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São Paulo, March 01, 2010 – CPFL Energia S.A. (BM&FBOVESPA: CPFE3 and NYSE: CPL), announces its 4Q09 results. The financial and operational information herein, unless otherwise indicated, is presented on a consolidated basis and is in accordance with the applicable legislation. Comparisons are relative to 4Q08, unless otherwise stated.

CPFL ENERGIA ANNOUNCES 4Q09 NET INCOME OF R$ 425 MILLION

Indicators (R$ Million)		4Q09		4Q08		Var.		2009		2008		Var.
Sales within the Concession Area - GWh		12,652		12,484		1.3%		48,568		49,033		-0.9%
Captive Market		9,871		9,661		2.2%		37,821		37,323		1.3%
TUSD		2,781		2,823		-1.5%		10,747		11,710		-8.2%
Sales in the Free Market - GWh		2,717		2,335		16.4%		10,243		8,904		15.0%
Gross Operating Revenue		4,095		3,730		9.8%		15,693		14,372		9.2%
Net Operating Revenue		2,840		2,517		12.8%		10,566		9,682		9.1%
EBITDA		746		700		6.7%		2,765		2,808		-1.5%
EBITDA Margin		26.3%		27.8%		-5.4%		26.2%		29.0%		-2.8%
Net Income		425		340		25.1%		1,286		1,276		0.8%
Net Income per Share - R$		0.89		0.71		25.1%		2.68		2.66		0.8%
Investments		465		373		24.6%		1,327		1,178		12.7%
Note: EBITDA is calculated from the sum of net income, taxes, financial result, depreciation/amortization and pension fund contributions.

4Q09 HIGHLIGHTS

• Increases of 2.2% in energy sales to the captive market, of 1.3% in sales within the concession area and of 16.4% in sales in the free market;
• Gross operating revenue of R$ 4.1 billion in 4Q09 and of R$ 15.7 billion in 2009, representing increases of 9.8% and 9.2%, respectively;
• Release of the Annual Tariff Increases for CPFL Santa Cruz, CPFL Leste Paulista, CPFL Jaguari, CPFL Sul Paulista and CPFL Mococa (effective as of February 3, 2010);
• CPFL Energia’s shares were maintained in the following indexes:
     • ISE (the BM&FBOVESPA’s Corporate Sustainability Index) - for the 5^th consecutive year;
     • IBOVESPA (BM&FBOVESPA) and MSCI (Morgan Stanley Capital International) – since 2007.

Conference Call with Simultaneous Translation into English			Investor Relations
(Bilingual Q&A)			Department
•	Tuesday, March 02, 2010 – 11:00 am (Brasília), 9:00 am (EST)
			55-19-3756-6083
	Portuguese: 55-11-4688-6361 (Brazil)		ri@cpfl.com.br
			www.cpfl.com.br/ir
	English: 1-888-700-0802 (USA) and 1-786-924-6977 (Other Countries)
•	Webcast: www.cpfl.com.br/ir

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	4Q09 Results | March 01, 2010

INDEX

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 Class – Concession Area		4
1.1.3) TUSD by Distributor		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		5
2.3) Operacting Costs and Expenses		6
2.4) EBITDA		6
2.5) Financial Result		7
2.6) Net Income		7
3) DEBT		8
3.1) Financial Debt (Including Hedge)		8
3.2) Total Debt (Financial Debt + Hedge + Debt with the Private Pension Fund)		9
3.3) Adjusted Net Debt		10
4) INVESTMENTS		11
5) CASH FLOW		12
6) DIVIDENDS		13
7) STOCK MARKET		14
7.1) Share Performance		14
7.2) Average Daily Volume		14
7.3) Ratings		15
8) CORPORATE GOVERNANCE		15
9) SHAREHOLDERS STRUCTURE		16
10) PERFORMANCE OF THE BUSINESS SEGMENTS		17
10.1) Distribution Segment		17
10.1.1) Economic-Financial Performance		17
10.1.2) Tariff Adjustment		20
10.2) Commercialization and Services Segment		21
10.3) Generation Segment		22
10.3.1) Economic-Financial Performance		22
10.3.2) Status of Generation Projects		23
11) ATTACHMENTS		25
11.1) Statement of Assets – CPFL Energia		25
11.2) Statement of Liabilities – CPFL Energia		26
11.3) Income Statement – CPFL Energia		27
11.4) Income Statement – Consolidated Generation Segment		28
11.5) Income Statement – Consolidated Distribution Segment		29
11.6) Economic-Financial Performance – Distributors		30
11.7) Sales to the Captive Market by Distributor (in GWh)		32

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1) ENERGY SALES

1.1) Sales within the Distributors’ Concession Area

In 4Q08, sales within the concession area, achieved by the distribution segment, totaled 12,652 GWh, an increase of 1.3% .

Sales within the Concession Area - GWh
		4Q09		4Q08		Var.		2009		2008		Var.
Captive Market		9,871		9,661		2.2%		37,821		37,323		1.3%
TUSD		2,781		2,823		-1.5%		10,747		11,710		-8.2%
Total		12,652		12,484		1.3%		48,568		49,033		-0.9%

Sales to the captive market increased 2.2% to 9,871 GWh.

The energy volume in GWh consumed by free customers in the distributors’ operational areas, billed through the Distribution System Usage Tariff (TUSD), fell by 1.5% to 2,781 GWh, better than the results reported in preceding quarters (-14.7% in 1Q09, -12.1% in 2Q09 and -4.6% in 3Q09).

São Paulo State Treasury Department Ruling CAT 97 of 05/27/09

Worthy of note is that the quarter was negatively affected by a change in the invoicing dates of certain free customers of CPFL Paulista and CPFL Piratininga, resulting in a reduction in the number of days metered, in compliance with São Paulo State Treasury Department ruling CAT 97 of 05/27/09, which altered the rules for ICMS tax payments for these companies. This alteration, however, does not result in any change at the Operating Revenue level due to the classification as “not invoiced”. Including the volume of energy delivered for the days not invoiced, the volume of energy delivered (TUSD) would have increased 6.7% in 4T09 and the percentage increase in sales within the concession area would have been higher (3.2%) .

1.1.1) Sales to the Captive Market

Captive Market - GWh
		4Q09		4Q08		Var.		2009		2008		Var.
Residential		3,165		2,996		5.7%		12,346		11,649		6.0%
Industrial		3,032		3,051		-0.6%		11,334		11,931		-5.0%
Commercial		1,925		1,815		6.1%		7,215		6,853		5.3%
Others		1,749		1,800		-2.8%		6,926		6,890		0.5%
Total		9,871		9,661		2.2%		37,821		37,323		1.3%
Note: The captive market sales by distributor tables are attached to this report in item 11.7.

In the captive market, emphasis is given to the growth of the residential and commercial classes, which jointly accounted for 51.6% of total consumption by the distributors’ captive consumers:

• Residential and commercial classes: up by 5.7% and 6.1%, respectively. Higher temperatures than in 4T08 and the accumulated effects of economic growth (rising income levels, greater access to credit and higher sales of appliances and other consumer durables) over recent years resulted in sustained high consumption on the part of these classes in 4T09.

• Industrial class: down by 0.6%, due to the international financial crisis and its impacts over the industrial activity, chiefly concerning exports and production of capital goods (investments). However, the percentage reduction in 4Q09 was less than reported in 1Q09 (-7.9%), 2Q09 (-7.0%) and 3Q09 (-4.8%) .

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1.1.2) Sales by Class – Concession Area

1.1.3) TUSD by Distributor

TUSD by Distributor (GWh)
		4Q09		4Q08		Var.		2009		2008		Var.
CPFL Paulista		1,343		1,375		-2.3%		5,290		5,743		-7.9%
CPFL Piratininga		1,161		1,199		-3.2%		4,465		4,924		-9.3%
RGE		233		207		12.3%		830		884		-6.2%
CPFL Santa Cruz		5		6		-10.9%		22		21		6.7%
CPFL Jaguari		21		19		14.1%		76		68		12.2%
CPFL Mococa		-		-		0.0%		-		-		0.0%
CPFL Leste Paulista		-		-		0.0%		-		-		0.0%
CPFL Sul Paulista		17		17		0.9%		64		69		-7.7%
Total		2,781		2,823		-1.5%		10,747		11,710		-8.2%

1.2) Sales to the Free Market

Free Market - GWh
		4Q09		4Q08		Var.		2009		2008		Var.
Total		2,717		2,335		16.4%		10,243		8,904		15.0%

Sales to the free market moved up by 16.4% to 2,717 GWh, mainly due 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)
		4Q09		4Q08		Var.		2009		2008		Var.
Gross Operating Revenues		4,095,078		3,730,037		9.8%		15,693,148		14,371,913		9.2%
Net Operating Revenues		2,839,635		2,517,482		12.8%		10,565,982		9,681,866		9.1%
Cost of Electric Power		(1,735,191)		(1,490,474)		16.4%		(6,531,022)		(5,667,518)		15.2%
Operating Costs & Expenses		(497,130)		(444,102)		11.9%		(1,833,641)		(1,678,328)		9.3%
EBIT		607,314		582,906		4.2%		2,201,319		2,336,020		-5.8%
EBITDA		746,307		699,569		6.7%		2,765,429		2,807,765		-1.5%
Financial Income (Expense)		(87,329)		(126,027)		-30.7%		(316,795)		(414,321)		-23.5%
Income Before Taxes		519,985		456,879		13.8%		1,884,524		1,921,699		-1.9%
NET INCOME		425,125		339,884		25.1%		1,286,470		1,275,692		0.8%
EPS - R$		0.89		0.71		25.1%		2.68		2.66		0.8%

2.1) Operating Revenue

Gross operating revenue in 4Q09 rose by 9.8% (R$ 365 million) to R$ 4,095 million, while net operating revenue increased by 12.8% (R$ 322 million) to R$ 2,840 million.

