UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 UNDER THE

SECURITIES EXCHANGE ACT OF 1934

For the month of March, 2020

Commission File Number 32297

CPFL Energy Incorporated

(Translation of Registrant's name into English)

Rua Jorge de Figueiredo Correa, nº 1632, parte
CEP 13087-397 - Jardim Professora Tarcilla, Campinas – SP
Federative Republic of Brazil

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F ___X___ Form 40-F _______

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes _______ No ___X____

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-_________________

Table of Contents
Company Data
Capital Composition	2
Individual interim financial statements
Statement of Financial Position - Assets	3
Statement of Financial Position - Liabilities and Equity	4
Statement of Income	5
Statement of Comprehensive Income	6
Statement of Cash Flows – Indirect Method	7
Statement of Changes in Equity
01/01/2020 to 03/30/2020	8
01/01/2019 to 03/30/2019	9
Statements of Value Added	10
Consolidated Interim Financial Statements
Statement of Financial Position - Assets	11
Statement of Financial Position - Liabilities and Equity	12
Statement of Income	13
Statement of Comprehensive Income	14
Statement of Cash Flows - Indirect Method	15
Statement of Changes in Equity
01/01/2020 to 03/30/2020	16
01/01/2019 to 03/30/2019	17
Statements of Value Added	18
Comments on Performance	19
Notes to Interim financial statements	35
Other relevant information	81
Reports
Independent Auditor’s Report - Unqualified	83
Management declaration on financial statements	85
Management declaration on independent auditor’s report	86

Company Data

Capital Composition

Number of Shares	Closing Date
(In units)	03/31/2020
Paid-in capital
Common	1,152,254,440
Preferred	0
Total	1,152,254,440
Treasury Stock	0
Common	0
Preferred	0
Total	0

Individual Financial Statements

Statement of Financial Position – Assets

(In thousands of Brazilian reais - R$)

Code	Description	Current Year 03/31/2020	Previous Year 12/31/2019
1	Total assets	14,929,387	13,753,291
1.01	Current assets	800,355	909,539
1.01.01	Cash and cash equivalents	86,248	33,909
1.01.06	Taxes recoverable	28,810	59,025
1.01.06.01	Current taxes recoverable	28,810	59,025
1.01.06.01.01	Income tax and social contribution recoverable	78	78
1.01.06.01.02	Other taxes recoverable	28,732	58,947
1.01.08	Other current assets	685,297	816,605
1.01.08.03	Other	685,297	816,605
1.01.08.03.01	Other receivables	634	400
1.01.08.03.04	Dividends and interest on capital	684,663	816,205
1.02	Noncurrent assets	14,129,032	12,843,752
1.02.01	Long-term assets	512,983	514,274
1.02.01.07	Deferred taxes	86,394	85,474
1.02.01.07.02	Deferred tax assets	86,394	85,474
1.02.01.09	Receivables from related parties	422,392	424,387
1.02.01.09.02	Receivables from subsidiaries	422,392	424,387
1.02.01.10	Other noncurrent assets	4,197	4,413
1.02.01.10.04	Escrow Deposits	462	453
1.02.01.10.10	Other receivables	3,735	3,960
1.02.02	Investments	13,613,552	12,327,132
1.02.02.01	Equity interests	13,613,552	12,327,132
1.02.02.01.02	Equity interests in subsidiaries	13,613,552	12,327,132
1.02.03	Property, plant and equipment	2,378	2,226
1.02.03.01	Property, plant and equipment - in service	2,378	2,226
1.02.04	Intangible assets	119	120
1.02.04.01	Intangible assets	119	120

Individual Financial Statements

Statement of Financial Position – Liabilities and Equity

(In thousands of Brazilian reais - R$)

Code	Description	Current Year 03/31/2020	Previous Year 12/31/2019
2	Total liabilities	14,929,387	13,753,291
2.01	Current liabilities	669,830	738,697
2.01.02	Trade payables	1,508	4,698
2.01.02.01	Domestic suppliers	1,508	4,698
2.01.03	Taxes payable	2,126	65,944
2.01.03.01	Federal taxes	2,070	65,894
2.01.03.01.01	Income tax and social contribution payable	-	40,629
2.01.03.01.02	Other taxes	2,070	25,265
2.01.03.03	Municipal taxes	56	50
2.01.03.03.01	Other municipal taxes	56	50
2.01.05	Other liabilities	666,196	668,055
2.01.05.02	Others	666,196	668,055
2.01.05.02.01	Dividends and interest on capital payable	644,786	645,737
2.01.05.02.07	Other payables	21,410	22,318
2.02	Noncurrent liabilities	17,295	20,213
2.02.02	Other liabilities	17,195	20,090
2.02.02.02	Others	17,195	20,090
2.02.02.02.04	Other payables	17,195	20,090
2.02.04	Provisions	100	123
2.02.04.01	Tax, social security, labor and civil provisions	100	123
2.02.04.01.02	Social security and labor provisions	-	20
2.02.04.01.04	Civil provisions	100	103
2.03	Equity	14,242,262	12,994,381
2.03.01	Issued capital	9,388,080	9,388,081
2.03.02	Capital reserves	(1,640,962)	(1,640,962)
2.03.04	Earnings reserves	6,515,725	6,515,725
2.03.04.01	Legal reserve	1,036,125	1,036,125
2.03.04.02	Statutory reserve	4,046,305	4,046,305
2.03.04.08	Additional proposed dividend	1,433,295	1,433,295
2.03.05	Retained earnings	897,294	-
2.03.08	Other comprehensive income	(917,875)	(1,268,463)
2.03.08.01	Accumulated comprehensive income	(917,875)	(1,268,463)

Individual Financial Statements

Statement of income

(In thousands of Brazilian reais - R$)

Code	Description	YTD Current Year	YTD Previous Year
Code	Description	01/01/2020 to 03/31/2020	01/01/2019 to 03/31/2019
3.01	Net operating revenue	(3,983)	-
3.03	Gross profit	(3,983)	-
3.04	Operating income (expenses)	888,157	600,932
3.04.02	General and administrative expenses	(11,258)	(10,845)
3.04.02.01	Depreciation and amortization	(96)	(54)
3.04.02.02	Other general and administrative expenses	(11,162)	(10,791)
3.04.06	Share of profit (loss) of investees	899,415	611,777
3.05	Profit before finance income (costs) and taxes	884,174	600,932
3.06	Finance income (costs)	5,047	2,462
3.06.01	Finance income	5,063	2,470
3.06.02	Financial expenses	(16)	(8)
3.07	Profit (loss) before taxes on income	889,221	603,394
3.08	Income tax and social contribution	820	56
3.08.01	Current	(100)	(421)
3.08.02	Deferred	920	477
3.09	Profit (loss) from continuing operations	890,041	603,450
3.11	Profit (loss) for the period	890,041	603,450

Individual Financial Statements

Statement of Comprehensive Income

(In thousands of Brazilian reais - R$)

Code	Description	YTD Current Year	YTD Previous Year
Code	Description	01/01/2020 to 03/31/2020	01/01/2019 to 03/31/2019
4.01	Profit for the period	890,041	603,450
4.02	Other comprehensive income	357,004	1,927
4.02.01	Comprehensive income for the period of subsidiaries	357,004	1,927
4.03	Total comprehensive income for the period	1,247,045	605,377

Individual Financial Statements

Statement of Cash Flows – Indirect Method

(In thousands of Brazilian reais - R$)

