Conference Call Portuguese Wednesday, August 10, 2005 2:30 PM (SP), 1:30 PM (US ET) (55 11) 2101-1490 code: CPFL *Webcast: http://ri.cpfl.com.br/ Conference Call English Wednesday, August 10, 2005 4:00 PM (SP), 3:00 PM (US ET) (1-973) 935-2403 code: CPFL or 6315558 *Webcast: http://ri.cpfl.com.br APIMEC Meeting SP August 16, 2005 Tuesday, 4:00 PM Hotel Renaissance Sala Amazônia Al. Jaú, 1620, São Paulo RSVP: (55 11) 3107-1571 or apimecsp@apimecsp.com.br ABAMEC Meeting RJ August 23, 2005 Tuesday, 5:00 PM JW Marriott Hotel Sala Javaé Av. Atlântica, 2600 Copacabana, Rio de Janeiro RSVP: (55 21) 2509-9596 or secretaria@abamec.com	2Q05 Results August 9, 2005 Bovespa: CPFE3 R$ 22.90/ share NYSE: CPL US$ 29.75 / ADR (1 ADR = 3 shares) Share Totals = 460.9 millions Market Value: R$ 10.6 billion Quotes on 08/09/05 CPFL ENERGIA ANNOUNCES NET INCOME OF R$ 401 MILLION IN THE 1H05 São Paulo, August 09, 2005 – CPFL Energia S.A. (NYSE: CPL and Bovespa: CPFE3), today announced its results for the 2Q05 and for the 1H05. The financial and operating information herein is presented on a consolidated basis and in accordance with Brazilian Corporate Law, unless otherwise indicated. Comparisons refer to the 2Q04 and to the 1H04, unless otherwise indicated.
	HIGHLIGHTS 1H05 AND 2Q05
	Net income of R$ 400.6 million in 1H05 and of R$ 235.0 million in 2Q05, representing increases of 220.9% and 71.8% respectively.  Gross revenue of R$ 5.2 billion in 1H05 and of R$2.7 billion in 2Q05, representing increases of 13.3% and 12.5% respectively.  EBITDA(1) added up to R$ 1,061.1 billion in 1H05 and R$ 554.2 million in 2Q05, representing increases of 25.1% and 29.7% respectively.  Debt reduction of 15.5% and an improvement of the Group’s indebtedness profile in the last 12 months. Free float increase of 1.15%, due to the conversion of CPFL Geração into a full subsidiary of CPFL Energia and the total conversion of IFC’s loan into CPFL Energia’s shares  Growth in electric energy sales of the CPFL Group by 5.58%(2) in 1H05 and by 6.35%(2) in 2Q05 and concession area demand by 7.6% in 1H05 and 7.4% in 2Q05.  Operation license granted for UHE Barra Grande Plant and the beginning of reservoir filling.

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PERFORMANCE OF ON’s SHARES / ADR’s IN THE PERIOD

The following table presents the ON’s shares and ADR’s valuation in the indicated periods, as well as their main comparative indexes in national and international markets.

CPFL Energia have entered into “Dow Jones Brazil Titan 20 ADR”, an important reference index for Brazilian stocks traded in the international market, and indeed is part of the BOVESPA indexes of Corporate Governance (“IGC”) and in Tag Along (“ITAG”). Furthermore, CPFL Energia intends to enter into the IBX100 and the Electric Energy Index (“IEE”), in September 2005, which will contribute to increase the liquidity of the shares.

In the 2Q05, CPFL Energia´s shares increased its liquidity. The average volume negotiated increased from 4.6 million in April to 6.8 million in June 2005.

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CORPORATE STRUCTURE OF CPFL ENERGIA

CPFL Energia is a holding Company which results rely directly on the results of its subsidiaries: CPFL Paulista (94.94%), CPFL Geração (100%) and CPFL Brasil (100%).

The following chart provides an overview of stakes held by CPFL Energia in its subsidiaries:

The following are the main events which contributed to the corporate structure of CPFL Energia:

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• Conversion of the IFC’s loan into shares of CPFL Energia

CPFL Energia obtained a loan of US$ 40 million in June 2003 from IFC (International Finance Corporation) with the possibility to convert that loan into Company shares through the exercise of the Warrant.

In April 2005, the conversion was exercised in a US$ 10 million installment, and following in July 2005, the loan was liquidated through the conversion of the outstanding balance.

