Nine months ended September 30, 2012, the company completed investing roughly R$1.0 billion as capital expenditure. Companhia Paranaense de Energia is a fully integrated electric utility of Brazil engaged in the generation, transmission, and distribution of electricity to the State of Paraná. The provincial government of the State of Paraná controls about 58.6% of the shares of COPEL. The company faces stiff competition from Cia Energetica de Minas Gerais ( CIG ) and Enersis S.A. ( ENI ). We currently maintain a Neutral recommendation on the stock.