Code	Description	YTD Current Year	YTD Previous Year
Code	Description	01/01/2020 to 03/31/2020	01/01/2019 to 03/31/2019
6.01	Net cash from operating activities	76,903	12,044
6.01.01	Cash generated from operations	(14,710)	(8,309)
6.01.01.01	Profit before taxes	889,221	603,394
6.01.01.02	Depreciation and amortization	96	54
6.01.01.03	Provision for tax, civil and labor risks	(6)	52
6.01.01.05	Interest on debts, inflation adjustment and exchange rate changes	(4,606)	(32)
6.01.01.06	Equity interests in subsidiaries, associates and joint ventures	(899,415)	(611,777)
6.01.02	Changes in assets and liabilities	133,931	28,616
6.01.02.01	Dividend and interest on capital received	131,542	26,795
6.01.02.02	Taxes recoverable	32,605	12,816
6.01.02.03	Escrow deposits	(7)	(33)
6.01.02.04	Other operating assets	(8)	(3,635)
6.01.02.05	Trade payables	(3,190)	(1,068)
6.01.02.06	Other taxes and social contributions	(23,189)	(2,094)
6.01.02.09	Tax, civil and labor risks paid	(18)	(11)
6.01.02.10	Other operating liabilities	(3,804)	(4,154)
6.01.03	Others	(42,318)	(8,263)
6.01.03.02	Income tax and social contribution paid	(42,318)	(8,263)
6.02	Net cash from investing activities	(24,448)	72,022
6.02.01	Acquisition of interest with no change in control	(247)	-
6.02.08	Advances for future capital increases	(30,000)	-
6.02.09	Intragroup loans to subsidiaries	(1,445)	(310)
6.02.10	Receiving of intragroup loans from subsidiaries	7,244	72,332
6.03	Net cash from financing activities	(116)	(22)
6.03.02	Dividend and interest on capital paid	(114)	(22)
6.03.05	Public offering costs	(2)	-
6.05	Net increase (decrease) in cash and cash equivalents	52,339	84,044
6.05.01	Cash and cash equivalents at the beginning of the period	33,909	79,364
6.05.02	Cash and cash equivalents at the end of the period	86,248	163,408

Individual Financial Statements

Statement of Changes in Equity – from January 1, 2020 to March 31, 2020

(In thousands of Brazilian reais - R$)

Code	Description	Issued capital	Capital reserves, stock options and treasury stock	Earnings reserves	Retained earnings/ accumulated losses	Other comprehensive income	Equity
5.01	Opening balances	9,388,081	(1,640,962)	6,515,727	-	(1,268,465)	12,994,381
5.03	Adjusted opening balances	9,388,081	(1,640,962)	6,515,727	-	(1,268,465)	12,994,381
5.04	Capital transactions with shareholders	(1)	-	-	837	-	836
5.04.02	Public offering costs	(1)	-	-	-	-	(1)
5.04.09	Dividend approved	-	-	-	837	-	837
5.05	Total comprehensive income	-	-	-	890,041	357,004	1,247,045
5.05.01	Profit for the period	-	-	-	890,041	-	890,041
5.05.02	Other comprehensive income	-	-	-	-	357,004	357,004
5.05.02.03	Equity on comprehensive income of subsidiaries	-	-	-	-	357,004	357,004
5.06	Internal changes in equity	-	-	-	6,416	(6,416)	-
5.06.06	Equity on comprehensive income of subsidiaries	-	-	-	6,416	(6,416)	-
5.07	Closing balances	9,388,080	(1,640,962)	6,515,727	897,294	(917,877)	14,242,262

Individual Financial Statements

Statement of Changes in Equity – from January 1, 2019 to March 31, 2019

(In thousands of Brazilian reais - R$)

Code	Description	Issued capital	Capital reserves, stock options and treasury stock	Earnings reserves	Retained earnings/ accumulated losses	Other comprehensive income	Equity
5.03	Adjusted opening balances	5,741,284	469,257	4,428,502	-	(376,294)	10,262,749
5.05	Total comprehensive income	-	-	-	603,451	1,926	605,377
5.05.01	Profit for the period	-	-	-	603,451	-	603,451
5.05.02	Other comprehensive income	-	-	-	-	1,926	1,926
5.05.02.03	Equity on comprehensive income of subsidiaries	-	-	-	-	1,926	1,926
5.06	Internal changes in equity	-	-	-	6,422	(6,422)	-
5.06.06	Equity on comprehensive income of subsidiaries	-	-	-	6,422	(6,422)	-
5.07	Closing balances	5,741,284	469,257	4,428,502	609,873	(380,790)	10,868,126

Individual Financial Statements

Statement of Value Added

(In thousands of Brazilian reais - R$)

Code	Description	YTD Current Year	YTD Previous Year
Code	Description	01/01/2020 to 03/31/2020	01/01/2019 to 03/31/2019
7.01	Revenues	(3,736)	-
7.01.01	Sales of goods and services	(3,983)	-
7.01.03	Revenues related to construction of own assets	247	-
7.02	Inputs purchased from third parties	(3,408)	(3,325)
7.02.02	Materials, energy, third-party services and others	(3,408)	(3,325)
7.03	Gross value added	(7,144)	(3,325)
7.04	Retentions	(96)	(54)
7.04.01	Depreciation, amortization and depletion	(96)	(54)
7.05	Net added value generated	(7,240)	(3,379)
7.06	Added value received in transfer	904,725	614,368
7.06.01	Share of profit (loss) of investees	899,415	611,777
7.06.02	Finance income	5,310	2,591
7.07	Added value to be distributed	897,485	610,989
7.08	Distribution of added value	897,485	610,989
7.08.01	Personnel and charges	6,737	6,336
7.08.01.01	Salaries and wages	3,395	2,267
7.08.01.02	Benefits	2,748	3,605
7.08.01.03	FGTS (Severance Pay Fund)	594	464
7.08.02	Taxes, fees and contributions	650	1,168
7.08.02.01	Federal	629	1,160
7.08.02.02	State	21	8
7.08.03	Interest and Rentals	57	35
7.08.03.01	Interest	2	6
7.08.03.02	Rentals	55	29
7.08.04	Interest on capital	890,041	603,450
7.08.04.03	Retained earnings / Loss for the period	890,041	603,450

Consolidated Financial Statements

Statement of Financial Position – Assets

(In thousands of Brazilian reais - R$)

Code	Description	Current Year 03/31/2020	Current Year 03/31/2019
1	Total assets	48,182,161	44,078,293
1.01	Current assets	13,272,848	10,340,630
1.01.01	Cash and cash equivalents	5,569,505	1,937,163
1.01.02	Short-term financial investments	946	851,004
1.01.02.01	Financial Investments Measured at Fair Value Through Profit or Loss	946	851,004
1.01.02.01.02	Securities Designated at Fair Value	946	851,004
1.01.03	Trade receivables	4,805,590	4,985,578
1.01.03.01	Consumers	4,805,590	4,985,578
1.01.06	Taxes recoverable	463,614	419,126
1.01.06.01	Current taxes recoverable	463,614	419,126
1.01.06.01.01	Income tax and social contribution recoverable	161,115	87,698
1.01.06.01.02	Other taxes recoverable	302,499	331,428
1.01.07	Prepaid expenses	84,257	76,756
1.01.08	Other current assets	2,348,936	2,071,003
1.01.08.03	Others	2,348,936	2,071,003
1.01.08.03.01	Other receivables	605,240	571,405
1.01.08.03.02	Derivatives	696,721	281,326
1.01.08.03.04	Dividends and interest on capital	122,552	100,297
1.01.08.03.06	Sector financial asset	899,766	1,093,588
1.01.08.03.07	Contract asset	24,657	24,387
1.02	Noncurrent assets	34,909,313	33,737,663
1.02.01	Long-term assets	15,650,876	14,335,003
1.02.01.04	Trade receivables	756,717	713,068
1.02.01.04.01	Consumers	756,717	713,068
1.02.01.07	Deferred taxes	562,406	1,064,716
1.02.01.07.02	Deferred tax assets	562,406	1,064,716
1.02.01.08	Prepaid expenses	4,054	4,608
1.02.01.10	Other noncurrent assets	14,327,699	12,552,611
1.02.01.10.03	Derivatives	1,748,408	369,767
1.02.01.10.04	Escrow deposits	769,694	757,370
1.02.01.10.05	Income tax and social contribution recoverable	36,644	101,528
1.02.01.10.06	Other taxes recoverable	373,086	370,595
1.02.01.10.08	Concession financial asset	9,162,557	8,779,717
1.02.01.10.09	Investments at cost	116,654	116,654
1.02.01.10.10	Others receivables	757,774	731,410
1.02.01.10.11	Sector financial asset	5,441	2,748
1.02.01.10.12	Contract asset	1,357,441	1,322,822
1.02.02	Investments	1,060,902	997,997
1.02.02.01	Equity interests	1,060,902	997,997
1.02.02.01.04	Equity interests in joint ventures	1,060,902	997,997
1.02.03	Property, plant and equipment	8,975,244	9,083,710
1.02.03.01	Property, plant and equipment - in service	8,696,226	8,757,085
1.02.03.03	Property, plant and equipment - in progress	279,018	326,625
1.02.04	Intangible assets	9,222,291	9,320,953
1.02.04.01	Intangible assets	9,222,291	9,320,953
1.02.04.01.01	Concession contract	9,139,175	9,234,857
1.02.04.01.02	Goodwill	6,115	6,115
1.02.04.01.03	Other intangible assets	77,001	79,981

