Good evening, ladies and gentlemen. A warm welcome to the 2021 results presentation, which will be hosted by our CEO, José Bogas, and the CFO, Luca Passa. Following the presentation, we will have the usual Q&A session open to those connected on the call and on the web. Thank you, and now let me hand over to José Bogas. Thank you. Sorry. Thank you, Mar, and many thanks to for being able to join us today. Most certainly, the instability in the gas market worldwide, and to a lesser extent, the rising CO2 permit costs, have shaped the challenging context in which we operated during 2021. Record high pool prices have been the norm across all the European countries. In this context, thanks to the implementation of several managerial action as well as as positive non-recurring items, we have managed to achieve an EBITDA of EUR 4.3 billion, 7% above the target and around 12% above the previous year. More than ever, we are convinced that a strong and determined commitment to decarbonize our energy mix remains the key to revert back to a more normalized price environment. We have increased our renewable capacity by 0.6 GW and boosted our pipeline to above 75 GW. We reached a net ordinary income of EUR 1.9 billion, 12% above the committed target, which allow us to increase our shareholder value with one point four four euros dividend per share. The proposal is 11% higher than our business plan target. Moving now to slide three. Before going more deeply into the details and performance of the period, let me comment on the delivery of the strategic plans. Related to our financial target, as commented, we exceeded our business plan target, both at EBITDA and net income level. Moreover, last year, we successfully deployed EUR 2.2 billion of CAPEX, which represent a notable acceleration of our investment base, 33% more than the previous year and 5% higher than the scheduled target. This investment effort is aligned to our strategy and hence, highly concentrated in renewables and networks, accounting for more than 70% of the total. We increased the renewable capacity by 8%, reaching 8.4 GW, now representing around 50% of mainland capacity. Let me highlight the good evolution of the power-free clients figure, which showed a recovery of +3% versus previous year, reaching 5.9 million customers. In the last three months, we were able to capture more than 250,000 free customers, thanks to a very focused commercial strategy in an extremely competitive context. Net investment in network allowed us to maintain our regulated assets base flat. In line with the new requirements of the European Union taxonomy to provide a common framework to identify environmentally sustainable activities, we report for the first time, and ahead of the reporting obligation for 2022, the percentage of revenues, OpEx, EBITDA and CapEx align with the criteria of substantial contribution to climate change mitigation for the year 2021. Our 75% of CapEx and 64% of EBITDA are in line with the European Union taxonomy criteria, taking into account nuclear and gas are not eligible for the time being. In addition, on slide number four, as advanced in our CMD presentation, we have endorsed a full decarbonization target by 2040, a decade earlier than our original commitment. Firmly tied to our goal of leading the energy transition, we remain committed to a just transition that leaves no one behind by applying the shared value creation model. Endesa remains actively engaged to foster gender diversity on its board of directors. As we surpass the target set for 2021 of 30%, we raise the commitment to 40% for 2022. Regarding human rights, in 2021, our policy, first endorsed back in 2013, has been updated. Regarding workforce gender diversity, we have strong improvement in all the main indicators. In 2021, 37% of new hires were women, versus 32% in 2020. The participation of women in selection processes was 53% higher than the 50% target set for this year. With health and safety as fundamental pillars of the company, we have maintained remote working scheme for those employees who are able to. As a preventive measure against the different variants of COVID-19, Endesa has confirmed its presence for the 21st consecutive year in the Dow Jones with an overall score at high levels, and we have improved our rating with MSCI at AAA. In addition, we have raised our ranking. Investors who have a responsible investment policy and are active in non-financial activities account for an aggregate of 52% of the free float. Moving to slide five, we can see how 2021 was characterized by intensive regulatory activity with several measures to contain electricity bills. The ministry, through different royal decrees, approved temporary reduction, fiscal measures, such as a suspension of the 7% generation tax, a reduction of the Special Tax on Electricity from 5.1% to 0.5%, and a VAT cap, increased Social Bonus discounts up to 60%-70% depending on the customer cluster. With the same objective, a 96% reduction of system charges was adopted for 2021 from the 1st of June. For 2022, a reduction of 31% was passed based on charges existing in June 2021, and 5.4% in tolls. In relation to the allocation of the European funds, the last month of December, a royal decree was approved to regulate the granting of direct subsidies to distribution companies for investment in the network digitalization and infrastructure for electric vehicle charging. During the last quarter of the year, the Supreme Court ruled that an auction must be called to determine fuel costs on the island so that the remuneration set is sufficient to cover the actual cost in court. During this month of February, the Spanish Supreme Court ruled the annulment of the Social Bonus mechanism enforced since 2017, considering it discriminatory, although the potential refunds are still unclear, as the ruling refers to only the portion based on the customer will be recovered. In addition, some regulatory proposal, such as the CO2 levy, is expected to be approved with modification to the initial version in the second half of the year. Likewise, the National Fund for the Sustainability of the Electricity System, which will greatly help to correct the current imbalances of the energy and electricity sector, could be approved. Concerning the decarbonization trend of our generation mix, as detailed on slide six, last December, Endesa disconnected from the grid the important coal plant of Litoral with a capacity of 1.2 GW. Moreover, formal approval of the closure request for our last operative mainland coal plant, As Pontes, is pending. It will remain operational as long as we do not receive administrative closure confirmation, which is now expected by June this year. This doesn't mean, in any way, a step backwards in the decision to close all our coal plants. This delay in plant closure has slightly affected our interim emission reduction targets for 2021, although the target set for 2024 remain fully achievable. In any case, coal contribution only represents a mere 1% of the total revenues. All these closure also includes several proposals for significant investment in new renewable energy facilities and potentially linked hydrogen projects in the surrounding areas. More precisely, Endesa has developed a comprehensive plan to replace the Andorra coal plant with 10 different renewable facilities for a total of 1,495 MW and a powerful socioeconomic program to be deployed in the neighboring areas. Likewise, Endesa has presented a gas