Companhia Paranaense de Energia (ELP) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to Companhia Paranaense de Energia, Copel's video conference to discuss the earnings for the second quarter of 2025. This video conference is being recorded and will be available on the company's website, ri.copel.com. The presentation is also available for download.

女士們、先生們，早安。歡迎參加巴拉那能源公司 Copel 的視訊會議，討論 2025 年第二季的收益。本次視訊會議將被錄製，並將在公司網站 ri.copel.com 上發布。簡報也可下載。

Please be advised that all participants will only be watching the video conference during the presentation, and then we will begin the Q&A session, and further instructions will be provided.

請注意，所有參與者只能在演示期間觀看視訊會議，然後我們將開始問答環節，並提供進一步的說明。

Before proceeding, I would like to note that the forward-looking statements are based on the beliefs and assumptions of Copel's management, and the information currently available to the company. These statements may involve risks and uncertainties as they relate to future events and therefore depend on circumstances that may or may not occur.

在繼續之前，我想指出的是，前瞻性陳述是基於 Copel 管理層的信念和假設，以及公司目前掌握的資訊。這些聲明可能涉及與未來事件相關的風險和不確定性，因此取決於可能發生或可能不會發生的情況。

Investors, analysts and journalists should consider that events related to the macroeconomic environment, industry and other factors could lead results to differ materially from those expressed in such forward-looking statements.

投資者、分析師和記者應考慮到與宏觀經濟環境、產業和其他因素相關的事件可能會導致結果與此類前瞻性陳述中表達的結果有重大差異。

This video conference will be presented by Mr. Daniel Slaviero, CEO of Copel; Mr. Felipe Gutterres, CFO of Copel; as well as Directors of the subsidiaries who will be available for the Q&A session.

此次視訊會議將由 Copel 執行長 Daniel Slaviero 先生、Copel 財務長 Felipe Gutterres 先生以及出席問答環節的子公司董事主持。

I would now like to turn the floor to Copel's CEO, who will start the presentation. Please, Daniel, you may begin.

現在我想請 Copel 的執行長開始演講。丹尼爾，你可以開始了。

Hello. Good morning. I thank you all for attending our video conference. We're presenting yet another quarter with sound business results. EBITDA of BRL1.3 billion, a growth of 4.2% compared to the same quarter of last year and recurring net income above BRL450 million. Our CapEx in the period was of approximately BRL1 billion, BRL975 million to be precise, in line with our projection of more than BRL3 billion by the end of 2025.

你好。早安.感謝大家參加我們的視訊會議。我們又一個季度取得了良好的業務表現。EBITDA 為 13 億雷亞爾，較去年同期成長 4.2%，經常性淨收入超過 4.5 億雷亞爾。我們在此期間的資本支出約為 10 億雷亞爾，準確地說是 9.75 億雷亞爾，與我們預測的 2025 年底超過 30 億雷亞爾的水平一致。

We are monitoring every week the execution of the investment plan, especially in the distribution company, because this is the last year of the tariff cycle. Our leverage closed at 3.1 times, basically due to the temporary acquisition of Baixo Iguacu, and we'll complete the second stage of the operation, which is the sale of the entire asset now in the third quarter.

我們每週都在監控投資計劃的執行情況，特別是配電公司的投資計劃，因為這是關稅週期的最後一年。我們的槓桿率收於 3.1 倍，這主要是由於對 Baixo Iguacu 的臨時收購，我們將完成第二階段的收購，即在第三季度出售全部資產。

If we consider this process, our leverage is at 2.9 times net debt over EBITDA, in line with our dividend policy and our projections, always noting that we have deleverage contracted for the coming years, especially due to tariff review, reduction of costs that Copel has been running on its plan, and its market commitments as well as the improvements that we've been perceiving in the price of energy sold by our company.

如果我們考慮這個過程，我們的槓桿率是淨債務與 EBITDA 之比的 2.9 倍，這符合我們的股息政策和預測，同時我們始終注意到，我們已為未來幾年簽訂了去槓桿協議，特別是由於關稅審查、Copel 計劃中成本的降低、市場承諾以及我們所感知到的公司能源銷售價格的改善。

So speaking of divestments, in July, we also had the conclusion of the small hydro asset sales that were part of Copel's divestment plan, and we closed yet another tranche of this operation with the final element, which is the Figueira plant that will likely conclude its closing now in the third quarter.

說到撤資，7 月份，我們還完成了 Copel 撤資計劃中的小型水電資產出售，並且我們完成了該業務的另一部分，其中最後一個部分是菲蓋拉電廠，該電廠很可能在第三季度完成關閉。

Combined to that in the second quarter, we also had the closing of the asset swap operations with Eletrobras consolidating the results of HPP Maua, and the transmitting company, Mata de Santa Genebra, two important steps in our strategy to optimize our portfolio. In this period, we also had an important recognition that reinforced our commitment to excellence and sustainability. We received the best ESG Award for the Electrical sector granted by Exame Magazine.

除此之外，第二季度，我們也完成了與巴西電力公司（Eletrobras）的資產互換業務，整合了HPP Maua的業績，以及電力傳輸公司Mata de Santa Genebra的業績。這是我們優化投資組合策略的兩大重要措施。在此期間，我們也獲得了一項重要的認可，這強化了我們對卓越和永續發展的承諾。我們獲得了《Exame》雜誌頒發的電氣行業最佳 ESG 獎。

And for the third consecutive year, we ranked first in Aneel's Ombudsman Award. I would like to congratulate everyone at the distribution company for this award. And thank you all for your engagement and commitment, all of our collaborators at Copel receiving these awards and recognitions. So without their effort, dedication and professionalism of all Copellans, these accomplishments would simply not be possible. Thank you all very much.

並且連續第三年，我們在 Aneel 監察員獎中名列第一。我要祝賀發行公司的所有人獲得這個獎項。感謝大家的參與和承諾，感謝 Copel 的所有合作者獲得這些獎項和認可。因此，如果沒有所有科佩蘭人的努力、奉獻和專業精神，這些成就根本不可能實現。非常感謝大家。

Now, we will enter the first or the top subject of this moment, which is the migration of Copel to Novo Mercado. I'd like to remind you all that in addition of being at the highest level of governance of B3, our main objective with this migration is to unify the classes of shares, generating increasing liquidity for the company and to all our shareholders.

現在，我們將進入此刻的第一個或最重要的話題，那就是 Copel 向 Novo Mercado 的遷移。我想提醒大家，除了處於 B3 的最高治理水準之外，此次遷移的主要目標是統一股票類別，為公司和所有股東創造更高的流動性。

The terms approved by the Board of Directors considered in the first phase the unification of the two classes of preferred shares without prejudice to any right of the classes involved. The following step in the proposal will be the migration without dilution to any shareholder in a ratio of 1:1, and to equalize dividends with a payment of a premium to preferred shares of BRL0.7749. This state will depend on the approval of the majority of preferred shareholders in a special meeting that will be booked by the company at the right time.

