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 2024 first half 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'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. We know that today is a complex day for all of you, and with several presentations of results still to come. This is why our event will last about 45 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. Good morning, everyone, and thank you very much for joining today's conference call. In the first six months of 2024, our reported net profit is up by 64% to EUR 4,134 million. Our reported EBITDA reached EUR 9,614 million, a 27% increase versus the same period of 2023. As you are informed, in the first quarter, reported results are affected by extraordinary items both in 2024 and 2023. In 2024, we have included the capital gains from the Mexico transaction, with a positive impact in EUR 1.7 billion on EBITDA. At the net profit level, the impact is EUR 1,117 million due to taxes and the provision already registered last year. Half-year 2023 results also reflected the non-recurring recovery of previous year retail deficit in the U.K., with a positive impact of EUR 337 million on EBITDA. Excluding all these items, recurring EBITDA grows 9% to EUR 7,897 million, driven by excellent operating performance in all businesses. In renewables, production has already all-time highs thanks to the increase in offshore wind generation and record output in Iberia. In networks business maintained its positive performance thanks to the tariff increase in the U.S., the U.K., or Brazil, and a further 7% increase in our asset rate base year-over-year. We have continued delivering on our plan with record investment of EUR 5,276 million, 16% more than the first half of 2023. We are already looking beyond 2026 to capture additional growth opportunities for electrification, which will drive a huge increase in investment needs in the transmission and distribution networks, making storage even more relevant to integrate a higher share of renewables in the system, and increasing electricity demand very significantly in all industries, especially in data centers. We continue combining growth, financial solidity, and shareholder remuneration, with FFO / Adjusted Net Debt at 25% and dividend up 11.4% year-on-year. As mentioned, the consolidation of the positive trends seen in the first quarter, plus additional investment, have driven a 10% increase in our recurring EBITDA. Net results reflect positive tariff adjustment in the U.K., the U.S., Brazil, as well as a 7% year-on-year increase in our regulated base to EUR 43.3 billion. In renewables, global energy production has reached a new record due to the additional installed capacity, including the full commissioning of our Saint-Brieuc offshore wind farm in France, and more than half of the capacity of Baltic Eagle in Germany, which will be fully commissioned between the third and the fourth quarters of this year. Iberdrola maintained its good performance, with pumped storage assets increasing its utilization rate to balance demand and production in the system, benefiting from price spread due to the higher volatility. Retail market conditions continue to normalize gradually in Iberia, in the U.K., and we keep increasing our long-term PPA portfolio with industrial customers and environmental and increasing forward price, as we see later. With the breakdown fully in line with the strategic priorities set in the 2024-2026 plan, 56% of the investment were made in the United States, with an increase of 53%, and in the U.K., with an increase of 29%, driven by offshore wind and new transmission infrastructure. Iberia represents 90% of the total first half investment, followed by Latin America, with 50%, and France, Germany, and Australia with under 10% together. By businesses, networks is already the first investment destination, with 51% of the total, reaching EUR 2.7 billion after a 23% increase year-over-year, driven by the new rate cases in distribution, and a 63% rise in transmission investment, mainly in the U.S. and U.K., to reach more than EUR 1 billion in the last six months. As a result, 38% of our total networks investment in the first half were made in transmission. All in all, networks asset base grew by 7% year-over-year, with a significant diversification across our core geographies. Asset base in the U.S. reached EUR 13.3 billion, followed by the U.K. with EUR 10.8 billion, Brazil with EUR 10.1 billion, and finally Spain with EUR 9.1 billion. Transmission already accounts for 23% of this total asset base. In renewables, investment grew by 10% to reach EUR 2,167 million after adding 3,100 MW of new renewable capacity in the last 12 months. Offshore wind already represents 41% of the total renewable investment, driven by the construction of Vineyard Wind 1 in the United States, Saint-Brieuc in France, and Baltic Eagle in Germany, with the remaining 59% focusing on offshore renewables and storage in the U.S., continental Europe, U.K., and Australia. The construction of our offshore wind project included in the 2024-2023 plan remains on track, with 2,300 MW in operation after the full commission of Saint-Brieuc. Total capacity is expected to reach 4,100 MW in 2026. Baltic Eagle in Germany, Vineyard Wind 1 in the U.S., will be fully contributing to the 2025 result, and East Anglia THREE in the U.K. and