Enel Chile SA (ENIC) 2025 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to Enel Chile's first quarter 2025 results conference call. My name is Victor, and I'll be your operator for today. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們、先生們，下午好，歡迎參加 Enel Chile 2025 年第一季業績電話會議。我叫維克多，今天我將擔任您的接線生。（操作員指示）請注意，今天的會議正在錄音。

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 on 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. These factors are described in Enel Chile's press release reporting its first quarter 2025 results.

在本次電話會議中，我們可能會做出構成《1995 年私人證券訴訟改革法案》所定義前瞻性的陳述。此類前瞻性陳述僅反映我們目前的預期，並不保證未來的表現，並涉及風險和不確定性。由於各種因素，實際結果可能與前瞻性陳述中預期的結果有重大差異。Enel Chile 在報告其 2025 年第一季業績的新聞稿中描述了這些因素。

The presentation accompanying this conference call and Enel Chile's annual report on Form 20-F, included under Risk Factors. You may access our first quarter 2025 results press release and presentation on our website, www.enel.cl, and on 20-F on the SEC's website, www.sec.gov.

本次電話會議的簡報以及 Enel Chile 的 20-F 表年度報告均包含在「風險因素」下。您可以在我們的網站 www.enel.cl 以及美國證券交易委員會網站 www.sec.gov 的 20-F 上造訪我們的 2025 年第一季業績新聞稿和簡報。

Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of their dates. Enel Chile undertakes no obligation to update these forward-looking statements or to disclose any development as a result of which these forward-looking statements become inaccurate, except as required by law.

敬請讀者不要過度依賴這些前瞻性陳述，因為這些陳述僅代表截至當日的觀點。除非法律要求，否則 Enel Chile 不承擔更新這些前瞻性聲明或披露導致這些前瞻性聲明變得不準確的任何進展的義務。

I would now like to turn the presentation over to Mrs. Isabela Klemes, Head of Investor Relations of Enel Chile. Please proceed.

現在，我想將演講交給 Enel Chile 投資者關係主管 Isabela Klemes 女士。請繼續。

Good afternoon, and welcome to Enel Chile's first quarter results presentation. We greatly appreciate you taking time to join us today. My name is Isabela Klemes. I'm the Head of Investor Relations. Joining me today are our CEO, Giuseppe Turchiarelli; and CFO, Simone Conticelli.

下午好，歡迎參加 Enel Chile 第一季業績報告。我們非常感謝您今天抽出時間參加我們的活動。我的名字是 Isabela Klemes。我是投資人關係主管。今天加入我的是我們的執行長 Giuseppe Turchiarelli；和財務長 Simone Conticelli。

Our presentation and related financial information are available on our website, www.enel.cl in the Investors section as well as through our Investors app. In addition, a replay of the call will soon be available. (Operator Instructions)

我們的介紹和相關財務資訊可在我們的網站 www.enel.cl 的投資者部分以及我們的投資者應用程式上找到。此外，此次通話的重播也將很快提供。（操作員指示）

Giuseppe will kick off the presentation by covering key highlights of the period. He will also delve into our portfolio management actions and provide updates on the regulatory context. Following that, Simone will offer an overview of our business economic and financial performance.

朱塞佩將首先介紹這段時期的主要亮點。他還將深入研究我們的投資組合管理行動並提供監管環境的最新資訊。隨後，西蒙娜將概述我們業務的經濟和財務表現。

Thank you for your attention. Giuseppe will now take over the call.

感謝您的關注。朱塞佩現在將接聽電話。

Thank you, Isabela. Good afternoon, and thanks for joining us. Let's start the presentation with our main highlights of the period. Regarding our portfolio management, the Los Condores hydropower plant successfully achieved its commercial operation date in February, recording approximately 100 gigawatt hour of production in the first quarter, demonstrating its solid performance.

謝謝你，伊莎貝拉。下午好，感謝您加入我們。讓我們從這段時期的主要亮點開始介紹。在我們的投資組合管理方面，洛斯孔多雷斯水力發電廠於 2 月成功投入商業運營，第一季發電量約為 100 吉瓦時，表現穩健。

In response to the climate event of May and August 2024, which severely impacted our distribution concession area, we have launched a resilient plan aimed at strengthening our grid infrastructure against the already proved increase in climate risk. Despite the always more frequent extreme climate events, as of today, we don't foresee any imminent changes in the regulatory framework.

為了應對 2024 年 5 月和 8 月嚴重影響我們配電特許區的氣候事件，我們啟動了一項彈性計劃，旨在加強我們的電網基礎設施，以應對已經證實的氣候風險的增加。儘管極端氣候事件日益頻繁，但截至今天，我們預期監管框架不會發生任何即將發生的變化。

Turning to the country and regulatory context, I would like to highlight that the VAD 2020-2024 decree was finally published in April. I will also share updates on the progress of the VAD 2024-2028 process. Furthermore, we expect to receive update next quarter on the regulation of BESS ancillary services as well as the public consultation to update the National Electric System operational regulation.

談到國家和監管背景，我想強調的是，VAD 2020-2024 法令最終於 4 月發布。我也會分享 VAD 2024-2028 進程的最新進展。此外，我們預計將在下個季度收到有關 BESS 輔助服務監管的最新資訊以及更新國家電力系統營運監管的公眾諮詢。

Finally, regarding business profitability, I'm pleased to report that we have had an exceptional start to the year. With our books now US denominated, we achieved strong EBITDA and net income level, further reinforcing confidence in our strategic plan. To conclude this slide regarding shareholder remuneration, the AGM held on Monday this week approved the final and eventual dividend amounting to approximately CLP3.34 per share, bringing the total to CLP4.24 per share for the 2024 fiscal year.

最後，關於業務盈利能力，我很高興地報告，我們今年有一個非常好的開局。由於我們的帳簿現在以美元計價，我們實現了強勁的 EBITDA 和淨收入水平，進一步增強了我們對戰略計劃的信心。在有關股東薪酬的這張幻燈片的最後，本週一舉行的年度股東大會批准了最終股息，總額約為每股 3.34 智利比索，使 2024 財年的總股息達到每股 4.24 智利比索。

Now let's review some updates regarding our generation sourcing as outlined on the next slide. I would like to highlight that we have started 2025 with a solid and diversified portfolio, comprising a total net installed capacity of 8.9 gigawatts, 78% of our capacity coming from renewable energy sources and battery energy storage system.

現在讓我們回顧下一張投影片中概述的有關發電採購的一些更新。我想強調的是，我們在 2025 年伊始就擁有了穩固而多元化的投資組合，總淨裝置容量為 8.9 千兆瓦，其中 78% 的容量來自再生能源和電池儲能係統。

In the first quarter of 2025, we received authorization from the National Electricity Coordinator to begin commercial operation of the Los Condores hydropower plant, which has a capacity of 153 megawatts. With the inclusion of Los Condores, we have secured approximately 2.1 gigawatts of capacity since January 2023, covering solar, wind, hydro and storage technology.

