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 9-month results presentation. As usual, we will follow the traditional format given in our events. 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 will 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, we expect that today's event will not last more than 1 hour and 15 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, and thank you very much for joining this presentation. In the first 9 months of 2023, net profit reached EUR 3,637 million, up 17%, or 22% excluding non-cash tax provision related to the Mexico transaction, as Pepe will explain more detail later on. EBITDA grew 13% to EUR 10,783 million, driven by our ongoing strong operation performance, reflecting the higher production in our core geographies, mainly in renewables, due to the improvement of load factors, lower energy purchases, and higher operational efficiency. In addition, we continue accelerating in the implementation of our strategic plan with investment in EUR 10.8 billion in the last 12 months, thanks to our ability to secure supply chains and secure projects. This has driven a 1% increase in our net gross assets base to almost EUR 42 billion, and the addition of 3,100 MW of new renewable capacity to reach a total of 41,300 globally. On top of that, we have continued increasing our financial strength, thanks to our operational cash flow of EUR 11.1 billion, leading to an FFO adjusted net debt of 23.2%, with 85% of our debt at fixed rates, excluding Brazil, as you know, where regulation provides us a natural hedge to interest rates, and a liquidity of EUR 20.2 billion, enough to cover our financial needs for 21 months. This set sort of result has allowed the board of directors to approve an interim dividend of EUR 0.2 per share, 11% more than last year. As you can see, we have continued delivering a strong growth and profitability and reducing risk profile. Following the key pillars of the strategy presented in our last capital day a year ago, financial strength as key priority, growth focus on networks with selective investment in renewables, and a further increase in our presence in high-rating countries. EBITDA is up 13% to EUR 10,783 million. In energy production, customer renewable output and prices continue to normalize in European Union, and we also recovered the cost corresponding to the deficit accumulated over the previous year in the retail business in U.K., where business conditions are improving. In networks, we had positive impact from annual tariff increase in the U.S., U.K., and Brazil. In all these geographies, regulatory framework are also protecting us from high inflation, and we have continued improving our operational performance. In this business, our investment led to 9% increase in our regulatory asset base, as I mentioned, to EUR 41.3 billion, with a balance breakdown. The U.S. represents 31%, U.K., 25%, and Spain and Brazil, 22% each. We have already closed the tariff framework for 96% of our asset base to 2025, securing future predictable and stable growth across all geographies. In the case of distribution, in the U.S., the New York regulator has approved a new rate case until April 2026 for our distribution companies in this state, who represent almost 60% of our Avangrid regulated assets base. Total investment up to 2026, including 2022, has been recognized, reached $66.4 billion, with a base return on equity of 9.2% and an earnings sharing mechanism above this level. This rate case also improved the recovery of expenses related to a storm and the reconciliation of financial expenses. In addition, it include risk mitigation measures for uncollectibles, and will have retroactive effect from May first. This will result a combined positive one-off impact of $136 million after tax in local GAAP, that will be registered in the fourth quarter. Avangrid also receive approval for the new rate case until June 2025 in Maine, where the company has 14% of its regulated asset base. A new tariff were also approved in Connecticut until June 2024, for an additional 15% of its asset base. This rate case has been appealed by the company to improve some conditions. In Brazil, the process for renewal of distribution concession for 30 years is progressing, following the reasonable proposal made by the Ministry of Mines and Energy. Over the last month, we have also moved forward in several growth opportunities in transmission, which could pre-represent EUR 5 billion in the second half of the decade. In New York, the Climate Leadership and Community Protection Act will drive significant additional investment until 2030. Construction works in the NECEC interconnection line in Maine were resumed in August, and now agreed, expect to reach commercial operation by 2025. And in the UK, a joint decision on the final plan for the Eastern Link One interconnection project is expected in November. Let me remind you that the regime already approved by the regulator will allow revenue recognition since the beginning of the construction. In renewables, we have continued growing through a strategy of selective investment in project that improve our generation and supply balance. In onshore wind and solar, in the last three months, we have doubled our quarterly installation pace, resulting 2,700 added in the last twelve months, to reach an onshore capacity of 40,000 MW contracted in high-rating countries. As we add 4,400 currently under construction, we reach a total of 7,100, reaching 60% of our target by 2025. In offshore wind, our performance over the last month shows that this technology can create significant value with our disciplined approach to acquisition of seabed rights, supply chain management, route to market, and construction. We will have 1,800 new megawatt operational by 2025. 500 correspond to Saint-Brieuc in France, with more than half already exporting energy today. 