董事會批准的條款在第一階段考慮了兩類優先股的統一，但不損害所涉及類別的任何權利。該提案的下一步將是以1:1的比例將股份轉移至任何股東，且不​​稀釋任何股份，並透過支付0.7749巴西雷亞爾的優先股溢價來平衡股息。此舉將取決於公司在適當時間召開的特別股東大會上獲得大多數優先股股東的批准。

So in addition to guaranteeing equity between the classes of shares, the proposal includes the migration of all preferred shares to common shares, which will grant the same right to vote and alignment between shareholders. We believe that this will unlock a lot of value for the company through higher liquidity of shares, as I mentioned, and it will be an important tool to attract new investors to Copel, especially foreign investors.

因此，除了確保各類股票之間的公平性之外，該提案還包括將所有優先股轉變為普通股，這將賦予股東相同的投票權和一致性。正如我所提到的，我們相信，透過提高股票流動性，這將為公司釋放大量價值，並將成為吸引新投資者（尤其是外國投資者）到 Copel 的重要工具。

However, on August 1, we were surprised by the deferral from CVM of a request to interrupt the General Meeting for up to two weeks, 15 days that was requested by one single Class A preferred shareholder.

然而，8 月 1 日，我們驚訝地發現，CVM 推遲了一位 A 類優先股股東提出的暫停股東大會最多兩週 15 天的請求。

I note that these class of shares represent approximately only 3 million shares in a universe of close to 3 billion shares -- so a universe of 3 billion shares, so that's slightly over 0.1% of the company's total capital. And even with this representation, our proposal brings benefits to Class A preferred shares, in particular, a significant increase in liquidity. We are convinced that the proposal presented by Copel is in compliance with the legislation and protects the interest of all shareholders for the company.

我注意到，這類股票在接近 30 億股的股票總量中僅佔約 300 萬股 - 因此在 30 億股的股票總量中，這略高於公司總資本的 0.1%。即使有這樣的陳述，我們的提議也為 A 類優先股帶來了好處，特別是流動性的顯著提高。我們確信，科佩爾提出的方案符合法律規定，並且維護了公司全體股東的利益。

We are dedicated to clarify all of the points raised at CVM with full transparency and responsibility so that this process may be resumed within these 15 days and follow its natural flow that is to be assessed and discussed with our shareholders. We trust that CVM will not harbor any type of abuse from any minority shareholder to the detriment of the best for the company and our more than 360,000 minority shareholders of Copel. We'll continue to maintain the market informed of all the relevant steps of this process.

我們致力於以完全透明和負責任的方式澄清 CVM 提出的所有問題，以便這一進程能夠在 15 天內恢復，並按照其自然流程進行，並與我們的股東進行評估和討論。我們相信，CVM 不會包庇任何少數股東的任何形式的濫用職權行為，以免損害公司和 Copel 360,000 多名少數股東的利益。我們將繼續向市場通報此一進程的所有相關步驟。

And I now turn the floor to Felipe, who will detail the results of our quarter. Felipe, please.

現在我請費利佩詳細介紹我們本季的業績。請叫我費利佩。

Thank you, Daniel. Good morning, everyone. I would also like to thank all of you for attending our earnings conference call. I would like to start by highlighting the 4.2% increase in recurring EBITDA, which totaled BRL1.3 billion in the period with GeT and [Com] representing 58.4% of this result and 42.6% remaining are generated by the distribution company.

謝謝你，丹尼爾。大家早安。我還要感謝大家參加我們的收益電話會議。首先我想強調的是經常性 EBITDA 成長了 4.2%，在此期間總計 13 億巴西雷亞爾，其中 GeT 和 [Com] 佔該結果的 58.4%，其餘 42.6% 由分銷公司產生。

The variation was a result mostly of the better result of GeT, mostly due to the best results of transactions in the short-term market, lower generation deviation in wind complexes despite the higher curtailment, increase in revenue from the availability of electricity in the incorporation of Mata de Santa Genebra. These are the three main points.

這種變化主要是由於 GeT 的結果較好，主要是由於短期市場交易的最佳結果，儘管削減量較大但風力發電綜合體的發電偏差較小，以及 Mata de Santa Genebra 的電力供應收入增加。以上就是三個要點。

But on the other hand, there was an increase of BRL126.3 million in the cost of purchase -- energy purchased for resale, which partially pressured the results, especially in the distribution segment. Still, the consolidated performance reflects the consistency of our strategy and the company's capacity to generate value sustainably even in a challenging scenario as well as the power of the integration of its business.

但另一方面，購買成本（購買用於轉售的能源）增加了 1.263 億巴西雷亞爾，這在一定程度上給業績帶來了壓力，尤其是在分銷領域。儘管如此，綜合業績反映了我們策略的一致性、公司即使在充滿挑戰的情況下也能持續創造價值的能力以及業務整合的力量。

At Copel GeT -- going to the next slide, we posted recurring EBITDA of BRL761.4 million, up 12.6% compared to the second quarter of '24. Note the positive result in the short-term market with BRL45 million additional coming from the time modulation and lower generation deviation in wind complexes contributing to more than BRL18.9 million. Despite the cost increase in energy purchase for resale, the result maintained the consistency in operating results. In transmission, we had an increase of BRL16.9 million with the consolidation of results at MSG.

在 Copel GeT——進入下一張幻燈片，我們公佈的經常性 EBITDA 為 7.614 億巴西雷亞爾，與 24 年第二季度相比增長了 12.6%。請注意短期市場的正面成果，其中 4,500 萬巴西雷亞爾的額外收入來自風力發電綜合體的時間調節和較低的發電偏差，貢獻超過 1,890 萬巴西雷亞爾。儘管購買轉售能源的成本增加，但結果仍保持了經營績效的一致性。在傳輸方面，隨著 MSG 業績的合併，我們的收入增加了 1,690 萬巴西雷亞爾。

In terms of sales, we found liquidity in the price market at prices that we considered adequate, which allowed us to close contracts, reducing on average the exposure of our portfolio in approximately 50 megawatts year between '27 and '30. This result show the solidity of our operation and Copel GeT's capacity to generate value with discipline and technical excellence.

在銷售方面，我們發現價格市場的流動性處於我們認為充足的水平，這使我們能夠簽訂合同，從而在 1927 年至 1930 年期間平均每年減少約 50 兆瓦的投資組合風險敞口。這一結果證明了我們營運的穩健性以及 Copel GeT 憑藉紀律性和卓越技術創造價值的能力。

On slide 9, we'll have more color on distribution. Copel distribution posted recurring EBITDA of BRL569.3 million, up 0.6% compared to the same period last year. This performance was driven mostly for tariff adjustments in June 2024 with an average increase of 2.7% on TUSD.