2025年第一季度，我們獲得國家電力協調員的授權，開始洛斯孔多雷斯水電站的商業運營，該水力發電廠的裝機容量為153兆瓦。隨著洛斯孔多雷斯的加入，自 2023 年 1 月以來我們已獲得約 2.1 千兆瓦的容量，涵蓋太陽能、風能、水力發電和儲能技術。

Net electricity generation totaled 5.6 terawatt hour as of March 2025, reflecting an 8% decrease compared to the production in 2024. This decline was primarily driven by lower hydro and renewable generation due to higher contribution from snow melt in 2024, the maintenance at two of our solar plants and network restriction caused by the transmission line limitation following the blackout. However, this was partially offset by higher contribution from wind plants, notably La Cabana and Renaico II.

截至 2025 年 3 月，淨發電量總計 5.6 太瓦時，與 2024 年的發電量相比下降 8%。下降的主要原因是 2024 年融雪貢獻增加導致水力發電和再生能源發電量下降、我們的兩座太陽能發電廠進行維護以及停電後輸電線路限製造成的網路限制。然而，這一數字被風力發電廠（特別是 La Cabana 和 Renaico II）的更高貢獻部分抵消。

In the first quarter, our energy sales totaled 7.7 terawatt hour, marking a 9% reduction compared to the previous year. This decrease stems from lower sales to regulated customers following the expiration of regulated contracts. Despite the challenging condition caused by the blackout on February 23, transmission line restriction and lower water availability compared to 2024, we successfully fulfilled our commitment to our clients. This quarter, we reduced our purchases from third parties by 0.2 terawatt hour and decreased spot market purchases by 0.1 terawatt hour.

第一季度，我們的能源銷售總量為7.7太瓦時，比前一年下降了9%。這一下降是由於受監管合約到期後對受監管客戶的銷售額下降所致。儘管 2 月 23 日停電、輸電線路限制以及供水量低於 2024 年造成了嚴峻挑戰，但我們仍成功履行了對客戶的承諾。本季度，我們將第三方採購量減少了 0.2 太瓦時，並將現貨市場採購量減少了 0.1 太瓦時。

Now I would like to take a moment to discuss the energy regulatory framework and share important upcoming update. In the coming months, we anticipate significant announcement regarding changes and updates to the regulatory framework. In this slide, we have a brief summary of the key topics currently under discussion.

現在我想花點時間討論一下能源監管框架並分享即將發布的重要更新。在接下來的幾個月裡，我們預計將發布有關監管框架變更和更新的重要公告。在這張投影片中，我們簡要地概述了目前正在討論的關鍵主題。

As you may recall, during the last call, we reviewed the key aspects of the government's proposed law to increase the electricity subsidy. At the present, the subsidies benefit approximately 1.8 million families and the new proposal aims to expand support to nearly 4.7 million families, focusing on Chile's 40% most vulnerable household.

您可能還記得，在上次電話會議中，我們審查了政府提出的增加電力補貼的法律的關鍵方面。目前，補貼惠及約180萬個家庭，新提案旨在將支持範圍擴大到近470萬個家庭，重點關注智利40%最脆弱的家庭。

In January '25, the Chamber of Deputy approved the government proposed tax with certain modifications. The proposal remains under discussion in Congress and the second legislative review in the Senate is expected to be finalized during Q2. We are also expecting a regulatory update in the second quarter 2025 regarding the remuneration of ancillary services for BESS.

1925 年 1 月，眾議院批准了政府提出的稅收提案，但進行了一定的修改。該提案仍在國會討論中，參議院的第二次立法審查預計將在第二季完成。我們也預計 2025 年第二季將推出有關 BESS 輔助服務報酬的監管更新。

The storage system play a critical role in mitigating renewable energy curtailment while enhancing the security and flexibility of the electric system. To promote investment in this technology, it is essential to establish clear rules governing the participation and remuneration of BESS in the energy capacity ancillary services market.

儲能係統在緩解再生能源削減同時增強電力系統的安全性和靈活性方面發揮關鍵作用。為了促進對這項技術的投資，必須制定明確的規則來管理 BESS 在能源容量輔助服務市場的參與和報酬。

In April 2025, the Ministry of Energy initiated a public consultation on proposed amendment to the regulation for the coordination and operation of the national electric system. Main proposed changes include inclusion of small distribution generation unit, the so-called (inaudible) in the allocation process for zero variable cost generation. This means the (inaudible) will be part of the group sales.

2025年4月，能源部就國家電力系統協調和運作條例擬議修正案啟動公眾諮詢。主要提議的變更包括將小型配電發電裝置，即所謂的（聽不清楚），納入零可變成本發電的分配過程中。這意味著（聽不清楚）將成為團體銷售的一部分。

Determination of opportunity cost for BESS to ensure efficient dispatch. The system operator will establish BESS charging schedule and introduce a tab rating for a situation where multiple BESS units are operational, potential exclusion of insurance policy as valid guarantees, implementation of automatic dispatch for all power plants. The public consultation will be available until May 8. The processing of the publication of the new regulation is expected to begin in the second quarter 2025.

確定 BESS 的機會成本以確保高效調度。系統營運商將制定 BESS 充電計劃，並在多個 BESS 單元運行的情況下引入標籤評級，可能排除保險單作為有效擔保，並對所有發電廠實施自動調度。公眾諮詢將持續至5月8日。新法規的發布工作預計將於 2025 年第二季開始。

Let's now move to the right side of the slide to review the distribution regulatory cycle. In relation to the 2020-2024 VAD process in April 2024, the Office of Controller General of the Republic approved and published the Decree, an important step to enabling the recovery of the outstanding balances from the tariff cycle. Following this approval, the Superintendency of Electricity Fuel is expected to issue a resolution in the coming months to determine the process and time line for settling the pending debt in favor of the distribution company.

現在讓我們轉到投影片的右側來回顧一下分銷監管週期。2024 年 4 月，共和國總審計長辦公室批准並發布了與 2020-2024 年增值稅流程相關的法令，這是從關稅週期中收回未償餘額的重要一步。獲得批准後，電力燃料監管局預計將在未來幾個月內發布一項決議，確定解決配電公司未償債務的流程和時間表。

Regarding the process of the VAD 2024-2028, according to the estimated time line, the consultant final report shall be delivered and officially published in the next quarter. By the last quarter of this year, we anticipate the regulator may publish the final technical report for this cycle.