475 to Baltic Eagle in Germany, and 800 to Vineyard Wind 1 in U.S., we just closed $1.2 billion tax equity transaction, which is the first one for an offshore wind farm, and the largest ever made for a single renewable facility in the country. These three projects have secured revenues for 100% of their energy for 15-20 years, adding EUR 800 million of EBITDA from 2025-2026, on top of the EUR 700 million we have taken from our existing offshore wind farms since 2022. In 2026, we will put in operation East Anglia Three in the U.K., with 1,400 MW and CFD for 15 years, and Windanker in Germany, with 300 MW of capacity, and its revenue is fully secured for 15 years through corporate PPAs already signed. Adding orders, EUR 400 million of EBITDA per annum from 2026-2027. The EBITDA contribution of all these new projects is in line with the lower investment per megawatt. We are expecting 40% decrease in unitary CapEx compared to the project in advanced construction, then will be operative before 2025. In only 3 years, we will multiply our current installed capacity by 4 times, reaching close to 5,000 MW, that will contribute to almost EUR 2 billion per annum of EBITDA when completed in 2026, 2027. We also continue increasing our pipeline to secure optionality for further selective growth, focusing on projects with the potential to deliver expected returns. We have 3,600 MW already with consent, including Commonwealth Wind and Park City Wind in the U.S., East Anglia One North and East Anglia Two in the U.K., and we have secured seabed rights for other 8,000 in U.K. and United States. Finally, we continue to develop opportunities in countries like Japan, Sweden, or Norway. The average development and seabed cost for all this pipeline is around 60 EUR per kW, 10 times less than the 600 EUR paid just for seabed in the last auction in the U.S. and Europe. We will continue moving ahead in this project under the same guidelines: focus on high-rating countries, discipline on value creation, minimizing expenditure on the final investment decision, a conservative approach on supply chains, excellent projects in construction, and development of hubs to reduce operating and maintenance costs. As more and more renewables enter the system to replace thermal generation, storage will have a key role to modulate supply and demand. In daily cycles, absorbing energy during the central hours of the day to the excess of solar PV production over demand, and delivering it in the evenings when demand increases and solar production stops. Each of these two periods take 6-11 hours per day. In addition, storage can also manage an occasional excess on wind energy. Also, in weekly cycles, the constant flow of renewable energy over the week, and the deep change in demand between weekdays and weekends, is creating an opportunity to store excess of energy on Saturdays and Sundays, and gradually release it from Monday to Friday. Something similar happens in longer seasonal summer/winter cycles to the weather changes. Pumped hydro is the only technology that can provide all these services in optimal economic terms, as it can store energy for long cycles compared to the 2-4 hours of batteries. Although, both technologies can provide ancillary services to balance supply and demand on real-time basis. All this makes hydropower storage a key technology for the energy transition, and like in networks or offshore wind, this will imply significant investment and opportunities. Iberdrola face this scenario from a unique position. Several years ago, more than 20, we started transforming our hydro plants with reversible turbines, and today we have more than 100 million kWh on pump and storage capacity in operation in the Iberian Peninsula, 20 million kWh under construction, and an additional pipeline of project up for up to 150 million kWh in various planning stage. We are also expanding battery storage in other geographies, like United Kingdom and Australia. Regarding routes to market, as of September, we have already sold 90% of energy production up to 2025, and we expect to close the remaining 10% during the coming months. In addition, we have more than 300 TWh linked to long-term contracts for the second half of the decade, most of them multi-country agreements with large global companies like Vodafone, Meta, Amazon Web Services, et cetera. This provide us a stable and predictable revenues and visibility for the long term, and maximize returns for new projects like our German offshore wind farms, which are fully contracted to long-term PPAs. Moving to supply chains, we've already secured 100% of our renewable investment to 2025, and our two new offshore wind project that we will enter in operation in 2026. In networks, 85% of our needs to 2025 are covered as well. We have also achieved our target for asset rotation and partnership to, of EUR 7.5 billion two years in advance, allowing us to reduce our financial needs and improve profitability. With partners like the largest sovereign funds in the world, like KIA, Norges, GIC, or Masdar, or financial institutions like Crédit Agricole and MAPFRE, and energy companies like BP. We expect to continue closing a deal with these partners in the near future in transmission, onshore and offshore renewables or electricity mobility. Our transaction with Mexican Infrastructure Partners is on track for closing before the year end, and we have only pending the permit from the competition authority. The asset swap with Eletrobras in Brazil was closed few weeks ago, allowing to consolidate 100% of the Dardanelos hydro plant with a positive non-cash impact of BRL 1.5 billion reais. In Brazil, the alliance with GIC to co-invest in transmission was already materialized, including a first payment of BRL 1.1 billion. Our agreement to co-invest EUR 1.2 billion in renewable with Norges Bank is also going well, with the first proceeds received, and we are preparing an expansion of this partnership to include new co-investment. In addition, the co-investment agreement related to our German offshore wind farm, Baltic Eagle, has just received the permit from national authorities, and we are working to extend this alliance to other geographies with Masdar. Finally, our joint venture with BP for the deployment of charging infrastructure in Spain and Portugal for EUR 1 billion has already obtained the foreign investment authorization, and is moving ahead to secure the permits from new competition authorities. All in all, we expect to collect EUR 6 billion of additional cash from this transaction in the fourth quarter of this year, which, together with, cash flow generation, will allow us to close the year with a net debt of only EUR 42 billion-EUR 43 billion, in line with last year levels. We have also preserved our financial ratios with FFO to adjusted net debt at 22-23.2, and our liquidity exceeds EUR 20 billion. Based in this financial position, last Tuesday, the board of directors approved an interim dividend of EUR 0.2 per share, with an increase of 11% versus EUR 0.18 paid last year. This should allow us to exceed again in 2023, the dividend floor of EUR 4.5 