The increase in operating revenue was due to:

• The distributors’ tariff adjustments:

• CPFL Piratininga (+16.54%), effective as of October 23, 2008;
• CPFL Santa Cruz (+24.09%), CPFL Leste Paulista (+12.94%), CPFL Jaguari (+11.36%), CPFL Sul Paulista (+11.64%) and CPFL Mococa (+11.18%), effective as of February 3, 2009;
• CPFL Paulista (+21.22%), effective as of April 8, 2009;
• RGE (+18.95%), effective as of April 19, 2009.

• The 2.2% increase in energy sales to the captive market;

• The 4.3% increase (R$ 12 million) in electric power supply revenue, mainly due to the 27.3% increase in energy sales volume, due to the performance of the commercialization segment.

The increase in operating revenue was partially offset by:

• Reduction of 29.1% (R$ 84 million) in TUSD revenue chiefly due to the non-recurring effect regarding the transfer of amounts related to the CUSDg (R$ 110 million). This operation affected “operating revenue” and “financial revenue”, offsetting the “cost of electric power” and “financial expense”, generating a positive impact of R$ 11 million in the 4Q08 result.

In 2009, gross operating revenue was R$ 15,693 million, representing growth of 9.2% (R$ 1.321 million). Net operating revenue reached R$ 10,566 million, equivalent to growth of 9.1% (R$ 884 million).

2.2) Cost of Electric Power

The cost of electric power, comprising the purchase of electric power for resale and charges for the use of the distribution and transmission systems, increased by 16.4% (R$ 245 million) to R$ 1,735 million in 4Q09:

• The cost of electric power purchased for resale in 4Q09 rose by 20.4% (R$ 241 million) to R$ 1,426 million. The main factors behind this variation were:

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(i) The Regulatory Assets and Liabilities item, which recorded a R$ 210 million increase in expenses, from a revenue of R$ 22 million in 4Q08 to an expense of R$ 189 million in 4Q09;

(ii) A 2.2% (R$ 29 million) increase in the cost of energy purchased in the regulated and free markets.

• Charges for the use of the distribution and transmission systems moved up by 1.1% (R$ 3 million) to R$ 309 million in 4Q09, mainly as a result of the following factors:

(i) The Regulatory Assets and Liabilities item, which recorded a R$ 89 million increase in expenses, from a revenue of R$ 32 million in 4Q08 to an expense of R$ 57 million in 4Q09;

(ii) The increase in basic network usage charges (R$ 38 million);

(iii) The reduction in PIS and COFINS credits on charges (R$ 2 million);

(iv) An upturn in charges for the use of the distribution system (R$ 1 million).

Partially offsetting:

(i) Transfer of the non-recurring amounts related to the CUSDg (R$ 98 million). This operation affected “operating revenue” and “financial revenue”, offsetting the “cost of electric power” and the “financial expense”, generating a positive impact of R$ 11 million in the 4Q08 result;

(ii) The reduction in system service usage charges (R$ 29 million).

2.3) Operacting Costs and Expenses

Operating costs and expenses moved up by 11.9% (R$ 53 million) in 4Q09, reaching R$ 497 million, due to:

• The Private Pension Fund item, which recorded a R$ 22 million increase in expenses, from revenue of R$ 21 million in 4Q08 to an expense of R$ 1 million in 4Q09, due to the expected estimated impact of CVM Deliberation 371/00 on actuarial assets and liabilities, as defined in the Actuarial Report;

• The PMSO item, which reached R$ 352 million in 4Q09, an increase of 8.3% (R$ 27 million), due to, among other factors, the non-recurring increase related to the liability complement of Free Energy – ANEEL Resolution 387/2009 (R$ 17 million) and the additional of operating costs/expenses of 14 de Julho Hydroelectric Facility (R$ 1 million);

Excluding these effects, 4Q09 PMSO would have totaled R$ 334 million, an upturn of 2.7% (R$ 9 million), due to, among other factors, the other operating costs/expenses, which recorded an upturn of 11.7% (R$ 8 million), mainly because of CPFL Paulista’s provisions for doubtful debts, which generated an increase in the subsidiary’s expenses (R$ 10 million).

• The Depreciation and Amortization item, which reached R$ 98 million in 4Q09, an increase of 5.9% (R$ 5 million), due to, among other factors, the upturn related to the operational start-up of the 14 de Julho Hydroelectric Facility (R$ 2 million).

2.4) EBITDA

Based on the factors described, CPFL Energia’s 4Q09 EBITDA rose by 6.7% (R$ 47 million) to R$ 746 million.

In 2009, EBITDA was R$ 2,765 million, a reduction of 1.5% (R$ 42 million).

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2.5) Financial Result

The 4Q09 financial result was a net expense of R$ 87 million, 30.7% (R$ 39 million) lower than the R$ 126 million recorded in 4Q08, thanks to:

• Financial Revenues: decrease of 26.4% (R$ 36 million), from R$ 138 million in 4Q08 to R$ 101 million in 4Q09, due to the following factors:

• Reduction in Monetary and Foreign Exchange Updates (R$ 32 million), mainly due to (i) a foreign exchange devaluation, mainly in CPFL Paulista, in the amount of R$ 17 million, and (ii) the non-recurring effect related to the CUSDg (R$ 18 million);
• Reduction in CVA and Parcel “A” Remuneration (R$ 10 million), due to the decrease in balances and in SELIC interest rate.

Partially offsetting:

• Increase of R$ 6 million regarding the adhesion to the REFIS IV – amnesty of PIS and COFINS contingence interest.

• Financial Expenses: decrease of 28.6% (R$ 75 million), from R$ 264 million in 4Q08 to R$ 188 million in 4Q09, primarily caused by the following factors:

• Reduction in Debt Charges (R$ 31 million), mainly due to the decrease in CDI interbank rate;
• Reduction in Monetary and Foreign Exchange Updates (R$ 50 million), mainly due to (i) Enercan’s debts with the IDB and the BNDES (R$ 26 million), indexed to the dollar and a currency basket, respectively, which moved down by 2.1% in 4Q09, versus a 22.1% increase in 4Q08, and (ii) the non-recurring effect related to the CUSDg (R$ 18 million).

2.6) Net Income

Net income in 4Q09 totaled R$ 425 million, an increase of 25.1% (R$ 85 million), while earnings per share came to R$ 0.89.

In 2009, net income was R$ 1.286 million, an increase of 0.8% (R$ 11 million), while earnings per share came to R$ 2.68.

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3) DEBT

3.1) Financial Debt (Including Hedge)

CPFL Energia’s financial debt (including hedge) increased by 12.7% to R$ 7,657 million in 4Q09.
The main contributing factors to this variation were:

• CPFL Geração and Generation Projects: funding (BNDES and other financial institutions), net of amortizations, totaling R$ 698 million.

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

+ Debentures issuance by CPFL Geração (R$ 425 million) and EPASA (R$ 230 milhões), for debt rollover and investments funding;
+ Funding of BNDES financing for Foz do Chapecó (R$ 201 million) and CPFL Bioenergia (R$ 45 million);
+ Funding of working capital by CPFL Geração (R$ 99 million);
- Amortization of the principal of CPFL Geração and BAESA’s debentures (R$ 84 million);
- Amortization of Furnas’ loan for CPFL Geração (R$ 93 million);
- Amortizations, net of funding, of BNDES financing for CPFL Geração, BAESA, CERAN and ENERCAN (R$ 93 million);
- Amortization of working capital by CERAN (R$ 29 million).

• CPFL Energia and Group’s Distributors: funding (BNDES and other financial institutions), net of amortizations, totaling R$ 140 million.

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

+ Debentures issuance by RGE (R$ 185 million), CPFL Paulista (R$ 175 million), CPFL Brasil (R$ 165 million), CPFL Leste Paulista (R$ 24 million), CPFL Sul Paulista (R$ 16 million) and CPFL Jaguari (R$ 10 million), for debt rollover and investments funding;
+ Funding, net of amortizations, of BNDES financing for Group’s Distributors, totaling R$ 115 million;
+ Funding of working capital by CPFL Piratininga (R$ 50 million);
- Amortization of the principal of CPFL Paulista (R$ 288 million) and RGE’s debentures (R$ 205 million);
- Amortizations, net of funding, carried out in compliance with Brazilian Central Bank Resolution 2770 by CPFL Piratininga and RGE, totaling R$ 92 million.