Windanker in Germany will be fully operational in 2026. This will drive total EBITDA of EUR 1.8 billion by that year, more than doubling the contribution we expect for full year 2024. On top of that, we continue working in growth opportunities beyond 2026, with 3.6 GW of projects participating in ongoing auctions. East Anglia ONE North and East Anglia TWO taking part of the CfDs in the U.K., with a total combined capacity of 1.7 GW, and New England Wind 1 and 2 in the multi-state auction in the United States, with 1.9 GW in total. The permits already received for this project and the progress in securing the supply chains place us in a very competitive position in both auctions. We are also securing future growth through seabed rights obtained at close to zero cost. Today, we have more than 10 GW of rights in countries like the United States, U.K., Australia, or Japan, all obtained under our strict proven approach, with an average deployment cost of EUR 50-100 kW, 5-10 times lower than the prices paid in recent auctions in Germany or the United States. Renewables continue showing strong performance for the total increase of 49% in hydro production in Iberia, reaching 12,500 GWh. Out of the total, more than 3,000 GWh came from production from our pumped storage facilities, which continue to rise year after year, independently of the rainfall conditions, playing an increasingly relevant role to provide stability to the system and generating positive margins between pumping during peak periods and production at peak demand hours. In our commercial activity, we have continued reinforcing our PPA sales, with 3 TWh signed in the last 12 months for a total multi-annual contract portfolio of 35 TWh per annum for the next years, with tier-one customers from sectors with increased demand like technology, food, retail, or automotive. After several years of market instability, we are now facing a more normalized environment, with forward markets showing an increase in prices and in demand as well for 2025 and 2026, about the expectation included in our Capital Markets Day of last March. Electrification is driving demand increases we have not seen for the last 15 years. The International Agency is expecting global demand to increase by more than 4% in 2024 and 2025, as I mentioned before. As a result, the need for more reliable grids than we anticipated is now materializing. Today, there is full consensus on the massive need for network investment. In this, the International Agency states network investment will double globally already by 2030. In Europe, the European Scientific Board, which, as you know, is an advisory body of the European Commission, has stated the EU needs to double investment as well. In the U.K., National Grid estimates the country must build, by 2030, 5 times more transmission infrastructures than in the last 30 years. The initial conditions for the RIIO-T3 framework, published last week by Ofgem, show that the regulator is aware of this need. As you know, we will send our plan by December, with a final decision expected by the end of 2025. In the U.S., transmission and distribution investment are already increasing by almost 50% in the last 5 years. Avangrid, in our particular case, investment has increased even more, almost doubling during this period. The EEI expects a further 20% increase in the last 2 years, and the Department of Energy has recognized that the transmission grid must grow by at least 65% by 2035. All this is creating good growth opportunities for Iberdrola in all our core geographies. In Brazil, the distribution concession for the next 30 years, with the Brazil renewal distribution concession for the next 30 years, with a very reasonable term signed by the President Lula da Silva, and we expect the signature of the new contract in the first quarter of 2025. Finally, in Spain, a consultation is ongoing to modify and eliminate the current cap on distribution investment. Electrification, together with a huge increase in clean energy to substitute fossil fuel plants, is making power systems more volatile in terms of energy flows due to renewable intermittency. This is creating a recurrent need for storage infrastructure to balance the system. If we look at the Iberian market, in the last 5 years, supply and demand dynamics have changed very significantly, resulting in an increase in day-ahead spread between central hours with high renewable factor and low demand, and morning and evenings when there is no solar production and demand increases. We anticipated the recurrent need for additional storage decades ago. As a result, today, we have now pumped storage facilities in operation with more than 100 million kWh of storage capacity that provide from EUR 300 million to EUR 150 million of recurrent EBITDA per annum. We have also 20 million kWh additional under construction in Iberia that will be in operation between 2026 and 2030, and more than 150 million kWh of additional projects. One of these projects, Alcántara II, with 16 million kWh of capacity, recently obtained EUR 45 million EU funds. We are also making investment in batteries in the U.S., U.K., or Australia, with plans to install at least 3,000 megawatts by 2030. Finally, we see growing demand prospects in sectors like data centers and electric mobility. Today, we have signed PPAs for more than 8 terawatt-hours per annum with