Presenting the team from Eletrobras we have here, Wilson Ferreira Jr., the President of Eletrobras. Ferreira Peixoto, Investor Relations and Financial. Camila, Governance, Risks, and Conformity. Mr. Pedro Jatobá, Generation Director. Rodrigo Limp, Institutional Relations. Élio, Business Strategy and Participations. Jose Carlos Barros, our Legal Director. We inform that this videoconference is being recorded and will be made available on the site of the investor relations of the company, where there will be this presentation in both languages. I will highlight that whoever needs simultaneous translations, we have these two available in the globe under the bar below your screen, so you can choose your language of preference, Portuguese or English. For those listening in English, there will be an option to block the original audio in Portuguese. For the question and answer, Q&A, we tell you that you should send them by clicking on the bottom of your screen. Your names will be mentioned. Then you can ask your questions out loud. At this moment, you will be requested to open your microphone. Then you can ask your question. Some declarations during this teleconference related to the perspectives, the business perspective of the company, projections, operational methods and financials constitutes in the premises of, well, from Eletrobras. Will be made available for, by the company. Future ones will not be considered as performance because it will be considered risks. The investors should understand that, you know, general economic conditions and other operational conditions could influence the results of such future conditions. I'd like now to give the floor to Mr. Ferreira, the President of Eletrobras, so that we can start the presentation. Mr. Wilson, you can move on. Thank you. Thank you, ladies and gentlemen. It's a satisfaction to be here to share the results of this company, this fourth quarter closing the year of 2022. I am five months ahead of the company. I'm really happy to be here, and especially to be together with my team that is here, and I thank them, not only be able to make this presentation today, but also to be the one of the dates most brief where we have reported our results. We're talking about, you know, the 13th of March, especially the content of these results, which I believe can be very well appreciated by each one of you. Like, to start with these highlights, I would like to move on to the next slide. We have here the main events in these five months. As I mentioned, there are five teams that are very relevant. I believe that the first one is something that is really important for the company, for the perspective of the company. It's the fixation of the voluntary dismissal plan. It has a BRL 1.2 billion cost, estimated cost. We have over 1,000 people who have been dismissed up to February. We're going to make a report that more specific of this program. We have around 1,000 more until April the 30th. We have taken a lot of care. It's a recognition of all the professionals in the companies that, you know, built this company, it's also something that establish besides this, a perspective of bringing new people to the company, things something that doesn't happen since 2009. The second theme that is very relevant in this, in the Eletrobras, you know, private Eletrobras and, you know, deciding the future of Brazil is, first of all, this, the regional funds. We have already made it a fund of almost 900 million and over 300 million to revitalize the São Francisco Basin, also for decarbonization of the Amazon, especially in these times of climate change that we have been living and the revitalization the Basin of Furnas. This has sums to the deposit already made last year into the privatization of BRL 5 billion and other deposit that we make annually March and April of over 600 million. These contributions are important, be it for the development, the regional development or also from a tariff view, but also for the events that may happen in the capitalization, privatization of the company. Three things that is very important. Also, in this compulsory loan, we know who participated. The company refers to these loans over BRL 26 billion. We had here the approval by the board of advisory in a policy of agreement. We manifested this publicly in the market. We started work on it and the satisfaction of in this first trimester that we start this activity, we have a reduction of BRL 1.23 billion in the provision stock and also being with a positive reduction of BRL 563 million. It's a policy that shows that the advantage that the company has, you know, to bring forward resources so that we can reduce our provisions, our contingencies, and also put resources in the economy. Most of us, we have industries on the other side that can benefit from this agreement and take on these actions together with society. We also had here in the beginning, in January 5th, the beginning of the year, the 185th AGE, where we made the payment, the incorporation of the minority stocks of our 4 controlled companies. They now become 100% belonging to Eletrobras. Finally, here, a very important moment within a very volatile market, but especially in our vision of valuing the company, is very diverse in which we find that today. We started buying back shares. We had here an authorization to the acquisition of 10% of total shares in the market, over 202 million ON shares and over 27 million PN shares in a timeline of 18 months because it creates values, because this brings this clarity of value that this company is creating, is adding. It's a very important perspective that we'll be reinforcing along as we share with you how shares are moving forward. Going on to the next slide, when we talk about our transformation process that started in our start here in September. We have here the first, the guideline, strategic guideline for the company to have a long-term view, you know, creating value to maximize the generation of value for all the stakeholders in the company, shareholders, collaborators, consumers, and contribute to this so that we have an improvement in our business environment in Brazil. Also in relative terms to the environmental process. It's a process that supports on the transformation of resilience, business resilience. Here we have to lead this process of offers of us, quality service to clients and offer health and safety and development for our collaborators, our employees, and also, sustainable growth. This capitalization, create a perspective in economic and in financial, so that the company has a virtuous growth, focus on the themes related to renewable energy, to the transmission of electric energy, to the commercialization of new geographies, and also something very important for the company to be able to have a rigorous process of growth. Of course, also taking care of being in excellence in efficiency, which is a new process, as is the face of the company, and also a great team, a great focus on governance. A board of directors very focused on this vision and strategy, and also a transformation that is very relevant. Also seeking of innovation and technology. We have real conditions that we're going to show later on that we can develop even more in the solutions that assure our competition in the market, in the process, in having more productive operational process and more reality in this technology. This brings this vision, this green major, you know, looking this global leadership in, if, in renewable solutions of infrastructures and low emissions. This is, this page, you know, summarizes in some way the track record that we want to follow in Eletrobras and responds directly to the transformation in creating value and add value to all the, to whoever, everyone we have a relationship with. Here we have this evidence in which, in just five months in the, in my first participation here together with my colleagues in the reporting, the, in November, the results, we already brought the slide and we already showed how the company has moved and has been driven and what we seek the leadership in terms of a cap- in renewable energy. We were second player in this, globally, and with the least level of intensity in emissions. We are second place in each one of these aspects, but we are moving very quickly. In this quarter, we saw growth with the purchase of Santo Antônio Energia and the conclusion of the third our machine. We're also considering here the operation of our assets together with Neoenergia. Also we had last year with a better situation with this view of a lot of rain and we had a lot of reduction in the intensity of our transmission. We are here confirming that the company continues growing towards the leadership of a installed capacity. Looking at the leader, the first place, we had a strong movement here of over mega. 1,000 megawatts, and we have another 1,000 megawatts in the second quarter. You know, we also had a reduction, a relevant reduction of over 40% in our emissions, reaching to 52 tons of carbon in megawatt, for a megawatt generated. This track record is very confirmed in these two quarters that we had the opportunity to talk with you. This is what the company is now seeking and pursuing and leadership. When the humanity needs companies that with renewable energy, with focuses on ESG standards, so where we are involved. All of this, in a way, it states what this is slide is just here, this theme of transformation. Privatized company since September, we started this transformation office. I would like to say to thank you to Camila who leads this effort, has brought this transformation process. Remembering you that we had the elaboration work of conception together with initiatives, with 40 initiatives, in which we sum 700 makers of important deliveries, deliverables, and over 40 initiatives. 17 of them have deliverables of impact on the short term. I will talk about some of them, like for example, conversion the companies, which brings advantages in terms of governance, in terms of agility of this decision process, obviously of simplifying, but also brings impacts in the short term. 23 of them are initiatives that provide a plan. We had a plan of the strategy of commercialization from last year to this year. We're going to complement this work, here, the strategic revision is one of them. It's very important to tell you that in this moment, seven initiatives have been concluded up to February, 13 will be concluded up to March, up to the end of March. We are here two weeks from having half of all the initiatives concluded as I mentioned, 17 with important impact. Even in this quarter, we'll have 23 of 40 will be concluded in this quarter. Due to this concluded process, especially those 23 plans, the 23 strategies that we have established, we have initiatives that will be detailed so that we can have also, share with you in what way the value will be created. I just want to give an example in the following slide about this journey that we are living. You know, it starts here, as I mentioned, looking at Up to December, we had a conclusion of the commercialization strategy, short term approved and implemented by the board of directors. We're looking at this way to organize in a systematic way, methodical way, control our companies from the holding and a strategy that we share weekly. You know, mandates that would be, you know, originating in sales or in conditions of products in each one of the subsidiaries. Remembering that in the month of December, that's when we concluded our voluntary dismissal plan. It was a structure with over 2,500 people. We effectively, we also, we started the first group up to the first group of people up to the end of 2022. Then we started also a new structure at the top of the company, we started, you know, also the first wave of negotiations of loans already with an effect with initial effect of reducing of BRL 1.3 