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• Interest provision in the period, corresponding to incurred interest, net of interest paid, in the amount of R$ 73 million.

Financial Debt - 4Q09 (R$ Thousands)
		Charges				Principal				Total
		Short Term		Long Term		Short Term		Long Term		Short Term		Long Term		Total
Local Currency
BNDES - Repowering		86		-		7,321		13,538		7,407		13,538		20,945
BNDES - Investment		507		9,661		344,048		2,262,436		344,555		2,272,097		2,616,652
BNDES - Income Assets		49		-		661		5,628		710		5,628		6,338
Furnas Centrais Elétricas S.A.		379		-		46,028		-		46,407		-		46,407
Financial Institutions		10,325		-		181,922		164,054		192,247		164,054		356,301
Others		554		-		22,181		30,693		22,735		30,693		53,428
Subtotal		11,900		9,661		602,161		2,476,349		614,061		2,486,010		3,100,071
Foreign Currency
IDB		260		-		3,652		51,379		3,912		51,379		55,291
Financial Institutions		14,383		52,766		91,410		987,508		105,793		1,040,274		1,146,067
Subtotal		14,643		52,766		95,062		1,038,887		109,705		1,091,653		1,201,358
Debentures
CPFL Energia		12,788		-		-		450,000		12,788		450,000		462,788
CPFL Paulista		12,903		-		64,303		749,601		77,206		749,601		826,807
CPFL Piratininga		19,879		-		200,000		300,000		219,879		300,000		519,879
RGE		21,263		-		-		590,004		21,263		590,004		611,267
CPFL Leste Paulista		1,153		-		-		23,894		1,153		23,894		25,047
CPFL Sul Paulista		762		-		-		15,936		762		15,936		16,698
CPFL Jaguari		480		-		-		9,948		480		9,948		10,428
CPFL Brasil		7,862		-		-		164,221		7,862		164,221		172,083
CPFL Geração		20,039		-		-		423,295		20,039		423,295		443,334
EPASA		3,504		-		228,473		-		231,977		-		231,977
BAESA		651		-		6,249		24,270		6,900		24,270		31,170
Subtotal		101,284		-		499,025		2,751,169		600,309		2,751,169		3,351,478
Financial Debt		127,827		62,427		1,196,248		6,266,405		1,324,075		6,328,832		7,652,907
Hedge		-		-		-		-		6,217		(2,187)		4,030
Financial Debt Including Hedge		-		-		-		-		1,330,292		6,326,645		7,656,937
Percentage on total (%)		-		-		-		-		17.4%		82.6%		100%

With regard to financial debt, it is worth noting that R$ 6,327 million (82.6% of the total) is considered long term, and R$ 1,330 million (17.4% of the total) is considered short term.

3.2) Total Debt (Financial Debt + Hedge + Debt with the Private Pension Fund)

Total debt, comprising financial debt, hedge (asset/liability) and debt with the private pension fund, amounted to R$ 8,127 million in 4Q09, growth of 10.6% . The average cost of debt fell from 13.4% p.a. in 4Q08 to 9.4% p.a. in 4Q09, due to the downturn in the IGP-M inflation rate (from 9.8% to -1.7%), in the CDI interbank rate (from 12.4% to 9.9%), and in the TJLP long term rate (from 6.2% to 6.1%) (accrued rates in the last 12 months).

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As a result of the funding operations and amortizations, there was an increase in the CDI-pegged portion (from 55.9%, in 4Q08, to 60.7%, in 4Q09) and the TJLP-indexed portion (from 29.8%, in 4Q08, to 31.5%, in 4Q09), and a decrease in the portion tied to the IGP-M/IGP-DI (from 12.3%, in 4Q08, to 6.6%, in 4Q09).

The foreign-currency and IGP-M/IGP-DI debt would have come to 15.9% and 7.2% of the total, respectively, if banking hedge operations had been excluded. However, as we consider contracted swap operations, which convert the indexation of debt in dollars and yen to the CDI, the effective foreign-currency debt is 1.2% and all of this possesses a natural hedge (revenue with foreign exchange component).

3.3) Adjusted Net Debt

R$ Thousands		4Q09		4Q08		Var.
Total Debt		(8,126,787)		(7,345,603)		10.6%
(+) Regulatory Asset/(Liability)		(166,698)		542,997		-130.7%
(+) Available Funds		1,473,175		737,847		99.7%
(+) Judicial Deposit (1)		450,319		414,690		8.6%
(=) Adjusted Net Debt		(6,369,991)		(5,650,069)		12.7%
Note: (1) Related to the income tax of CPFL Paulista.

In 4Q09, adjusted net debt after the exclusion of the regulatory assets/(liabilities) and cash equivalents, totaled R$ 6,370 million, an upturn of 12.7% (R$ 720 million).

The Company closed 4Q09 with a Net Debt / EBITDA ratio of 2.30x. Excluding the balance of the debt of Foz do Chapecó Energia (Foz do Chapecó Hydroelectric Facility), CPFL Bioenergia (Baldin Thermoelectric Facility) and EPASA (Termonordeste and Termoparaíba Thermoelectric Facilities), which have not started generating net income to the group, the Net Debt / EBITDA would have been 1.91x.

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4) INVESTMENTS

In 4Q09, R$ 465 million was invested in business maintenance and expansion, of which R$ 226 million in distribution, R$ 236 million in generation and R$ 3 million in commercialization and value added services (SVA). As result, CPFL Energia’s investments totaled R$ 1,327 million in 2009.

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

(i) Distribution: strengthening and expanding the electricity system to keep pace with market growth, both in terms of energy sales and numbers of customers. Other allocations included electricity system maintenance and improvements, operational infrastructure, the upgrading of management and operational support systems, customer help services and research and development programs, among others;

(ii) Generation: chiefly focused on the Foz do Chapecó Hydroelectric Facility, Baldin Thermoelectric Facility and EPASA (Termonordeste and Termoparaíba Thermoelectric Facilities), all ongoing construction projects.

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5) CASH FLOW

Consolidated Cash Flow (R$ Thousands)
		4Q09		2009
Beginning Balance		679,728		737,847
Net Income Including Social Contribution and Income Tax		514,123		1,870,776
Depreciation and Amortization		144,469		575,123
Interest on Debts and Monetary and Foreign Exchange Restatements		139,757		562,158
Consumers, Concessionaries and Licensees		37,017		(59,737)
Taxes to Compensate		49,387		8,881
Deferred Tariff Costs Variations		36,382		420,038
Income Tax and Social Contribution Paid		(116,877)		(521,538)
Deferred Tariff Gains Variations		191,835		215,503
Interest on Debts Paid		(101,699)		(521,358)
Others		(39,925)		(127,706)
		340,346		551,364
Total Operating Activities		854,469		2,422,140
Investment Activities
Acquisition of Property, Plant and Equipment, and Intangibles		(464,716)		(1,327,012)
Others		(4,115)		78,755
Total Investment Activities		(468,831)		(1,248,257)
Financing Activities
Loans and Debentures		502,082		2,550,742
Principal Amortization of Loans and Debentures		(100,316)		(1,810,932)
Dividends Paid		6,043		(1,178,365)
Others		-		-
Total Financing Activities		407,809		(438,555)
Cash Flow Generation		793,447		735,328
Ending Balance - 12/31/2009		1,473,175		1,473,175

The cash flow balance closed 4Q09 at R$ 1,473 million, 116.7% (R$ 793 million) up on the opening figure. We highlight the following factors that contributed to this variation in the cash balance:

• Cash increase:

(i) Cash from operating activities in the amount of R$ 854 million;
(ii) Funds from loans and debentures, which exceeded amortizations by R$ 402 million.

• Cash decrease:

(i) Investments (sum of “Acquisition of Property, Plant and Equipment” and “Intangibles” accounts), in the amount of R$ 465 million (detailed in item 4, “Investments”).

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6) DIVIDENDS

The Board of Directors proposed the payment of R$ 1,227 million in dividends to holders of common shares traded on the BM&FBovespa – Bolsa de Valores, Mercadorias e Futuros S.A. (BM&FBOVESPA). This proposed amount corresponds to annual net income after the constitution of the legal reserve (5%) and corresponds to R$ 2.556073389 per share.

Excluding R$ 572 million, related to the 1H09 (paid in September 2008), the balance due is R$ 655 million, equivalent to R$ 1.364872065 per share.

CPFL Energia's Dividend Yield
		2H07		1H08		2H08		1H09		2H09
Dividend Yield - last 12 months (1)		9.7%		7.6%		7.3%		7.6%		7.9%
Note: (1) Based on the average share price in the period.

The 2H09 dividend yield, calculated on the average share price in the period (R$ 32.72 per share) is 7.9% (last 12 months).