關於 VAD 2024-2028 的進程，根據預計的時間表，顧問最終報告將於下個季度交付並正式發布。我們預計，到今年最後一個季度，監管機構可能會發布本週期的最終技術報告。

Finally, we reiterate our expectation that this new process will result in an improved remuneration reflecting the newly approved Valor Nuevo de Reemplazo, VNR and all the economic and technical assumptions as of December 2022 included in the report. We remain confident that this element will be upheld throughout the various stage of this process.

最後，我們重申我們的期望，即這一新流程將帶來更高的薪酬，以反映新批准的 Valor Nuevo de Reemplazo、VNR 以及報告中包含的截至 2022 年 12 月的所有經濟和技術假設。我們堅信這項要素將在這過程的各個階段得到堅持。

I will now hand over to Simone, who will guide us through the economic and financial results.

現在我將把時間交給西蒙娜，她將向我們介紹經濟和財務結果。

Many thanks, Giuseppe, and good afternoon, everyone. I will begin my presentation with an overview of the key results for the period. Let me remind you that since the first of January this year, Enel Chile changed the functional currency from pesos Chile to US dollar. For comparative purpose in today's presentation, the first quarter 2024 figures are converted using the average exchange rate of the figures.

非常感謝，朱塞佩，大家下午好。我將從概述這段時期的主要成果開始我的演講。讓我提醒您，自今年 1 月 1 日起，Enel Chile 已將功能貨幣從智利比索更改為美元。為了在今天的演示中進行比較，2024 年第一季的數據是使用平均匯率轉換的。

That said, let's now review a quick summary of the first quarter 2025 economic and financial performance. As you can see in the slide, the quarter EBITDA and net income show a significant improvement compared to the previous year figures despite the negative impact of regulatory PPI circulation. It is mainly explained by the systemic optimization, driven by higher G&A availability and improved commercial sourcing and the increased margin mainly due to the provision related at the beginning VAD 2024-2028. The FFO reached $109 million, inline with the first quarter of 2024, we'll go into more details later in the presentation.

話雖如此，現在讓我們快速回顧一下2025年第一季的經濟和金融表現。正如您在幻燈片中所看到的，儘管受到監管 PPI 流通的負面影響，本季的 EBITDA 和淨收入與去年同期相比仍有顯著改善。這主要歸因於系統優化，由更高的 G&A 可用性和改進的商業採購推動，以及主要由於 2024-2028 年初期 VAD 相關準備金而導致的利潤率增加。FFO 達到 1.09 億美元，與 2024 年第一季持平，我們將在後面的演示中詳細介紹。

And now on the next side let's review the progress on CapEx. In the first quarter of 2025, our total CapEx reached $68 million with the focus on grid and power plant grid performance. In detail, 39% amounting to $26 million, was allocated to grid. 32% for a total of $22 million went to thermal projects. 29% amounting to $20 million went to renewable and storage.

現在讓我們回顧一下資本支出的進展。2025 年第一季度，我們的總資本支出達到 6,800 萬美元，重點用於電網和發電廠電網效能。具體來說，39%（即2600萬美元）分配給了電網。其中 32%（總計 2,200 萬美元）用於熱電工程。 29%（即 2000 萬美元）用於再生能源和儲存。

Regarding grid, the focus is on the receiving plan to strengthen grid infrastructure. Referring to thermal, we focused on the fleet market. Concerning renewable, we focused on activities to finalize the MGD program, to improve hydropower activities performance, and maintain and improve the availability of our fleet. Asset management CapEx reached $35 million, representing 52% of our total CapEx. Most of this amount, $22 million, was allocated to thermal projects, particularly for the maintenance activities of the Atacama and [San Isidro] city grid power plants.

電網方面，重點抓好受電規劃，加強電網基礎建設。談到熱能，我們專注於車隊市場。對於再生能源，我們專注於完成 MGD 計劃、提高水力發電活動績效以及維護和提高我們船隊的可用性。資產管理資本支出達到 3,500 萬美元，占我們總資本支出的 52%。其中大部分（2,200萬美元）用於熱電項目，特別是用於阿塔卡馬和[聖伊西德羅]城市電網發電廠的維護活動。

Development CapEx reached $21 millio, mainly due to the finalization of the 2024 investment program of PMGD. The main development investment for 2025, aimed at building storage systems, will be concentrated in the second half of the year, in line with the expected improvement in regulation.

開發資本支出達到 2,100 萬美元，主要歸功於 PMGD 2024 年投資計畫的最終確定。2025年的主要開發投資將集中在下半年，用於建造儲能係統，以配合預期的監管改善。

Let's now move on to the next slide, where we have the details of the first quarter EBITDA breakdown. In the first quarter of 2025, our EBITDA reached $365 million, marking a $72 million increase compared to the same period of 2024. This growth is primarily due to the following factors. Most of this amount, 22 million dollars, was allocated to thermal projects, particularly for the maintenance activities of the Atacama and San Isidro city grid power plants. Development CapEx reached 21 million dollars, mainly due to the finalization of the 2024 investment program of MGD. The main development investment for 2025, aimed at building storage systems, will be concentrated in the second half of the year, in line with the expected improvement in regulation.

現在讓我們進入下一張投影片，其中有第一季 EBITDA 明細的詳細資訊。2025 年第一季度，我們的 EBITDA 達到 3.65 億美元，與 2024 年同期相比增加了 7,200 萬美元。這種成長主要歸因於以下因素。其中大部分（2,200萬美元）用於熱電項目，特別是用於阿塔卡馬和聖伊西德羅城市電網發電廠的維護活動。開發資本支出達到 2,100 萬美元，主要由於 MGD 2024 年投資計畫的最終確定。2025年的主要開發投資將集中在下半年，用於建造儲能係統，以配合預期的監管改善。

Let's now move on to the next slide, where we have the details of the first quarter of 2025. In the first quarter of 2025, our EBITDA reached $365 million, marking a $72 million increase compared to the same period of 2024. This growth is primarily due to the following factors. Starting from generation business, we recorded a $49 million decrease in EBITDA sales.

現在讓我們來看看下一張投影片，其中有 2025 年第一季的詳細資訊。2025 年第一季度，我們的 EBITDA 達到 3.65 億美元，與 2024 年同期相比增加了 7,200 萬美元。這種成長主要歸因於以下因素。從發電業務開始，我們的 EBITDA 銷售額下降了 4,900 萬美元。

This decrease is mainly explained by the termination of some high-priced regulated funds, that impacted on volume and average price of the regulated portfolio. This was partially offset by the positive effects related to new contracts in the free market and the offset of the 2024 negative impact on exchange rate hedges thanks to the change of functional currency.

