Morning, ladies and gentlemen. Welcome to Enagás Financial Results presentation for fiscal year 2022. Our results were released this morning before the opening bell and are available on our website at www.enagas.es. Arturo Gonzalo, Chief Executive Officer for Enagás, will be the main speaker at this conference, which we expect to last around 30 minutes. Afterwards, there will be a Q&A session, during which we will try to answer any questions you may have as fully as possible. Thank you very much for your attention. I will give the floor to the CEO. Good morning, ladies and gentlemen. Welcome, and thank you for your attention. Joining me today are our CFO, Luis Romero, the Legal Services and Corporate Affairs General Manager, Diego Trillo, the Communications, Public Affairs and Investor Relations General Manager, Felisa Martín, the Investor Relations Manager, César García, and the Control and Business Analysis Manager, Natalia Mora‑Gil. It is precisely one year today since I joined Enagás as CEO. 12 months later, many developments have taken place that have changed many things we took for granted at the time. This presentation will cover four sections. First, I will present the results for fiscal year 2022. I will summarize the key financials and will give you some information on the operation of the Spanish gas system over the period. Secondly, I will review our progress in the implementation of our 2022-2030 strategy plan. Thirdly, I will share with you the targets we have set ourselves for 2023. Finally, I will reflect on a very important matter for us, that is our ESG commitment. In taking stock of 2022, I will not dwell on the extraordinary global context in which we have operated and done business over the period, as this is well known to all. As I have just mentioned, I joined Enagás three days before Russia's invasion of Ukraine. Since then, our sector has gone through very complicated months, with Europe coming to an energy crossroads that has proved to be a watershed moment. Security of supply is now a priority for Europe, which has become aware of the need for a common European energy policy. The European Commission published its REPowerEU plan in May. On July 12th Enagás presented its new 2022, 2030 strategy plan, fully in line with the European roadmap and its security of supply and decarbonization objectives. Thanks to the responsiveness of Europe and the industry as a whole, coupled with the measures put in place this winter, Europe has managed to safeguard its energy security and to lay down a solid foundation for the future. 2022 was therefore a historic year for Spain and also for Enagás due to the definancial contribution of the Spanish gas system to European security of supply, as reflected by some data that I would like to highlight. In a very tough context, we have operated at 100% capacity, both in terms of availability of our infrastructures and coordination of the gas system, which has met demand in all circumstances, 24 hours and 365 days. Spanish underground storage facilities reached 93% of their filling capacity at the beginning of the winter season and are still at extraordinarily high levels, standing at 82%, according to yesterday's data. Thanks to the measures taken and the work performed by all of the stakeholders in the gas system, Spain increased its total gas exports by 90% compared to 2021. In particular, exports to Europe via the interconnections with France were at an all-time high for the year, and the refueling of LNG tankers at Spanish plants bound for other European countries increased by 45%. With regard to the evolution of gas demand during fiscal 2022 and within a European framework of energy efficiency and savings, Spain's conventional consumption was 21.4% lower than in 2021, mainly due to the measures adopted by the Spanish government and lower industrial consumption. Domestic gas demand plus exports to Europe, that is the total volume of transported gas throughout our system, rose by 4.4% year-over-year, chiefly as a result of an increase in gas demand for power generation in excess of 50%. This is an example of the important and unquestionable role of gas as a backup source for renewable energies in our country. Spain's solidarity and contribution to Europe's security of supply has been and continues to be possible, thanks to the robust infrastructure network of our gas system, which provides great diversification and flexibility. Regasification plants specifically enabled us to receive gas from 19 different sources in 2022, and for the United States to become our financial results for fiscal 2022. We have met all of the targets we had announced through a high level of deployment of our strategy plan since its presentation on July 12th last year. We delivered an ordinary net profit of EUR 375.8 million, thus outstripping the target set early in the period. Let me remind you that this net profit target was set at between EUR 380 million and EUR 390 million but included net capital gains of approximately EUR 40 million from the sale of our stake in Gasoducto de Morelos in Mexico. Eventually, the deal was not closed in 2022, and it is planned to be closed in the first four months of 2023. As we have disclosed throughout the year, net profit includes capital gains from our asset rotation process and also the