transition project, obtaining first position in the preliminary public tender to recover the Portuguese coal-fired power station of Pego, inactive since last November, into a solar PV storage and green hydrogen power generation plant. Advancing on to slide seven. Now, we turn to the evolution of the operating parameters for the period where, thanks to our continued effort in decarbonization, mainland renewable capacity now represents around 50% of the total capacity, well on track to reach the 63% target set out in our business plan. Furthermore, CO2-free sources constitute 69% of our installed capacity on the peninsula. During 2021, Endesa was able to add 626 new MW of capacity aligned to this year's target. Total mainland output reached 46.4 TWh, aligned to the previous year. The year-on-year increase in wind and solar capacity, as well as the higher CCGT production, makes up for the drop in hydro output and the slightly lower nuclear output of the period. As a consequence of the coal phase out, thermal generation represents just 17% of the total mainland production, mostly from CCGTs. Emission-free production remained at 82% of the mainland total output. On page number eight, let's have a look at the evolution of our pipeline at 77 GW, underlining our constant effort to feed the renewable project portfolio. Out of this growth figure, around 10% has TSO-awarded connection points, and 2 GW are in execution, with solar technology representing the majority of these projects. We are working to add 1 GW of additional capacity by 2022, with around 30% of this capacity already under construction. Along the year, we will also start the construction of part of the plants that should be operative by mid-2023, with no material impact expected from inflation as we contract on a two to three years basis and procure at global level. Based on our policy of developing storage jointly with the deployment of renewable capacity, we aim at gradually incorporating them into newly installed renewable capacity once regulation guarantees the competitiveness of these facilities. When it comes to customers, and in particular retail and Endesa X, on slide nine, total power PPA sales remain largely flat. The B2B sales increase was able to partially offset 6% drop in B2C and regulated segment. Total power customers decreased by 2%, all of them in the regulated market above 350,000 customers, as a consequence of the high pool price seen during the year, which has directly impacted the regulated tariff. On the other hand, the liberalized market customer portfolio increased by 3%. Regarding the free market, and despite the intense competition, we were able to reverse the loss in the liberalized segment, growing by 200,000 customers in 2021. Digitalization continues steadily forward. 60% growth in the number of digital contract to 6.6 million, and 32% increase in the number of e-billing contract, reaching 5.8 million of e-bills. Regarding electric mobility, we continue to deliver on our deployment plan of charging points, reaching a total of 9,500. That is a 34% increase. In the case of the e-bus, e-bus charging points, a total of 35, that is three times more than the previous year. Concerning our energy management on slide 10, electricity sales in the liberalized business decreased by 1% versus the previous year. The unitary integrated margin decreased by 4% to EUR 32.3 per MWh, due to lower OTC references versus 2020, and a higher variable cost, both in fuel and in higher energy purchase costs. The unitary revenue rose to EUR 83.8 MWh, or more than EUR 18 per MWh versus 2020, associated to a higher share of index sales in a record high pool price context. The evolution of the integrated margin, around EUR 130 million below the previous year, was affected by the unfavorable market situation, being the main factor behind this margin decrease, the lower generation margin, mainly due to weaker OTC references, the new Catalan tax in force in 1st of July 2020, and lower thermal margin, partially offset by the suspension of the 7% tax in the second half. Lower supply also lower supply margin compared to the previous year as a consequence of higher pool prices and ancillary services costs, offset by the absence of the COVID impact experienced the year before. Therefore, supply unitary margin resulted in a slightly lower figure versus the year before. Lastly, almost neutral net effect of short position. Regarding forward sales, 97% of our 2022 price driven output and 55% for the year 2023 has been closed at a reasonable base load reference prices of EUR 54 and EUR 58 per MWh respectively. In that sense, we have moved to a base load reference price which can be directly comparable to a wholesale price for the generation assets. In networks, I am now on slide 11. Endesa's distributed energy increased by 2%. The investment effort resulted in the RAB remaining stable at a level of EUR 11.7 billion. The number of interruptions remain flat versus previous year, while the minutes of interruption increased to 61, impacted by extraordinary weather conditions. Without these exceptional effects, TIEPI would have increased by just around 3%, mainly due to selected program power shutdown linked to the deployment of the investment plan. Likewise, losses remain flat at 7.1%. Active measures such as 360 quality projects and emergency generators put in place were able to partially mitigate these effects and ensure service to our grid customers. Now let me hand over to Luca Passa, who will detail the financial results. Thank you, Pepe, and good evening, ladies and gentlemen. I'm on slide 13. To start, I would like to comment on how the evolution of the market context over the period has been crucial factor in defining the set of results. Throughout 2021, demand in Spain showed signs of recovery from the economic effects of the pandemic. Indeed, the accumulated mainland power demand in the period increased by 2.4%, both in adjusted and nominal terms, although it is still below the pre-COVID levels. Likewise, in Endesa concession area, gross demand has increased by 1.5%, or 1.7% when adjusted by calendar and temperatures effect. These figures are supported by the solid recovery in the services segment. Gas stocks at historical low levels, coupled with the market imbalances and tensions in some of the gas exporting countries, and to a lower extent also the high CO2 prices, have driven up electricity prices. In 2021, average full price in Spain more than triple versus previous year level, reaching on average EUR 112 MWh. These conditioning factors have been extrapolated to most European countries where the gas is also the marginal technology, hence similar electricity prices increase were noticeable. On the financial highlights of the period, I'm on slide 14, our reported EBITDA stood at EUR 4,278 million, increasing by 12% versus last year. On a like-for-like basis, once netted from the last year personnel provision effect, the EBITDA would have increased by around 6%. Net income was raised by 3% year on year, reaching EUR 1.435 billion, -11% at net ordinary income level. Funds from operation reached EUR 2.621 billion, 11% down versus last year. These set of results have been achieved despite the complex market context previously commented, that was mitigated through several managerial action as well as positive non-recurrent items. Moving to the detailed analysis of the period, and I'm now on slide 15. In 2021, gross CapEx amounted to EUR 2.2 billion, 33% higher