下降的主要原因是一些高價監管基金的終止，影響了監管投資組合的交易量和平均價格。這部分被自由市場新合約相關的正面影響以及由於功能貨幣變化而對 2024 年匯率對沖的負面影響所抵消。

Regarding sourcing, we recorded an increase of $56 million due to positive performance in our industrial sourcing. This is mainly explained by commodity hedges, reduction in commission costs and lower regastification costs versus last year.

在採購方面，由於我們在工業採購方面的積極表現，我們的收入增加了 5,600 萬美元。這主要是因為商品對沖、佣金成本降低以及去年相比重新裝箱成本降低。

Then, we recorded an increase of $31 million in commercial sourcing, mainly due to energy settlements from industrials and the execution of a guarantee related to a bi-decay determination. These factors more than offset the negative impact of higher spot market prices caused by the lower water availability and the transmission-wise restriction following the February blackout.

然後，我們記錄了商業採購增加 3,100 萬美元，這主要歸因於工業能源結算和與雙衰變測定相關的擔保的執行。這些因素足以抵銷二月停電後水資源供應減少和輸電限制所造成的現貨市場價格上漲的負面影響。

Moving to grid, we recorded a $28 million positive impact mainly due to the provisional reflections. The higher VNR expected for the regulatory remuneration period 2024-2028. Finally, we recorded a negative $4 million impact mainly due to the increase in the generation OpEx related to the newly developed capacity.

轉向電網，我們記錄了 2800 萬美元的正面影響，這主要歸功於臨時反射。2024-2028 年監理薪酬期間預計 VNR 較高。最後，我們記錄了 400 萬美元的負影響，這主要是由於與新開發產能相關的發電營運支出增加所造成的。

And now, let's move on to the next slide where we will review the net income evolution. Our first quarter 2025 net income reached $175 million, with an increase of 11% compared to the last year's figure. This growth is mainly due to the previously distributed (inaudible) produced.

現在，讓我們進入下一張投影片，回顧一下淨收入的演變。我們的 2025 年第一季淨收入達到 1.75 億美元，比去年同期成長 11%。這種成長主要歸功於先前分發的（聽不清楚）生產。

Let me drive you through the additional aspects of the figures. Referring to depreciation, amortization, impairment and bad debt, we recorded a higher cost of $15 million, mainly resulting from higher depreciation in energy power due to the newly added renewable capacity and higher bad debt accruals in grd, mainly driven by an increase in the average invoice amount due to higher tariffs.

讓我帶您了解這些數字的其他方面。在折舊、攤銷、減損和壞帳方面，我們記錄了 1,500 萬美元的較高成本，主要原因是由於新增再生能源容量導致能源電力折舊增加，以及電網壞帳累積增加，這主要是由於關稅提高導致平均發票金額增加。

Regarding financial results, we recorded a $26 million negative variation versus last year, mainly explained by higher tax interest and positive exchange rate in currency in the first quarter 2024. Finally, we recorded a $50 million increase in income taxes, essentially due to better business.

就財務表現而言，與去年相比，我們錄得 2,600 萬美元的負變化，主要原因是 2024 年第一季稅收利息增加和貨幣匯率為正。最後，我們的所得稅增加了 5000 萬美元，這主要是由於業務的改善。

And now, let's move on to the FFO analysis on the next slide. Let's analyze the FFO composition for the first quarter 2025 and the main aspects compared to 2024. In the first quarter 2025, FFO reached $109 million, showing a slight decrease of $5 million compared to 2024. This is due to the following factors. First, the EBITDA of the quarter reached $365 million, reflecting a positive variation of $72 million compared to the same period of 2024, as previously explained.

現在，讓我們繼續下一張投影片上的 FFO 分析。讓我們分析一下 2025 年第一季的 FFO 組成以及與 2024 年相比的主要面向。2025 年第一季度，FFO 達到 1.09 億美元，與 2024 年相比略有減少 500 萬美元。這是由於以下因素造成的。首先，本季的 EBITDA 達到 3.65 億美元，與 2024 年同期相比，出現了 7,200 萬美元的正變化，正如之前所解釋的那樣。

Second, there is an increase in the working capital of $188 million as a consequence of the lower (inaudible) related to developing CapEx and seasonality on energy payments. Compared to the previous year figure, the impact of debt working capital on FFO was negative by $68 million mainly due to negative effects of energy payment scheduling and increases in energy distribution receivables due to an increase in the tariffs. These effects were partially offset by negative impacts of tax mechanisms in 2024 net working capital.

其次，由於與開發資本支出和能源支付季節性相關的（聽不清楚）較低，營運資本增加了 1.88 億美元。與前一年的數據相比，債務營運資本對 FFO 的影響為負 6,800 萬美元，主要原因是能源支付計劃的負面影響以及關稅增加導致的能源分配應收帳款增加。這些影響被2024年淨營運資本中稅收機制的負面影響部分抵銷。

Third, income taxes had a negative impact on FFO by $38 million, mainly due to tax payments related to the generation business. Comparing income taxes paid in the first quarter 2025 versus first quarter 2024, we observe a negative impact of $12 million. The difference is mainly due to higher tax payments in the generation business, driven by higher income and higher tax rates.

第三，所得稅對FFO產生了3,800萬美元的負面影響，主要由於與發電業務相關的稅金。將 2025 年第一季與 2024 年第一季繳納的所得稅進行比較，我們發現負面影響為 1,200 萬美元。差異主要是因為發電業務的稅收較高，這是由於收入較高和稅率較高所造成的。

Finally, financial expenses had a negative impact of $30 million, mainly due to the debt-related costs. Compared to the same period last year, our financial expenses are slightly lower thanks to a lower average debt in the period.

最後，財務費用產生了3000萬美元的負面影響，主要是由於債務相關成本。與去年同期相比，由於本期平均債務較低，我們的財務費用略有下降。

And now let's review our liquidity and leverage position. During the first quarter 2025, our gross debt had a slight increase of 2% reaching $4.0 billion. This increase was related to a new credit line with corporation [Alvina de Comesto] disbursed during January mainly to cover working capital needs of the first quarter. As we mentioned before, on the April 3, we received around $260 million from the tax-free platform. These funds support our liquidity position to meet our short-term financial needs mainly related to dividends and tax returns.

