Enel Americas (ENIA) 3 May 222022 Q1 Earnings call transcript

Good day, ladies and gentlemen and welcome to Enel Américas’ First Quarter 2022 Results Conference Call. My name is Gigi and I will be your operator for today. [Operator Instructions] 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. These statements could include statements regarding the intent, belief or current expectations of Enel Américas’ and its management with respect to, among other things, Enel Américas’ business plans, Enel Américas’ cost reduction plans, trends affecting, Enel Américas’ financial condition or results of operations, including market trends in the electricity sector in Chile or elsewhere, supervision and regulation of the electricity sector in Chile or elsewhere and the future effect of any changes in the laws and regulations applicable to Enel Américas’ or its affiliates. Such forward-looking statements reflect only our current expectations are not guarantees of future performance and involve risks and uncertainties. materially result anticipated of differ statements the may a as various results from in those forward-looking Actual factors. annual Factors. in or These the factors States Risk described in including an or States government decisions the other factors Chile equity in XX-F, rates Américas’ increase Chile, under regulators capital markets elsewhere, in interest include of report the United a in Form the market decline or on by and of adverse United Enel elsewhere

these You XX-F to www.sec.gov. undue of statements, our turn become forward-looking like Américas’ proceed. Haza, may Relations. to would are now reliance Readers these presentation I the Enel forward-looking only Investor statements update Enel speak statements Rafael development forward-looking website, disclose Américas’ access undertakes SEC’s the on of or any to de to inaccurate. Please to as no those cautioned over as place Mr. a not of la Head date. which which obligation their on result

you afternoon, Bustilho, coming the welcome period. Gigi. team. am figures Relations the gentlemen, Américas’ de XXXX CFO, quarter our la and Good presenting presentation. Rafael results Enel ladies much, our first and Haza, to In Language] will Investor this [Foreign be slides, Aurelio Thank very main I of

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Good Rafael. you, Thank everybody. afternoon,

of generation while saw in our year, we the compared our in this explained network XX% mainly increase a Peru. XXXX and period, of quarter to by businesses. performance by demand to an net increased higher the quarter Argentina, business XXX% in Brazil, tariffs, important result boosted we by due first in better financial Colombia EBITDA solid the of During business operational EGP in better Americas income and business, in grew first results EGP results. network and in had due Americas to while contribution during

Regarding our first sustainability website. panel year available XX-F on ESG, recently Form for report we that which we XXXX report, fiscal the glad our announce are published are to integrated in

XX Finally, period, Ventos Brazil of X.X capacity, gigawatts of megawatts construction. time, renewable during this commercial last capacity we operation under II on added working Fonte the we during megawatts At year, farm X,XXX dos April. while began built in continue wind same or another

macro the indicators. to move Let’s following to the main see slide

period, Costa Guatemala the table, depreciated currencies this Colombia, So, while Peru in Rica dollars, on Argentina, during and left and U.S. against appreciated. Brazil

that inflation, seen situation with terms of we currently see the inflation all level first rate countries in except significant across quarter line increased can with for that world. the Guatemala, compared in a reaching In XXXX, being the is

Paulo. electricity and Regarding and during slightly in in especially we Brazil Sao distributed, temperature, activity important economic lower quarter, decreased Colombia Argentina, Peru, to this lower saw due growth an while

for except better see Finally, in in which that Brazil, collections, are the we in decreased. countries, terms all a of can slightly we position

In terms related Brazil not clients due the of an we in of paid to mainly increase pandemic. than the in year bad have XX%, debt, by X to more bills

slide, at Slide a let’s Now, have look next the X.

future was amount, reaching During consolidation same $XXX for by the CapEx business EGP in the of This in Brazil. Americas total has of investments the reflecting Brazil, higher compared first period quarter in growth. country explained to XX% the mainly our XX% relevance year, network the From by of is invested that increased our this and million. year, this last