billion in our provisions worth 26.5% in just a quarter. Bringing this advantage that I will detail a little bit more up ahead, also with a committee and the board of directors, so that we have the serenity in the process and a conclusion in this process. We also had here, due to this work, the utilization of one asset of the company that maybe is not so visible. That is the fiscal laws. We have a lot of credits there, and is in this quarter, due to this process, we could be able to use over BRL 700 million. It's an intense work that continues to happen here in this journey. When we see the first quarter of this year that we are leaving, as I mentioned, we are as we... Due to that conversion of those, controlled company, subsidiaries company, integrated subsidiary companies that have already been concluded, we had already deferred the main gains. In the supplies over $200 million, $120 million CapEx, and 90% efficiency, you know, with a baseline of BRL 1.4 billion and here a reduction of BRL 80 million with an optimization of OpEx, 30% efficiency versus a baseline of $230 million. Work that is really important. Here we would imagine that, and I'm have no doubt that you too, that we imagine we have here a space of gain of efficiency. We are with consultancy. We are here with three waves of... The first wave here of, with great results already, here together with the board of directors, in the final stage of concluding our financial, our strategic plan and our fiscal plan, you know, pluriannual one, so that in beginning here in the month of March, I hope, but in this month of March, that this new structure, organizational structure that I will file, that I will show you can be, you know, appointed and, so that I hope that this happens. I hope to release this up to the end of the month, of this month. One of the most important things for us is the incorporation of the culture of the company, of the meritocracy, of all the executives of the company are, you know, have. They have been assessed, and we started, you know, the recognition of this structure, you know, appointing and, not, and based on the consideration of the results of this assessment. This is still happening this month, and with all of these assessments of, will be made available, who in N1, so that they can in a priority way and having not, and not having any options internally. We're gonna go to the market, and we'll have the systematic approach, and then we'll have the second return, the teams of dismissals of, in this same period of March, over 500 people and then by the end of this month. We'll have a view here of the 2nd quarter starting in this April with a new organizational structure and governance of the holding and the subsidiaries implemented. The work will happen in this in the 2nd quarter, and we'll have the solution and now the defined solution of Santo Antônio Energia. SA is we know in the process of the acquisition together with of assets that can add value to the company. You know, renegotiating debts, this has been the objective of the financial directors and the lawful business director. Along this trimester, we'll have the conclusion of 85% of these dismissal, voluntary dismissal plans, over 2,100 people. Parallel to this, you know, also seeing here, 832 replacements, based on those O&M, like based on new hiring of all Brazil. Again, in this trimester, we'll have an even bigger evidence in the conclusion this first wave of, you know, in terms of actions and supplies in our procurement. We'll, and we hope to have a reduction of CapEx of BRL 200 million, 6% of the efficiency with a baseline of BRL 3.6 billion. Also an expected reduction of OpEx of over BRL 160 million, so around 23% with a baseline of BRL 0.7 billion where we are, you know, included. This is an important activity that we really have a lot of work, but we have a great, clear perspective to share with you. In the second semester, we have continued this action that we started with no judicial agreements, legal agreements with, here we're looking at a target, you know, we're looking, we're working hard internally. We have a great potential that is not focused exclusively on, you know, compulsory loans. We're looking here great focus on the committee. We started working on other alternatives, labor alternatives, civil, tax, so that we can advance our we know these legal agreements. We have a long-term strategy for commercialization, looking at the leadership of the market starting in 2024, you know, starting the group B and then, and how the company positions in terms of each one of these alternative, these temporary alternatives. What is the best strategy so that we can capture and attract clients to the base? The plan of 2023 optimization of SPEs, this is, we made a consultancy. We still have 74 SPEs, and we're looking at a reduction to an ambition to the end of the year to have 31 of them. It means that 27 of them will be a objective of sales, seven will be seized. We then will have five acquisitions of incorporations or four incorporations. These purchases, these acquisitions, these like they're called crossing will be, you know, in Neoenergia and also like in the case of AES as well, that we will be in a due moment, you know, generating benefits and tax benefits that are known to all of you. Just for you to have an idea, these are some of the initiatives, you know, if we, if I click here, I will detail four of them just for us to have an idea what I'm talking about the dismissal plan, the new top structures, the conversion of subsidiaries and some loan negotiations. Let's move on to the next slide. I will start already with this view of the voluntary dismissal plan. We have here 2,500 people that have signed up with a potential of what we thought would be 2,700. It's very important to say that this is, in fact, a recognition of the contribution of our retiree. They have, in an average, 62 years old and 33 years, you know, working. This process, you know, has started for everybody to adhere with a guarantee that in a moment in which the company decides to subsidize, they have a guaranteed, at any moment, a recognition in terms of a salary bonus that has been offered to each one of them, about nine annual salaries, and also other benefits that complement in some way this retirement. Remember that all the employees, they are covered by, you know, pension funds, private pension funds that are offered. All of them have a plan, a health plan that, following the retirement can be used the same plan, you know, individually. The resources that we are share is that for this, for this end. On the one side, we're making resources available in the economy, over BRL 1.2 billion, to in-inject into the economy to make this recognition to all of them. It's not an obligation of removing these 2,500 people. We're looking at, we're working to reach 2,100 of this total. We're guarantee, as I said, you know, it's a recognition to all of them up to the moment that they are, you know, still working in the company. It's important to highlight we are working on this replacement of employees. We have a process here of looking for, you know, looking for hiring OEMs in all of Brazil so that we have any type, you know, continuity process. As I mentioned, we have over 1,000 that have adhered. By the end of this month, 1,500, this process is undergoing. In this quarter, over 500 people, that ends in March. Then, in this investment of BRL 1.2 billion, we have an economy of in our payroll of BRL 90 million-BRL 95 million. You know, so the payback is around 13 months. Again, something very relevant that the company did never had this transformation or had not had this transformation in a long time. We're doing this recognizing the contribution of these employees, clearly, compensating people for this contribution, obviously, and, making a new phase where we can now, resume in a vigorous way due to the capitalization of the company, a process of growth and of modernization. The next slide also talks about another important activity that will be the process of leadership. As you know, the company had in our own, controlled companies over four of them, plus the holding a high level of redundancy. Also with the support of consultancy, we have created an organizational structure that has a concentration on the holding, of course, where we can develop strategically planning our actions that the company will develop. We have a structure to of head start so that we can have a development and an adapt into our strategy. We start here with the CEO, a vice president of operation and organizational security. This executive will be responsible for the management of the four controlled companies and of one Eletronorte. With the structure, organizational structure, simplified related to what is today, focus on EM, focus on commercialization and administration and finance. These four companies will have modernized, it's, you know, it's a support and also, you know, base, especially, you know, from Investor Relations, commercialization, financial aspect, you know, orchestrated so that we can have the best efficiency. We're creating here a vice president of engineering, of expansion engineering, so that we can use better CapEx and develop more, advance, this great investment. You know, commercialization, the commercial activity, which is core to the company, will answer to over half of our activities and have already been created with the presence with Élio Wolff and the strategy and business development, where we're looking at this rationalization of SPEs, the sales of these subsidiaries. The relation, our Vice President of Regulation, and that occupied by Rodrigo Limp, our Vice President of Finance and Investor Relations, Elvira, Vice President of Governance, Risks, and Compliance, which is already taken by Camila. We're looking at vice president of supplier service focus on these activities and this wave that I had mentioned already, the rationalization of our operational service through the computerization of the union of the join of our, you know, shared service. The vice president of people management and culture able to establish a management model based on meritocracy and collaboration, and that we have a culture, you know, that is enthusiastic to people, motivational to people, that we can attract people in the market, in the construction that is being done here in Eletrobras. A vice president, a legal vice president, because we have, you know, over 35 billion BRL in liabilities. What we can do to make this a liability, an asset for the company and the counter-counterparts. Also vice presidents of innovation, research and development and IT. What is the most modern? What is the most, what is the best way that the companies can grow in a most efficient way? You know, making the job easier, the people's job easier. Employees or stakeholders of the company, you know, shareholders, clients, and so on. I also have the support of two departments, the Department of Communication, that we can. The activity of communication is always an activity that is really, I will say, it is less due to the lack of resources that the company has, it is less realized and seen by the market. Here we have an activity that is really important of communication in Eletrobras. After all, besides of all that it can do in in the teams where it's involved in its main activity, we believe that here we will have an activity that is that can look for clients and from B2B and from a medium to long-term capacity to look at the clients in the in the consumer environment, consumer, energy consumers environment. The activity of communication to share the development of our stakeholders or to attract new clients will be an activity that is really important. All of this supported with a view of sustainability in a ESG agenda that is different, the mix is different from our companies in this sector. Have an