...Good morning, and welcome to Cemig's first quarter 2024 earnings video conference call. We inform that this video conference is being recorded, and will be available at the company's IR website, where you'll also find the company's presentation. Should you need simultaneous interpreting, the feature is available by clicking on the globe icon located on the bottom of the screen. Upon choosing interpretation, select the language of your choice, Portuguese or English. Should you choose to follow the call in English, you may also select Mute Original Audio. Now, I would like to turn the floor over to Carolina Senna, Investor Relations Superintendent. Please, Ms. Carolina Senna, you may proceed. Good morning, everyone. I am Carolina Senna, Cemig's Investor Relations Superintendent. We now start Cemig's first quarter 2024 earnings video conference with the following executives: Reynaldo Passanezi Filho, CEO; Leonardo George de Magalhães, CFO and IR Officer; Dimas Costa, Chief Commercial Officer; Marco da Camino Ancona Lopez Soligo, Chief Participation Officer and Generation Transmission Officer for now; Marney Tadeu Antunes, Chief Distribution Officer; and Cristiana Maria Fortini Pinto e Silva, Chief Legal Officer. For the initial remarks, I turn the floor over to our CEO, Reynaldo Passanezi Filho. Good morning. Good morning, everyone. It is a pleasure to be here with you, to talk about our results for the first quarter of 2024. I would say this is another quarter of consistent results according to our strategic plan. These are the main messages that I would like to bring to you. The first one, our capital allocation. We move on with the objective of concentrating Cemig's activities in its core businesses. We are divesting from minority stakeholdings, and we are investing in businesses that are our core business, Cemig's core business. In this quarter, we once again show you these results. We have concluded the disposal of asset of Aliança Energia in April. The transaction was concluded, a large transaction. It's BRL 2.7 billion, adjusted by the CDI. There is another SHPPs auction to happen now in July, so we are moving forward with our divestment in minority stakeholding in non-strategic assets, so that we can focus in our strategic assets, which are distribution, generation, and transmission, and managerialist. Here, once again, we have results that are very consistent of, record investment. We have investments in line with our budget, a budget over BRL 6 billion. Just to give you an idea, it's almost 6 times the investments in 2018, so it's 600% growth in investments. A very sound results. Now, in June, we should be opening our 100th substation that was built under the More Energy Program. When I started, we had 414 substations, and our plan is to grow in 50% of that number. That is over 200 substations. And we are delivering our substation number 100 now in June. These are very sound results that will improve the quality and the service we provide. This is the first message. Our investment program is focused in the Cemig's strategic business and managerialist businesses that we have full control of, and divestment in assets with minority shareholding. So both programs are ongoing, whether in the assets that we'll still be divesting and, of course, the execution of our investment plan. And it's important to say that we have here BRL 35 billion of investments up to 2028. Over 78.5% of that is already contracted, so it's not only a promise. So part of that is already contracted, or we already have bidding process ongoing for over 75% of that total. That allows us to tell you that we'll be executing the investment plan. Another significant guideline is efficiency. Efficiency for expenses, we are within the regulatory OpEx efficiency because we are within the technical, commercial, regulatory losses. Efficiency, because we are within the DEC and FEC indexes, and also a greater capacity for assets operation. So we are in compliance-... With the regulatory losses, this is very important for the company; it generates a lot of value. We are also compliant with the regulatory DEC and FEC, and this is important to decrease financial compensations. Also, here in this quarter, we moved away a little bit from the regulatory OpEx, but it is our commitment to comply with the regulatory OpEx. We are working hard to comply with the regulatory OpEx, and at the same time, directing expenses to improve the service providing quality. There is a program that we are launching; it's called Cemig Agribusiness, to improve the performance of our assets in the rural area. This is going to affect OpEx, but it will be offset by decreasing other expenses. So our commitment is to be in compliance with the regulatory OpEx. Another strategic guideline is sustainability. Obviously, you know that Cemig is already 100% renewable, but right now we are delivering within our investment plans, and also considering sustainability, our first solar plants of centralized generation. So probably in July, we'll be delivering two large plants, 180 megawatts of photovoltaic generation solar plants. Therefore, this is something that, you know, we just had HPPs, and now we are also in the generation market of intermittent and renewable energy. Once again, our sustainability commitment and