• CPFL Geração transformed into a wholly-owned subsidiary of CPFL Energia

In June 2005, CPFL Geração was converted into a wholly-owned subsidiary of CPFL Energia through the incorporation of CPFL Geração´s ordinary and preferred shares into the equity of CPFL Energia. The exchange ratio of this operation is for each block of 1,622 ordinary or preferred shares of CPFL Geração corresponds to one new common share issued by CPFL Energia.

These two transactions contributed to the 1.15% increase in the Company’s free float.

• Incorporation of CPFL Paulista and CPFL Piratininga

CPFL Energia intends to incorporate CPFL Piratininga into CPFL Paulista, and then CPFL Paulista into CPFL Energia, which will contribute to increase the free float.

DIVIDENDS AND INTEREST ON OWN CAPITAL

In 2005, CPFL Energy declared intermediate dividends, referring to 1H05, of R$ 440.6 million, which corresponds to 100% net income of the period. It is important to highlight that these value represents a dividend yield of 6.45%, for the last 12 months, as of the stock price on June 30, 2005.

Of that total, R$ 76.9 million refers to interest on capital and R$ 323.7 million corresponds to the distribution of dividends. For shares negotiated on the BOVESPA, the record date will be August 22^nd. The payment referring to the dividend and the interest on capital will be performed during the 3Q05.

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MAIN ECONOMIC -FINANCIAL DATA – BY BUSINESS SEGMENT AND CONSOLIDATED

2Q05 VS. 2Q04

1H05 VS. 1H04

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MARKET

The energy sold by CPFL group through its distribution and commercialization activities for final clients totaled 9,443 GWh in the 2Q05 and 18,560 GWh in the 1H05, representing increases of 6.74% and 5.38% (without adjustments for the calendar year). This growth reflects the increase in the residential and commercial consumption, mainly due to the increase in employment and income as well as higher temperatures when compared to the previous period.

CPFL Brasil played a relevant role in the growth of energy sales of the group. In the 2Q05, CPFL conquered 12 new customers, including 6 industrial clients of CPFL Paulista and Piratininga that migrated to the free market and another 6 customers outside the concession area. Currently CPFL Brasil has 74 customers.

Sales by Company and Consumption Classes
Without Calendar Adjustments ^(*)

Sales Comparison
Without Calendar Adjustments ^(*)

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Considering the same calendar year of 2005, which represented less days billed in the first quarter compared to the same period in 2004, the sales of electric energy of CPFL registered a growth of 6.35% in 2Q05 and 5.58% in 1H05 in which we can highlight the residential and commercial growth that were respectively 7.45% and 12.39% in 2Q05 and 6.07% and 10.37% in 1H05.

Comparison of Sales
Same Calendar Year

It is worth emphasizing that the demand of concession area for the CPFL group distributors presented growth of 7.4% in the 2Q05 and 7.6% in the 1H05, higher than the respective growth of 5.8% and 6.4% in Brazil.

ECONOMIC AND FINANCIAL PERFORMANCE

Gross Revenues

Gross revenues reached R$ 2.7 billion in 1Q05 and R$ 5.2 billion in 1H05, representing a growth of 12.5% and 13.3% .

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The main factors that contributed to this increase were:

The net income for this period totaled R$ 1.9 billion in the 2Q05 and R$ 3.7 billion in the 1H05, representing growth of 11.7% and 13.5% .

Cost of Energy Services

The cost of energy service, which includes acquired energy and system charges totaled R$ 1.006 billion in the 2Q05 and R$ 1.946 billion in the 1H05, respective increase of 1.1% and 5.3% .

The cost of acquired energy totaled R$ 818.3 million in the 2Q05 and R$ 1.552 billion in the 1H05, which corresponds to reductions of 0.5% and 0.4% respectively despite the 6.9% increase in the quantity of energy purchased in the 2Q05.

The charges for the use of the transmission and distribution system, increased by 8.7% in the 2Q05 and of 36.6% in the 1H05, totaling respectively R$ 187.6 million and R$ 393.7 million.

¹ In Apr 08, 2005: 17.74% added to 1.01% readjustment by ANEEL in Jul/05

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Operating Costs / Expenses

The operating costs and expenses totaled R$ 464.3 million in the 2Q05 and R$ 892 million in the 1H05, respective increases of 28.9% and 7.4% . The largest change in 2Q05 is basically due to non-recurring income from goodwill amortization registered in June 2004, backdated from January 2004.

•   Manageable Costs– Personnel, Material, Third Party Services and Others

The manageable costs totaled R$ 202.0 million in 2Q05 and R$ 393.7 million in the 1H05, representing respective increases of 8.0% and 7.0% accounting for IGP-M index inflation, which was 7.12% in the 12 months prior to June 2005.

