive Market by Distributors (in GWh)

CPFL Paulista
		1Q08		1Q07		Var.
Residential		1,602		1,528		4.9%
Industrial		1,336		1,341		-0.4%
Commercial		1,006		961		4.7%
Rural		206		205		0.3%
Others		595		568		4.6%
Total		4,744		4,603		3.1%
CPFL Piratininga
		1Q08		1Q07		Var.
Residential		726		693		4.8%
Industrial		715		707		1.3%
Commercial		419		409		2.6%
Rural		44		44		1.3%
Others		176		172		2.5%
Total		2,082		2,024		2.8%
RGE
		1Q08		1Q07		Var.
Residential		416		404		3.2%
Industrial		614		603		1.8%
Commercial		257		243		5.7%
Rural		288		258		11.4%
Others		236		222		6.0%
Total		1,811		1,731		4.7%
CPFL Santa Cruz
		1Q08		1Q07		Var.
Residential		67		63		6.9%
Industrial		34		31		10.7%
Commercial		33		32		2.0%
Rural		35		37		-7.3%
Others		31		30		3.9%
Total		200		194		3.5%
CPFL Jaguariúna
		1Q08		1Q07		Var.
Residential		75		72		3.6%
Industrial		136		129		5.7%
Commercial		33		32		4.3%
Rural		55		51		8.8%
Others		31		29		7.4%
Total		331		313		5.7%
Note: Sales volume on the company CPFL Jaguariúna is considered in the CPFL Energia consolidated and consolidated by segment (distribution, generation and commercialization) as from July/2007.

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11.2) Economic-Financial Performance by Distributors

(Pro-forma, R$ thousands)

Income Statement Summary by Distribution Company (R$ Thousands)(1)
CPFL PAULISTA
		1Q08		1Q07		Var.
Gross Operating Revenues		1,796,055		1,622,578		10.7%
Net Operating Revenues		1,167,014		1,028,995		13.4%
Cost of Electric Power		(759,074)		(549,155)		38.2%
Operating Costs & Expenses		(142,335)		(140,034)		1.6%
EBIT		265,605		339,806		-21.8%
EBITDA		291,505		371,250		-21.5%
Financial Income (Expense)		(5,312)		(16,852)		-68.5%
Operating Income		260,293		322,954		-19.4%
Income Before Taxes		261,580		324,017		-19.3%
NET INCOME		172,062		213,417		-19.4%
CPFL PIRATININGA
		1Q08		1Q07		Var.
Gross Operating Revenues		723,421		808,228		-10.5%
Net Operating Revenues		480,842		494,762		-2.8%
Cost of Electric Power		(365,843)		(295,016)		24.0%
Operating Costs & Expenses		(59,599)		(56,606)		5.3%
EBIT		55,400		143,140		-61.3%
EBITDA		64,840		154,892		-58.1%
Financial Income (Expense)		(4,742)		(7,588)		-37.5%
Operating Income		50,658		135,552		-62.6%
Income Before Taxes		49,767		134,875		-63.1%
NET INCOME		32,782		89,012		-63.2%
RGE
		1Q08		1Q07		Var.
Gross Operating Revenues		639,575		615,056		4.0%
Net Operating Revenues		423,180		391,755		8.0%
Cost of Electric Power		(274,738)		(250,799)		9.5%
Operating Costs & Expenses		(66,077)		(62,063)		6.5%
EBIT		82,365		78,893		4.4%
EBITDA		102,219		98,003		4.3%
Financial Income (Expense)		(15,865)		(15,057)		5.4%
Operating Income		66,500		63,836		4.2%
Income Before Taxes		60,747		59,343		2.4%
NET INCOME		40,000		38,918		2.8%

