AEP sold out of Vale, which operates as part of the Grupo Rede brand, in 2003.

"Over the past several years, we have invested $180 million in Empresa de Eletricidade Vale Paranapanema S.A. (Vale), including $100 million of convertible securities during 1998. Vale is a private Brazilian electric distribution company with holdings in seven additional electric distribution systems. Operations are in the states of São Paulo, Paraná, Tocantins, Minas Gerais, Mato Grosso and Pará, serving about 1.9 million customers. Because of the devaluation of the Brazilian real and slowed investments in the country, we are monitoring events there closely. Nevertheless, we remain confident about the long-term potential of our Brazilian investment. With a population of
160 million people, largely well-educated, Brazil is the growth engine for much of South America. Vales increase in electric power demandsome 10 percent in 1998offers the opportunity for future growth." (CSW AR98)

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