在第 9 張投影片上，我們將對分佈進行更多說明。Copel 分銷的經常性 EBITDA 為 5.693 億巴西雷亞爾，比去年同期成長 0.6%。這一表現主要得益於 2024 年 6 月的關稅調整，TUSD 平均漲幅為 2.7%。

However, this quarter, the effect was practically neutralized by the drop of 2.6% in the billed grid market. Even with these challenges, Copel Dis maintained sound results, reflecting operational discipline with a regulatory EBITDA of 42.8% higher. I also note that the new tariff has an average effect to be perceived by consumers of 2.02% impacting results as of the third quarter of '25.

然而，本季度，計費電網市場下降 2.6% 幾乎抵消了這一影響。即使面臨這些挑戰，Copel Dis 仍然保持了良好的業績，體現了營運紀律，監管 EBITDA 高出 42.8%。我還注意到，截至 2025 年第三季度，新關稅對消費者的平均影響為 2.02%。

Second quarter of '25, the trading strategy progressed, sales increased 21% compared to the second quarter of '24, reflecting a more dynamic, efficient activity in the market. However, we also had a drop of BRL15.3 million on margin impacted by macro factors and adjustments in the operations structure. We also had an increase of 40.2% in expenses with PMSO to prepare the units for the new growth cycle. We are confident that the change in course at Copel trading strengthened the trading company and consolidate our relevance in the free trade energy market.

25 年第二季度，貿易策略取得進展，銷售額與 24 年第二季相比成長了 21%，反映出市場活動更加活躍、有效率。然而，受宏觀因素和營運結構調整的影響，我們的利潤率也下降了1530萬雷亞爾。我們也增加了 40.2% 的 PMSO 費用，為新的成長週期做好準備。我們相信，Copel 貿易公司的方針變化增強了貿易公司的實力，鞏固了我們在自由貿易能源市場中的地位。

We posted a 3.7% reduction in expenses with PMSO totaling BRL708.3 million compared to BRL735.9 million posted in the same period of last year. This result was driven mostly for the almost 15% drop in personnel and administrative expenses in addition to a reduction of 13% in costs with pension and assistance plans, especially due to the voluntary severance program that was partially offset by the salary adjustment applied between the period. We reduced costs, increased efficiency, and at the same time, we're leveraging the safety of the operation, and the quality of services provided. It's an important point here in this compilation of actions.

我們的 PMSO 支出總額為 7.083 億雷亞爾，與去年同期的 7.359 億雷亞爾相比，減少了 3.7%。這一業績主要得益於人事及行政開支下降近15%，以及退休金和援助計劃成本降低13%，這尤其得益於自願離職計劃，該計劃的部分影響被同期的薪資調整所抵消。我們降低了成本，提高了效率，同時，也提升了營運安全性和服務品質。這是本行動彙編中的一個重要觀點。

Moving on to net income, we delivered recurring net income at BRL452.4 million, down 9.5% compared to the second quarter of '24. EBITDA increased 4.2% versus second Q '24, despite an increase of 38.7% in financial expenses as a result of the increase in debt required to face the renewal of concessions, investments and acquisitions in line with the company's strategy, as well as an impact of a higher CDI, compared to the same quarter of last year. Copel's performance remains sound, reflecting disciplined strategic management.

談到淨收入，我們的經常性淨收入為 4.524 億巴西雷亞爾，與 24 年第二季相比下降 9.5%。由於為應對續簽特許權、根據公司策略進行的投資和收購而產生的債務增加，以及受 CDI 上升的影響，財務費用與去年同期相比增加了 38.7%，但 EBITDA 與 2024 年第二季度相比仍增長了 4.2%。科佩爾的業績依然穩健，體現了嚴謹的策略管理。

Now discussing the investments. Consolidated CapEx totaled BRL975.3 million in the quarter and BRL1.6 billion in the first half of the year, maintaining the planned pace. Investments are concentrated in assets that expand the remuneration base, focusing on quality of services, operational efficiency and modernization of infrastructure as well as one-off investments in strategic areas.

現在討論投資。本季綜合資本支出總額為 9.753 億雷亞爾，上半年為 16 億雷亞爾，維持了計畫速度。投資集中於擴大薪酬基礎的資產，注重服務品質、營運效率和基礎設施現代化以及對戰略領域的一次性投資。

On our last slide, the second quarter of '25, the company's leverage was at 2.9 times net debt over recurring EBITDA, excluding the effect of acquisition of Baixo Iguacu that will be concluded in the third quarter -- the divestment will be concluded.

在我們上一張幻燈片中，即 25 年第二季度，該公司的槓桿率為淨債務與經常性 EBITDA 之比的 2.9 倍，不包括將於第三季度完成的 Baixo Iguacu 收購的影響——資產剝離即將完成。

This level is in line with our optimal capital structure. Total net debt was BRL16.6 billion with a diversified composition between financial institution market instruments with debentures and securities. The rating was reconfirmed as AAA, reinforcing the trust on Copel's financial soundness.

這一水準符合我們的最佳資本結構。總淨債務為 166 億巴西雷亞爾，金融機構市場工具包括債券和證券，構成多元化。該評級被重新確認為 AAA，增強了人們對 Copel 財務穩健性的信任。

As for the nominal debt -- cost of debt, even though it went up, the equivalence to CDI went down, demonstrating the efficiency in our funding. We remain attentive to the market dynamics and committed to the maintenance of a healthy capital structure discipline, allowing Copel to continue to invest safely, generating value to our shareholders.

至於名目債務——債務成本，儘管它上升了，但與 CDI 的等值卻下降了，這表明我們的融資效率。我們持續關注市場動態，致力於維持健康的資本結構紀律，使 Copel 能夠持續安全投資，為股東創造價值。

This concludes our presentation, and we can move on to the Q&A.

我們的示範到此結束，我們可以進入問答環節。

(Operator Instructions) Luiza Candiota, Itau BBA.

（操作員說明）Luiza Candiota，Itau BBA。

I have two questions. First, I'd like you to, if possible, give more color about the trading strategy for the quarter, since there were some movements of asset swaps and the comparison with the first quarter is a little bit more difficult. But apparently, you focused on selling more on longer vertices like '28, '29. So if you can give more color on the trading front.

我有兩個問題。首先，如果可能的話，我希望您能更詳細地介紹本季的交易策略，因為有一些資產互換的變動，與第一季的比較有點困難。但顯然，您更專注於在較長的頂點（如 '28、'29）上銷售更多產品。因此，如果您能在交易方面提供更多細節。

And the second question about the migration to Novo Mercado, as you mentioned in the beginning of the presentation, just to understand if in your mind it is still feasible to conclude this migration by the end of the year to have a little bit of a perspective of your timeline.

