Sao Paulo, May 23, 2014 -- In the first quarter of 2014, AES Tiete (AES Tiete, Baa3 / Aa1.br stable) incurred reduced energy sales to its affiliate AES Eletropaulo (AES Eletropaulo, Ba1 / Aa2.br stable) of 2.329 GWh from the 3.058 GWh registered in the same period of 2013. The lower sales to AES Eletropaulo allowed AES Tiete to sell more energy on the spot market at unusually high prices; these sales increased to 541 GWh in the first quarter of 2014, from just 42 GWh sold in the same period of 2013. As a result, AES Tiete increased its EBITDA by BRL260 million to BRL594 million in first quarter 2014 from BRL334 million reported in the same period of 2013. In first quarter 2014, net revenues from AES Eletropaulo declined BRL101 million while net revenues from the spot market increased BRL259 million.

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