現在讓我們回顧一下我們的流動性和槓桿狀況。2025 年第一季度，我們的總債務小幅增加 2%，達到 40 億美元。這一增長與 1 月向 [Alvina de Comesto] 公司發放的新信貸額度有關，主要用於滿足第一季的營運資金需求。正如我們之前提到的，4月3日，我們從免稅平台收到了約2.6億美元。這些資金支持我們的流動性狀況，以滿足我們主要與股息和稅收回報相關的短期財務需求。

The average term of our debt-to-maturity is around 6 years and the fixed rate of around 88% by the end of March 2025 in line with 2024 figures. The average cost of our debt continues to be very competitive at 4.9% thanks to a good mix between long and short term in line with our continuous effort to optimize the financial sources. Regarding liquidity, we are in a comfortable position to support our capital needs for the upcoming year and cope with the next year's maturity. Finally, as of March 2025, the available committed credit lines amounted to $640 million and the cash equivalents to $460 million.

我們的債務到期平均期限約為 6 年，到 2025 年 3 月底的固定利率約為 88%，與 2024 年的數據一致。由於長期和短期債務的良好組合以及我們不斷努力優化資金來源，我們的債務平均成本繼續保持非常有競爭力的4.9%。關於流動性，我們有足夠的能力支持來年的資本需求並應對明年的到期債務。最後，截至 2025 年 3 月，可用的承諾信貸額度為 6.4 億美元，現金等價物為 4.6 億美元。

So thanks, everybody, for your attention. And now I will pass the floor to Giuseppe for the closing remarks.

謝謝大家的關注。現在，我請朱塞佩致閉幕詞。

Thank you, Simone. To conclude, I would like to share the following closing remarks. Despite a challenging environment, our resilient and diversified business model continued to deliver solid results. This achievement underscore our strategic vision, adaptability and commitment to our goals.

謝謝你，西蒙娜。最後，我想分享以下結束語。儘管面臨挑戰，我們富有彈性且多元化的業務模式仍持續帶來穩健的業績。這項成就凸顯了我們的策略眼光、適應力和對目標的承諾。

Looking ahead to 2025, we remain committed in advocating for comprehensive distribution reform and the modernization of the regulatory framework to significantly strengthen asset resilience. By promoting these changes, we aim to build more robust and adaptable grid capable of meeting future challenges and uncertainties. A modernized regulatory framework will foster an environment that supports innovation, efficiency and economic competitiveness to the country.

展望2025年，我們將繼續致力於倡導全面的分銷改革和監管框架的現代化，以顯著增強資產彈性。透過推動這些變革，我們的目標是建立更強大、更具適應性的電網，以應對未來的挑戰和不確定性。現代化的監管架構將為國家營造支持創新、效率和經濟競爭力的環境。

As demonstrated in today's presentation, the first quarter began with solid economic and financial performance, fully aligned with the target and strategic pillars outlined during our last Investor Day. We remain confident in our ability to achieve these objectives and will ensure we keep you informed about our progress and accomplishments.

正如今天的演示中所展示的，第一季開始時經濟和財務表現穩健，完全符合我們上次投資者日概述的目標和戰略支柱。我們對自己實現這些目標的能力充滿信心，並將確保隨時向您通報我們的進展和成就。

Now let me hand over to Isabela for the Q&A section.

現在，讓我將問答環節交給伊莎貝拉。

Thank you, Giuseppe. Now let's move on the Q&A session. We will be taking questions via phone and chat through the webcast. The Q&A session is now open. Operator, please proceed.

謝謝你，朱塞佩。現在我們進入問答環節。我們將透過電話和網路直播聊天回答問題。問答環節現在開始。接線員，請繼續。

Thank you (Operator Instructions) Martin Arancet, Balanz.

謝謝（操作員指示）Martin Arancet，Balanz。

Hi. Thank you for presentation. And for taking my questions. I have three questions, and I would like to run them one by one, if that's okay. First, regarding distribution, I was wondering if you could give us some additional color on the resilience program for that segment. And also during the Investor Day, you mentioned that you were thinking about investing all of the EBITDA of the distribution business back into the grid. So just to know if this new resilience program is related to that.

你好。謝謝你的演講。並回答我的問題。我有三個問題，如果可以的話，我想一一回答。首先，關於分銷，我想知道您是否可以為我們提供一些有關該部分彈性計劃的額外資訊。另外，在投資者日期間，您提到您正在考慮將配電業務的所有 EBITDA 重新投資到電網中。所以只是想知道這個新的彈性計劃是否與此相關。

Thank you, Martin.

謝謝你，馬丁。

Okay. So we started already since the end of last year to put in place a very strong resilience program in order to face the extreme climate events that are occurring always more frequent at least in comparison with the previous year in several actions, especially for what concern the quality of the grid and also on the digitalization of our network. All this CapEx has been already included in the presentation made last year in our Capital Investor Day.

好的。因此，我們從去年年底就開始實施一項非常強大的復原力計劃，以應對極端氣候事件，這些事件至少與前一年相比在多項行動中更加頻繁地發生，特別是在電網品質和網路數位化方面。所有這些資本支出都已包含在我們去年資本投資者日的演示中。

So basically, we are just increasing our CapEx in comparison to the previous year, again, in order to face the new situation in which the extreme events are always more present. So basically, quality of the grid, digitalization through the control and also several other actions covering the day-to-day operation maintenance of the activity.

因此，基本上，與前一年相比，我們只是增加了資本支出，以應對極端事件頻繁的新情況。因此，基本上，電網的品質、透過控制實現的數位化以及涵蓋日常營運維護的其他一些行動。

Yeah. Regarding my second question, CapEx during the first quarter, I think it was a little bit low. But if I understood correctly, you plan to -- well, be more intense in terms of CapEx during the second half of the year, mostly in batteries. So could we assume that the $800 million guidance on CapEx for this year is still in place?

是的。關於我的第二個問題，第一季的資本支出，我認為有點低。但如果我理解正確的話，您計劃在下半年加大資本支出，主要是在電池方面。那麼，我們是否可以假設今年 8 億美元的資本支出指引仍然有效？

Martin, thanks for the question. So you are right at the beginning of the year, we have little bit lower level of CapEx and what we doing now, we are in such a way finalizing the PMGD program that we started last year. The main part of the CapEx for the year is the -- in the second half. In this moment, we will start some of the bigger projects that we won and we talk about it kind of investment during the last one month.

馬丁，謝謝你的提問。所以你說得對，在年初，我們的資本支出水準有點低，我們現在正在做的事情是，以某種方式完成我們去年啟動的 PMGD 計畫。今年資本支出的主要部分是下半年。此時，我們將啟動一些我們贏得的較大的項目，並在過去一個月內討論此類投資。

Okay. So you maintain the CapEx guidance.

好的。因此您維持資本支出指導。

Yes, for sure.

是的，當然。

Okay. Okay. And my final question then, I was wondering what effect or how much do you think it will affect your results, the new regulatory changes and you have several fronts there. First, the best ancillary services. I don't know if -- how much do you expect that -- from that in terms of dollars per megawatt hour. And also with the new subsidy, I guess you will have a bit of additional CO2 taxes and this new ancillary -- sorry, this new battery operational performance, I don't know if that affects also your expected results.

