Enel Chile (ENIC) 1 Aug 212021 Q2 Earnings call transcript

Good day, ladies and gentlemen, and welcome to the Enel Chile Q2 and First Half 2021 Results Conference Call. My name is Felita, and I will be your conference operator today.

During this conference call, we may make statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect only our current expectations, are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those anticipated in the forward-looking statements as a result of various factors. report in XXXX release this results, and Chile described and in conference are including Enel half XX-F first the annual factors Enel Factors. reporting Chile's QX call under These Risk Form on presentation accompanying

only Isabela forward-looking QX www.enel.cl, to undue update statements, You statements website, are of XXXX Relations or results on our obligation required as over cautioned now no Please of Klemes, www.sec.gov. reliance Readers development Chile. except XX-F forward-looking on as turn not first press Enel may and Ms. speak a Enel half inaccurate, of place these by and Head on dates. forward-looking statements these of release those to Chile disclose would I presentation which like access presentation website, which to our Investor any and proceed. law. as our their the SEC's result the become to undertakes

and Head to Chile's I Relations. joining Thank you, you Isabela Thanks welcome for Enel XXXX Investor Felita. the Second Klemes, Results us am all today. to Presentation. of morning, Good Half

Ask in me Question. our Investors opportunity Let that and www.enel.cl, presentation financial section a are questions via will ask you to through available the website, link our and chat our information in presentation, After the app on an Investors. related there remind the be or phone

through continue In with be our will information the also Giuseppe and may with any IR need will Joining included presentation. Paolo available following the you morning to the results. financial CFO, strategy team available. on and be Turchiarelli. call Paolo you this the highlights then our And in operation its replay this detailed figures concerning you provide will me of always, to will A are Giuseppe CEO, the main our slides, walk our performance, open presentation Pallotti;

now Thank attention. all Let that only for in me mode. connected And media let over Paolo? to you are Paolo. me listening you also remind hand your participants

consolidating Thank position transition. for renewables Good is thanks and is leading its morning, Chile energy Enel you, in Isabela. the and joining us. driving

We those energy transition the like industry, the the of truly in life. a cities, the several to true expansion electricity climate with of and the is quick path change the are by in resources technology Chile, support involved benefits home, citizens' conscious those of advances implementation country of support and fight a an This client, the may the at towards of about the a that importance in also the authorities to where the transforming changes. in multiple requires effort reaction and understand quality use

the than During during advancing the gigawatts period. we add more of renewables projects capacity are part that are additional we this in X.X will of the renewable construction X gigawatt X.X quarter, of that XXXX-XXXX

slides the As structural you no gas Giuseppe, by by presented impacted results prices. our availability will in elements liquid commodities' see hiking XXXX been and half results have like

announced. I score one for with the now index, during company, Santiago the this in Index, ESG rebalancing added Stock Poor's Standard the operation local highlight and commitment. 'XX. Recently, Poor's Standard Titled on Index. by early this July FTSE IPSA Russel been we Enel is the for new Launched ESG first at Exchange, the time IPSA sustainability XX first with the Looking of Chile and Titled Also, executed like year companies included our have would recently the & to

year. reflect and X.X achieved been total These have the X.X of transition. towards strategy previous sustainability a in our We commitment our of recognitions just points X.X versus energy

energy clients' together requirements. are along strategy, our We growing with our

energy companies the several signed as service and mobility to in our via a point mining retail private Enel and addition with companies has starting sector, In solutions. operations, electricity to efficiency promote then supply electric agreements mainly

exchange continue to push electric the more on the system of support adoption the programs in one. several implementation a of we heating to participating in the Additionally, of cities, of contaminating decontamination

first Finally, directly consistent of agreement on with climate our local kind to strategy, law securing Nations our our Santander reduction Chile SDG-linked for XX of XXXX. COX instrument with action emissions take is utility the linked United direct is to SDGs. This linked instrument. signed have we the and an the to Enel Banco SDG in the first by this related is

