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

ACCOUNTANTS' REVIEW REPORT
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To the
Board of Directors and Shareholders of
Espirito Santo Centrais Eletricas S.A. - ESCELSA
Vitoria - ES
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1.   We have performed a special review of the balance sheets and the related
     statements of income of Espirito Santo Centrais Eletricas S.A. - ESCELSA
     and subsidiaries (parent company and consolidated) for the period of nine
     months ended September 30, 2003, prepared under the responsibility of the
     Company's management, in accordance with accounting practices adopted in
     Brazil, as a part of the Quarterly Information (ITR), submitted to the
     Brazilian Securities Commission.

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, and the standards issued by the Brazilian Securities Commission
     (CVM) specifically applicable to the preparation of Quarterly Information.

4.   We have previously performed a special review of the balance sheets (parent
     company and consolidated) as of June 30, 2003, and issued our unqualified
     accountants' review report dated July 17, 2003. The statements of income
     (parent company and consolidated) for the period of nine months ended
     September 30, 2002 were reviewed by us, and we issued our unqualified
     accountants' review report thereon dated November 6, 2002, containing
     emphasis paragraph related to the accounts receivable and payable relating
     to the electric power sales and purchases transactions conducted in the
     Electric Power Wholesale Market - MAE, which were subject to modification
     depending on the outcome of a current judicial process, and in which the
     settlement of the accounts would depended on the financial capacity of the
     energy market participants to settle their obligations.



October 21, 2003

DELOITTE TOUCHE TOHMATSU                                 Celso de Almeida Moraes
                                                           Engagement Partner