The declared amounts are in line with the Company’s dividend policy, which states that shareholders will receive at least 50% of adjusted half-yearly net income as dividends and/or interest on equity (IOE).

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7) STOCK MARKET

7.1) Share Performance

CPFL Energia, which has a current free float of 30.5%, is listed on both the BM&FBOVESPA and the NYSE. In the last 24 months, the shares appreciated 22.2% on the BM&FBOVESPA and 27.1% on the NYSE, closing 2009 priced at R$ 35.31 per share and US$ 61.78 per ADR, respectively.

7.2) Average Daily Volume

The daily trading volume in 2009 averaged R$ 27.3 million, of which R$ 15.7 million on the BM&FBOVESPA and R$ 11.6 million on the NYSE. The number of trades on the BM&FBOVESPA increased from a daily average of 918, in 2008, to 1,366, in 2009.

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7.3) Ratings

The following table shows the evolution of CPFL Energia’s corporate ratings:

Ratings of CPFL Energia - National Scale

Agency

2009

2008

2007

2006

2005

Standard & Poor's

Rating

brAA+

brAA+

brAA-

brA+

brA

Outlook

Stable

Stable

Stable

Positive

Positive

Fitch Ratings

Rating

AA (bra)

AA (bra)

AA (bra)

A+ (bra)

A- (bra)

Outlook

Positive

Positive

Stable

Stable

Stable

Note: Close-of-period positions.

8) CORPORATE GOVERNANCE

CPFL Energia’s corporate governance model is based on four principles – transparency, equity, accountability and corporate responsibility – and is adopted by all the companies in the CPFL group.

CPFL Energia is listed on the Novo Mercado of the BM&FBOVESPA and its Level III ADRs are traded on the NYSE, being submitted to arbitration at the BM&FBOVESPA’s Market Arbitration Chamber. The company's capital stock is composed of common shares only, and ensures tag-along rights equivalent to 100% of the amount paid to the controlling shareholders in the case of disposal of control.

The Company’s Board of Directors has as its objetive to define the overall business guidelines and elect the Board of Executive Officers, among other responsibilities determined by the law and the Bylaws. Its working rules are defined in the Internal Rules. The Board is composed of one independent member and six members designated by the controlling shareholders, with a one-year term of office, reelection being admitted. It normally meets once a month but may be convened whenever necessary, electing, among its members, the Chairman and the Vice-Chairman. No member may serve on the Company’s Board of Executive Officers.

The Board of Directors constituted three committees and defined its competence in a sole Internal Rules: the Human Resources Committee, Related Parties Committee and Management Processes Committee. Whenever necessary, ad hoc commissions are installed to advise the Board on such specific issues as: corporate governance, strategies, budgets, energy purchases, new operations and financial policies.

CPFL Energia maintains a permanent Fiscal Council comprising five members who also carry out the attributes of the Audit Committee, in accordance with the rules of the Securities and Exchange Commission (SEC). The Fiscal Council’s working rules are defined in the Internal Rules and in the Fiscal Council Guide.

The Board of Executive Officers comprises seven officers, with a two-year term of office, being admitted the reelection. It represents the Company and manages its business in accordance with the policy defined by the Board of Directors. The Chief Executive Officer is responsible for nominating the other statutory officers.

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9) SHAREHOLDERS STRUCTURE

CPFL Energia is a holding company, whose results depend directly on those of its subsidiaries.

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10) PERFORMANCE OF THE BUSINESS SEGMENTS

10.1) Distribution Segment

10.1.1) Economic-Financial Performance

Consolidated Income Statement - Distribution (R$ Thousands)
		4Q09		4Q08		Var.		2009		2008		Var.
Gross Operating Revenues		3,673,176		3,314,745		10.8%		14,002,403		12,820,039		9.2%
Net Operating Revenues		2,454,848		2,163,781		13.5%		9,062,347		8,365,259		8.3%
Cost of Electric Power		(1,663,288)		(1,441,790)		15.4%		(6,274,568)		(5,463,063)		14.9%
Operating Costs & Expenses		(377,956)		(329,369)		14.8%		(1,374,683)		(1,237,113)		11.1%
EBIT		413,604		392,622		5.3%		1,413,096		1,665,083		-15.1%
EBITDA		496,015		452,603		9.6%		1,744,678		1,911,096		-8.7%
Financial Income (Expense)		(100,749)		(112,276)		-10.3%		(260,170)		(272,125)		-4.4%
Income Before Taxes		312,855		280,346		11.6%		1,152,926		1,392,958		-17.2%
NET INCOME		272,476		248,974		9.4%		892,511		1,045,490		-14.6%
Note: The distributors’ financial performance tables are attached to this report in item 11.6.

Operating Revenue

Gross operating revenue in 4Q09 rose by 10.8% (R$ 358 million) to R$ 3,673 million, while net operating revenue increased by 13.5% (R$ 291 million) to R$ 2,455 million.

The increase in operating revenue was due to:

• The distributors’ tariff adjustment:

• CPFL Piratininga (+16.54%), effective as of October 23, 2008;

• CPFL Santa Cruz (+24.09%), CPFL Leste Paulista (+12.94%), CPFL Jaguari (+11.36%), CPFL Sul Paulista (+11.64%) and CPFL Mococa (+11.18%), effective as of February 3, 2009;

• CPFL Paulista (+21.22%), effective as of April 8, 2009;

• RGE (+18.95%), effective as of April 19, 2009.

• The 2.2% increase in energy sales to the captive market.

The increase in operating revenue was partially offset by:

• Reduction of 27.4% (R$ 80 million) in TUSD revenue chiefly due to the non-recurring effect regarding the transfer of amounts related to the CUSDg (R$ 110 million). This operation affected “operating revenue” and “financial revenue”, offsetting the “cost of electric power” and “financial expense”, generating a positive impact of R$ 11 million in the 4Q08 result.

In 2009, gross operating revenue was R$ 14,002 million, representing growth of 9.2% (R$ 1,182 million). Net operating revenue reached R$ 9,062 million, equivalent to growth of 8.3% (R$ 697 million).

Cost of Electric Power

The cost of electric power, comprising the purchase of electric power for resale and charges for the use of the distribution and transmission systems, increased by 15.4% (R$ 221 million) to R$ 1,663 million in 4Q09:

• The cost of electric power purchased for resale in 4Q09 rose by 19.2% (R$ 219 million) to R$ 1,362 million. The main factors behind this variation were:

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(i) The Regulatory Assets and Liabilities item, which recorded a R$ 207 million increase in expenses, from a revenue of R$ 18 million in 4Q08 to an expense of R$ 189 million in 4Q09;

(ii) A 0.8% (R$ 11 million) increase in the cost of energy purchased in the regulated market.

• Charges for the use of the distribution and transmission systems moved up by 0.8% (R$ 2 million) to R$ 301 million in 4Q09, mainly as a result of the following factors:

(i) The Regulatory Assets and Liabilities item, which recorded a R$ 89 million increase in expenses, from a revenue of R$ 32 million in 4Q08 to an expense of R$ 57 million in 4Q09;

(ii) The increase in basic network usage charges (R$ 38 million);

(iii) The reduction in PIS and COFINS credits on charges (R$ 2 million).

Partially offsetting:

(i) Transfer of the non-recurring amounts related to the CUSDg (R$ 98 million). This operation affected “operating revenue” and “financial revenue”, offsetting the “cost of electric power” and the “financial expense”, generating a positive impact of R$ 11 million in the 4Q08 result;

(ii) The reduction in system service usage charges (R$ 29 million).

Operating Costs and Expenses

Operating costs and expenses moved up by 14.8% (R$ 49 million) in 4Q09, reaching R$ 378 million, due to:

• The Private Pension Fund item, which recorded a R$ 21 million increase in expenses, from revenue of R$ 21 million in 4Q08 to an expense of R$ 1 million in 4Q09, due to the expected estimated impact of CVM Deliberation 371/00 on actuarial assets and liabilities, as defined in the Actuarial Report;

• The PMSO item, which reached R$ 296 million in 4Q09, an increase of 9.7% (R$ 26 million), due to, among other factors, the non-recurring increase related to the liability complement of Free Energy – ANEEL Resolution 387/2009 (R$ 17 million);

Excluding this effect, 4Q09 PMSO would have totaled R$ 278 million, an upturn of 3.3% (R$ 9 million), due to, among other factors, other operating costs/expenses, which recorded an upturn of 15.5% (R$ 8 million), mainly because of CPFL Paulista’s provisions for doubtful debts, which generated an increase in the subsidiary’s expenses (R$ 10 million).

• The Depreciation and Amortization item, which reached R$ 76 million in 4Q09, an increase of 2.1% (R$ 2 million).

EBITDA

Based on the factors described, 4Q09 EBITDA rose by 9.6% (R$ 43 million) to R$ 496 million. In 2009, EBITDA was R$ 1,745 million, a reduction of 8.7% (R$ 166 million).