ambition to be really a reference in this area and some steps that are already being taken, and we're going to put this in the end. It's important to say that this structure has been formulated in a way that is really co-consciousness, with a lot of consciousness by all the directors, so that we can go ahead in this, in these values that are being here highlighted, but also keeping a brand, a company, our efficiency continuity, especially our reliability in terms of our systems, so that we can again make this modernization of the company, adding value, you know, keeping our traditions. It's worth highlighting that the four companies in the group, they have a regional presence, relevant regional presence continue to exist. There's always a question about that. These companies have regional presence. They have characteristics in, especially in terms of taxes and state incentives, regional incentives. They have all the resources, you know, they are allocated in these companies. In fact, we are recognizing the importance of them and establishing a management model that would be a greater synergy among them. Now, going on to the third example that I mentioned, which is the loans, the compulsory loans that we had in the evolution. We started from a stock of 25.8 billion BRL. This is stock that is updated by the SELIC rate, has over 204 million BRL. We had a reduction, operational provision of BRL 41 million, and we had a payment of liability, legal payments of BRL 480 million. It's worth highlighting, it's worth saying we have here the first package of payments of legal agreements at BRL 707 million. It's important to highlight that this doesn't sum BRL 1.3 billion. These agreements, they are done, some of them can be paid in the quarter, and some of them are paid in the following quarter. The registration of these agreements and the benefit of this agreement, it's done in this. When the agreement is set, it's worth saying that we had this movement. Some of them have already been paid, BRL 770 million, and all of these agreements have already been registered in. It's worth highlighting that our base, you know, BRL 26 billion, BRL 1.3 billion have already been reduced in this last quarter. This is just, you know, the approved. We also have around BRL 770 million that is called off balance of those possible provisions and remote ones that is also object of this agreement. Almost BRL 2 billion that we had to, you know, judge here and they have been eliminated due to this agreement. We're going to continue, you know, looking at this important gain that will allow us to choose our losses in the end. This will bring, We had a, you know, a smaller exposition, a monetary exposition due to this Selic rate, and these agreements are done to eliminate totally the demands. Not just that are proper, but those that are, you know, remote, you know, that the counterpart. Something that is that we are happy to mention. We are seeing here this disposition of making these agreements that is favorable to both parts. Now following here the second page. Now we're looking here the conversion of these subsidiaries, bringing more efficiency to Eletrobras. We make these companies would have to have, you know, assemblies to release some teams, you know, meetings with the board of directors, you know, with OTC. These companies, they had basically had an independent level to which will also make a difference sharing the synergy and so on. The operation was approved January 5th. The shareholders had the option of withdrawing or incorporating shares. You know, we can see here in the right block where we have BRL 286 million in investments in... Which means over 5,172,000 in shares, you know, emitted by the holding. The investment to these minority stakes were done in order BRL 202 million. We had here in, you know, some P&As that 202,000 over 4,361 shares. On the other end, BRL 226 million, 3 million 451,000 shares through our treasury. This process makes Eletrobras a 100% owner of these subsidiaries, and this has generated 31 new shareholders that in exchange with much one of these shares for Eletrobras shares, you know, increasing our free flow and the number of shareholders that are, that, you know, are investing in the company. This is structure that allows our governance a more effective account is better coordination among the companies, agility in the decisive process of now having a 100% and also making it possible the new structure that will simplify and will make this decision processes faster and more agile. Now moving on to one more slide. I'd just like to highlight and conclude here in the space of the talking about transformation. We are here with 40 initiatives ongoing that we will conclude the 1st one in this month of March. We'll have here, you know, over 20 undergoing. Over 36 at end of the semester. We have here a lot of ambition to 23 of them that establish strategic plans so that we can deploy, you know, with plans that can guarantee new shares and impacts and results. We have here a new investment so that we can get this impact. We also released this strategic plan that is now concluding this month up to the end of this month, so we can release this new strategic plan. We have talked a lot about it. We have shared a lot of guidelines, but still, we'll still need to integrate this document that will be the base of our strategy publicly. Following only talking about the operational challenges and the operational performance of the company. Speaking very briefly about generation last year. The company, you know, has 23% of the generation, installed generation capacity in Brazil. 90% are, you know, clean energy sources. We have by privatization or other segregation of our assets of nuclear are to over... You know, Brazil has about by type over 41,500 and now reaching here 42,500 in this quarter in these two, you know, Santo Antônio and also Belo Monte. In this quarter, we also had the operation related to our, you know, the breakdown of the assets of this Neoenergia and Eletrobras. Over 29% of all of the energy generated in Brazil was done by Eletrobras of the current installed capacity. Of hydroelectric, have done and even better due to the hydraulic flows. We have 18.5%, 18 gigawatts average now of 20% of Brazil. Of physical guarantee. Here we have the performance of our sales. Just to make clear to the market that our operation here, you can see our 16, 17,000 along the year. We have, you know, we have 17 now to 18.5. Basically, we have these two types of assets. Assets that were quotes, assets that were renewed as Tucuruí and in the condition of independent production. Also, what we see, 2023 is the first movement of the decoding, which is 1,300, which 5.7 and moving forward. This, all of this that we want to bring to you is this: How can you compose, you know, the draft, you know, the structure of Eletrobras, you know, its own resources of the installed capacity that is highlighted there on the left. Also buying energy because we have here a set of assets that in general where we buy a part of the energy directly from. This composes the resources of the company so that it can make sales of energy. It's composed of own resources and also buy energy. I'm mentioning some examples where we have this type of thing. The sales of the company is also here highlighted, you know, following this. It sells, as you can see, less value, 26, 24, 25, because it hasn't sold the whole energy. Just remembering that these sales together are summed with the contract, bilateral, contract with ACL and ACEI and AS... These ACEI with the quotes with the part of this that's removing from the state. Here we have the composition of ACL and ACR and the average values of sale in ACR and in ACL, and also average of purchase that, you know, mentioned, you know, looking at the the the average megawatts mentioned here in this line. This process generates a balance here of capacity that we are not able to sell. Making a relationship directly to the relevant part that our plants are hydroelectric. A volume of energy that is still not being sold. We're still in the month of March, and only 12% of the volume is not sold, considering the head that we're gonna use. For 2024, 34%, and this way forward. We're doing this together with these clients who are mentioned below. 48% of our commercializers, 43% are no free consumers, and 8.7% are generators. Due to this energy balance here, we're having the following page. A detail of our G-TSF. As you can see, it was better last year from the year before. Clearly the 2021 was very dry, you know, we reached the year 85%. Due to this elevated, you know, volume of water, we had, you know, a better period. What weighs all of this scenario, we can see in the left side on the bottom, the variation of our revenues of generation in the fourth semesters, in the years in the last. Just going to look at the right side, our revenue has gone up to 24.2, this has increased to 6.8%. As you can see into the composition, we have reduced our liquidity in CCR, which... Therefore, we had an important growth in the sales of 16% in the market sales ACL also the decrease of price to prices up to BRL 190. Annual basis, looking at yellow, we have there the regulated contracts from the company, 200 and going up to 288, 22% increase. Also the quotes due which are just by inflation growth of 11% from 4.22 to 4.7 respectively. This year, you know, confirm this strategy of the company that I'm very happy to say that has already produced effects. We have here 12% of our, you know, capacity to be sold this year, 2023. In the next slide, we have here just an important picture in relation to transmission. The company invested very little due to this low financial capacity, it was in the transmission over BRL 1 billion, less than BRL 1 billion. Now in 2022, we had this increase post-privatization. We had already growth of 95%, the double in two years to 50% related to 2021, which had already been a good year. Also highlighting that we have 31.1% of our Brazilian system transmission, 280 stations, substations, and 74 km of transmission line. These, these 42 ventures of great, of great sizes. You know, we include more transmission lines and more MPVs with a RAP of increase of BRL 115 million. We also have done work, a lot of work here with SPS of 353 km related to the previous year. This year that already is very positive for the transmission that we'll have auctions as some of them already mentioned, over BRL 15 billion. They'll have participation of Eletrobras. The next team, just to show that, where this advance is producing results and the many of them, and you, as you know, you know, is the variable, uh, parcel. This starts to be charged when it, when it was extinct. This is the result, a global result of Eletrobras, a great work that has been done led by Matthew. We will be able to reduce a great reduction with our best level, 1.56%. It's a drop of 26% related to the year before, a reduction of BRL 65 million. This is a positive result for the group of the best quality of our assets. Again, with this, I end my highlights. I will move on to Limp, where we have regulatory highlights. I'd like to thank everyone who participate of my team here, Jatoba in the generation commercialization and Matthew in the transmission, who has helped, you know, share this data and achieve with your team this great result. Limp, you can move on. Thank you, Wilson. It's a great pleasure to be here talking to you, having the opportunity to show you very briefly some themes that are regulatory related to the last quarter of and also the discussion here in Eletrobras starting with the RBSE, which is some of the themes that is not only related to the last quarter, but has been discussed for a long time. Here I will bring some updated status. Since June last year, we had some manifestation from the technical team of ANEEL, and also from