Hello to everyone, and welcome to Colbún's second quarter 2021 Earnings review call. My name is Sebastián Moraga, I am the company's CFO. Joining me today is Miguel Alarcón and Isidora Zaldívar from the investor relations team. I hope that you have received our earnings report and earnings review presentation that we have prepared to complement the analysis of our figures. Otherwise, you can download them at the investors section of our website. Our agenda for today on slide three is as follows. We will begin talking about the highlights of this quarter to then analyze in detail this quarter results, and after that, we will provide an update on our growth opportunities. Following the presentation, there will be time to participate in a Q&A session. Please go to slide number four to review the highlights of this quarter. Regarding the COVID-19 pandemic contingency, the company's power plants continue operating normally, and Colbún has continued to take actions considering two priority focuses. First, to protect the health of personal collaborators, suppliers, and our surrounding communities. Second, to ensure the continuity and security of the energy supply. Regarding the impact of COVID-19 on energy demand, there is still uncertainty about the magnitude and length of this contingency. Energy demand in Chile increased approximately 6.1% during the second quarter compared to the second quarter of last year, and 1.3% during the last 12 months. Evidencing a successful vaccination process, an ease on restriction, and broader sectors of the economy reopening, which have translated in more dynamism of the economy. Meanwhile, in Peru, there was an increase of approximately 31% during the quarter, and 6% during the last 12 months. On April 1st, Colbún sold to Chile Electricity PEC, the second group of accounts receivables associated to the Energy Price Stabilization Mechanism. On June 30, the sale of the third group of accounts receivable was completed. As a whole, these two sales comprise accounts receivable for a nominal amount value of $56 million. It should be noted that the differential between the nominal amount of the accounts receivable sold, and the purchase price will be recorded as other losses for fiscal year 2021. In the second quarter of 2021, approximately $15 million were registered for this concept associated with the second and third group of sales. On May 12, dividends were paid for a total of $246 million. This payment is comprised of a definite dividend of $81.7 million, an eventual dividend charged to a profit of previous years, for $164.6 million. Based on the above, and considering the $81.2 million paid in December 2020 as a provisional dividend, the total distribution of dividends for 2020 results reached $327 million. Now, please go to slide number five to review the main consolidated figures of the company. Consolidated EBITDA for this quarter reached $147 million, decreasing 6% compared to the $155 million of EBITDA in the second quarter of last year, mainly explained by higher personnel expenses in US dollars as a result of the appreciation of the exchange rate compared to the quarter of last year, and other expenses by nature associated to a lower comparative basis, explained mostly by third-party services, training, travels, among others, that were suspended during the second quarter of last year due to the pandemic. The company recorded a profit of $33 million compared to the profit of $50 million in the same quarter of last year, mainly explained by the higher losses of non-operating results previously mentioned, and a lower operating result. I will turn to Isidora, who will speak about the main drivers of this second quarter's result. Thank you, Sebastián, and hello to everyone. Now, please continue to slide seven for physical sales and generation balance analysis in Chile. Total generation of the period increased 2% compared to the second quarter of last year, mainly due to higher hydro generation, mainly driven by the higher generation on Colbún's complex compared to last year. two, higher coal generation, explained by Santa Maria's power plant higher economic dispatch during the quarter. These effects were partially offset by a lower gas generation due to the lower gas availability compared to the second quarter of last year. Physical sales during the quarter reached 3.1 TWh, 2% higher than the second quarter of last year, due to higher sales to the spot market, mainly explained by the higher generation during the quarter and higher sales to the regulated segment. These effects were partially offset by lower sales to unregulated clients, given the expiration of Anglo American's contract in December 2020. Spot market balance during this quarter recorded net sales of 620 GWh, compared to the net sales of 501 GWh recorded last year. The difference is mainly explained by the higher generation during this quarter. Please continue to slide eight to analyze the EBITDA from the generation business in Chile for the quarter. EBITDA of the generation business in Chile reached $116 million this quarter, decreasing 7% compared to the second quarter of last year. This variation is mainly explained by, one, higher personal expenses, and two, higher other expenses by nature due to the appreciation of the exchange rate compared to the second quarter of last year. Please continue to slide nine to analyze the EBITDA from the transmission business for this quarter. EBITDA of the transmission business reached $17 million this quarter, lower than the $18 million EBITDA recorded in the second quarter of last year, mainly due to the decrease in non-operating income explained by the change in the discount rate from regulated assets, which changed from 10% before taxes to 7% after taxes. Please continue to slide 10 for physical sales and generation balance analysis in Peru. Total generation of the period increased 52% compared to the second quarter of last year, reaching 778 GWh, mainly driven by the higher dispatch of the power plant given the demand recovery on the Peruvian market. Physical sales during this quarter reached 878 GWh, increasing 26% compared to the second quarter of last year, mainly explained by one, higher sales to the spot market as a result of the higher generation of the plant during this quarter, and two, higher sales to customer under contracts, driven by regulated segment demand recovery due to the pandemic, and to the entry into force of 40 MW of new PPAs during the quarter. Spot market balance during