Ladies and gentlemen, thank you for waiting. Welcome to Eletrobras' third quarter earnings video conference. With us today, we have Mr. Ivan de Souza Monteiro, the President of Eletrobras. The fourth quarter, pardon me. We have Eduardo Haiama, the VP of Finance and Investor Relations, Mr. Rodrigo Limp, VP of Regulation and Institutional Relations, Mr. Élio Wolff, VP of Strategy and Business Development, Mr. Ítalo Freitas, VP of Commercialization, Mr. Antônio Varejão de Godoy, VP of Operations and Security, and VP, and pardon me, and Marcelo de Siqueira Freitas, VP for Legal. This video conference is being recorded and will be made available on the company's IR website, both in Portuguese and English. Should you need simultaneous translation, you can click the globe icon at the bottom of the screen. It reads Interpretation. When you click on it, you can choose Portuguese or English. If you're listening to the video conference in English, you may click on mute original audio to listen only to the translation. For the Q&A session, please use the Q&A icon at the bottom of the screen. When time comes, your name will be called out, and a pop-up will allow you to unmute your microphone. Should you not want to unmute yourself, you can just say, "No microphone," or, "I do not have a microphone," at the end of your question, and the operator will read your question out loud. We'd like to say that any statements made about the company in this video conference regarding future-looking statements are of only our beliefs and depend on the information that is currently available to the company. Forward-looking statements are no guarantee of performance, as they involve risks and uncertainties and depend on circumstances that may or may not come to pass. Investors should understand that macroeconomic conditions, as well as other operating factors, can have an impact on the company's performance. I'd now like to turn the floor over to Mr. Ivan de Souza Monteiro, the CEO and President of Eletrobras, for him to start the presentation. Good morning, everyone. Welcome to our earnings call, the first one in 2023... The first one in 2024, about the year of 2023. We're now going to look at some highlights. I'd like to start off speaking about the simplification of the administrative structure. We are spread all over the country, and our objective in the administration was to have, to be able to manage the business in all of the possibilities. That applies to hiring new staff, how we deal with the market whenever hiring new assets and services, also whatever businesses each company from the holding carries, but we should follow your single-centered guidelines. We can see that on slide number six already. We can see a decrease of PMSO, the Personnel, Materials, Services, and Others. The expectation is that it'd be BRL 7.3 billion, or it amounted to BRL 7.3 billion in the fourth quarter. So PMSO was BRL 7 billion. We have a voluntary dismissal plan. We have it in 2024 as well. We have the number of people who chose to be part of a program and the number of people who have already left the company. Security and safety are the most important aspects of this company, and we don't want any asset to pose a risk to anyone. The company should not have any other voluntary dismissal plan. In the course of 2024, we have the collective agreement with the labor union. The administration is focusing on PMSO as a whole. We're following a guidance that we had already given, which is to have BRL 7 billion for 2024 as well. This is the best expectation we have at this moment. Why is it that we're making this effort? We want to increase the company's investment capacity. As you can see on slide number seven, this is happening. We have the Coxilha Negra project, among other very important projects, like the connection between Manaus and Boa Vista. These are good examples. We can see how resilient the devices are, not only for generation and transmission, but we have approved a very important amount for reinforcement and improvement this year, and we did relevant crossings. Highlights for Baguari, Teles Pires and Retiro Baixo are also highlights I'd like to mention. In 2024, we should have a similar performance. The company looks at the assets and manages them as a portfolio, focusing on generating return for the company. There is a CapEx growth, it's quite substantial for this year, and they should be at a higher level than when the company was a state-owned company. There was also an approval regarding fairness. There was no sense in having two structures here in Rio de Janeiro, so now we have the corporate and the organizational structures brought together. We have acquired the Candiota thermal plant. It's coal-based. And we also have been looking at the gas plants, which the market is really interested on. We are constantly looking at improvements on the performance of our portfolio. We want to be a client-centered company as well. We have had a growth in the client base, but it's still small in comparison to what we expect to have. We want to have thousands of clients, and that's why we have restructured the commercialization department or the trading department of the company. We want to deliver solutions to our clients, and again, we expect to have thousands of clients in the next years. The culture is another challenge. Now we're on slide number 10. We had a leader summit with 500 leaders taking part in this meeting. It was very important to hear what these leaders had to say. They joined the company for the first... or they joined the meeting for the first time, and they spoke about their executive departments as well as, the board of directors. It's important to understand what we expect of the leaders, and now, as a private company, we need to be more efficient, and we need to be very responsible for our actions. We need to be liable for them. ESG, I mentioned the coal thermal plant in Candiota and also the gas plants, and Eletrobras is still in every reference for ratings. We want to remove from