practice. And now talking about sustainability, I should mention something that is important. When we talk about climate change and what we are seeing now in the south of Brazil, and we understand that this is not something that happens only with the people from the south. But we need to understand that this is our challenge, and everything that we can do to help, we'll be doing it. And so all of you that can hear me now, you know, I would encourage everyone to support, whether corporatively or personally. So I can tell you that we have sent a helicopter to help them in rebuilding substations, and also to help rescuing people. We are also sending generating trucks and also ATVs. We are doing what we can to contribute, and I think it is important for companies to support some needed solution for today. So this is my message for everyone that are following us here today. So I think it is more important to work in your companies and also personally to help people. I again repeat that this is not something that is happening in the south, this is something that affects all of us. So, once again, we have very consistent results, and we are executing our strategic plan: divestment in non-strategic assets, investment in the core areas of the company, operating efficiency, better performance for our assets, and sustainability. So here, now we turn the floor to Leonardo to move on with the presentation. Thank you very much, Reynaldo. We're opening our video conference. Thank you all very much for being with us today. As Reynaldo mentioned, another quarter of consistent results. We are very proud to say and to stress once again about our capacity of execution of our strategic plan, which we brought to you in 2021. We believe that the company has been executing the strategy that was disclosed to the market at the time, and we reinforce it every year. Among the actions related to strategic planning, we have the divestment of assets where the company has no control of these assets or non-core assets. We had a number of divestments in the last years, and once again, as our CEO already mentioned, we had a divestment now of Aliança Energia that was approved in the shareholders meeting that we had in April, and we expect the closing of the operation after all the approvals of the competent agencies. That should be concluded in the second half of this year. We would like to draw your attention to the most important topics of this operation. As here, we have BRL 2.7 billion for 45% stake of Aliança. This amount is being adjusted by the CDI rate since June 30, 2023, up to the closing that should happen in the second half of 2024, probably between October and November. This is what we expect to the period of time to conclude the operation, although we are trying to bring that date forward. And also, we are waiting for the needed approvals, and this operation was done in the closed gate mode. So we will have the effective conclusion in terms of rights and liabilities regarding the disposal of the asset. And there is a possibility of receiving an additional amount of BRL 223 million for compensations, and that would be related to Candonga-... plant, that's a period of time when this plant did not have any operation, so this would be net of taxes. Now, moving forward in our next slide, also following our strategic plan execution, we were successful in the disposal of 15 small SHPPs. So we understand that we add value to shareholders when we dispose of these assets. They have great value in the market. In the other disposal, we had an important goodwill, and we believe that this disposal of assets that is going to happen in July 3rd, 2024 in B3, we have four plants here, not as irrelevant in terms of value, but once again, we are being very faithful to our strategic plan. So here we are talking about 19 SHPPs, and with some of them were sold last year and four more this year. Once again, executing our strategic plan by disposing these plants of lower results, and they are complex in their operations, and we considered that the size of the company and its operations, as we said, I think this is going to add value to our shareholders, when we sell these assets. Once again, here we have our divestment plan here, or investments here. In this first quarter, we invested BRL 1 billion in execution, as Reynaldo mentioned. We feel very confident about this investment cycle. There is a curve here. We remember that last year we had BRL 3.2 billion of investment in our distributing company, and we were able to invest 100% of what was forecasted. So we are confident that the BRL 4.4 billion investment forecasted for 2024 will also be fully realized. The other investments in the first quarter in the other businesses that we had, slightly lower investments in transmission, generation, and gas. As we mentioned, there was a ramp of growth over the year. We have seasonal effects. In the first quarter, it was already expected an execution of these investments at lower levels when compared to the next quarter. So we are confident that this investment of BRL 6.2 billion, which is the largest in the company in the last years, and you can see in the slide how the company went from investments of BRL 1 billion in 2018 to almost BRL 5 billion in 2023. And now we are confident that we will be