好的。好的。那麼我的最後一個問題是，我想知道新的監管變化會對您的結果產生什麼影響或多大影響，您在這方面有幾個方面。第一，最好的配套服務。我不知道－您預計每兆瓦時能賺多少錢？此外，有了新的補貼，我想你會有一些額外的二氧化碳稅和這個新的輔助設備——抱歉，這個新的電池運行性能，我不知道這是否也會影響你的預期結果。

Giuseppe?

朱塞佩？

Yeah. So talking about the regulatory related ancillary service for BESS, it's still early to talk about BESS because we don't know basically which are the idea of the regulator. We assume we are going to have some benefit because the idea is to improve the regulatory rules in order to facilitate and to stimulate the ancillary services coming from the battery. But as of today, it's too early to discuss and to have an idea about the impact on our battery project.

是的。因此，談到與 BESS 監管相關的輔助服務，現在談論 BESS 還為時過早，因為我們基本上不知道監管機構的想法是什麼。我們認為我們將獲得一些好處，因為我們的想法是改善監管規則，以促進和刺激來自電池的輔助服務。但截至今天，討論並了解其對我們的電池項目的影響還為時過早。

You have also to consider that most part of our revenue income is coming from the capacity and the energy shifting. So we believe that the ancillary services is going to be a good complement for the remuneration of the battery, but we don't know yet how much and how will be the improvement in terms of profitability from this project. For what concern the new possible law about the subsidies, basically two most important measures are the usage of VAT coming from the increase of the tariff that, of course, is neutral for our company, for everybody.

您還必須考慮到，我們的大部分收入來自產能和能源轉換。因此，我們相信輔助服務將對電池的報酬起到很好的補充作用，但我們還不知道這個項目在盈利能力方面將帶來多少以及如何的提高。對於可能出台的有關補貼的新法律，基本上最重要的兩項措施是使用來自關稅增加的增值稅，當然，這對我們公司、對每個人來說都是中性的。

And for what concern the CO2, I would say that as of today, or at least according to the production that we had in 2023 with the impact in 2024, we used to pay around $15 million in terms of CO2 taxes. So we could have an additional $15 million if the CO2 is going to be double. So move from [$5] CO2 emission. But we don't know yet how it's going to be the result because the law and the proposal of the law is still in Senate.

至於二氧化碳問題，我想說，截至今天，或至少根據我們 2023 年的產量和 2024 年的影響，我們過去支付的二氧化碳稅約為 1500 萬美元。因此，如果二氧化碳排放量增加一倍，我們可以額外獲得 1500 萬美元。因此，請從 [$5] 二氧化碳排放量轉移。但我們還不知道結果會如何，因為該法律及其提案仍待參議院審議。

Okay. Thank you, Giuseppe. Do you have any more questions or that was the three Martin?

好的。謝謝你，朱塞佩。您還有其他問題嗎？或者那是三位馬丁嗎？

That was the 3. Thank you very much.

那是 3。非常感謝。

So operator, do we have more questions coming from the line? Otherwise, I go for the chat.

接線員，還有其他問題嗎？否則，我會去聊天。

I'm not showing any further questions on the line.

我不會在線上提出任何其他問題。

Okay. So I will go through the chat. So the first question that we have comes from Beatrice Gianola from Mediobanca. So she has several questions. I go one by one. I think it's easy to go through, okay?

好的。所以我會瀏覽聊天內容。我們的第一個問題來自 Mediobanca 的 Beatrice Gianola。所以她有幾個問題。我一個一個去。我認為這很容易通過，好嗎？

So the first question is, how do you expect hydrology to evolve in the rest of the year? You target 10.7 terawatt hour for 2025. Is still this number valid?

所以第一個問題是，您預計今年剩餘時間水文狀況會如何改變？您的目標是 2025 年達到 10.7 太瓦時。這個號碼還有效嗎？

Yes, it is. It's still valid. We have to consider that the hydrological year that started right now at the end of April and becoming at the beginning of May. So we need to wait at least end of June, end of July in order to have a better view of the hydrology impact. So as of today, the 10.7 terawatt hour for 2025 are still valid.

是的。它仍然有效。我們必須考慮到水文年從四月底開始，到五月初結束。因此，我們至少需要等到六月底或七月底才能更了解水文影響。因此截至今天，2025 年的 10.7 太瓦時仍然有效。

Okay. Thank you, Giuseppe. So the second question is for you, Simone, coming from the chat. So the question is relating to the factoring of the fact three. Can you remind us how much you are expecting to receive and when?

好的。謝謝你，朱塞佩。第二個問題是西蒙娜，來自聊天，請問您。所以問題與事實三的分解有關。您能否提醒我們預計收到多少錢以及何時收到？

Thank you, Beatrice, for the question. Let me before say that it's very important to stress that starting from the end of 2024, the tariffs are in line or higher than the cost of energy. And so we will not implement in the future the credit spot price. So starting from the position at the end of 2024, we have a credit around $500 million and we plan to recover all these credits through 2025, 2026 and 2027.

謝謝 Beatrice 提出的問題。首先我要強調的是，從 2024 年底開始，電價將與能源成本持平或更高。因此我們將來不會實施信貸現貨價格。因此，從 2024 年底的情況開始，我們的信貸額度約為 5 億美元，我們計劃在 2025 年、2026 年和 2027 年收回所有這些信貸額度。

The recovery will not go all through factoring, but in any case, of course for example PEC-1, the recovery will come from the time. In any case, this year we have already cashed in from the factoring process around $260 million for the PEC-2-3 mechanism and we plan to recover a larger part of the remaining in the next 2 year. But also in this year we can, given the next EMP decrease, cash in $200 million.

復甦不會完全透過分解來實現，但無論如何，當然例如 PEC-1，復甦將來自時間。無論如何，今年我們已經從保理流程中為 PEC-2-3 機制兌現了約 2.6 億美元，我們計劃在未來 2 年內收回剩餘的大部分資金。但同時，考慮到下一次 EMP 減少，我們今年可以兌現 2 億美元。

Okay. Thank you, Simone. So let me go to the other question from [Beatrice].

好的。謝謝你，西蒙娜。那麼讓我來回答另一個問題[貝阿特麗斯]。

So regarding the new regulatory framework from distribution, which are the latest updates on the consultation report?

那麼關於分銷的新監理框架，諮詢報告有哪些最新更新？

Okay. The consultant is expected to deliver the final report in the coming when it's going to be officially published. Following to that, the CNE has 3-months to issue its first technical report with the proposed remuneration for the distribution company that should occur in the second semester of 2025 basically.