the company's balance sheet non-recurring events. The administration is more and more comfortable around how to make Eletrobras a company with much more predictable results than in the past. Thank you all for joining the call, and now I'd like to give the floor to Eduardo Haiama, our CFO. Now, slide 13. In the third quarter, we talked about the energy market prices. We said that the portfolio was not really, or the numbers were not reflecting the portfolio generation numbers. We had some peaks of heat, and meteorology was better or worse. But we're coming to the end of the rainy season, with less rain than average, and the prices have behaved as expected. We have more and more renewable energy. In 2024, before the heat waves, prices were at BRL 65. This year, they are gonna be about BRL 110, and when we look at 2025 or 2028, it's going to be BRL 150, BRL 160, maybe BRL 170. When we look at the bottom chart, we can see what happens within a day. So in the wee hours of morning, or the early hours of morning, between midnight and 7 A.M., we have basically wind energy and the hydropower plants running as well. They're in blue. In the early morning, then you have less wind energy and more hydropower, and then in the middle of the afternoon, closer to the evening, you have some peaks in demand, and you need not only more power from the hydropower plants, but you also need additional power to give security to the system. The thermal energy is growing. You can see them in dark gray, and the orange line is the price. It goes from 69 BRL to 300 BRL... also with hydropower plants generating more. Hydropower plants are perfect, where you have more and more distributed power with less control over the flow, and the hydropower plant will have this balance, delivering more when more is necessary. We understand that this is a structural organization or a structural point that should continue like that. Now, we're on to slide 14. We have our power balance, our energy balance. Our focus in trading is to have, or a position that is more and more client-oriented, and we have had more than 120 clients. So we have the release. People asked us about the negotiations, and the fourth quarter was a bit slack because of the previous scenario, with the pricing, pricing not matching what the market should have, but this year we started expediting it. On this table, you can also see that starting this quarter, we are going to use the prices from 2024, but we are going to have a lag of one quarter. Here you can see the average price from our portfolio in the third quarter. This does not reflect the average price, considering the new hires that started in this quarter. Now, moving on to slide 16, let's take a look at our financial performance. We had an increase year-on-year in our revenue, and that was related to the consolidation of some assets. We also had a reduction in the amount of power that we bought to resell, and that translates into an increase in our EBITDA. That was a positive impact from the cost reductions that we had this period. Also, it was the effect of the consolidation of some assets that were recognized since Q4 2022. Lastly, when it comes to our net profit, it is important to highlight that we have the adjusted and the reported net profit. We also recognized the credits into the company, and therefore, we included BRL 2.5 billion in taxes this quarter. This was a non-cash impact, which will be used in the coming years. On slide 17, you can see some details about our costs. If you take a look at our recurring and the IFRS numbers, you can see that there is a difference that I would like to highlight. Our recurring cost had been BRL 160, 650, but I told you in the past quarters that we didn't have some costs, some costs included in there, for example, the provision for profit sharing, and we had an impact of BRL 69 million in additional expenses. On Slide 18, you can see some more details about our provisions, our operating provisions. I would like to highlight four of them. In 4Q, you usually reassess all of your assets, and by doing so, we had some impairments, especially in one of those assets, Coxilha Negra, which is a wind farm that we are building in the southern region of Brazil, and we are going to finish that construction this year. And the other case was a smaller plant called João Borges. Also, we had to do a mark-to-market operation in some energy projects, especially in the case of Jirau, and we recognized expenses in the amount of BRL 860 million. Additionally, some assets were sold or held for sale, and we need to assess that from time to time in terms of adjusting the market price. And lastly, we had an expense of BRL 392 million in terms of provision for bad debts in relation to Amazonas Energia. Now, moving on to the next slide, we have the compulsory loan. As we said earlier, we are cleaning up our liabilities, and there was a decrease in our total contingency inventory. Last quarter, we finished with BRL 19 billion in provisions. This quarter, that number went down to BRL 17 billion, and in 3Q, we also had BRL 1.88 billion in payments to be made, and this quarter, that number went down to BRL 900 million. So there was a significant drop in our compulsory loan inventory. And lastly, on slide 20... I would like to highlight our focus on financial discipline. We still have a relatively low leverage of 2.2 times, and we should remember that that number includes the debts of Teles Pires as of the 30th of September 2023, so that number was recognized in only one quarter. So as we annualize that leverage, that number would go down naturally. In terms of liquidity, we are in a very comfortable position. We have cash that can last for up to two years of debts maturing, and the negotiations for payments and new loans allowed our cost, our average cost, to go down. I think that's it on our side in the presentation, so we can start the Q&A session. We will now begin the Q&A session. We kindly ask you to submit all of your questions at once, and please stand by for the