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Income Statement Summary by Distribution Company (R$ Thousands)(1)
CPFL SANTA CRUZ
		1Q08		1Q07		Var.
Gross Operating Revenues		65,615		66,584		-1.5%
Net Operating Revenues		46,285		45,631		1.4%
Cost of Electric Power		(26,137)		(25,160)		3.9%
Operating Costs & Expenses		(14,769)		(11,411)		29.4%
EBIT		5,379		9,060		-40.6%
EBITDA		7,578		11,191		-32.3%
Financial Income (Expense)		1,277		637		100.5%
Operating Income		6,656		9,697		-31.4%
Income Before Taxes		6,667		9,482		-29.7%
NET INCOME		4,410		6,848		-35.6%
CPFL JAGUARIÚNA(2)
		1Q08		1Q07		Var.
Gross Operating Revenues		97,002		94,737		2.4%
Net Operating Revenues		63,824		63,184		1.0%
Cost of Electric Power		(35,405)		(31,738)		11.6%
Operating Costs & Expenses		(14,817)		(16,824)		-11.9%
EBIT		13,602		14,623		-7.0%
EBITDA		16,103		17,245		-6.6%
Financial Income (Expense)		310		341		-9.1%
Operating Income		13,912		14,964		-7.0%
Income Before Taxes		13,806		15,015		-8.1%
NET INCOME		9,733		9,628		1.1%
Notes:
(1) Financial information on the company CPFL Jaguariúna is considered in the CPFL Energia consolidated statements and in the consolidated statements by segment (distribution, generation and commercialization) as from July/2007;
(2) CPFL Jaguariúna = information related to distributors’ consolidated: CPFL Leste Paulista, CPFL Jaguari, CPFL Sul Paulista and CPFL Mococa.

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11.3) Statement of Assets - CPFL Energia

(R$ thousands)

		Consolidated
ASSETS		03/31/2008		12/31/2007
CURRENT ASSETS
Cash and Banks		1,147,248		1,106,308
Consumers, Concessionaries and Licensees		1,880,053		1,817,788
Financial Investments		37,246		35,039
Recoverable Taxes		170,725		181,754
Allowance for Doubtful Accounts		(90,996)		(95,639)
Prepaid Expenses		69,383		202,721
Deferred Taxes		254,059		168,485
Materials and Supplies		14,817		14,812
Deferred Tariff Cost Variations		619,477		532,449
Derivative Contracts		5,609		995
Other Credits		106,099		111,352
TOTAL CURRENT ASSETS		4,213,720		4,076,064
NON-CURRENT ASSETS
Long-Term Liabilities
Consumers, Concessionaries and Licensees		191,975		215,014
Judicial Deposits		517,103		498,044
Financial Investments		102,493		97,521
Recoverable Taxes		99,281		99,947
Prepaid Expenses		13,969		43,111
Deferred Taxes		1,148,252		1,163,976
Deferred Tariff Cost Variations		173,802		205,894
Derivative Contracts		61,783		-
Other Credits		244,837		231,820
		2,553,495		2,555,327
Permanent Assets
Investments		2,661,497		2,705,692
Property, Plant and Equipment		7,240,127		7,115,143
Special Obbligation Linked to Concession		(943,140)		(919,097)
Deferred Charges		66,425		62,640
		9,024,909		8,964,378
TOTAL NON-CURRENT ASSETS		11,578,404		11,519,705
TOTAL ASSETS		15,792,124		15,595,769
Note: Financial information on CPFL Jaguariúna is considered in the CPFL Energia consolidated statements and in the consolidated statements by segment (distribution, generation and commercialization) as from July/2007.

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11.4) Statement of Liabilities - CPFL Energia

(R$ thousands)

		Consolidated
LIABILITIES AND SHAREHOLDERS' EQUITY		03/31/2008		12/31/2007
LIABILITIES
CURRENT LIABILITIES
Suppliers		912,442		867,954
Accrued Interest on Debts		10,417		59,135
Accrued Interest on Debentures		85,074		71,524
Loans and Financing		639,001		862,705
Debentures		153,669		154,617
Employee Pension Plans		56,084		64,484
Regulatory Charges		73,454		68,696
Taxes, Fees and Contributions		527,061		604,093
Provision for Contingencies		780		765
Dividends and Interest on Equity		743,572		743,628
Accrued Liabilities		39,608		43,987
Deferred Tariff Gains Variations		310,602		230,038
Derivative Contracts		5		18,187
Other Accounts Payable		438,556		427,723
TOTAL CURRENT LIABILITIES		3,990,325		4,217,536
NON-CURRENT LIABILITIES
Suppliers		-		223
Accrued Interest on Debts		14,570		26,057
Loans and Financing		3,010,693		2,865,104
Debentures		2,392,539		2,208,472
Employee Pension Plans		611,158		656,040
Taxes, Fees and Contributions		14,393		16,529
Reserve for Contingencies		115,447		116,412
Deferred Tariff Gains Variations		32,166		68,389
Derivative Contracts		45,146		158,552
Other Accounts Payable		248,171		219,492
TOTAL NON-CURRENT LIABILITIES		6,484,283		6,335,270
NON-CONTROLLING SHAREHOLDERS' INTEREST		89,615		88,129
SHAREHOLDERS' EQUITY
Capital		4,741,175		4,741,175
Capital Reserves		16		16
Profit Reserves		213,643		213,643
Retained Earnings		273,067		-
TOTAL SHAREHOLDERS' EQUITY		5,227,901		4,954,834
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		15,792,124		15,595,769
Note: Financial information on CPFL Jaguariúna is considered in the CPFL Energia consolidated statements and in the  consolidated statements by segment (distribution, generation and commercialization) as from July/2007.

