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For the month of December, 2003

Commission File Number 1-14668

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 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____

COMPANHIA PARANAENSE DE ENERGIA - COPEL
Corporate Tax ID (CNPJ) # 76.483.817/0001-20
PUBLICLY TRADED COMPANY
CVM Record 1431 - 1

EXTRACT OF THE MINUTES OF THE 103rd MEETING OF
THE BOARD OF DIRECTORS
(Free translation from original in Portuguese)

1. VENUE: Rua Coronel Dulcídio, 800, Curitiba - PR. 2. DATE AND TIME: December 2, 2003 - 9h30 am. 3. BOARD: João Bonifácio Cabral Júnior – Chairman; Paulo Cruz Pimentel – Executive Secretary of the Board of Directors. 4. ATTENDANCE: Members of the Board of Directors according to signatures at the end of this document and Mr. Paulo Roberto Trompczynski, chairman of the Audit Committee, Mr. Ronald Thadeu Ravedutti, Copel’s Financial Officer and Mr. Gilberto Serpa Griebeler, Administration Officer and Partnership Officer. 5. AGENDA AND DELIBERATIONS: Item I of the agenda of the day – COPEL’S BUDGET FOR THE FISCAL YEAR OF 2004. Mr. Ronald Thadeu Ravedutti presented information regarding the assumptions made in the Company’s cash flow/budget planning for 2004. After the guidelines for the budget were presented, the members of the Board decided that this matter should be subjected, at the appropriate time, to the approval of the Board of Directors, with the adjustments recommended by the Board. Item II – HIRING OF INDEPENDENT AUDITORS. Mr. Ronald Thadeu Ravedutti informed the members of the Board that PriceWaterhouseCoopers Auditores Independentes won the bidding process that took place in November 2003, to provide independent audit services in substitution of Ernst & Young S.C. Auditores Independentes, whose contract expired on 10.25.2003. The Board decided to authorize the hiring of the winner company. Item III –APPROVAL OF THE CALENDAR OF MEETINGS FOR 2004. The chairman submitted to the appreciation of the Board the calendar of meetings for 2004, which will be held on 03.23.2004, 06.22.2004, 09.21.2004 and 12.07.2004. The members present approved the dates proposed. 6. SIGNATURES: JOÃO BONIFÁCIO CABRAL JÚNIOR - Chairman; PAULO CRUZ PIMENTEL - Executive Secretary of the Board of Directors; LUÍS ANTÔNIO ROSSAFA; LINDSLEY DA SILVA RASCA RODRIGUES; ROBERTO ANTÔNIO VON DER OSTEN; AMÉRICO ANTONIO GAION.

The minutes of the 103rd Meeting of the Board of Directors will be drawn up and included in the appropriate book number 05, registered in the Commercial Registrar of the State of Paraná under no. 00/056085-5, on August 8, 2000.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

COMPANHIA PARANAENSE DE ENERGIA — COPEL

By:	/S/ Ronald Thadeu Ravedutti
	Ronald Thadeu Ravedutti Principal Financial Officer

This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.