Consolidated Financial Statements

Statement of Financial Position – Liabilities and Equity

(In thousands of Brazilian reais - R$)

Code	Description	Current Year 03/31/2020	Current Year 03/31/2019
2	Total liabilities	48,182,161	44,078,293
2.01	Current liabilities	9,725,636	10,065,908
2.01.01	Payroll and related taxes	132,781	125,057
2.01.01.01	Social taxes	30,346	28,149
2.01.01.02	Payroll taxes	102,435	96,908
2.01.02	Trade payables	2,743,239	3,260,180
2.01.02.01	Domestic suppliers	2,743,239	3,260,180
2.01.03	Taxes payable	734,977	960,497
2.01.03.01	Federal taxes	261,524	516,266
2.01.03.01.01	Income tax and social contribution	48,173	218,961
2.01.03.01.02	Other taxes	213,351	297,305
2.01.03.02	State taxes	464,867	435,155
2.01.03.03	Municipal taxes	8,586	9,076
2.01.03.03.01	Other municipal taxes	8,586	9,076
2.01.04	Borrowings	3,926,590	3,458,775
2.01.04.01	Borrowings	3,082,710	2,776,193
2.01.04.01.01	In local currency	797,190	768,691
2.01.04.01.02	In foreign currency	2,285,520	2,007,502
2.01.04.02	Debentures	843,880	682,582
2.01.05	Other payables	2,188,049	2,261,399
2.01.05.02	Others	2,188,049	2,261,399
2.01.05.02.01	Dividends and interest on capital payable	669,011	668,859
2.01.05.02.04	Derivatives	3,545	29,400
2.01.05.02.06	Use of public asset	11,771	11,771
2.01.05.02.07	Other payables	1,341,894	1,094,267
2.01.05.02.08	Regulatory charges	25,387	232,251
2.01.05.02.09	Private pension plan	136,441	224,851
2.02	Noncurrent liabilities	23,915,541	20,729,147
2.02.01	Borrowings	18,766,606	15,450,798
2.02.01.01	Borrowings	11,216,917	7,587,102
2.02.01.01.01	In local currency	4,374,843	4,585,552
2.02.01.01.02	In foreign currency	6,842,074	3,001,550
2.02.01.02	Debentures	7,549,689	7,863,696
2.02.02	Other liabilities	3,473,999	3,629,505
2.02.02.02	Others	3,473,999	3,629,505
2.02.02.02.03	Trade payables	364,051	359,944
2.02.02.02.04	Private pension plan	1,864,574	2,153,327
2.02.02.02.05	Derivatives	-	6,157
2.02.02.02.06	Sector financial liability	367,181	102,561
2.02.02.02.07	Use of public asset	93,084	91,181
2.02.02.02.08	Other payables	627,339	759,332
2.02.02.02.09	Other taxes, fees and contributions	807	805
2.02.02.02.10	Income tax and social contribution	156,963	156,198
2.02.03	Deferred taxes	1,120,840	1,048,069
2.02.03.01	Deferred income tax and social contribution	1,120,840	1,048,069
2.02.03.01.01	Deferred income tax and social contribution	1,109,682	1,037,689
2.02.03.01.02	Other deferred taxes	11,158	10,380
2.02.04	Provisions	554,096	600,775
2.02.04.01	Tax, social security, labor and civil provisions	554,096	600,775
2.02.04.01.01	Tax provisions	53,375	53,825
2.02.04.01.02	Social security and labor provisions	194,588	235,085
2.02.04.01.04	Civil provisions	249,683	245,464
2.02.04.01.05	Others provisions	56,450	66,401
2.03	Consolidated equity	14,540,984	13,283,238
2.03.01	Issued capital	9,388,080	9,388,081
2.03.02	Capital reserves	(1,640,962)	(1,640,962)
2.03.04	Earnings reserves	6,515,725	6,515,725
2.03.04.01	Legal reserve	1,036,125	1,036,125
2.03.04.02	Statutory reserve	4,046,305	4,046,305
2.03.04.08	Additional proposed dividend	1,433,295	1,433,295
2.03.05	Retained earnings	897,294	-
2.03.08	Other comprehensive income	(917,875)	(1,268,463)
2.03.08.01	Accumulated comprehensive income	(917,875)	(1,268,463)
2.03.09	Noncontrolling interests	298,722	288,857

Consolidated Financial Statements

Statement of income

(In thousands of Brazilian reais - R$)

Code	Description	YTD Current Year	YTD Previous Year
Code	Description	01/01/2020 to 03/31/2020	01/01/2019 to 03/31/2019
3.01	Net operating revenue	7,282,267	7,127,446
3.02	Cost of electric energy services	(5,584,224)	(5,594,442)
3.02.01	Cost of electric energy	(4,341,419)	(4,483,763)
3.02.02	Cost of operation - Depreciation and amortization	(329,217)	(314,285)
3.02.03	Cost of operation - Others	(417,411)	(380,499)
3.02.04	Cost of services rendered to third parties	(496,177)	(415,895)
3.03	Gross profit	1,698,043	1,533,004
3.04	Operating expenses/income	(428,802)	(406,492)
3.04.01	Selling expenses	(174,392)	(181,182)
3.04.01.01	Depreciation and amortization	(1,922)	(1,280)
3.04.01.02	Allowance for doubtful accounts	(57,844)	(68,615)
3.04.01.03	Other selling expenses	(114,626)	(111,287)
3.04.02	General and administrative expenses	(230,056)	(215,637)
3.04.02.01	Depreciation and amortization	(23,578)	(16,766)
3.04.02.02	Other general and administrative expenses	(206,478)	(198,871)
3.04.05	Other operating expenses	(109,514)	(95,448)
3.04.05.01	Amortization of concession intangible asset	(72,109)	(72,109)
3.04.05.02	Other operating expenses	(37,405)	(23,339)
3.04.06	Share of profit (loss) of investees	85,160	85,775
3.05	Profit before finance income (costs) and taxes	1,269,241	1,126,512
3.06	Finance income (costs)	121,007	(220,040)
3.06.01	Finance income	438,292	206,595
3.06.02	Financial expenses	(317,285)	(426,635)
3.07	Profit before taxes	1,390,248	906,472
3.08	Income tax and social contribution	(486,122)	(336,114)
3.08.01	Current	(54,888)	(320,345)
3.08.02	Deferred	(431,234)	(15,769)
3.09	Profit from continuing operations	904,126	570,358
3.11	Consolidated profit for the period	904,126	570,358
3.11.01	Attributable to owners of the Company	890,041	603,450
3.11.02	Attributable to noncontrolling interests	14,085	(33,092)
3.99.01.01	ON	0.77	0.59
3.99.02.01	ON	0.77	0.59

Consolidated Financial Statements

Statement of Comprehensive Income

(In thousands of Brazilian reais - R$)

Code	Description	YTD Current Year	YTD Previous Year
Code	Description	01/01/2020 to 03/31/2020	01/01/2019 to 03/31/2019
4.01	Consolidated profit for the period	904,126	570,358
4.02	Other comprehensive income	357,004	1,926
4.02.01	Actuarial gains (losses), net of tax effects	272,595	(1,833)
4.02.02	Credit risk in mark to market of financial liabilities	84,409	3,759
4.03	Consolidated comprehensive income for the period	1,261,130	572,284
4.03.01	Attributable to owners of the Company	1,247,045	605,377
4.03.02	Attributable to noncontrolling interests	14,085	(33,093)

Consolidated Financial Statements

Statement of Cash Flows – Indirect Method

(In thousands of Brazilian reais - R$)