XX% to to were XX% In terms networks business, devoted and generation. renewable of

and the development our growth a efforts manner mainly generation plants significant in our during our due new grew the it period, optimize CapEx, we at to networks. to Looking renewable see that of

region. is Let’s megawatts in installed XX in same EGP operating XX.X to of terawatt this demand XX% of reached of XX% year, in compared our by year. the by during our new protection With the or total from X.X In including XX% mainly Net in a last an coming the capacity recovery now megawatts we mainly reached emission-free, on From slide. sales production, XX% Americas. the the Americas. explained during the new a increased to XX reaching capacity terawatt gigawatts EGP operating the last Slide Slide renewable. compared the same mentioned, our first coming Americas X,XXX of XX% XX% explained megawatts of capacity gigawatts, of Energy business, capacity, hour contribution EGP X, see quarter highlights we we on will increase detail total period of EGP this period and generation significant capacity which is In XX by this improvement are the from consolidation reached X. Americas, will renewable hours, analyze of period of quarter From Brazil. XX focus already that on

or megawatts megawatts of hydro. technology, and and are X.X solar X.X gigawatts wind gigawatts XXX X,XXX capacity In megawatts terms or X,XXX

are X.X under of gigawatts solar capacity projects. and gigawatts X.X construction, have are wind and mainly Brazil projects We X in located Colombia. gigawatt

$X.X Americas X.X gigawatts operations quarter in during in CapEx in During enter gigawatts mainly first in begin while X.X will EGP XXXX, around and XXXX was Brazil. billion, the allocated gigawatts will X.X XXXX.

are early in we our XX gigawatts, which are and gigawatts in gigawatts considering are stage stage. Regarding pipeline, XXX material XX from

construction we budgets this, energy storage already gigawatts gigawatts In to battery mentioned. addition system of also are around X we of and X.X have under considering

the on focus a have new X. Slide project on Let’s

La we stage project region the before, is the located a XX Loma quarter, Colombia. This Cesar. a totalize in of that during megawatt will solar XXX first This project project the stage of is megawatts. in of a concluded As mentioned first

megawatt Brazil, plant is fully project during this, April, X this April. month XX wind completed. operation to in project in our dos a Ventos Pernambuco, commercial just addition of – is Fonte In the began located during This and

that Panama. me panels first recently a Finally, region located Vieja, of we megawatt announce XX project the solar installed of let in the Madre Progresso

terawatt on in quarter, which highlights year. distribution an decrease in Electricity hours increase X. reached X.X% explained first XX.X Let’s networks Argentina, by of compared important This Slide last in recovery period Colombia and the continue demand is operation slight same a represents an partially by in the to to Brazil. Peru offset

among increase is Regarding number an companies. which had of distribution million customers, XX all we months, in the than compared around last of customers more XX.X XXX,XXX

bike stations, every terms we charging indicators, Colombia while increase and having In Enel In businesses. in had energy analytics X X Peru. mean, while retail front a repair this and last slighter very except contracts, this duration improved Argentina, are which and fannings the the quarter also improved solid for quarter all decreased growth and see lighting maintenance in Slide which a in business, On we Brazil, will in Argentina, is is we compared countries, between that I quality SAIFI, favors and frequency of XX, SAIDI, to of Enel in credit public in portable year. improved. cards from losses

on compared Both X.X sold of and and net number quarter, XX%, reinforcing means in energy this the our reaching of keeping businesses X,XXX the business, electrification retail period the points strategic our XX% increased towards XXXX. hour which to customers terawatt zero in goals focus increase to a delivery amounted target. helping by same us on the Regarding

at the highlights our slides. a have ESG now Let’s in look coming

sustainable SASB As report XXXX period. in annual also non-financial they published the our we this are reports. published with we mentioned available the of and the information GRI our standards and integrated portal. in are XXXX we and our the in our website report investor aligned reports call, And beginning first TCFD, financial and includes for Both

the April the is demonstrates value compliance agreement. U.S. We the fully mainly transparency. and creation and regulation. this in comply The Paris the and reflect published how group’s management to the the business as with also face transition, also commitment integrated a end Form decarbonization in reports XX-F driver our to SEC sustainability region company’s efforts It our into the risk in electrification model of with also at

the same for in operational the from EGP EBITDA positive debt million network period which Américas. tariffs. results the EGP of results contribution the by better of shows mainly reinforcing XXX% XX% in comment front minus million, is the the last EGP mainly this from reemphasizing will megawatts first than If – of to $X,XXX Group mainly business, exclude coming Brazil, This a period first us Enel the in quarter the than reached merger by get better the XX in and of year. by This in net by Americas, increased we I increased year. impacts. reaching slides. the impact devaluation explained quarter results XX.X% higher period higher in higher the was FX explained of first results, an EBITDA while better Now, about is by $XXX of big consolidation very consolidation for million, the million, currency that Funds $XX income financial while billion. Americas, net we EBITDA $X.X operations and and reached coming XX% due $X,XXX quarter explained Americas to from financial the of last