第二個問題是關於遷移到 Novo Mercado 的，正如您在演講開始時提到的那樣，只是想了解一下在您是否認為在年底之前完成這次遷移仍然是可行的，以便對您的時間表有一個大致的了解。

Luiza, I'll start from your second question, and then we will complement. But since this interruption was for 15 days, Luiza, and this will be next Saturday, we are doing, as I said, providing all the clarification and all the additional information.

Luiza，我將從你的第二個問題開始，然後我們補充。但由於這次中斷持續了 15 天，Luiza，而且時間是下週六，正如我所說的，我們正在提供所有的澄清和所有額外的資訊。

And if this is resolved in this period, which is what we believe will happen with a favorable decision to the company, it will be feasible for us to maintain our timeline to get this all concluded by the end of 2025. So despite this slight delay, depending on the decision, we will have to resummon the general meeting, and this fits into our timeline.

如果這個問題在此期間得到解決，我們相信這將對公司有利，那麼我們就有條件按照我們的時間表在 2025 年底前完成所有工作。因此，儘管略有延遲，但根據決定，我們將不得不重新召開股東大會，這符合我們的時間表。

We had some excess time planned and then things will be a little bit tighter, but the other issues that do not depend on CVM continue to be prepared and continue to advance waiting for this point that will be solved by the 16th.

我們計劃了一些額外的時間，然後事情會變得更加緊張，但其他不依賴 CVM 的問題將繼續準備並繼續推進，等待這一點在 16 日之前解決。

Any comment about this, Felipe?

費利佩，對此有什麼評論嗎？

No, that's it.

不，就是這樣。

Rodolfo, so if you can give a little bit color about the trading strategy, please.

羅道夫，請您稍微介紹一下交易策略。

Excellent. I think the first point referring to the M&A and this asset swap strategy, since the beginning when we outlined our long-term trading strategy, we already had a plan for this type of operation. So irrespective of what happened, there were slight adjustments. But in any time did we have to buy energy or reduce the price. That's the first important point.

出色的。我認為第一點涉及併購和資產互換策略，自從我們開始概述我們的長期交易策略以來，我們就已經對此類操作有一個計劃。因此無論發生什麼，都會有細微的調整。但在任何時候我們都必須購買能源或降低價格。這是第一個重點。

With that said, we also saw during this quarter, great opportunity, especially for the long-term. This is a movement that's been unfolding since the end of last year with a change of perception and the complexity of the system operation.

話雖如此，我們也看到了本季的巨大機遇，尤其是長期機會。這是一場自去年年底以來隨著觀念的改變和系統運作的複雜性而展開的運動。

In September of last year, when we saw the need of dispatch from thermal power plants to cover that, the market started to see our levels, and this materialized this quarter. So we made the most to sell BRL27, BRL28, BRL29, almost BRL40 above what was sold in the past. We don't see the same for '25, '26. So there was space for some portfolio adjustment, but we focus a lot more on these longer sales. The price is very contained, waiting for a better window.

去年 9 月，當我們看到需要調度火力發電廠來滿足這一需求時，市場開始看到我們的水平，而這在本季度實現了。因此，我們盡力銷售了 27 巴西雷亞爾、28 巴西雷亞爾、29 巴西雷亞爾，比過去的銷量高出近 40 巴西雷亞爾。但在 25、26 年，我們卻看不到同樣的情況。因此，有一些投資組合調整的空間，但我們更關注這些長期銷售。價格很包容，等待更好的時機。

Just to add, Luiza and everyone, these volumes, these percentages here are still very small considering the amount of energy that the company has for these medium-term period. And this is within our strategy and dilutions between a plus 4 plus 3 plus 2. So that's in line and showing this volatility of the market, either from the price parameters, the complexity of the operation, the need for power has been showing opportunities in the trend of continued improvement in our view in the PLD price.

需要補充的是，Luiza 和各位，考慮到公司在中期內所擁有的能量，這些數量、這些百分比仍然非常小。這是我們戰略範圍內的，稀釋度在 4 加 3 加 2 之間。因此，無論是從價格參數、操作的複雜性或對電力的需求來看，這都符合併顯示出市場的波動性，我們認為 PLD 價格在持續改善的趨勢中存在機會。

Bruno Amorim, Goldman Sachs.

高盛的布魯諾·阿莫林。

I'd like to get an update about the strategic view looking forward. You delivered some important levers in terms of creation of value recently, establishing the new dividend policy, the migration to Novo Mercado. You put together a very strong team of directors in the recent months.

我想了解未來的戰略觀點。您最近在價值創造方面提供了一些重要的槓桿，制定了新的股利政策，並遷移到 Novo Mercado。近幾個月來，您組建了一支非常強大的導演團隊。

So the question is, to that end, you are clearly preparing the company for the next cycle. So if you can comment about this coming cycle, the areas of interest, in addition to the auction of the capacity reserve, what you believe will be interesting for the company? Should we expect any relevant M&A movement this year or next year? Or is this something more for 2027 onwards? So if you can give us an update on the strategic side of capital allocation, how you see the company going forward, that would be great.

所以問題是，為此，你顯然正在為公司的下一個週期做準備。因此，如果您可以評論一下即將到來的周期，除了產能儲備拍賣之外，您認為公司感興趣的領域是什麼？我們是否應該期待今年或明年出現相關的併購動向？還是這是 2027 年以後的事？因此，如果您能向我們介紹一下資本配置策略的最新情況，以及您對公司未來發展的看法，那就太好了。

I think you mentioned something important here. Going back, all of the promises that we made since our follow-on, we've been delivering in full -- all of the promises. In many of the cases, delivering them even faster and with better results.

我認為您在這裡提到了一些重要的事情。回顧過去，我們後續所做的所有承諾，我們都已全面兌現──所有的承諾。在許多情況下，交付速度更快，結果也更好。

So quickly, renewal of the grant bonus, renewal of concessions, that was the first item that we always talked about. The second, a significant reduction in the PMSO costs through the first voluntary dismissal program, we're seeing the results of the PMSO considering inflation, especially in the EPE line.

所以很快，續簽贈款獎金、續簽優惠政策就是我們一直在談論的第一件事。第二，透過第一個自願解僱計劃，PMSO 成本大幅降低，考慮到通貨膨脹，我們看到了 PMSO 的結果，特別是在 EPE 生產線上。

Third, it was the decarbonization of the matrix with the sale of Compagas and UEGA. Four, the reorganization of the portfolios under small PCAs and the crossing, the swaps in the portfolio with the assets with Eletrobras that was the object that will be concluded this half year.

第三，透過出售 Compagas 和 UEGA，實現了矩陣的脫碳。四是小型PCA下的投資組合重組以及交叉，以及與Eletrobras的資產互換，這是將於今年半年完成的目標。

We also saw the reorganization of the company and the attraction of new talents, as you so rightly mentioned, and this has an effect not only on the C-level, but also some strategic areas in leadership and other specific areas has been said in a lot of units of the company. So in retrospect, this maintains the optimal capital structure. That's an important promise, the update in the dividend policy.