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11.5) Income Statement - CPFL Energia

(R$ thousands)

Consolidated
		1Q08		1Q07		Variation
OPERATING REVENUES
Eletricity Sales to Final Consumers		3,222,830		2,991,945		7.72%
Eletricity Sales to Distributors		215,531		131,602		63.77%
Other Operating Revenues		243,654		218,181		11.68%
		3,682,015		3,341,728		10.18%
DEDUCTIONS FROM OPERATING REVENUES		(1,197,531)		(1,188,534)		0.76%
NET OPERATING REVENUES		2,484,484		2,153,194		15.39%
COST OF ELETRIC ENERGY SERVICES
Eletricity Purchased for Resale		(1,350,539)		(871,183)		55.02%
Eletricity Network Usage Charges		(202,126)		(179,993)		12.30%
		(1,552,665)		(1,051,176)		47.71%
OPERATING COSTS AND EXPENSES
Personnel		(119,470)		(97,337)		22.74%
Material		(14,451)		(11,200)		29.03%
Outsourced Services		(85,543)		(74,343)		15.07%
Other Operating Costs/Expenses		(58,672)		(47,316)		24.00%
Employee Pension Plans		21,039		12,583		67.20%
Depreciation and Amortization		(96,535)		(89,279)		8.13%
Merged Goodwill Amortization		(9,544)		(8,164)		16.90%
		(363,176)		(315,056)		15.27%
EBITDA		645,620		868,889		-25.70%
EBIT		568,643		786,962		-27.74%
FINANCIAL INCOME (EXPENSE)
Financial Income		109,065		102,144		6.78%
Financial Expenses		(226,872)		(209,190)		8.45%
Interest on Equity		-		-		-
		(117,807)		(107,046)		10.05%
OPERATING INCOME		450,836		679,916		-33.69%
NONOPERATING INCOME (EXPENSE)
Nonoperating Income		1,717		3,305		-48.05%
Nonoperating Expenses		(8,152)		(6,144)		32.68%
		(6,435)		(2,839)		126.66%
INCOME BEFORE TAXES ON INCOME		444,401		677,077		-34.36%
Social Contribution		(43,189)		(64,968)		-33.52%
Income Tax		(126,517)		(139,087)		-9.04%
INCOME BEFORE EXTRAORDINARY ITEM AND NON-
CONTROLLING SHAREHOLDERS' INTEREST		274,695		473,022		-41.93%
Non-Controlling Shareholders' Interest		(1,628)		(94)		1631.91%
Extraordinary Item net of Tax Effects		-		-		-
Reversal of Interest on Equity		-		-		-
NET INCOME		273,067		472,928		-42.26%
EARNINGS PER SHARE (R$)		0.57		0.99		-42.28%
Note: Financial information on CPFL Jaguariúna is considered in the CPFL Energia consolidated statements and in the consolidated statements by segment (distribution, generation and commercialization) as from July/2007.

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11.6) Income Statement - Consolidated Distribution Segment

(Pro-forma, R$ thousands)