impairment in Tallgrass that we announced in July last year. I would like to highlight three significant factors that apart from these non-recurring elements account for these results. The first one is the application of the current regulatory framework until 2026, which results in a reduction of our regulated revenue of around EUR 45 million last year. The second, which is particularly important in the current circumstances, is a containment of recurrent operating expenses. Thanks to the implementation of our efficiency plan, such expenses only increased by 4%, well below current inflation figures. By furthering this plan, we shall be able to maintain our recurrent cost base in 2023. Thus, reinforcing our commitment to cost control as stated under our strategy plan. The third factor is the strong performance of our affiliates, whose contribution represents 39% of our net profit. One of the highlights of these results is the fact that we have slashed our net debt by 19% to EUR 3.469 billion, and we have done so through a solid cash flow generation, the dividends received from our subsidiaries, our divestment from GNL Quintero, which has enabled us to repay debt denominated in dollars and through the high degree of utilization of our infrastructures, especially regasification plants, which has led to increased revenue in the gas system and improved working capital at Enagás. Over 80% of our debt is set at a fixed rate. As a result, we can mitigate the impact of current interest rates and establish a very reliable estimate of Enagás financial performance for the coming years. At the beginning of 2023, we signed agreements with 12 financial institutions for an extension until 2028 of maturity dates of our sustainable syndicated credit line of EUR 1.55 billion, yet still maintaining our commitment to link our economic conditions to the fulfillment of environmental indicators. This transaction is in line with Enagás sustainability strategy. We also formalized a EUR 450 million bank loan maturing in 2025 that enables us to face 2023 without any major refinancing. As for our affiliates in 2022, they reported a total result of 1.2 million EUR and continue to contribute to the security of supply and the decarbonization of the countries where we operate. In Spain, the BBG and Saggas plants operated at full capacity in line with the good performance of the Spanish plants as a whole. Enagás Renovable, in turn, has been one of the main beneficiaries of the Strategic Projects for Economic Recovery and Transformation program, PERTE in Spanish, with the interim award of 25.6 million EUR to three hydrogen projects. The aim is that throughout 2023, the first FID of financial investment decisions be taken. In Europe, Greece posted a record high gas demand of 7.5 BCM. Our subsidiary, DESFA, the Greek TSO, played a key role in this regard, especially through its Revithoussa LNG terminal that covered more than 44% of the country's total imports. Trans Adriatic Pipeline remains instrumental in reducing Europe's dependence on Russian gas, especially in Italy, Bulgaria and Greece. Over the two-year period since it became operational, this pipeline has already delivered 19 BCM of Azeri gas to Europe, of which 11 BCM were delivered in 2022. The project to expand its capacity continues to make progress. The market test, launched in 2021, has led to the contracting of an additional 1.2 BCM of capacity as from 2026. In September 2023, a second binding phase is scheduled to take place that could increase the pipeline's capacity to 20 BCM. As you know, on January 26th, Enagás increased its stake in TAP up to 20%, this transaction reinforces our commitment to a key asset for Europe. TAP has become a very important investment for Enagás that will make an even more significant contribution to our income statement and future cash flows. In 2023, we expected to report as dividends of around EUR 70 million. In Peru, our affiliate TGP has been key to meeting gas demand, which went up by 20% in 2022. As regards GSP, the arbitration proceedings have evolved as planned under the procedural timetable with the final award still pending. Legal advisors estimate that the ruling should be handed down during the first half of 2023. In Mexico, the TLA Altamira LNG plant provided 100% availability, and as I mentioned, we expect to close the sale of Gasoducto de Morelos in the first 4 months of 2023. In the United States, Tallgrass Energy met its 2022 targets and delivered adjusted EBITDA of around $735 million. Its infrastructure showed a high level of contracting and utilization. The Rockies Express Pipeline performed particularly well with an average contracted capacity in excess of 90%, as did the Pony Express Pipeline with a utilization rate of 84%. Tallgrass is carrying out an investment plan, and in 2022 it made major announcements to advance decarbonization with CO2 capture and storage projects as well as large-scale clean hydrogen and ammonia production and infrastructure facilities. A major milestone in January 2023 is its acquisition of the Ruby Pipeline, a natural extension of the Rockies Express that connects with the California market and that will support future Tallgrass decarbonized energy projects. This acquisition will boost Tallgrass growth significantly as of this year. In 2023, Tallgrass