on construction, #X. Now under our capacity Page

important our the on projects for for market Let you energy in transition. me of give as position our pillar under some and update construction implementation the the

jointly continued to advance with on our caused have The reschedules XX country's effects and time the managing borders, of in permits complex you, the bureaucracy with personnel, the of cases, construction months lack As portfolio. on the XX commented have in pandemic of last closure of the quite the already by and causing some project Notwithstanding restriction been additional plants. to archaeological required, new delays lockdown our above, line. of we renewable constructing

of see can of you we a under construction, the the end in the significant As year, amount. operation considering in that percentage chart, by this put will capacity

to Let's with energy of an to to the are related aggregate of Today, clients Slide provided services X. and our to the green be move support requiring contamination the use our therapies.

in are complete path we has leadership in agreement time, the America. to time is the than electric and the in largest our with Enel At agreements, and share of Falabella sustainable to A a energy. country. to its efficiency the energy enhanced to in coping agreements and tender, services the electric in energy the clients, use X decarbonization. to the market a partnership with more different and been signed operations After the increased Enel through innovative same awarded to incorporate same one their Group, transportation at changing the more, have sell XXX private country. the promote solution general, have of retailers example mobility we points those With recent providing We and Latin

we monitoring This X,XXX have definitely Today, cameras surveillance. complementing project video and is sustainability a good of countries more crimes in installed of kind laying infraction. the the clients' and projects reading development agent the preventing to plans again, will contributing use and of of smart have security our X, are security aware more road to Enel of of of cameras, efficient line contribute Chile, energy. cities, automatic first fit. includes of X and becoming and fiber citizen like security patent optical with Customers the change. in developed and we of choice car security Enel the Finally, than

period. we With the the in partial a Now #X. reference on have to energy network Page seen during compared recovery to quarter, previous the second our demand

result, terawatt increasing hour, last versus distribution year's X.X energy period. As reached X% the aggregated a

challenges higher We are reached reduced actions of X% XX% facing our loss rate Distribución XXX,XXX the reference to than our increased of from with our quality have app more the downloads, to XXXX all digitization our Enel figures. service cumulative the X.XX% than despite towards and processes, June we distribution

period last have digital Our increased interaction the to of XX% in the XX% year. same from

by final regulatory published the report issued distribution and report the be in regulatory expected be side, the on On shall model is reference X. to the weeks the November following following

challenged regulators have we in discrepancy mentioned, between and As expert the can instance. be positions companies panel any

will XXXX. regulator release expect that the the distribution decree We tariff final during

on be the report the by the It panel tariff XXXX-XXXX, phase. challenged the instance cycle the depending results companies published presented tariff several the the expert next be will new evaluation in during comments fixing regulators different transmission of cycle could Regarding weeks. during

the at expecting service the On overdue tariff law X, to are of or published Slide decree very basic transmission We XXXX. this of application the that be affecting the year of is level end early debts.

improvement XX,XXX agreements, alternatives providing and of have clients are than which to and service XX% Enel a promoted to collection push to stable agreements By payment law basic payment with the more We remains our 'XX, by to to effort, half to we corresponds agreements. to second in level the other 'XX. in Chile. of adoption quarter promote Due continuing our June our finalized slight correspond voluntary payment

more factorized versus end XX with around to XXX part families million, process. months reached will a XX% view, liquidity for the In XXX,XXX long our be as overdue increase supporting and our overdue USD that In On monthly year. you, already debt basis, most not million, clients, solution sustainable the the USD of As in sense, accounts the the June, going period. than a once term have we the next this in of representing net to materially state vulnerable last the of increase normality. of commented will condition crucial of level during the the in come involving is payments is

Now I will over Giuseppe, your to Giuseppe. turn. hand

Paolo. Thanks,

the me with extraordinary summary on details Let financial our the the me slide. through we'll start of let which the following Slide go effects of period. X, the explain in before starting But with presentation, highlights