正如您所說，我們也看到了公司的重組和對新人才的吸引，這不僅對高階主管產生了影響，而且對公司許多部門的領導力策略領域和其他特定領域也產生了影響。所以回想起來，這保持了最佳的資本結構。這是一項重要的承諾，股利政策的更新。

And for us to close this cycle of promises, what are the three that are moving along to be concluded by the end of 2026. It's the migration to Novo Mercado that we mentioned, the tariff review in 2026 that has a follow-up from the entire company, not only Villela or Andre from regulation or Felipe, but this is a big group considering the relevance and the results that we will deliver to the company and the market.

為了完成這一輪承諾，我們需要在 2026 年底前完成哪三個承諾？我們提到的是向 Novo Mercado 的遷移，2026 年的關稅審查需要整個公司的跟進，不僅是監管部門的 Villela 或 Andre 或 Felipe，而且考慮到相關性和我們將為公司和市場帶來的結果，這是一個龐大的群體。

And finally, what's also the closing, the complement of the final reduction of our commitment to reduce 20% of costs based on the 2023 nominal LTM that we intend to present, all of this closing by the end of this period in 2025. So it's a long story short, just to reinforce the excellence and the consistency that Copel has delivering its commitments.

最後，我們還要完成的還有，我們承諾的最終削減，即根據我們打算提出的 2023 年名義 LTM 將成本降低 20%，所有這些都將在 2025 年結束前完成。長話短說，只是為了強調 Copel 在履行承諾方面的卓越性和一致性。

So with that said, in a medium to long term, we still have a lot being done in the company, not only the capacity bid, but digital transformation, restructuring, migration to new systems, the transformation of technology. So a lot of other fronts and questions in addition to those three, so commitments that need to be delivered. And we are moving along and increasing the attractiveness, and the enthusiasm and work with our team.

所以話雖如此，從中長期來看，我們公司仍有許多工作要做，不僅是產能競標，還有數位轉型、重組、遷移到新系統、技術轉型。因此，除了這三個方面之外，還有很多其他方面和問題需要兌現。我們不斷進步，不斷增強吸引力，提高團隊的熱情和工作效率。

So long story short, we don't have any view or any rush to consider M&As or capital allocation, because I think we still have all of the facts to generate value. So in this path of extracting more value of our current base, and in this Copel Day on November 19, we'll invite all of you to attend, we will show what we see, the avenues for growth from now to 2035. So this is something we will address.

長話短說，我們沒有任何觀點或急於考慮併購或資本配置，因為我認為我們仍然擁有創造價值的所有事實。因此，在從我們現有基礎上提取更多價值的過程中，在 11 月 19 日的科佩爾日，我們將邀請大家參加，我們將展示我們所看到的，從現在到 2035 年的增長途徑。所以這是我們要解決的問題。

Why such a long environment? Because we are here with a long-term view with a commitment to generate value. And the final point here on our energies that are being focused currently. We're very strong in an aspect of strengthening the culture of Copel as a corporation. So the elements of ambition, purpose, values, what guides us, because we consider this as a competitive differentiator in our management model. So this needs to be consolidated. People and management is an area where all of us partners of the company, in particular, Marcia Baena, that's the Management VP that's been dedicating a lot.

為什麼環境這麼長？因為我們具有長遠的眼光，致力於創造價值。最後要說的是目前我們正集中精力的事情。我們在加強 Copel 公司文化方面非常強大。因此，抱負、目標、價值觀等要素引導著我們，因為我們認為這是我們管理模式中的競爭優勢。因此，這需要鞏固。人員和管理是我們公司所有合夥人都關注的領域，特別是管理副總裁 Marcia Baena，她付出了很多努力。

I went on for a little bit too long, Bruno, because this is something that I really enjoy talking about. That's a view of the trajectory of generating value in the long term, but these things will need to be done at the right time, and we have here a lot that may be delivered in this execution process, without any transformational movement that will have to come, but in a view of 2027 onwards in a way that this may come up. But we don't have anything on the short term.

布魯諾，我說得有點長了，因為這是我真正喜歡談論的事情。這是對長期創造價值軌蹟的看法，但這些事情需要在正確的時間完成，我們在這個執行過程中可以實現很多目標，雖然不需要任何轉型運動，但從 2027 年以後的角度來看，這可能會出現。但短期內我們沒有任何進展。

Congratulations again for the deliveries so far.

再次恭喜迄今為止的交付。

Maria Carolina Carneiro, Safra.

瑪麗亞·卡羅萊納·卡內羅，薩弗拉。

Daniel, I'd like to -- since you talked about what you've been delivering in terms of cost, this is another consecutive quarter where we see a lot of lines improvement. You mentioned you're going to talk about this on the Investor Day, but if you can give us an overview of the type of measures and projects you're adopting, let's say, the so-called second wave of efficiency so that we can be prepared for the coming quarters, where this additional outperformance could be coming up that remains strong quarter on quarter.

丹尼爾，我想——既然你談到了你在成本方面所做的努力，那麼這又是一個連續季度我們看到很多線路改進的情況。您提到您將在投資者日談論這個問題，但您是否可以向我們概述一下您正在採取的措施和項目類型，例如所謂的第二波效率，以便我們為未來幾個季度做好準備，未來幾個季度可能會出現額外的優異表現，並且保持逐季強勁。

And if you can also talk a little bit about the other side. We've been seeing energy tariffs being a bother, I mean, pressuring somehow, the public opinion, the government thinking about solutions like the measures that we saw, how this has been reflecting in the trading policy, your management of ADA. And other companies have been commenting on how this has been the trend of working closer in the trading side and paying debt on PLD, the spot price of each classes. If you can talk about that a little bit as well, that would be interesting.

您也可以談談另一面。我們看到能源關稅已經成為一種困擾，我的意思是，它在某種程度上給公眾輿論帶來壓力，政府正在思考解決方案，例如我們所看到的措施，這在貿易政策、ADA 管理中是如何體現的。其他公司也一直在評論這是交易方更緊密合作並根據每個類別的現貨價格 PLD 償還債務的趨勢。如果您也可以稍微談論一下這一點，那將會很有趣。

It's a broad scope of your question here, Carol. So I'll break it down, and I'll ask Felipe, Villela to please also contribute to the answer.

卡羅爾，你的問題範圍很廣泛。因此我將對其進行分解，並請 Felipe 和 Villela 也參與解答。

So first about the levers. I think the company, Copel, has been coming from a very serious, efficient management even before the transformation process. So we had already been demonstrating good deliveries. But always in line with our road shows, you'd probably remember, there was also that discussion, oh, Copel had already had deliveries. And the inherent size of company always allow for opportunities.