major technology companies like Meta, Apple, Microsoft, Google, or Amazon to cover the demand of this data center in the United Kingdom, Spain, Germany, and the United States, where demand from these industries is expected to multiply by three by 2030. This new opportunity has led us to create a company to facilitate the construction of new data centers for our customers. The prospects for electricity mobility are also very positive. The International Agency estimates that by 2030, one of every five cars will be electric, driving a very significant growth in electric demand of 1,100 terawatt-hours. As you know, we are progressing in deployment of charge infrastructure, for instance, in Spain with a joint venture with BP. In the next six months, our cash flow reached EUR 11,362 million, almost doubling last year's figures. Excluding the cash received as part of the Mexico transaction in 2024, cash flow was EUR 5,125 million, 8% up in recurring terms. In our FFO projection, the debt ratio reached 25%. Last 17th of May, we held our annual general meeting in Bilbao with a quorum of 65% and an average favorable vote of 98%. Let me take this opportunity to thank again all our shareholders for their involvement and support. AGM approved an increase of 11.4% in shareholder remuneration to 0.558 EUR per share. Next July 29, we will pay a dividend complementary of EUR 0.351 on top of the dividend already paid of EUR 0.202 to complete this EUR 0.553 I mentioned before. The interim dividend, an additional EUR 0.05 per share paid in June. I now hand over to the CFO, who will present the group financial results in more detail. Pepe. Thank you very much, Chairman. Good morning to everybody. As the Chairman has said, in June 2024 versus June 2023, EBITDA reached EUR 9.6 billion versus EUR 7.6 billion, and net profit EUR 4,134 million versus EUR 2,521 million, growing 27% and 64% respectively. FX evolution has had a minor effect on results. Pound rose against the euro by an average of 2.8%. The real 0.9% and the dollar slightly depreciated. First half of 2024 EBITDA is affected positively by the sale of the Mexican assets for EUR 1.7 billion, registered as a lower net operating expenses. The impact post-tax is EUR 1,165 million. Negatively by the recovery of the retail tariff deficit for EUR 337 million in the first half of 2023. At the net profit, the impact is -EUR 558 million. In addition, in the second quarter of 2023, Iberdrola provisioned EUR 140 million of deferred taxes originated by the Mexican sale. This is obviously below the EBITDA level. As a consequence, on a recurrent basis, EBITDA grows 9% and net profit 24% versus 2023, although net profit growth compared to the first half of 2023 reported net profit is 18%. Following the trend of the first quarter, a 28% improvement in procurement costs, mainly energy production and client business, versus a much lower decrease in revenues, 14%, thanks to our fixed price sales, has driven a 3% increase in gross margin to EUR 12.5 billion, which is 4% if the EUR 337 million U.K. tariff deficit recovery and reconciliation revenues in the U.S. are excluded. As you can see in the slide, excluding Mexican capital gain, net operating expenses increased 7.7%. And 2.8% excluding not only the Mexican capital gain, but also reconciliation impacts in the U.S. due to storm costs that are recognized at the gross margin level, EUR 34 million of positive pension adjustment accounted for in Q2, and other minor impacts. Net personnel expenses increased 1.8%, but excluding the second quarter pension one-off in the U.K. and reconciliation impacts, net personnel expenses grew 3.5%. External services increased 11.4%, excluding expenses related to the Mexican transaction. Excluding also reconciliation impacts in the U.S. and other minor impacts, external services grew 1.7%. Other operating income included the EUR 1.7 billion Mexican capital gain. Excluding it, other operating income increased 3.7%. Levies reached EUR 1,466 million in the first half of 2024 versus EUR 1,658 million in the first half of 2023, positively affected by sentences in Spain, EUR 79 million of the Hydro Canon accounted for in Q1, and EUR 183 million from the Social Bonus accounted for in Q2. As you can see in the slide, excluding court rulings, levies grew 4%. The recovery of levies cannot be considered as an extraordinary item, as it is a recovery of past expenses recorded as recurrent in our P&L. Iberdrola has more court ruling spending that can impact positively in the levies amount in the future. Analyzing the results of the different businesses and starting by networks, its EBITDA grew 5% to EUR 3,269 million, driven by a higher regulated asset base and tariffs. In Spain, EBITDA fell 3.7% at June to EUR 814.5 million due to the EUR 27 million positive regularization of the investments recognized in the first quarter of 2023. In the U.K., EBITDA increased 18% to GBP 606 million, with higher contribution in transmission thanks to higher tariffs and higher asset base, and in distribution thanks to the new ED2 framework. In Brazil, EBITDA grew 3% to BRL 6,161 million, with higher demand more than offsetting lower inflation and lower contribution of transmissions due to the consolidation of the assets as part of GIC Agreement signed in the third quarter of 2023. In the U.S., U.S. GAAP EBITDA increased 14% to $1,023 million, driven by the contribution of the new rate cases, mainly New York, thanks to higher tariffs. IFRS EBITDA was 1% up to $673 million, improving the 15% fall in March, with higher contribution from the rate cases more than compensated negative timing effects due to IFRS accounting of costs, mainly commodities that will be recovered in the next months, and lower transmission revenues. 