Bocamina impairment company offered the and million EBITDA the adjusted have the the coal X we the voluntary The these XXXX, stock In group the arising $XX impairment in of amounted program $XX income first bottom nearly age. of retirement has income. retirement second an the in effect effects aggregate half to effects were the in and net cost the XXXX EBITDA had that from million first the and to million which and program $XX retirement the to the half million employees, For voluntary of net the line. considering to and EBITDA at $XX associated quarter,

impairment the the EBITDA $XX coal and net year, at we of figures of bottom previous the are the of bottom in For the in details of Bocamina All described the slide. X the by line. effect have million $XXX the adjusted stock million impairment of

linked CapEx Now to let's out our is which with start on XX. of XX% SDG the Slide allocation,

XX% $XXX reaching new year. capacity. to the reached was to CapEx connection, Customer $XX total of a of million, an CapEx build mainly with last devoted the mainly increase construction million XXXX half First allocated of renewable versus new

Asset $XX $XX noncoal higher facility activity our and due in million reached higher million than $XXX to higher renewable XXXX, mainly than by management development driven first of half network. the distribution our million, digitalization the Development our continue CapEx maintenance higher million, expansion CapEx our $XX in and digitalization maintenance to first thermal business largely almost projects. of work reached distribution,

recovery denominated. is and required adjustment the increase has by considering business XXXX, This the resulted Slide the of and Q tariff XX% the in versus Chilean due market second of depreciation harmonization a XXXX, distribution with as increased the lower the with of that due on offset and to to plan, in purchase, agreement second on X or retroactive and breakdown particularly in $XXX versus U.S. customers a The negative line of seasonal of effect hydro the regulated pesos effect to system the energy for gas mainly the the in be lower EBITDA new the price accounts devaluation indexation. during related to on XX% hedging related our second iron XXXX a cost was start XXXXas settlement headquarter of now recovery transmission the the in The a our indexation. And X.X during Q costs increase comparison new Negative mainly Enel generation of book our tariff government of international PPA. in to also of A with previous XXXX tariff figures, XXXX Distribución are the basin second effect steel business hour CPI measures coming to price lower higher us on on to the tariff, effects in commodity XX, in network mainly consequently and accounted XXXX PPA and Let's spot price our million, allowed the CPI nonsolar supply to a in of PPA into and is in in prices the lighting year contract which the provisions XXXX due the $XX of figures. and by that terawatt of started received very peso XXXX second our in portfolio regulated our net maintained insurance contract celebrating effect the to our variance result due XXXX. versus due public the our the the recovery costs during recovery second high higher tariff the settlement PPA supply associated continuity to XXXX, from cycle. in mainly in to The mainly price lack EBITDA remuneration a step-by-step time hydrology insurance executed coverage Q margin Q distribution made Other Q commodity November strategy. from of additional positive the demand, shall and Transantiago the premarket on PPA Chilean the agreement XXXX flexibility are currency regulated commodities XXXX versus renewable. and coming at AngloAmerican lockdown remuneration update million, beginning PPA Q of in market

to on have half for half move the XXXX figures. million, Let's $XXX we adjusted Slide EBITDA first -- breakdown of versus XX, XX% summary accounting where lower

of the price; see, coming second the can mainly depreciation we with in starting the negative that PPA the Chilean period considering This offset presented in you book effect our effect of Distribución currency million main in again negative million XXXX, commodity distribution recovery on effects Chilean the from executed tariffs. are already As both a also new accounted remuneration expected commodity A denominated. associated are and negative generation agreement million coming as related $XX last tariff first for half quarter: in distribution; X from XXXX. in year headquarter same higher U.S. $XX million and and by Other margin variance versus Transantiago received is commodities related the our was pesos our beginning the pesos and period to settlement that availability and to PPA the in AngloAmerican $XX on new on due tariff year. coverage; the to net the customer the portfolio insurance network $XX at million, lower agreement mainly transmission $X positive mentioned contracts Enel the

