Buenos días, señoras y señores. Good morning, ladies and gentlemen. First of all, we would like to offer a warm welcome to all of you who have joined us today for our 2023 first half results presentation. As usual, we will follow the traditional format given in our presentations. We are going to begin with an overview of the results and the main developments during the period given by the top executive team that usually is with us: Mr. Ignacio Galán, Executive Chairman, Mr. Armando Martínez, CEO, and finally, Mr. Pepe Sainz, CFO. Following this, we'll move on to the Q&A session. I would also like to highlight that we are only going to take questions submitted via the web, so please ask your question only through our webpage, www.iberdrola.com. Finally, being aware of the busy week of results you are having, we hope that today's event will last no more than 60 minutes. Hoping that this presentation will be useful and informative for all of you, now, without further ado, I would like to give the floor to Mr. Ignacio Galán. Thank you very much again. Please, Mr. Galán. Thank you, Ignacio. Good morning, everyone, thank you very much for joining in this result presentation. In the H1 of 2023, net profit reached EUR 2,421 million, up 21%, or 28%, excluding a non-cash provision related to Mexico transaction, as Pepe will explain later on. EBITDA grew 70% to EUR 7,461 million, mainly driven by higher investment in networks and renewables. The recovery of the retail deficit generated in the previous year in the U.K., in United Kingdom, the normalization of renewable output and prices in the European Union and mainly in Iberia. We continue accelerating the execution of our strategic plan with investment of more than EUR 10.5 million billion in the last 12 months, driving 10% increase in net worth asset base to EUR 40 billion and more than 2,500 MW of new renewable capacity, reaching 41,250 MW globally. We have also continued securing a diversified portfolio of rotor market. As of today, we have 135 TWh contracted through PPAs and regulated mechanisms like CfDs with an average duration of two years, and with our retail customers in Iberia and the UK. As regards to our asset rotation and partnership plan of EUR 7.5 billion has already been completed. The sale and purchase agreement for the transfer of 60% of our business in Mexico was already signed. We expect to close this transaction before the year end. On top of this, just two days ago, we signed a new agreement with Masdar to co-invest in Baltic Eagle in Germany. Masdar has now taken 14% stake in this offshore wind farm that will be fully operational next year. Operating cash flow reached EUR 5.7 billion, up to 21% increase, including the impact of the collection of hydro canon in Spain in the H1 of the last year. This has led to a further improvement of our financial ratios, with FFO net debt reaching 24.9%. We have also continued reinforcing our liquidity, which amounts to EUR 20.3 billion after having issued EUR 3.4 billion of new green financing in the last four months. As you know, last April, we had the annual general meeting with a quorum of 72%, an average favorable vote of 90% of our shareholders, who will receive tomorrow the payment of our final dividend for a total remuneration of EUR 0.501 per share, up 11.6% already above the dividend floor planned for 2025. As mentioned, EBITDA was 70% to more than EUR 7.5 billion, thanks to a strong performance in the UK and European Union. Networks contribute to 41% of the group EBITDA, driven by higher asset base in all geographies, with an overall growth of 10% year-on-year. The positive impact from an annual tariff increase in the U.S., U.K., and Brazil. In these last two countries, we also continue to benefit from regulatory protection against inflation. Energy production and customers represent 15% of group EBITDA. The key drivers in this business were the normalization of renewable output and price in European Union, as well as the cash recovery, the deficit accumulated over previous year, and the improvement of business condition in the retail activity in the U.K. Production in customers was also affected by the update of the parameters of the regulated regime applicable to certain renewable asset in Spain, so-called RECORE, which had a non-cash one-off impact of EUR 86 million. As you know, it has no effect on the regulated profitability of these assets. Over the last six months, we have also made significant progress in the execution of our strategic plan. We increased our investment by 8% to reach EUR 10.5 billion next year-on-year. 40% of total investment were dedicated to networks and 40% on renewables. By geography, around 25% of the investment were made in Spain, reaching EUR 3.5 billion, driven by new renewable capacity. Followed by United States, with EUR 2.5 billion, Latam with almost EUR 2 billion, and EUR 1.5 billion were invested in U.K., and the remaining EUR 1.5 billion in other countries, mainly offshore wind in Germany and France, as well of onshore wind and solar in Australia. We expect investment will accelerate in the last month of the year, mainly in offshore wind and networks, to reach between EUR 11 billion and EUR 12 billion by the year end. Networks investment were up 24% in the H1, with increase in all geographies. As a result, our asset base reached EUR 40 billion, a 10% increase year-on-year. Over the last month, we've also seen significant progress in the implementation of our strategic plan, with new tariff framework driving increases in investment in more geographies. In United States, a new rate case was already approved in Maine until June 2025, the first multi-year framework in many years, with investment in line with our expectation and a return equity about 9%. In New York, Avangrid filed a joint proposal together with the staff to the of the regulator and other parties. Once approved, tariffs will be applicable for three years, with return equity above as well 9% and an earnings sharing mechanism. It will also increase investment, reaching EUR 6.5 billion in the five years from 2022 to 2026. The settlement, which will be applicable in retroactive pump from May 1st, also include regulatory protection against uncollectibles. All in all, we expect our lease operating result in Maine and New York to increase around 50% in the H2 compared to the H1. In Brazil, new rate cases in Bahia and Rio Grande do Norte were closed in April until 2028, and the supplementary reviews are already under public consultation and will be closed by August, with effect until 2027. As a result, our Neoenergia networks business operating result will increase around 7% in the H2 of compared to the H1. In the U.K., a few days ago, we submitted to Ofgem the detailed figures for the East Link transmission project, expecting final approval by autumn. With a total investment for ScottishPower of GBP 1 billion, it will gradually increase our asset base from 2026 to 2030, providing the returns of RIIO-T2 framework from the beginning of the construction. Over the last weeks, Avangrid has progressed in additional multi-billion transmission opportunities. In New York, driven by the Climate Leadership and Community Protection Act, another project linked to its participation in the Transco joint venture, with a total investment for Avangrid of around $3 billion until 2030. In New England, the company received full authorization to move forward on the construction of NECEC interconnection project between Massachusetts and Canada, and now we are restarting again the construction. In renewables, we have put in pay in service more than 2,500 new megawatt in the last 12 months, reaching 41,550 MW of renewable capacity worldwide. Addition include 1,500 of solar PV in Spain, United States, Brazil, Australia, and Portugal, 900 MW of onshore wind in Brazil, US, Spain, Australia, Greece, and Poland, as well, the first 14 offshore wind turbines of Saint-Brieuc in France, totaling 112 MW in operation in this moment. On top of that, we are progressing in the construction of 7,100 MW that we will drive additional investment of around EUR 12 billion. Biographies, EUR 4.5 billion will be allocated to project in United States, including offshore wind after different and different solar PV project. We will invest additional EUR 3.5 billion in the UK, mostly related to 1,400 MWs in Anglia Three offshore wind farm. In offshore wind, we expect investment in EUR 1.3 billion in Germany, mostly related to the Baltic Eagle wind farm, and EUR 700 million in France, corresponding to the final stage of Saint-Brieuc I mentioned before. Iberia will receive around EUR 1.5 billion in the period, with the remaining investment located in different countries, like Australia. 