per share committed for 2025. Now, let me analyze the recent agreement reached by the European Council on Electricity Macro Reform. The, this text is in line with the proposal from the European Commission and the European Parliament, presented before summer, and the suggestion from different industry associations like Eurelectric or WindEurope. The Council, the Commission, and the Parliament recognize that the correct functioning of the market over the last years and propose some new measures to increase long-term contracting, diminishing volatility in the market with an increasing penetration of renewables and avoid future market intervention. No caps to nuclear or renewable technologies are allowed, and regulated contract at fixed prices are only allowed on a voluntary basis. As you know, the discussion on how to the use of potential proceeds from the difference between the prices fixed and these contracts and market prices were finally solved, giving some flexibility to member state, always under the supervision of European Commission to avoid market distortion. The proposal from the three EU institution also established clear and common rules to define an emergency crisis, including sustained minimum market price of EUR 180 per megawatt hour during at least six months. The European Council has also included measures to promote capacity mechanisms and flexibility, and recognize the need of a higher investment in networks, in line with the Parliament's proposal. All in all, the reform is moving toward a system based on market principles and long-term contracting, as we always defended. We expect trilogues to move ahead in the coming weeks. In addition, just a couple of days ago, the Commission released its Green Power Action Plan and a special communication on offshore renewables. We are analyzing its content in detail, but we welcome the effort to promote a technology in which Europe has been a leader for decades. We think it covers positive aspect, like improving, permitting and supply chains. It also mentioned the relevance of networks. Finally, we also welcome the increase in offshore wind target capacity. So I will now hand over to the CFO, Pepe Sáinz, who will present the group financial starting forward in detail. Thank you, Chairman, and good morning to everybody. As the Chairman has explained, the EBITDA was 13.2% up to EUR 10.8 billion, and reported net profit grew 17.2% to EUR 3.6 billion, 22% up. If you exclude the EUR 160 million one-off tax impact of the Mexico transaction, that will be reversed once we close the deal. FX evolution had a negative effect on our EBITDA results. The pound and the dollar depreciated against the euro by an average of 2.9% and 1.7%, while the real slightly appreciated. Nevertheless, the FX impact is more than covered at the net profit level due to our FX derivatives. Revenues decreased 1.9% to EUR 37.2 billion, mainly due to energy production and clients in Spain. Procurements fell more, 14% to EUR 20 billion, and last year we had to buy electricity at very high prices due to renewables and nuclear shortfall in Spain. This year, the situation has been reverted due to a normalized production. As a consequence, gross margin rose by 17% to EUR 17.2 billion. Reported net operating expenses increased 14.5% to EUR 4.3 billion, but excluding EUR 83 million U.S. pension one-offs that had a positive effect last year. 90 million linked to reconciliation effects in the U.S. that are recognized at gross margin level, and the other one of non-recurring negative impacts of 78 million EUR in the U.S. and U.K., net operating expenses increased 6.5%. Reported net personnel expenses grew 11.9%, but excluding the U.S. pension positive one-off in 2022 and other minor items, it grew 5.2%. Reported external services increased 11.4%, and 9.4%, excluding the above-mentioned reconciliation impacts and the negative extraordinaries in the U.S. and the U.K. Analyzing the results of the different businesses and starting by networks, its EBITDA reached 4.4 billion EUR, affected by several non-recurring items, as we will explain. In Spain, EBITDA increased 20% to EUR 1,447 million, affected by a negative EUR 203 million one-off in 2022, related to a legal case that was reversed at the end of 2022. Recently, the Spanish Supreme Court has ruled in our favor on this case, so we are expecting to collect around EUR 230 million. Excluding the legal case, EBITDA would have been slightly positive. In the UK, EBITDA was up 13.3% to GBP 767 million, thanks to the ED2 applicable from April onwards and higher asset base, especially in transmission, and despite a negative GBP 36 million that we have accounted in this quarter, and this is a one-off. In Brazil, EBITDA fell 3.7% to BRL 7,543 million reais, due to lower contribution from the transmission business, that in Q3 included a one-off of around BRL 1.2 billion, basically driven by a transmission line, Vale do Taquari, that we are going to claim to Enel, as the extra costs that we are accounting are related to some delays in the authorizations linked to COVID-19. So we've had delays in the authorizations coming from the Brazilian administration, and we are claiming that to Enel, and we are expecting to recover part of this negative one-off. It is also affected by the consolidation of transmission assets included in the GIC deal, and it is partially compensated by the increase in the distribution tariffs in Brazil that gave us another BRL 700 million positive. Finally, in the US, IFRS EBITDA was 41%, down to $953 million, due to a negative impact of $550 million positive one-off, booked in 2022, linked to the recognition in the P&L of in IFRS of regulatory assets, and $87 million from pension provisions, both in accounted in IFRS, but not in US GAAP. As the chairman has said, in the fourth quarter, we expect to recover 150 million in IFRS and 195 million in US GAAP at the EBITDA level from the New York rate case approval, as its effects are recognized from May 1st of this year. Energy production and customer business EBITDA grew 34% to EUR 6,374 million. In Spain, the EBITDA was EUR 3,155 million, 37% 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. And higher sales in the free market due to the gain in market share from 25% to more than 27% in twelve months. EBITDA includes a 1.2% tax in revenues that we account in the levies item, and the amount is EUR 213 million. In the UK, EBITDA more than doubled to GBP 1,354 million, thanks to the full collection of GBP 321 