than last year, with more than 70% allocated to networks and renewables, which confirms our growth focus. EBITDA reached EUR 4.278 billion, +6% versus 2020 on a like-for-like terms. Within EBITDA, conventional generation EBITDA decreased to EUR 877 million, -15%. Renewables EBITDA, including large hydro assets, increased by EUR 400 million, up to EUR 841 million. Customers EBITDA reached EUR 595 million, increasing by 8%. Finally, distribution EBITDA declined by 3% at EUR 1,965 million. This EBITDA includes non-recurrent items amounting to EUR 486 million from the CO2 sentence of 2006 for EUR 186 million, and the hydro canon refund corresponding to the 2013-2020 period for about EUR 300 million. Excluding these one-offs, EBITDA would have amounted to EUR 3,792 million, or -6%, clearly affected by the negative market context in 2021, that we have been able to compensate through successful managerial action to be described in the following slide for each of the businesses. Moving to a different analysis on slide 16 on conventional generation business. Gross margin amounted to EUR 1,496 million, -15% versus last year, mainly impacted by a reduction in power margin by -EUR 240 million, mainly affected by weaker OTC references in nuclear, an almost neutral net effect of the short position, higher Catalan tax and Social Bonus, and other, some other effects. Non-mainland generation margin was slightly reduced by EUR 16 million, mainly explained by lower regulated remuneration parameters. On top of that, wholesale gas was negatively affected by EUR 165 million as a result of the extraordinary volatility and record highs in the commodity price scenario. All of these partially offset by the recording of the positive non-recurrent impact of EUR 160 million from the 2006 CO2 court ruling, which is the amount affecting nuclear and thermal generation. EBITDA reached EUR 877 million, 15% decrease versus last year. Fixed cost and others improved by EUR 108 million, mainly in the mainland generation, basically due to the exceptionally high sanctioning proceeding booked in 2020, lower collectability, and the COVID fund booked in 2020. Moving to the next slide. Renewable margins amount to EUR 1,007 million, 60% higher than the previous year, mainly driven by +EUR 326 million from non-recurrent effects booked this year, EUR 300 million from the refund of the hydro canon for 2013, 2020, and EUR 26 million corresponding to the CO2 court ruling, and other margin improvements, some of them related to the absence of the 7% generation tax and the hydro canon for this year. EBITDA reached EUR 841 million, 91% increase, supported by the same margin increase and an improvement in fixed cost and others, composed of an increase in OpEx, driven by higher activity, that more than offset by the capital gain for one small plant disposal. Moving now to slide 18 on the customer business. Gross margin expanded by 7%, mainly explained by EUR 81 million plus from gas retail due to more efficient sourcing. Lower power supply margins compared to the previous year, mainly as a consequence of higher pool price and materially higher ancillary service costs, offset by the absence of the COVID impact of last year. As a result, unitary supply margin decreased slightly below around EUR 10 MWh, and +EUR 8 million from Endesa X. EBITDA reached EUR 595 million, 8% increase, slightly higher fixed cost than others due to higher activity. Moving now to networks. I'm on slide 19. Distribution margin dropped by 5%, mainly due to application of the new remuneration parameters, and lower previous year regularizations. Like-for-like, EBITDA decreased by 3% to EUR 1,965 million, as the comparable fixed cost and others improved by EUR 47 million, mainly due to lower maintenance cost, non-recurrent impact booked in 2020, and slightly higher capitalized cost. Net CapEx is in line with yearly amortization, thus keeping the regulated asset base flat versus the previous year. On slide 20, a quick follow-up on our efficiency program. Total fixed cost reached EUR 1,835 million, -7% versus 2020 on a like-for-like basis. Efficiency and others more than offset the negative effect on inflation and perimeter and growth effects on cost. This growth effect was moderate due to the fact that the projects came into operations by the end of the year. This has been possible mainly thanks to the several efficiency plans, crystallizing on a reduction of the average head count by 4.6% in 2021 versus last year, to a low historical record. The new capacity put in operation led to a decrease in unitary fixed cost, reaching about EUR 23,000 MW in 2021, from about EUR 25,000 MW in 2020. In supply, we observed a slight decrease by -1% in cost to serve during the period. Lastly, in distribution, unitary cost decreased by 5% to EUR 40 end user, starting to show the results of the investment effort we are making in smart grids. On the P&L evolution from EBITDA to net ordinary income on slide number 21. D&A increased by 22%, explained by EUR 314 million of higher impairment booked on non-core assets, that I will comment on the following slide. Higher amortization, mainly renewables and distribution, due to the investment effort carried out. The positive effect from the adjustment to provisions and impairment related to coal plants recorded last year. By EUR 15 million of higher bad debt, mainly as a consequence of the worsening of the payment performance by small suppliers in distribution. Net financial results were positively impacted by the financial revenues from interest for late payments in the CO2 court ruling, and the 2013, 2020 hydro canon. The effective tax rate resulted in 24.3%, mainly as a result of the limitation on the exemption of dividends and capital gains in force since 1st of January 2021, and the materialization of tax credits and deduction charged to income. Net ordinary income decreased by 11% over the period. Moving to slide 22. The impairment booking in non-regulated business corresponds to the re-estimation of the recoverable value of the non-regulated assets as of December 31st, 2021, resulted in a gross impairment loss of EUR 652 million. The reason triggering this value update are, among other aspects, the expected situation of the commodity markets, fuel and CO2 emission rights, and the cost expected to be recovered for these items over their lifespan under the plan regulation, as well as the changes foreseen in the future generation structure and their effects on thermal generation. This impairment is not considered in the calculation of net-net ordinary income, as described in slide 42, so it has no impact on the determination of the shareholders' remuneration. Moving to the cash flow, slide number 23, funds from operation decreased by 11% year-on-year, reaching EUR 2,621 million due to the following effects. Higher EBITDA after provision paid and net provision release of around EUR 140 million. Working capital and others worsened mainly due to the worsening of net balance of EUR 586 million of receivables and payables accounts, mainly as a consequence of the higher energy and commodity prices, within which a regulatory impact for reduction of asset charges for about EUR 400 million, the collection delays related to the recently enforced Royal Decree on access tolls and charges for about EUR 200 million, the CO2 sentence still pending to be cashed in, and partially offset by further action to reduce working capital. All of these effects have been partially