3,000 MWs, or 45% of this capacity under construction, correspond to offshore wind project of all of them progressing on track. In France, I repeat again, Saint-Brieuc has started producing clean energy with more than 50% of the jacket and one-third of the turbines already installed. First export was already reached three weeks ago. United States, installation of monopiles and transition piece has begun on Vineyard Wind 1 project, and the export cable is now fully deployed. Manufacturing of turbines is progressing, and we expect clean energy will start flowing into the Massachusetts grid during the H2 of the year, of this year. Back in Europe, Baltic Eagle, our German project in Baltic Sea, continues progressing on track with monopiles and transition pieces already being installed. We expect to start installing turbines in early 2024 and to reach first export by midyear, mid-next year. As highlighted during the Q1 result presentation, Baltic Eagle and Windanker have already secured sale of 100% of the production for 15 years at an average price around 80 EUR. In addition, we have around 3,800 MW of project secured. They will come online up to 2028, including Commonwealth Wind and Park City Wind in United States. For the first project, we have reached an agreement with the distribution companies from Massachusetts for the cancellation of the actual PPA, driven by the very significant increasing cost since the project was auctioned. This will allow us to participate in the auction in the state in the future. In Connecticut, we are also negotiating to reach reasonable solution. We remain optimistic on moving forward with these two project. Once operational, we'll add more than 2,000 MW of offshore wind capacity in the United States. As these 3,000 MW of project under construction are secured, we are obtained at zero seabed cost. On top of this, we have seabed rights for more than 10,000 additional megawatt in U.K., U.S., for the end of this decade and early 2030. As a cost, this on average, is only 5% of the price paid in recent auction in our core markets. You know what I mean. In other words, thanks to our position as first mover in the industry, we have secured pipeline of projects that will allow us to increase our capacity and obtain attractive return. Given our competitiveness against other projects that we need to make profitable, this relevant investment made in securing seabed. Market development over the last two years have demonstrated the relevance of the Iberdrola portfolio re- route to market, to provide the stable and predictable revenues and hedge of our own, hedge own production. As of today, we have 155 TWh contracted through per annum, long-term PPAs, another regulated contract representing 70% of our sales with an average duration of two years, with the remaining 30% direct to our portfolio of retail customer in U.K. and Iberia, with an increased average duration that is currently around three years. 90% of this energy, more than 120 TW hours per annum, is covered by our own production. In the last months, we have continued to see major development of our PPA activities. As mentioned, we have secured 100% of the production of our offshore wind project, the Baltic Eagle and Windanker, at competitive prices for 15 years on average with customers like Holcim. We have reached new multi-country agreements with large global companies like Vodafone, joining corporations like Amazon, Meta, Heineken, Mercedes-Benz or Renault. We are who are choosing Iberdrola to secure clean energy at competitive prices across different geographies. We believe that apart from providing visibility and predictability of revenues, a long-term contracting strategy is always extremely positive for the system, as it give price stability to industrial and commercial customers, reducing their exposure to short-term price volatility, and support a massive build-up of new renewable capacity. For this reason, we firmly think that energy policy and regulation needed to continue promoting these long-term PPAs through a stable regulatory framework based on market mechanism. This was 1 of the pillars of the electricity market reform published by the European Commission months ago. Very recently, the Industry and Energy Committee of the Parliament has also approved its proposal, following the same principles. Both texts recognize the proper functioning of the electricity market in the last years, propose new measures to increase long-term contracting and liquidity and to avoid distortion, rolling out major market intervention. The proposal do not consider any cap to nuclear or renewable technologies and promote PPAs, only allowing the implementation of voluntary CfDs with no retroactivity for existing facilities. They also recognize the need to establish clear and common rules to define what constitutes an emergency crisis, including sustaining minimum market price of EUR 180 per MW hour. The Industry and Energy Committee also introduced measures to promote capacity, mechanism, flexibility, open to new investment in existing facilities, as well as a specific mention to the need for higher investment in networks to meet increasing demand and connect new renewables. All in all, these are balanced proposal in line with the suggestion from different industry association, like Eurelectric or WindEurope. We expect the approval by the plenary of the Parliament in September, followed by the publication of the European Council proposal and the beginning of trilogues among these three institutions. Our two listed subsidiaries, Avangrid and Neoenergia, presented the results yesterday. In the first, Avangrid, EBITDA reached $1.3 billion, with investment of $2.7 billion in the last three months. As mentioned, over the last quarter, we have seen major progress in our rate cases in Maine and New York. In addition, the media agreement with PNM Resources on New Mexico was extended at least until December 2023, with a possible three additional months. In renewables, Avangrid has an opportunity to repower 4,600 MW from its current fleet to maximize the advantage offered by the Inflation Reduction Act. We are talking about installing more efficient turbines, then we extend the usable life of our wind farms at half the cost of new asset with the same tax incentive. Avangrid is expecting to start work in the first 400 by the year-end. On top of that, the company continue adding new capacity of around 410 MW in the H1. In Brazil, Neoenergia EBITDA reached BRL 3.3 billion up to June, with around BRL 9.6 billion invested in the last 12 months. Neoenergia completed the co-investment agreement with GIC in transmission, receiving BRL 1.2 billion for 50% of its operational asset. The process for the renewal of concession for distribution companies continued with a positive outlook. In renewable, the company commissioned another 500 city wind megawatts. Moving to asset rotation and partnership, we have already reached EUR 7.5 billion, including in our plan to 2025. Major development in the last quarter include the signature of sale and purchase agreement related to our Mexico transaction, with expected closure before the year-end. Just two days ago, we announced a new co-investment agreement with Masdar for our 475 MW Baltic Eagle offshore wind farm, which is under construction in the Baltic Sea. Masdar will hold 14% stake, at stake in this asset. We're also progressing in our joint vehicles for investment in renewable in the Iberian Peninsula. With Norges Bank, with the first operation asset already transferred, and with Mapfre, this last joint venture already has 500 MW in projects. In Brazil, apart of the deal with GIC, we are also progressing in the swap of the stake in hydro asset with Eletrobras. We are expected to close before the year end. Our partnership with CIP and Shell in offshore wind also continues moving forward as planned. The joint company established with BP to promote electric mobility in the