investing the full amount of BRL 6.2 billion in 2024. This is the message the company. This is a growth curve for investments. We are very optimistic. Once again, I highlight distribution, so forecasted investment for the next five years, from 2023 to 2028, of BRL 23 billion. As we disclose to the market, these are significant investment in the distributing company, with an important effect on the quality of service for clients, but also these investments will be integrated in the regulatory base in the next tariff cycle. So these are very important, and the company is faithfully executing this investment strategy in this business. We have 100% of control in the next few years. Now, moving forward, we are going to analyze our results, the highlights for the first quarter. Once again, resilient results. We have the company's condition of having relevant stake in a number of businesses allow us to have resilient results, whether in generation trading, the largest trader in Brazil, with catering to free clients, end clients, and also our distributing company, EBITDA close to BRL 2 billion, and also interest on equity posted this quarter, BRL 386 million. We have been posting interest on equity on a quarterly basis. Last year, we had very relevant yield with a very attractive remuneration to our investors, and this is the expectation for the next year. A company with a low leverage, with regulated investments, and with the ability to be attractive in terms of dividends. The company today is one of the main dividends payer in the electric sector, and we intend to keep on being on that position to providing good dividends to our shareholders. Once again, our trading company, with an EBITDA generation of BRL 280 million just in the first quarter, allowing Cemig, our trading, to be the trader in Brazil with the highest results, whether in absolute amounts or in margin of profitability when compared to its peers. For Cemig-D here, once again, we are meeting the quality indicators. The DEC outage duration indicator is compliant with indicated parameters by ANEEL as acceptable in terms of the quality of the energy we provide our clients, and energy losses are also lower than the regulatory limit, thanks to a number of actions that the company took, allowing us to reach that result. For Cemig D, we did have resilient results during this first quarter, and we have already mentioned the disposal of assets of the four SHPPs that will join the other 15 ones we have sold last year. Now, I will talk to Carolina, our IR Head, and she will talk about some other results, and I'll be back. Good morning! Everyone, once again, so moving on with the results. We have the consolidated results for the first quarter of 2024. We already mentioned, we had a reduction of 4% of our recurring EBITDA, and we have some topics that are, should be mentioned here. In this quarter, we no longer have Retiro Baixo, Baguari, so when we see the gain on sale of that, it was lower in 2024 than when compared in 2023 because of our strategy of divestment that our CEO and our CFO mentioned. We also have a greater OpEx pressure than our CEO mentioned, and I will show you more, up ahead. When we compare realized OpEx of distribution company to the regulatory OpEx, but over the year, we have a number of initiatives so that we can end the year in compliance with our OpEx. This is a commitment that we make with the market. On the other hand, the net profit, it had a drop because of the FX exchange. We have issued a debt in Eurobonds in the past, and over time, we have already done some tranches of liability management, of partial buyback of that debt and foreign currency. And in 2024, we have the final share of $380 million. And just like in 2023, the FX had a positive effect, and our profit in 2024, it had a negative effect. And so because of that, net profit had a greater reduction when we compare that to the EBITDA. Also affecting our net profit, an increase in the Cemig distribution depreciation because of our robust investment program, where we have BRL 23 billion to invest in the distribution concession up to 2028. Considering this investment program in our asset base has been increasing, it is natural that we have a depreciation that is higher. So, the main effects on the net profits were the FX exchange in Cemig GT, because of issuance of bonds in the foreign currency and depreciation of Cemig D. It has increased because we have increased the base of assets, considering our investment program. Now, moving forward, talking about our consolidated operational costs and expenses, we did have some important effects that are highlighted, and I will go over them. I will remind you of some important topics here. One of them is the post-employment, which had a non-recurring effect in 2023. We launched a new healthcare plan for the company's employees, and in 2023, we had an enrollment of 1,500 employees with a positive effect in our 2023 results. Once we had the restatement of the liabilities related to the healthcare plan. So when I compare 2024 to 2023, I see that the costs and expenses related to post-employment are worse, but that is because in 2023, there was a reversal. Because of what I already mentioned, there was an increase in outsourced services over 2023. We shared with you. We told