Good afternoon, ladies and gentlemen, and welcome to Iberdrola's presentation. I will now give the floor to Álvaro Simancas. Hello, good afternoon, everyone, and thank you for joining us today in such short notice. We know it's Friday, and the summer break is around the corner. The purpose of the call is to give you more detail on the recent acquisition of Electricity North West in the U.K. We have here with us Mr. David Mesonero, our Global Head of Corporate Development, who will be in charge of giving you more details on this transaction. We plan to go through the presentation that we have shared with you in advance. If you don't have it, you can already download it on our corporate website. We know that we are in the middle of the results season, so you might be exhausted. To this regard, we have designed the event to last no more than 30 minutes. After the presentation, we will move on to a live Q&A. Questions have to be submitted through the operator. Once the event is done, as always, any additional questions you may have can be directed to the IR team that will be delighted to answer. You can send them by email to this address: investor.relations@iberdrola.es. Now, without further ado, I leave the floor to Mr. David Mesonero. David, over to you. Thanks, Álvaro. Good afternoon, all. Thank you for taking your time at the beginning of August to attend our presentation of this very important transaction that we have recently announced, and which is completely aligned with our strategy to invest in regulated electricity networks in our core countries. We have reached an agreement with the shareholders of Electricity North West, ENW, a high-profile U.K. power distribution company, to acquire an initial 85.6% stake in the company by GBP 1.7 billion, followed by a GBP 400 million capital increase to reach a final 88% stake. This capital increase will be used to leverage ENW, and it will be done at the same price than the initial 85.6% shares acquisition. The remaining 12% will be held by KDM, a Japanese consortium led by Kansai Electric, the utility of Osaka, who is one of current ENW shareholders. 100% enterprise value for ENW reaches GBP 4.2 billion, which implies an EV/RAV multiple of 1.44x. The U.K. electricity industry requires distribution and transmission network owners to make significant investment during the transition towards the government long-term Net Zero target. With a greater market presence, Iberdrola, in combination with ENW, we will be better positioned to successfully navigate this process. This acquisition will allow us to accelerate our growth in regulated electricity networks in a high-growth and AA-rated market like the U.K. It is well aligned with Iberdrola's strategic plan to further drive the energy transition and to contribute to the creation of a secure and sustainable energy future, with networks at the heart of this plan. This transaction enables Iberdrola and ScottishPower with its nearby service territories to unlock potential operational and network performance improvements while benefiting from the implementation of best management practices. We will become the U.K.'s second-largest electricity transmission and distribution company, with a total RAV of EUR 14 billion, becoming, together with the U.S., the group's largest country by RAV exposure to electricity networks. Beyond the personal merits and strategic rationale of this acquisition, it will be EPS accretive from year one. We'll create value without considering transaction efficiencies and will have no impact on our current rating, reaffirming our full commitment to the group's financial strength. This transaction is subject to customary approvals in the U.K., and we expect completion to occur in Q4 2024, so this year, and full control to be achieved during H1 2025. Now, let's pass to page number five. To give you a little more color on ENW, it is one of the 14 distribution network operators in the U.K., covering the North West of England, from rural Cumbria to the Greater Manchester area. It is located between the two regions covered by ScottishPower Distribution, SPD, in Scotland, and ScottishPower Manweb, SPM, in Wales and England. We believe that this transaction will help us to unlock significant efficiencies that we will discuss in more detail later in the presentation. ENW is expected to reach a regulatory asset value of GBP 2.9 billion in March 2025, in line with RIIO-ED2 approved business plan. The RAV has grown at an 8% CAGR over the last 6 years and serves 2.4 million points of supply, equivalent to approximately 5 million customers. ENW has 12,800 kilometers of overhead lines and 47,300 kilometers of underground lines. In addition to its operational size, ENW has been a top performer, being ranked in the top 3 in the main KPIs reported by Ofgem. From a financial perspective, the company is expected to contribute with an EBITDA of around GBP 400 million and a net income of around GBP 125 million in March 2025. As of March 2024, the company had a reported net debt position of GBP 2.2 billion. Moving to page six, and as mentioned before, the agreement allows Iberdrola to reach an 88% stake in the company through the acquisition of existing sales for GBP 1.7 billion and the subscription of a GBP 400 million capital increase that will be used to repay debt. As commented earlier, this capital increase will be done at the same price than the 85.6% initial acquisition. Equitix, a U.K. infrastructure asset manager, and CNIC, a Chinese entity, are fully exiting, while KDM, a Japanese consortium