the attorney's office, from 2022. With SGT, we also have a little improvement in the memorandum from the same technical team. With the, we had the legal impact aspect of the team and with a discussion with the board of director, and we decided to monocratic decided from the director, which is partially, you know, agreed by all the members, and then determined to the new simulations and new calculations that had been sent to the transmitters from August. In this, the official document, the technical area is executed the command of the company, even though it did not do any evaluation of merit. Since August, we have not had the annual official position from the agency. We are in the process with the two directors, Eletrobras, together with other transmitters. They have participated in the discussions directly, also due to our, you know, association with transmitters. We also talked to only one director to make a meeting which is set for now the month of March. We keep on defending our point of views since the beginning that, you know, legal security, regulatory stability, based on ANEEL's decision. Another theme that with a, with a magnitude that is less, but also it's something new since the contract, transmission contracts that we signed, due to the 579 we had recently in the approval from ANEEL of incorporation of assets that were utilized for importing, exporting, energy to Venezuela and Uruguay in these concession contracts, of Eletronorte, EGE, Serra do Sul. These before being incorporated in a, in a base, they had it to remuneration when the export and export was done, export to Venezuela since in 2019. These assets were not being remunerated. Now we start having remunerated, AM with the RAP approved by ANEEL. This brings a great increase in our, in the revenue of these assets. Moving on to the next slide, two themes related to generation commercialization. One of them is the minimum PLD, which is been discussed annually, ANEEL defines the regulation agency. The least and the maximum PLD also based on our. In this discussion that was performed by ANEEL in the end of the year, there was some discussions on the criteria adopted by ANEEL, which was a criteria that has already been adopted by them by many years, which is the greatest value between ANEEL and Itaipu. This BRL 69 was established based on January 1, 2023. Some commercializers, you know, was went to justice, some of them were not defined and defined. transcript of a speech given by an unknown speaker. "And then, some of them were considered a process in which, you know, they have. They have not been affiliated to it upon more. These decisions have not had effect. They had not, they had not the legal possibility to implement the decision because it was not defined what would be the value to be considered, the value to be considered, you know, for a minimum POD. So this was not implemented. And also there's this and occasional discussion, you know, where this would only happen to the whole market or not. What it's clear about, you know, this change of rule of POD along the year without a due process of discussion, regulatory process would also, you know, affect the financial, the financial condition of the sector. We also had the last year, you know, for the 709 approval, which, you know, talks about the physical guarantee or revision of the as we had plans from Jatobá, they had a new contract that they started with a process of physical guarantee. They had a reduction of physical guarantee over 7% of, you know, physical guarantee. These plans did not go through the process of revision last year. They, they, uh, uh, since five years and, uh, the other, uh, other plans with, uh, or they have with, uh, with, uh, thirty-six, uh, one point two megawatts average with a reduction of two point two percent, so better values of, uh... And then also related to the, the, the plans Latobas, uh, it already had been, uh, had already gone through a process of, uh, physical guarantee. The other, uh, plans not, uh, under this, uh, mar- under this, uh, process, we had a reduction of thirty-five, uh, megawatts average, which, uh, negative zero point two three percent inside the, the Latobas, uh, portfolio. So this team, this all has, uh, uh, judicial process included. Generators, they started, they filed a lawsuit at the end of the year defending the alteration of the critical period adopted by the ministry to define the value of a physical guarantee and the suspension of this law 709. This request had an urgency request, and it was denied yesterday by the judge. The discussion now has ended, and possibly there will be resort, some appeals. In the first moment, the judge has denied this urgency requested by the authors. This law 709 continues to be in effect, and also as a legal security to the sector. Also that, and all the discussion has gone through the no audience discussion and guaranteeing the physical guarantee of the process. Moving on to the next slide. This team is in fact a relatively new, where there is a direct relationship with, you know, recognition of by the service provided by the hydroelectric. With the, this part of the energy there could be averted. This, it cannot be exported. That would be, that was developed by the law, is it, 49, basically 79, by the Ministry of Energy and Mines. It was possible the exportation of this energy, but it was a modality that was a swap where you generate a credit or debt in the neighboring countries and then compensated. It was not a modality that is commercial like the one that is one that had open audience participation. Also there was another law that generates energy coming from hydroelectric plants. We have identified that, but the exportation of this, you know, in the exportation of thermoelectric energy, and in blue the energy of turbo energy, and this can offer values to buy these energies. CCE, which is responsible to define this the value of this process, the beginning of the year was BRL 75, which was the POD plus 10% CCE. CCE identifies that the competition among the segments of thermoelectric, hydroelectrics, and the potential of acquisition from the importer part to improve the process of defining the legal, the least value. It goes on to the, in our graph in this black line, the increase over these values in exporting level. We have BRL 241, and we have observed, you know, great increases in terms of production. Especially since the end of February, this has generated the generated expectation so much in the prices. The amount that exported is automatically we had a greater energy allocated to M&R, which reduces the GSF, and this also benefits the generators and the consumers of energy, especially those that have the hydrologic risk and impact. This benefits the consumers and also the generators looking at the total amount. The increase of the minimum price also adds benefits to the consumer in that part of energy that goes besides the GSF. Also, that part of energy that is also called, and also as the generators, an increase of revenue there for the generators. This generates the greatest, the greater proportion of energy of, you know, by the union state and cities, by the SIFUC, which is to strengthen the roles of the hydroelectric. I think this is a new process that, no doubt, adds significantly relevant results to the hydroelectric plants. Moving on to the next slide that we will talk about, Amazonas Energia, where we had, a moment in the provision would be the better detailed by our director, Ovida. Here today we have, considering all the credits that we have together with Amazonas with, BRL 7.7 million. We have a provision over BRL 7 million, which is over 90% of the debt. When we look at the holding, these are non-provision credits. It's important to clarify that this amount has 344 refers only to the IC, which is, you know, the assets that happens due to the privatization of the distributor. It's a credit that has guaranteed, has been paid in a way that without any default, and also had a little value of GSF, which there is no default for Eletrobras and with Eletronorte. In the same way, we had provision values and this value that is shown as non-provision values is in the flow of the Eletronorte and Amazonas. Here I would like to highlight the, looking at, in a prospective way, our sales with Amazon, what would the expenses would they has with the independent, and especially those, the, those independent, you know, the default that they had with Eletronorte. We have already, you know, in terms of BRL 270 million made by the, by the distributor. We have, we received directly from CC, CCE, which is a part of the CC due to the decision of ANEEL from 2020. We have here a new, we have a new action in ANEEL to receive the rest of this amounts from CCE, which would reduce our exposition to the risk of default coming from Amazon. We had a statement from ANEEL last year, suspending some of these actions. The new director will, if they approve the process as by the technical areas, our, you know, current exposition with Amazonas Energia will be restricted to values of average ACR, you know. Looking at the BRL 20 million. It's also important to highlight since May 2022, Amazonas Energia is 100% insolvent with the due to the law that was made by the ministry that has a monthly payment of CCE due to the exposition, involuntary position and also some actions that we have done with the distributors. In that side of scenario of insolvency, it's in much better than those seen in 2000, beginning of 2022, where we had a default in Eletronorte between January and April. I think this is the last slide of the highlights of regulatory. Very quickly, but the main themes, our hydroelectric, the last POD, the Amazon situation, and things that have been less discussed, but we are following up. I end my part here, so then we can go on to financial performance. I'd also like to thank you and say, just one slide to give the floor to Ovida. We are reporting this result that is due to a series of events, many of them non, reoccurring. For the good understanding of the performance of this quarter, so changing the slide, I would like to report here our, you know, net income of BRL 9 million, but we have a variation that is great. We're reporting one for twenty, and if we eliminate some factors that I will note as non-reoccurring, we would be talking about an EBITDA of BRL 4 billion, but the last line will be very different. Here we will talk about BRL 2.5 billion in profit, but we're talking about BRL 500 million loss, especially because these things happen, especially because the carrying having these provisions, you know, the PCLD of Amazon. This event that Elvira Presta has already mentioned of BRL 2.5 million, that eliminates completely our, the risks related to this team. It's a pity, but we're gonna keep on going, fighting for this and negotiating. We're working on contributing with when they are interacting with us now, so that we can have a good solution for Amazon. We have done all the things necessary and the provisions are BRL 2.5 million. We generate a great value, which is the PDV, the dismissal, voluntary dismissal plan. We have here, you know, we are, we have two provision, BRL 1.2 billion. We also have here, we have done this transition within the Energia. In this first moment, you know, we had, we had the provision of what Teles Pires is up for BRL 169 million. We are sure that the conclusion of this operation will have, you know, the adjustment that will happen in the operation of sales. That should be positive. In this moment, with the Teles Pires, which also met for BRL 169 million. We're talking about BRL 4.2 billion. It's more than the EBITDA that we would report. Two effects are there. There's two addition. The first one is the one that is reoccurring, that happens from the process of privatization, the amortization of new assets, the new generators that