you that we are increasing our investment program in distribution. We have a challenge of being in compliance with the quality indicators. Therefore, we need to have higher expenses with maintenance. We already shared that with you over 2023, and it's still happening in 2024. We have a greater asset base that requires greater maintenance expenses, in addition to the quality indicators, so that we can provide the best service to Minas Gerais population. Also, under other expenses, we have an important highlight, which is the shutdown of assets, thanks to our divestment program in Cemig Distribution. When I remove the recurring effect of the post-employment, the increase in costs will represent 5.6%. Now, in our consolidated cash flow, this is a very important slide, and we'd like to share that with you to show the strong operating cash generation of the company. As our CEO mentioned in the first slide, when he talked about the highlights, Cemig has a strong cash generation. Every quarter, it goes around BRL 2 billion. And in this quarter, we also had fundings, a successful funding, which was an issuing, issuance of debentures in two-- of BRL 2 billion in March, so that we could increase our robust investment program, and we ended with a cash of BRL 4.5 billion. This cash naturally will be used, as we have already mentioned, because with our robust investment program for 2024 of BRL 6 billion. In addition to that, we will also be paying dividends in two different installments a year. So we'll be paying the first installment in the middle of the year, and in December of 2024, the second installment. So this cash will be used naturally, and as we have shared with you, we'll be going to the capital market at a higher frequency so that we can foster our robust investment program. Now, for the debt profile, I already mentioned, we had fundings in the first quarter for Cemig D. Very important, not only for the investment program, but also a second series issuance with a 10-year term, so we have elongated the debt profile of the company. Now in May, May seventh, Moody's published a report increasing our rating to AA plus. So today, our company is double A plus for the three main rating agencies, and we are still working to improve the recognition from these agencies. Because when we look at our funding rate, we see that we already have, we are in the same position of triple A companies. Our leverage is low, but just as my cash will be used to pay dividends and to direct, for investment programs, I believe the leverage will also go up because of the same variables that will be affecting our cash consumption. Now, for results in Cemig D, moving on. For Cemig distribution results, and I have already mentioned the OpEx pressure. There is a greater OpEx pressure that was already mentioned, especially outsourced services and also shutdown of assets, and there was a growth of 0.7% of the recurring EBITDA because of the market growth, and I will show that in the next slide. Also in 2024, we already have the effect of the tariff review that happened in May of 2023. The net profit, as I mentioned in the consolidated slide, we are increasing the asset base with this investment program, so now there is greater depreciation. So our profit is affected because of this depreciation that, you know, the more I invest, I will have a higher value. And as our CEO mentioned, so that we can provide better services, we are launching what we call Cemig Agro for the agribusiness. The idea is to have new installations, new reclosers, to improve the business for the agribusiness in Minas Gerais concession. As mentioned, the recurring EBITDA for Cemig D was 0.7 higher in 2024, partially explained by the tariff review, with the adjustment in the 2024's result when compared to 2023, and majorly explained by the market's growth. There was a growth, considering the transported energy and captive market, growth of 4.4%, and I should highlight here the growth of the residential area. This is a very significant increase when compared to other companies, concession companies. They had greater growth, but distribution, our distribution is the one that has a very hard time with distributed generation, and we always bring that information to you. And so we always show the growth of injected energy when compared to distributed generation. Also in terms of the requests approved in the quarter after 14,300, a law that changed the distributed generation regulation. Starting in January 2023, the new connections, the new requests for new connections for the distributing company, we will start receiving part of that via CDE because of transported energy. So we see that there was a significant reduction, especially in mini DG. But what we have already lost in our market, we will recover part of that in the investment program, but we have not recovered everything. Now, moving forward about losses, also our CEO and our CFO talked about this; this is a commitment that the company has made to be in compliance. We are able to be in compliance in 2021, and to maintain losses and compliance, we need actions and initiatives, and we are still investing a lot in these initiatives. With a significant number of inspections, we are switching conventional meters to smart meters, we are switching obsolete