•   Private Pension Fund

The expenses related to the private pension fund, totaling respectively R$ 22.4 million in the 2Q05 and R$ 44.8 million in the 1H05, which were reduced by 53.6% and 49.2% respectively. The reduction reflects the adjustments made in the actuarial calculations due to a revision in the premises of mortality tables and expected income from the funds investments.

•   Amortization of Incorporated Goodwill

In the 2Q05, amortization of incorporated goodwill increased by R$ 54.2 million, coming from the atypical revenue of R$ 52.2 million registered in the 2Q04 due to longer terms for amortization accounted in June, and retroactive to January of that year.

The amortization of incorporated goodwill was R$ 4.1 million in 1H05 corresponding to a reduction of R$ 35 million or 89.6%, due to change in the amortization of goodwill curve of RGE and of CPFL Paulista combined with the constitution of the provision of amortization of goodwill acquisition, in accordance with the instructions of CVM.

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•   CDE and CCC

These expenses refer to the contributions made by the electric energy market in developing initiatives to explore alternative energy sources.

The expenses of CDE totaled R$ 65.1 million in the 2Q05 and R$ 125.6 million in the 1H05, which represent respective increases of 38.1% and 57.0% while the expenses of CCC totaled R$ 97.0 million in the 2Q05 and R$ 173.6 million in the 1H05, registering increases of 51.9% and 41.9% compared to 2Q04 and 1H04. These increases are due to the amortizations of deferred amounts in 2004 and tariff readjustments of subsidiaries.

Service Results

The service results reached R$ 467.3 million in 2Q05 and R$ 884.6 million in 1H05, representing increases of 23.1% and 46.8%, respectively. This positive development is due to the following factors:

i.   Increase in Revenue:

• Increase in total energy billed;
• Tariff readjustments from the distributors;
• Increase in the TUSD revenue and;
• Increase in revenue coming from energy supply.

ii.   Control of Operational Costs:

• Change in the amortization curve and constitution of the provision for goodwill in CPFL Paulista;
• Change in the amortization curve of merged goodwill by the RGE;
• Reduction in expenses related to private pension funds; and
• Manageable expenses control.

EBITDA

Consolidated EBITDA of R$ 554.2 million in 2Q05 and R$ 1,061.1 million in 1H05, corresponded to an increase of 29.7% and 25.1% . The EBITDA is calculated from the sum of net income, taxes, financial results, depreciation/amortization and private pension fund, in addition to adjustments regarding the extraordinary item and eventual non-recurring transactions.

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Financial Results

The financial result, represented by a net financial expense of R$ 106.4 million in the 2Q05 and R$ 225.7 million in the 1H05, represented respective reductions of 24.2% and 31.2% . Such reduction is the result of lower financial expenses together with the increase of financial income.

The total financial expenses reached R$ 194.3 million in the 2Q05 and R$ 412.8 million in the 1H05, registering respective reductions of 23.6% and 17.7%, mainly due to the decrease in the balance, changes in the debt profile besides better macroeconomic indicators.

The financial revenues have presented an increase of 14% in the 2Q05 and 20.4% in the 1H05, as a result of the yield of financial applications as a result of the improved operational generation of cash and availabilities.

Net Income

The net income of R$ 235 million in 2Q05 and R$ 400.6 million in 1H05, a record for CPFL Energia’s semiannual net income, presented respective increases of 71.8% and 220.9% . This increase, as previously explained, is basically due to the increase of service results, coupled with better financial results.

INDEBTEDNESS

The balance of financial debt of the group was reduced by 15.5% in the end of 1H05, totaling R$ 4.8 billion, as shown in the table “Loans and Financing”.

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In December 2004, BNDES approved CPFL Paulista and CPFL Piratininga compliance to the Electric System Expansion and Modernization Program (FINEM), corresponding to credits of R$ 241 million and R$ 89 million, respectively, both indexed in TJLP and six-year maturity. For CPFL Paulista the first installment was released in April 2005 amounting to R$ 89 million, while for CPFL Piratininga two installments in the amount of R$ 33.6 million and R$ 8.9 million, respectively, were released in March and June 2005.

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Loans and Financing (R$ thousand)

In April 2004, ENERCAN, controlled by CPFL Geração, received R$ 57.7 million in loans from IBD – Inter-American Development Bank, destined to finance the UHE Campos Novos power plant, of the total amount of US$75million.