during production now generation in quarter, in rainfall, main XX% hour, production year In the on hydro terawatt about of affected XX. our our you last KPI Therefore, year, versus country and quarter our generation by especially which as there give very thermal poor Even year. X.X generation same Let supported XXXX. second well been to last a detail in increasing the increase me in versus second period hour, as in total more hydrology our improvement the first reached when the X.X compared by production was June, the though semester also an enabled has reached slight Page our the similar terawatt generation.

first XXXX, transfer and during regulation Chile the Distribución of the Our primarily XX% customers, as increased contract half energy retail new part AngloAmerican X clients by sales from of with unbundling Enel including requirement. explained

includes of hour relating For the Chile, X.X Enel customer Slide of business, half Transmisión balances and Enel generation Chile. X.X a XX, Chile including what Distribución and the Distribución excluding X.X hour of the cost purchases, adjusted higher terawatt top concern related spot market our is sourcing, production from portfolio business, last spot been network price Power already terawatt to first finally, on higher during accounted total including EBITDA the coal price Slide a mentioned XX, largely XXXX, on to unfavorable On Enel of terawatt contracts unregulated year. summary on we hydrology, and the effect Green to just hours of of extra Chile process increase Generación coming which by from by market recap Enel generators performance business. the other decarbonization a adjusted of and our explained performance Enel the commodity retirement the the And when I the compared on our program. has consumption voluntary the show which of and

tariff XXXX settlement The transmission XXXX the the lower by regulated volume. second of decreasing booked unbundling partially Q the accomplish provision tariff due regulated transferred reached free law, finally, a clients agreement, XX% to in due XXXX. first quarter adjusted related the the the And market to tariff compared Accumulated the free to the both to transferred solution the XX% second in Q second business of transmission, business in EBITDA demand distribution and the the business, market generation Q booked and law. clients XXXX XXXX, one-off lower first XXXX reached mainly or higher with market to offset new remuneration impact unbundling EBITDA, generation in million, the half $XX and regarding million mainly union accomplish in to who to $XX period,

$XXX on Generación variance impact D&A due a differences, through related $XX XXXX, go stabilization debt to new cost income. lower the Enel due D&A our EBITDA in receivable XXXX. accounting. debt million, This reached million, and driver of Now of net higher tax bad due higher XX, in generation in to costs higher accounts, please the to the main Slide group Bocamina stabilization million, effect generation the due in results by factoring expense expense the asset of the excess in of increase Net D&A in related to X the the of $XX during EGP in higher period. Chilean to made the to impairment of half capitalized lower business. an pesos Income in depreciation executed mainly lower financial the due financial and in higher financial in costs totaled factoring to offset of mainly XXXX partially account $XXX reflects exchange business mainly was the regarding on issued the and first mechanism mechanism debt million,

cost of quarter, debt and higher accounting previous the in taxes lower Power year. of to mainly Group made adjusted financial explained in lower the million expense adjusted quarter $XXX The the quarter due the As generation in income net increase XX% Green of second $XX last the mainly income net adjusted 'XX Lower XXXX half XX% a tax X reached million, a figures. business. EBITDA, first lower million, result, in lower reached reasons in effect the the to results, impairment explained was lower second the than mainly consequence a year result Q for match of as Bocamina This the in on in lower mentioned XXXX the factoring accounted lower financial the Enel previous to results. D&A the the due in executed Generación related mainly by slide, factoring D&A by income EBITDA $XX XXXX, of than quarter second

