Companhia Paranaense de Energia - COPEL is a Brazil-based holding company involved in the energy sector. The main activities of the Company and its subsidiaries are to research, study, plan, build and operate the system of production, transformation, transmission, distribution and commercialization of electrical energy. Additionally, the Company is engaged in telecommunications services, natural gas distribution, water distribution, and collection and treatment of sewage. As of December 31, 2011, the Company had three wholly owned subsidiaries: Copel Geracao e Transmissao SA, which operates 17 hydroelectric plants, one thermoelectric power plant, 31 substations and 2,028 kilometers of transmission lines; Copel Distribuicao SA, which is engaged in the distribution and commercialization of electricity in 396 municipalities, located in Brazilian states of Parana and Santa Catarina, and Copel Telecomunicacoes SA, which is active in the provision of telecommunications services.