company to answer your questions. To ask questions, please use the Q&A tool that you can find at the bottom of your screen. Your name will be called, and a request will pop up on your screen to activate your microphone. Please accept the pop-up message, and you will be able to ask your question live. Alternatively, please write, "No microphone," at the end of your question, and our operator will read it. Please stand by as we collect the next question. Once again, please stand by as we collect your questions. Please stand by as we collect the questions. Again, please stand by as we collect your questions. The first question comes from Carolina Carneiro: Good morning, I have two questions. Do we have any news about the CDE receivables? Also, some players are mentioning new contracts in 1Q24. If you could give us more color on the market environment, liquidity, and trends, that would be great. Thank you. Good morning. Thank you very much for your questions. Well, about the discussions with the CCEE, we cannot disclose any details about those discussions since they are confidential. Now, about your second question, I would like to turn it over to our VP, who's going to address your question. Hello, good morning. Well, the trading environment, as Haiama said in his presentation, obviously, the environment is tougher because of rainfall, and that is also related to the heat waves. So some players that were exposed to lower prices tended to close their positions, and because of that, in 1Q 2024, the demand was higher for that type of energy. Consequently, that drove prices up. And we can see that that happens every year, and we are going to see that demand going up for energy, for power, especially as the players start to open their positions once again. The next question comes from Mr. Guilherme Lima. Please, Mr. Lima, you can ask your question using your microphone. Good morning, everybody. I have two questions. First, I would like to understand what the leverage level would be for you to feel comfortable, and at which you wouldn't need any follow-on movement after a potential negotiation with the government. My second question is related to your maintenance CapEx. There has been an increase in your maintenance CapEx for generation and transmission, so I would like to know what should the recurring maintenance CapEx level be? Thank you. Well, I'll turn it over to Haiama. He's going to address your question about leverage. Well, there's no right or wrong here. I can't tell you exactly what the comfortable level would be, especially because it depends on how the contract portfolio will evolve. It also depends on what the debt environment is going to be. Right now, it has very high liquidity, but things might change. It also depends on the need for liquidity and how much, and for how long. It depends on the term of those loans. And as Ivan said, we increased the amount of investments in 2023, and in 2024, our investment level will still be relatively high, and it will decrease gradually as we modernize our plans, and as the constructions finish. So if everything were perfect and running perfectly, I would say that 3.5-4 would be a comfortable level, but there are many variables that require caution. We can't tell you that we are going to do this or that, but at the same time, we ignore risks. We need to be conservative when it comes to assessing those situations. About CapEx, I'll turn it over to Leo to address your question. Thank you very much for your question. Well, the first point that is important for us is generation CapEx, and that includes Coxilha, so it's not just maintenance CapEx. A critical point that we should consider in this first phase is our concern with health and safety, so we are investing in modernizing our assets in a proactive way, obviously, in a way that adds value. But that is a process. We are still assessing exactly how we are going to invest, so I can't tell you exactly what the long-term CapEx level would be. But the fact is that for 2023, the numbers included Coxilha, and we are actively trying to modernize the assets without compromising health and safety, of course. Just as a complement, as a result of the investments and management of our assets, which is performed in a very disciplined way, in 2023, we have an availability of 99.96% in our lines, and the same goes for the transformers. Our generation is 11.1. So that's what, what is allowing us to provide shareholders with the return that they desire. Okay, thank you very much. The next question comes from Mr. Antonio Junqueira from Citi. Hello, can you hear me? Yes, good morning. First of all, thank you very much for being brief in the presentation. That is greatly appreciated. We can see that there was a drop in transmission of BRL 200 million quarter-over-quarter. If you could give us more color about that, that would be great. Also, I would like to know what is included in the other costs line item. Antonio, we calculated the difference, and I think it was a mistake that we made in the third quarter. In the third quarter, we did not say that in the 3Q 2023 revenue, there was an amount that should be charged for termination of contracts in the amount of BRL 160 million, which is basically the gap between 3Q and 4Q, and that's for transmission. Is that clear? Yes, absolutely. Crystal clear. So the right number is the one that you posted in 4Q 2023, right? That is correct. Although, 4Q has a high rainfall, so there's also a difference there. There's about BRL 50 million more in 4Q numbers than in 3Q. [Foreign language]. ... I was talking about the. Next question from Daniel Travitzky from Safra. Please, sir. Good morning, everyone. Thank you for this opportunity. My other questions have already been answered, but I have a question about auctions. We have two auctions to come, one for transmission at the end of the month and one for capacity at the end of August. How do you see these opportunities? Can you just give us some more color? Élio, please. Thank you for your question. We've