our detail by results $XX million, businesses million Peru XXXX, evolution that $XXX the country figures, with last XX, million contributed Slide negative Brazil, which final adjusted consolidated that quarter in main while will positive reaching while of Colombia flow XX%, and of you the later during grew to of see $XXX higher EBITDA breakdown. have $XX plus period. was of million, X% remember, $XXX the X Brazil we in cash renewables America mainly will $XX impacts Networks basis, improved $XX as increased was $X,XXX EBITDA We contributors of XX% mainly Enel increased and million, of Starting period EBITDA Thermal debt see EBITDA analyze for On by round Argentina million to from million, other $XXX generation this retail On and presentation. all see we had a contribution XX%, devaluation operational than EGP and in Americas, a respectively. and million XX%, first Central in a by we X%. the represents year. due Currency while benefits impact the same by million.

of business XX%. Peru, by repeating had Americas, countries, focus grew by main especially XXX%, Colombia contribution $XXX networks and EBITDA in followed generation Slide contribution was Americas. currency increased mainly In Argentina EGP of devaluation, XX% from came partially a mainly impact of by Brazil, and reaching hydro generation XX%, XX%, million, business and significant by Colombia due million saw explained which million. offset negative the XX. we in at have XX to which improvement the EBITDA EGP EGP XX%, on Let’s by which was level, $XXX conditions. by all XX% with better with total Peru and of increased Brazil Americas a XX%. consolidation This $XX Slide EBITDA

by by in to level, Brazil due an grew made Let’s mainly higher at respectively. tax business was by next offset slides. EBITDA facing. Brazil, in EBITDA first tariffs to increased year, of XX% Argentina a mainly negative see had adjustments last XX% we last we of due tariff demand. networks partially EBITDA This of EBITDA higher [ph] year. to the networks by and In in X%, situation to are and Colombia quarter compared an to increase Peru XX% and XX% by reaching had networks higher due with $XXX frozen the due Colombia, the followed data million. In XX% explained business adjustments of increase the we while EBITDA Peru demand, represents that X%,

After amounted to during of increase amounted With million, $XXX $XX that investment funds a the debt significant to $XXX Let’s the last FFO expenses this of Americas, same while increase see $X,XXX collection of had year. period an million. of same the recover EGP in analyze rest minus million, coming million, XX. investment in of to minus we from networking from our net impact year. financial period Slide amounted an in by we this billion capital amounted mainly that in compared during million, $XXX XXmillion Tax period, in and the operations to of cash $ Starting explained first from Brazil paid including $X.X should This million. minus made EBITDA quarter minus free cash payments the is to for XXXX. lower $XXX the flow flow a bad we

receivables higher [indiscernible] next XX% see, the debt Let can to now XXXX. company XX, FX amounted of debt, $XXX as the – me free – debt million. while Net debt for dividends December million, financial higher $X.X million, gross This reached investments analyze and in for of in by $XXX FX $XXX effects. of due flow $XX our and $X.X slide. Brazil compared operation impact net an is paid billion, explained considers to investment in Net $X and to increase billion, increase cash you extraordinary which million million. mainly for Slide of

currency as remains of the represents and terms the country, In see largest total. debt at level while of XX% Brazil contributor we that holding

cost from mainly period for explained growing and debt, of an inflation and and higher increase this Finally, regarding Brazil the interest X.X%, can we by Colombia. X.X% higher rates in see

And to average of just our for statement here million FX the goes billion maturity and which and XXXX, it amounts our and liquidity that support the emphasize maturities patrimonial. impact me strategy. the after have financial debt $XXX Let debt years. our that XX% and it translation X.X $X.X liquidity to The of XX% position of solid an correspond income allows are FX, we have shareholders billion, cash we equivalents In our to lines. statement, maturities is most XXXX. growth This committed us for credit cash to $X.X doesn’t

with this closing presentation Let remarks. some me conclude

allowed first our along we improvement financial This, quarter saw a growth Américas EBITDA we level, the with solid results while us net maintain solid strategy. operational the and of position During important businesses. all income support an contribution that across at to XXXX, solid have of EGP

players We ESG we one best in are focus America. of in as the Latin our continue with and our ESG positioned company

project coming source line renewable in from delivering and strong year merchant we line totally structures, advancing renewable Finally, Rafael. non-conventional capacity capacity. increase we in with the our the concluded new our that executing in last with are Please,

complete explanation. very for Thank Very, you, this clear. Aurelio

the move to Now Operator, session. please let’s Q&A proceed.