Code	Description	YTD Current Year	YTD Previous Year
Code	Description	01/01/2020 to 03/31/2020	01/01/2019 to 03/31/2019
6.01	Net cash from operating activities	1,047,831	1,898,319
6.01.01	Cash generated from operations	1,756,948	1,627,565
6.01.01.01	Profit before taxes	1,390,248	906,472
6.01.01.02	Depreciation and amortization	426,826	404,440
6.01.01.03	Provision for tax, civil and labor risks	28,396	27,758
6.01.01.04	Allowance for doubtful accounts	57,844	68,615
6.01.01.05	Interest on debts, inflation adjustment and exchange rate changes	(142,459)	256,867
6.01.01.06	Pension plan expense (income)	45,440	28,150
6.01.01.07	Equity interests in subsidiaries, associates and joint ventures	(85,160)	(85,775)
6.01.01.08	Loss (gain) on disposal of noncurrent assets	35,034	21,165
6.01.01.10	Others	779	(127)
6.01.02	Changes in assets and liabilities	(212,035)	874,940
6.01.02.01	Consumers, concessionaries and licensees	78,384	(160,055)
6.01.02.03	Taxes recoverable	85,721	(155,026)
6.01.02.05	Escrow deposits	(6,752)	3,426
6.01.02.06	Sector financial asset	222,325	194,604
6.01.02.07	Receivables - CDE	7,635	4,318
6.01.02.10	Other operating assets	(186,502)	(36,312)
6.01.02.11	Trade payables	(512,834)	748,599
6.01.02.12	Other taxes and social contributions	(46,379)	(69,306)
6.01.02.13	Other liabilities with private pension plan	(50,420)	(28,419)
6.01.02.14	Regulatory charges	(206,864)	(25,382)
6.01.02.16	Tax, civil and labor risks paid	(83,793)	(41,595)
6.01.02.17	Sector financial liability	241,018	129,276
6.01.02.18	Payables - CDE	(24,948)	6,169
6.01.02.19	Other operating liabilities	271,374	304,643
6.01.03	Others	(497,082)	(604,186)
6.01.03.01	Interest paid on debts and debentures	(196,360)	(286,886)
6.01.03.02	Income tax and social contribution paid	(300,722)	(317,300)
6.02	Net cash from investing activities	316,002	(423,466)
6.02.01	Purchases of property, plant and equipment	(47,309)	(36,839)
6.02.02	Purchases of contract asset	(461,803)	(403,573)
6.02.03	Purchases and construction of intangible assets	(7,175)	(5,154)
6.02.04	Securities, pledges and restricted deposits - investment	(37,655)	(46,177)
6.02.05	Securities, pledges and restricted deposits - redemption	869,944	68,277
6.03	Net cash from financing activities	2,268,509	74,499
6.03.01	Borrowings and debentures raised	2,866,989	799,731
6.03.02	Repayment of principal of borrowings and debentures	(708,695)	(857,840)
6.03.03	Repayment of derivatives	113,428	136,375
6.03.05	Dividend and interest on capital paid	(3,211)	(3,767)
6.03.08	Public offering costs	(2)	-
6.05	Increase (decrease) in cash and cash equivalents	3,632,342	1,549,352
6.05.01	Cash and cash equivalents at the beginning of the period	1,937,163	1,891,457
6.05.02	Cash and cash equivalents at the end of the period	5,569,505	3,440,809

Consolidated Financial Statements

Statement of Changes in Equity – from January 1, 2020 to March 31, 2020

(In thousands of Brazilian reais – R$)

Code	Description	Issued capital	Capital reserves, stock options and treasury stock	Earnings reserves	Retained earnings/accu-mulated losses	Other comprehensive income	Equity	Noncontrolling interests	Consolidated equity
5.01	Opening balances	9,388,081	(1,640,962)	6,515,727	-	(1,268,465)	12,994,381	288,857	13,283,238
5.03	Adjusted opening balances	9,388,081	(1,640,962)	6,515,727	-	(1,268,465)	12,994,381	288,857	13,283,238
5.04	Capital transactions with shareholders	(1)	-	-	837	-	836	(4,200)	(3,364)
5.04.02	Public offering costs	(1)	-	-	-	-	(1)	-	(1)
5.04.06	Dividends	-	-	-	-	-	-	(4,200)	(4,200)
5.04.09	Dividend proposal approved	-	-	-	837	-	837	-	837
5.05	Total comprehensive income	-	-	-	890,041	357,004	1,247,045	14,085	1,261,130
5.05.01	Profit for the period	-	-	-	890,041	-	890,041	14,085	904,126
5.05.02	Other comprehensive income	-	-	-	-	357,004	357,004	-	357,004
5.05.02.01	Financial instruments adjustment	-	-	-	-	127,892	127,892	-	127,892
5.05.02.02	Tax on financial instruments adjustment	-	-	-	-	(43,483)	(43,483)	-	(43,483)
5.05.02.06	Other comprehensive income - actuarial gains (losses)	-	-	-	-	272,595	272,595	-	272,595
5.06	Internal changes in equity	-	-	-	6,416	(6,416)	-	(20)	(20)
5.06.04	Realization of deemed cost of property, plant and equipment	-	-	-	9,721	(9,721)	-	-	-
5.06.05	Tax effect on realization of deemed cost	-	-	-	(3,305)	3,305	-	-	-
5.06.08	Other changes	-	-	-	-	-	-	(20)	(20)
5.07	Closing balances	9,388,080	(1,640,962)	6,515,727	897,294	(917,877)	14,242,262	298,722	14,540,984

Consolidated Financial Statements

Statement of Changes in Equity – from January 1, 2019 to March 31, 2019

(In thousands of Brazilian reais – R$)

Code	Description	Issued capital	Capital reserves, stock options and treasury stock	Earnings reserves	Retained earnings/accu-mulated losses	Other comprehensive income	Equity	Noncontrolling interests	Consolidated equity
5.01	Opening balances	5,741,284	469,257	4,428,502	-	(376,294)	10,262,749	2,269,634	12,532,383
5.03	Adjusted opening balances	5,741,284	469,257	4,428,502	-	(376,294)	10,262,749	2,269,634	12,532,383
5.04	Capital transactions with owners	-	-	-	-	-	-	(3,907)	(3,907)
5.04.01	Capital increse	-	-	-	-	-	-	43	43
5.04.06	Dividend	-	-	-	-	-	-	(3,950)	(3,950)
5.05	Total comprehensive income	-	-	-	603,451	1,926	605,377	(33,093)	572,284
5.05.01	Profit for the period	-	-	-	603,451	-	603,451	(33,093)	570,358
5.05.02	Other comprehensive income	-	-	-	-	1,926	1,926	-	1,926
5.05.02.01	Financial instruments adjustment	-	-	-	-	5,696	5,696	-	5,696
5.05.02.02	Tax on financial instruments adjustment	-	-	-	-	(1,937)	(1,937)	-	(1,937)
5.05.02.06	Other comprehensive income - actuarial gains (losses)	-	-	-	-	(1,833)	(1,833)	-	(1,833)
5.06	Internal changes in equity	-	-	-	6,422	(6,422)	-	(18)	(18)
5.06.04	Realization of deemed cost of property, plant and equipment	-	-	-	9,730	(9,730)	-	-	-
5.06.05	Tax effect on realization of deemed cost	-	-	-	(3,308)	3,308	-	-	-
5.06.08	Other changes	-	-	-	-	-	-	(18)	(18)
5.07	Closing balances	5,741,284	469,257	4,428,502	609,873	(380,790)	10,868,126	2,232,616	13,100,742

Consolidated Interim Financial Statements

Statement of Value Added

(In thousands of Brazilian reais - R$)

Code	Description	YTD Current Year	YTD Previous Year
Code	Description	01/01/2020 to 03/31/2020	01/01/2019 to 03/31/2019
7.01	Revenues	10,869,758	10,785,204
7.01.01	Sales of goods and services	10,382,924	10,372,542
7.01.02	Others revenues	495,805	415,213
7.01.02.01	Revenue from infrastructure construction of the concession	495,805	415,213
7.01.03	Revenues related to the construction of own assets	48,873	66,064
7.01.04	Allowance for doubtful accounts	(57,844)	(68,615)
7.02	Inputs purchased from third parties	(5,733,779)	(5,778,638)
7.02.01	Cost of sales and services	(4,814,656)	(4,961,254)
7.02.02	Materials, energy, third-party services and others	(919,123)	(817,384)
7.03	Gross value added	5,135,979	5,006,566
7.04	Retentions	(428,778)	(406,183)
7.04.01	Depreciation, amortization and depletion	(356,669)	(334,074)
7.04.02	Others	(72,109)	(72,109)
7.04.02.01	Amortization of intangible assets of the concession	(72,109)	(72,109)
7.05	Net added value generated	4,707,201	4,600,383
7.06	Added value received in transfer	532,619	302,748
7.06.01	Share of profit (loss) of investees	85,160	85,775
7.06.02	Finance income	447,459	216,973
7.07	Added value to be distributed	5,239,820	4,903,131
7.08	Distribution of added value	5,239,820	4,903,131
7.08.01	Personnel and charges	370,788	350,924
7.08.01.01	Salaries and wages	201,791	198,675
7.08.01.02	Benefits	153,276	135,768
7.08.01.03	FGTS (Severance Pay Fund)	15,721	16,481
7.08.02	Taxes, fees and contributions	3,621,360	3,530,641
7.08.02.01	Federal	1,804,106	1,755,649
7.08.02.02	State	1,809,170	1,767,958
7.08.02.03	Municipal	8,084	7,034
7.08.03	Interest and Rentals	343,546	451,208
7.08.03.01	Interest	322,151	431,421
7.08.03.02	Rentals	21,395	19,787
7.08.04	Interest on capital	904,126	570,358
7.08.04.03	Retained earnings / Loss for the period	904,126	570,358

COMMENTS ON THE PARENT COMPANY PERFORMANCE FOR THE QUARTER

The comments on performance are expressed in thousands of reais - R$, unless otherwise stated.