estimates an adjusted EBITDA between $775 million and $150 million, in line with the targets set out in its business plan until 2026. I would like to give you an update on the degree of implementation of our 2022-2030 strategy plan. We have embedded European priorities into this plan, which is being deployed as planned and even faster than expected. As for our core business, I would like to underscore those initiatives included in the Spanish government's more energy security plan or plan in Spanish. We have taken all the necessary steps to set up El Musel as an LNG logistics plan. Everything is ready on our side so that the plant becomes operational as soon as the final administrative formalities are completed. We have streamlined the capacity of our interconnection system with France via Irún, so now Spain can export an additional 1.5 BCM per year to Europe. Although a couple of weeks ago, there was an incident with a facility's electrical access system, we have since been able to continue to meet demand as normal, and we're now working to restore the station's 100% availability as soon as possible. We extended the jetty at the Barcelona regasification plant so that smaller vessels bound for Italy can now reload LNG. Also in 2022, Enagás GTS was designated as a transitional entity responsible for the system of guarantees of origin in Spain. A few weeks ago, the first milestone was reached as set out in the more energy security plan. Enagás GTS launched a platform allowing hydrogen and biomethane producers to register. As for our asset rotation plan, which is aligned with our strategy to focus on Europe, it was implemented during 2022 as announced. Besides selling our stake in GNL Quintero in Chile and this current sale of Gasoducto de Morelos in Mexico, which I have already mentioned, we also opened shareholding in our subsidiary, Enagás Renovable, to key partners, the Hy24 Fund, Pontegadea, and Navantia. Our current ownership interest now stands at 60%. This asset rotation is enabling us to focus on Europe and to assess new opportunities. We have kicked off 2023 with a major transaction that I have already described, the increase to 20% of our stake in TAP, to which I referred yesterday before by buying 4% from Axpo, which was added to the 16% stake that Enagás has held in the project since its inception. This accounts for a total investment by Enagás of EUR 168 million. More details on this transaction, which is fully in line with our strategy plan, can be found in the presentation. TAP plays a key role in Europe's security of supply and decarbonization, and it is included in the European hydrogen backbone to become a hydrogen infrastructure as from 2040. We are working on several opportunities that are arising in Europe. One of them was the possibility of joining the BBL Interconnector, which will ultimately not take place because the partners have decided to exercise their preemptive right and have advised us accordingly. Other developments in the implementation of the strategy plan in the international arena and adjacent businesses include, in addition to the possible expansion of TAP, the agreement reached in October last October, with the Albanian operator, Albgaz, to potentially become a shareholder, analyze joint projects in the country and in the Mediterranean area, and the start-up of the first LNG bunkering vessel in which Enagás holds a share through our subsidiary, Scale Gas. This is also the first bunkering vessel built in Spain that we recently presented in Barcelona. 2022's major energy milestone for Spain and for Enagás was the historic agreement reached with Portugal and France, which was recently joined by Germany, as announced by the Spanish government, to develop H2MED, the first of the hydrogen corridors envisaged under REPowerEU. Upon the request of our respective governments, the TSOs of these three countries submitted the project on December 15th to the European Union's call for projects of common interest. This corridor is scheduled for commissioning in 2030 and will transport 2 million tons of green hydrogen produced in Spain and Portugal to Europe, 10% of the total consumption target for Europe set by REPowerEU. H2MED involves the development of a Spanish hydrogen backbone network, which Enagás also submitted to the PCI call on December 15th. The total estimated gross investment in H2MED, without considering potential European funding, amounts to EUR 2.5 billion, whereas investment in the Spanish Hydrogen Backbone Network would total EUR 4.67 billion by 2030. These investments will take place mainly as from 2026 onwards, yet there's already a roadmap in place for them. At Enagás, we are working in full collaboration with the other TSO promoters, some milestones include a recent CEOs meeting in Madrid representing all four TSOs. We expect to end 2023 with H2MED and the backbones of the Spanish Hydrogen Backbone Network on the list of European PCIs. We have provided detailed information on both projects at Enagás Hydrogen Day, held on January 19th. This event highlighted the commitment of Europe and Spain to the development of renewable hydrogen infrastructures and which showed that Enagás' role as a TSO is fully compatible and complementary with the role of an HNO. On Hydrogen Day, we announced that this year we will launch the first non-binding hydrogen supply and demand matching mechanisms in Spain, as you can see in the timeline included in the presentation. The binding planning defined by the Spanish government will determine the following steps. 