will be re-renewed, and the obligations of CDE, right, that would happen along the period of 30 years. Here in the trimester part of the year, we're looking at BRL 1.5 billion. What is this as a negative effect? In the last year, we didn't have this positive side that corresponds to the sales of energia of all volumes. It started from for the ongoing year. Here we have sales for 2022. We had only the payments without the kind of part of income or revenue. This, that has to be explained by Efraim up ahead. The way in which we reported the transmission revenue, we have made a great effort, as I mentioned. When we look at our regulatory, we've seen a growth of our revenue, even though the way to report this transmission revenue as a remuneration on an ongoing asset, considering that we have a variation, important variation of IPCA, 3.4% in 2021 to 0.7%. We have here a cut of BRL 1.4 billion. Adding these other effects, we're talking about BRL 4.2 plus BRL 2.6. We're talking about BRL 7 billion. You know, we had here a positive highlight. We had, we have, as we have already mentioned, the agreements of compulsory loan, and also the consolidation of revenue of SAE, even though it has a relevant EBITDA that we're going to look on its efficiency. But it's important that we're talking about a quarter that had this, that had this data as a conclusion of a presentation process without covering the revenues. You know, especially related to all the management decisions we have made, especially, you know, the voluntary dismissal plan, which I believe are important. You know, it affects our reoccurring EBITDA. We talk about BRL 4.4 billion without these effects. With the result in the last line are BRL 2.5 in the quarter. This is evident that the way that the company will take in the following quarters. Efraim, it's on you now. Thank you, Wilson. Good afternoon. Let's move on to the next slide. Here I will detail some of the main effect. Wilson has already highlighted some events that are very relevant. Starting with, as you know, this model, the chart here on the left shows our results of the fourth quarter of this year compared to this to the third quarter last year. Here in the column on the right, we talk about the adjustments of what we consider, you know, events not occurring. Mentioning here in the revenue, as in the first line, our gross revenue, they had this fall of 9%. It has as a main reason of this reduction, this effect on IFRS in the transmission that has impacted BRL 1.4 billion in reduction. We're gonna show ahead, although, from a regulatory point of view, the impact may be different. It's a question of context. Next generation, can highlight, We'll have a greater increase in revenue for the consolidation of Santo Antônio Energia, BRL 1.2 billion. Also, we had less import of Uruguay of. Uruguay is also has the cost of buying energy. In the revenue part, these are the main highlights. In the PMSO, which I will show later a graph that is more detailed, it is important in the PMSO that we had an impact of from the impact of PDV in from the dismissal voluntary plan, you know, mainly by this impact. We also had our collective agreement last year that was agreed. Also had here in the surface area some expenses that from the transformation plan that has been detailed by Wilson. In this first moment, we'll see increases in the expenses of consultancies, but we'll be compensated by the gains that we are already showing. In cost and in operational costs that we have highlighted here related to the less import, less importing from Uruguay. We don't have the revenue. We also don't buy the energy. This didn't happen due to the less necessity in the activity 2002, where we had the full reservoir. A different situation of what had happened 2021, where the country had to import energy. Here, we have the consolidation of Santo Antônio Energia. It will bring revenues and also bring the acquisition of energy. No points in these parts of cost. In the depreciation and amortization, Wilson has already mentioned we had amortization of new contract with the privatization of some activation of BRL 7.75 billion for the next 30 years. This is already being having the amortization. In Eletronorte, we have a positive effect related to Tucuruí. In 2021, we had the GSF law that allowed we had to register as a cost reduction in that time. The contract at Tucuruí it was gonna expire for around two years, so 2026. As there was a renovation of this contract, it allows, you know, prolong the period of this amortization. This is an impact that that is also positive. The financial result, the most important point to highlight, the consolidation of Santo Antônio Energia. We also bring in our financial expenses of BRL 130 million. We also have an increase of Selic, the rate that impacts the expenses also mentioned by Wilson in the previous slide. The impact of the capitalization that in this moment of 2022 are still not followed up by the revenue that will come in 2023 with the exports and also this correction of duties and also special project added BRL 900 million. From a positive side, we had the revenue of financial application with a positive currency exchange as a main impact. Moving on to the next slide, we're going to see that in the detail of the composition of the gross gross income, year-after-year. As we can see in the previous slide, the great impact that shows here in red are BRL 400, the results of the effect of less information and of IPCA, you know, was 0.7%. In the same period, was 3.4%. This reflects, as I mentioned, the next slide, please. We here try to bring in a more didactic way these effects. We have the table on the superior part of the slide, talks about the fourth quarter 2021. The other one, the fourth quarter 2022. This is what we call regulatory, is the now norm and also we have to follow a CRS, we have to follow the laws. There's no difference in the way of accounting this. We had BRL 5 billion, and it's equal in this, the same industry concepts. Below, in 2022, in the same way, BRL 6 billion each side. The problem helps in the transmission due to new accounting rules that are different from the regulatory rules. As you can see, last year, the regulatory revenue was BRL 3 billion and then BRL 3.9 billion, which is highlighted in green, which, you know, increases BRL 860 million in the regulatory revenue, as Wilson mentioned. In the gray area, the accounting is, you know, the contractual asset, which has increased. Where we had 22 in the first line, it was 59. It has gone up to 61. We increased our contractual assets, which is a reason of investments. We have gone up BRL 1.2 billion. As CRS says that we need to adjust this by the indexes of IPCA that have gone down to 0.7, this revenue also falls in the view of IFRS. This explains this variation in our revenue. The following slide, we detail, as we do every quarter, how the negotiations in several segments have happened in the regulated, in the free, and also what is the spot contract and also short-term one. It shows here the revenue, the average cost. The first darker blue, we have a regulated contract. We have an expressed value to Santo Antônio Energia. We highlight 700 million BRL in the increase of only to Santo Antônio Energia, which has increased the average price to. Seen in the first line, to BRL 292. This has increased the revenue. The quotes, as we have already highlighted, we only start a deep quote in 2022. 2022, we had seven gigawatts. The price is a contractual adjustment, which has been 15% increase in the revenue. In the bilateral contract, we had a positive impact on the volume of Santo Antônio Energia. As we can see, there was an increase of almost 20% increase in volume and an average price of. It has a small fall, 186, which reflects the prices following due to the PLD that in the right side has highlighted the PLD in the 1st quarter was BRL 135. Now in this quarter, we had due to BRL 55. CCE, the most important to highlight is that the greatest reduction was not properly by what would be the sale, the spot sale, but the reduction of import of importing energy to Uruguay due to the hydroelectric situations in this moment. This due to the smaller PLD. Moving on to the next slide, talking about revenue. Here we highlight the PMSO. The first graph, as we can see, the superior, was done FRAS, IFRS, there's the recurring. As we can see in the superior table, we have an increase, but this is this has to do an event, has to do with the dismissal plan, which has accounted to BRL 1.2 billion. When we look at the recurring, we can also have explained, we have some events that were extraordinary, mainly, you know, expenses with the consultancies, the, because of this transition, and also the consolidation of Santo Antônio Energia, which we start bringing the expenses from Santo Antônio Energia in this quarter. I would like highlight that only it's BRL 80 million, but a number of a trimester from Santo Antônio is BRL 900 million. We had a positive impact now reoccurring, which is the end of this arbitraries. We could be able to capitalize part of its revenues in the past that was due to the performance of the plant. It has done that. The expenses of the quarter has been less than usual. The most important to highlight is that the positive impacts on the P because people, the recurring people, we excluded the dismissive plan has gone up 4%, even though we have an agreement of 12% in collective agreement. It shows that we are being more efficient in the expenses related to people. Moving on to the next slide, we're going to detail the main impacts on the provisions. Starting with the left side, this table shows what constituted this fourth quarter in 2021, fourth quarter in 2022. In the previous, in 2021, we had done a provision of, as you can see in the last line, BRL 2.5 billion. They have reduced to one point hundred. It's a very great, it's BRL 2 billion less, we have done a constitution of BRL 2 million of PLD in the Amazon that Limp has already commented and which is highlighted. It is green on the left side. Even having BRL 2 billion in Amazonas Energia, we still have a fall in the volume of provisions. This explains in a great part by the compulsory, also highlighted by Wilson, due to the negotiations that we started with, allowing us to reduce BRL 500 million in the provision compared to the constitution of BRL 7 million the previous year. Also we had important highlight that is here in yellow. The repairment provisions, even though we had a constitution of Teles Pires already explained by Wilson. This happened because the statement of the operation is a trigger to make the provision of the operation that we are buying. Even though the one debt that is being bought and the other one that is being sold, and the conclusion of this operation is what allows us to account the gain with the plant that is being sold. As this operation still depends on the authorization of the foreign participation. And now we had to register the part that we have already the information of the losses. These are BRL 468 million, and these had reversions related to what is being provisioned in the previous quarters. I think they were the main points that show a reduction of our level of provisions. Moving on to the next slide, we have the EBITDA graph, showing the variation among these quarters. We can see these columns in blue are the and the other, the adjusted basis, you know, removing the events that are non-reoccurring, that basically are related to these compulsory provisions and the PCD of Amazon. We've seen that the revenue falls into the first in the first column, BRL 1,100. This fall in the revenue is due to transmission and less index of PCA. In the expenses part, the positive effect is related to less import of less importation. Also in the provisions, we also have some reversions already of operationals that have been