Financial Result

The 4Q09 financial result was a net expense of R$ 101 million, 10.3% (R$ 12 million) lower than the R$ 112 million recorded in 4Q08, thanks to:

• Financial Revenues: decrease of 34.4% (R$ 40 million), from R$ 117 million in 4Q08 to R$ 77 million in 4Q09, due to the following factors:

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• Reduction in Monetary and Foreign Exchange Updates (R$ 33 million), mainly due to (i) a foreign exchange devaluation, mainly in CPFL Paulista, in the amount of R$ 17 million, and (ii) the non-recurring effect related to the CUSDg (R$ 18 million);

• Reduction in CVA and Parcel “A” Remuneration (R$ 10 million), due to the decrease in balances and in SELIC interest rate.

Partially offsetting:

• Increase in the item Surcharges and Default Fines (R$ 6 million).

• Financial Expenses: decrease of 31.9% (R$ 53 million), from R$ 167 million in 4Q08 to R$ 114 million in 4Q09, due to the following factors:

• Reduction in Debt Charges (R$ 36 million), mainly due to the decrease in CDI interbank rate;

• Reduction in Monetary and Foreign Exchange Update (R$ 21 million), mainly due to the non-recurring effect related to the CUSDg (R$ 18 million).

Net Income

Net income in 4Q09 totaled R$ 272 million, an increase of 9.4% (R$ 24 million).
In 2009, net income was R$ 893 million, a reduction of 14.6% (R$ 153 million).

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10.1.2) Tariff Adjustment

Dates of Tariff Adjustments
Distribution Company		Date
CPFL Piratininga		October 23th
CPFL Santa Cruz		February 3rd
CPFL Leste Paulista		February 3rd
CPFL Jaguari		February 3rd
CPFL Sul Paulista		February 3rd
CPFL Mococa		February 3rd
CPFL Paulista		April 8th
RGE		April 19th

10.1.2.1) CPFL Santa Cruz, CPFL Leste Paulista, CPFL Jaguari, CPFL Sul Paulista and CPFL Mococa

On February 3, 2009, ANEEL published in the Diário Oficial da União the 2010 Annual Tariff Adjustment indexes for Companhia Luz e Força Santa Cruz (CPFL Santa Cruz), Companhia Leste Paulista de Energia (CPFL Leste Paulista), Companhia Jaguari de Energia (CPFL Jaguari), Companhia Sul Paulista de Energia (CPFL Sul Paulista) and Companhia Luz e Força de Mococa (CPFL Mococa), effective as of the same date.

The adjustments are presented per distributor in the following table:

Annual Tariff Adjustment Index (IRT)		CPFL Santa Cruz		CPFL Leste Paulista		CPFL Jaguari		CPFL Sul Paulista		CPFL Mococa
Term >>>>>>		02/03/2010		02/03/2010		02/03/2010		02/03/2010		02/03/2010
Economic IRT		1.90%		-6.32%		5.81%		4.30%		4.15%
Financial Components		8.19%		-6.89%		-0.65%		1.36%		-0.17%
Total IRT		10.09%		-13.21%		5.16%		5.66%		3.98%

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10.2) Commercialization and Services Segment

Consolidated Income Statement - Commercialization and Services (R$ Thousands)
		4Q09		4Q08		Var.		2009		2008		Var.
Gross Operating Revenues		522,053		589,952		-11.5%		2,026,264		2,089,908		-3.0%
Net Operating Revenues		469,931		508,922		-7.7%		1,784,241		1,787,160		-0.2%
EBITDA		71,520		91,484		-21.8%		296,423		304,065		-2.5%
NET INCOME		53,731		63,585		-15.5%		208,556		216,617		-3.7%

Operating Revenue

In 4Q09, gross operating revenue reached R$ 522 million, representing a decrease of 11.5% (R$ 68 million), while net operating revenue moved down by 7.7% (R$ 39 million) to R$ 470 million.

In 2009, gross operating revenue reached R$ 2,026 million, representing a decrease of 3.0% (R$ 64 million), while net operating revenue moved down by 0.2% (R$ 3 million) to R$ 1,784 million.

EBITDA

In 4Q09, EBITDA totaled R$ 72 million, a decrease of 21.8% (R$ 20 million). In 2009, EBITDA was R$ 296 million, down 2.5% (R$ 8 million).

Net Income

In 4Q09, net income amounted to R$ 54 million, down by 15.5% (R$ 10 million). In 2009, net income was R$ 209 million, a decrease of 3.7% (R$ 8 million).

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10.3) Generation Segment

10.3.1) Economic-Financial Performance

Consolidated Income Statement - Generation (R$ Thousands)
		4Q09		4Q08		Var.		2009		2008		Var.
Gross Operating Revenues		251,837		232,353		8.4%		981,128		879,349		11.6%
Net Operating Revenues		234,951		216,875		8.3%		916,149		821,671		11.5%
Cost of Electric Power		(11,421)		(21,183)		-46.1%		(48,126)		(81,588)		-41.0%
Operating Costs & Expenses		(56,027)		(50,954)		10.0%		(203,371)		(187,644)		8.4%
EBIT		167,503		144,738		15.7%		664,652		552,439		20.3%
EBITDA		187,732		163,976		14.5%		749,180		628,147		19.3%
Financial Income (Expense)		(80,925)		(103,193)		-21.6%		(239,406)		(305,371)		-21.6%
Income Before Taxes		86,578		41,545		108.4%		425,246		247,068		72.1%
NET INCOME		91,085		63,428		43.6%		348,315		235,684		47.8%

Operating Revenue

In 4Q09, gross operating revenue grew by 8.4% (R$ 19 million) to R$ 252 million, while net operating revenue climbed by 8.3% (R$ 18 million) to R$ 235 million, chiefly due to the following factors:

• Supplies by Furnas resulting from the 9.5% tariffs adjustment in the Serra da Mesa Hydroelectric Facility in January 2009 (R$ 8 million);

• The Short Term Power Energy item, which recorded a R$ 6 million increase in revenues, from an expense of R$ 2 million in 4Q08 to a revenue of R$ 4 million in 4Q09;

• Additional revenue from CERAN (R$ 4 million) as a result of the operational start-up of the 14 de Julho Hydroelectric Facility in December 2008 and an 8.46% tariff readjustment;

• Additional revenue from ENERCAN (R$ 4 million) as a result of an 11.6% tariff readjustment. In 2009, gross operating revenue was R$ 981 million, representing growth of 11.6% (R$ 102 million). Net operating revenue was R$ 916 million, equivalent to growth of 11.5% (R$ 94 million).

Cost of Electric Power

The cost of electric power in 4Q09 decreased 46.1% (R$ 10 million) to R$ 11 million, chiefly due to the acquisition, in 4Q08, by the 14 de Julho Hydroelectric Facility, regarding the delay in power generation and an assumed commitment to deliver power already contracted.

Operating Costs and Expenses

Operating costs and expenses moved up by 10.0% (R$ 5 million) to R$ 56 million in 4Q09, mainly due to the following factors:

• The 15.8% (R$ 3 million) increase in depreciation and amortization to R$ 20 million, essentially due to the operational start-up of the 14 de Julho Hydroelectric Facility;

• The 5.4% (R$ 2 million) increase in PMSO to R$ 32 million, chiefly due to increases of 11.5% (R$ 1 million) in outsourced services expenses and 6.7% (R$ 1 milllion) in personnel expenses;

EBITDA

Based on the factors described, 4Q09 EBITDA totaled R$ 188 million, up by 14.5% (R$ 24 million). In 2009, EBITDA was R$ 749 million, an increase of 19.3% (R$ 121 million).

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Financial Result

The 4Q09 financial result was a net expense of R$ 81 million, 21.6% (R$ 22 million) down on the R$ 103 million recorded in 4Q08, thanks to:

• Financial Revenues: a reduction of 30.6% (R$ 3 million), from R$ 11 million in 4Q08 to R$ 8 million in 4Q09, mainly due to the reduction in Revenue from Financial Investments, as a result of the reduction in the CDI interbank rate;

• Financial Expenses: a reduction of 31.1% (R$ 25 million), from R$ 79 million in 4Q08 to R$ 54 million in 4Q09, mainly due to the Monetary and Foreign Exchange Updates item, which recorded a R$ 31 million decrease in expenses, from an expense of R$ 22 million in 4Q08 to a revenue of R$ 9 million in 4Q09, basically as a result of Enercan’s debts with the IDB and the BNDES, indexed to the dollar and a currency basket, respectively, which moved down by 2.1% in 4Q09, versus a 22.1% increase in 4Q08 (R$ 26 million).

Net Income

Net income in 4Q09 rose by 43.6% (R$ 28 million) to R$ 91 million. In 2009, net income was R$ 348 million, an increase of 47.8% (R$ 113 million).

10.3.2) Status of Generation Projects

Foz do Chapecó Hydroelectric Facility (Foz do Chapecó Energia)

Construction of the Foz do Chapecó Hydroelectric Facility is on schedule (85% of works completed). Commercial start-up is scheduled for 3Q10. CPFL Geração has a 51% share in the project, equivalent to an installed capacity and assured power of 436.1 MW and 220.3 average-MW, respectively.