led by the utility of Osaka, Kansai Electric, will partially exit and retain a 12% stake in ENW post-capital increase. We have already signed a long-term shareholders' agreement with KDM, and we look forward to working closely with them, supporting the current local management and the long-term strategy of the company. Iberdrola has, as you know perfectly, a strong track record of working collaboratively with reputable partners on various long-term partnerships. We welcome Kansai as our first Japanese global partner, and we are totally confident that we will be able to pursue other opportunities around the world together. Moving to the next page, page number seven, this acquisition is fully aligned with Iberdrola's announced 2024-2026 strategic plan of increasing exposure to electricity networks in one of its core markets. Being a regulated business, ENW strengthens and expands Iberdrola's regulated profile, adding low-risk and predictable cash flow in a stable and proven regulatory environment. Iberdrola, through ScottishPower, is the operator of the neighboring north and south electricity distribution networks, which will allow for improving operational efficiencies due to business proximity and strategic alignment. The U.K. is a core country for Iberdrola, where we are already envisaging and underwriting a significant CapEx given the strong expected growth in network investments in the coming years. ENW will allow us to capture a larger share of that organic growth at no premium to RAV. We remain fully committed to our financial strength, and we will be able to fund this transaction with our own resources whilst maintaining enough headroom in our current rating. Furthermore, this acquisition will be EPS accretive from first year before considering transaction efficiencies. Moving to page number eight, in addition, with the strong transactional rationale commented before, despite being a competitive process, and also as anticipated by our chairman last week, the acquisition has been agreed at a reasonable price. From a valuation perspective, the acquisition fits perfectly with Iberdrola's prudent financial investment strategy, guaranteeing EPS accretion and value creation for shareholders from year one. 100% enterprise value for ENW reaches GBP 4.2 billion. That implies an EBITDA multiple of 1.44x. The price paid reflects ENW's exciting growth prospects and performance potential going forward, excluding any potential value creation derived from the implementation of future efficiencies. Iberdrola has been very disciplined in ensuring the right price is paid, particularly when comparing it with previous transactions involving other DNOs in the U.K Passing to the pro forma figures on page nine, and as explained before, the acquisition of ENW will create the second-largest transmission distribution company in the U.K. by regulatory asset value, with a combined RAV of EUR 14 billion, only behind National Grid. We will also integrate more than 2.4 supply points into the group. Moreover, the acquisition will push Iberdrola's consolidated RAV beyond EUR 50 billion, with 30% of the RAV attributable to the U.K. This is fully aligned with Iberdrola's 2026 strategic plan and accelerates its regulatory asset targets, improving geographical diversification and increasing the weight of electricity networks in Iberdrola's business mix. ENW is also expected to add GBP 400 million of EBITDA and GBP 125 million of net income to Iberdrola's group. As commented before, Iberdrola will fully subscribe to a GBP 400 million capital increase that will be dedicated to strengthening ENW's balance sheet position by repaying debt. In the medium term, Iberdrola will maintain a prudent financial policy with a strong commitment to maintain its current credit rating with agency thresholds. Passing to the next slide, this transaction enables Iberdrola and ScottishPower to enhance its network operations in the future. These enhancements and potential efficiencies have not been factored into our announced price. There are a broad number of areas from where these efficiencies can be obtained: operational efficiencies, procurement efficiencies, and, of course, corporate and financial efficiencies. We have a long and successful track record in integrating companies into our group, taking advantage of each company's management best practices in the benefit of all our stakeholders. Moving to the last slide regarding timeline, and just to finalize, from a process perspective, we expect the following milestone. We have signed the contractual agreements today, and the transaction remains conditional only to the approval from the U.K. government under the National Security and Investment Act, NSIA, as a result of ENW's energy sector activities. No other regulatory approvals are required for completion. We will find as soon as possible the request for NSIA approval by the U.K. Secretary of State for Business, Energy and Industrial Strategy. In parallel, we will request clearance from the Competition and Markets Authority. This is a voluntary and non-suspensory filing, meaning that completion can take place before clearance is obtained. We expect to fulfill the NSIA condition precedent and hence transaction closing during Q4 2024. Finally, full CMA clearance is expected in the first semester of 2025. Now, I remain available to answer any questions you may have on this high-profile and transformational transaction. Thank you very much. Thank you, David. Now it's time for the Q&A. Please, operator, you can proceed. Thank