offset by a lower non-cash provision for about EUR 136 million, and the positive evolution of derivatives mark-to-market and CO2 rights for about +EUR 40 million. Higher income tax paid of EUR 117 million, mainly due to the lower corporate tax refund versus previous year, and the higher tax down payments of current year. The cash CapEx, raising by 24% versus 2020 led the free cash flow to EUR 474 million. Anyway, we expect to recover the remaining negative impact generated by the Royal Decree-Law 17/2021 and 23/2021 of 2021 in the first half of 2022, and a neutral to positive working capital evolution along 2022, assuming no further regulatory intervention. Let's take a look at net debt on slide 24. Net debt amount to EUR 8.8 billion, around EUR 2 billion higher than full year 2020. This increase is clearly affected by the payment of EUR 2.1 billion of dividends, which is EUR 600 million higher than the previous year, EUR 400 million of additional cash CapEx, and EUR 300 million deterioration of funds from operation. This EUR 8.8 billion net debt figure deducts the financial guarantees required for the commodity and energy derivatives contracting, as we have modified its definition due to the operational and price evolution in the commodity and energy derivatives market, which has been materially positive in 2021. Once deducted or considered this effect, the improvement in the debt compared to the CMD most conservative expectation is mainly due to a better than expected impact from market and regulatory scenario, some non-recurrent items, and further optimization measures. The regular working capital decreased by EUR 80 million to EUR 795 million. Our leverage measure as net debt to EBITDA ratio slightly increased to 2.1 x. The cost of debt reached extraordinary low levels, maintaining its reduction path to 1.5%, still marking an historical minimum. When it comes to the details of our sustainable finance activity on slide 25, during 2021, we have consolidated our leading position in sustainable finance with a record of EUR 15.4 billion in sustainable linked transaction. The most remarkable milestones are linking 100% of our credit and guarantee lines to sustainability, execution of the first sustainability linked EIB loan in Spain for about EUR 150 million, the execution of the largest eco loan to date linked to sustainability KPI for EUR 300 million. Additionally, in 2021, we have included a new SDG KPI bound to a reduction of Scope 1 greenhouse gases emission in some of our sustainability linked transaction. As a result, sustainable finance sources now represent 60% of Endesa gross debt, in line with our 2024 target. Now let me hand over to Pepe for his final remarks. Okay. Thank you, Luca. Our achievement renders significant value creation for our shareholders. Considering 80% payout of net ordinary income in 2021, the board of director will propose, subject to general shareholders' meeting approval, a total gross DPS payment of 1.437 EUR per share against 2021 results. After an interim dividend of 0.5 EUR per share paid in January, the final dividend of 0.937 EUR per share is expected to be paid in July 2022. This dividend is significantly above our DPS guidance, something around 11% increase. As shown through this presentation, and I am on slide number 27, we can be proud of succeeding once again in beating the target we set for 2021, taking into account the challenging market condition marked by record high commodity and electricity prices. This achievement for yet another year of the target set for 2021 demonstrates Endesa's firm commitment to our vision for 2030, and to delivering sustainable value over the long term. As a conclusion, let me mention the main achievement of the year. First, the continuous and timely delivery, once again, beating our financial targets. Our customer strategy allow us to attract new free market customer, benefiting from energy and a wide range of valuable services, at competitive prices. The constant improvement in our ESG indicators is rewarded with the recognition and inclusion in the most prestigious indexes, while we continue to increase our pipeline of renewable projects, ensuring the acceleration of our renewable capacity target by 2030. In such a context, the outstanding dividend yield for 2021 is the strongest evidence of sound value creation to our shareholders. In the beginning of 2022, we are still facing a high price scenario. We are aware of the difficulties that many customers are facing due to this context, so we continue to be open to jointly work with the administration in order to find the most efficient solutions. Finally, having a solid track record of delivering in complex year, Endesa is well positioned to successfully manage the challenges ahead. In particular, to attain the target set for 2022, which I remind you are EUR 4.1 billion at EBITDA level, and EUR 1.8 billion for net income. Ladies and gentlemen, this concludes our full year 2021 result presentation. Thank you very much for your attention, and we are ready to take some questions. Okay. Thank you, Pepe. Thank you, Luca. We are now ready to answer all the questions you may have. Of course. If you'd like to ask a question, you can do so by pressing star followed by one on your telephone keypad. If you choose to withdraw your question, please press star followed by two. As a reminder, that's star followed by one on your telephone keypad if you wish to submit a question. Okay. The first question comes from Alberto Gandolfi from Goldman Sachs. Please, Alberto, go ahead. Mar, thank you. You may regret allowing me to ask questions. The first one is a bit long, but I promise I'm trying to be as clear as I can. Jokes aside, thank you for allowing me to ask questions. I keep it to three. The first question is on 2022 targets, particularly the EUR 4.1 billion EBITDA. I mean, it looks like yesterday you hosted your CMD, but so much has changed. You know, the world has really changed a lot in terms of interest rates and inflation. You know, power prices are even stronger, hydro levels have not started the best way, spark spreads seem to be doing really well, and supply margins have, as well, changed a little bit. I was wondering, if you don't mind, elaborate a little bit on the key drivers, you know, power prices and, you know, hydro levels and spreads and margins and see if we should still expect comfortably the EUR 4.1 billion. In other words, have these drivers moved in the right direction? Is it a tailwind or a headwind? If you can maybe clarify if in the EUR 4.1 billion you include any recovery of regulatory items, or is it really to be considered a clean figure? The second question is about the supply portfolio. I suspect we should expect a meaningful improvement in margins in 2022, and I was wondering if you can tell us a little bit what we should expect in terms of repricing of the portfolio and margin evolution. The last question, I think, Luca, you explained it, but if you don't mind, I thought in Q4 there's something like EUR 800 million improvement in working capital. If we can have some granularity on that, does it reverse in 2022, or anything that may disrupt in the debt forecast for 2022, that'd be highly appreciated. Thank you so much again for your patience. Okay. Alberto, thank you very much for your question. Let me try to give you some ideas about the first question and the second question, and then Luca will elaborate a little bit more and will answer the last one. With