2023 will be a crucial year for the future of renewable hydrogen with significant milestones in Spain, such as the upcoming update of the Integrated National Energy and Climate Plan of PNIEC. In Europe, it will be crucial as well, with approval of the list of PCIs and European legislation that is also expected to be advanced. Last week, for instance, the European Parliament reached an agreement on the Gas and Hydrogen Directive and Regulation. In addition, the Industrial Green Deal was announced by the European Commission. All this will take place with Spain holding the EU presidency in the second half of the year. Let me now present our targets for fiscal 2023, which are challenging, but in line with those set out in the 2020-2030 strategy plan. We estimate an EBITDA of around EUR 770 million. To this end, we shall continue to rigorously implement our efficiency plan, which will enable us to keep recurring operating costs stable in 2023 compared to 2022. Our debt structure with more than 80% set at fixed rates, our liquidity position, and the ability to face 2023 with our maturities will enable us to isolate our financial results from any interest rate fluctuations and estimate that it will stand at around EUR 110 million. Net profit will be in the range of EUR 310 million-EUR 320 million, including net capital gains from the sale of our stake in Gasoducto de Morelos, the contribution from TAP acquisitions, and the assumptions made for the GSP ruling based on legal counsel considerations. This amount already includes the revenue drop established in the regulatory framework. In terms of cash generation, we expect a positive year with approximately EUR 190 million-EUR 200 million in dividends coming from our subsidiaries. We shall invest around EUR 250 million over the period in key infrastructures for security of supply purposes and to boost decarbonization in Spain and Europe. These dividend and investment figures include our investment in TAP. We estimate year-end net debt to stand at EUR 3.7 billion, a figure that is compatible with maintaining our FFO:DA ratio about 14% and our triple B rating with no need for credit remedies. We remain committed to our dividend policy. We shall pay our shareholders EUR 1.74 per share. Finally, I would like to refer to our ESG commitment, a cross-cutting element of our business that is perfectly ingrained in our strategy and culture. In the presentation, you have more details of some of our main achievements in 2022 regarding the three ESG pillars: environmental, social, and governance. There are two cross-cutting achievements I would like to underscore: the integration of ESG risks into Enagás' global risk model and our report on alignment with the European Taxonomy for sustainable activities. We are leaders in the world's main sustainability indices. By way of example, I would like to mention that we have been included in the Dow Jones Sustainability Index for 15 consecutive years as one of the top performing companies in the gas utilities sector. We work with a long-term vision and in accordance with the sustainable development goals. In 2022, we aligned our sustainability and decarbonization strategy with a new strategy plan, setting three pillars that correspond to all three ESG areas. First, the decarbonization of our operations and our value chain with ambitious and rigorous objectives that will enable Enagás to be a carbon neutral company by 2040. The second one is transformation with a people-centric approach, which includes targets such as reaching 35% of women in leadership positions by 2026. Diversity, agility, and digitalization are some of the keys to the transformation plan we are committed to in order to adapt effectively to the challenges of our strategy plan. The third pillar is governance to ensure human rights and environmental due diligence with a focus on our supply chain and affiliates. In the course of this fiscal year, we are working on all such dimensions, focusing on initiatives that are set out in our 2023 sustainable management plan. Now in closing, let me point out eight conclusions. We have met all of our targets in a very challenging year across the world, but particularly in Europe and in the energy sector. Meeting such targets was possible to a large extent due to our commitment to controlling operating and financial expenses as set out in our strategy plan. In 2023, we shall further intensify our efficiency plan. We began 2023 standing on the strongest foundations to further realize our 2020 to 2030 strategy plan, which we are in fact executing faster than planned. We continue to fulfill our asset rotation plan, which is enabling us to harness new opportunities in Europe as a strategic focus area of our investment plan. Today, we have announced our targets for 2023, which are in line with those already announced in our strategy plan presentation. 