this quarter recorded net sales of 254 GWh compared to the 86 GWh during the same quarter of the previous year, due to the higher generation recorded in the quarter. Please continue to slide 11 to analyze the EBITDA in Peru for this quarter. EBITDA in Peru reached CLP 15 million in this quarter, 7% higher than the EBITDA of CLP 14 million recorded the second quarter of last year, mainly due to the higher income from ordinary activities explained by, one, higher sales in the spot market, and two, higher sales from customers under contract previously mentioned. This effect was partially offset by, one, higher gas consumption due to the higher generation, and two, higher other expenses by nature, due to an increase in expenses associated with operation and maintenance. Please continue to slide 12 for the consolidated non-operating income and net income analysis. Non-operating income this quarter presented losses of CLP 40 million, higher than the losses of the CLP 22 million in the second quarter of last year. The higher losses are mainly explained by, one, the recording of financial costs on other losses line related to the selling of the second and third group of account receivables generated by the Energy Price Stabilization Mechanism of $15 million. two, a lower positive effect of the exchange rate variation of temporary balance sheet items in the local currency compared to the second quarter of last year. Finally, lower financial income recorded during the quarter due to lower interest rates. The company recorded a profit of $53 million, compared to the profit of $50 million in the second quarter of last year, mainly explained by the higher losses on non-operating results previously mentioned and a lower operating result. Now, continuing with this conference call, please go to slide number 14, where Sebastián will give you an update on the status of growth opportunities. Thank you, Isidora. Regarding our growth opportunities in Chile, we have focused our growth in renewables based on three pillars. First, developing our own pipeline of projects. Regarding the incorporation of renewable energy from variable sources, up to this date, Colbún has been able to complete a portfolio of locations for wind and solar projects, which are in different stages of studies and development. Horizonte, a wind farm of 778 MW approximately, located in the Atacama Region. Diego de Almagro Sur 1 and 2, two PV projects of an overall capacity of approximately 230 MW located in the Atacama Region. Inti Pacha, a photovoltaic project of approximately 486 MW located in the Antofagasta Region. Jardín Solar, a photovoltaic project of approximately 537 MW located in Tarapacá Region. Machicura, another photovoltaic project of 9 MW located in the Maule region. Los Junquillos, a wind farm of 360 MW, approximately, located in the Biobío region. Additionally, at the end of this quarter, Colbún holds a portfolio of locations for other wind and solar projects, which are in early stages of development. For more details on this slide, you can refer to the latest earnings report available on our website. Second, the company does not allow the purchase of renewable assets in operations. Finally, the third pillar of our growth in renewables is acquiring energy from third parties. In terms of our international expansion strategy, as we have mentioned before, we continue searching for growth opportunities in selected countries of the region in order to maintain a leading position in the power generation business and to diversify our sources of income. With this, we're concluding Colbún's second quarter 2021 results review. Thanks for listening, and now we are open to answer your questions. Our first question today is coming from Rodrigo Mora at Moneda. Your line is live. Please go ahead. Hello. Good afternoon. Thank you for the presentation. I have two questions. The first one is related to the hydro situation. If you could make some comments about what is Colbún expecting for the next hydrology, the smelting season, and the ability of natural gas. The second question is related to the growth opportunities. I would like to know what projects will be first to build, or Horizonte, or maybe to proceed with the construction of Inti Pacha. Thank you. Hello, Rodrigo. This is Miguel. Nice to hear you. Basically, as I'm sure you know, regarding hydrology, up of June of this year, the hydrology has been with lower rainfalls compared to an average year, in most of the same basins, being the ones with largest deficits, as we said in our earnings report, Aconcagua, with more than 70% deficit, Maule close to 60% deficit, Laja, 4% deficit, and Biobío almost a 30% deficit. That, of course, has in turn with the whole system and Colbún turning into thermal units, the wind being the most common power plant being used, and even some different facilities that in some way reflect the current level of marginal cost above CLP 100 an hour. Because of that, as you also asked, we're being able to secure more LNG, and that's something that we keep on trying to analyze on a daily basis. Up until now, we have secured the production with two combined cycles for the full period of August, for the upcoming month. We have one combined cycle up until today for September and October. We're, of course, also trying to look for more gas, depending on how hydro conditions evolve. From October up until next year, as you know, we also have Argentinean gas secured already. Basically, that's where we're standing right now. Hydrology has been poor. As you know, the melting season, the first forecast only comes in mid-September. We don't have further visibility about that, and because of that, we cannot make further comments apart from trying to prepare ourselves by securing more LNG as we've done so. I think Isidora Zaldívar will take your next question. Hello, Rodrigo. Regarding the develop of our projects, we expect Horizonte to start operation during 2024, and for now, Inti Pacha is expected to start operations during 2025. It's important to remember that we have another developed projects that are in more advanced levels as Diego Almagro, and we expect Diego Almagro to start operation during the first quarter of next year. First quarter? Yes. Okay. Could you comment about the alternative to make purchase agreement of electricity from third developer? Not sure if I follow, Rodrigo. Maybe you can repeat your question. I understand you have an agreement with SunPower, started the second half of this year, to buy