Baldin Thermoelectric Facility (CPFL Bioenergia)

The Baldin Thermoelectric Facility is under construction (90% of works completed). Commercial start-up is scheduled for March 2010. The installed capacity is of 45 MW, with 24 average-MW of energy exported to CPFL Brasil, during the harvest season.

Termonordeste and Termoparaíba Thermoelectric Facilities (EPASA)

Termonordeste and Termoparaíba Thermoelectric Facilities are under construction (20% of works completed). Start-up is scheduled for 3Q10. CPFL Geração has a 51% share in the project, equivalent to an installed capacity of 174.2 MW.

Bio Formosa Thermoelectric Facility (CPFL Bio Formosa)

The beginning of construction of the Bio Formosa Thermoelectric Facility is scheduled for March 2010. Commercial start-up is scheduled for July 2011. The installed capacity is of 40 MW, with 25 average-MW of energy exported to CPFL Brasil, during the harvest season.

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Santa Clara Wind Farm

The beginning of construction of Santa Clara Wind Farm is scheduled for August 2010. Start-up is scheduled for July 2012. CPFL Geração has a 100% share in the project, equivalent to an installed capacity and assured power of 188 MW and 76 average-MW, respectively.

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11) ATTACHMENTS
11.1) Statement of Assets – CPFL Energia

(R$ thousands)

		Consolidated
ASSETS		12/31/2009		09/30/2009
CURRENT ASSETS
Cash and Banks		1,473,175		679,728
Consumers, Concessionaries and Licensees		1,840,107		1,885,926
Financial Investments		39,253		41,208
Recoverable Taxes		190,983		234,800
Allowance for Doubtful Accounts		(81,974)		(80,309)
Prepaid Expenses		124,086		135,390
Deferred Taxes		162,779		169,928
Materials and Supplies		17,360		17,225
Deferred Tariff Cost Variations		332,813		381,234
Derivative Contracts		795		1,023
Other Credits		145,055		130,037
TOTAL CURRENT ASSETS		4,244,432		3,596,190
NON-CURRENT ASSETS
Long-Term Liabilities
Consumers, Concessionaries and Licensees		226,314		215,847
Judicial Deposits		654,506		645,887
Financial Investments		79,836		88,880
Recoverable Taxes		110,014		103,092
Prepaid Expenses		64,201		77,598
Deferred Taxes		1,117,736		1,065,083
Deferred Tariff Cost Variations		42,813		30,774
Derivative Contracts		7,881		62,772
Other Credits		160,760		151,891
		2,464,061		2,441,824
Investments		104,801		104,763
Property, Plant and Equipment		7,487,216		7,180,168
Intangible		2,554,400		2,542,532
Deferred Charges		15,081		16,067
TOTAL NON-CURRENT ASSETS		12,625,559		12,285,354
TOTAL ASSETS		16,869,991		15,881,544

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11.2) Statement of Liabilities – CPFL Energia

(R$ thousands)

		Consolidated
LIABILITIES AND SHAREHOLDERS' EQUITY		12/31/2009		09/30/2009
LIABILITIES
CURRENT LIABILITIES
Suppliers		1,021,348		954,594
Accrued Interest on Debts		26,543		23,620
Accrued Interest on Debentures		101,284		80,204
Loans and Financing		697,223		534,961
Debentures		499,025		270,551
Deferred Taxes		2,258		5,509
Employee Pension Plans		44,484		52,212
Regulatory Charges		62,999		93,493
Taxes and Social Contributions		489,976		424,530
Dividends and Interest on Equity		684,185		20,634
Accrued Liabilities		50,620		64,182
Deferred Tariff Gains Variations		313,463		149,148
Derivative Contracts		7,012		3,747
Other Accounts Payable		584,614		535,779
TOTAL CURRENT LIABILITIES		4,585,034		3,213,164
NON-CURRENT LIABILITIES
Suppliers		42,655		53,319
Accrued Interest on Debts		62,427		54,844
Loans and Financing		3,515,236		3,532,728
Debentures		2,751,169		2,751,147
Taxes and Social Contributions		4,376		3,249
Deferred Taxes		425,366		447,838
Employee Pension Plans		1,639		2,191
Reserve for Contingencies		38,181		111,487
Deferred Tariff Gains Variations		108,691		81,170
Derivative Contracts		5,694		996
Other Accounts Payable		161,540		230,964
TOTAL NON-CURRENT LIABILITIES		7,116,974		7,269,933
NON-CONTROLLING SHAREHOLDERS' INTEREST		85,041		85,612
SHAREHOLDERS' EQUITY
Capital		4,741,175		4,741,175
Capital Reserves		16		16
Profit Reserves		341,751		277,428
Retained Earnings		-		294,216
TOTAL SHAREHOLDERS' EQUITY		5,082,942		5,312,835
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		16,869,991		15,881,544

Page 26 of 32

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11.3) Income Statement – CPFL Energia

(R$ thousands)

Consolidated
		4Q09		4Q08		Variation		2009		2008		Variation
OPERATING REVENUES
Eletricity Sales to Final Consumers		1,985,867		1,649,422		20.40%		7,433,979		6,691,722		11.09%
Eletricity Sales to Distributors		297,196		285,064		4.26%		1,199,081		948,339		26.44%
Other Operating Revenues		1,812,015		1,795,551		0.92%		7,060,088		6,731,852		4.88%
		4,095,078		3,730,037		9.79%		15,693,148		14,371,913		9.19%
DEDUCTIONS FROM OPERATING REVENUES		(1,255,443)		(1,212,555)		3.54%		(5,127,166)		(4,690,047)		9.32%
NET OPERATING REVENUES		2,839,635		2,517,482		12.80%		10,565,982		9,681,866		9.13%
COST OF ELETRIC ENERGY SERVICES
Eletricity Purchased for Resale		(1,426,137)		(1,184,648)		20.38%		(5,359,571)		(4,763,730)		12.51%
Eletricity Network Usage Charges		(309,054)		(305,826)		1.06%		(1,171,451)		(903,788)		29.62%
		(1,735,191)		(1,490,474)		16.42%		(6,531,022)		(5,667,518)		15.24%
OPERATING COSTS AND EXPENSES
Personnel		(134,760)		(132,732)		1.53%		(535,648)		(509,427)		5.15%
Material		(20,858)		(19,185)		8.72%		(69,778)		(64,173)		8.73%
Outsourced Services		(101,322)		(103,460)		-2.07%		(375,203)		(361,880)		3.68%
Other Operating Costs/Expenses		(94,880)		(69,547)		36.43%		(274,290)		(261,334)		4.96%
Employee Pension Plans		(920)		21,035		-104.37%		(3,678)		84,151		-104.37%
Depreciation and Amortization		(97,664)		(92,204)		5.92%		(388,144)		(373,636)		3.88%
Amortization of Concession's Intangible		(46,726)		(48,009)		-2.67%		(186,900)		(192,029)		-2.67%
		(497,130)		(444,102)		11.94%		(1,833,641)		(1,678,328)		9.25%
EBITDA		746,307		699,569		6.68%		2,765,429		2,807,765		-1.51%
EBIT		607,314		582,906		4.19%		2,201,319		2,336,020		-5.77%
FINANCIAL INCOME (EXPENSE)
Financial Income		101,260		137,562		-26.39%		376,996		462,534		-18.49%
Financial Expenses		(188,134)		(263,589)		-28.63%		(692,927)		(876,855)		-20.98%
Interest on Equity		(455)		-		-		(864)		-		-
		(87,329)		(126,027)		-30.71%		(316,795)		(414,321)		-23.54%
INCOME BEFORE TAXES ON INCOME		519,985		456,879		13.81%		1,884,524		1,921,699		-1.93%
Social Contribution		(22,815)		(31,737)		-28.11%		(155,459)		(168,957)		-7.99%
Income Tax		(66,183)		(82,743)		-20.01%		(428,847)		(467,281)		-8.23%
INCOME BEFORE EXTRAORDINARY ITEM AND NON-
CONTROLLING SHAREHOLDERS' INTEREST		430,987		342,399		25.87%		1,300,218		1,285,461		1.15%
Non-Controlling Shareholders' Interest		(6,317)		(2,515)		151.17%		(14,612)		(9,769)		49.58%
Reversal of Interest on Equity		455		-		-		864		-		-
NET INCOME		425,125		339,884		25.08%		1,286,470		1,275,692		0.84%
EARNINGS PER SHARE (R$)		0.89		0.71		25.08%		2.68		2.66		0.84%

Page 27 of 32

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11.4) Income Statement – Consolidated Generation Segment

(Pro-forma, R$ thousands)