Profit or loss analysis

CPFL Energia (Parent)

This quarter, the increase in profit was R$ 286,591 when compared with the same period of the prior year (R$ 890,041 in 2020 and R$ 603,450 in 2019) mainly due to the increase in profit of investees.

COMMENTS ON CONSOLIDATED PERFORMANCE

	Consolidated
	1st quarter
	2020	2019	%
OPERATING REVENUES	10,878,728	10,787,756	0.8%
Electricity sales to final consumers (*)	8,150,474	8,009,894	1.8%
Electricity sales to wholesaler´s (*)	1,127,496	1,352,491	-16.6%
Revenue from construction of concession infrastructure	495,804	415,213	19.4%
Other operating revenues (*)	1,568,297	1,334,038	17.6%
Sector financial assets and liabilities	(463,343)	(323,880)	43.1%
Deductions from operating revenues	(3,596,461)	(3,660,309)	-1.7%
NET OPERATING REVENUE	7,282,267	7,127,446	2.2%
COST OF ELECTRIC ENERGY SERVICES	(4,341,419)	(4,483,763)	-3.2%
Electricity purchased for resale	(3,703,952)	(3,952,543)	-6.3%
Electricity network usage charges	(637,466)	(531,221)	20.0%
OPERATING COST/EXPENSE	(1,756,767)	(1,602,946)	9.6%
Personnel	(354,134)	(348,018)	1.8%
Employee pension plans	(45,440)	(28,150)	61.4%
Materials	(74,109)	(66,857)	10.8%
Outside Services	(170,786)	(165,010)	3.5%
Depreciation and Amortization	(354,718)	(332,331)	6.7%
Merged Goodwill Amortization	(72,110)	(72,110)	0.0%
Costs related to infrastructure construction	(495,091)	(415,211)	19.2%
Other	(190,379)	(175,258)	8.6%
INCOME FROM ELECTRIC ENERGY SERVICE	1,184,081	1,040,736	13.8%
FINANCIAL INCOME (EXPENSE)	121,007	(220,040)	-155.0%
Income	438,292	206,595	112.2%
Expense	(317,285)	(426,635)	-25.6%
Equity in subsidiaries	85,160	85,775	-0.7%
INCOME BEFORE TAXES	1,390,248	906,472	53.4%
Social Contribution	(129,908)	(90,050)	44.3%
Income Tax	(356,214)	(246,064)	44.8%
NET INCOME	904,126	570,358	58.5%

Net income attributable to the shareholders of the company	890,041	603,450	47.5%
Net income attributable to the non controlling interests	14,085	(33,093)	-142.6%

EBITDA	1,696,213	1,531,097	10.8%




Net Income for the Period and Adjusted EBITDA Reconciliation
NET INCOME FOR THE PERIOD	904,126	570,358
Depreciation and Amortization	426,827	404,441
Amortization of fair value adjustment of asset	145	145
Financial Income (Expense)	(121,007)	220,040
Social Contribution	129,908	90,050
Income Tax	356,214	246,064
Adjusted EBITDA	1,696,213	1,531,097



(*) For purposes of presentation of the comments on performance, the reclassification of revenue from network usage charge - TUSD to captive consumer was not made.

Gross operating revenue

Gross operating revenue for the 1^st quarter of 2020 was R$ 10,878,728, an increase of 0.8% (R$ 90,972) compared with the same period of the prior year.

The main factors of this variation were:

· Increase of 17.6% (R$ 234,260) in other operating revenue due to network usage charge – TUSD, free consumers, mainly due to tariff adjustments and increase in the volume of energy transported.

· Increase of 1.8% (R$ 140,580) in electricity sales to final consumer due to the 4.3% increase in average tariffs, mainly due to the positive effects from the annual and periodic tariff adjustments (RTA/RTP);

· Decrease of 16.6% (R$ 224,995) in electricity sales to wholesalers, mainly due:

o Decrease of 10.2% (R$ 33,687) in sale of spot market energy in CCEE (Electric Energy Trading Chamber), mainly due to the reduction of average tariffs of 36.1% (R$ 167,535), partially offset by increase in energy sold of 40.5% (R$ 133,848);

o Decrease of 23% (R$ 203,968) in other concessionaires, licensees and authorized, due to the reduction of 29.7% in energy sold (R$ 263,451), partially offset of 9.5% in average tariff (R$ 59,483);

· Increase of 43.1% (R$ 139,463 – reducing revenue) in sector financial assets and liabilities, mainly due to higher realization of assets in the 1^st quarter of 2020 (R$ 84,982) and higher set up of liabilities in the 1st quarter of 2020 (R$ 54,482).

Ø Volume of energy sold

In the 1^st quarter of 2020, the amount of energy billed to captive consumers in the period, including other licensees, presented a decrease of 4.1% when compared with the same quarter of the prior year.

The consumption of the residential class represents 45.7% of the total market supplied by distributors and recorded the same decrease of 2.9% in the 1^st quarter of 2020 when compared with the same period of the prior year. This decrease reflects the effect from lower temperatures in the period.

The commercial class represents 19.0% of the total market supplied by distributors and recorded a decrease of 5.6% in the 1st quarter of 2020 when compared with the same period of the prior year. Such performance is also due to the effect from lower temperatures in the period, in addition to clients’ migration to the free market.

The industrial class, which represents 10.3% of the total market supplied by distributors, recorded a decrease of 12.7% in the 1st quarter of 2020 when compared with the same period of the prior year. Such performance reflects the effect from clients’ migration to the free market.

The other consumption classes (rural, public administration, public lighting, public utilities and licensees) participate with 24.9% of the total market supplied by distributors. These classes presented a drop of 1.2% in the 1^st quarter of 2020 when compared with the same period of the prior year, which was due to clients’ migration to the free market.

Regarding the amount of energy sold and transported in the concession area, which impacts both the billed supply (captive market) and the TUSD collection (free market), there was a decrease of 1.6% in the 1^st quarter of 2020 when compared with the same period of the prior year. The variation by class presents a decrease of 2.9% in the residential class, a decrease of 2.0% in the commercial class and a decrease of 1.4% in the industrial class. Regarding other classes, there was an increase of 0.5%.

Ø Tariffs

In the 1^st quarter of 2020, energy supply tariffs increased on average 4.3%. This occurred mainly due to the effects from the annual tariff adjustments and periodic tariff review, as follows:

		2020		2019
Distributor	Month	RTA / RTP	Effect perceived by consumers (a)	RTA / RTP	Effect perceived by consumers (a)
CPFL Paulista	April (b)	14.90%	6.05%	12.02%	8.66%
CPFL Piratininga	October	(c)	(c)	1.88%	-7.80%
RGE	June	(c)	(c)	10.05%	8,63% e 1,72%
CPFL Santa Cruz	March	10.71%	0.20%	13.70%	13.31%

(a) Represents the average effect perceived by the consumer, as a result of the elimination from the tariff base of financial components that had been added in the prior tariff adjustment.

(b) As described in note 36.2 of CPFL Energia’s interim financial information, in April 2020 there was RTP to the subsidiary CPFL Paulista.