好的。預計顧問將在即將正式發佈時提交最終報告。隨後，CNE 有 3 個月的時間發布第一份技術報告，其中列出配電公司的建議薪酬，該報告基本上應在 2025 年下半年發布。

Okay. So the last question here from her is, do you feel comfortable with the current 2025 guidance?

好的。所以她最後一個問題是，您對目前的 2025 年指導方針感到滿意嗎？

Yes, it is. Yeah. According to our projections, the guidance is going to be expected.

是的。是的。根據我們的預測，該指引是可以預期的。

Okay. Thank you, Giuseppe. So now moving on the questions on the chat. So now we have a question from Andrew McCarthy from LarrainVial. Also on distribution. So Andrew is asking what should be the economic impact for the distribution business and our distribution Chile of receiving the outstanding debt only from the delay in the publication of the 2020-2024 VAT decrease.

好的。謝謝你，朱塞佩。現在來討論聊天中的問題。現在我們有來自 LarrainVial 的 Andrew McCarthy 的問題。也涉及分佈。因此，安德魯問，如果 2020-2024 年增值稅減免政策的發布延遲，僅收到未償債務，對分銷業務和我們的智利分銷業務會產生什麼經濟影響。

Well, let me clarify. I mean we are not going to have any economic impact, but only cash impact because the tariff from 2020-2024 has been already published. We have already made the provision. So no economic impact. On the other side, we are going to recover the cash according to the information that the tax should deliver in the following weeks.

好吧，讓我澄清一下。我的意思是我們不會產生任何經濟影響，只會產生現金影響，因為 2020 年至 2024 年的關稅已經公佈。我們已經做了規定。因此沒有經濟影響。另一方面，我們將根據稅務部門在接下來的幾週內提供的資訊來收回現金。

So basically, the sector should give us to all the distribution company details on how the outstanding debt will be included in the next tariffs. So we are assuming to receive around -- sorry, $50 million in the following 18-, 24-months.

因此，基本上，該部門應該向所有配電公司提供有關如何將未償債務納入下一輪關稅的詳細資訊。因此，我們預計在接下來的 18 到 24 個月內將收到約 5,000 萬美元。

Okay. Thank you, Giuseppe -- still on the distribution side, also from Andrew McCathy.

好的。謝謝你，朱塞佩——仍然在分銷方面，同樣來自安德魯·麥卡錫。

So he's asking what is the economic impact of the resilient program -- resilience, program designed to strengthen grid infrastructure in the distribution segment. Does this impact CapEx or EBITDA targets announced in the last strategic plan for 2025-2027 period?

所以他問，彈性計畫的經濟影響是什麼——彈性計畫旨在加強配電領域的電網基礎設施。這會影響 2025-2027 年期間的最新策略計畫中宣布的資本支出或 EBITDA 目標嗎？

Yeah. As I said before, I mean, all this CapEx has been already included in the last industrial plan 2025-2027. To understand how much will be the impact on EBITDA is really difficult to estimate right now. I believe that in the next industrial plan, we can have a little bit better view about that.

是的。正如我之前所說，所有這些資本支出都已包含在2025-2027 年的最新工業計劃中。目前確實很難估計這對 EBITDA 的影響有多大。我相信在下一個產業計劃中，我們可以對此有更好的看法。

Okay. So also on distribution, just a follow-up question coming from [Beatrice] on the grid's EBITDA. And in relation to Slide 9, when we show the EBITDA slide, not compare 2025 to 2024, you are already factoring in the impact coming from the new regulatory framework. Is that correct? Can you please clarify, Simone?

好的。同樣關於分銷，這只是來自 [Beatrice] 關於電網 EBITDA 的一個後續問題。關於投影片 9，當我們展示 EBITDA 投影片時，不是將 2025 年與 2024 年進行比較，而是已經考慮到了新監管框架帶來的影響。對嗎？西蒙娜，您能解釋一下嗎？

[Beatrice] is asking about the variance between the EBITDA of the distribution segment. So she's asking if we are already including the new VAT related to the cycle 2024-2028.

[Beatrice] 詢問的是分銷部門的 EBITDA 之間的差異。所以她問我們是否已經包含了與 2024-2028 週期相關的新增值稅。

Yes. Considering that this year the process for determining the new VAT for the period 2024-2028 is growing faster than what happened in the last period. We have already a good estimation of what could be the increase in the VAT remuneration. And so we can position this amount.

是的。考慮到今年確定2024-2028年期間新增值稅的進程比上一期增長得更快。我們已經對增值稅報酬的可能增加程度有了很好的估計。這樣我們就可以定位這個金額。

Okay. Thank you, Simone. So continue on the questions here. So now we have a question coming from Rodrigo Mora from Moneda. Rodrigo have 7 questions. So I'll go one by one, okay? So Rodrigo say, my question is relating to the gas supply from Argentina and LNG cargoes. I would like to know whether Enel Chile has signed Argentinian gas contracts with take-or-pay clauses. And now we maintain the LNG cargoes to use in (inaudible) LNG terminal for GasAtacama. He has mentioned about the Shell LNG contract.

好的。謝謝你，西蒙娜。因此請繼續這裡的問題。現在我們有一個來自 Moneda 的 Rodrigo Mora 的問題。羅德里戈有 7 個問題。那我就一個一個說吧，可以嗎？羅德里戈說，我的問題與阿根廷的天然氣供應和液化天然氣貨物有關。我想知道 Enel Chile 是否簽署了包含照付不議條款的阿根廷天然氣合約。現在我們負責維護用於 GasAtacama 的 (聽不清楚) LNG 終端的 LNG 貨物。他提到了殼牌液化天然氣合約。

Yes, our current Argentinian gas contract portfolio for 2025 includes take-or-pay clauses, which at the moment, we have easily met. So we do not expect take-or-pay related issue for the rest of the year.

是的，我們目前的 2025 年阿根廷天然氣合約組合包括照付不議條款，目前我們已經輕鬆滿足了這些條款。因此，我們預計今年剩餘時間內不會出現與「照付不議」相關的問題。

Okay. Another follow-up question from Rodrigo. Now this question is coming related to distribution. Rodrigo is asking in relation to Enel Distribution, could you give us some color about the EBITDA for 2024 -- sorry, 2025, whether this good first quarter was incorporated at the projections for the EBITDA guidance for the company, Simone?

好的。羅德里戈提出了另一個後續問題。現在這個問題與分佈有關。羅德里戈 (Rodrigo) 詢問有關 Enel Distribution 的情況，您能否向我們介紹一下 2024 年（抱歉，是 2025 年）的 EBITDA，西蒙娜，這個良好的第一季度是否被納入了公司 EBITDA 指引的預測中？

Thank you, Rodrigo. Let me comment that according to our last H plan for 2025-2027, the cumulative EBITDA for LNG distribution will range between $0.4 billion to $0.5 billion and so we can confirm this range.