first Suarez Instructions] of line [Operator Our from comes Mediobanca. question from Javier the

now Your line open. is

for have Hi, Rafael. you taking Thank I two. good morning, question. Aurelio my and

slightly during to of by for first can reason country help deterioration and capital is by that you you working company sheet deploy you close Is EBITDA is of to optimal think structure second the a working to absorption debt putting one regarding that case understand The absorption like of question significant close expect Américas? to the mentioned region? I capital on on and is during compromising where that different renewable by the reabsorbed? in be the your capacity the is net us energy And be see for XXXX? in capital. is, company. capital XXXX, now to on the X.Xx. – Thank you. debt, should absorption end reabsorbed question to the to which it your Enel you billion first So of fully The do our when presentation, The the the quarter net that of the question progressively that, level base EBITDA debt in balance the Xx, $X a do of working the company that

question. much, your you so Javier Thank for

$XXX the million we impact from we especially especially Then in an year. projects see that the impact can right. the explained, networking payments of from million, $XXX $XXX December, will, collection that total from debt right, the networks, enter okay. CapEx this – and we of, – capital impact we for operation distribution, Then was regarding– infrastructure as networking you of into in you comes slides, as in as generation, this in especially have Regarding the in amounts November an million. Javier, This which for of million have the $XXX and to have payments have impact million $XXX will we from capital, generation, comment regarding of the that

of it X not It we $X receivable question are on next of But it or half X.Xx. and and year. new the a renewable of same profitability can with an it [indiscernible] increase and securitization will million institution, – the Remember more issue. can when From of $XXX it I by it sell. the estimating From and the distribution, it in refers we And which to with means we level. part So Right debt this financial interesting that will But months’ for level that in and jump quarter. because be our $XXX that CapEx it X depends feasible? I in to our impact our the it to we a at to which the that – especially the depends to we of that least assets restricted How to course, have only debt not volume of CapEx is enter net pass this are was of progressively. end year, I be which us generation we million capacity then in for with we of costs not this basis, analyzing least, with right. frequently, maintain order during will of with paid institute the to the the figures, our made the to in that this, the projects, We did the for last we course, this than the debt million it and paid And financial the at related but months. million securitization the if COD do on pay to that risk, $XXX payment now, think more again, process the company do are lower COD more affects these year. of come tested assets have last networking thinks EBITDA for can focusing achieves was we It economic do more period mean, of from $XXX generation, the a this decompound we it the a to It But I capital. was this. we not we million progressively. end course, in is operation of the risk. year,

not between of to the is be and we over, – have net X.X% EBITDA, right, course, X.X%, right, our focus jump X.Xx will selective the renewables. To focusing, achieve between – the And are the Javier, more more growth course, is the between course, We with and of below much resource we balancing to X% to remain more this CapEx, debt but – we to limit of are unlimited. Xx. of this, distribution

and be returning transpose So we level, reduce the negative networking focus selected is to close need to more mean to period. level. million the of this capital to investment our not $XXX I this order rest this selected to of maintaining during the in impact here, and course,

of see it you we extraordinary that As progressive in in do But first right. quarter, reflected. level we is be impact effort first the we recover quarter, the this way. working products to of we that testing and But optimize during payments if around in with see, consider will the $XXX lots didn’t company during there all capital year, the million order this will these a CapEx

thanks. many Okay,

you. Instructions] is Our open. now Thank from Andrea comes question Segreti, Line [Operator JPMorgan. next

Rafael. you. have two afternoon, Aurelio I Good questions. Thank and

first The one is about Enel Goiás.

saw week sell. the we to Enel So market, next Américas’ market potentially stores about in the several regular deciding

or know would looking of case if would if next sale? was especially the is for to new so Brazil lot sale, the use inflation for in be is on the the with solar. the if that CapEx wind of renewables would the like best you’re managing ahead seeing Américas just prices closing also year? bit be the acquisitions question rationale indeed the worldwide going. moving company little of war would of question about [indiscernible] the the and the and or a And leverage the second what there of is focusing So commodity hear I renewable to on your would on be Enel company What be proceeds, the a CapEx, if and the the We the pressure for of

affecting for would spend you, your an an CapEx for Aurelio. or alarm early year question Thank as the increase coming this and overhaul, be the does the years? So change