regard to the 2022 target, and as you have said, you are absolutely right, many things have changed. We think that we will be able in this moment just to achieve our commitment on EBITDA and net income, just because we think that we have sufficient levers just to manage this situation. It is true that what we have seen is a different international scenario, and I am referring to the gas context that we are living. Some months ago, what we thought is that this increase in the gas prices will finish, or more or less, we will see the decline on these prices, yes, in the spring, this year, because we are taking into account only the, let's say, technical or business conditions around this issue. On top of that, what we are living now is the situation of crisis between Ukraine and Russia, and then, yes, because of the geopolitical imbalance, let's say that also, we are thinking that this situation could last longer than the one that we have forecasted. Nevertheless, as I have said, I think that we have enough drivers, yes, to use this. In terms of the regulatory items, Luca could explain to you better than me, but you know that we are expecting the solution of the Social Bonus. The Supreme Court has said that we could recover the quantities paid since 2017, if I am right, but we need just to wait for the final resolution, and we will see what happened. In terms of the supply portfolio and the repricing, trying to answer your second question, I should say that you know perfectly that we are selling our energy in advance one or two years. That means that we have been selling the electricity at something around EUR 44-EUR 48 per MWh. We have established a reasonable price for our price-driven output, and this price is something around 60-65. The repricing that we will see in the future could be in this level for this repricing that will allow us just to fulfill and not to be negatively impacted by the global cost of gas, but trying to adequate our remuneration to the full cost of our nuclear and hydro output. Now, Luca, do you want to add anything more, and to answer the last question? Sure. Just going back to the first question, Alberto confirmed that the 4.1 is a clean, so no assuming basically any reg-positive regarding 2022. In terms, to give you some range besides, you know, what we explain now, Pepe, basically we expect an increase in terms of our adjusted for the positive recurrence of 2021, an increase of about EUR 300 million from the adjusted figures for 2021- 2022, which is basically EUR 100 million, more or less, will be EBITDA in renewables, and this is driven mainly by some price effect. Obviously we expect, you know, a better baseload reference for the year vis-a-vis 2021, as well as about EUR 100 million in volume effect. Obviously we need to recover EUR 70 million negative of basically the 7% generation tax, which we have not paid for two quarters in 2021, as well as what we have not paid for the hydro canon in 2021. It's another EUR 130 million in terms of EBITDA contribution from retail and Endesa X. The majority, obviously, is in retail, where we see basically an increase in terms of margin of about EUR 130 million, mainly driven by price rather than volume. Within price, we expect let me say an improvement in ancillary services, which has been a huge drag for our 2021. Also here in retail Endesa X, we will have a negative impact from 2021 of about EUR 50 million in retail gas, which has been very positive in 2021, and a positive contribution for EUR 20 million in Endesa X. Going to conventional generation, the improvement that we expect is EUR 40 million in terms of EBITDA, which is driven basically by a considerable improvement in nuclear for EUR 130 million at gross margin level. This is mainly price effect. There is also some volume effect, because you know that we had basically a stoppage of our plants for the last part of last year, which was a plant stoppage, hence basically we expect higher volumes in nuclear for this year. And again, the effect of the suspension of 7% transition tax also for nuclear. We expect to improve by EUR 70 million our wholesale gas for 2022, which you know has been very negative for 2021. Obviously we will have to recover the positive effect of the short position, which has been just shy of EUR 400 million for 2021. Finally, distribution, the increase is expected to be about EUR 40 million, which is a combination of slightly higher margin and slightly higher fixed cost. That's the bridge between 2021 and 2022. Going to the third questions around the improvements that we had in working capital vis-a-vis basically our estimations at the CMD. That is driven by the fact that the regulatory, let me say, negative effect has been lower than expected in the region of EUR 400 million. That on the collateral side, we have been net receiver of collateral for more than what we expected. That has been obviously a positive driver to our net figure in the end. Thank you, Alberto. The next question comes from Harry Wyburd from Bank of America Merrill Lynch. Hi, good evening, everyone. Thanks for taking my questions. First one, just a bit of a follow-up to Alberto's question. Just very narrowly focusing on hydro volumes in the first quarter of 2022. You gave us the bridge for the full year, a very detailed bridge. Would it be fair to say, given you're happy with your guidance for 2022 at the moment, that you are probably at the very start of this year, sort of probably ahead of where you wanted to be, and then hydro volumes have obviously been very poor, and that's brought you back into line, I guess, with your guidance? Is that right? Maybe could you give us, you know, a rough guide as to what the negative impact you expect just from the weak hydro volumes that you've already had so far this year? The second one's on the hydro canon, obviously had another big impact in Q4. Are you expecting anything for 2022 on hydro canon? And then finally, just on the impairments of non-mainland, I don't know if you mentioned it before. If you did, I didn't catch it. Is there gonna be an ongoing positive depreciation effect from that impairment? Could you let us know how much that'll be? Thank you. Okay, thank you, Harry. Let me say that it is very early just to really know what is going to happen with the hydro in this year, 2022. Let me tell you that Spain is different in hydro. I have seen a lot of different situation being one month dry, the year dry, and then suddenly wet that change a lot. In any case, what we are thinking about this is, you know, if I am right, our hydro output is something around 6 TWh per year, and we are thinking that we could lose 1-1.5 TWh, more or less. Let me underline that things change a lot in the hydro in Spain. With the hydro canon, what we think is that the government is thinking about to elaborate a new order or law or whatever, in which they are going just to implement this hydro canon as it is considered in our business plan. Well, Luca, you could ask to add anything and then to the impairment in the island. Sure. The assumption for the hydro canon for question number two is that, again, we're gonna pay hydro canon starting from this year, and that's where Pepe pointed out that the government is working for modification of the law, and that was already budgeted for. It was in the business plan for the whole three years from 2022- 2024. For the last questions, the decrease in the D&A expected from this impairment is between EUR 30 million and