EXHIBIT 2



(Convenience Translation into English from the Original Previously Issued in
Portuguese)


ACCOUNTANTS' REVIEW REPORT

To the Board of Directors and Shareholders of
Espirito Santo Centrais Eletricas S.A. - ESCELSA
Vitoria - ES

1.   We have performed a special review of the Quarterly Information (ITR) of
     Espirito Santo Centrais Eletricas S.A. - ESCELSA and subsidiaries (parent
     company and consolidated) for the quarter ended March 31, 2003, prepared
     under the responsibility of the Company's management, in accordance with
     accounting practices generally adopted in Brazil, comprising the balance
     sheets, the related statements of income and the reports on performance.

2.   Our review was performed in accordance with standards established by the
     Brazilian Institute of Independent Auditors - IBRACON, in conjunction with
     the Federal Accounting Council, and consisted principally of: (a) inquiries
     and discussions with the Company's management responsible for the
     accounting, financial and operational areas of the Company and its
     subsidiaries, as to the criteria adopted in preparing Quarterly
     Information; and (b) a review of the information and subsequent events that
     had or could have material effects on the financial position and results of
     operations of the Company and its subsidiaries.

3.   Based on our special review, we are not aware of any material modifications
     that should be made to the Quarterly Information referred to in paragraph 1
     in order for it to be in accordance with the accounting practices adopted
     in Brazil, applied according to the standards issued by the Brazilian
     Securities Commission (CVM) specifically applicable to the preparation of
     Quarterly Information.

4.   As mentioned in Note 4, the Company and its subsidiary have recorded, as of
     March 31, 2003, accounts receivable in the amount of R$27,843 thousand
     (R$44,804 thousand consolidated) and accounts payable in the amount of
     R$17,272 thousand (R$21,993 thousand consolidated), relating to electric
     power sales and purchases operations conducted in the Electric Power
     Wholesale Market - MAE, based on preliminary information released by MAE
     and/or based on management estimates when MAE data was not available. These
     amounts are subject to modifications depending on the outcome of current
     judicial processes filed by energy market participants, with respect to
     interpretations of market regulations in effect. The settlement of these
     amounts was postponed due to new agreement between Brazilian Government and
     energy market participants. The success of this negotiation and settlement
     of the accounts depends on the financial capacity of energy market
     participants to settle their obligations.



Espirito Santo Centrais Eletricas S.A. - ESCELSA                               2

5.   On December 21, 2001 the Provisional Measure (Executive Order) no. 14 was
     issued, and converted into Federal Law no. 10.438 of April 26, 2002,
     providing, among other things, for the reestablishment, for the rationing
     period, of the financial-economic equilibrium of the electric power
     distribution companies, as guaranteed in the concession agreements. The
     detailed information and the effects of the General Agreement of the
     Electrical Sector relating to the rationing program on the financial
     position and results of operations are disclosed in Note 5.

6.   We have previously audited the balance sheet (parent company and
     consolidated) related to December 31, 2002, and issued our auditors' report
     dated February 14, 2003, containing emphasis paragraphs related to the
     matters mentioned in paragraphs 4 and 5, above. We reviewed the statement
     of income (parent company and consolidated) for the quarter ended March 31,
     2002, and issued our accountants' review report thereon dated May 14, 2002,
     containing emphasis paragraph related to the matter mentioned in paragraph
     5, above.


/s/ Deloitte Touche Tohmatsu
- ----------------------------
April 11, 2003