It is important to highlight that CPFL Paulista paid in June 50% of CDI indexed debentures, totaling R$150.7 million. In the same month, a R$52.9 million tranche of debentures of Semesa was paid.

Additionally, the entire debt of the holding was purged in July 2005, with the conversion of IFC loan into shares. In 1H04, debt of CPFL Energia was R$ 982 million.

Following the trend observed in previous periods, the lower nominal cost and longer terms to maturity reflect the improvement in debt profile. Such improvement can be observed in the breakdown of debt indexes, in which the exposure to the CDI fell from 41% in 1H04 to 24% in 1H05, yielding space for debts indexed by IGP and TJLP.

Simultaneously to the optimization of debt indexes breakdown, there was also a reduction in the of nominal cost debt from 19% in 1H04 to 15% in 1H05 and of a growth in average term of amortization from 5.2 years to 6.3 years in the same period.

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The adjusted net debt in the end of 1H05 was R$ 3.8 billion. The adjusted net debt is calculated by the total debt (financial debt + private pension fund) excluding the regulatory assets and cash equivalents.

CAPEX

In 1H05, the CPFL Group invested R$ 265 million in the maintenance and expansion of its business, of which R$ 136 million was invested during 2Q05.

CPFL Energia’s main investments in the last years have been as follows:

• Distribution Segment: Expansion in client base, with 35.6 thousand new clients added in 2Q05, as well as the modernization and maintenance of the electric system, aiming at guaranteeing the quality standards in electric energy supply, and the administrative and technological infra-structure to support operating processes of distribution companies;
  
  
• Commercialization Segment: Improvement of portfolio and risk management systems.
  
  
• Generation Segment: observance of the construction schedule of hydroelectric plants (UHEs), of which we can highlight the beginning of the filling of the reservoir of UHE Barra Grande in July 2005, with its operation expected for October 2005, and beginning of operations in Campos Novos, expected for January 2006.

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Until 2008, CPFL Energia intends to invest R$ 2.7 billion, in all business segments, of which R$ 1.7 billion will be destined for the maintenance and expansion of the generation segment. This segment will add 1,093 MWh of capacity to the Group, in addition to near R$ 1,0 billion to be invested in maintenance and expansion of operations in the distribution of electric energy that will allow the addition of 600 thousand new clients.

BUSINESS PERFORMANCE

•   Distribution Segment

Gross Revenues

Gross revenues totaled R$ 2.6 billion in the 2Q05 and R$ 4.9 billion in the 1H05, corresponding to increases of 9.6% and 10.5%, respectively. Among the main factors that contributed to this performance, it is worth to mention the growth in residential and commercial classes, due to higher-than-average temperatures and better macroeconomic conditions such as better employment and higher wages in the period, allied to tariff readjustments of the distribution companies, increase in revenue through the use of the electric network (TUSD) 108.2% in the 2Q05 and 129.9% in the 1H05.

Moreover, reductions in commercial losses of CPFL Paulista and CPFL Piratininga – which reached 2.76% and 1.95% respectively – contributed to the additional gain of R$ 16 million in the 2Q05.

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Revenue increase would have been higher if captive customers had not migrated to the free market, which stimulated the reduction in industrial sales by 18.12% in the 2Q05 and by 18.45% in the 1H05, thus contributing to the reduction in the total sales volume by 3.53% in the 2Q05 and by 4.70% in the 1H05.

It is also important to note that considering the energy sold to our free customers, industrial class sales growth would be 5.37% in 2Q05 and 5.91% in 1H05.

Comparison of Sales
Without Calendar Adjustments

Considering the calendar adjustment, energy sales of distribution segment would decrease by 4.06% in 2Q05 and by 4.48% in 1H05.

Comparison of Sales
Same Calendar Year

For the distribution segment, the migration of customers to the free market has less impact on the results, since the losses are offset by the increase in TUSD revenue, which was 108.4% in 2Q05 and 129.9% in 1H05, respectively.

It is important to emphasize that most customers who migrated to the free market were conquered by CPFL Brasil, thus keeping these customers within CPFL’s Group.

EBITDA

EBITDA in distribution segment reached R$ 422.6 million in 2Q05 and R$ 798.9 million in 1H05, a 22.8% and 23.2% growth, respectively. This increase is mainly a result of the

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increase in revenue coming from electric energy supply, tariff readjustments and TUSD; as well as the control of manageable expenses and the reduction of expenses with private pension plans.

Net Income

Distribution segment net consolidated income peaked to R$ 189.4 million in 2Q05 and R$ 310.9 million in 1H05, representing a 28.3% and 151.0% growth, respectively.