recovered and less provision constituted by as shown in the slide before. For the next slide, to conclude the view of the net profit based, there was a reduction of 27%. We explained that due to the previous slide, this variation of EBITDA. EBITDA explains BRL 400 million. They have BRL 110 million. That is the most relevant to highlight below in the left side is these expenses related to the capitalization, the expenses of this retailization process, and the investments in Amazon. This is our BRL 900 million, as we have already mentioned. The consolidation of Santo Antônio that brings financial expenses and also a positive impact on cash and also exchange rate. Another point I'd like to highlight is that in the income tax, positive impact of BRL 995 million, and also the JCP that has been agreed with our control brings tax growth. We had some agreements that have been celebrated that already mentioned, the payment being made. Most important, the revision of the income tax rate from Tucuruí, because with the extension of this... You know, we have taken the incentive of from Sudam based on this as the contract from the plant of Tucuruí before the capital is before acquiring this, we were not able to use the full benefit. Now it only translates into a tax benefit. Depreciation, amortization, we have already mentioned. We have impact from Santo Antônio Energia, and also an impact on the BRL 75 billion that we had to achieve due to the capitalization, and this will be depreciated along the time. Moving on to the slide of debt. It's a slide that we show every quarter. On the left side, on the superior side, we see the net debt and EBITDA, you know. The yellow line represents the indicator of a net debt and EBITDA over 12 years. We have shown since the last third quarter that's in the net debt has gone up due to the consolidation of Santo Antônio Energia, which brings BRL 20 billion in debts. We also see the EBITDA below, along the month. It's also important to highlight, even though we had a 100% of the debt, Santo Antônio Energia already consolidated, we only have six months of EBITDA in this consolidated scope, because we only started this from the Santo Antônio consolidation in the third quarter. Only in the following semester we'll have this reflection from Santo Antônio. Also we had a debt of BRL 59 billion with great, solid cash condition, which brings a net debt of BRL 35 billion. This BRL 35 million. It's important to highlight that we were able to make December we had an acquire in commercial in an operation that went very well. We had an obligation on a short term in this year, the dividends that we will pay of almost BRL 900 million to be paid over the two months. Also, we have the work of a legal compulsory loans and the first installment of CDE, which last year we put BRL 5 billion. Now in April, we'll have this hold of BRL 700, BRL 575 million that will still be corrected, and it will be BRL 590 million that we will pay in April. The last slide before we come back to the President, the last slide, which is a very important slide that highlights the evolution of our investments, the acceleration that we have already been showing, after privatization. The blue line reflects the CapEx 2022, and the green one, the CapEx of the previous year. In the accumulated in the year, we have been able to do 20% above related to the value in the previous year, over BRL 1 million more. This acceleration is clearly seen in the second quarter, where we start to show agility of the company operating as a private company. On the right, we highlight some investments. In the generation we had, you know, we had the wind park in the Eletrosul in the state of Rio Grande do Sul, BRL 230 million invested there. In chefs, it's important to highlight the plan that we are doing of modernizing the assets of these old plants, Sobradinho, Paulo Afonso IV. We, in the transmission recent has already shown how much we have advanced in transmission that has increased, you know, 100% related to last year, has doubled really in two years. We have almost BRL 2 billion investments, improvements and as that bring revenue. The SPE is the main highlight is the fund done with the Furnas. This support with 72% of the capital as we have. I end my presentation of the financial detail, and I come back to Wilson. Thank you, Elvira. I think it's now show the last slide, which is exactly this one, recognitions and the demonstration of our link to this ESG agenda, especially in the set of recognitions that we have had in this quarter. The transparency trophy, which is very well-known in the business environment that we have here. We are here in the second consecutive year, you know, and the satisfaction to have recognition by Elvira, by our Financial Director, as the CFO of the year 2022 in the 23rd edition of the EBFEK Debrecen Prize in São Paulo. We also had the capitalization of the year. We have in New York and London in the end of this month the follow on of the deal of the year which another important process for Brazil, globally speaking. For the third consecutive year, we are the first place by Merco, you know, the ranking of Brazilian energies in the electric sector as the best reputation Brazil in the sustainability book from S&P Global, one of the most sustainable companies of the world of 82 out of 100. The companies in the Group Eletrobras have been recognized again by the Bloomberg Seal of Gender Equality of very, very high, something very, very important. Being seeing here in the agenda of a portfolio of B3. ISE also with increase of scores and participation is the greater liquidity now that we have been offering. The commitment that we had with biodiversity here, we have adhered to the Plateau Form of Action for Nature, you know, with the positive impact by the CBEs for the implementation of guidelines on the task force of nature-related financial disclosures. In the United Nations, we are the only company invited by the United Nations to participate in the opening the form of companies in human rights in Geneva, in Switzerland. We know our presentation today, even to give better clarity to you here of this six months, specifically in the last quarter, that has been very challenging and very fulfilling. I close here the presentation. We open here to questions from my colleagues. We are at your disposal. Now we will start the questions and answers. We ask now that you make the questions just once, waiting for the answer of the company. To answer the questions, you should send them via the Q&A button. The dynamic, your name will be announced so that you can ask your questions live. Then your microphone will be made available on the screen. Our first question is from Marcelo Sá, sell side, from Itaú. You can open your microphone so that you can ask your question. Go ahead, Marcelo. Hello, everyone. Thank you for the call. I have two questions. The first one is to talk a little bit about the balance of the energy. You sold a lot of volume of energy, and that the average price has gone down, you know, as we expected. We try to make an accounting here, reconciliation for to see we have some difficulty due to the contracting of in this period. I'd like to comment a little bit what would be this rate that you have closed some contracts. The other question is related to the use of fiscal credits. If you plan to use Furnas as holding to optimize the payment of taxes as you have a fiscal credit. We have some companies that are not able to use, while Furnas pays a very high rate of taxes. When you're planning to implement this plan. Thank you so much. Thank you, Marcelo. I would just like to start with by the last one. We're doing a great work here, you know. No doubt about it. It's the optimization of fiscal incentives and a lot of credits. The volume of credits is so big that I would say that this transition is not just the first one that we will be evaluating. In the first moment, we are certainly looking at keeping the four companies. We have this, in this process, a lot of credit to be incorporated. Obviously as about to spend the two years in this transformation process where we participate, two years, observe, evaluate other alternatives, you know. In this first moment, we have conditions, and we have enough credit to be optimized by the company in a way that this Furnas is not something that we would consider to start our transitions. There's a lot to do before that. Related to the energy balance, I'll ask Jatobá and the team so that you can talk a little about that. Looking at the last quarter of the third and the fourth quarter, the variation is not so relevant because the numbers that we were sharing with you, we have 15% of the volumes of 2023 not contracted. We fall to 12, there is some for sale, naturally, but not so big that it would change the perspective. Jatobá, if you can then complement, please. Perfectly, President. Marcelo, we're living in a moment of reduction in the market prices, but this is a conjunction of, you know, over offer due to the accumulation of projects in the portfolio and also the favorable positions of technology. What we are seeing, you know, looking for effectively, you know, capturing bigger values and also in the long term, and that's something that we could seen a mix, you know, where we have, you know, regulatory and also new contracts that will come in. That will be a difference that you would see. Also, as the president mentioned, we have a new policy of a commercialization that integrates all the companies into one. Is a policy of management of risk that is very sophisticated that allows effectively this in a criteria, the sales of this in the sales in a very criteria, you know, taking into consideration the risk. Thank you. Thank you so much for participation. You cannot give me any idea of prices of 23, 24, 25 that you're looking at so that we can have an idea, given that we have a lot of contracted energy. The price we evaluate within the market situation, especially in the hydroelectric system where, you know, we have great influence of a reservoir, but also related to demand. We evaluate this and what we look at those niches in the market where the prices are more attractive. We remember that we have a strategy in the free market for 2024, 2025, and certainly these layers are layers that where you have a capacity of basically to practice better prices than those constitute to the consumers from the free market. I'll compliment Marcelo that we will show you here the configuration of the PLD. We are operating here with a PLD in a base. The only way for you to have to sell at a better price is for you to sell volumes of energy in greater terms. Recently, we in a water subsidiary or in our car company, we participate in auctions in terms of four or five years, where we are able to operate with prices 130, 140 reais for megawatt water mega-megawatt hour. This is what Eletrobras mentions, the way in which you have... We have great volumes of contracted by a great term, so long term. This type of solution is not everyone who does, and this may be the main advantage of Eletrobras. We are operating in a moment in which the price, the base price, the average price of energy is base, and we are avoiding is to make a sales movement of products of short term. Products that we would made available that seek in some way, viabilize the volumes of energy a greater price, greater terms, and greater deadlines, which would be greater prices. Just to complement that, in fact, the medium term, naturally, the prices go to the marginal cost of expansion, which is above the value that is being practiced in the market in the short term now, and that is the reason why we extend these products in a contrast, related to the short term. Our next question is from Maria Carolina Carneiro and Elisa, Credit Suisse. Her questions, she asked two question first. "We've seen a, you