Iberian Peninsula is about to start operation. Most of the cash linked to all these deals will be received along the H2. This will improve even more our financial strength by year end. Together with cash flow generation, which in the H1 reached EUR 5.7 billion, up to 21%, excluding the hydro canon collection in Spain last year. This has resulted in additional improvement of our financial ratios. FFO net debt increased by 20 basic points, up to 29.49%. On April 28, we held our annual general meeting with a quorum of 72% and an average favorable vote of 98% in all proposals, which include corporate management and result matters related to corporate governance and sustainability, system remuneration, and changing the board of directors. Let me take the opportunity to thank again all our shareholders for the involvement and support. Following the AGM, we recently announced a total shareholder remuneration of EUR 0.501 per share, 11.6% up. This means reaching already the dividend floor planned by 2025. A supplementary dividend of EUR 0.016 per share will be paid tomorrow, on top of the interim dividend of EUR 0.018 paid in February, and the engaged dividend of EUR 0.005 per share paid after the annual general meeting. I will now hand over the CFO, who will present the group financial results in further detail. Pepe? Thank you, Chairman. Good morning to everybody. Before entering into the numbers, let me point to 2 non-cash impacts that need to be explained and affect the H1 results. First is the impact on our regulated renewables in Spain, the famous or the well-known RECORE. Price estimates for these technologies have been lowered by the government, affecting 1.6 TWh, and as a consequence, we had to account EUR 86 million of a negative one-off at the EBITDA level. This is a pure accounting, non-cash effect that will be reverted during the regulatory life of these assets. Profitability of these assets is guaranteed at 7.4%, regardless of the price level. From now on, this impact will evolve according to the reference price level and the price curve. If the situation remains similar in terms of price outlook, similar to June, no new impacts will be expected in our accounts. With higher prices, this impact would be reduced, and the opposite if prices go down. Second, and more important, the Iberdrola México reorganization. After the announced divestment of our Mexican business, sorry, for part of our Mexican business, for $6 billion, assets and liabilities have been reclassified as held for sale. According to IAS 12, we need to register the difference between the tax and the accounting value of the shares, with a total EUR 140 million negative impact at income tax level, with no cash impact. The capital gain, as we have announced, will be significant and will be registered once the transaction is closed, hopefully before the year end. More than offsetting or more than hopefully, we are expecting to do it before the year end, more than offsetting these negative temporary impacts in our accounts. As the Chairman has explained, EBITDA was 17% up to EUR 7.6 per billion, and reported net profit grew 21.5% to EUR 2.5 billion, 28% up, excluding the already mentioned EUR 140 million tax impact of the Mexican transaction. FX evolution now has had a slightly negative effect on our EBITDA results. The dollar rose against the euro by an average of 1.9%, the real by an average 1%, but did not offset the 4.6% depreciation of the pound. Nevertheless, as its usual FX impacts are covered at the net profit level. Revenues increased 7.5% to EUR 26.3 billion, mainly due to the U.K., driven by higher tariffs and the full recovery of past SVT costs. Procurements decreased 2.9%, reaching EUR 14.1 billion, as last year we had to buy electricity due to renewables and nuclear shortfall in Spain at very high prices. This year, the situation has been reverted due to a normalized production. As a consequence, gross margin rose by 23% to EUR 12.1 billion. Reported net operating expenses increased 16.6% to EUR 2.9 billion. Excluding EUR 80 million of a U.S. pension one-off and EUR 100 million linked to reconciliation effects in the U.S. that are recognized at the gross margin level, another minor impacts, net operating ex-expenses increased 7.5%. Reported net personal expenses grew 16.9%, but excluding U.S. pension, the positive one-off that we have mentioned, the reconciliation impacts and other minor items, they grew 6.5%. Reported external services increased 11%, but 6.8%, excluding reconciliation impacts that we have mentioned. Reported other operating income fell 5.6%. Analyzing the results of the different business and standing by networks, its EBITDA reached EUR 3,127 million, affected by several non-recurring items that impacted last year. In Spain, as I mentioned, the EBITDA increased 34% to EUR 845 million, affected by EUR 195 million positive one-off in Q2 of 2022, related to a legal case that was reversed at the end of 2022. Excluding this, EBITDA would have grown 2.2%. In Brazil, EBITDA grew 3% to 5,179 million reais, driven by distribution tariff adjustments, partially compensated by the deconsolidation of transmission assets included in the GIC deal from April 1st. In the U.S., IFRS EBITDA was 47% down to $666 million, due to a negative impact corresponding to the $550 million positive one-off, booked in the Q2 of 2022, linked to the New York order, and $87 million from the pension provisions. Both of them were accounted in IFRS, but not in U.S. GAAP. The US GAAP EBITDA fell 3% to $897 million, affected by the delay in the final approval of the New York rate case, that, as the chairman has mentioned, will have a retroactive effect or will be applicable since May 1st. Finally, in the U.K., EBITDA increased 10.3% to GBP 513 million, thanks to the 82 tariffs applicable from April onwards and higher asset base, especially in transmission. Energy production and customer business EBITDA reached EUR 4,458 million. In Spain, the EBITDA was EUR 2,060 million, 46% up, with higher production, especially in hydro and in nuclear, and lower energy purchases at much lower prices than we had to pay last year. More gigawatts are sold in the free market due to a gain in market share. We have increased the market share from 22.6% to more than 27% in 12 months. In addition, there is an EUR 100 million positive effect in the gas management versus the H1 of 2022, and a negative due to the 1.2% tax in revenues that we account in the levies item of EUR 216 million. In the U.K., EBITDA increased 149% to 1.1 billion GBP, thanks to the collection of 297 million GBP past tariff deficit, which had a negative impact last year. In renewables, there is a 31% lower onshore wind output that reduces a little bit this growth. In the U.S., EBITDA increased 12.1% to $393 million, driven by a 2.4% higher output due to a new installed capacity, as the Chairman has mentioned, and better prices. In Mexico, EBITDA fell 3% to $453 million due to a lower contribution from renewable assets with lower volumes, partially compensated by the new capacity in operation since May 2022. In Brazil, EBITDA fell 10.5% to BRL 838 million, as contribution from new renewable capacity installed is offset by lower contribution from the thermal business. Finally, in the rest of the world, EBITDA grew 2.5% to EUR 212 million due to a higher operate capacity in operation. EBIT was up 25% to EUR 4.9 billion. Depreciation and amortizations plus provisions grew 5% to EUR 2.6 billion, mainly due to the higher asset base and activity, and bad debt evolution due to the increased customer billing. Net financial expenses have been up to EUR 111 million to EUR 1,127 million. Debt related cost grew EUR 243 million. EUR 123 of this EUR 243 increase is due to a higher average net debt, mainly due to the growth in CapEx. EUR 118 million is due to a higher cost of debt, 60 basis points to 5.05%, and 82 basis points, if you exclude Brazil. As a matter of fact, the cost of debt in Brazil is starting to fall as it is linked to inflation, and we expect that this will continue to happen during the rest of the year. Excluding Brazil, the cost of debt was 3.68%. Despite interest rate increases of 202 basis points, our growth was 82 bps, as I mentioned, as Iberdrola has 75% debt fixed, excluding Neo and forward start swaps. 