先談談槓桿。我認為，Copel 公司在轉型之前就已經擁有非常嚴肅、有效率的管理模式。因此我們已經展示了良好的交付能力。但始終與我們的路演保持一致，您可能還記得，還有這樣的討論，哦，科佩爾已經交貨了。而公司固有的規模總是會帶來機會。

I think we've done some things, and the people part, I think, is already overcome. But there's always -- we always look not only supplies that you've been able to change everything in procurement and supply with the director that is connected to Filipe, a review of some contracts, some gains in scale that were achieved and do not require bidding processes so we can gain agility, flexibility, not only for the contracts, but also volumes.

我認為我們已經做了一些事情，我認為人力方面的問題已經被克服。但總是有的——我們總是不僅關注供應，您還能夠與與 Filipe 相關的主管一起改變採購和供應中的一切，審查一些合同，實現一些規模收益，並且不需要招標流程，因此我們可以獲得敏捷性、靈活性，不僅在合同方面，而且在數量方面。

I'd say that we've been seeing good reflexes of that on GeT. So there's all that shock in a third wave, and the shock of digitalization, transformation, project -- process revision, not only with smart grid, that we have the largest smart grid in Brazil and the investments we've made, robust CapEx, but also in technology and processes, software. And then a coming wave that we're already perceiving for artificial intelligence. So there's nothing major. But if you add up the small, consistent moves, that's how we intend to get to that commitment of the 20%. So I think this would be a first main step on your question.

我想說，我們在 GeT 上已經看到了良好的反應。因此，第三波浪潮帶來了各種衝擊，數位化、轉型、專案——流程修訂的衝擊，不僅涉及智慧電網，我們擁有巴西最大的智慧電網，而且我們進行了投資，擁有強大的資本支出，還涉及技術、流程和軟體。我們已經預見到人工智慧浪潮即將到來。所以沒有什麼大事。但是，如果我們將這些小小的、持續的措施加起來，這就是我們想要實現 20% 承諾的方式。所以我認為這將是回答你的問題的第一步。

The second part, the tariff side is a concern for all of us, not only here in Parana, but also everywhere in Brazil. Just before continuing on the tariff, all of these moves that we're making to reduce costs and improve performance, the objective is to seek efficiency, but always, always focusing on improving customer service.

第二部分，關稅問題是我們大家關心的問題，不僅是巴拉那州，也是巴西各地都關心的問題。在繼續討論關稅之前，我們採取的所有這些措施都是為了降低成本和提高效能，目的是為了提高效率，但始終專注於改善客戶服務。

That's why there's in some areas, in some lines at the distribution company, you've been seeing a certain increase in service provision. Because at the end, what's more important is to always take care of our customers, especially in a concession area that has been growing historically above national averages. So that closes the first part because it's also a strong focus. Our view is the quality of service provided to our customers that are demanding more and more quality, especially in the economic growth we're seeing.

這就是為什麼在某些地區、在配送公司的某些線路上，你會看到服務供應增加。因為歸根結底，更重要的是始終照顧好我們的客戶，特別是在特許經營區，其歷史增長速度一直高於全國平均水平。第一部分就此結束，因為這也是一個重點。我們認為，為客戶提供的服務品質要求越來越高，尤其是在我們看到的經濟成長的背景下。

With that said, the tariff aspect is a point of attention. It is a point of concern. But historically, and the tariff adjustment this year shows that the concession here in the state of Parana, we are seeing considerably moderate adjustment. I think a lot of it still comes from the subsidies to tariffs. This one of the 2%, 2.02%, more than 5% come from costs, so the [subsidies]. So I think it's a structural concern.

話雖如此，關稅方面是一個關注點。這是一個值得關注的問題。但從歷史上看，今年的關稅調整表明，在巴拉那州，我們看到的調整幅度相當溫和。我認為其中很大一部分仍然來自關稅補貼。這其中的2%、2.02%、超過5%來自成本，所以【補貼】所以我認為這是一個結構性問題。

And when you talk about opening the market and the provisionary measures and so on, they always have to open, but we cannot lose sight of the client, the customer who's at the base, because the customer is being penalized with rates and tariffs and subsidies. That's a big issue.

當你談到開放市場和臨時措施等時，它們總是必須開放的，但我們不能忽視客戶，也就是處於基礎的客戶，因為客戶正受到利率、關稅和補貼的懲罰。這是一個大問題。

And to close the ADA question, I don't know if you have, Felipe, anything to add to that and the ZBB.

最後，關於 ADA 的問題，我不知道 Felipe 您是否還有什麼要補充的，關於這個問題和 ZBB。

I have some comments. I think there are some very relevant fronts in these levers as we did in the ZBB exercise and implementation. So some units will be more diversified in 2026, especially at the distribution company.

我有一些評論。我認為這些槓桿中有一些非常相關的方面，就像我們在零基預算的練習和實施中所做的那樣。因此，到 2026 年，一些單位將更加多樣化，尤其是分銷公司。

The supply department has a strategy to review all contracts, simplify contracts, unify contracts, which also brings a new competence for negotiation that we always, obviously, capture value. This is intensifying. And there is an important front of reviewing and simplifying processes where technology plays a very relevant role.

供應部門有一個審查所有合約、簡化合約、統一合約的策略，這也為我們帶來了新的談判能力，我們顯然總是能夠捕捉價值。這種現象正在愈演愈烈。在審查和簡化流程這一重要方面，科技發揮著非常重要的作用。

So when you combine all of these fronts, that's where we find opportunities for cost efficiency. We prefer the concept of efficiency rather than reduction of cost because you also have a better allocation in efficiency.

因此，當你將所有這些方面結合起來時，我們會發現提高成本效益的機會。我們喜歡效率的概念，而不是降低成本，因為效率也可以得到更好的分配。

Just to add, this question, Carolina, is in line and connected to Bruno's previous question. And one thing that I've been saying repeatedly, internally and to the market. No company generates long-term value simply by reducing costs and selling assets. The company must make good capital allocation. So that's why the Phase 3 of the expansion is very relevant in the medium, long term for the company.

補充一下，卡羅萊納，這個問題與布魯諾之前的問題一致且相關。有一件事我一直在公司內部和市場上反覆強調。沒有任何一家公司能夠僅僅透過降低成本和出售資產來創造長期價值。公司必須做好資本配置。這就是為什麼擴張的第三階段對於公司中長期而言非常重要。

Right now, I hear about ADA and cost. You see that we have that very controlled in the company. But if you can, Villela, give some color on the initiatives to address Carol's question.