you. Ladies and gentlemen, the Q&A session starts now. If you wish to ask a question, please press star five on your telephone keypad. We kindly request that you limit your questions to two per se. In case you wish to cancel your intervention, please press star five again. Our first question comes from the line of Alberto Gandolfi. Please go ahead. Hi, good afternoon, and thank you for taking the time to explain the deal to us. Just speaking to two questions. The first one is, can you please tell us a bit more about the RAV CAGR you expect now from this new U.K. perimeter, and what's the duration of this RAV growth? So what is the visibility you have on growth? It seems to me there's a super cycle in power distribution. Can you elaborate growth now? And is it possible to talk about the potential upside case, one that actually sees electrification kicking in, one that sees actually the power distribution grid becoming instrumental to connect, for instance, data centers? Maybe as part of the first question, if you can comment on any synergies we should think about. I'm using RAV growth as a proxy for profit growth, and if you can also maybe talk about synergies, more specifically quantitatively, so we can gauge the earnings. And the second question is about the financing. Should we expect incremental asset rotation to fund the deal, or is it asset rotation already included in the CMD you recently presented? And if it is asset rotation, can you please tell us, are you still looking at rotating minorities in renewables as it has been over the past few months speculated in the press? Thank you so much. Thank you, Alberto. Just starting from the second question, regarding the financing, it will be purely financed by cash available in our balance sheet. So we will not make any kind of capital increase or similar movement. We think that we have enough headroom for making this acquisition, especially after the Mexican disposal. Regarding other asset rotation, as I explained in London to all of you, of course, we have a target that is the target that we announced for the period is GBP 12 billion till 2026. Out of that, GBP 4 billion are still to be completed. But of course, as you know, we are working with Plan B and Plan C. Out of the GBP 4 billion, I would say that around 75%-80% is totally identified and advanced, and hopefully we can announce additional disposals before the year end. So in that regard, we expect not to do something in addition or something beyond, and the plan that we have, we think that we can fulfill our expectations. Regarding the growth expected, you are totally right. This is a very high-profile company with a RAV of approximately GBP 2.9 billion by March 2025, again within the RIIO-ED2 totally budget approved. In that regard, you must assume around GBP 300 million-GBP 400 million more of RAV on a yearly basis, okay? So it's a very incredible growth. What the company has suffered with more than 8% in a consistent way for the last few years. And in that regard, we think that the opportunities are still to come. Regarding data centers, it's important, as we explained in the page number wait a second, in the page number eight, that there is a non-regulated business. It's what we call IDNO. It's a non-regulated DNO where this company has strong prospects. You mentioned data centers. Would you know that we are working on different opportunities regarding data centers? For the time being, much more focused on Spain, but definitely this non-regulated business could be a good opportunity for us to explore those opportunities. And finally, regarding synergies, give us a few months to take control of the company. What we can assure is that the synergies are going to be significant considering where they are based and considering the bargaining power that Iberdrola has from the financing perspective and from the procurement perspective. Thank you. Thank you, David. Now, please, operator, next question. Thank you. And next question comes from the line of Manuel Palomo from BNP Paribas. Please go ahead. Good afternoon. Thanks for taking my questions again. I will [audio distortion] I will try to think about the operational. I was just asked about the operational efficiencies in a different manner. Could you give us any reference about any specific ratio comparing the recently acquired company Electricity North West and their assets that you have owned for a number of years in the U.K. that could somehow help us to identify or have a view on what could be the efficiencies? That would be the first one. The second one, with this acquisition, your weight to the U.K., and it's significantly higher than it was before. And I think that after the U.S., Spain is now the largest country. Could you think about maybe reducing investments in other activities within the U.K. or maybe thinking about, I don't know, any kind of transaction just to, well, not to increase too much the weight to the U.K., or you are happy or more than happy than increasing further that weight? Thank you. Okay. Thank you, Manuel. Of course, regarding the first question, the operational efficiencies, you know that in the distribution and transmission businesses it's not unusual that these efficiencies are not published yet. Please do consider also that we will have a partner together with us. So there are a few corporate, for example, corporate efficiencies that we need to discuss with them in detail. So in that regard, if you allow us, we will be a little more specific in the next few months, and once we can take the