2023 will be a crucial year for hydrogen. Its regulatory framework will be approved in Europe, as well as the Integrated National Energy and Climate Plan in Spain. At Enagás, we are working, and we are ready to be a major player in the development of this energy vector, and we expect to close the year with H2MED and the Spanish Hydrogen Backbone Network on the list of European projects of common interest. Finally, ESG engagement is a priority for this company and a cross-cutting element in everything we do. Thank you very much. Now we will be glad to answer any questions you may have. Thank you very much. Ladies and gentlemen, now the Q&A session would start. If you wish to participate, please press hashtag one in your... or asterisk one on your keypad. Thank you. First question comes from Javier Suarez from Mediobanca. Please go ahead and ask your question. Hi. Good morning, everyone. Thank you very much for the presentation. I have several questions focused on the guidance for 2023, as set up in, you know, Slide 25 of your presentation. I was shocked by the company's goal to maintain, without changes, the operational costs, the recurrent operational costs, at the times of high inflation. You've given an EBITDA target of EUR 770 million, where even though I think it's EUR 20 million higher than the consensus, they believe it should be around EUR 750. That extra EUR 20 million, I guess it comes from the efficiency plan. I would like to know if you could explain and confirm what would be the sources from which you would obtain these efficiencies, improvements or cost containment, which are very significant for those EUR 20 million. Thank you very much. It will be very interesting to receive that. The second question has to do with the dividends for the affiliates that you mentioned. You said between EUR 190 million and EUR 200 million. Could you please explain to us what are the dividends from the most important affiliates? A breakdown of that figure would be very interesting. Also, as well as that, the contribution to EBITDA of those equivalents, equity companies. Regarding net debt, you talked about EUR 3.7 billion. I wonder if there is any specific working capital increase in that assumption. The next question has to do with the dividend. The company is facing, or we believe will have, greater visibility in 2023 than the investments related to the hydrogen development in Europe. I wonder when the company's going to do a rethink or revisit that dividend policy. The old Enagás had less CapEx and therefore paid a dividend which was higher. Do you believe that you may have to revisit your own capital? You'll have to face important investments probably from 2026 onwards. Any comment on that would be very welcome. Thank you. Thank you very much. Thank you for your questions, Javier. I would start by answering your question on the expenses for 2023 and how they impact EBITDA production. As I have mentioned, the company's key goal is to control operational costs and expenditures. We have shown that in 2022, as I have said, with an increase well below inflation. In the year 2023, we'll take one step further, and we will fully establish the operational costs in homogeneous terms and those being the recurrent expenses. We have operational cost of EUR 374 million in 2022, including a non-recurrent element, which was very important, which was the cost of the bundling that took place in during that financial year for EUR 3.8 million on the divestments. The costs will be EUR 371.8 million. From those, we have to take out some non-recurrent elements versus the previous year, especially the costs for the commissioning of El Musel, which are around EUR 9.9 million. In homogeneous terms, non-recurrent terms, when we compare to 2022, the OpEx in 2023 will be EUR 365.2 million, which will in fact be slightly down from the EUR 375.6 million of the previous year. We continue to commit to the efficiency measures at all times, and the result is that we will freeze the OpEx for 2023 versus 2022. This is without a doubt one of the reasons why we have an EBITDA as one we have presented. I would say this includes three effects. First, what I mentioned already, the cost control. There's also good performance of revenues because we will include, for instance, revenues from El Musel. There's an improvement on the affiliates contribution of about EUR 10 million. I will ask the CFO in a minute to do the breakdown of the contribution from the affiliates. With regards to the debt expected for 2023 of EUR 3.7 billion, we do not include the working capital effect as we saw in 2022. We forecast from a very conservative perspective that the one-off event that took place in the gas system in 2022 will not be maintained, and we'll go back to a collection that will be back to normal. As well as that, from October onwards, we'll start seeing the impact of the toll reduction expected. This estimate of EUR 3.7 billion of net debt, we are there considering a -EUR 50 million effect, so negative working capital to return to a more common revenue in terms of gas system revenues. With regard to the greater visibility of the CapEx growth projects for the company and the effect that they could have on the balance sheet, I think greater visibility will take place when the list of PCIs is approved and published. This year, we will work so that the PCI lists includes our main projects. It is true, as you say, that they entail a large investment, but they still have to... Certain questions, such as the intensity of