million of 2022 tariff deficit and better margins in our retail business. Higher offshore wind production partially compensated lower onshore wind output. In the US, EBITDA increased 51.5% to $562 million, driven by a 4.1 higher output due to new installed capacity and better margins, but negatively affected by the cancellation cost of Park City and Commonwealth offshore projects for $40 million. With these payments, all the costs for the cancellations of these projects have been already accounted. In Mexico, EBITDA fell 8.9% to $645 million due to lower contribution from renewable assets and contracted plants, partially compensated by the new capacity in operation since May 2022. In Brazil, EBITDA fell 16% to BRL 1,345 million, as contribution from new renewable capacity in operation is offset by lower contribution from thermal business that last year was exceptionally strong. Finally, in the rest of the world, EBITDA fell 5% to EUR 302 million due to lower prices, partially compensated by a higher production due to larger installed capacity. EBITDA was up 20% to EUR 6.8 billion. EBITDA plus provisions grew 2.7% to EUR 4 billion, mainly due to the higher asset base and activity, and bad debt evolution due to increased customer billing. Net financial expenses rose EUR 287 million to EUR 1,666 million. Debt-related costs grew EUR 374 million, EUR 158 due to the higher average net debt, and EUR 229 due to the higher cost of debt. 75 basis points to 4.98%. That, nevertheless, is below the 5.05% that we had at June. Excluding Brazil, the cost of debt was 3.71%. Cost of debt in Brazil is starting to fall as it is linked to inflation. Cost of debt ex Neo is below the 3.8% that we announced to be expected this year in our capital markets day in 2022, thanks to our fixed rate policy and the PNM delay. The higher financial expenses have been partially offset by EUR 87 million positive non-debt related results, mainly linked to FX hedges. Our reported credit metrics remain solid. 12 months FFO increased 3% to EUR 11.1 billion, or 11% if we exclude Hydro Canon recovery in 2022. Adjusted net debt grew to EUR 47.9 billion. In Q3, net debt is impacted by dividend tax payments and FX. As a consequence, FFO adjusted net debt stands at 23.2%, adjusted net debt to EBITDA is 3.3 times, and our adjusted leverage ratio was 44%. Ratios will be higher by year-end, as we expect debt to end the year between EUR 42 billion and EUR 43 billion. 2023 and 2024 maturities will be fully covered, thanks to already signed financing and expected proceeds coming from asset rotation and court rulings that will allow Iberdrola to recover EUR 6 billion. Let me point out that two recent sentences that we have received, the first one of the European courts regarding goodwill, and the second one, previously mentioned in networks in Spain, will allow Iberdrola to recover EUR 1 billion in the next 12 months. Exposure to new fixed-rate financing in 2024, if we exclude the PNM transaction, will be limited to around EUR 1 billion due to the forward start swaps already signed back in previous years at lower costs than today. Upcoming asset rotation and partnerships and selective growth provides additional flexibility to fund investments. Our liquidity position of over EUR 20 billion, as the chairman has mentioned, covers 21 months, and the average debt life is of 6 years. Our diversified portfolio provides flexibility to target different markets, achieving very favorable conditions. Our 2023 financing of EUR 6 billion is coming from 7 different markets or sources of funds. During the 9 months of 2023, Iberdrola did EUR 5.3 billion of green financing, reaching EUR 53 billion of ESG financing. Iberdrola continues to be the leading private group in green bonds. Net profit grew 17% to EUR 363.637 million. Equity methods result increased 25.24%, thanks to the Brazil hydroplant asset swap with Eletronuclear that the chairman has mentioned in his presentation. This is accounted in Q3, but I want to mention and stress that this offsets the Brazilian transmission one-off at the EBITDA level of over EUR 200 million euros. So one positive offsets the one-off negative that we have accounted in the EBITDA for the transmission lines. In contrast is also affected by the positive one-off, accounted in 2022 in Brazil, and by the negative one-off in Mexico to be reversed, hopefully, at the end of this year, or we expect to reverse it at the end of this year. Excluding the Mexico one-off, net profit grew 22%. I will finish my part of the presentation remarking that structurally, Iberdrola business is protected from inflation and interest rate rises. As you can see in the slide, three out of our four network business are totally or partially adjusted to inflation, and our energy production and consumption and customer business is partially protected in inflationary environments, directly and indirectly. In addition, our financing to be close to 100% fixed by the year end, excluding Brazil, obviously, reduces the financial and cost increase. To conclude, Iberdrola is well positioned for the higher-for-longer interest rate environment. Thank you, and now the chairman will conclude the presentation. Thank you very much, Pepe, for your clarity and your presentation. In November 2022, you remember, we presented in London a strategy prioritizing financial strength in order to protect ourselves from macro instability and, to have, at same time, the possibility to continue growing. One year later, the figures we are presenting today confirm that our analysis was right, and we are executing our plan ahead of estimates. As a result, today, we are increasing, once again, our 2023 net profit growth outlook to double digit, excluding capital gains from asset rotation. This is excluding capital gain for asset rotation. In the next three months, we expect to continue improving our performance based on ongoing investment in networks, with impact of the new rate case and tariff increase in U.S., Brazil, and U.K. As well, the increase in production, driven by new capacity, they will continue on us to reduce energy purchase and the ongoing improvement of retail condition, mainly United Kingdom, and also expect to maintain net debt at EUR 42 billion-43 billion due to the cash flow and operation, asset rotation, and partnerships. All this is based on the delivery of the key pillars presented in our Capital Markets Day of last November. We are delivering growth in networks, increasing our regulated assets base by 9% to EUR 41.3 billion, close to 2025 target. We are also delivering selective growth in renewables to optimize our supply-demand balance with our 20%-25%... 