cash on to Moving the Slide XX. flow

First part almost COVID-XX depreciation versus effects of measures stabilization by year, first during net mainly quarter of versus $XXX business XXXX year income These due FFO last Chilean XXXX to line purchases mainly postponed capital $XX than that of a million; last higher stabilization factoring explained base pesos. and XXXX during mainly financial million, with impact mechanism mostly higher by XXXX, accounted and in the the higher half lower a million; cash tax of fiscal and XXXX in XXXX, factoring the higher XXXX, tax and e-buses of cost in figures, XXXX expense during of price were payment sale generation of year; reached transmission by explained to corporate previous lower impact distribution payment $XXX XXXX working during related for due tax offset first to the half to versus mechanism of account. both

on go me XX. Let our now through debt Slide

is increased EFI, funding plan in we our debt executed cost increased have $XXX by the mainly June Therefore, debt gross versus The XXXX. partially remained of December net average The with Chile. to the billion of In $XXX Our the million. Generación period our debt associated $XXX period, the in of amounting a XXXX. as with as offset our the variance by amortization Enel at of period million X.X% $X.X XXXX, June CapEx execution. stable million

now strategy. The of we a X rate, highlighted, considered COX a of our maturity on third-party our Paolo of our as loan generation just instruments. KPI, issued demonstrating We focusing new very of SDG debt XXXX. years the by $XX fleet competitive industry with sustainable Santander million emission SDG-linked with Banco are with derisking the first SDG-linked As recognition

which do $XXX million figures issue debt decreasing $XXX July XX June Santander. consider considered of around intercompanies These USD of June, the of not of our that As as signed million in with are SDG-linked, million XXXX.

of around to an our remains amortization, schedule million up smooth and maturity annually with debt of terms 'XX. December very In $XXX X years average

conclude the in by with XX, level terms part a billion, recent In headwinds presentation now discussed. giving of update this And already driven the guidance the of the Page maintained of flexibility our liquidity, we $X.X let face to on market. events me potential

the stock usual, coal plans. are retirement numbers As and

EBITDA be changed part, factor that particularly our we of driving to several million variables scenario, the have a During to which natural scenarios the some the the last scenario $X.X commodities in this a in hiking clearly investors to half billion from $XXX of lack and the EBITDA predict we highlighted availability, Argentina guidance in complex million adjusted of November range not XXXX, $X.X stand and have the is our reflect to devaluation a range in with all commodity presentation, market million our for for our XXXX. main be price, billion up million. month. should $X.X in our of evolution the $X.X transferred gas effect our to second year, versus run $XXX especially reported between structural us We interest and hydrological Consequently,

anticipating net devaluation on yet be not to see On expected EBITDA. of the CapEx the are larger this part we of offset view our several to important as are deployed year. our running now half of is actions the the on result our as second at don't income We deviation most we CapEx, development

Let is increasing a not strategy to exposure this year. I reduce in utilities that and this Paolo, negative again as of strongly me commodity one the remarks. the closing adjustment capacity the that hydro all significantly will for the renewable part our We over facing believe you hand structural will of year. are to that following headwinds a the remind

of investment evolve In and as priority will Joseph. sense, authorities some to one discussions our you, a for our with Thank to support this to of growth the of execution the battery, need continue and of the regulation for country project acceleration be decarbonization. plan Implementation necessary on instance. important renewable our

will towards relation develop ESG customer and benefit Digital our gas the care communities. long-term clients and a key will standards energy the our and Our clients. under strategy of be to transition full for the be to decarbonization continue with high deployed operations

instrument. Thank will long-term Isabela. open session. our by supported you hand and targeting and over the let's is I to now new for attention, strategy balance Our Q&A vision sheet SDG-linked your strength,

Paolo. you, Thank

questions? operator, we do have So

[Operator Instructions].