10% of the cost increase is linked to the increase in debt in non-euro currencies, as is the dollar, the Australian dollar, and the pound. This has been partially offset by EUR 32 million positive non-debt related results, mainly linked to the FX hedges. Our reported credit metrics remain solid. 12 months FFO increased 9.7% to EUR 11.3 billion, above 8.6% average adjusted net debt growth. As a consequence, FFO adjusted net debt rose to 2% and 4.9%. Our adjusted net debt to EBITDA improved to 3.16 x, and our adjusted leverage ratio was 43%. The EUR 1 billion hybrid issued in March covered the amortization of the one maturing May, thus having a negative effect on our debt in the Q2 versus the Q1 of EUR 1 billion. EUR 45.3 billion in adjusted debt net is not yet including cash inflow from ongoing deals, expected to be cashed in before the year end, totaling over EUR 6 billion that will drive expected full year debt to be around EUR 42 billion. Our diversified portfolio provides flexibility to target the markets as the right timing, in the right timing, achieving very favorable conditions. Our new financing, as today, is EUR 3.4 billion. During the H1 of 2023, Iberdrola continued reinforcing its financial strength with EUR 3.4 billion of green financing, reaching EUR 50.7 billion of ESG financing, and liquidity covering 21 months of needs, and maintaining six years of average debt. Iberdrola continues to be the leading private group in green bonds. Net profit grew 21.5% to EUR 2,520 million, below the 25% EBITDA growth, with lower equity method coming from Avangrid due to the offshore CIP reorganization in 2022, that of around EUR 18 million. That increases the tax rate, but reduces the minority interest, and EUR 140 million in taxes due to the one of negative linked to the Mexican transaction. Net profit would have been 28% up, excluding this impact. Now, the chairman will conclude the presentation. Thank you very much. Thank you, Pepe. This set of result confirms our capacity to execute our plans ahead of estimate, even in the current challenging macro scenario. With a 20% growth in net profit, excluding the exceptional non-cash item in Mexico, operational cash flow reaching more than EUR 4.7 billion in these months, 21% up, a further improvement in financial strength with a favorable adjusted net debt of 24.9%, our asset rotation plan, 20% into 5%, fully completed in just 3 months, and our dividend already above the floor plan for 2025. On top of this, we expect additional upside in the H2 of the year, driven by new rate cases, United States and Brazil, with networks operating result increasing by around 15% and 7%, respectively, in the H2, compared to the first six months, a new regulatory arrangement protecting foreign collectibles in U.S., Brazil, and U.K. An ongoing increase of renewable production, driven by load factor recovery, together with higher installed capacity, and even a stronger balance sheet due to the cash generation from business operation and asset rotations. All this allow us to increase our net profit growth outlook to the second time this year, to high single digit, including additional capital gains for asset rotation. Excluding, sorry. So it's high single digit, excluding asset rotations, capital gains. This already can be very, very important, I think, in the next few months. We are very confident that this will be the first step for the full delivery of the targets for 2025 and beyond. Thank you very much, and now we will answer your questions. Thank you. The following financial professional have asked the question that I will now put to the senior managers present on this event. First is Manuel Palomo, Exane BNP, Jose Ruiz, Barclays, Fernando Garcia, Royal Bank of Canada, Alberto Gandolfi, Goldman Sachs, Rob Pulleyn, Morgan Stanley, Javier Garrido, JP Morgan, Peter Bisztyga, Bank of America, James Brand, Deutsche Bank, Meike Becker, Berenberg, Jorge Guimarães, JB Capital Markets, Fernando Lafuente, Alantra, Daniel Rodríguez, Bestinver, Mark Freshney, Credit Suisse, Javier Suárez, Mediobanca, Ahmed Farman, Jefferies, and finally, Markip Tatkwen from Berenberg. First question is related to the guidance 2023. Can you help us understand the drivers of the guidance upgrade? How much is this sustainable, and what do you mean by additional upside in the second part of the year? This is a sentence included in slide 34. I think I just mentioned, the new investment are increasing our asset base. We are reaching more than EUR 40 billion unregulated. New rate cases in Brazil, in United States, in Maine, from July 1st, in New York, retroactivity from May 1st. As well, with a higher capacity recovery collectibles, I think there's an amount of money will be included on that one for collecting that one. We expect, I think, as I mentioned, increase in EBITDA in the year in Maine of 15%- 60% in the H2. As well, additional revenues for higher investment in the UK on the RIIO-2 and RIIO-2 frameworks. In energy production and customer, I think is higher renewable output due to hydro reserves in line to historical average levels. As well, we expect the normalization of the wind factor and their very low resource during the H1. We are, we have another extra capacity already in operation in the last three months, and we are going to put some, one more, some more in service. We will continue recovering the previous year deficit accumulated in the UK, that we got some it in the H1, and we continue some more in the second. As I mentioned, further optimization of financial profile of diversified, once we will collect the asset rotation that we've been already making during these months. That's why I think we make already our growth to high single digit for the second part of the year. Second question is related again about the guidance. Can you please clarify one thing on updated guidance? I'm assuming it does not consider the capital gains from Mexico sale, but do you also eliminate the 140 negative impact in taxes booked in the H1 of the year? Certain is not included in Mexico. I think you can already complete that one, Pepe. Basically, what we are saying here is we're going to have a strong net capital gain. This obviously excludes all the Mexican impact. The only thing is that we have to book this difference between tax and accounting due to the accounting rules now. When we book, you know, the capital gain at the end of the year, obviously, this is part of the total net capital gain. We are excluding the net capital gain, which excludes this EUR 140 million and excludes the capital gain that we will book at the end of the year. In other words, we are already putting the negative part of the deal and not the positive part of the deal. All the positive part of the deal will be the H2. Part of the negative part of the deal is booked in the H1 of the year. The only negative part. The only one, yeah. Pumping hydro assets seems to be doing very well. Could you compare the volumes and spread compared to historical records about pumping? I think we've been for many years, I think you will reply that one, Armando, but I think for many years, we were commenting about the storage. I think we've been, first we talk about when nobody talk about renewable, we talk about renewable. When nobody talk about grid networks, we talk about networks. We've been already for months talking about, or for years, talking about the storage, and now people are discovering the storage. I think but we have already 4,000 MW of storage. We has already 100 million of mega kilowatt hours already. We have capacity enough for providing electricity during 20 hours to 30 hours for dozens of millions of people. I think we just completed Portugal last year, and we have several of those in Spain because we are already making reversal of that one. We are benefiting on this, on this one, in this moment. We are using our premises of pumping for already making that one. I think in terms of number, Armando, you mentioned the numbers, how much representing total percentage of our production in the H1? Good morning to everybody. As the Chairman is saying, we are seeing now. You can see in the annex of the presentation that our reservoirs levels is 33%. It's much in line with the average of the five years. We are expecting a normalized year in the terms of the hydro. As the Chairman is saying, pumping storage is very important for