Segreti. Thank you much so

Andrea. The I X next in we years, just renewable the have CapEx make renewable, committed the question to order reference of for CapEx made Regarding projects. by mean,

– I CapEx issues to I already– CapEx and inflation no So regarding this major, mean committed in have we and is we the all so mean, that regard on. there already with have contracted. prices the

have billion adding this mean, XXXX, procurement considering for during lower asked course, like we impact previous we a we that $X.X CapEx that maintain of for and I million more In me million. the course, mean, if we years. year analyze as $X.X $X.X less But to CapEx $XXX we profitability, will we to returns course, huge cost are total Of Eric. of expecting this will $XXX – this following the more maintain impacted the you already, for of but the this will have, megawatt order have for and $XXX in billion this, we year. on of everybody, have year we million had effect example, the be I the the than selective to, renewables, are – per the billion it’s also – this. course, and this

in the analyze big explaining are debt in following was especially our see seeing case, megawatt level. XX% year. of not in for more our one debt this capital, We this. CapEx for we before, in But maintain for will our issues are discipline any to considering do year, But I any of as this per increases

news Regarding do we regarding this. decided have lots company that mean Enel formally I the saw we or Goiás anything in of– purchased XXXX, not we regarding

business, nothing Enel said value of front open. official, see of are of course, maximize is change Goiás here, strategy, have that, having to we our not this call realize our that company, possibility is mean distribution, But we anyway secret in we that cost investment, possibility an see we any rotations. Although there but there the or rotate, the to the said – the I there we asset opportunity to only is the the sell. decided if in formally always to of no this in in

a quality, that on. It’s mean very well Let and company company effectively The with We our transformed to strategic rotation are for I good strategy this. track. good asset issue since no process efficiencies is the and our embedded in asset. in no me in plan. company, good there performing the the But very a asset so presented a asset failures in you this reducing related improving related the remind we we is is

Okay. Thanks Aurelio.

you. Thank

Our from Andrew of CrediCorp the next question comes McCarthy line Capital. from

line Your is open. now

presentation Good Rafael. to I questions. afternoon and Aurelio taking for the Thanks afternoon the and Good call. on my everyone have two initially, please.

to with year it that pension you are where fund, of there of the thinking how has calibrate just you a are could also business conversations of then us where distribution if better should Any sort of you Brazil, should in second is how if business – forward. the we lot the there an you are that on question side. upward be regarding tariffs that quarter. and like us there performance Sao the mentioning provide what for That’s the in and overall give front? the expecting color you evolve of regulatory could how understand recent forward, adjustments take should changes Paulo you Firstly, any in restructuring, this going seeing of you if sort the of account just there business you to understand into are in about our terms been that Thanks. a EBITDA was adjustments I And help from a on million just the lately, update and my wondering, going sort this had like, in $XXX in tariffs? the are

distribution How adjustments year, course, are you, to inflation, Andrew. In – right. this the you very be we to it’s Brazil, performance should follow will Thank things. will for two what order see the in close of of analyze the

So, if we have we have tariff higher a adjustment. inflation, so higher

why in had tariff XX% than higher a So, in that’s Rio CRR. adjustment and we

the Now of of is the Rio we I in with pipe, April, huge the of activity, And XX% energy, have but the terms inflation, the a contracts. it distributed But is we CRR, related economic increase it’s a is short-term mean difference development right. because other the tariff connected have to in to In related almost is then the and IPCA issue more IGPN. increase to and with right. and analyze the is the temperature adjustment

seeing – economic not a activity, we seeing are huge big impact terms temperature. but in a We are more of

– year, day, the slightly in quarter last quarter lower but of of temperature than end the the the at the the this that Rio, have the in adjustment lower first the compared was full in the tariff Goiás of in of one. tax So, Ceará mostly this Paulo temperature – increase Rio. the and Sao in supported we the in And that have case let for course, adjustment quarter to of we previous

higher collection balance of So, at end and – I will on if mean higher. – to The more automatized this now, pandemic. increase to course, have installments this mean the tariff. in of not the trend price a hand, will we tariff put because the people have for do good effect the day, pay be the be have to will issues I probably What’s other thing it are can quantity more and right, is the to have right restrictions the related mechanisms the – a we you improving. clients That’s collection. of why that higher view, pressure, is we