meters, and also we are here converting illegal connections in legal ones. This is part of our distribution company routine, and they are very important to allow us to be in compliance with the regulatory losses. Now for operational efficiency, I'll turn the floor to our CFO so that he can talk about the non-compliance of the regulatory OpEx. Thank you, Carol. As already mentioned, in this quarter, we had some non-recurring events related to the level of provisions that were much higher than we had in the prior quarters, and that has affected the company's compliance in terms of regulatory limits here. Since 2020, Cemig has an OpEx that is lower than the regulatory limit. That is fully in compliance with the regulatory levels as part—as stated, and also EBITDA that is over the regulatory limits established by the official agency. So we intend that this non-compliance in this first quarter is regarding to a situation just that happened in this first quarter. As we mentioned, we have BRL 140 million more of impact in our EBITDA that are related to contingencies, provisions for losses, and also the shutdown of assets that is more related to the divestment program. So when you invest more, you also need to shut down the assets that have been replaced and switched. So that explains this temporary non-compliance in this first quarter regarding to what we expect to see in the year, which is to be in compliance with our OpEx and EBITDA. Carol, please, you may take over. Okay, now, moving on for Cemig's GT results here in the first quarter. At the end of the year—Well, in March of this year, when we talked about the results in, of 2023, we said that 2023 had an amazing result for the trading company, and that in 2024, we would have also an important result with, with one of the best margins in the industry, but that it would not be the same result of 2022, because that was a window of, of opportunity that we had when we sold energy at prices over BRL 200. So when we look at the recurring EBITDA of Cemig GT, it was down 1%, and that is because of this lower margin I mentioned. It has, had already been shared with the market. So in the non-recurring for Cemig GT, and which was also a highlight during this presentation, is the conclusion of the disposal of 15 SHPPs, and we will have the disposal of four more assets in July. About our net profit, we had a greater reduction because of FX rate. In 2023, the FX exchange of the euro bond and the remaining installment that will be due in 2024. In 2023, it was a higher installment, and it did have a positive effect in 2024. In addition to having a debt in a foreign currency that is lower than 2023, now I have a negative effect. So this drop is explained because of the effect exposure we have already mentioned. And on the bottom, we show you the trading activity. Once again, we started a transfer of contracts of trading to Cemig's GT. This is not 100% concluded, so we still have part of trading in under Cemig GT. But if we add both EBITDA, so to show the EBITDA of the trading company, we had a drop of 3.5% because of the same reason I already mentioned, lower margin in 2024 when compared to 2023. Now moving on, Cemig, as you already know, is consolidating that mixed result. We had a reduction in the EBITDA, explained by two reasons. First, because in 2024, we did not have a compensatory parcel. This compensatory parcel works as a CVA, a variable compensation account for distribution, but different because it is in a gas regulation, it is added to the quarters. In 2023, we did have an additional compensatory parcel, and in 2024, we did not have any balance for this compensatory parcel. The other explanation is the volume. There was a volume reduction of around 10%, which has affected the EBITDA drop, and therefore the net profit as well. But Cemig has a very significant EBITDA in the group. We always say that, and it represents around BRL 850 million-BRL 900 million a year. This is our last slide. I would like to bring our CFO once again to close the presentation today. Thank you very much for your participation, and after his remarks, we'll open for the Q&A. That's great, Pablo, and we'd like to conclude with this slide because it represents a summary of the commitments the company has taken with the shareholders. We believe it's an opportunity that we have to show you what we have been doing, what we have done, and will be doing. We see here a number of actions that have been completed, the compliance with the regulatory levels, the strengthening of Cemig's investment program, the liability management of our bonds, and we already had committed ourselves to gradually reduce our FX exposure, and we have done that. Now we have $380 million, less than 25% of total bonds issued abroad, in 2017, 2018, which was $1.5 billion. So it's a final parcel to be settled in, at the end of the year, and also the divestment and the holdings with complexities. Now, in progress, as we already mentioned, we expect to be in compliance with the regulatory OpEx and also the reference EBITDA for the company's concession in this year, 2024. We are still in the process of digital transformation, divestment in minority holdings. Aliança is a great example of stake where we have no participation and we are divesting, and also investment in