This increase is mainly due to the EBITDA increase and the reduction of net financial expenses.

•   Commercialization Segment - CPFL Brasil

Gross Revenue

The gross revenue of CPFL Brasil totaled R$ 342.8 million in the 2Q05 and R$ 639.1 million in the 1H05, increasing respectively by 68.8% and 63.0% .

That increase basically reflects strong positioning of CPFL Brasil, that retained 6 from a total of 8 free customers who migrated from CPFL Paulista and CPFL Piratininga, indeed conquered 6 new customers outside the concession area, totaling 74 free customers.

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Sales Comparison for Final Customers - CPFL Brasil

EBITDA

The EBITDA of CPFL Brasil reached R$ 57.3 million in the 1Q05, 88.3% increase compared to the R$ 30.4 million in the 1Q04, which is mainly due to the increase in the sales of electric energy, and value added services offering. In the 1H05, the EBITDA reached R$ 114.5, a 50.3% increase.

Net Income

The net income of CPFL Brasil totaled R$ 39.2 million in the 2Q05 and R$ 78.1 million in the 1H05, a growth of 92.7% and 52.4%, respectively. That increase comes from the growth in operations of energy commercialization.

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•   Generation Segment– CPFL Geração

Gross Revenues

The gross revenue registered an increase of R$ 29.8 million in the 2Q05 and R$ 43.7 million in the 1H05, 37.8% and 26.4% growth, respectively. Such growth is mainly due to the beginning of operations of the UHE Monte Claro plant, which resulted in an increment of 87 GWh in the 2Q05, generating R$ 9.6 million in revenues. In the 1H05, the revenue generated through the Monte Claro Plant was 18.6 million.

Furthermore, in the 2Q05, CPFL Centrais Elétricas sold additional energy of 71 GWh, as well as energy supply tariff readjustments in SEMESA and CPFL Centrais Elétricas.

EBITDA

EBITDA of CPFL Geração’s totaled R$ 87.8 million in the 2Q05 and R$ 169.5 million in the 1H05, representing increase of 29.8% and 18.8%, respectively. This increase is basically due to the increase in revenues coming from energy sales. It is worth to point out that the commencement of UHE Monte Claro Plant operations generated an EBITDA of R$ 7 million in the 2Q05 and R$ 13.3 million in the 1H05.

Net Income

The net income in the generation segment totaled R$ 31.1 million in the 2Q05 and R$ 55.3 million in the 1H05, corresponding to increase of 45.8% and 44.9%, respectively, which is basically due to the increase in revenues and the maintenance of operating expenses.

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Relevant Events Related to Projects

• Operation license granted for the UHE Barra Grande Power Plant in July 2005, and the beginning of filling of the reservoir, in line with the timetable which forecasts the commencement of the commercial operations in October 2005, which will add 173 MW to the installed capacity of CPFL Geração.

• Operation License expected for UHE Campos Novos Power Plant in the second half of 2005, together with the beginning of the filling of the reservoir, and commercial operation planned for January 2006.

It is also important to highlight that the conclusion of the Group’s generation projects are all within the defined construction and financial timetables, and that all projects have environmental licenses, arranged financing sources (Foz do Chapecó already in compliance with BNDES) and PPA’s signed.

IR Team:

ri.cpfl.com.br

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CPFL Energia S.A.
Balance Sheets as of June 30, 2005 and March 31, 2005
(Stated in thousands of Brazilian Reais)

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CPFL Energia S.A.
Balance Sheets as of June 30, 2005 and March 31, 2005
(Stated in thousands of Brazilian Reais)

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CPFL Energia S.A.
Income Statements for the Fiscal Quarters ended June 30, 2005 and 2004 and March 31, 2005 and 2004
(Stated in thousands of Brazilian Reais,except income (loss) net per thousand shares)

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CPFL Energia S.A.
Income Statements for the Fiscal Quarters ended June 30, 2005 and 2004 and March 31, 2005 and 2004
(Stated in thousands of Brazilian Reais,except income (loss) net per thousand shares)

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COMPANHIA PAULISTA DE FORÇA E LUZ
Income Statements for the Fiscal Quarters ended June 30, 2005 and 2004 and March 31, 2005 and 2004
(Stated in thousands of Brazilian Reais,exceptt income (loss) net per thousand shares)

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CPFL Geração de Energia S.A.
Statement of Operations for the Quarters and Semesters Ended June 30, 2005 and 2004
(In thousands of Brazilian Reais)