the public EU subsidies, will have to be mentioned, as well as the distribution of the investments, not only amongst the three countries that have promoted the H2Med, but also a potential cost allocation to third parties, so other countries that will benefit from this infrastructure. The key message is that we can look into 2023 with a full compliance of our credit metrics without the need of additional credit remedies, funding the expected investments of EUR 250 million for this fiscal year. Therefore, we will be able to focus on specifying and detailing this growth plan, and therefore, we will not need this year to think of to revisit our balance sheet structure. Luis, if you could please complete the question. Thank you very much, Javier. In terms of the contribution of the international affiliates in terms of cash flow and dividends, for the guidance of EUR 190 million-EUR 100 million, the three companies that are contributing the most are TGP in Peru with EUR 85 million, TAP with EUR 70 million within their extraordinary dividend of about EUR 25 million, and TLA with about EUR 17 million. Those are the most important breakdown of the figures. If we look at the EBITDA on the P&L, the expected result of these affiliates will be close to EUR 180 million. Thank you. Thank you very much. Thank you, Javier, for your question. We now move to the next question. Thanks again. The next question comes from Fernando Garcia from RBC Capital Markets. Please go ahead and ask your question. Good morning, thank you very much for the presentation and for taking my questions. I have three. First, could you give me the effect of the cold snap that we had on the results on Tallgrass? Secondly, I will like to know the contribution of Ruby to the EBITDA for 23 Tallgrass. Finally, could you talk about the dividends pending repatriation from Peru? Thank you very much. Thank you very much, Fernando, for your questions. The adjusted EBITDA for 22 from Tallgrass was EUR 735 million. I said euros, but I meant dollars. That adjusted EBITDA includes $8 million as an effect of the cold snap that you mentioned. The contribution of Ruby to the EBITDA of 2023 is approximately $70 million. With regard to the cash pending repatriation from Peru, it amounts to $350 million. Thank you, Fernando. Thank you very much, CEO. Thank you, Fernando, for your question. We move on to the next question. The next question comes from José Ruiz from Barclays. Please go ahead and ask your question. Hi. Good morning, everyone. I have two questions only. The first question, could you give us an estimate for gas demand growth in Spain for 2023? Secondly, could you give some ideas on the European market for 2023 regarding provisioning tensions? We've seen the gas prices have fallen, how do you expect the next winter to be? Thank you very much. Thank you, José Ruiz. With regard to Spanish gas demand in 2023, the trends we are seeing are the following: strong recovery of the industrial gas demand, especially in the month of February. Getting closer to gas consumption levels before this crisis took place. There is a recovery in all the industrial sectors, which is very significant, as I have said. We estimate that versus 2022, conventional demand will grow. In our forecasts, we are looking at growth of 11% of conventional gas demand up to 251 TWh for gas consumption. In the electricity sector, we've seen a return to a normal hydropower year, and that, if that is the case, would mean that there will be a reduction on a gas demand for power generation of 22% versus the previous year. The consumption would be 109 TWh. The combination of these two effects leads to a 2% gas reduction for natural gas in Spain to 359 TWh. This is of our estimates for the national gas demand in Spain. In the European market, José Ruiz, I'm only going to make a qualitative comment. I believe that right now we can say that Europe will conclude the winter or the extraction campaign at comfortable levels in terms of the filling of underground tanks and storage units. We believe that there are enough energy or gas sources to reach next winter with filling levels which will be reasonable. The fear that we had in the past of a gas deficit this winter is totally overcome, and our concerns for the next winter are being mitigated given the performance of the underground storage units. There will obviously be an effect on the price when the injection campaign resumes, but we believe in terms of security of supply for Europe, we are in a more confident position, not just for this winter, but also for next winter. Thank you. We'll move on to the next question, please. The next question comes from Javier Garrido from J.P. Morgan. Please ask your question. Hi. Good morning, and thank you very much for answering our questions. There is only one question pending from the presentation. You spoke about the agreement between Tallgrass and Arch and Midland, and I would like to know if you could give us some more color onto what would be the CapEx, expected CapEx for this change of use of Trailblazer, and what will be the contribution and when will that contribution take place? In terms of the strategic perspective, I know you said that this year is key in order to know what hydrogen projects will be included in the PCI list. Could you give us some details