renewables and focus on leadership in energy retail trading. And Cemig, as the greatest, largest trader in Brazil, aims to be leader in also in this retail trading. And for the next years, the renewals of generation concessions, and also to be in compliance with the DEC outage duration indicator, and that has to do with our strategy, so that we can focus in providing the best service quality to our clients. So thank you very much for being with us for this presentation, and now we'll turn the floor to a Q&A session. We will now start the Q&A session. Please ask all your questions at once, and hold for the company's answer. To ask questions, use the icon Q&A on the bottom of your screen. We will call your name so that you can ask the question live. At that moment, a request to enable your microphone will pop up on your screen. Thank you very much. Our question is from Victor Cunha, sell-side analyst from Itaú BBA. Please, Victor, you can open your microphone so that you can ask your question, and I'm going to ask Leonardo to take his question. Thank you. It looks like Victor did not open his microphone, so we move on, Leonardo. Our next question is from André Sampaio, sell-side analyst from Santander. André, please, you may ask your question. Good morning, everyone. I have a quick question about the regulatory OpEx. ANEEL is voting on the final rules for the regulatory OpEx for distribution companies. I would like to know if you have an initial opinion about that. And still on that topic, one of the important changes in the rule, it has to do with the DEC of meeting not only the total global DEC, but also the subsets, and you still have work to do there. What is your plan to recover and improve the whole set DEC? André, thank you very much for your question and your participation in our call. I will start talking about the regulatory costs, and I will talk about DEC. If Marney wants to add, he's our distribution officer, he can also comment. About costs, the regulatory costs that ANEEL is defining for the distributing companies, we are following that up and closely in spite of the fact that the company has... Well, this review will affect the company in the next tariff review. But what I can tell you is that we have a commitment with operating efficiency and all the measures that the company is taking in terms of post-employment costs, of being within the commercial losses, reducing its costs in other areas so that we can privilege whatever can be, it can be focusing in its PMSO and the quality of service to our clients, but also providing positive effects in the revenues, reducing financial losses and fines. And we understand that this is, there is a positive effect when you invest more in the network. Also because of that, we had higher operating costs in these last quarters related to outsourced services in terms of recovery and maintenance of the network, and it has to do with this concern of the quality of service to our clients. But in summary, we are following up the process, but we need to say that we are committed to meeting this new regulatory benchmark marking established by the regulating agency. About the DEC, yes, we understand that this needs to be met for distributing companies, also CEMIG. But also, we understand the compliance with DAC in full has to do with the strategy of the company providing the best service to its clients. This DEC reduction also has positive effects with a reduction in the financial offsets paid of the company, and also it has positive effects in our PMSO. In this year, we have a percentage for the whole set DEC. This is the trajectory of the company. We believe we will be able to meet the DEC, the whole set DEC, according to ANEEL's definition. But I would like to invite Marney to comment, if he wishes. Good morning, everyone. Well, just adding to that, we have 58% of the sets met by the end of the year. We have 54% of those within our target, in line with ANEEL as well. The two programs that were mentioned by our CEO in the beginning, Mais Energia, which is the construction of 200 substations that will help the whole set DEC, because it decreased the size of the sets, and also Cemig Agro, that aims to cater better service to the rural area. So these are two large projects, and also our maintenance plan and the OpEx that we already discussed. We have specific plans to clean areas of 42,000 kilometers. It's just like going around the Earth, just cleaning the land. That's it. Thank you, Marney. Our next question is from Daniel Travitzky, sell-side analyst from Banco Safra. Daniel, you have two questions, one about pension funds and healthcare plan. I will ask our CFO, Leonardo, and also the next steps for the divestments plan, and we'll ask Marco Soligo to answer. Hello, everyone. Thank you for taking my question. Actually, I just would like to have an update on the negotiations of liabilities related to healthcare plan and pension funds, just to understand where we are at in the negotiation, if we can see any progress on those fronts still in this year. Second question, I would like to understand how the divestment plan will follow after this disposal of Aliança and all the other sales of PCA SHPPs. So what are the next steps to be implemented? Daniel, thank you very much, and thank you for your