us. For this year, the six months, we have produced eight terawatt-hours of hydro. Most of them, 3 TW is pumping hydro. It's working very well, and it's allowing us maintaining the reservoirs. The same. For the second part. Next, what is your CapEx expectation for the year as a whole, 2023, and how should we think about CapEx for the next year, 2024? Could you consider delaying some of the investment included in your strategic plan, considering the cost inflation suffered up to now? Well, I think as I mentioned, we are expecting between EUR 11 billion and EUR 12 billion by the year end. Which I think is, yes, I already mentioned that, we are completing, we have 7,000 MW under construction in this moment, so nothing is going to be almost completed during the second part of the year, like Saint-Brieuc in France or, and other ones. In networks, we continue increasing our investment. I think I mentioned the right cases of New York and Brazil. The case of New York, where is increase in Maine as well, an important increase of CapEx. I think that is what is going to drive that one. I think relating to next year, I think that the still the numbers of the budget is not, but I think it's Pepe, if I don't remember bad, the numbers we gave, that the plan of organic investment is on the same level, EUR 10 billion, EUR 12 billion per annum. I think it's going to be very different next year than it, we are expecting for this year, for next. Still we have not the detailed numbers of the budget, but I think it's going to be very different, the organic one, as we have already, we are going to have during this year. About the debt at the end of the year. The net debt guidance for 2023 in the Q1 results presentation was below EUR 50 billion, included PNM. Does the new target of EUR 42 billion imply an increase due to the higher CapEx, or does it mean expectations have not changed? Pepe. No, I think the expectation has significantly improved. Let me explain. We were expecting with the PNM deal to have a debt of around, at the end of the year, of around EUR 55 billion-EUR 56 billion. If you took away the impact of PNM, our debt, as we were saying, was around EUR 49 billion. When we were saying below EUR 50 billion, we're talking about in the high forties, and now we are talking about EUR 42 billion. This has significantly improved the debt outlook for the end of the year. From around EUR 48 billion-EUR 49 billion, excluding PNM, to around EUR 42 billion by the end of the year. Next, please, can you comment on the political situation in Spain and how it may impact Iberdrola? As you know, we have already had the elections. I think after this election, I think, we have a process we have to be make in the next few months. This process start for the constitution of the chambers, and afterward, the elections of the which is going to be the new government, the prime minister, new government. That is going to take still a few months. I think that is not immediate. Once that will be already made, they constitute this new, or build, or form this new government, I think we will know what is the policy they are going to apply. I think in things which are affecting to ourselves, the most important thing is all the things related with the energy, let's say, European common European rules of that one. I think we are already a member of the European Union, and I think the rules which is going to be in apply in Spain are those rules which are already just defined in Europe. By the way, which I think Spain has already made proposal on that one. I think, as I mentioned, not only European Commission has already defined their framework, but as well the European Parliament as well has already defined. By the way, that one, we was already hearing that one, the chair of this committee is already in Spanish, belonging to the Socialist Party, which I think means that the European, the Spanish proposal in certain case, has been already just approved as well. We will expect that one, I think we are not expecting things which will be outside of those one, will be the common European rules. Next, could you please share your views on the recent PNIEC draft sent by the government to the European Union? Do you see it as feasible? Would you rethink upwards or downwards your investment in Spain as a consequence of such an aggressive draft? Well, I think it's, you know, we've been already pioneers in investing in renewable. We've been pioneers in decarbonizing. We've been pioneers in talking about the needs of investment in networks, to talk about investment in storage. I think this plan is very ambitious, very ambitious. I think it's that means that the record of construction renewables per annum in Spain has been on the range of 5,000 MW in a year. Now, this one represent more than 10,000 MW in a year, so I think it's very ambitious to be achieved. For me, it is not the point of what is the ambition in terms of decarbonizing the economy, it's what is going to be the demand generation of that one? What is going to be the stimulus for already decarbonizing a lot of segment, a lot of sectors, for already providing and supplying this electricity generated on that one? Being difficult to build all those one, but the most difficult on, or the thing which is going to need already to analyze in more detail, is how it's going to grow the demand, what measure is going to be taken for decarbonizing sector and the segment we make already, that to fit the offer with the demand and to make already attractive, to make all this renewable, because if there are no demand, the renewable is going to be built. I think for me, it's at that point. The second point, which I think is not, which is already in the documents of the European Commission related to the electricity market design reform, is the need of grid, more renewable, sorry, more grid for connecting more renewables and for providing the service, electricity service, for those tech areas where they will like to be decarbonize industry or in resident. I think there, he left that area, which is needed already to put more emphasis in the need of more grid. The third one is further clarity about storage. I think as a system very depending, fully depending on renewables or most dependent on renewable, require, first, a demand for that one. The second one, because if there are no demand, the investment is going not to be made, is clear. The second one is related to the grid needed for that one and the storage. A storage for already, for matching, the needs of demand when there are not already enough renewable resource, and storing the electricity when there are excess of production. There is the three areas what we need. I'm sure that during the dialogue that is going to be maintained the next few months, all these areas is going to improve. One of our peers commented on the negative impact of curtailments on the Spanish renewables output. Has this situation impacted Iberdrola? Do you believe this could be a problem in the future? The answer to the impact in Iberdrola is no. Why no? You know, that is already your technical bottlenecks in the nodes of the grid. Fortunately, our renewables are located in areas where that bottleneck doesn't exist, so we have not already had an impact on that one. By another side, I think when they are ready situation of those ones, in some cases, are impacting to the market prices. The impact to the market prices, I think, is when our storage works. That why Armando was already mentioned, our pumping storage facilities are already producing more than another times because we are precisely, as I mentioned as well in the previous question, we are already in the moment there are excess of electricity, we are already pumping water for already using this in the moment there are already deficit of production. The answer is no effect in our nodes and no problems of curtailment because our power plants are located in areas where there are not already bottlenecks in the nodes of the grid. Next is, some peers have been positive about faster renewables development in the European Union. Do you see the same, and how confident do you feel about your 2025 targets? Number nine. Uh, is, i- is, uh- About renewables and developments. Yeah. In the European Union. Well, I mentioned, I think IRA, I think has a lot of advantage. One of the main advantage is related