Deductions from operating revenue

Deductions from operating revenue in the 1^st quarter of 2020 were R$ 3,596,461, a decrease of 1.7% (R$ 63,848) in relation to the same quarter of 2019, which mainly occurred due to:

· Increase of 61.9% (R$ 75,703 – reducing deduction) in Tariff Flags;

· Decrease of 5.7% (R$ 56,963) in CIDE;

· Increase of 2.3% (R$ 40,991) in ICMS;

Increase of 2.3% (R$ 20,425) in PIS and COFINS; and

· Increase of 21.1% (R$8,202) in PROINFA.

Cost of electric energy

The cost of electric energy this quarter amounted to R$ 4,341,419, a decrease of 3.2% (R$ 142,345) in relation to the same period of the prior year, mainly justified by:

· Decrease of 6.3% (R$ 248,591) in electric energy purchased for resale, due to:

o Decrease of 4.0% (R$ 154,714) in average price due to the decrease in the PLD;

o Decrease of 2.4% (R$ 93,887) in the amount of energy purchased.

· Offset by an increase of 20.0% (R$106,246) in the transmission and distribution system usage charge, mainly due to the increases in: (i) basic network charges (R$ 64,373) and (ii) system service charges - ESS net of CONER transfer (R$ 58,687).

Operating costs and expenses

Disregarding the cost of construction of the concession infrastructure, operating costs and expenses this quarter amounted to R$ 1,261,676, an increase of 6.2% (R$73,941) when compared with the same period of the prior year. This variation is mainly due to:

· Personnel: increase of 1.8% (R$6,116) mainly due to the effects from the collective labor agreement;

· Private pension entity: increase of 61.4% (R$17,289) due to the recognition of the impact of the actuarial report for the 1^st quarter of 2020;

· Materials:increase of 10.8% (R$7,251) mainly due to the increase in maintenance of lines, networks, machinery and equipment.

· Third-party services: increase of 3.5% (R$5,775) mainly due to the increase in maintenance of machinery and equipment;

· Other expenses: increase of 8.6% (R$15,121), mainly due to: (i) loss on disposal and retirement of noncurrent assets (R$13,869) and (ii) legal and judicial expenses and indemnities (R$ 5,472), partially offset by the decrease in the allowance for doubtful debts (R$ 10,771).

Financial income (expenses)

Net financial result this quarter corresponded to financial income of R$ 121,007, compared with financial expense of R$ 220,040 in the same period of 2019, a decrease in net financial expense of 155.0% (R$ 341,047). This variation is basically due to:

· Increase in financial income of 112.2% (R$ 231,697), mainly due to the increase in adjustments for inflation and exchange rate changes (R$ 266,924), partially offset by the decrease in (i) restatements of sector financial assets (R$ 19,797) and (ii) income from financial investments (R$ 12,528).

· Decrease in financial expenses of 25.6% (R$ 109,350), mainly due to the decrease in (i) interest on debts (R$ 65,758), (ii) adjustments for inflation and exchange rate changes (R$33,089).

Share of profit (loss) of investees

The variation in share of profit (loss) of investees refers to the effect of the share of profit (loss) of joint ventures as follows:

	1st quarter 2020	1st quarter 2019
Epasa	17,845	21,971
Baesa	(307)	3,467
Enercan	34,571	30,483
Chapecoense	33,195	30,000
Amortization of fair value adjustment of asset	(145)	(145)
Total	85,160	85,775

Income tax and social contribution

Expenses on taxes on profit in the 1^st quarter of 2020 were R$ 486,123, an increase of 44.6% (R$ 150,008) in relation to those recorded in the same quarter of 2019, which reflects mainly the effects from variation in Profit before Taxes.

Profit for the period and EBITDA

Due to the factors described above, the profit for this quarter was R$ 904,126, 58.5% (R$ 333,768) higher than the one of the same period of 2019.

EBITDA (Earnings before the effects of depreciation, amortization, financial income and expenses, and income tax and social contribution) for the 1^st quarter of 2020 was R$ 1,696,213, 10.8% (R$ 165,116) higher than the one determined in the same period of 2019.

COMMENTS ON THE PERFORMANCE OF SUBSIDIARIES/ASSOCIATES

Subsidiary/Associate: Companhia Paulista de Força e Luz - CPFL

The subsidiary Companhia Paulista de Força e Luz - CPFL is a publicly-held corporation, and the comments on its performance are included in its Quarterly Information - ITR at March 31, 2020 filed with the Brazilian Securities and Exchange Commission (CVM).

Subsidiary/Associate: CPFL Geração de Energia S.A.

The subsidiary CPFL Geração de Energia S/A is a publicly-held corporation, and the comments on its individual and consolidated performance are included in its Quarterly Information – ITR at March 31, 2020 filed with the Brazilian Securities and Exchange Commission (CVM).

Subsidiary/Associate: Companhia Piratininga de Força e Luz

The subsidiary Companhia Piratininga de Força e Luz is a publicly-held corporation, and the comments on its performance are included in its Quarterly Information – ITR at March 31, 2020 filed with the Brazilian Securities and Exchange Commission (CVM).

Subsidiary/Associate: RGE Sul Distribuidora de Energia S.A.

The subsidiary RGE Sul Distribuidora de Energia S.A is a publicly-held corporation, and the comments on its performance are included in its Quarterly Information – ITR at March 31, 2020 filed with the Brazilian Securities and Exchange Commission (CVM).

Subsidiary: CPFL Comercialização Brasil S.A.

	Consolidated
	1st quarter
	2020	2019	%
OPERATING REVENUES	818,906	861,853	-5.0%
Electricity sales to final consumers	545,229	497,545	9.6%
Electricity sales to wholesaler´s	273,503	364,306	-24.9%
Other operating revenues	174	2	7844.6%
Deductions from operating revenues	(102,427)	(102,743)	-0.3%
NET OPERATING REVENUE	716,479	759,110	-5.6%
COST OF ELECTRIC ENERGY SERVICES	(706,866)	(718,769)	-1.7%
Electricity purchased for resale	(706,864)	(718,810)	-1.7%
Electricity network usage charges	(2)	42	-104.3%
OPERATING COST/EXPENSE	(11,319)	(11,260)	0.5%
Personnel	(7,911)	(7,321)	8.1%
Materials	(60)	(38)	59.3%
Outside Services	(1,816)	(2,074)	-12.4%
Depreciation and Amortization	(895)	(520)	72.0%
Other	(635)	(1,305)	-51.3%
INCOME FROM ELECTRIC ENERGY SERVICE	(1,706)	29,081	-105.9%
FINANCIAL INCOME (EXPENSE)	9,029	(7,748)	-216.5%
Income	9,601	6,532	47.0%
Expense	(573)	(14,280)	-96.0%
Equity in subsidiaries	27,671	18,159	52.4%
INCOME BEFORE TAXES	34,996	39,494	-11.4%
Social Contribution	(685)	(1,961)	-65.1%
Income Tax	(1,998)	(5,510)	-63.7%
NET INCOME	32,311	32,022	0.9%

Net income attributable to the shareholders of the company	32,312	32,023	0.9%

EBITDA	28,003	48,395	-42.1%




Net Income for the Period and Adjusted EBITDA Reconciliation
NET INCOME FOR THE PERIOD	32,311	32,022
Depreciation and Amortization	895	521
Amortization of fair value adjustment of asset	1,142	633
Financial Income (Expense)	(9,029)	7,748
Social Contribution	685	1,961
Income Tax	1,998	5,510
Adjusted EBITDA	28,003	48,395

Gross operating revenue

The gross operating revenue for the 1st quarter of 2020 was R$ 818,906, a decrease of R$ 42,947 (5%) compared with the same quarter of 2019, mainly due to (i) decrease of 24.9% in electricity sales to wholesalers (R$ 90,803) due to the decrease of 32.4% in the volume of energy sold (R$ 133,397), due to the decrease in contracts, offset by the increase in average price of 12.2% (R$ 44,652); (ii) increase of 9.6% (R$ 47,684) in electricity sales to final consumer, basically due to the increase of 6.9% (R$ 34,734) in volume referring to new contracts and increase of 2.4% (R$ 11,845) in average price.

Cost of electric energy

Cost of electric energy in the 1^st quarter of 2020 was R$ 706,866, a decrease of R$ 11,903 (1,7%) in relation to the same quarter of 2019, basically explained by a decrease of 11.8% (R$ 94,002) in the volume of energy purchased, offset by an increase of 11.6% (R$ 83,624) in average price .