2025 installed capacity target well advanced, especially in offshore wind. We continue increasing our focus on A-rate countries with more than 80% of our EBITDA coming from continental Europe, the U.K., and U.S., or Australia. We are optimizing even more our financial strength, as Pepe mentioned, thanks to operating cash flow and the cash proceeds from asset rotation expected by December, which will be sufficient to cover all our 2024 debt maturities. All this allow us to reaffirm today our 2025 target and our commitment to continue increasing our dividends in line with results. We will update you on all our outlook for the coming years in the next capital market day, will be held in March 2024. ... Thank you very much, and now we will answer any question you may have. Thank you. The financial professionals have asked the question that I will now put to the senior managers that are attending this event: Gonzalo Sánchez-Bordona from UBS, Peter Bisztyga, Bank of America, José Ruiz, Barclays, Mickey Becker, HSBC, Manuel Palomo, Exane BNP, Pedro Alves, CaixaBank, Rob Sherborne and Anton Sherborne from Morgan Stanley, Javier Garrido, J.P. Morgan, Fernando La Fuente, Alantra, Alberto Gandolfi, Goldman Sachs, James Brand, Deutsche Bank, Fernando García, Royal Bank of Canada, Ahmed Farman, Jefferies, Jorge Alonso, Société Générale, Jorge Guimarães, JB, Javier Suárez, Mediobanca, and finally, Marcin Takuem from Berenberg. First question is related to the guidance 2023. Can you help us understand the drivers of the guidance upgrade? Can you give us an indication of EBITDA for the full year? So I think I tried to explain during my presentation. So I think just to try to summarize again, I think there are new investment in networks. Asset base has already grown by 9% year-on-year, reaching EUR 41.3 billion roughly. In Brazil, there are new rate cases in Brazil, which provide higher EBITDA second half toward the first one. In all places, in April, Eletrobras in August, and in Brazil, in Brasília, I think from August as well, or something else. In US, as I mentioned, the new rate case on New York, which are already affecting positively, being retroactive from May first, I think it's producing an effect of $150 million-$190 million, which Pepe mentioned. Main as well is from July. UK, we have additional revenues for an investment on RIIO-T2 and RIIO-ED2. I think in production and customers, I think normalization wind factor, we have already had very, very low wind factor in most countries in the first half of the year. Also, now we have already seen then the, then the finally rain in Spain we have already better hydro conditions. A part of the pumped storage we have been making now, we have already as well, so more rain and hydro reserves are in line or even higher than the average of the historical we had already. We have already put in service, I mentioned, 3,100 additional capacity of renewables, and we will put some more in service during the coming months. We continue recovering the tariff deficits of UK, which with some adjustment as well on the price cap. And as Pepe mentioned, is the optimization of financial profile. I think this which is helping the asset rotation and partnership, which are making then our needs financially diminished. Those are the main thing with the consequences. Then the 2023 net profit guidance to double-digit growth, and that is what makes already this, this consideration. Is related to the same topic. Which one-off should be excluded from the new 2023 net profit guidance? What should be excluded? One-off. I think the asset rotation, I think that's clear. So I think that, as I mentioned before, in this result are not at all included any special capital, extraordinary capital gains. So I think that is just, excluding whatever thing we can have already for capital gains, for others, or another provision that we can make for another part, as, but I think mainly it's capital gains. Asset. It's asset rotation, capital gains. Now, the next question is related to net debt guidance. What is your net debt expectation for 2023, as we mentioned in the presentation? And could you please help us to build a bridge to the EUR 42 billion-EUR 43 billion guidance net debt from current EUR 48 billion? Pepe, can you reply that? Well, basically, what we are expecting is that the net debt from the previous presentation, we were talking about 42. Now, we have had some impact from FX, as the dollar is slightly stronger than what we had expected, so that was the change from 42 to EUR 42-EUR 43 billion. Basically, what we are expecting is to collect, you know, around EUR 6 billion coming from our Mexican deal before the end of the year. So that will drive the fall in net debt from these levels to the EUR 42-EUR 43 billion that we are mentioning. Next, please, can you please explain the non-recurring impacts of Brazil in nine months that you mentioned in your speech? I think, Pepe, you can already explain that. Yeah, we have two impacts of a similar amount. One is a negative one that has to do with, some extra costs that we are accounting in our transmission business, basically driven by one, transmission line... and, you know, an important part of this cost are coming from the fact that during COVID, you know, the Brazilian administration was closed, so we had an important delay on the authorization, especially environmental authorizations, and that delay obviously impacted our costs. You know, and obviously that has the delay in the authorizations that we had not expected due to the COVID is an important reason of an important part of this delay. But in terms of numbers, over 200 million have to do with extra costs that we are accounting in this quarter in transmission line. We are accounting this at the EBITDA level. A similar amount we are accounting at the equity line, and basically has to do with with a profit that we are accounting due to the exchange in our hydro plants. We have actually, as the chairman has said, got control of Dardanelos, and we are giving to Eletrobras. It was call call- ... The Teles Pires, okay? And that is, you know, that are the two impacts. Next question is related to the Avangrid. Are you satisfied with the performance of Avangrid now in the first nine months of the year? Well, as we mentioned, I think the result has been impacted by the delay in