to the capacity of or the possibility of transforming our existing fleet of renewables and winds, particularly to repower. What makes that we can already benefit of the full tax credit or the full new production, which is more production than the previous one, with the new technology, with the new the, with repower we make, with a CapEx, half of the new power plant. I think that is the big advantage. Means being already a first mover in United States give us an advantage, and at least in this moment, the first analysis probably is going to be more. At least, half of our total fleet is able today to be repowered. I think that is a positive thing. The things for already accelerating to do something like in European Union, I think that should be a good thing, I think. Nevertheless, Europe has not an IRA, but we have already the Fit for 55, and the next and the funds we were allocated for the next generation funds. I think Next Generation EU, we are allocating 40% of this generation funds, we are already fully dedicated for energy transition. Means, I think if it's properly allocated, I think we have as much money as the Americans has planning for already improving already the mix of our generation in Europe. I think I can tell you, for instance, that recently we just got EUR 150 million subsidy for making already a green methanol project, a plant in Galicia, in the northwest in Spain, precisely because of these funds, which is the Next Generation EU. I think we are expecting another similar one for green hydrogen, which been approved by European Commission. It's a big, huge project in the south part of Spain for making green hydrogen and green ammonia, we are expecting as well, something like. I think the money is allocated. The point now is how to accelerate the procedures and the [timing] the for making that happen as soon as possible. Next is, you highlighted that no caps to inframarginal technologies are considered in the power market reform, in the European Union one. Do you still expect Spanish price cap to end at the end of this year? How much could you benefit from this in 2024? I think the European Commission has clearly assessed that emergency measures, such as the cap on inframarginal technologies, should not become part of the electricity market design. I think that is not part of the design. If any extraordinary situation is happening again, I think it's needed, and that is already been during several months, it has to be approved by European authorities. I think it's not just because one day the prices are moving for whatever reason. It's several months in a consistent manner, it will be a situation of pricing, which allow the member state to ask the European authorities to approve a European level and extraordinary measures. I think the existing measure is one. That's it. Are you seeing more interest from governments in promoting the development of transmission infrastructure? What is the current status of Iberdrola's big transmission project in U.K., U.S., and Brazil? I think you don't mention one important project which is needed, is more interconnection between Spain and France. I think that is a crucial one. Unfortunately, that is not dependent on ourself, but I think that is very needed. In those that we are already, is managed for ourselves, I think the case of Britain, you know, we just completed. We are the owner of the grid, of the transmission grid, or part of the transmission grid in Scotland. I think we are reinforcing that one. As well, we just completed two years ago, a interconnection transmission line, submarine one, the first one who has been made in Europe, on these conditions, between Scotland and Wales. That is the what is called Western Link. Now is already another project, which is already just funded by the regulator, which is the Eastern Link. We are just providing the data of amount of money required, that is going to be made under the real T2 conditions, so in the same condition, the framework of the existing transmission in UK. That is represent roughly, is a totally investment over GBP 2 billion, which I think around GBP 1 billion is our part of it, another part is National Grid. As the same joint venture that we have already for the Western Link is the same joint venture for the Western Link. I think that is already ongoing. I think we are in the process of this one. I think the first order has been passed to vendors for High-Voltage Direct Current and the first order of cable, et cetera, has been passed. There are another projects or similar ones, which is I think NECEC, the interconnection between Canada and Massachusetts. With all the permits, all the approvals, we are just proceeding and continue the construction. There are certain potential deviation in the CapEx because of the time lost, I think the Parliament of Massachusetts has already approved the rules already for covering the framework for giving us the comfort to recover the extra costs we can incur as a consequence of the time lost. There are new, as well, another transmission in New York, as I mentioned, is New York Transco, which altogether can already represent EUR 3 billion up to 2030 for injecting electricity into New York City. I think we are as well in this with a joint venture with another colleagues in United States. In the case of Brazil, as you know, we are building some transmission, 1,000 kilometers of transmission line and several substation. We were already awarded in the auction in 2018, I think, or 2019, and I think that is contraction. Besides in those one, we make just a deal with GIC, that we are already on a 50% partnership on this one for constructing that one. It was recently some auctions in Brazil. I think the prices, which certain of our colleagues were offering were so low, that we decided not to continue on this not to participate in such a condition. I think you know, we are very, we have a huge discipline, financial discipline, and I think same thing we did already in the auction for seabeds in Germany, that has been paid an important amount of money, which I am very pleased that our colleagues of oil is already moving to this sector. I think we saw that that is too expensive, and we have not seen the return in our, with our vision. It is more conservative than the vision they have about the future prices, which I think that is make them not. I think the main transmission is the project in Britain, as I mentioned, project in United States, NECEC, and Transco, and the existing project of transmission in Brazil. Altogether, I think it's very important amount of money, what we are going to dedicate in the next few years, which is several billion euros. I think each of those projects is EUR 1, EUR 2, EUR 3 billion each, which I think is a lot of money. Next one is, they are asking about an update on the PNM deal. Gerardo, I think I can say on the side of the shareholders, on the side of the partners, I think the agreement has been extended. I think we agree with PNM to extend the agreement, the existing agreement, up to year-end, and with the possibility of extending it for a few months later on, if it's needed. I think, Gerardo, you can, the lawyer, you can already explain what is the legal framework, how it is. Yes, we will have a hearing in September, will take place in September 15, about before. Hearing with the Supreme Court? in the New Mexico Supreme Court about the approval of our stipulation. We expect that decision will be positive because we think that we have a very strong case. We expect to have enough time to complete the transaction on time. Also, it's important to highlight that we have all the approvals. We have the federal approvals, Texas approvals, and 23 to 24 parties in New Mexico support the transaction. We have, I think, good progress, and we'll see what happens in September. We are optimistic that by the year end, that will be completed. Next question is related to the rate cases in the U.S. and Brazil. Can you give details on what upside you are expecting from rate cases in New York and Brazil? In New York, what have you proposed in terms of revenue growth and allowed cost of equity? When are decision expected? As I mentioned, in New York, we have already reached an agreement with a settlement with the staff of the Regulatory Commission. We are expecting that in the next few months, I think