Consolidated
		4Q09		4Q08		Variation		2009		2008		Variation
OPERATING REVENUES
Eletricity Sales to Final Consumers		-		895		-100.00%		57		3,724		-98.47%
Eletricity Sales to Distributors		248,778		231,114		7.64%		968,617		852,420		13.63%
Other Operating Revenues		3,059		344		789.24%		12,454		23,205		-46.33%
		251,837		232,353		8.39%		981,128		879,349		11.57%
DEDUCTIONS FROM OPERATING REVENUES		(16,886)		(15,478)		9.10%		(64,979)		(57,678)		12.66%
NET OPERATING REVENUES		234,951		216,875		8.33%		916,149		821,671		11.50%
COST OF ELETRIC ENERGY SERVICES
Eletricity Purchased for Resale		(1,786)		(12,527)		-85.74%		(11,226)		(49,682)		-77.40%
Eletricity Network Usage Charges		(9,635)		(8,656)		11.31%		(36,900)		(31,906)		15.65%
		(11,421)		(21,183)		-46.08%		(48,126)		(81,588)		-41.01%
OPERATING COSTS AND EXPENSES
Personnel		(8,224)		(7,710)		6.67%		(29,780)		(26,158)		13.85%
Material		(700)		(757)		-7.53%		(2,528)		(2,306)		9.63%
Outsourced Services		(8,798)		(7,891)		11.49%		(30,973)		(28,115)		10.17%
Other Operating Costs/Expenses		(14,271)		(14,009)		1.87%		(45,699)		(50,277)		-9.11%
Employee Pension Plans		(73)		445		-116.40%		(291)		1,786		-116.29%
Depreciation and Amortization		(19,683)		(16,998)		15.80%		(76,988)		(66,439)		15.88%
Amortization of Concession's Intangible		(4,278)		(4,034)		6.05%		(17,112)		(16,135)		6.06%
		(56,027)		(50,954)		9.96%		(203,371)		(187,644)		8.38%
EBITDA		187,732		163,976		14.49%		749,180		628,147		19.27%
EBIT		167,503		144,738		15.73%		664,652		552,439		20.31%
FINANCIAL INCOME (EXPENSE)
Financial Income		7,776		11,199		-30.57%		24,659		25,945		-4.96%
Financial Expenses		(54,499)		(79,120)		-31.12%		(194,238)		(260,784)		-25.52%
Interest on Equity		(34,202)		(35,272)		-3.03%		(69,827)		(70,532)		-1.00%
		(80,925)		(103,193)		-21.58%		(239,406)		(305,371)		-21.60%
INCOME BEFORE TAXES ON INCOME		86,578		41,545		108.40%		425,246		247,068		72.12%
Social Contribution		(7,127)		(3,261)		118.55%		(36,762)		(20,334)		80.79%
Income Tax		(18,763)		(8,779)		113.73%		(100,133)		(56,502)		77.22%
INCOME BEFORE EXTRAORDINARY ITEM AND NON-
CONTROLLING SHAREHOLDERS' INTEREST		60,688		29,505		105.69%		288,351		170,232		69.39%
Non-Controlling Shareholders' Interest		(3,805)		(1,349)		182.06%		(9,863)		(5,080)		94.15%
Reversal of Interest on Equity		34,202		35,272		-3.03%		69,827		70,532		-1.00%
NET INCOME		91,085		63,428		43.60%		348,315		235,684		47.79%

Page 28 of 32

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11.5) Income Statement – Consolidated Distribution Segment

(Pro-forma, R$ thousands)

Consolidated
		4Q09		4Q08		Variation		2009		2008		Variation
OPERATING REVENUES
Eletricity Sales to Final Consumers		1,853,296		1,498,046		23.71%		6,894,349		6,052,813		13.90%
Eletricity Sales to Distributors		22,752		40,681		-44.07%		131,738		122,157		7.84%
Other Operating Revenues		1,797,128		1,776,018		1.19%		6,976,316		6,645,069		4.98%
		3,673,176		3,314,745		10.81%		14,002,403		12,820,039		9.22%
DEDUCTIONS FROM OPERATING REVENUES		(1,218,328)		(1,150,964)		5.85%		(4,940,056)		(4,454,780)		10.89%
NET OPERATING REVENUES		2,454,848		2,163,781		13.45%		9,062,347		8,365,259		8.33%
COST OF ELETRIC ENERGY SERVICES
Eletricity Purchased for Resale		(1,362,017)		(1,142,981)		19.16%		(5,132,580)		(4,585,081)		11.94%
Eletricity Network Usage Charges		(301,271)		(298,809)		0.82%		(1,141,988)		(877,982)		30.07%
		(1,663,288)		(1,441,790)		15.36%		(6,274,568)		(5,463,063)		14.85%
OPERATING COSTS AND EXPENSES
Personnel		(115,426)		(115,212)		0.19%		(460,352)		(447,779)		2.81%
Material		(17,044)		(15,737)		8.31%		(56,512)		(54,162)		4.34%
Outsourced Services		(85,576)		(86,211)		-0.74%		(313,176)		(304,583)		2.82%
Other Operating Costs/Expenses		(77,499)		(52,228)		48.39%		(213,061)		(184,576)		15.43%
Employee Pension Plans		(847)		20,582		-104.11%		(3,387)		82,326		-104.11%
Depreciation and Amortization		(76,304)		(74,715)		2.13%		(307,156)		(304,932)		0.73%
Amortization of Concession's Intangible		(5,260)		(5,848)		-10.05%		(21,039)		(23,407)		-10.12%
		(377,956)		(329,369)		14.75%		(1,374,683)		(1,237,113)		11.12%
EBITDA		496,015		452,603		9.59%		1,744,678		1,911,096		-8.71%
EBIT		413,604		392,622		5.34%		1,413,096		1,665,083		-15.13%
FINANCIAL INCOME (EXPENSE)
Financial Income		76,777		117,095		-34.43%		302,379		397,093		-23.85%
Financial Expenses		(113,662)		(166,949)		-31.92%		(431,767)		(543,716)		-20.59%
Interest on Equity		(63,864)		(62,422)		2.31%		(130,782)		(125,502)		4.21%
		(100,749)		(112,276)		-10.27%		(260,170)		(272,125)		-4.39%
INCOME BEFORE TAXES ON INCOME		312,855		280,346		11.60%		1,152,926		1,392,958		-17.23%
Social Contribution		(28,807)		(25,661)		12.26%		(105,427)		(126,201)		-16.46%
Income Tax		(75,436)		(68,133)		10.72%		(285,770)		(346,769)		-17.59%
INCOME BEFORE EXTRAORDINARY ITEM AND NON-
CONTROLLING SHAREHOLDERS' INTEREST		208,612		186,552		11.83%		761,729		919,988		-17.20%
Non-Controlling Shareholders' Interest		-		-		-		-		-		-
Reversal of Interest on Equity		63,864		62,422		2.31%		130,782		125,502		4.21%
NET INCOME		272,476		248,974		9.44%		892,511		1,045,490		-14.63%

Page 29 of 32

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11.6) Economic-Financial Performance – Distributors

(Pro-forma, R$ thousands)

Summary of Income Statement by Distribution Company (R$ Thousands)
CPFL PAULISTA
		4Q09		4Q08		Var.		2009		2008		Var.
Gross Operating Revenues		1,956,183		1,719,376		13.8%		7,349,118		6,677,068		10.1%
Net Operating Revenues		1,311,900		1,130,886		16.0%		4,780,971		4,333,505		10.3%
Cost of Electric Power		(900,808)		(751,419)		19.9%		(3,357,987)		(2,821,751)		19.0%
Operating Costs & Expenses		(202,541)		(153,807)		31.7%		(709,955)		(585,078)		21.3%
EBIT		208,551		225,660		-7.6%		713,029		926,676		-23.1%
EBITDA		243,910		245,111		-0.5%		857,250		1,010,052		-15.1%
Financial Income (Expense)		(26,807)		(27,062)		-0.9%		(65,682)		(75,111)		-12.6%
Income Before Taxes		181,744		198,598		-8.5%		647,347		851,565		-24.0%
NET INCOME		136,841		146,495		-6.6%		457,853		590,316		-22.4%
CPFL PIRATININGA
		4Q09		4Q08		Var.		2009		2008		Var.
Gross Operating Revenues		779,934		777,288		0.3%		3,118,020		2,907,277		7.2%
Net Operating Revenues		522,859		514,870		1.6%		1,953,252		1,915,289		2.0%
Cost of Electric Power		(356,382)		(335,677)		6.2%		(1,365,752)		(1,302,256)		4.9%
Operating Costs & Expenses		(76,467)		(67,822)		12.7%		(289,830)		(251,579)		15.2%
EBIT		90,010		111,371		-19.2%		297,670		361,454		-17.6%
EBITDA		105,439		122,482		-13.9%		359,912		404,307		-11.0%
Financial Income (Expense)		(12,428)		(23,082)		-46.2%		(41,421)		(51,257)		-19.2%
Income Before Taxes		77,582		88,289		-12.1%		256,249		310,197		-17.4%
NET INCOME		58,928		68,031		-13.4%		184,058		221,988		-17.1%
RGE
		4Q09		4Q08		Var.		2009		2008		Var.
Gross Operating Revenues		749,369		634,979		18.0%		2,812,476		2,566,110		9.6%
Net Operating Revenues		492,429		400,220		23.0%		1,841,044		1,666,571		10.5%
Cost of Electric Power		(335,172)		(276,439)		21.2%		(1,257,499)		(1,081,293)		16.3%
Operating Costs & Expenses		(80,249)		(84,348)		-4.9%		(293,083)		(303,500)		-3.4%
EBIT		77,008		39,433		95.3%		290,462		281,778		3.1%
EBITDA		104,542		65,104		60.6%		398,400		383,348		3.9%
Financial Income (Expense)		(53,950)		(62,106)		-13.1%		(139,733)		(147,265)		-5.1%
Income Before Taxes		23,058		(22,673)		-201.7%		150,729		134,513		12.1%
NET INCOME		50,570		21,572		134.4%		171,708		164,033		4.7%
CPFL SANTA CRUZ
		4Q09		4Q08		Var.		2009		2008		Var.
Gross Operating Revenues		77,197		64,810		19.1%		294,264		265,597		10.8%
Net Operating Revenues		52,407		35,096		49.3%		200,221		180,587		10.9%
Cost of Electric Power		(30,475)		(18,708)		62.9%		(120,039)		(96,148)		24.8%
Operating Costs & Expenses		(9,697)		(10,254)		-5.4%		(36,508)		(44,528)		-18.0%
EBIT		12,235		6,134		99.5%		43,674		39,911		9.4%
EBITDA		13,383		7,229		85.1%		49,899		47,305		5.5%
Financial Income (Expense)		(1,913)		(2,262)		-15.4%		(4,781)		(3,762)		27.1%
Income Before Taxes		10,322		3,872		166.6%		38,893		36,149		7.6%
NET INCOME		9,114		5,163		76.5%		30,287		29,391		3.0%