現在，我聽說了 ADA 及其費用。您會發現，我們公司對此有嚴格的控制。但是，維萊拉，如果可以的話，請詳細說明一下解決卡羅爾問題的舉措。

Excellent, Carol. We have a strong culture and a robust process for collection and many negotiation channels and payment in installments. And this year, in the first half, we achieved 1.5 million in smart meters. That's one of the biggest smart grid programs in the country. So that allows us to remotely shut down the energy without having to go to the customer's house. And when the payment is made, the client is reconnected within seconds.

太棒了，卡羅爾。我們擁有強大的文化和健全的收款流程以及多種談判管道和分期付款。今年上半年，我們的智慧電錶銷售量已達150萬隻。這是該國最大的智慧電網項目之一。這樣，我們就可以遠端關閉電源，而不必去客戶家。付款完成後，用戶端會在幾秒鐘內重新連線。

So all of that -- and that combined to the state of Parana culture, which is a paying state. We have an ADA below the tariff coverage. So I think this is a big strong feature for Copel.

所有這些 — — 都與巴拉那州的文化相結合，形成了一個付費州。我們的 ADA 低於關稅範圍。所以我認為這是 Copel 的一大優勢。

Andre Sampaio, Santander.

安德烈桑帕約，桑坦德銀行。

I have two questions here quickly on my side that should add to what has already been discussed. First, about migration. I'd like to hear a little bit from you about the dividend dynamics, and what the strategy will be in the announcements for the year, if there is any delay, if there will be the announcement of new dividends before the migration potentially adjust the numbers or potentially delayed dividends?

我這裡有兩個問題，可以補充已經討論過的內容。第一，關於移民。我想聽聽您對股息動態的一些看法，以及今年的公告策略是什麼，是否有任何延遲，在遷移之前是否會宣布新的股息，可能會調整數字或可能延遲股息？

And the second question on the provisionary measures, I'd like to hear a little bit from you about implementation, if we have any -- if we should expect any positive or negative surprise in the process.

第二個問題是關於臨時措施的，我想聽聽您關於實施情況的一些看法，看看我們在這個過程中是否應該預期到任何積極或消極的意外。

So let's go, Felipe. First about the migration and how we address the dividend policy, and then I'll talk about the legislation side of the 1,300 and 1,304. We continue working on our migration program with dividends payments by the end of -- until the end of the year. The dividend policy is whole, both in the parameters for payout payments and the minimum number of payments of dividends. So this is the scenario we work on today.

那麼，我們走吧，費利佩。首先討論遷移以及我們如何處理股息政策，然後我將討論 1,300 和 1,304 的立法方面。我們將繼續開展我們的移民計劃，並在年底前支付股息——直到年底。股息政策是完整的，包括股息支付參數和最低股息支付次數。這就是我們今天所研究的場景。

So basically, our policy talks about at least a minimum of two payments, two annual events. And we always have in the fourth quarter, we announced the dividend of the first half of the year. So the idea is to maintain that. Of course, with this migration to Novo Mercado, it is also part of this equation, as Felipe said.

所以基本上，我們的政策談論的是至少兩次付款，兩次年度活動。我們總是在第四季宣布上半年的股利。所以我們的想法是維持這一點。當然，正如費利佩所說，遷移到 Novo Mercado 也是這個等式的一部分。

But what's most important is that we'll maintain the two events that we committed to in the policy, and the announcement of that during the fourth quarter as the company has always been doing in recent years. So that addresses the first part of your question, Andre.

但最重要的是，我們將堅持政策中承諾的兩項活動，並在第四季度宣布這一消息，就像公司近年來一直在做的那樣。安德烈，這回答了你問題的第一部分。

The second part about the environment. I mean, everybody is seeing the news and discussions, the political institutional environment in Brazil is highly contaminated, very controversial. And this has an impact in all fronts, either in the naming of new directors at the different government agencies or the developments of bills and provisional measures in Congress.

第二部分關於環境。我的意思是，每個人都看到了新聞和討論，巴西的政治制度環境受到嚴重污染，爭議很大。這對各方面都有影響，無論是任命各政府機構的新主管，或是國會制定法案和臨時措施。

So at least, we are monitoring all of that, but I believe that no one, not even the highest authorities, are able to know exactly what's going to happen, because every week, there is something new. There's a new decision. There is a new tariff or an evolution or a legal decision. So everything ends up contaminating the political environment.

所以至少，我們正在監視所有這些，但我相信沒有人，甚至是最高當局，能夠確切知道會發生什麼，因為每週都會發生新的事情。有一個新的決定。有新的關稅、新的發展或新的法律決定。所以一切最終都會污染政治環境。

But bringing it to our question, I think in the base scenario that we work on, MP 1,300, 1,304 will probably merge in a single tax, and one of them will have to be approved at some point because of the implementation of the social tariff, which has already occurred. So this must be approved.

但回到我們的問題，我認為在我們所研究的基本情境中，MP 1,300、1,304 可能會合併為單一稅種，並且其中一個稅種必須在某個時候獲得批准，因為社會關稅的實施已經發生。因此這必須得到批准。

So even if it's a minimum scope of the approval of anything of these two-thirds, that's our base view. It will be needed. And I think this is a point that is feasible in our view that generates one element and another important view for the government and society and the discussion is opening the market.

因此，即使這是三分之二人批准任何事情的最低範圍，這也是我們的基本觀點。這將是需要的。我認為，在我們看來，這是可行的，它為政府和社會帶來了一個要素和另一個重要的觀點，討論就是開放市場。

The discussion is whether the proposed timelines are in line with what is feasible and addressable for the questions, and a reduction of subsidies. So I think these points are in the right line, and the opportunities that may be for any change.

討論的重點是，所提出的時間表是否符合問題的可行性和可解決性，以及補貼的減少。所以我認為這些觀點是正確的，而且可能有任何改變的機會。

And our advantage, at least in the 1,300 is that we have a writer who knows it in-depth. It's a Congressman Fernando, who's very reasonable, competent. He knows this in depth. He used to be minister. So I think this brings confidence to the players. But a concern that is left is that everything that comes in, Congress never knows what comes out. The concern is that what comes out of Congress includes more subsidies.

我們的優勢在於，至少在這 1,300 本書中，我們有一位對此有深入了解的作家。他就是費爾南多議員，他非常通情達理、能力強。他對此深有體會。他曾任部長。所以我認為這給了球員信心。但剩下的一個問題是，國會永遠不知道收到的所有資訊最終會是什麼。令人擔憂的是，國會推出的政策包括增加補貼。

When there was that discussion of the vetoes, they actually made it worse for the tariff environment, for the safety and the planning -- the technical planning was made worse. So this is a point of attention that we have. And when we work here, Andre, institutional -- through the entities or with Copel directly, we work to defend and stand for what we consider fair in the political, institutional environment.