control of the company. Also, please bear in mind that, as I was saying, even that we don't need the CMA approval, we will need to maintain the company as it is for the next few months just to make sure we receive the final okay from CMA. So the company will be ours, but we cannot implement all the efficiencies till CMA is giving us a feedback. So please be patient. Sorry for that, but we will come back to you within the next few months. And regarding other alternatives in the U.K., as I was saying, the U.K. is presenting massive opportunities. As you know, we have several onshore and offshore wind farms, some of them with partners, others with them in which we are going to incorporate additional partners. So in that regard, I don't think that we will need to change the investment plan for the U.K It's totally the opposite. The U.K. is a country where we feel very welcome with a stable and predictable regulation in both networks and renewables. So in that sense, we don't expect to reduce investments in the U.K., even we have acquired ENW. Thank you very much. Thank you, David. Now it's time for the next question. Please, operator. And the next question comes from the line of Javier Garrido from JP Morgan. Please go ahead. Thank you. Good afternoon. Okay. So if I ask you two questions, the first one would be on the non-regulated businesses. You mentioned the potential for data center development in the future, but what is the current contribution to EBITDA of non-regulated business? And then the second question would be on the RAV growth CAGR. You have mentioned GBP 300 million-GBP 400 million annual growth. Should we assume that that is something that you can deliver now, I mean, starting from March 2025, or is this growth potential beyond ED2, beyond RIIO- ED2? And I ask you this because ENW has been growing, but at a much slower pace, if I am correct, in the last few years. So I wanted to understand if the ramp-up of growth of IR is going to be immediate or will require a few years to materialize. Thank you. Thank you, Javier, for your questions. Regarding the non-regulated business, please do consider that more or less we will have an impact on a yearly basis of around GBP 30 million-GBP 40 million, okay, in terms of revenues, I am talking, okay? So it's something that we will be growing quite fast in the next few years, again, because of all this development of data centers, all this development of electric vehicles, charging points, etc., etc. So in the U.K., there is a specific regulation for IDNOs, and one of the reasons to acquire ENW is exactly to enter with full speed in these adjacent businesses. Regarding the growth, to be honest, I don't reconcile what you said about the ENW has not been growing so much. As I was saying to Alberto previously, we are planning between GBP 300 million-GBP 400 million, quite a stable RAV increase in the next few years. Indeed, the budget for the RIIO-ED2 is already approved, and we will have totally certainty till 2028. So we have four years in front of us with full certainty about the RAV evolution. Obviously, we are very welcome, and we know very well of them. So in that regard, once the 2028 is coming, we will start negotiating as we have done in the last few years. And regarding the growth, as I was mentioning, the CAGR from 2023 to 2028 is going to be also at 8%. So not only is it going to be reduced, but considering that the base is increasing, and if we maintain that 8% CAGR increase, it means that the CAGR will be growing at least an 8% also compared with the RAV that we have. So in that regard, and sorry, and what we have is that this growth is going to be even slightly higher than what we had approved for our Manweb and SPD DNOs that we have, okay? Thank you. So next question, please, operator. Thank you. The next question comes from the line of Pedro Alves from CaixaBank. Please go ahead. Hi, good afternoon. Thank you for taking my question. Just on the EPS accretion from day one before synergies, I don't know if you can elaborate or give some guidance on the range of accretion that you are expecting and also on the spread of returns on invested capital over your cost of capital. Thank you. Thank you, Pedro. Yes, of course. We are, as always, as you know very well, we are quite conservative in how we calculate this EPS accretion. So considering all the debt that this company has, the price that we paid, and not including synergies and efficiencies, the EPS accretion will be close to 1%. Thank you. Okay. Next question, please, operator. Thank you. The next question comes from the line of Jorge Guimarães from JB Capital. Please go ahead. Good afternoon. I have just one question related to synergies. I understand you do not want to quantify them, but my question is, what is the risk that potential synergies are clawed back by the regulator in a future regulatory revision? Thank you very much. Thank you. Thank you very much for the question. I think that the way in which the regulator is applying this, the way they work is quite well known. So it means that you have the possibility or you have this RIIO-ED2 period where 50% of the efficiencies above the budget plan will be for the customers, and the other 50% can be captured by the company. So in that regard, obviously, what we will need to do is to continue making efforts and improving our efficiency. We will need to be more efficient, and we have no clarity what is going to be the next regulatory period, how the regulator is going to apply this efficiency. But what we can advance is