Page 30 of 32

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Summary of Income Statement by Distribution Company (R$ Thousands)
CPFL LESTE PAULISTA
		4Q09		4Q08		Var.		2009		2008		Var.
Gross Operating Revenues		28,025		50,348		-44.3%		112,192		121,578		-7.7%
Net Operating Revenues		19,688		39,989		-50.8%		78,953		88,628		-10.9%
Cost of Electric Power		(9,803)		(32,598)		-69.9%		(43,826)		(52,951)		-17.2%
Operating Costs & Expenses		(2,581)		(4,319)		-40.2%		(13,824)		(17,738)		-22.1%
EBIT		7,304		3,072		137.8%		21,303		17,939		18.8%
EBITDA		8,333		4,098		103.3%		25,270		21,871		15.5%
Financial Income (Expense)		(1,119)		637		-275.7%		(3,133)		1,214		-358.1%
Income Before Taxes		6,185		3,764		64.3%		18,170		19,153		-5.1%
NET INCOME		5,174		2,459		110.4%		14,722		12,197		20.7%
CPFL SUL PAULISTA
		4Q09		4Q08		Var.		2009		2008		Var.
Gross Operating Revenues		34,523		28,176		22.5%		133,432		116,622		14.4%
Net Operating Revenues		23,900		18,368		30.1%		90,434		76,557		18.1%
Cost of Electric Power		(13,164)		(10,572)		24.5%		(52,951)		(43,296)		22.3%
Operating Costs & Expenses		(3,842)		(4,554)		-15.6%		(16,744)		(17,538)		-4.5%
EBIT		6,894		3,242		112.6%		20,739		15,717		32.0%
EBITDA		7,733		3,981		94.2%		23,753		18,651		27.4%
Financial Income (Expense)		(2,556)		547		-567.3%		(3,109)		846		-467.5%
Income Before Taxes		4,338		3,816		13.7%		17,630		16,569		6.4%
NET INCOME		3,740		2,178		71.7%		14,601		11,137		31.1%
CPFL JAGUARI
		4Q09		4Q08		Var.		2009		2008		Var.
Gross Operating Revenues		31,127		27,200		14.4%		120,116		111,500		7.7%
Net Operating Revenues		20,714		16,947		22.2%		77,514		71,047		9.1%
Cost of Electric Power		(11,804)		(11,565)		2.1%		(53,483)		(47,710)		12.1%
Operating Costs & Expenses		(1,952)		(2,947)		-33.8%		(10,280)		(11,736)		-12.4%
EBIT		6,958		2,435		185.7%		13,751		11,601		18.5%
EBITDA		7,594		3,173		139.3%		16,149		13,967		15.6%
Financial Income (Expense)		(1,636)		743		-320.2%		(2,358)		1,933		-222.0%
Income Before Taxes		5,322		3,320		60.3%		11,393		13,534		-15.8%
NET INCOME		4,442		2,171		104.6%		9,451		8,931		5.8%
CPFL MOCOCA
		4Q09		4Q08		Var.		2009		2008		Var.
Gross Operating Revenues		18,933		15,143		25.0%		72,642		64,747		12.2%
Net Operating Revenues		13,066		9,821		33.0%		49,552		42,844		15.7%
Cost of Electric Power		(7,288)		(6,337)		15.0%		(29,388)		(23,788)		23.5%
Operating Costs & Expenses		(1,134)		(2,500)		-54.6%		(7,696)		(9,225)		-16.6%
EBIT		4,644		984		372.0%		12,468		9,831		26.8%
EBITDA		5,081		1,375		269.5%		14,046		11,386		23.4%
Financial Income (Expense)		(340)		314		-208.3%		47		1,280		-96.3%
Income Before Taxes		4,304		1,309		228.8%		12,515		11,111		12.6%
NET INCOME		3,667		854		329.4%		9,831		7,330		34.1%

Page 31 of 32

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11.7) Sales to the Captive Market by Distributor (in GWh)

CPFL Paulista
		4Q09		4Q08		Var.		2009		2008		Var.
Residential		1,790		1,711		4.6%		6,923		6,558		5.6%
Industrial		1,468		1,471		-0.2%		5,469		5,661		-3.4%
Commercial		1,122		1,061		5.7%		4,151		3,943		5.3%
Others		892		922		-3.3%		3,434		3,382		1.5%
Total		5,271		5,165		2.1%		19,977		19,544		2.2%
CPFL Piratininga
		4Q09		4Q08		Var.		2009		2008		Var.
Residential		772		715		7.8%		3,026		2,840		6.6%
Industrial		765		790		-3.2%		2,885		3,026		-4.7%
Commercial		452		429		5.5%		1,708		1,644		3.9%
Others		232		228		1.8%		921		889		3.6%
Total		2,220		2,162		2.7%		8,539		8,398		1.7%
RGE
		4Q09		4Q08		Var.		2009		2008		Var.
Residential		455		426		6.9%		1,808		1,686		7.2%
Industrial		619		620		-0.1%		2,294		2,558		-10.3%
Commercial		277		255		8.7%		1,080		1,006		7.4%
Others		484		474		2.0%		2,000		1,949		2.6%
Total		1,835		1,775		3.4%		7,182		7,198		-0.2%
CPFL Santa Cruz
		4Q09		4Q08		Var.		2009		2008		Var.
Residential		71		68		4.2%		279		267		4.5%
Industrial		41		37		11.8%		157		148		5.8%
Commercial		36		34		4.1%		135		129		5.3%
Others		75		80		-6.4%		291		294		-1.1%
Total		222		218		1.6%		862		838		2.9%
CPFL Jaguari(1)
		4Q09		4Q08		Var.		2009		2008		Var.
Residential		17		16		6.1%		67		64		5.1%
Industrial		73		67		8.3%		268		273		-2.0%
Commercial		9		9		5.8%		35		33		6.5%
Others		9		30		-69.5%		44		119		-62.9%
Total		109		123		-11.4%		415		489		-15.3%
CPFL Mococa
		4Q09		4Q08		Var.		2009		2008		Var.
Residential		15		14		0.1%		58		57		2.8%
Industrial		15		14		6.8%		58		56		2.8%
Commercial		7		6		5.1%		25		24		4.3%
Others		13		15		-8.8%		53		57		-7.5%
Total		50		50		0.0%		194		194		-0.1%
CPFL Leste Paulista
		4Q09		4Q08		Var.		2009		2008		Var.
Residential		19		19		0.8%		77		75		2.4%
Industrial		18		18		-2.2%		68		66		2.2%
Commercial		9		9		4.9%		34		32		4.9%
Others		23		28		-18.0%		98		111		-12.4%
Total		69		74		-6.6%		277		286		-3.1%
CPFL Sul Paulista
		4Q09		4Q08		Var.		2009		2008		Var.
Residential		28		26		4.3%		107		103		4.7%
Industrial		34		34		-1.5%		135		141		-4.6%
Commercial		12		11		9.3%		46		42		8.5%
Others		22		23		-4.2%		87		90		-2.9%
Total		95		95		0.8%		375		376		-0.2%
Note: (1) Reduction in “Others” of CPFL Jaguari, due to the exclusion of the Cemirim Cooperative from the distributor’s market (Cemirim is now supplied by CPFL Paulista).

Page 32 of 32

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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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