Okay. Perfect.

from questions here from Santander. I Riccini the from received Murilo So chat

How Paolo the for the this renewable Giuseppe, Will Murilo, So the from view your our of of question So could a of first I incorporation then system? due we of expect is how point this view? do the you to level Or handle and -- do of higher plan losses relevant answer in think you point expansion could to go transmission the and and evaluate issue? we others, capacity this be in Paolo Giuseppe. conjunctions? enough for

for Okay. Thank question. you your

the connection of Regarding the between sector. it the actors debate area north and between different different transmission the the especially in interesting extension mine of system, large always center that is consumption, the the players, is

that is Now will impacting using improving there a time. this project Clearly, the project is connection. sense business for it require in connection the very high-voltage it

So say, this of in the in this also clients avoid is all to defining Chile, we in X we our take say, speeding that of TackleBar contracts of reactions And involved and there elements also for plants let's portfolio our authorities consideration. system be, that sense for important in into are full have in that order The I bottleneck up let's north. sure. key the can the to commitment to interconnection mention are, sense the second,

same center. also developing developing contract potential are in our at area. in And position time, same the the still are the we We interesting

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you, Thank Okay. Paolo.

signs July? second The concession from how Distribución of the Any demand with is, the measures? performance the Enel restriction the area you are in seeing of of low recovery question in Murilo

Okay.

are recent effect so the a period negative through being and the to months, on Santiago effect the very commercial months. of lockdown, If region many metropolitan the We clients, focus evaluating I'm of sites -- we having clearly of our [indiscernible] the strongly referring small X of -- in affected. the

So an if a of At the continue provide are, in segment. a of a impact perimeter regulatory to we consideration entitled so even the months effect consumptions are also in a into regulated in we this that the concession compared of in regulated see slightly that if it's have X first to same of all terms be into even to take figure. that general free in recovery And -- to but time, from the evaluation decrease, market the the you last the last sense to all, clients let's year, that say, months what system. area movement system has not free, early out the big move choosing be in to X.X the months, X you in be first

all, specific that X%, considering that in factors X% the the all, I all in If you is, at area, look a all and decrease -- between mentioned. all there

let's that period effect and in in So the the area say, perimeter lockdown between the of suffers mid the central Santiago the of March -- and June.

you, from first please? of on versus Santander the Murilo is And Could XXXX? clients being this details the on more is, number held Board, decreasing provide Thank to overdue Paolo. discussions and half from last the why Perfect. question you

regulations number will the what used improvement the of the one discussion recent started say, not seen we XXXX. that clients affected measured bit of, -- a we the cut little regular not enter the considering side, to, let's measure then segment very that start have because period we But let's have clients days in August year, If XX aging amount paying. in most let's a where debt during will are that between mechanism is enter segment, a clients case, the have pressure second -- into is period not because are we a terms It pay by this into from XX of of say, that Okay. on and that that seen in the enter of say, domestic distribution. focus for paying. to large let's the by this the segment is and In that overdue cutoff the is area the the the that into

hedging Xx large in This X,XXX And something remain also means and happening segment press. overdue, we are per the the kilowatt than domestic for have, average that they approx. a between, is for 'XX consumptions per announced clients higher between -- of with say, or we unfortunately, clients client instance, It this the that XXX, and debt client but of June but for in also not hour than -- number, If something the that March is are let's their the 'XX. large month. hours So this to at month is they segment, also look kilowatt increasing. the say, XXX overdue last paying. segment the doubled let's large Santiago, more

without focus that afford debt. the an having have important driven if general solution to government, all clients basis, this our care find this is there this distributor remember for look with are should is But for to that cut say, basis, an we has the parties announcement the table And add this just June, been a famous CLP difficult clients. On where correctly, The average the vulnerable on are top we because system off resources the the paying afford attention, is nobody is involved, authority. cut between XX because regarding discussion. range period debt is issue. clients that be talking very the fare that's are to monthly we on we in I -- have by nonvulnerable the nonvulnerable in that negotiation So their a table to regular early help clients, at there this all to today we can the Because we families, that the If the the different vulnerable the that XXX,XXX. senate focused if them real are of vulnerable a not they and let's paying different analysis if a impossibility also use element come is quotas family the of there that pay, is on discussion interest. of effect a but clients -- category consumption normality, that that will Also off. cannot Clearly, high the to to, pay is the managed. number once the about and the are using

not. have pay distributors we focus where work they is with can leave clients this So do to and that but the