當討論否決權時，它們實際上使關稅環境、安全和規劃變得更糟——技術規劃變得更糟。這是我們需要關注的一點。安德烈，當我們在這裡工作時——透過實體或直接與科佩爾合作，我們努力捍衛和維護我們在政治和製度環境中認為的公平。

So that requires permanent monitoring considering the reality, as I mentioned, and something will be approved, because it carries the social tariff aspect, which is something that is very dear to the population and the government.

因此，正如我所提到的，考慮到現實情況，這需要永久監控，並且某些措施將會獲得批准，因為它涉及社會關稅方面，這是民眾和政府非常重視的事情。

Our next question is in writing from Mr. [Renaldo Verissimo]. He says, at the conference last quarter, you informed the intention to participate in the bid of two energy generators. Could you update us? Is there anything new on this?

我們的下一個問題是[雷納爾多·維里西莫先生]。他說，在上個季度的會議上，你們告知了參與兩家能源發電機競標的意向。能告訴我們最新情況嗎？有什麼新消息嗎？

I think here you're mentioning the capacity bid [LRK] that we have two plants, Foz do Areia and Segredo that are two robust, very competitive processes. I imagine that you're referring to because there's not any other view to invest in plants in the short term other than these that we're mentioning in the LRK.

我想您在這裡提到的是產能競標 [LRK]，我們有兩家工廠，Foz do Areia 和 Segredo，它們是兩個強勁、極具競爭力的流程。我想您指的是，除了我們在 LRK 中提到的這些之外，沒有其他觀點支持短期內投資工廠。

Unfortunately, since our last conference call until now, that's almost 90 days, the ministry has not published the ordinance yet, and the ordinance is crucial for that. This ordinance will not only bring the guidelines, because the bid should have happened at the end of June, but the ordinance will also bring some evolutions

不幸的是，自從我們上次電話會議至今，已經快 90 天了，該部尚未公佈該法令，而該法令對此至關重要。這項法令不僅會帶來指導方針，因為競標應該在六月底進行，而且該法令還會帶來一些變化

And what we're seeing, and these are statements by the [ONS] itself is that there's an urgent need of power for the system, the load and the expressive increase of GeT with the generation. There's an increase of excess energy at lunchtime, and a deficit of power at the end of the day that's been basically fulfilled by hydropower plants and thermal power plants. So this need is urgent for the system.

我們看到的是，而且這些都是 [ONS] 本身的聲明，表明系統迫切需要電力，負載和 GeT 的產生將顯著增加。午餐時間過剩能源增多，晚上出現電力短缺，基本上由水力發電廠和火力發電廠補充。因此，該系統的需求十分迫切。

It's not we're saying that, it's the government's declaration. And what we're expecting is that for the coming weeks, we should have an announcement so that the bid could occur in the first quarter of 2026. I don't see possibility for this to be delayed further, because people are even talking about a very expressive bid, way above 12 gigs in the need of power to supply the next few years.

這不是我們說的，這是政府的聲明。我們預計，在接下來的幾週內，我們將發佈公告，以便競標能夠在 2026 年第一季進行。我認為這件事不可能再被拖延了，因為人們甚至在談論一個非常有表現力的出價，未來幾年的供電需求將遠遠超過 12 千兆瓦。

And the advantage here is that hydropower plants like Copel and others with more than 5 gigawatts registered is that it's a completely renewable source of energy. Without a doubt, it will be the lowest cost for consumers, considering all products of all years, and this will always be done with technology products and equipments that are national. It's clean, sustainable energy, the most affordable for consumers and strengthens the Brazilian industry.

這裡的優點在於，像科佩爾水力發電廠和其他註冊發電量超過 5 千兆瓦的水力發電廠是一種完全可再生的能源。毫無疑問，考慮到歷年所有產品，這對消費者來說將是最低的成本，而且這始終是透過國產技術產品和設備來實現的。它是清潔、永續的能源，是消費者最能負擔的能源，並且能夠增強巴西的工業。

So we don't see any other path different than giving room and preference to this size proportional to representation. And we're working on our side, doing our homework. We've pretty much concluded everything for both projects, waiting for this definition of the ordinance and the date of the capacity auction.

因此，除了根據代表性比例給予這種規模的空間和優先權之外，我們看不到任何其他途徑。我們正在努力做好自己的工作。我們基本上已經完成了這兩個項目的所有工作，正在等待法令的定義和容量拍賣的日期。

(Operator Instructions) The question-and-answer session is concluded. I would like to turn the floor to Mr. Daniel for his final closing remarks.

（操作員指示）問答環節結束。我想請丹尼爾先生作最後的總結發言。

So if there are no further questions, I would like to once again thank you all for your participation. I send my greetings to my partners at Copel, all Copellans for yet another quarter of consistent deliveries without hiccups, delivering what we had committed to not only during the last few years, but year on year in terms of efficiency, quality to our customers, and valuing and strengthening of our team and our Copellans.

如果沒有其他問題的話，我想再次感謝大家的參與。我向 Copel 的合作夥伴們致以問候，我們都是 Copellan 人，又一個季度順利完成了穩定交付，不僅在過去幾年中兌現了我們的承諾，而且在效率、客戶質量以及對我們的團隊和 Copellan 的重視和加強方面也逐年提高。

So we move forward with the execution of our strategy plan. And the priority now is the execution of the plan, and the deliberation to our shareholders. They will discuss and whatever they discuss will be the rule in our meetings, but so that we can, as soon as possible, continue on with the Novo Mercado process. Because in our view, this will unleash more value, as I said, and will generate value or benefits to all shareholders, every shareholder. And the biggest asset for valuing the company is what drives us forward and what unites us.

因此，我們將繼續執行我們的戰略計劃。現在的首要任務是執行該計劃，並向股東提交審議。他們會進行討論，無論他們討論什麼，都會成為我們會議的規則，但這樣我們就可以盡快繼續進行 Novo Mercado 進程。因為我們認為，正如我所說，這將釋放更多價值，並將為所有股東、每位股東創造價值或利益。而公司價值的最大資產就是推動我們前進的動力和讓我們團結在一起的因素。

So I'd like to thank you and say that we remain committed with the delivery of excellence in execution, and the operation of our assets, our companies, the care with our people and complete, full discipline and capital allocation, so that with all of these elements, we can continue generating a lot of value to the company and to all our shareholders and stakeholders. Thank you very much. Have a great day.

因此，我要感謝你們，並說我們將繼續致力於提供卓越的執行力，以及我們資產和公司的運營，關心我們的員工，以及完整、全面的紀律和資本配置，以便透過所有這些要素，我們可以繼續為公司和所有股東及利益相關者創造巨大的價值。非常感謝。祝你有美好的一天。

Copel's video conference is concluded. We thank you all for attending. Have a great day.

科佩爾的視訊會議結束了。感謝大家的出席。祝你有美好的一天。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中的英文陳述是由現場翻譯人員宣讀的。翻譯由贊助此活動的公司提供。