into your thoughts on the funding of those investments for the Hydrogen Backbone? Do you believe that financing will be with the company's current own resources, or do you think that we will have to look further in the company's long term on whether you'll be needed to go into new capital sources in the market? You know, could you give us your strategic opinion on the funding of the hydrogen investments? Thank you, Javier. As for the first question, we cannot give greater color into that. What I could say is that we are hope to have the FID for Trailblazer this year. Once we have reached the firm volumes that will make it commercially interesting. We believe that will be the case once we have taken the FID, then we'll be able to give more information about expected CapEx for the year and subsequent years. Regarding the investment of the hydrogen infrastructures, I would differentiate between the infrastructures for the Spanish Hydrogen Backbone. For this Spanish Hydrogen Backbone, the ministry has announced that it believes there will be a subsequent further investment after the National Plan for Energy, the PNIEC. We will be waiting the government's decisions on the next steps. Regarding the international interconnections that account for a total of EUR 2.5 billion, we are contemplating four financing possibilities. First, the direct EU funds that in the PCI core, in the Connecting Europe Facility for Energy is between 30% and 50% of the total investment. Once the directive for renewable gases and hydrogen has been approved, we will be able to apply to these hydrogen infrastructures the mechanism of cross-border cross allocation, so that the beneficiary countries will also participate on the financing. There'll also be funding from the offtakers commitments with the typical of open seasons, as we have done for other transnational infrastructures such as TAP. There will also be a contribution for the tolls and use of the infrastructures. We cannot yet give you a clear image of the breakdown between those four sources, but I can tell you that this will be. An infrastructure for the service of the countries, it will not be fully financed by the Spanish consumers. It will be then the time to update the company's strategy plan once the final PCI list has been made public and once we have the clear image of the financing structures. It will be then that we will connect it to the company's own financial structure. That will be after receiving an answer and clarifying these aspects. Javier, thank you very much for your question. Thank you, Javier. We'll go to the next question, please. The next question comes from Ignacio Doménech from JB Capital Markets. Please ask your question. Hi, good morning. Thank you for answering my questions. I have three. The first one is in Tallgrass. It seems that the estimates for 2023, we can see a growth a little bit higher than what you expected in the plan. I wanted to know if we can see a dividend coming from Tallgrass for Enagás before 2026, and if a greater growth than expected would allow for an accelerated sale of your stake in Tallgrass. The next question is about the credit rating. I would like to understand your opinion on the rating agencies and if they could become more flexible in their debt policies due to the strong investment plan expected for the second part of the decade due to these hydrogen infrastructures. Do you believe they will be more permissive on their credit ratings? Finally, with regard to the H2Med, over the last few days, we've seen some reluctance from France. I would like to understand if anything has changed versus what was presented on the Hydrogen Day in January. Any nuances on that? Thank you very much. Thank you, Ignacio. With regard to Tallgrass, we believe that acquisitions such as Ruby demonstrate the potential for value creation that the company and the asset has for Enagás. Today, Tallgrass has connection capacity from the Appalachian Mountains to the Pacific Coast. Very few companies in the U.S. can do that. That means that there'll be acquisitions such as Ruby that create a lot of added value for the company. We are not contemplating a return to the dividends before 2026. We keep our guidance of a dividend of EUR 140 million from Tallgrass in 2026. Until then, we will continue using the company's own resources to finance its growth. What that also means is that we do not expect to give additional contributions to Tallgrass during the year 2023 or 2024. No changes compared to what we said. Quite the opposite. We believe that transaction, such as Ruby, demonstrate the robustness of this growth project for Tallgrass and its ability to create value with this affiliate. With regards to the possibility of selling our stake there, I maintain what I've said before. We believe this is a great company, a great asset. A value chain that is of great interest to us, connected to the LNG supply to Europe, and this allows us to be present in decarbonization projects, where maybe they are a bit ahead than the European projects. A good example of this is Trailblazer. As you know, the U.S. approved last year the Inflation Reduction Act, which opens a great range of opportunities for energy transition and decarbonization projects. Therefore, our priority is to create value in this asset and with this