questions. Well, the company, for a while now, is disclosing the need of managing its post-employment benefits. These have no regulatory coverage, and they are significant amounts. It's around BRL 6 billion of obligations that are in the balance sheet of the company. Strategically, you understand it is important to have to take actions that can mitigate our position related to these costs. I understand that the company already has a successful history on those topics. We had benefits related to life insurance, where we were paying part of that to retired employees. No other listed companies were paying that benefit, and by a collective agreement, we were able to remove that benefit from our financial statements and our obligations. Now we have issues that involve the pension fund and healthcare plan. As we have already disclosed to the market, these are very complex issues that involve a number of discussions and a lot of study, and we would like to have convergence still this year, allowing us to have social justice in terms of healthcare plan to our retirees that have a lower income, and at the same time, that we can reduce the company's exposure related to that topic, because these are very relevant costs. Once again, they are not covered by the company's tariff. It's important for the company to address this as well. Once again, for this year, we believe that we will have positive news on those topics. These are complex and difficult topics, but we are working hard to find a solution. And again, we want to be, socially acceptable and responsible, and also we want to reduce the financial exposure of the company. So this is very, relevant. We are still optimistic about solving this issue, and we expect that we can have good news this year on, on those fronts. Now, I will turn to Marco da Camino Ancona Lopez Soligo, our Generation, Transmission, and Participation Officer, for the comments, on your other question. Hello. Thank you very much for your question. As our CEO mentioned, we are following strictly our divestment program of minority companies where we have no control. We have Taesa, we have some SHPPs, where we have some stake, and we are working to solve, to address that, to dispose of these assets. I cannot go into the details about specific negotiations, but they are moving on, and we want to do something that is smart and that makes sense to the company. So Taesa, for instance, is more complex. The way we do it, how to do it, there are very difficult, such as Belo Monte. It's not something that is easy to dispose of, but we are discussing, we are talking to the market, and we do believe we will be able to address that. This is what I can bring to you, Daniel. Thank you very much. Great. Thank you. Thank you, Marcos, and thank you, Daniel. Our next question is from Eduardo Lazzaretti, Buy-side Analyst from GTI. Please, Eduardo, you may open your microphone, and I will ask Leonardo to take your question. I would like to know if you have savings expectations on expenses with these migrations, if you have anything along those lines, and also an update on leverage. I would like to understand your mindset for the next years. Where would you feel comfortable to be at in terms of your net debt, if there is an expansion to in case you have an opportunity for inorganic expansion? Good morning, Eduardo. Thank you.... For your question about supposed employment, and we just talked about it, and about leverage, our debt policies establish a target that is close to 2.5 times. We feel that this is comfortable, that will maintain the company's credit quality, and also we will allow the company, you know, eventually, if there are business opportunities, an M&A, and an investment, we still have room in our balance sheet so that we can take part on possible M&As in a competitive fashion without reducing our credit quality. As Carol mentioned, our leverage is a curve. We have a lot of investments to be made in the next few years, and this in 2027, we should be close to 2.5 times our EBITDA. This is our target leverage. We feel it's comfortable, it's more efficient financially, so this is our target leverage. Of course, that we have opportunities for new investments, a robust investment program, and we believe this is a winning strategy. This is a company that has low leverage right now, but with this low leverage now, the company can make new, robust, relevant investments that will be increasing our revenue, whether in transmission, and also mainly in the BRL for distribution company, considering 2023 and 2027 investments will be integrated to the next tariff review. So these will be relevant amounts that will double the base of asset remuneration of the company, the next tariff review. At the same time, it allows the company to keep on being one of the main dividends payment companies. With this strategy, we believe that we'll continue with this leverage and the investment program that are regulated and integrated to the regulatory remuneration base. We believe that this allows our investors to feel safe, they will generate revenue, and they will guarantee that we'll continue to be a company in the industry that most pays dividends. Considering that we have established in our bylaws the 50% payout of dividends annually, and considering our consistent and