So, the relation we take for in – distribution to to of environment installment in debt and is for discipline and the I short-term, in side, we economic from market, the this need can I mean this. the offer disconnect in it care also XXXX, but good put the perspective payments. mean

paying good the have which we issue a didn’t and hydrology energy in April. provides are our account, the we for million hydrological have mention tariff better remember since in which received accounts, a we good important to the operating we purchased not the hydrological receiving issue, us a I is less, this in is Another very since and yet is us first hydrology to quarter, it similar or that – that $XXX that are did we money more that are capital working remember in pay that now we – more

sectors, seems and So, the for the the same quarter. issue. by you have key side, hydrological because than price be that pressured, okay, to that economic will hydrological will attention effect. demand last collection, right, in will crisis will higher so I collection year, these good. And see this with remember but the in issues, readjustments a not financial mean are and be pressured first they are it in this this be for the we year last tariff, better long perspective sorry is In be good, issue it

total the assets defined This debt, plan. will a have, fund, control dollars, that controlled the in we the is we have more cannot debt have I it announced the plant. this dollars, into will mortality will fully we transform the than you to X.X and this that we bring billion But have let’s of we is because discount, us the higher an that also $ debt just the Regarding discount interest say, situation to we the U.S. remember of in liabilities in reais. are that contributed And current remove benefit, today – sponsorship rates not, table. mean idea, the the is reais, today, with you translated debt. funds for okay, pension familiarized a

to will be we impact this fixed quarter first into of the debt So, estimating are we and a XXXX. transform the

mean debt, will debt, now, mean Pension I the exactly that’s forgot a we to right So, the a same. is debt, I not financial but debt We transformed rating there agency I pension the okay. it. transform debt, name fixed. A for

the amount. Remember total – when fund and we have considering leverage, we is then fund X.Xx, we pension So, that leverage, a showed the just consider pension the the fixed okay. –

Thanks helpful. Very much very Aurelio. Great.

Andrew. Thank you,

Thank you.

Peter line from Bowley the Bank from comes of question of next America. Our

line is open. now Your

Rafael. on regulatory call your do on to bit projects Thank for offshore pipeline? in Enel a perhaps the of taking publishing question. my In Hello you projects you you and and appendix the of Aurelio how the by Colombia? timing of relative Thank for Mines Energy. recent Américas your roadmap and these for Colombia the Could of the issues, offshore Ministry mentioned wind growth opportunity types for think Colombia’s you scope wind share more you. detail And about

don’t correctly. country, the we about understood one. I you Peter, was offshore your energy know the understood last but of if question, the from renewables. in I presented each But asked Yes, condition our Brazil I roadmap

In Yes. specifically. Colombia,

not focusing right offshore Okay. right. renewables are Peter, now, we to

lots For us seen opportunities shore, and is Latin potential than which lots especially of we in cheaper the offshore solution. have America, America, in in Latin of

course, of the technologies. mean I So, we analyze all

and We in seen shore, solar. yet also mean have we country on. in the issues. of see are lots But analyzing we also transportation And for saw and in I so especially strikes the potential some Colombia, wind in the we country storage

first will project megawatts. a now, XXX – project the priority I focusing now we in in – put have and this project mean X years our next right I we the is are at we project next reach I Loma. La mean years and shore mean also. least the for – in – X solar Colombia part So, the to COD we in quarter, this almost are in presented And the first of we right –

– In have megawatt depends competitive we So, course, this. projects been on $XXX,XXX. X.X in and is average we on example, in cost. It very it – per offshore install solar depends this is on – I and very, we reaching wind, of are million solar, mean it’s capacity. for kind of have reach we today,

I So, profitable more right. is shore feasible need there word, is it’s more there now, the and – mean but the capacity right no it’s not renewables in or not

Very Great. Thank clear. you.

You’re welcome.

back for I the would you. no am call any further Thank remarks. like over questions. the company At time, this I turn showing to to closing

conference you thank Aurelio. very you, call. Thank conclude much, results this We Well, Gigi.

First in days. rest me usual you may questions as Relations Have the Investor a for remains evening. any doubt or any even or the team of clarification any remind good available coming you all, that let

conference today’s This you concludes Thank call. for participating.

now may disconnect. You