New York case, which finally has been approved, which is already retroactive from May, as Pepe mentioned already. But I think, Pepe, you would like to add anything? I think we are expecting EUR 190 million extra, which will be accounting the full quarter of this year. So which I think that makes already the result are similar to those we were expecting. Next, how does the rise in interest rates affect the profitability of assets and projects under implementation, and how does it affect the cost of debt? So I think it was already mentioned, around 85% of our debt is already at fixed rate, excluding Brazil. And I think once we cash the operation of Mexico, I think it's around 100%. Pepe, correct me the numbers- Yes. If I'm not correct. Yeah, that's right. And in the projects, when we start a project, we tend to have our debt already fixed. And we are not expecting an increase in the financial cost this year from the levels that we are at right now. So we had a total cost of 4.98, and we are expecting to end the year in a similar term. Can you give more detail on the EUR 1 billion cash inflow you expect for court rulings? So I think that is a positive news. I think we've been invested according with the Spanish law, as most Spanish companies, international, Spanish, has been already with certain tax allowances. And I think they were already some decision on the European Commission, who was against this thing. But finally, the European Supreme Court was already saying that we did the things properly, and I think we've been forced in there to be paid already with amount we had already been forced to pay in advance. So I think that's the, that represents something like EUR 600-700 million, plus taxes, and, which, I think we are expecting to cash in the next months. I don't know, Gerardo, you would like to add anything on that one? Yes, it's correct, Chairman. The European Supreme Court has decided that there was a state aid, but we had legal confidence, and we need to be paid those EUR 700 million, even in the case that the European Commission decides to appeal the decision of the court. And then... You cannot already about the receiving of Europe. The other case is the case that have been resolved as Supreme Court of Spain, about the remuneration of the distribution companies. The administration consider that we have been overpaid or over remunerated, but the Supreme Court has decided that we have been well remunerated correctly during the last nine or 10 years. The financial effects are that we have to recover EUR 250 million in cash, that no negative impacts will be produced in P&L, and we will avoid a decrease of EUR 500 million in our asset base. Next question is related to Spanish politics. Can you please comment on the latest agreement between PSOE and SUMAR to extend the energy tax? What is your understanding on the proposal included to set a minimum tax rate of 15% for companies? Well, first, we will expect when the government will be formed, we will see what is the final program of the government. Now, it's already coalition discussion between different partners with potential partners of the government, and with still they are pending another one, and we will see the whole program, we will make the comments about that one. Next is the market reform, European market reform. Could you please share your views on the recently agreed market reform, according to it? Well, I think I was trying to be very transparent on that one. I think the European Council agreement I think is in line with the proposal of the Commission and the Parliament, which I think that's positive. It's consistent, in our opinion, that is consistent, balanced, and focused. I think are defending PPAs as key mechanism to provide the stable prices for the long term. We were defending that for many, many years.... is defending no intervention, no caps need to preserve current market pricing and avoid distortions, which I think that's positive. Has a common and clear objective to define what is a crisis situation, which I think not everyone can really define what is a an energy crisis. I think there's no national intervention and mechanism. I think one is in a standard crisis situation will be defined by European Commission. CFDs or auction, we can't be transformed, CFD continue to be voluntary. I think it's including certain few specification for certain member state, especially France, on existing nuclear capacity. And how to redistribute the differences between the excess of CFD toward the price agreed to avoid market distortion. And there are positive aspect as well, like the promotion of capacity mechanism and and support already flexibility measures. And something which is very important, which I think, again, I think in the last communication of the European Commission are insisting, has been our flag for many years, the need of investing more in networks. So I think European Commission is defining more investment in networks. International agencies is defining to invest more in networks. And I was already using in my previous result presentation the words of a former Vice President European Commission, that without networks will be no renewables, and with renewable will not be already in a transition. So networks is a key pillar of the new transition, now is fully defined, and that is included as well in there, in this presentation. So I think the analysis, in my opinion, is positive, is defending market mechanism, no intervention, and more clarity for whatever things related, how the European market has to perform, and how to incentivize the investment in renewables, in networks, in introducing capacity mechanism to make already to keep the lights on. We have now several questions related to the PNM deal. What is the latest on PNM acquisitions? Which is the expected timing for conclusions? Could Iberdrola may consider to revisit the offer if current processes are not successful? And could you also share the Plan B if PNM is not successful? Pepe or Gerardo, whatever, both. Start you sell, and you continue. The rest will come- So as you know, right now, we are expecting for the Supreme Court of New Mexico to decide. Once the Supreme Court decides, if it is successful for our interests, then it will pass it to the Commission of New Mexico. That has to approve it. We are expecting that to happen probably during the first half of next year. Regarding, you know, the case, you know, the plan B is basically to tell that at this moment, we have lots of opportunities