謝謝你，羅德里戈。我想評論一下，根據我們最新的 2025-2027 年 H 計劃，液化天然氣分銷的累計 EBITDA 將在 4 億美元至 5 億美元之間，因此我們可以確認這個範圍。

Okay. Thank you. Now the last question of Rodrigo, please. I have a question in relation to the potential sale of solar plant association with the PPA contracts of EGP Chile. He mentioned about news that was in the press. I would like to know whether this process is going on. Thank you very much.

好的。謝謝。現在請問羅德里戈的最後一個問題。我有一個關於 EGP Chile 的 PPA 合約中太陽能發電廠潛在銷售的問題。他提到了報紙上刊登的新聞。我想知道這個過程是否正在進行。非常感謝。

Okay. Well, we are -- as you know, we are constantly looking for opportunity in the market to maximize the value of our footprint, including rotating certain assets to unlock value for the shareholders. Having said that, for the time being, we don't have any news on that.

好的。嗯，正如你所知，我們一直在市場上尋找機會，以最大化我們的足跡價值，包括輪換某些資產以釋放股東價值。話雖如此，目前我們還沒有這方面的消息。

Thank you, Giuseppe. So moving on, we have question from Ruben Alvarado from BIS. Ruben also have three questions. So I go one by one, okay?

謝謝你，朱塞佩。接下來，我們有來自 BIS 的 Ruben Alvarado 的問題。魯本也有三個問題。那我就一個一個的說，可以嗎？

So the first one is it's regarding the insurance recovery that was included on the distribution business. So he's asking about what is this insurance related to, if we can clarify about it. And if we are expecting any other recoveries? And then I'll go for the questions there.

因此，第一個是關於分銷業務中包含的保險追償。所以他問的是這個保險跟什麼有關，我們是否可以澄清一下。我們是否還期待其他復甦？然後我會去那裡回答問題。

And then the second one is about the regulated contracts that was expired by the end of 2024 in the generation segment. He's asking about which are these contracts that was expired?

第二個是關於發電領域 2024 年底到期的監管合約。他問的是哪些合約已經過期了？

And also the last question is, why do you see around minus 9% year-over-year decrease in Enel Chile's renewable generation, while system-wide renewable generation actually was up around 7%. So starting with the insurance, Simone?

最後一個問題是，為什麼您看到 Enel Chile 的再生能源發電量比去年同期下降了約 9%，而全系統再生能源發電量實際上卻增加了約 7%。那就從保險開始吧，西蒙娜？

So, the insurance that we provision on the first quarter is related to the agreement on (inaduible) voluntary payment with the payment. So we have an insurance in Enel Chile that cover, in general, this kind of event. And so starting from the beginning of the year, we start analyzing if there is a clear correspondence between the perimeter of the insurance and the event. Let me say that insurance as a comprehensive third party policy and also cover power supply spending.

因此，我們在第一季提供的保險與付款的（不可置疑的）自願付款協議有關。因此，我們在 Enel Chile 購買了保險，一般來說，可以涵蓋此類事件。因此，從年初開始，我們就開始分析保險範圍和事件之間是否有明確的對應關係。我想說的是，保險作為一項綜合第三方保險，也涵蓋電力供應支出。

Based on this analysis, the analysis was very early stage at the end of the year. So, in this moment, we did not position anything. But then in this moment, even if we have not closed the final analysis, the progress is much better. And so, given this process, given also our experience for similar events in the past, we position the recovery of part of the cost that we have to pay related to payment.

根據這項分析，該分析是在年底進行的，處於非常早期的階段。所以，此刻我們沒有定位任何東西。但此時此刻，即使我們還沒有結束最後的分析，但進展已經好多了。因此，考慮到這一過程，也考慮到我們過去類似事件的經驗，我們將收回與付款相關的部分費用。

Okay. So Giuseppe, the second question was about the generation -- sorry, about the PPA that was expired and the third about the generation.

好的。所以 Giuseppe，第二個問題是關於發電量——抱歉，是關於已經過期的 PPA，第三個問題是關於發電量。

Yeah. So for what's concerned, the PPA, the regulated one that has expired at the end of 2024 was related to the tender process of '28 and 2013, which were indexed to the commodity and had a price higher than $100 per megawatt hour.

是的。因此，就目前而言，受監管的 PPA 已於 2024 年底到期，與 28 年和 2013 年的招標過程有關，這些招標過程與商品掛鉤，價格高於每兆瓦時 100 美元。

For what concern the question about the renewable generation, the reduction is basically associated to the maintenance in two of our solar power plants, Guangzhou and Solvina. In hydro generation reduction that was covered by other type of generation, as coal and (inaudible).

對於再生能源發電的問題，減少主要與我們的兩座太陽能發電廠（廣州和 Solvina）的維護有關。水力發電的減幅被其他類型的發電所抵消，例如煤炭和（聽不清楚）。

So the last question that I have here is coming from Constanta Gonzalez from Quest. Thanks for the presentation. She's asking if we have more available gas from Argentina. And if we are expecting to sell more gas trading gas in the second quarter?

我的最後一個問題來自 Quest 的 Constanta Gonzalez。謝謝你的演講。她問我們是否有更多來自阿根廷的天然氣。如果我們預計第二季天然氣交易量將增加，那該怎麼辦？

Well, we have already sold one cargo in February for the second quarter of 2025, taking profits from high gas level prices in February. Of course, the details of the transaction are confidential right now. For the rest of the year, we are always looking for new opportunities. We maintain our guidance for the year that is to trade around $50 million and $60 million.

嗯，我們已經在 2 月售出了一批 2025 年第二季的貨物，並從 2 月的高油價中獲利。當然，交易的細節目前仍處於保密狀態。在今年剩下的時間裡，我們一直在尋找新的機會。我們維持今年的指導價，即交易額約 5,000 萬美元至 6,000 萬美元。

Okay. Thank you, Giuseppe. So we do not have any more questions from the -- here from the chat, so also from the line. Considering this, I would like to thank you all for having the call with us today. Let me remind you that the Investor Relations team remain available to address any questions you may have. Thank you for your attention, and we look forward to seeing you soon again. Thank you very much.

好的。謝謝你，朱塞佩。因此，我們在聊天中以及線上沒有其他問題了。考慮到這一點，我要感謝大家今天與我們通話。讓我提醒您，投資人關係團隊隨時可以解答您的任何問題。感謝您的關注，我們期待很快再次見到您。非常感謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Everyone, have a great day. Operator

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。祝大家有個愉快的一天。操作員