know, revolution of loans in this first semester. To give more details on how many the number of process that has been settled or in negotiation, these negotiations are within the expectations. Can we await for similar volumes of negotiations for this period? Paula, would you like to mention? Paula is our queen of compulsory loans. I'd like to highlight something of a concept here, because obviously we have here a segmentation of this process. We are here in this first moment in the segmentation that look at the great process, where we believe that on a counterpart, which are companies and we can generate a benefit of this resource in a moment in the financial market is, has a restriction. We should not... Part of our advantage is a volume of a capital that is, that is, finite and that we are renewing. This is an allocation of resources that we're doing to. That has to generate an advantage for the company. It's a resource that the board of directors approves in terms of absolute value that we're not going to say which one it is, that provides us this possibility to make negotiations that bring almost a minimal value of data, so that this allocation of resource is profitable to the company. We have where the trade-off that we're using here, looking at what, we know that the financial market is also, is now, you know, needs resources and this option to make an agreement with the advantage to the company when the interest rate is very high, becomes a benefit for those who offer, like in our case. The company that can then make an agreement and, recognizing that, the cost of taking these resources in the market would be much bigger. We're in the first moment, we're looking at the top of the pyramid in a process that has the condition to make us this, to give us this, give us this offer. But if you like to complement, Paula. You mentioned well, Wilson, just like to add, Eletrobras also wants to use the resources in its own process. We have deposit, judicial process, we have guarantees, you know, we try to make an enjoy better these agreements. Seize these agreements is very strategic, but, you know, we're not going to mention the details. Along the year, you start to see behavior in the reduction of liabilities. It's a great allocation of resources, we can tell you. Recognized by. Remembering that we take these liabilities, you know, it's less than half of our provisions of co-lo-compulsory laws. We evaluate by the SELIC rate. We have an effect of every quarter in the financial expenses that is high due to the high SELIC rate. It needs to have an appropriate allocation to have these payments in, you know, accordingly. Thank you. Thank you for the answer. The second question from Maria Carolina is the following. The energy balance in the new sales of 140 megawatts. I would like some more detail on the term of these contracts and the level of prices. In the past, we had 140 megawatt energy prices and then for a contract on long term, the short term, say, 100 megawatts hours. Can you mention something about this? I believe it's a little bit about what I've just mentioned. The market is operating as a base of below 100 megawatts an hour for sure, but to operate to a level 140, 150 with a long term, such four or five years to capture the curve, you know, going up in expansion. I'll give 2 examples. In the car manufacturing and also the sanitation companies, they have this demand, that are using this demand of greater periods of, and this is an advantage, a competitive advantage of Eletrobras because we have this volume. We were bought in this volume. It's a way that you can mitigate the risk that if you were going to sell well products on the short term, the more the, as much as the company could do, it will not to be distant from the base of the market. We're looking here at a strategy that looks, that looks at the consumers that have a demand for energy on the long term, and that we can recapture. These are the numbers in, you know, for contracts for around four or five years, you know, over 140 GIs, megawatt hour. We have two contracts in basically closed in this direction. Jatobá, if you want to complement. Just want to reinforce that in the long term, the projection of price is always near how much this expansion will cost. We're seeing here, you know, an expansion due to the heating up of the demand of renewable energy by the war in Ukraine. The expectation of prices will be greater. Yeah, remembering then we will be very competitive as we have a quantity of energy to be contracting in this horizon. Thank you. Question from Guilherme Lima and LCL side from Santander. Guilherme, we will open your microphone so that you can make your question. Go on, please. Good afternoon, everyone. I have two questions. The first, Wilson mentioned many initiatives to the deficiency. If you'd like to comment a little bit more how the company expects the behavior of OpEx in 2023 with the implementation of some measures and what the company wants to achieve in the recurring levels. That would be this level of recurring events and can give us an idea of the current level in this quarter and what you can achieve by the end of 2023, 2024. If, this, and another question that I had, a question that has already been answered in a way. I'd like to now ask about, you know, transmission auction interest. How do you evaluate this competitive market? Which blocks could be more interesting and, how do you evaluate the attractiveness of this auction? Has important CapEx versus the accelerated repurchase, as it has been following a lot of this value, how attractive it i s to make this auction. That's it. Let me start with the end. Yes, the transmission auction is a priority in the company. The demonstration that we have put here is that in terms of applying resources into transmission is a show of this. We have seen, we have been even more efficient. We have to prepare that in the future we have a reduction in our EBECE, so that because, you know, it has a defined period. Investing assets that bring to the Eletrobras profile, a profile that has a volatility due to the market price, but also that can have an important link or related to the profitability on the assets on the long term, such as transmission with the generation that we are positioned in a market, a regulator market, you know, that the Lake Santo Antônio is a great demonstration showing this. We have interest in terms of transmission. Yeah, we understand that these are projects that we're not in the conditions to say which, but we have a team here and Élio and our transmission team are focused on this and we are taking evaluations and in terms of priorities. Evidently we have assets here that are greater value that and being a greater competitiveness. There are not many people interested in this financial capacity, with financial capacity at this moment. Obviously we're looking at this and we are talking with potential partners in a way that we can be in the auction scene in a competitive conditions and as we do to the repurchase, and we report this to you. The process of repurchasing, we have 18 months to do. The value of this of this share is attractiveness, is a great allocation of capital. Our only event here is to respect, you know, what periods and also annual if a relevant event in which we can identify. In the period that things are happening, but looking at our transmissions as an event or as an asset, that as a long term. In the shares of Eletrobras is a great allocation of capital, related to the OpEx. We are in the process of in the MSR and maybe looking at a great application if we look at the material. That we have a new process for the purchase of synergetic data that bring a volume to the advantage to the company. In this way, we are looking at a program that go to one to two years. The values are that we imagine are have a reoccurring potential, you know, 15%-20%. It will happen starting in two years. There is a curve as we already shared some advantage in this quarter we showed you in my presentation. Obviously, we're going to keep on working on this direction. Maybe you cannot see so much in CapEx because this is going up. Unit speaking, by the price that we are acquiring, we are. The advantage that has been pointed out by the first wave that we shared today is something that you can look for. Looking at the team of people, we have here two agreements related to the union that represent the employees of the company. In the first movement, the one that is ongoing, which is the recognition to the retirees. Our evaluation is that up to April, we'll have something around 2.1, 2,000 people, you know, which is not the total, which is exactly our objective. There are people here that need to have a mix of diversity. It's not just, you know, new. It's not just young. We have to keep here, you know, the wide year, the experience together with us. It's a process of looking at this balance related to our employee chart. This program had to happen before the second, which will be launched in April. For that, they can offer to the employees starting in May, other employees. The same plan, so the movement of, you know, related to the retirees that has already been offered. The people have already adhered, and we will have here 2,500 adherents, and we will have up to the month of April, 2,100 people being dismissed. The second is a movement that looks at, in the beginning of the month of May, what is the reference of the company, of the... Related to last year, less the people who have left and more these 900 people that we are putting and bringing to the company. You have, we can make an offer to no more than 20% of this number of people for the next year from May to the April, to the following year. I'll say that these, we will make a dismissal, a voluntary dismissal plan, and we will offer that. We'll have this the main distribution of efficiency of the company. This will be really important for this adjustment. I would say that this should be the point of view, a reoccurring point of view of the OpEx of the company. It becomes something reoccurring as we move along. Starting April next year, as you will see in the economy of a great economy per month. Later, you have an additional investment on this plan. Up to 20% of the number of people with values that will be less than that. Remembering that the retirees are those people who have the main remunerations of the company due to the advanced age and also the experience in the company of 33 years. These are people that are on the positions on top. Here, we have a payback bigger in this group. Would you like to say something else, Elvira, about this? I believe that you have explained the processes in construction. We will have this reduction in expenses in a gradual manner. In the first moment, we start with bigger expenses due to the dismissal plan, the second one that will come up. We only see the full effect of this on the payroll next year. Then the other expense is very similar because we are starting to change the process of purchasing. We have some examples of contracting of insurance that we have centralized that have shown expressed gains of 30%-40%. This will intensify as long as we renegotiate this contract. It's it doesn't start from the day to night, it's a great volume of contracts. This, all of this has to be renegotiated, this takes time. We can have 100% of the contracts renegotiated. Renegotiating this CapEx, it doesn't require this investment. How much we need to make this plan of supply and the long term and short term. This is the examples of insurance. It's the first moment that the company has dealt with this before of the insurance of operational assets, life insurance. We have, in fact, as a fruit of this energy, you know, another related to volume, especially CapEx, we have what are the volumes that have to be done, what reoccurrence, how long this should take place. It's better to have stock, not have a stock. This cost of SML will fall along the time. We have important investments to make this mobilization, but we also the advantages of having a payback of 13-15 months that will allow to verify the reduction of this cost along the time. Our objective, people, is to, in fact, be the company of the less O&M cost in the generation and transmission. This is the commitment of the company. We're looking for this, and I think this becomes clear along the year 2024, 2025. These measures for us to reach this in this condition are taken in 2023 and then in this 24. Thank you. Thank you again. For your next question now, it's from Daniel Almeida, Sell-side Analyst from... We will open your audio so that you can ask your question. Please go ahead. We will read the question. Okay. I would like to confirm what will be the hedge that will be used for the energy balance, that the 15% that is generally due or if it's another value that in the graph we didn't mention. Around 15%. Just that. Thank you. The next question is from Juliana. Juliana, we will open your audio so that you can ask your question. Go ahead, Juliana. Juliana. Okay. Yeah. Can you hear me? Great. 