right now in the U.S. We have $6 billion to invest with the New York rate case. We are also, as you know, restarting NECEC, the transmission line. We have a big opportunity of repowering in our renewable assets. And, you know, with the latest news on the offshore auctions that we have seen, you know, we have still a lot of possibilities of developing offshore in the U.S. So, you know, I think that there is plenty. We've never seen so many opportunities in the U.S. as we have right now. Okay. Oh. Okay, now is a question related to U.S. offshore. Have your views in U.S. offshore wind changed? Do you see troubles and other developers as an opportunity for Iberdrola? Will you participate in the accelerated New York auctions? Well, I think it's as I mentioned during my presentation, we have a positive view on the future of offshore wind. We have already, as I mentioned, the projects which are in construction, all of them has PPAs signed for 2026, 2027. That is going to generate then EUR 1.2 billion-EUR 1.3 billion extra additional EBITDA. But to make a total contribution of our offshore business by 2027 with today EUR 700 million, up to EUR 1-2 billion or close to EUR 2 billion EBITDA by 2026, 2027. As you know, we have additional sites secure with permits, with very reduced CapEx cost, very competitive. As I mentioned, it's on the range of EUR 60 per kilowatt to more than EUR 600, even in some cases, even more than that. As I'm talking about number rates, I think certain people has already paid over $1 billion per megawatt, so, which I think in our case is very cheap, so that may very competitive. Also, I think it's the recent auctions in New York are already making more realistic prices, so. And as well, has introduced something which we've been claiming, which is revision formula in the moment the FID is made, so which I think, yes, you can adjust the price according with the price of the different in components of the CAPEX in the moment you start the construction. So, and I think and continue, I think, I'm optimistic, and that's why I think we continue on this one. But I think what is important is to transmit the all our offshore wind farm, which are under construction 100% CapEx secure, 100% of the export price is already fixed, the with the terms fixed the terms and the conditions. And I think that is- that why I think we have no risk in those ones for already making that this project will be fully successful. And for the rest, we have in the development, we have a great opportunity, seeing what is the approach of New York. Others, I think, is Ireland recently as well, make changes as well, the the way where the action is made. We hope that in Britain, in the next auction as well, is going to change the terms for making already some kind of a revision formula for making already something more realistic, instead to go to fixed price as we were read in the past. Well, the next question is related to the same topic that you have already mentioned about Park City Wind and Commonwealth Wind. What is the forecast update for Commonwealth for both offshore power plant in the US? Well, I think both. I think we are free to go to the next auction. And so already the next auctions are already in the terms, attractive terms, we'll be in condition to participate if we see the condition are really attractive. But I think we are absolutely two project, which are already very low cost and very low CapEx spent, so those one, I insisting on that one of the terms, ten times less than most of our colleagues and competitors, and they are absolutely free to go to the auction if the terms of the auction are already enough attractive, which I expect they will be. Next is related to the supply chains. Regarding offshore, of the project expected to be in operation by 2026, out of this, what is the proportion with the CapEx and the financing secured? So I insist again, I think the CapEx is fully secure, closed, signed, and agreed. So I think there's no risk on that one. I think 100% of the supply chains is granted, and 100% of the terms of the export of the energy is fully agreed. So I think we are, let's say, many of those turbines are under installation in this moment. I think in the case of Vineyard Wind, the first turbine has been installed. In the case of Saint-Brieuc, I was personally visiting the installation, and they are part of the wind farm is exporting electricity already now. In the case of Baltic Eagle as well, I think they are already almost all the foundation are completed. The substation is there. So which I think is, the things are already going according with schedule and according with cost. So, I think that is what I can already say. I think we are very confident, and I think it's going well, because we were very active in signing all terms, either in financing, either in purchasing agreement, either in installation agreement, to make already the things according with the terms of the auction or the term with the schedule. I said, for instance, in the case of Vineyard Wind, I think we just signed recently already the ITC, the largest ITC never been signed. The tax equity. The tax equity, sorry. The largest tax equity never been signed for a project in the United States, as well. So it's $1.2 billion, we, we just signed for, for this one, which I think that give already, yes, we gave us the comfort that not only technically the things has been clearly defined and prepared, but as well, the finance is already secure. Next is asset rotation. The presentation talks about further asset rotation. Is there a Euro target you have in mind? Asset rotation. So, well, I think we make already, when we present in our Investor Day last year, the EUR 7.5 billion of the investment in asset rotation, certain of, let's say, of you were skeptical about the numbers. So once again, we demonstrate that when we committing something, we make already that a reality. So that is already done in this moment, but I think we continue already seeing the possibilities and opportunities under the same profile. The profile is how we can accelerate the... We have plenty of project, as Pepe mentioned already, and I think we would like to optimize the financial profile using partnership on this one. We can be good for our partners and good for us as well. So, I think we are in talks with for another ones as well. And I think in terms of the asset rotation, always we are open to see there are opportunities, then somebody will be ready to pay for some of our asset