EUR 40 million. Then going back to the first question, just to give you a reference, 1 TWh of less hydro if this materialize. It's a big question mark throughout the year and could affect us between EUR 40 million and EUR 50 million in terms of gross margin. Obviously we hedge, let me say, hydroelectricity, leaving also margin at the end of the year in order not to incur in shorter hydro production. Many thanks, Harry. Next question comes from Enrico Bartoli from Stifel. Noon, thanks for taking my question. First one is related to slide 10 when you highlight that you reached around EUR 32 per MWh of integrated margin in full year. Actually, this is significantly higher than 28 you indicate in nine months. I wonder if you can give us some details on the strong improvement in the integrated margin you had in the fourth quarter, and if this includes also the impact of the non-recurring items that you highlighted at the EBITDA level. Second question is related to your expectation on the CO2 clawback during the CMD. You indicated that you expect a similar application to the gas clawback, so the exclusion of the fixed price contracts. If you can update on the situation on the CO2 clawback and what you assume for the full year guidance. The last one is related to net debt. As you highlighted, it was better than what you indicated in November. If you can elaborate a bit on what went better, and in particular on the evolution of the EUR 900 million impact on working capital, what can we expect for 2022, and if you can provide a guidance for net debt at the end of this year. Thank you. Okay. Let me answer to the second question. As you know, the Royal Decree-Law 23/2021 clarified that the gas levy will not apply to energy covered by fixed-price forward contracts, where energy has been sold through bilateral fixed-price contracts one or two years in advance and this, the price does not internalize any gas price increase. We understand, as I have said before, that the regional price reference may be similar to the full cost of our nuclear and hydro output, which in the current scenario ranges between EUR 60-EUR 65 per MWh. For 2022, we have already sold, as we have said, 97% of our price driven production at an average baseload reference price of EUR 54 per MWh, taking into account that we have been selling the majority of the energy of 2022 during the years 2020 and 2021. We assumed that we will keep on managing our customer base, maintaining sufficient volume flow at fixed prices, regardless of the wholesale electricity market price to avoid any regulatory impact, negative impact from the gas levy. Yes, thank you, Pepe. You know, going back on the integrated margin, in the fourth quarter, yes, it was higher than expectation. We managed to strike an integrated margin just for the last quarter, around EUR 45 million, which was slightly higher than what we expected. That was on the back of a positive contribution of the short position, which I think I commented that in the end was more or less in line with last year. A contribution of almost EUR 190 million for this year. That's obviously on the back of the evolution also of the commodities in the last part of the year, as well as obviously the exemption for the 7% generation tax and the hydro canon for 2021. There are no positive, no recurring items when it comes to integrated margin for 2021. Going back to the third question on net debt evolution vis-à-vis expectation, as I commented in a question earlier, basically the overperformance vis-à-vis the estimates that we gave at the November CMD were driven by lower regulatory negative effect from Royal Decree 17 and 23. That in the end amounted to EUR 400 million for basically lower system cost in the last quarter, as well as by positive netting of collateral, i.e., they posted us collateral on derivatives position, affecting obviously the short position that I mentioned before for higher than what we expected in the last year. Therefore, we ended up with, let me say, a better net debt than what we expected. Now, when it comes to the evolution of this year, we expect to have, let me say, a neutral to positive working capital throughout 2022 on the back of recovering, obviously, these regulatory items, as well as through stabilization of prices, where we won't have, let me say, the same increase in power price that we saw last year. We should recover higher, basically, payments from, you know, customer and lower payments to the system as we had as an impact last year. Expectation of net debt by 2022, at the moment I give you a range between EUR 9.2 and EUR 9.5, and this is assuming no further regulatory intervention. This estimate is based on about EUR 700 million of regulatory working capital and FFO, which will be well above EUR 3 billion for the full year and basically cash CapEx, which will be in the region of EUR 2.3 billion for the full year. Okay. We move now to the next analyst, that is, Jorge Guimarães from JB Capital. Please, Jorge, go ahead. Hi, good afternoon. Two questions and a follow-up, if I may. The first one is on the hydro hedging. One of your competitors, EDP, was saying that they were reducing the amount of energy hedged on a structural basis to reflect the new market situation, and my question was if you could consider to do the same to take advantage of high spot prices. The second one is on mainland. If you expect this write-off to have any impact on the financial remuneration or on the RAB, as you might want to call it, of the asset. The final one is a follow-up on your explanation on hydro. You said that you by now expect to lose 1- 1.5 TW versus your average production. My question would be, if you can elaborate on how much hydro production have you hedged this year? The question is to assess the risk of you need to go to the market and buy electricity if the droughts persist. Thank you very much. Thank you for the question. Let me say, first of all, regarding hydro. Just in case, because as I have said, it would depend on many things. The hydro in Spain is something that has a huge volatility. What I think is that we should wait just to see how the year advance. In any case, if we lost 1 or 1.5 TWh, we will go to the market just to buy this energy. In any case, we will see, because we could use other output coming from our generation plants. Regarding the situation as EDP has said that in this market context, they have decided to reduce the total amount of hydro that they are considering. Well, this question is something that you should ask to them, because what we know is what we produced, and what we know is the risks that we are facing now, that could be something between 1-1.5. Our average yearly output is around 6 TWh, and we maintain this figure. Then Luca, if you want. Yes. Just on basically no mainland effect on RAB, it doesn't have any effect actually. Basically, the impairment is triggered by lower remuneration of the cost reimbursed through this regulation on our basically asset base. Therefore, they are basically for us is continuing asking a change in the remuneration of the cost of generation, because that is affecting negatively this regulated generation in the islands. Just one clarification regarding hydro, the budgeted hydro for this year was 6.5. So that's the starting point for us. Obviously from there, if you have some differences, as Pepe pointed out, between 1 and 1.5, according to the current situation, 1 TWh is between EUR 40 million and EUR 50 million of gross