Financial income (expenses)

Net financial result in the 1^st quarter of 2020 corresponded to financial income of R$ 9,020, an increase of 216.5% (R$ 16,777) compared to the same quarter of 2019.

Financial income: Increase of 47% (R$ 3,069) due to income from inflation adjustment of receivables from CCEE (R$ 6,674), partially offset by the decrease in income from financial investments (R$ 3,205).

Financial expenses: Decrease of 96% (R$ 13,708) due to fair value adjustment of debt derivatives (R$ 7,205) and interest and inflation adjustments (R$ 6,302).

The variation in share of profit (loss) of investees in the 1st quarter of 2020 was positive of R$27,671, mainly explained by the effect from the share of profit (loss) of RGE Sul.

Profit for the period and EBITDA

The result determined in the 1^st quarter of 2020 was a profit of R$ 32,312,251, an increase of R$ 290 (0.9%) when compared with the same quarter of 2019.

EBITDA (Earnings before finance result, income tax and social contribution, depreciation and amortization) for the 1^st quarter of 2020 was R$ 28,004, a decrease of 42.1% when compared with the same quarter of 2019, which was R$ 48,395 (information not audited by the Independent Auditors).

SUMMARY

ASSET	2
LIABILITIES AND EQUITY	3
INCOME STATEMENT	4
STATEMENT OF COMPREHENSIVE INCOME	5
CHANGES IN SHAREHOLDERS EQUITY	6
STATEMENTS OF CASH FLOW	7
STATEMENT OF VALUE ADDED	8
( 1 ) OPERATIONS	9
( 2 ) PRESENTATION OF THE INTERIM FINANCIAL STATEMENTS	11
( 3 ) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	13
( 4 ) FAIR VALUE MEASUREMENT	13
( 5 ) CASH AND CASH EQUIVALENTS	14
( 6 ) MARKETABLE SECURITIES	14
( 7 ) CONSUMERS, CONCESSIONAIRES AND LICENSEES	15
( 8 ) TAXES RECOVERABLE	16
( 9 ) SECTOR FINANCIAL ASSET AND LIABILITY	17
( 10 ) DEFERRED TAX ASSETS AND LIABILITIES	17
( 11 ) CONCESSION FINANCIAL ASSET	19
( 12 ) OTHER ASSETS	20
( 13 ) INVESTMENTS	20
( 14 ) PROPERTY, PLANT AND EQUIPMENT	25
( 15 ) INTANGIBLE ASSETS	26
( 16 ) CONTRACT ASSET	27
( 17 ) TRADE PAYABLES	27
( 18 ) BORROWINGS	28
( 19 ) DEBENTURES	31
( 20 ) PRIVATE PENSION PLAN	32
( 21 ) REGULATORY LIABILITIES	34
( 22 ) TAXES, FEES AND CONTRIBUTIONS	34
( 23 ) PROVISION FOR TAX, CIVIL AND LABOR RISKS AND ESCROW DEPOSITS	35
( 24 ) OTHER PAYABLES	36
( 25 ) EQUITY	37
( 26 ) EARNINGS PER SHARE	38
( 27 ) NET OPERATING REVENUE	39
( 28 ) COST OF ELECTRIC ENERGY	40
( 29 ) OTHER OPERATING COSTS AND EXPENSES	41
( 30 ) FINANCIAL INCOME (COSTS)	42
( 31 ) SEGMENT INFORMATION	42
( 32 ) RELATED PARTY TRANSACTIONS	43
( 33 ) RISK MANAGEMENT	43
( 34 ) FINANCIAL INSTRUMENTS	44
( 35 ) NON-CASH TRANSACTIONS	51
( 36 ) EVENTS AFTER THE REPORTING PERIOD	51


CPFL Energia S.A.

Statements of financial position at March 31, 2020 and December 31, 2019
(in thousands of Brazilian Reais)

	Note	Parent company		Consolidated
ASSETS	Note	March 31, 2020	December 31, 2019	March 31, 2020	December 31, 2019

Current assets
Cash and cash equivalents	5	86,248	33,909	5,569,505	1,937,163
Marketable securities	6	-	-	946	851,004
Consumers, concessionaires and licensees	7	-	-	4,805,590	4,985,578
Dividends and interest on capital	13	684,663	816,205	122,552	100,297
Income tax and social contribution recoverable	8	78	78	161,115	87,698
Other taxes recoverable	8	28,732	58,947	302,499	331,428
Derivatives	34	-	-	696,721	281,326
Sector financial asset	9	-	-	899,766	1,093,588
Contract assets	16	-	-	24,657	24,387
Other assets	12	634	400	689,497	648,161
Total current assets		800,355	909,539	13,272,848	10,340,630

Noncurrent assets
Consumers, concessionaires and licensees	7	-	-	756,717	713,068
Intragroup loans	32	422,392	424,387	-	-
Escrow Deposits	23	462	453	769,694	757,370
Income tax and social contribution recoverable	8	-	-	36,644	101,528
Other taxes recoverable	8	-	-	373,086	370,595
Sector financial assets	9	-	-	5,441	2,748
Derivatives	34	-	-	1,748,408	369,767
Deferred tax assets	10	86,394	85,474	562,406	1,064,716
Concession financial asset	11	-	-	9,162,557	8,779,717
Investments at cost		-	-	116,654	116,654
Other assets	12	3,735	3,960	761,827	736,019
Investments	13	13,613,552	12,327,132	1,060,902	997,997
Property, plant and equipment	14	2,378	2,226	8,975,244	9,083,710
Contract asset	16	-	-	1,357,441	1,322,822
Intangible assets	15	119	120	9,222,291	9,320,953
Total noncurrent assets		14,129,032	12,843,753	34,909,313	33,737,664

Total assets		14,929,387	13,753,291	48,182,161	44,078,293

The accompanying notes are an integral part of these interim financial statements.


CPFL Energia S.A.

Statements of financial position at March 31, 2020 and December 31, 2019
(in thousands of Brazilian Reais)

	Note	Parent company		Consolidated
LIABILITIES AND EQUITY	Note	March 31, 2020	December 31, 2019	March 31, 2020	December 31, 2019

Current liabilities
Trade payables	17	1,508	4,698	2,743,239	3,260,180
Borrowings	18	-	-	3,082,710	2,776,193
Debentures	19	-	-	843,880	682,582
Private pension plan	20	-	-	136,441	224,851
Regulatory liabilities	21	-	-	25,387	232,251
Income tax and social contribution payable	22	-	40,629	48,173	218,961
Other taxes, fees and contributions	22	2,126	25,315	686,804	741,536
Dividends		644,786	645,737	669,011	668,859
Estimated payroll		-	-	132,781	125,057
Derivatives	34	-	-	3,545	29,400
Use of public asset		-	-	11,771	11,771
Other payables	24	21,410	22,318	1,341,894	1,094,269
Total current liabilities		669,830	738,697	9,725,636	10,065,908

Noncurrent liabilities
Trade payables	17	-	-	364,051	359,944
Borrowings	18	-	-	11,216,917	7,587,102
Debentures	19	-	-	7,549,688	7,863,696
Private pension plan	20	-	-	1,864,574	2,153,327
Income tax and social contribution payable	22	-	-	156,963	156,198
Other taxes, fees and contributions	22	-	-	807	805
Deferred tax liabilities	10	-	-	1,120,840	1,048,069
Provision for tax, civil and labor risks	23	100	123	554,096	600,775
Derivatives	34	-	-	-	6,157
Sector financial liability	9	-	-	367,181	102,561
Use of public asset		-	-	93,084	91,181
Other payables	24	17,194	20,090	627,339	759,331
Total noncurrent liabilities		17,294	20,213	23,915,541	20,729,147

Equity	25
Issued capital		9,388,080	9,388,081	9,388,080	9,388,081
Capital reserves		(1,640,962)	(1,640,962)	(1,640,962)	(1,640,962)
Legal reserve		1,036,125	1,036,125	1,036,125	1,036,125
Statutory reserve - working capital improvement		4,046,305	4,046,305	4,046,305	4,046,305
Dividend		1,433,295	1,433,295	1,433,295	1,433,295
Accumulated comprehensive income		(917,876)	(1,268,465)	(917,876)	(1,268,465)
Retained earnings		897,294	-	897,294	-
		14,242,262	12,994,381	14,242,262	12,994,381
Equity attributable to noncontrolling interests		-	-	298,721	288,857
Total equity		14,242,262	12,994,381	14,540,984	13,283,238

Total liabilities and equity		14,929,387	13,753,291	48,182,161	44,078,293

The accompanying notes are an integral part of these interim financial statements.