more than those than we can already expect to make another manner. So but, I think it's not, there are not any new target on that one. The target is the target, but I think there are opportunities, always we are open to look for these opportunities. But in the case of partnership, I mentioned, I think we are already very proud to have already a tier one of partners, in which with those one, we are already signing alliance for already extending and expanding our existing joint ventures for broader and largest projects together. So which I think probably in the next few months, we will announce another new project, then we can already make extend the existing alliance with our existing partners. ... Question 15: Are you still planning to sell a minority stake in Avangrid Onshore Renewables? Can we expect something until year-end? No, why don't talk to Pepe? I don't know. Well, we are analyzing opportunities and, well, this is one that we have analyzed. And we are waiting to see, you know, the possible offers and, but we are not expecting to see anything before year-end. Regarding the Mexico and Mexican deal, there have been press reports that Iberdrola will reinvest the sale proceeds in Mexico in renewables. Could you please explain whether there is any, any specific commitment to reinvest proceeds from the sale of Mexico in the country? Well, there are not any obligation of agreement to reinvest in Mexico. Saying that, I think you know that Mexico has been for years a strategic country for us. It continue being a strategic country for us. I think we'll be more than delighted to have the opportunity to continue expanding our footprint in the country. The fact we are keeping almost 50% our, after the transaction, 50% of our assets in the country, mostly in renewables. We have several projects in renewables. Certain of those projects in renewables things of this agreement have been put in service, like the Pier II wind farm, which is 140 MW, now is in operation. I think we have another project. We are already asking for permit for another one, and we'll be more than delighted to continue making things there. But I think there are not any obligation, but we'll be more than delighted to continue investing in Mexico as we did in the last 20 years. Another one in concrete regarding East Anglia Three. Can you comment on the possibility of selling the minority stake in East Anglia Three, as per press rumors? Well, as already mentioned, I think we are very proud to have already this bench of tier one partners. I think it's and I think it's each of the project in which we had already in this moment in construction, can already we can already potentially reach agreement on that one. In the case of East Anglia Three, we are talking with some of those to see the possibility of already making some partnership, but I think nothing still is concluded. But I think whatever of our existing project are already able to make some kind of partnership in the partnership with certain of those what we have already, this strategic alliance. In this particular case, that one of those can already become one of partners as well. Next question related to capital allocation. Could you provide an update in terms of your capital allocation following recent disposals? Has something changed versus November 2022, Capital Markets Day? Pepe? Well, I mean, we are not changing the capital allocation strategy, basically, to continue investing in networks and in renewables with a selective approach as we mentioned. So nothing has changed, and we continue with the same strategy. Next is related to Pepe as well, tax rate. What is the expected tax rate for full year 2023? And also, what could be expected for 2024? Well, we are always somewhere between 23% and 24%, so that is basically what we are expecting. Finally, the last question is about renewables expansion. There has been lots of discussion recently about a potential slow down in renewables expansion in power generation. Is there any change in your willingness to invest in renewables? No. Well, I think it's, I would like to insist what was our strategy when we defined last year. And I would like to insist, our priority is to keep and to maintain our financial solidity. The second one was to grow in networks and to be as a priority, and to be selective in renewables. And third one is to already to look already to invest mostly in countries with their rating. And that is our strategy. We continue the same basis. First priority, financial solidity. Pepe has already insisted during the whole presentation about what we are doing for keeping our financial solidity. We are keeping already, we are trying that by the year-end, our debt will remain at the same level of previous year, even if we are paying, increasing our dividend, even we are investing in the range of EUR 11 billion-EUR 12 billion during the period, thanks to a asset rotation and thanks to the cash flow generated. Second, our priorities investment in networks. Why networks? First, because it's already stable, predictable, and because we have a service obligation, and I think both things, a service obligation and profitable, stable, and predictable, makes ourselves prioritize that one. And that's why we are increasing our asset base during the last term by 9% in this one. In renewables, we are investing. We put already in service 1,300 MW. We have 7,100 in construction. We have all our offshore wind farm running the plant already now in the late stage of construction, which I think they can start generating cash flow by 2024, and they will reach almost EUR 2 billion by 2026, 2027. We are more selective, and I think that was the strategy. Selective in the sense of looking for those which are more profitable, and looking for already partners in order not to stop the construction, but already to continue in the terms, we will not affect our financial solidity and our profitability. Okay. Thank you, Mr. Chairman. Now, please let me now give the floor again to Mr. Galán to conclude this event. So thank you very much for your attention, and I think it's, as always, our Investor Relations team will be available if we will not be clear enough in some of our questions. I hope that we try to be very clear, but if you have any doubt, I think the Investor Relations team will be ready to reply to all of you. So thank you very much, and I think put in your agendas, March next year is our investor day already will be held in London. Thank you. Yes. Thank you very much. Bye.