the decision will be taken. In any case, that is retroactive. As I mentioned, is the terms are, I mentioned already, is return on equity over 9%, and I think if that is approved, we will increase our, because of net for the, this one in our EBITDA, in the range of 50%-60%. In the case of Brazil, that is approved. In the case of Maine, is fully approved, I think that is done. I think as well is return on equity above 9%, and I think that is increasing our investment, I think, very much toward what it was before. That will provide already an increase in our contribution to our EBITDA in the range of 20%-30% extra per annum to what we have already in 2022. In Brazil, it's been agreed, and for all the one related to the Northeast. I think is, and in the case of São Paulo, we are expecting already that well to reach an agreement by August for a period of 2027, another one reach up to 2028. In both cases, we are expecting increases, as I mentioned, in revenues, the H2 toward the previous one, the previous half, in 7%-8%. Okay, we have reached one hour of the presentation. Due to the high number of questions we have received, I hope that you will allow me to extend the presentation 15 minutes more. Next question is related to PPAs, and is: Can you provide an approximated indication of where you see PPA price of, for offshore wind in Europe currently? Also, can you elaborate on PPA price trends on onshore solar in Europe and U.S. during Q2? You will give the numbers, Armando, but I think something which is important, when we start talking about the importance of PPAs and the visibility for industries and visibility for consumers, long-term visibility, I think it was something in many cases, Europe, that was very normal in the States, in Europe was not so common. You remember last year, when we are talking about the situation of prices, et cetera, we said, "Well, we have already fixed prices. It's already sold." That is what we've already just telling you. We have 135 TW hours per annum already for the next few years, already sold in advance. That is very good. What we are observing in Europe, and that is what I make already in my presentation, is increase in demand for largest consumers of signing agreements, long-term agreement. We provide them stability and visibility. That is good for them, it's good for us, because that gave us, well, this predictability for making already our investment in terms without avoiding risks, or future risks. I think the risk will be already to make the things in to make the construction and the delivery and the operation in a good manner. I think that is what we are observing. That's why we are already signing with a large corporation, multilateral, multinational corporation, which are already same ones in the United States and in Europe, and in Europe across the different countries. I think that is what we are seeing. That is the rules that precisely European Commission, in the new terms of the market reform, being approved by the Committee of the Parliament and the European Commission, is trying to promote more PPAs, more PPAs, to provide stability for the consumers and predictability for investors. Which are the prices what you are selling now, Armando? We are seeing prices. We are very active in PPAs in Europe with multinational companies. We are seeing prices around EUR 70-80 per MW hour. Next is a very short question: Are you comfortable in UK supply now? Sorry? Are you comfortable in UK supply now? Well, look, we are this year. I think we've been suffering during last year a situation very particular in retail. It's not normal in a country that, because of the regulatory framework, 30 retail retailers has already failed. I think now the situation is more stable, more predictable. We are recovering the deficit generated in the past, and the market in this moment is more stable. I think, seeing the demand in this moment, I think you know we are short in energy, so which I think that is important to know. That's why we are already investing more in to make more renewables in the country. I think we are not expect any problem in our projection on that one. I think our projection is already, yes, conservative in this end. You have to know that in Britain, our business is networks, so I think 80% of our business is networks, is where we have already more, more interest and more the one in retail, and of this part is a very, a small part of our total thing. In the case of production, most of our production is covered under CfD regulated CfD tariff, so which I think as well has not been affected for whatever thing related to demand on that one. Next is regarding to the German recent reject, German offshore auction. Could you comment on your bid in the German offshore wind auction and your view on long-term power prices for 2030 and beyond? First, I said, welcome to our colleagues of oil companies to be already in the sector. I think it's, they are our partners in certain event. You know, we are partners with BP in for electric charges, for electric vehicle. We are partners of Shell for offshore in Britain, and I think I delighted, and they are already being seen more optimistic prices that we are seeing. That's why I think that allow themselves to already offer a higher condition for the, for the seabed than we were, we've been ready to offer for that one. Nevertheless, I think we have already plenty of seabed available in different countries, that's why we don't need to make already just this sort of move. I think it's sure that the prices they've been offering of that one, we that are already paying 30% or 40% of the CapEx already in terms of the, for the seabed. That's, let's say, is very good news for us, because means those what we have already got at almost zero, that has much more value, so I think that's positive. Is Iberdrola seeing improvements in permitting from renewables in Spain or UK, yet as peers have highlighted? The. The permitting process in Spain and the UK is improving or not? The permitting? Well, not much. I would like to say not much. There are certain moves in trying to define areas in which will be already not needed to pass through the slow process we are already having at present. There are some move at European level, in the different countries, to try to accelerate this process, but the reality today is still, in my opinion, is too slow. Next is regarding offshore. There have been companies dropping projects in U.K. offshore for prices on returns. Where do you see offshore IRRs currently in the U.K. and in the North Sea or the Baltic Sea? Well, it's true that I think you are commenting about some companies. I imagine you are talking about Vattenfall, who was our neighbor already in East Anglia. Right. I think they have already done precisely what we have already done in United States, and there are very many others who has already follow us. I think the terms of the auctions already make a few years ago were absolutely different of the prices of today we have to pay for the equipment. The equipment is much more expensive, the inflation is affecting to the labor, the cost of the vessels, et cetera, has increased, and that is a reality. What happened? I think in our case, in East Anglia Three, we had the fortune to fix all those terms just a few days after we won already the auction. And that make then ourselves, we are a different position than others in this respect. That is not already happening in the States, because there it is impossible to fix the terms, because when you gain the, an auction, still you have not the project itself, and it takes five, six or seven years before you get the permits, and you have the, and you have all the design, the proper design of the wind farm. In the case of Britain, it's different. I think you, when you make the auction, you have the consent, and the consent means you have an approved project. You have already made a deep analysis of all the terms, of the seabed, on the transmission, et cetera, et cetera. You are allowed to reach agreement with vendors of equipment just prior of the offer, and fixing that one just 24 hours after you gain the auction. That is what is happening. What are the terms? I would like to say, in our case, if we go ahead, means that it's already reasonable returns, and you know the reasonable return for us is WACC plus between 100 to 