electricity from a solar project. I would like to know if are there other chances to buy energy from other third developers? Unfortunately, Rodrigo, I cannot give you a concrete answer on that. As you know, we're always constantly analyzing potential opportunities to acquire more renewables, and we always compare the chance of securing that energy through a third party or building it by ourselves. I don't have visibility, to be honest with you, whether or not there is a relevant amount of energy to be contracted. We can certainly try to follow up and then get back to you once we have that information. Okay. Finally, could you give an idea about in what step is the transaction of selling the Colbún transmission? Seb, do you want to take that, or should I take it? Rodrigo, as you know, we are in what we believe is the final stage of that transaction. We expect to have, in the upcoming weeks, the resolution from the Fiscalía Nacional Económica. With that, hopefully, the idea would be around September, probably, to have the transaction finalized. That, of course, is a moving date, since again, depends on the condition already mentioned, which is the approval from the Fiscalía Nacional Económica. That, to our best knowledge, is not in some way affected or having any issues so far. Okay. Thank you very much. You're welcome. Thank you. Our next question today is coming from Martín Zetzsche at Fundamenta Capital. Your line is live. Please proceed. Hi, guys. How are you? Thank you for taking my question. I was wondering if maybe you could give us some color on what will be the main uses of the incoming cash from the transmissions business sale. Martín, hi. Miguel here. As I think we've said in the conference call last quarter, we haven't yet decided the use for the transmission assets proceeds. The reason for that is that, in the case, for example, of a dividend or something that it's out of what would be to reinvest the money into a company, we need approval from our external shareholders' meeting. What we can say so far is that because of the significant liquidity position of the company, because of the expected incoming cash flow in the upcoming years, and comparing that against the CapEx need and the debt amortization profile we have, I think a possibility will be to distribute a dividend. That's something that we will announce in due time once, first of all, the transaction is finalized, and then we receive the funds. Okay, great. A second question, could you maybe tell us what load factors are you guys expecting for the projects in your pipeline, the solar and the wind projects? Yes, of course. The load factor for these projects are around 35% in average. Okay. For both sources, right? Yes, yes. Great. Thank you, guys. Sure. Thank you. Our next question is coming from Murilo Riccini at Banco Santander. Hi, guys. Good morning. Many thanks for the call. Actually, I have two questions. What is your view for the marginal cost in the second half of 2021, as we have seen very high levels during July due to unavailability of some efficient units? Should it be an issue for the whole second half of this year, in your point of view? We know that also hydro output should increase during this period as well. That would be very helpful to understand what you are expecting. The second one is, if you are analyzing the use of batteries in your generation portfolio as well, along with these new renewable projects that you will be constructing in the coming years. Thank you. Hi, Murilo. Miguel, thank you for your questions. Regarding your first one, I would say that in some way is trying to answer what Rodrigo more accurately asked, which is our view about hydrology. We try to be very cautious in the sense of providing forecasts, which we cannot do. What we can say is that, in some way, I already mentioned this, is that first of all, hydrology has been poor so far, and at least for the next 10 - 14 days, most of the channels or forecasts don't foresee rain coming in. On top of that, you see that commodity prices and fuel prices, in general, the ones relevant for setting the marginal cost in Chile have been high. Because of that, I think, unfortunately, the system is fully stretched, and because of that, we see at least marginal costs higher than the ones we saw on the same period last year. We cannot comment further on that, apart from saying that, as you remind, Colbún has some commercial policy that aims to be out of the spot market, and because of that, try to reduce the volatility in our results because sourcing our contracts with our own generation. That's what I would say for the first question. For the second one, yes, we are adding batteries. We have certain projects and prototypes that try to, in some way, increase our knowledge of that technology. That also applies to a number of different, I would say, advances in this industry. We don't have complete information to share right now, but as soon as we have a more in-depth progress about batteries, we for sure are going to disclose that to the market. Great. Thank you. With a follow-up question, have you experienced any inflation pressure in the construction of your renewable projects? You said inflation? Yeah. The price of the equipment, like higher than expected because of the inflation that we are seeing in the country. No. Yeah, I would say that we haven't had any material pressures linked to inflation or prices. What is happening worldwide is that, of course, procurement of the equipment is in some way being more stretched because of all the congestion affecting ports and I think supplies worldwide. Apart from that, we haven't had any material deviations from the CapEx program that Isidora mentioned. That's the only issue that we need to fine-tune with much more care, the procurement and supply for equipment in order to keep on track with estimated progress for each of those projects. Nothing apart from that. Great. Many thanks, Miguel. You're welcome. Thank you. If there will be any final questions or comments, please press star one on your phone now. We have no further questions in the queue at this time. Are there any closing comments you'd like to finish with? Just to thank everyone for joining this call, for your interest in the company. We'll see you in the next quarter results in three months. Have a great weekend to all. Bye-bye. Thank you, ladies and gentlemen. This does conclude today's event. You may disconnect at this time, and have a wonderful day. Thank you for your participation.