The leading sugar and ethanol companies including Cosan, Biosev, Sao Martinho and others reported as much as a third of their revenues in recent quarters came sales of surplus energy from their cogeneration units, far surpassing the typical 5-15% of revenues coming from energy sales in recent years. Spot energy rates traded at near ceiling limits of R823/MWh ($307.09/MWh) for almost the whole of 2014, up from an average of R260.53/MWh in 2013.