罗 森, so it's very interesting to see the generation of value comes from so now we So the compulsory loan, it's now little parts of the OpEx and it comes from the optimization of taxes. I think the main ones that the company is exactly those in the generation of sales of energy. I congratulate you this presentation, which is very well focused on the generation of value. Something that draws my attention also, and I would like to just, you know, have a better understanding is when I compare the energy balance of the third quarter with the fourth quarter, I can see that there is a contracting of energy, 170 mega, 320, 158 in 2, 25. Making a quick math, we can estimate that the price of the contracting on these prices. What comes to my surprise, I would like to hear from you is the explanation is that the price contracting in the fourth quarter to 2022 would be 80 BRL megawatt water. 2024, 70 BRL megawatt water. In 2025, it falls even more to 64 BRL megawatt water. I'd like to understand more if there is something else related that negotiation that closed is a disagreement with the sale of energy or something else. But this contracting with the average price below becomes a surprise for us. I will thank you for the question of evaluation. I will send your question to Jatobá, but to make this consideration related to prices. Juliano, thank you for the question. I received, by writing, and I could analyze it. The, the calculation that you did is the net difference in which we have the total volume contracted in the third quarter and the fourth quarter, and between them, the average prices. This is the sum of all the changes that we have had. We had some of these contracts, the long term, some of them contracts that were not done in this, in this average value that you mentioned. There are some contracts that come in to be regulatory mandatory, 80 megawatts, you know, obligated to sell for the transposition of San Francisco at a value below the projected value by the market. All of this sums and provides this effect. This is not in any way the values that we have been that we are practicing and we to reach. This applies exclusively to the differences that have been affected exclusively in the fourth quarter, where we have a series of different non-typical situations. Thank you, Jatobá. Thank you so much. Just I would like to ask, tomorrow, the first week there should be the numbers of now should publish the numbers referring to the first auction of energy transmission, something here, BRL 20 billion. As I understand you're ahead here, do you plan to participate of this auction? It's a great auction. Is to have partners. I'd like to understand your expectation. The idea, yes, is, we are evaluating the participation. We believe that the business, transmission is, gives the stability to our result. We understand the difficult position of this is the stability and also have the possibility to create value with a great, much more dynamic is what will happen to the free market. Some people see some concerns with the lower prices, but in 2021, a day like today, you would be so happy to be selling energy at a greater value. Obviously, the strategy of the company considers these two things. Besides this, I'd also like to say that the strategy of the company, the only thing that we will not have is to be a minority as we were in the past in terms of 49%. Obviously, we see the possibility to be together with our competitor that has advantage, competitive advantage, you know, technical knowledge that we can, in a pair, control the adventure and create more values and become more competitive. We have no problems in doing this with our competitors. Some of them, in fact, we are partners, even though in the inferior condition of 49%. The share control to create value, to be more competitive is part of the strategy of any business, any private business that is serious in this. Surely we will consider this. We will consider the financial capacities, the differential in the market, in the moment the market is not so has so much liquidity. Together with the board of directors, we will work on the fixation of the rates that recognize this moment of financial moment. I would say that no doubt this is one of the alternatives of investment and sustainable growth of the company is this transmission. We are working seriously to be competitive in this auction, and that there are no other alternatives. I would also like to say, I forgot to say a comment that, no doubt, to pay compulsory loans and to make agreement to compulsory loans using electricity is one of the alternatives that we are considering together with these counterparts. Stimulating the revenue and also... We still have not done any of them, just to be clear that those values that you saw, that Jatobá explained still don't have these alternatives. I hope we're able to evaluate some of them and to be the competitive for... This generates value for both parts, especially in this moment. Thank you. Then I'd like to just seize the moment and ask one more. We have three events today that are a little bit out of your control, which have caused a little bit of stress, which is the RBSE, you know, that I think Limp has mentioned. Another one is the Angra 3. Understand a little bit with you what is the expectation for Angra 3, until when this... There is cash for construction and expectation on the tariff. Let me, the company has cash up to the end of the year. These are the values that have been allocated by before the privatization. It's in there, you know, following what we call investment in the critical path, which is those on the expectation of a definition related to tariff. Here, an important point is, we are in this moment waiting for the ordinary process to review these numbers from the development bank and also the CNPE can get together up to June to approve this tariff. Once this tariff is approved, we will be able to have a, let's say, a process, a tender process, you know, to get this financing. This company has the continuity of the investment will be based on starting from the financial position once the equity has already been based. This company will be here 70% of the constructions done and in four years and a half to 2027, 2028 to be concluded this important venture. We're waiting for this evaluation from TCU to have this to go on with this work. The tariff that has to cover the capacity to take the finances in the market and also recover the equity of that have already been allocated to the company. We end now the session of question and answers. We will have, we will give the final word to Mr. Ferreira to the final remarks. Please, we'll soon go on. Thank you so much to everyone who could follow our conference results. I'm sorry it should be a little bit long, but it was important to characterize this process of change. I've mentioned to my team that we are a company that generation and transmission, we should have a certain stability with the investors. With profitability on the results that have already been seen, the operations we have seen. We have seen this already. On one side we try to have more of a final cleaning of the balance. On the other side, you know, initiatives that we have the possibility to wreck our BNCO to people in the OpEx and the CapEx related to acquisition services. I think we have the second block, which is to potentialize the value in our liability, you know, contagious here in the company. We are taking the first steps that are very important. They are assets that are very important, which is the fiscal credits that we're trying to be, you know, selling energy that generate operational advantage or, you know, you know, compulsory laws to use these fiscal credits, you know. Clearly the other side is the growth of the company. The strategy of the company is to, in the final phase, together with the board of directors, is coming to reinforce this growth line in the renewable energy, especially in the transmission, the area transmission, which are these are ventures that are happening. The fact is, I would like just to highlight that the company is six months as private. We have seen increase expressive investment over 50%, you know. It's a greater investment initiative of the company. We have taken control of company like Santo Antônio in a minority way, you know. We have already plans, important plans to the presence of valuable data is that showing that we have a capacity to make the less movement related to SPS and the rationalization of SPEs, which are not just, you know, the transition that have been here. We have done a benchmark and to find all the potential value creations that we have here. We have 74. We say, "Well, who's operating better? Who's operating worse? And what recommendations can we do?" We have seen the potential and the value creation. We have for the first time conditions to guide, you know, board of advisors, you know, to really meet this expectation of an increase of generating value in these ventures. It's a second point that we're looking. The moment is a demonstration of a strong grid of a private company contributing to the growth. This is also very important, 600,000 investors in the company. 370,000 of them have got together by the compulsory loan. We have a commitment with all of these investors of the company in this creation of value, you know, sustainably. Strategy of the company will show this. This is the first quarter in which we showed you that where we are heading. We also like to say in the moment that we are, you know, building this new team in the company, bringing people who have a great experience in our group. We will move on in this journey of generating sustainable value with all this balance in the growth process, which is a global corporation with the same pride of a company like Vale, like EMBRAER, that are Brazilian companies that are represented, that are managed by Brazilians, that are advised by Brazilians in this process. We have a great virtual way to follow in the first sprint has already been done in the first semester with great examples in each one of the areas that we have spoken about. This is the commitment of the team that is here represented together with the managers and employees of the company. Our commitment with the Brazilian society of generating value sustainably in an area that will be especially important globally, not just for Brazil. Brazil will be the main point of this area. No doubt Eletrobras will be the main symbol in this new economy that is showing up in the economy, the sustainable economy, the decarbonization economy. We will be this great example. Thank you so much for everyone and see you in the next meeting in May. Bye-bye.