been studying for the March auction. We have participated actively in June, and we won it. We participated in two of the three auctions that were in December, and we already started working for the September auction. Eletrobras has a lot of synergy with all of the transmission lots, so we are working on the more important, on the better opportunities. As for the capacity auction, we've been working on that matter since last year. At the start of March, the bid was open, the information was made public, and hydroelectric plants were included. So we're studying, we're analyzing it. We're preparing these projects so that they are competitive in the capacity auction. We study continuously, actively, so that we can bid competitively and with discipline. We'll continue to have the discipline that we have had in the previous transmission auctions. We'll have that also in the capacity auction. How much hydro capacity could be in this auction? We don't have a clear idea of what the government is going to bid for. We have opportunities in the pipeline, but we can't yet say how many megawatts are going to be in this project. Thank you. Thank you, Daniel. Marcelo Sá from Itaú BBA, you may ask your question, sir. Hi, everyone. My first question is an update on the CTEEP sale. Do you have the waivers for you to continue with this process? Should it take place in the second quarter? And on Amazonas, there's an increase in the provision. There is some discussion there around what's going on in each city. Maybe there should be changes in the law, and that the concession would be possible for an active transference in the short to long term. Are you involved in these legal and regulatory discussions? The minister said he was going to send three documents a couple of weeks ago, and I don't know if they included the Amazonas and additional assets. We can't make any comments around CTEEP, and as for the Amazonas, Rodrigo is going to be answering your question. Well, the Amazonas, this is a subject that we keep a close watch on. There is a large debt, much of it has been provisioned for, and Amazonas had been paying adequately. As per the information made public by ANEEL in October, the National Agency for Energy and Electricity and Power, we see that we can act to mitigate the risk. There are some important decisions. We need most of this current debt to be paid by the CCC. We still are exposed when it comes to the average ACR. Now, these resources should be paid directly to Eletrobras, which would make the concession better when it comes to the sustainability or how long it can be sustained. So we've been working hard so that the distributor doesn't have further problems. We've also been working with the national agency and with the ministry. A few weeks ago, a report from the workforce was published with alternatives. They all base off of a change of the concessionaire and three key agents: the operator, and the creditor, as Eletrobras is one of the main creditors and will have to be involved in that. Regulatory measures that should make the concession more flexible. For these flexibility measures, we need legal changes. We don't know yet when they're going to take place, but we know that this is a priority for the ministry and for the national agency. We expect changes to be seen by April or May, so we believe in the short term. Also, court-ordered payments of our debts when it comes to the debt that Amazonas has. Around flexibilization, if that ends in April, the debt to be paid is going to be smaller, or the amount to be paid is smaller. What are you doing to deal with the situation, or wouldn't the financial impact be very different? From what perspective? From Eletrobras' perspective. Is the effect similar to what you see today in terms of losses? We have our actions to have court-ordered payments, and we also have requests we've made to the national agency, so that these payments go direct to Eletrobras. But there is a reduction in flexibilization for cuts and MSOs, and I think this is what makes the short-term solution with Amazonas more relevant. We see that the ministry and the national agency understand it as a priority. We have four instruments for the asset. One instrument, I admit to the debt, and I'm going to pay for it. We have started the execution of the debt, charging it judicially. But we're generating information and subsidies for the ministry and for the national agency so that we can have a solution ASAP. We've always been very proactive for us to find a solution with the Amazonas case. Thank you. Giuliano Ajeje from UBS. You may ask your question, Giuliano. My question was about Amazonas. It was just answered. Thank you. Ilan Arbetman from Ativa Investimentos. Please, sir. Mr. Ilan, you may ask your question, sir. All right, so I'm gonna read his question. Hello, everyone. Congratulations on your results. Is the company gonna join the auction for transmission in March and September? Good morning, Il, Ilan. We're studying the projects, and yes, we intend to join both auctions in March and in September. As we did in 2023, we took part in both auctions, so we intend to participate, yes. Thank you, Élio. Thank you. Vladimir Pinto from XP. Please, sir. Good morning, everyone. You You talked about the capacity auction already, and the CP, it says that some limitations are present. Are you working to change the situation? Thank you, Vladimir. The restrictions that we see there, the limitations don't apply to Eletrobras. Our projects are no longer ruled by 12.783, but by 14.182. So the restriction we see for that bid, they should not apply to our, to our plans. Thank you. This is the end of the Q&A session. We now give the floor to Mr. Ivan de Souza Monteiro for his closing remarks. Please, Mr. Ivan. Thank you very much for joining our call, and if you have any other questions, please feel free to contact our investor relations department. Thank you very much. This concludes Eletrobras conference call for today. Thank you very much for participating. Have a good day.