margin. When it comes to the hedging of this hydro, we never hedged, basically hydro in full throughout the year. We always leave 1-1.5, basically unhedged up until the last month, in order not to incur a position in the full market if this generation doesn't come. Therefore, the hedging strategy provides already for shorter hydro generation if this materialize. Thank you, Jorge. Next question comes from Manuel Palomo, from Exane BNP. Hello, good afternoon. Thanks for taking my questions. I'll stick, I think, to two or three. First one is on renewables. You claim to have 77 GW of gross pipeline. However, whenever I read the press, you are always involved to acquire new pipeline. So my question is whether, with well, the huge growth pipeline you claim to have, whether it is needed, whether we could expect some M&A in renewables on your side. My second question is a follow-up, actually. You mentioned something about the Social Bonus recovery that I didn't get, but I understand that you could be thinking about recovering something in terms of Social Bonus this year. I wonder whether you could clarify or quantify the amount, and whether that amount is included in the EUR 4.1 billion EBITDA guidance. Last one is a bit on regulation. I wonder whether you have any view on whether it could get extended, and also whether you could shed some light on where we are on the carbon clawback. Thank you very much. Okay, Manuel, let me answer to your third question. If globally the gas clawback is going to be extended or not, nobody knows. If you ask me about if they are going to extend this, I would say yes. Yes, because we are living in these turbulent days, I think that the government of Spain should put other measures and extend it, the ones that we have today. In my opinion, they would extend this Royal Decree based on the gas clawback. You know, going back to your first question, so Manuel, yes, we have an ample pipeline. Therefore, to your question, are we interested in M&A for pipeline here, it depends on many things. I think, we demonstrated also in the past that we, basically consider acquisition of pipeline if obviously fits not only our, basically, portfolio of existing pipeline, it basically covers some maturities that probably are less strong in our, own developed pipeline, and obviously if it meets financial criteria. Now, given the amount to which we're starting out at the moment, let me say that, we are not involved in any, activity of acquisition of pipeline when it comes, to renewables. Regarding the Social Bonus, basically nothing is included in the EUR 4.1 billion target of EBITDA that we have for 2022. The paper was referencing to a ruling that was issued to some of our competitors, regarding the 2017 Social Bonus scheme that has been declared discriminatory. Therefore, now obviously it's a ruling to someone else. We will see when we get our ruling because we have a case ourselves, and we will see what the recoverable amount is, because at the moment what is public is unclear, given that there is uncertainty around. The proof of how much of these Social Bonus costs have been passed to the final customers. This is something ongoing, and to be honest, nothing is in our target. We will see when it comes along our sentence, and if we can recover something or not. Okay. Thank you, Manuel. We have now Javier Garrido from JP Morgan. Yeah. Good evening, and thanks for taking my questions. The first one is, if you can let us know what is the baseload price achieved in 2021 comparable with 54 hedge for 2022 and 58 for 2023. The second question is if you can comment on your expectations for the evolution of the short generation position. You, Luca, have explained the positive impact in 2021 of EUR 180 million. Do you still have commodity hedges for 2022, and what is your expectation for the net cost of the short generation position, if any? Third question would be on a recent piece of news on the developer Prodiel, which is reported by the press to be in financial trouble and discussing with clients, including Endesa, and increasing the price to be charged on the solar facilities that they are developing. Given that Endesa has agreed for the last years to buy 2 GW of projects from Prodiel, could this trigger any risk in your targets for renewable capacity reasons? Thank you. Okay, Javier, let me say that of course we have closed the year 2021 with a base load price reference of something around EUR 50. Again, you should take into account that we sell in advance one or two years, and that is what we show as forward prices the year before. This is lower than the expected 54 and 58 for the year 2022 and 2023. Luca, could you answer? Sure. When it comes to basically the second question on the short position and how we are entering this year, first of all, let me say that differently from 2021, we enter in the year with a neutral position or slightly shorter, so it's really minimal. Currently, we don't have any relevant commodity hedges to this position. It's very different from what we achieved or what we actually acted on in 2021. When it comes to Prodiel, the third question, let me say that we confirm that with the negotiations of agreement that have been, you know, for us at least positively closed, and have very limited impact on our dealings with this developer. I can also add that basically, of what we bought in terms of pipeline of projects in 2019 and 2021 from them, three projects have already been built, and we have no counterparty risk whatsoever with them. On top of that, let me just add that the only negotiation ongoing is for a very small project for an amount to be negotiated in the region of EUR 10 million, and then the rest obviously are acquisition of vehicles that we have already done, and the ones which are not done are pending permit basically in environmental permits. The situation for us, it's really immaterial. Thank you, Javier. Next question comes from Jorge Alonso from SocGen. Thank you for taking my questions. There's a couple of questions left. Regarding the first, the non-mainland generation in 2022, if you expect a recovery or a further deterioration in the EBITDA coming from the energy prices situation. The second question is regarding the PPAs you assigned recently with some industrial customers. You can give us some color about the levels of these PPAs if the price levels are much higher than what you expected and the length of the contracts are as well extending. If that is the case as well on the retail segment, as you have had a quite impressive increase in liberalized customers in the fourth quarter, if that means that the customers are willing to accept a longer duration in the contracts or higher prices just in order to avoid the volatility of the spot prices. Thank you. Okay. Jorge, thank you for your question. Let me say that first of all, what we are trying to do is just to extend the duration of the contract with our customer. In this situation, as I have said before, we are selling our price-driven output at reasonable prices based on our full cost of these facilities. Trying to give a good signal to our customer and really to reduce the pain that they are suffering from these very, very high prices due to the cost of gas, just to spread during some years. On the other hand, it's something very similar to the PPAs. On the other hand, you should take into account that if you look at the forward price, the further you go from the year 2022, the lower the price, the