sound results, we understand that this winning strategy of a company that we mentioned, that will have leverage at great levels with the regulated sectors, and also being one of the main dividends payment in the electric industry. This is our strategy, and considering leverage, regulated investment, and our attractive policy of dividends distribution. Thank you, Leonardo. Still with you, we have a few questions from investors that are concerned about the dividends payment, asking if in 2024, because of the investment program and the natural cash consumption, if there is going to be any changes regarding the quarterly results, and what they can expect in terms of payments of dividends. As we mentioned in our last question that I just answered, we are very optimistic about the company's results. We see that our individual investors are very interested in the company. They see that our dividends policy is very attractive, and we aim to just move on as we are doing right now. So this our plans create a stability for the company. The minimum payout for the company is 50%, and that allows us to feel safe and optimistic. We are confident because we can provide an attractive dividends payment to our investors, and we understand that the interest on equity posting every quarter is efficient. It creates value for shareholders, and we intend to maintain that practice. Leonardo, our next question is from Giuliano Ajeje, sell-side analyst from UBS. Please, Giuliano? Can you hear me? I have a question. Can you give me an update on the federalization process of the company? And also, I would like to know if there is a possibility of privatization of the company. And another question, in two years from now, the governor will change. I would like to understand what is being done to maintain this legacy and this good management that you have had in the past few years. Thank you, Giuliano, for your questions. I will start with a brief comment, and then if our CEO wishes, he will also comment and comment about your questions. What we are telling the market about federalization and privatization is that this is not a company's agenda. This is our controlling shareholder agenda, the state of Minas Gerais. But we have a strategic plan that has been approved, and regardless on how these issues will be conducted, we have the strategic plan to be executed. We are executing it, not allowing external issues that are not in the company's agenda to hinder the execution of the program. So we believe we are being successful, and I'm being repetitive here, but it's just to stress the importance of this topic for us. We are being very successful in the execution of this investment program, and this is the company's strategy and also our liability management, the dividends policy, so that we are not affected by the controlling shareholders' agenda. We are very optimistic about the company's future. We understand that the investments that we are making, especially in the regulated sectors and transmission, and especially in distribution, this is a strategy that we have, and it's a winning strategy. It is regardless any changes in state administration, you know, we are providing. It's good for our shareholders, and it's good for our clients, so there is a convergence of interest. Therefore, these are perennial strategies, regardless external issues. Dr. Reynaldo, would you like to add anything on this topic? I don't think so. I think you said it very well. Federalization is a matter that is on the hands of the controlling shareholders. We are managing the company with this strategic plan, focusing in Minas Gerais. We are divesting from minority stakes or disposing of assets that do not fit in the company. It's important to say that 75% of this strategic plan is already contracted. We are working on improving the quality of service when you deliver 100 substations. This has an effect when you add Minas Trifásico, when we developed Cemig Agro, the new program. There is a lot coming in that will be really changing. We have DMS that is coming in. It's going to have a huge impact. All of these topics are contracted, so this is a new managing system for distribution and operation. It will be new from scratch with the best technology. And we also will work on distributed generation and this intermittent aspect of the distributed generation. This is the first one in Latin America. There's a huge investment in digitization, 1.5 million of smart reclosers and smart meters. We are working on a number of things that are structural, and they are already ongoing. We end up talking a lot about the past, but everything is already contracted. And I am sure that this will provide great quality and great improvement in service for Minas Gerais' population. Great. Thank you very much. Thank you, Leonardo. Thank you, Reynaldo. And we will be closing our call now. And for the other questions that we did not have time to answer, we'll be answering them via email from the IR area. Now, I would like to thank you once again for your participation in this video conference, and I wish you all a great day. This concludes Cemig's first quarter of 2024 earnings video conference call. The Superintendent of IR is available to take further questions. Thank you all for your participation, and have a great day.