stake, without losing sight that our strategic focus is in Europe, and therefore in the long term, we do not consider that stake to be strategic. With regard to the credit rating, we do not need greater flexibility from the rating agencies. We keep our strong commitment, unmovable commitment to maintain triple B with FFO net debt of equal or higher than 14%. We do not have any expectation for change there, and we do not need it. With regard to H2Med, I believe that the Spanish government has clarified any uncertainty on that topic. It's no more than that in EU agreements, we need to include the interests and views of the different countries, and it's no more than the European framework. We also give room for France's opinion on how they can serve their energy needs and their decarbonization roadmap. What the Spanish government has clearly stated is that this will not change at all the Spanish views or Spanish priorities, and the fact that even though the nuclear hydrogen may be low in carbon, it's not a renewable hydrogen, and Spain will maintain its commitment with renewable hydrogen. We believe that it is good that the EU legislation, clarifies these issues. It'll be good to achieve majorities of consensus and avoid blocking minorities. That will give greater solidity to the EU legislation framework. What does has an effect on Enagás is obviously we are working, and I can tell you this clearly, we are working closely with our French and Portuguese TSOs, but especially with the French TSOs. What we do, as we normally do for linear infrastructures, is to say that the pipeline must be able to go in a bi-directional flow. In the project presented by the three TSOs, the two French ones and Enagás, we stated that the only compression station will be in Barcelona, and therefore the project presented only includes a single direction flow from Barcelona to Marseille. Despite that, allow me to say that we are now at times of clarification that will lead to greater robustness within the EU agreement and with a view that will be finally shared by all. Thank you. Thank you very much, Ignacio. Next question. Thank you very much. There are no further questions in the Spanish room, so we are now moving to the English room for questions. Let's start with questions in English. The first question comes from Marcin Wójcik from Bank of America. Please go ahead. Yes. Good morning. Thank you for taking my questions. Firstly, can you remind us what is your strategy for your assets in Latin America, including Peru? Would you expect to eventually divest all of your Latin American exposure once you have sorted all these disputes in Peru? My question number two is on your cost of debt, which increased, but only very slightly in 2022. Can you give us some color, how did you avoid having a more significant increase in the cost of debt? Where do you expect your cost of debt to be in 2023? Thank you. Thank you, Maxim. Regarding our assets in Latin America, including Peru, I will say the same than I said before. In the long run, Latin America is not strategic for Enagás, but we don't expect to sell anything else than Gasoducto Morelos in the, in this near future. We will create value in our assets. These are very good assets. TAP is a very good asset. Sorry, TGP is a very good asset, for instance. We will create value, and if it comes a moment in which the market is mature and we need those resources for funding other strategic investments, we could consider rotating those assets. As I said, this is not expected in the near future and definitely is not included in our budget for 2023. Our priority in Peru is, as you said, to finalize the legal issues we've got in the country and most importantly, having a positive award for the GSP arbitration this year and for TGP arbitration next year. We think it will be so. The opinion of our legal advisors clearly indicates so. That's our priority, and we don't envisage any divestment in the near future. Talking about the cost of debt in the company, in December, we canceled $525 million of debt in US dollars with the cash coming from the divestment of Quintero. After that, the maturities in 2023 are EUR 478 million, most of it for the maturity of a bond of EUR 400 million in March. To cover that, in December, we contracted a bank loan with maturity in 2025 for EUR 450 million with an approximate cost of 3.3%, in line with the strategic plan. By the end of last year, 95% of our debt is already fixed until the end of 2023, with an average cost of 2.6%, 2.1% for our debt in EUR, and 4.7% for our debt in US dollars. Our financial costs this year is very well fixed at around EUR 110 million, aligned with what we expected in the strategic plan. That's why we can also say very clearly that we will comply with our credit rating without needing any additional credit remedies. Thank you very much. Thank you very much to the CEO. Thank you, Maxim, for your question. We are ready for the next one, please. There are no more questions in English. I give the floor back to the management team. Well, there being no further questions, we would like to extend our appreciation to all of you for having joined us today. Please remember that the investors relations department, we are available to clarify any questions you might have. Thank you very much, and have a very-