forward price that you see. If you are able just to sign a contract for five years, it's better than two years. It would be better for 10 years, let's say that. We will find the real point in which we could sell to the customer the electricity with. In any case, it is clear for us that we want to extend this contract to the benefit, of course, of ourselves, but mainly to the benefit of our customers. When it comes to the first questions regarding non-mainland evolution for 2022, yes, we have a decrease of about EUR 50 million in gross margin, driven by the reduction in invested regulated asset base that we foresee. But the big question mark is in the remuneration of the variable cost of generation there, where you know that we currently are incurring in basically a cost, i.e., they are remunerating us less than actually what is the market cost, in order to source both fuel and gas to the islands. It's been basically the Supreme Court that has issued the needs of basically having auctions, when it comes to basically gas refueling for this generation. Now, the question mark is whether these auctions will start in the second half of this year or not. Definitely there is a reduction in EBITDA in the islands throughout 2022 already budgeted for. Thank you, Jorge. Next question comes from Gonzalo Sánchez from UBS. Gonzalo, go ahead. Hi, good afternoon. A couple of question on my side. One is a clarification on this impairment on the islands. So if I understood correctly, is there a chance that you can have the regulation recognizing those costs and eventually recover some or all of the costs that you've booked? Just wanted to understand if that is a possibility or not. The second question is more like strategic. I'd like to hear your thinking on whether the Spanish government could potentially delay the shutdown of the coal plants as a result of the ongoing energy crisis, and whether you think there is a possibility. If you could, in that scenario, basically keep operations ongoing on the coal plants, or if for some reason, like workforce or contracts or anything, that's impossible from your side. Thank you. Thank you Gonzalo for your question. Let me answer the second one. If the government could consider a delay in the shutdown of, in this case, As Pontes, I don't think so. We have a clear view for the future, just because we don't have just now any security of supply problems that could have other member state, but not Spain. It has no sense to maintain these coal power plants. As we have said, we are waiting for the formal closure authorization, and we expect this formal closure authorization by June of this year. We will close this power plant and the government or the regulator or the system operator, no one will say that it is needed just to maintain As Pontes. Going to the first question, whether there is a chance of the regulation changing in the island this year, I can just basically refer to what I said before. There's been basically a Supreme Court ruling that auctions must be called to determine the full cost on the islands, so that the remuneration set is sufficient to cover the actual cost incurred. The question is when these auctions will be basically dealt with. We expect it's going to be second half of this year. Hopefully we will have some, let me say, positive news in that sense in the second part of this year. Okay. The last question comes from Javier Suárez from Mediobanca. Mar, sorry for the very late question. Two questions remaining. One is on the recovery fund. The question is if Endesa does see any meaningful impact from the recovery fund in 2020 and 2022. The second question is on the recovery of the due amounts related to the hydro canon, because this is probably going to be more time costly than what people tend to believe. What is your best estimate on the period of time that is going to be needed to recover that amount of money, and which is the amount that should be recovered already in 2022? Many thanks. Okay. Thank you, Javier, for your question. Well, what we see, what we need just to go ahead with the Next Generation plans. In any case, it has been approved. If I am right, something around EUR 500 million for the distribution. On top of that, the utilities, the distributors should put another EUR 500 million for the year. Again, if I am right, 2021, 2022, and 2023, I think. That is the first thing that we will see in the future, and this is for investment in the digitalization of the infrastructure. Again, we are expecting, and for sure we will see some results during the year 2022, with regard to the renewables, hydro storage, PERTE, and also for the electric vehicle. In any case, while it is clear that in Spain we need these Next Generation plans just to accelerate the recovery of the economy, I'm sure that the government will do their best just to implement these plans as soon as possible. The hydro canon costs, if you want- Yeah, sure. Let me just add on this point that the amount set for 2022 on the distribution Next Generation of funds is EUR 148 million for the system. You know, we have a share of the system, and we will have to deploy the CapEx this year, so the impact that you could see 2022 is, let me say, limited. When it comes to the hydro canon, we recover everything up until basically 2020. We haven't paid the hydro canon for 2021 because it's still under the old basically legislation. From 2022 and onwards, we are already accounting as we have to pay the hydro canon because the government is actually promoting a change in the law that will make the law basically viable. Therefore, from 2022 and onwards, we expect to pay the hydro canon every year as we did in the past and not to recover it, because the amendments they are doing to the law are in a way in which, basically this law will be permanent, and not recoverable. Okay, thank you. Now we will answer a couple of questions received by email. Both of them comes from Flora Trindade from CaixaBank, and she asks about our expectation for the next year integrated margin, and if we can comment on the competitive environment in the supply segment in Spain. Thank you. Luca, do you want to answer? Sure. When it comes to the competitive environment in supply, I think we have shown in the last part of 2021 the ability to actually be net acquirer of liberalized customers. Actually a full year has been in the region of just shy of 200,000 customers, of which, let me say, a positive contribution has been really in the last two quarters. The first quarter started very well. In that respect, we will continue this trend throughout the first part of this year. I do not expect, let me say, competition, given the current profile scenario as well as the difficulties some smaller suppliers are encountering, to be more competitive what we've seen in the last in the second half of basically last year. It should be in terms of competition, a good environment from us to increase our basically liberalized portion in terms of customer. When it comes to integrated margin for 2022, we are expecting to reach something just shy of EUR 34 MWh in terms of integrated margin on assumption of liberalized sales of about 74 TWh, and an integrated revenue of about 87 TWh, and available costs in the region of EUR 53.3 MWh, sorry. Okay, thank you. This was the last question of our call. Thank you for attending this conference call. Just remind you that the IR is available to help you in case you have any other question. Thank you very much.