Consolidated
		1Q08		1Q07		Variation
OPERATING REVENUES
Eletricity Sales to Final Consumers		3,054,452		2,873,847		6.28%
Eletricity Sales to Distributors		40,500		21,307		90.08%
Other Operating Revenues		224,067		216,124		3.68%
		3,319,019		3,111,278		6.68%
DEDUCTIONS FROM OPERATING REVENUES		(1,140,429)		(1,151,195)		-0.94%
NET OPERATING REVENUES		2,178,590		1,960,083		11.15%
COST OF ELETRIC ENERGY SERVICES
Eletricity Purchased for Resale		(1,263,239)		(943,889)		33.83%
Eletricity Network Usage Charges		(196,171)		(176,241)		11.31%
		(1,459,410)		(1,120,130)		30.29%
OPERATING COSTS AND EXPENSES
Personnel		(106,364)		(88,139)		20.68%
Material		(12,414)		(10,462)		18.66%
Outsourced Services		(69,038)		(61,008)		13.16%
Other Operating Costs/Expenses		(43,667)		(40,686)		7.33%
Employee Pension Plans		20,578		12,354		66.57%
Depreciation and Amortization		(80,239)		(76,488)		4.90%
Merged Goodwill Amortization		(5,685)		(4,625)		22.92%
		(296,829)		(269,054)		10.32%
EBITDA		482,245		635,336		-24.10%
EBIT		422,351		570,899		-26.02%
FINANCIAL INCOME (EXPENSE)
Financial Income		88,550		86,319		2.58%
Financial Expenses		(112,882)		(125,179)		-9.82%
Interest on Equity		-		-		-
		(24,332)		(38,860)		-37.39%
OPERATING INCOME		398,019		532,039		-25.19%
NONOPERATING INCOME (EXPENSE)
Nonoperating Income		1,713		1,438		19.12%
Nonoperating Expenses		(7,165)		(5,760)		24.39%
		(5,452)		(4,322)		26.15%
INCOME BEFORE TAXES ON INCOME		392,567		527,717		-25.61%
Social Contribution		(33,645)		(47,886)		-29.74%
Income Tax		(99,935)		(131,636)		-24.08%
INCOME BEFORE EXTRAORDINARY ITEM AND NON-
CONTROLLING SHAREHOLDERS' INTEREST		258,987		348,195		-25.62%
Extraordinary Item net of Tax Effects		-		-		-
Non-Controlling Shareholders' Interest		-		-		-
Reversal of Interest on Equity		-		-		-
NET INCOME		258,987		348,195		-25.62%

Note: Financial information on CPFL Jaguariúna is considered in the CPFL Energia consolidated statements and in the consolidated statements by segment (distribution, generation and commercialization) as from July/2007.

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11.7) Income Statement - Consolidated Generation Segment

(Pro-forma, R$ thousands)

Consolidated
		1Q08		1Q07		Variation
OPERATING REVENUES
Eletricity Sales to Final Consumers		934		971		-3.81%
Eletricity Sales to Distributors		192,381		156,601		22.85%
Other Operating Revenues		2,135		(516)		-513.76%
		195,450		157,056		24.45%
DEDUCTIONS FROM OPERATING REVENUES		(12,318)		(10,227)		20.45%
NET OPERATING REVENUES		183,132		146,829		24.72%
COST OF ELETRIC ENERGY SERVICES
Eletricity Purchased for Resale		(24,527)		(556)		4311.33%
Eletricity Network Usage Charges		(7,571)		(4,491)		68.58%
		(32,098)		(5,047)		535.98%
OPERATING COSTS AND EXPENSES
Personnel		(5,447)		(5,017)		8.57%
Material		(491)		(386)		27.20%
Outsourced Services		(7,245)		(5,981)		21.13%
Other Operating Costs/Expenses		(9,966)		(5,494)		81.40%
Employee Pension Plans		447		229		95.20%
Depreciation and Amortization		(15,690)		(12,505)		25.47%
Merged Goodwill Amortization		(3,859)		(3,539)		9.04%
		(42,251)		(32,693)		29.24%
EBITDA		127,172		124,524		2.13%
EBIT		108,783		109,089		-0.28%
FINANCIAL INCOME (EXPENSE)
Financial Income		5,141		4,713		9.08%
Financial Expenses		(48,593)		(39,589)		22.74%
Interest on Equity		-		-		-
		(43,452)		(34,876)		24.59%
OPERATING INCOME		65,331		74,213		-11.97%
NONOPERATING INCOME (EXPENSE)
Nonoperating Income		-		4		-
Nonoperating Expenses		-		(384)		-
		-		(380)		-
INCOME BEFORE TAXES ON INCOME		65,331		73,833		-11.52%
Social Contribution		(6,038)		(6,799)		-11.19%
Income Tax		(17,416)		21,666		-180.38%
INCOME BEFORE EXTRAORDINARY ITEM AND NON-
CONTROLLING SHAREHOLDERS' INTEREST		41,877		88,700		-52.79%
Non-Controlling Shareholders' Interest		(713)		-		-
Extraordinary Item net of Tax Effects		-		-		-
Reversal of Interest on Equity		-		-		-
NET INCOME		41,164		88,700		-53.59%
Note: Financial information on CPFL Jaguariúna is considered in the CPFL Energia consolidated statements and in  the consolidated statements by segment (distribution, generation and commercialization) as from July/2007.

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This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

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