Paolo. you, Thank Perfect.

operator, the know, Mora questions I Rodrigo I have it Otherwise, So any do we Moneda. one don't if -- have from online. we from Can now?

is phone question the on line. There a

the please? Yes, can you open line,

of the from Rodrigo from Modena. Mora Okay. comes question The line

Okay.

sent has Rodrigo sorry. the on line. questions. Sorry, me problem the has a He

is This of and -- is on first the drought closure the postpone Bocamina that, first Paolo electrical system. Rodrigo, country, question X preserve the the So one the evaluating the to of first to situation in in is the given Giuseppe. security the Enel question, order

highlighted already Yes. in are his changes. with dealing Clearly analysis, structural not as we Giuseppe

a of what year something So coincident didn't that is in elements this that happen in difference past. happened -- is the this

many requirements side. and year our short, the of renewable in at projects, picture, that decision been let's by the say, also online do strategy and energy effect our next country. the only cover Bocamina year delay we come we let's effect change other for this So at out only, an to, plus that see, system will megawatts the X.X on by back If the of look the more not evolution driven of on considering least the the phase general reason has projects, say, of our important midterm by come should any or

allow point to the here important is properly. work system The to

place services the all requirements storage of other the by and instance, this a of is And something For we recognition half -- take the for capacity allow other plus together heard, during will that to year enter -- to development I also the order this properly to both of and of the system. was am the hope, with place. as system payment the to second storage are into renewables on proper this, the functioning focusing be be of key of companies because the in with regulation we package that order referring -- ancillary will fulfill the to to system. we in in system

you. Thank Paolo. Perfect,

from year, are of the the question So that the released of is what the second you generation second is, for by guidance update Rodrigo Moneda half hydro estimating considering the company the today?

I more answer in precise numbers. that Yes. Giuseppe of the can On -- be will terms this, to

second let's months covered some, we in drought years know, concept, that difficult couple what of have the that the very storms terms X it of make ago prediction is terms of hydrology. Rodrigo, during the from to important you -- period, requirement say, half. after happened of It first in how all In

especially that to half So difficult then what quite let's have, melting of predict second happen say, happened snow, should snow potential time -- still can snow, potential the the yes. you the and has where in it's and

I difficult on a Giuseppe feeling it's So numbers. you leave to it to predict. to give some

we close to basically, so XX.X around in the projecting terawatt are order hours. Well, to terawatt year Yes. X.X have hours, around

So this projection right is the now. have we that

Giuseppe. the details from next about Rodrigo more this you, period. that Rodrigo. extraordinary Thank we effects asking is question booked during the Then

for more the program voluntary if asking on about in a breakdown the of retirement give for the we can this we impact Enel he's announced And details that group, million. period. group Chile $XX So

leave I answer. Giuseppe the to Yes.

Yes.

we million $XX the parts. So in can two split

Enel and which for Holding. you retirement remaining Generación if one, And the an the million is $XX Distribución, XX% the that want breakdown, related million part, around $XX have to $X million is to is in million million, to around that where $XX plan is Enel $X decarbonization The this first for related effect. Enel Chile around -- is additional

breakdown the basically is that this we So have.

Giuseppe. you, Thank Okay.

more operator, questions? So have you do any

No, ma'am.

Okay, then.

we your or would So presence will mentioned this have questions, team that then any as to for have not thank doubts more like during I Investor call available be other from do may we any and period. today, questions you Relations that our our in

and Thanks, for day. Have nice your attention. Giuseppe. thanks Paolo, a many So Bye-bye.

Thank you. Thank you.

Thank you very much. Bye.

Bye, bye.

This concludes today's conference call.

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