CPFL Energia S.A.
Statements of income for the periods ended March 31, 2020 and 2019
(in thousands of Brazilian Reais, except for Earnings per share)


	Note	Parent company		Consolidated
		2020	2019	2020	2019
		3 months	3 months	3 months	3 months

Net operating revenue	27	(3,983)	-	7,282,267	7,127,446
Cost of services
Cost of electric energy	28	-	-	(4,341,419)	(4,483,763)
Cost of operation		-	-	(746,628)	(694,783)
Depreciation and amortization		-	-	(329,217)	(314,285)
Other cost of operation	29	-	-	(417,411)	(380,498)
Cost of services rendered to third parties	29	-	-	(496,177)	(415,895)

Gross profit		(3,983)	-	1,698,043	1,533,004
Operating expenses
Selling expenses		-	-	(174,392)	(181,182)
Depreciation and amortization		-	-	(1,922)	(1,280)
Allowance for doubtful accounts		-	-	(57,844)	(68,615)
Other selling expenses	29	-	-	(114,626)	(111,287)
General and administrative expenses		(11,258)	(10,845)	(230,056)	(215,638)
Depreciation and amortization		(96)	(54)	(23,578)	(16,766)
Other general and administrative expenses	29	(11,162)	(10,791)	(206,478)	(198,872)
Other operating expenses		-	-	(109,514)	(95,448)
Amortization of concession intangible asset		-	-	(72,109)	(72,109)
Other operating expenses	29	-	-	(37,405)	(23,339)

Income from electric energy services		(15,241)	(10,845)	1,184,081	1,040,736

Equity interests in subsidiaries, associates and joint ventures	13	899,415	611,777	85,160	85,775
		884,174	600,932	1,269,241	1,126,511
Financial income (expenses)	30
Financial income		5,063	2,470	438,292	206,595
Financial expenses		(15)	(8)	(317,285)	(426,635)
		5,048	2,462	121,007	(220,040)
Profit before taxes		889,221	603,394	1,390,248	906,472
Social contribution	10	668	685	(129,908)	(90,050)
Income tax	10	151	(629)	(356,214)	(246,064)
		820	56	(486,123)	(336,114)

Profit for the period		890,041	603,450	904,126	570,358

Profit (loss) for the period attributable to owners of the Company				890,041	603,450
Profit (loss) for the period attributable to noncontrolling interests				14,085	(33,093)
Basic earnings per share attributable to owners of the Company (R$):	26			0.77	0.59
Diluted earnings per share attributable to owners of the Company (R$):	26			0.77	0.59

The accompanying notes are an integral part of these interim financial statements

CPFL Energia S.A.
Statements of comprehensive income for the periods ended March 31, 2020 and 2019
(in thousands of Brazilian Reais)



	Parent company
	2020	2019
	3 months	3 months

Profit for the period	890,041	603,450

Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Comprehensive income for the period of subsidiaries	357,004	1,926

Total comprehensive income for the period	1,247,045	605,377


	Consolidated
	2020	2019
	3 months	3 months

Profit for the period	904,126	570,358

Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
- Actuarial gains (losses), net of tax effects	272,596	(1,833)
- Credit risk in fair value measurement of financial liabilities	84,409	3,759

Total comprehensive income for the period	1,261,130	572,284
Attributable to owners of the Company	1,247,045	605,377
Attributable to noncontrolling interests	14,085	(33,093)

The accompanying notes are an integral part of these interim financial statements

CPFL Energia S.A.
Statements of changes in the shareholder equity for the periods ended March 31, 2020 and 2019
(in thousands of Brazilian Reais)

			Earnings reserves			Accumulated comprehensive income				Noncontrolling interests
	Issued capital	Capital reserve	Legal reserve	Statutory reserve / Working capital improvement	Dividend	Deemed cost	Private pension plan / Credit risk in fair value measurement	Retained earnings	Total	Accumulated comprehensive income	Other equity components	Total equity
Balance at December 31, 2018	5,741,284	469,257	900,992	3,527,510		380,721	(757,016)	-	10,262,749	10,055	2,259,578	12,532,383

Total comprehensive income	-	-	-	-	-	-	1,926	603,451	605,377	-	(33,093)	572,284
Profit for the period	-	-	-	-	-	-	-	603,451	603,451	-	(33,093)	570,358
Other comprehensive income - credit risk in fair value measurement	-	-	-	-	-	-	3,759	-	3,759	-	-	3,759
Other comprehensive income - actuarial gains (losses)	-	-	-	-	-	-	(1,833)	-	(1,833)	-	-	(1,833)

Internal changes in equity	-	-	-	-	-	(6,422)	-	6,422	-	(444)	426	(18)
Realization of deemed cost of property, plant and equipment	-	-	-	-	-	(9,730)	-	9,730	-	(673)	673	-
Tax effect on realization of deemed cost	-	-	-	-	-	3,308	-	(3,308)	-	229	(229)	-
Other changes in noncontrolling interests	-	-	-	-	-	-	-	-	-	-	(18)	(18)

Capital transactions with owners	-	-	-	-	-	-	-	-	-	-	(3,907)	(3,907)
Capital increase (decrease)	-	-	-	-	-	-	-	-	-	-	43	43
Dividend proposal approved	-	-	-	-	-	-	-	-	-	-	(3,950)	(3,950)
Other changes	-	-	-	-	-	-	-	-	-	-	-	-

Balance at March 31, 2019	5,741,284	469,257	900,992	3,527,510	-	374,299	(755,090)	609,873	10,868,126	9,611	2,223,004	13,100,742

Balance at December 31, 2019	9,388,081	(1,640,962)	1,036,125	4,046,305	1,433,295	355,049	(1,623,514)	-	12,994,381	8,278	280,578	13,283,238

Total comprehensive income	-	-	-	-	-	-	357,004	890,041	1,247,045	-	14,085	1,261,130
Profit for the period	-	-	-	-	-	-	-	890,041	890,041	-	14,085	904,126
Other comprehensive income - credit risk in fair value measurement	-	-	-	-	-	-	84,409	-	84,409	-	-	84,409
Other comprehensive income - actuarial gains (losses)	-	-	-	-	-	-	272,596	-	272,596	-	-	272,596

Internal changes in equity	-	-	-	-	-	(6,416)	-	6,416	-	(444)	424	(20)
Realization of deemed cost of property, plant and equipment	-	-	-	-	-	(9,721)	-	9,721	-	(673)	673	-
Tax effect on realization of deemed cost	-	-	-	-	-	3,305	-	(3,305)	-	229	(229)	-
Other changes in noncontrolling interests	-	-	-	-	-	-	-	-	-	-	(20)	(20)

Capital transactions with owners	(1)	-	-	-	-	-	-	837	836	-	(4,200)	(3,364)
Public offering costs	(1)	-	-	-	-	-	-	-	(1)	-		(1)
Additional proposed dividend	-	-	-	-	-	-	-	-	-	-	(4,200)	(4,200)
Dividend approved	-	-	-	-	-	-	-	837	837	-	-	837

Balance at March 31, 2020	9,388,080	(1,640,962)	1,036,125	4,046,305	1,433,295	348,633	(1,266,510)	897,294	14,242,262	7,834	290,887	14,540,984

The accompanying notes are an integral part of these interim financial statements.

CPFL Energia S.A.
Statements of cash flow for the periods ended March 31, 2020 and 2019
(in thousands of Brazilian Reais)

	Parent company		Consolidated
	March 31, 2020	December 31, 2019	March 31, 2020	December 31, 2019

Profit before taxes	889,221	603,394	1,390,248	906,472
Adjustment to reconcile profit to cash from operating activities
Depreciation and amortization	96	54	426,826	404,440
Provision for tax, civil and labor risks	(6)	52	28,396	27,758
Allowance for doubtful accounts	-	-	57,844	68,615
Interest on debts, monetary adjustment and exchange rate changes	(4,606)	(32)	(142,459)	256,867
Pension plan expense (income)	-	-	45,440

CPFL Energy INC 6-K