100 basis points. The U.S. IRA is a positive. When would you expect to have clarity, and could it cause an upswing or in investments? You are considering repowering 4.6 GW on wind farms in the U.S. Should this decision trigger an impairment of the value of the existing assets? How much CapEx would you need, and how much incentives do you get with the IRA? Well, I just mentioned before, I think the importance of that one is that we can already build or repower the existing fleet a half of the cost, of the half of the CapEx of the new one. We will be allowed to receive the 100% tax credits and subsidies, same if we make brand new. We make more production with the new repower, much more production, because we put already new, new, new turbines, and we will keep already quite a lot of existing equipment, so which is tower and connection and transmission and all those things. I think we receive 100% of subsidy of that one, that one is highly valuable, that one. I think that is positive cash flow generated from the very beginning. I think that gave already an extra value, very extra value to our fleet of MW, existing MW in United States. I think that is a big advantage for those who have been first mover in the state toward those ones which are now landing in the country. With the new one landing in the country, they are allowed to receive these IRA subsidies, but the CapEx they have to make is double than the CapEx we have now. The second thing is that we have already the customer. The PPA, what is already is signed, we can already extend this PPA, of course, in the renegotiated terms, but we don't need to look for the customer, because the customer exists. I think if the commercial side is done, and in economics, I just insist on that one, we can increase 20%, 30% the production of the existing ones with a CapEx, which is half of the CapEx of the brand new one. One regarding U.S. offshore and the position of Iberdrola in U.S. offshore. Where does Iberdrola stand on U.S. offshore wind? Number 20. The offshore? What position regarding? Well, in United States, I mentioned, I think Vineyard Wind, I mentioned already, the first offshore wind farm which is being built in the state, the first one which is in operation. I think we are in this moment, they are fixing the foundations, and that is going on. The cable is already made, and that is going on, and we expect mid on this year, the first export of electricity. In another two project I mentioned already, Massachusetts, we just got the agreement of with the buyers, which are the distribution companies of Massachusetts, to cancel our existing contract. I think that means that we can already make to the new auction, if we will, if we like. We are free to make already new deal with that one. In the case of Connecticut, which is another auction, we are negotiating new terms with the regulator of Connecticut, with the government of Connecticut, for making that already viable. Next question is, there has been talk about potential life extension for nuclear plants in Spain. Would you be open to this? Do you see the recent European Union discussion on mechanism to incentivize this ongoing in the right direction? You know, in Spain, we have already a protocol signed for closing, I think up to 2035. I think this protocol exists, and I think is something that we like to respect, that one. If the power plant are able to be extended, as in other countries, so technically it's possible, then this power plant continues their production and their activity with certain investment, of course, then we will need to renegotiate the terms for making that already the viability of that one. I think technically it's possible. Economically, it's a question of negotiating, and the system, well, will be more relaxed if they exist, if they don't exist. I think that's clear, but I think we are not making the energy policy. Those one which are making the energy policy have to look already with that advantage. I think technically it's possible, economically, it's a question of negotiating. There are other countries which are doing. The system operator is the one we have to look if that is needed for the stability of the system or not. I think it's something which, I think as engineer, I can give you my opinion, but I will not give to you any opinion on that one. Next is on on asset sales following the very active H1 of the year, are you considering selling additional assets? If so, would you prefer minority stakes or entire assets? I think we had completed 100% our asset rotation, so I think that's clear. We make already in our plan, we said that we are going to make EUR 7 billion asset rotation, and that is done. Which I think the plan is the plan. But I think in the plan was as well, another area which was partnership. Partnership, what means? It's co-invest with us. Co-invest in which terms? Co-invest in some terms, in minority, equal, majority, it depends case by case, but I think what we would like is to benefit or to use our capabilities, our experience, our know-how, for already accelerating the growth without being forced to use already resources coming from our shareholders. I think we would like to make these partnerships in such a way that others help to us to make our growth without being forced to us for increasing share capital, for already benefiting of the potential demand, extra demand of renewable or transmission or whatever, what we have today and probably we are going to have tomorrow. That is our plan. We will continue. We focus on partnership. The best one is already done. Finally, last question comes from Stein Birkeland from Norges Bank and is related to update him on the various green hydrogen projects of Iberdrola and how they are progressing. Thank you. I think, as you know, we have 60 projects in this moment of hydrogen in eight countries. We have project in Spain, we have projects in U.S., in Brazil, in Australia, in Portugal, in many countries. I think, in the case of Spain, I think you know that we, as I mentioned, we've been awarded with EUR 150 million for making a green methanol project. We had already, before, a small subsidy, already EUR 5 million, EUR 8 million, for making a test of that one. Now, it's an industrial one. It's already EUR 400 million CapEx of this power plant in the northwest of Spain, for making that one. We are expecting already the big investment, what we are already planning to make in the center and in the south of Spain, for making a green hydrogen to make green ammonia. The project is completed. There are similar one in Portugal. In the case of Spain, it has been approved, the subsidies, by the European Commission, and we are expecting the allocation of these subsidies by European, by Spanish authorities. I imagine that the new government, the moment it will be formed, they will accelerate all these things. The money is being approved, the project has been approved, our project has been approved by European Commission, I think that is a question only to see if the amount of money has been allocated for Spain for this proposal, is going to be given to us totally, partially, et cetera, et cetera. We will expect that the new government is going to provide that one, but the project is ready for that one. We continue with many, many another small ones that we continue making those one in the areas of all kind of things, so. The large project, you mentioned those ones, which require hundreds of billions of euros, are already ready, but pending of this support from the European funds, with the exception of green methanol, who has been just approved in that one, in the last two weeks. Okay, now, please let me now give the floor to Mr. Galán to conclude this. Thank you very much for taking part in this conference call. I wish all of you a very good summer for those that have the chance to be on holidays. I hope that after this result will allow us to take some time over the next week to continue already sharing whatever comments. I think even if we be in holidays our investor relation will be ready, as always, to be in touch with you, to reply whatever question you like. If there any news, new news in the next further, better, or new, good news in the next few days or weeks, I think they will be ready to share with you as well with us. Thank you very much, have a good holidays. Thank you.