that the last regulatory period, we are quite satisfied with the outcome, even when we also surpass, as ScottishPower, the budget that they approved for us. So in that regard, we expect that we are improving on a yearly basis, and those efficiencies are going to be captured by us till 2028. Afterwards, let's see what are the discussions with the regulator. Perfect. Thank you, David. Operator, next question, please. Thank you. The next question comes from the line of Deepa Venkateswaran from Bernstein. Please go ahead. Thank you for taking my questions. I had two questions. One is, I was looking at the Ofgem model which is disclosed, and it seems like the RAV numbers we would arrive would be slightly different, and the premium that we're getting is slightly different. So I just wanted to clarify that indeed you are reflecting Ofgem's latest model because I think the premium I calculate is more like 55% based on 2025 RAV and maybe 45% based on the 2026 RAV. So I was a bit confused. And also, from the Ofgem model, in this regulatory period, the nominal growth looks more like a 6% growth rather than 8%. So I was just wondering whether you're using a different starting point or indeed if you're assuming that there would be extra CapEx on top of what is included in the Ofgem model. So that was the first question. And secondly, obviously, this is a huge sign of confidence for the U.K. Transmission Distribution Network. Would you expect for RIIO-T3 Ofgem to improve the allowed returns for transmission based on compared to the early cost view that they provided a couple of weeks back? Thank you. Thank you, Deepa. So regarding the first question, it's totally right. The Ofgem model is public. Of course, if you divide the RAV that we're calculating for 2025, March 2025, it is 1.9. And you assume the total enterprise value of the company that will be 4.2, even not deducting the non-regulated business. That could be if we want to be more specific or we want to do this KPI calculation, it should be deducted, but even not calculating, it's around 1.44 times is what we disclose. It's true that obviously this model needs to be reviewed after in the next regulatory approval, but what we are mentioning is pure maths, okay? And regarding the new transmission topic, I think it's probably I will ask you to contact directly with the IR team in future calls because obviously this is not the purpose of this call. Sorry, I hope that you understand it. Thank you. Thank you, David. Please move to the next question, operator. Thank you. And the next question comes from the line of Ahmed Farman from Jefferies. Please go ahead. Yes, thank you. And congratulations on the material. I have just a few clarification questions. Maybe I can start with the synergies. I think you said 1% synergies, excluding any sorry, 1% EPS accretion, excluding any synergies. Can I just ask, is that financial year 2025, or is that financial year 2026? Could you just help us just understand it a little bit better given the timing that you have set out in terms of the closing of the deal? That's number one. Number two, I appreciate that you don't want to sort of go into too much into the synergies. But can you just talk a little bit broadly about the sources? You mentioned two earlier. You said financing and procurement costs, if I got that correctly. Could you tell us exactly sort of what is the sort of the opportunity there? Is there any expensive debt to refinance? Anything specific that you can highlight would be very helpful. And just one final quick one. Where do you see the net debt for FY 2025 for the business? Thank you. Okay. Ahmed, thank you very much for the question. Regarding the first question, it's 2025, okay? The 1% is 2025 impact. Regarding how we have calculated, and probably I can be a little more specific on financing efficiencies. This company is very, very well managed from a pure operational perspective, but of course, it was owned by a private equity mainly, financial investors mainly. So in that regard, the debt associated to this company is probably over or it has a gearing probably beyond what Iberdrola usually likes. So in that regard, that's why as a first stage, we do a capital increase of around GBP 400 million, reducing the gearing from 90% to 80%, okay? And we will continue incrementing the equity and reducing the debt. In that regard, we will finance much more in the future, the future RAV with equity unless with debt. And the debt that we can finance will be pure corporate debt of Iberdrola, so in order also to reduce the subordination. But regarding the pure efficiencies, assuming that we don't want to pay any kind of make-whole, we will wait till the maturity of the different lines, not trade lines, bond lines, etc. So in that regard, what we think is that before 2029, that is more or less when a part of those trade lines are going to expire, if we refinance with our current view, that cost, we will be saving around 20 basis points in a conservative scenario. So this is in a nutshell what we consider could be financing synergies. Regarding operational synergies, again, I cannot be more specific, but please do consider that the CapEx of this company is around GBP 300 million-GBP 400 million on a yearly basis, and Iberdrola is investing EUR 13 billion-EUR 15 billion on a yearly basis. So in that regard, the suppliers, we have made a preliminary analysis of the suppliers. We have made a preliminary analysis of how they buy, etc. Of course, we see clear efficiencies, again, to be implemented in the next few years. I don't know if the last question was relating the net debt of 2025. How is this going to affect? The net debt of Iberdrola? Of Iberdrola. No, the net debt of Iberdrola, I was mentioning, this is a GBP 5 billion enterprise value company with GBP 400 million sorry, GBP 4.2 billion pounds enterprise value with around GBP 400 million of EBITDA. So you can make your maths. Yeah. In any case, we will communicate the guidance for 2025 later on through the year as we always do. Okay. Thank you, David. Next question, please, operator. The next question comes from the line of Andrew Moulder from Credit Sights. Please go ahead. Yes, hi. It's Andrew Moulder from Credit Sights. Just had a couple of questions on the capital increase. You just said you're going to do it to reduce debt. I mean, when I look at the ENW annual report, net debt to RAV at the regulated entity is only about 54%. So when you say you're reducing debt, are you talking about targeting the debt that's at the MidCo structure there? Could you just clarify that, please? And secondly, I'm not 100% clear on exactly what role the CMA plays in this transaction. You said you don't actually need their approval, but then you said you couldn't start disclosing synergies until you get some feedback from the CMA. So could you just please clarify for me exactly what they need to say and exactly what you need to wait for from them? And finally, if I could just sneak in one more question? The non-regulated business, the IDNO, what exactly is that? What area does it serve? I mean, is it serving an airport, or is it serving an industrial park or something like that? Could you just clarify that, please? Thank you. Thank you, Andrew. So regarding the first question, regarding the capital increase and the debt, so the debt, again, as I was saying, is GBP 2.2 billion of debt by March 2024. The holding is around GBP 330 million, is what we will use the GBP 400 million to cancel the holding, so what is at the top of the debt. Then we have some MidCo debt with around GBP 650 million that, again, the maturity is 4-5 years, and those are the typical that we will wait till the end, till the maturity to replace by corporate debt. Again, if we see that there is an opportunity to cancel that debt before because the cost of canceling plus the cost of corporate debt is lower than the current cost, we will do. But in a conservative scenario for you and consider that for the time being, the interest rates are not being reduced, we prefer to give you that view. And then, of course, you have the pure OpCo debt that is around GBP 1.6 billion. So in that regard, the capital increase, again, is to replace the debt at the top, okay? Regarding the CMA, let me try a little more specific. So there is only one condition precedent, that is the NSIA, okay? This is a typical condition precedent that if you are investing in the U.K. in energy, you need to receive the approval from them. Usually, it takes a couple of months. So we think that we can be closing around October, this transaction, okay? Again, it's the unique CP, the unique condition precedent in the SPA. Then it doesn't mean because the CMA is not going to look at this transaction. In the U.K. regulation, you can close the transaction, but you need the approval from the CMA to start implementing the typical change in the governance of the company, to give you an example. So in that regard, from acquiring the company, from closing the transaction till achieving the CMA, the capacity to influence in the company is limited. It's limited. Of course, we have agreed on certain topics, on a budget, on salary payments, etc., etc. Everything is agreed, and they cannot surpass the manager. The current management cannot surpass those limits, but we cannot, for example, change the CFO. Just to give you an example, we don't want to change it. We like a lot the management, but it's just an example. So in that regard, we will not be able to implement all the efficiencies till at least we achieve the CMA. The CMA, what we are considering according to our lawyers, is that they will require us basically to maintain the reporting of ENW as a separate entity, which is fine because we have maintained SPD and we have maintained Manweb as separate entities for communication purposes. And regarding non-regulated, usually this is related to domestic and industrial commercial operations, EV charging points, electrification of the industry, etc., housing and construction, etc. So in that regard, what we want is to have the opportunity to start growing. For example, the airport of Manchester is an IDNO, but it's not part of ENW. They have their own distribution line internally. So in that regard, our clear idea is to grow in the domestic and industrial business and in the EV charging point as a first step. And potentially, of course, we are starting to look at the potential of data centers in the area, which is a very, very important and industrial area of the U.K., as you all know. Thank you. Thank you, David. I think we don't have no questions no more. Before the event finishes, let me remind you that you will have a replay on our website. We thank David for his participation in the meeting, and I finally leave the floor to you for final remarks, David. Thank you, Álvaro, and thank you to all of you for connecting to this call where we have explained this strategic and transformational deal for Iberdrola and ScottishPower. I hope that you can rest a few days, and I wish you a great summer break. Thank you very much for connecting.