2024 first half results, or EBITDA, of energy production and customer business reached EUR 6.3 billion compared to EUR 4.5 billion last year, boosted by the already mentioned EUR 1.7 billion Mexican capital gain. Better performance, but partially compensated by a higher comparison base due to the EUR 337 million U.K. tariff deficit recovered last year. As you can see in the slide, first half of 2024 has had a better recurring operating performance than last year, 3% excluding the Mexican capital gain and 12% excluding also the impact of the U.K. tariff deficit. After the Mexican transaction, I want to point out that the business reached close to 90% emission-free generation in the first half, advancing in our decarbonization targets. In Iberia, EBITDA was EUR 2,486 million, 20.7% up after a good second quarter with lower procurement costs and higher manageable renewable production, more than compensating lower prices and lower nuclear output, and also held by the already mentioned court rulings. In Iberia, our non-emitting production reached 92%. In the U.K., EBITDA fell 23% to GBP 847 million, affected by the already mentioned first half 2023 positive one-off related to tariff deficit recovery, GBP 297 million or EUR 337 million, and another negative one-off issue at our offshore wind farm East Anglia ONE from EUR 69 million accounted for mainly in Q2, offsetting the recurrent positive evolution of the business with higher contribution in wind onshore and better prices. In the U.S., EBITDA increased 22.6% to $482 million, thanks to the positive performance of our flexible generation fleet and better prices that improved results despite the 1% lower production. In the rest of the world, EBITDA grew 48.5% to EUR 314 million, with a 34% higher production due to the gradual entry in operation of Saint-Brieuc offshore wind farm of around 500 MW and more onshore capacity installed in Poland and Australia. In Brazil, EBITDA decreased 1.7% to BRL 825 million as the contribution of 261 MW hydro assets following the swap with Eletrobras last year mostly offsets the lower wind and thermal contribution. Finally, in Mexico, EBITDA reached $2.1 billion. Excluding the capital gain, EBITDA reached $239 million, affected by the consolidation of the assets sold in February 2026 that still contribute around half of what they did before the sale. EBIT grew 40% to EUR 6.9 billion, including EUR 1.7 billion Mexican capital gain and 4.7% excluding it compared to EUR 4.9 billion reported in the first half of 2023, and a 12.4% increase excluding the U.K. tariff deficit recovery in first half of 2023. Depreciation and amortization grew 4% driven by higher asset base in networks and growth in renewables, partially compensated by an 11% lower provisions driven by a 16% lower bad debt provisions. Net financial expenses improved 25% to EUR 848 million. Non-debt related results got better by EUR 271 million, including EUR 29 million related to the social bonus court ruling accrued interest. EUR 115 million capitalized interest linked to work in progress that reaches EUR 14 billion and EUR 118 million linked to FX derivatives compared to last year. Debt related costs also improved EUR 8 million as a consequence of EUR 49 million reduction due to the lower cost of debt, minus 16 basis points to 4.89% despite the higher interest rates in first half of 2024, partially offset by a EUR 36 million increase due to the EUR 1 billion high average net debt versus 2023. During these first six months, Iberdrola has done very successful operations in the capital markets in euros and Swiss francs, which allow us to diversify the investor base as well as maintain the duration of debt. Our reported credit metrics improved mainly thanks to the EUR 2.7 billion decrease in our adjusted net debt to EUR 45.2 billion compared to December 2023. In the first half, strong CapEx, EUR 5.6 billion, and dividend payments, EUR 1.6 billion, have been more than offset by strong FFO generation, EUR 4.2 billion, and Mexican cash proceeds, EUR 5.4 billion. As a consequence, FFO over adjusted net debt reached 25%. Our adjusted net debt to EBITDA improved to 3.06 times versus 3.32 times at December 2023, and our adjusted leverage ratio decreased to 41.4% versus 44% at December 2023. Net profit, excluding capital gain from Mexico, increased 18% versus reported first half of 2023 net profit and 24% on a recurrent basis. And now the chairman will conclude the presentation. Thank you very much. Thank you, Pepe. Today's result confirmed a positive trend that we expected to continue during the rest of the year, driven by the impact of the tariff adjustment in the U.S. and U.K. and the higher asset base, the record renewable production with a strong contribution from pumped storage generation in Iberia, and capacity addition, mainly offshore wind with Saint-Brieuc in France, already fully operational. In the second half, we also see the impact of new investment in networks and renewables, as well as the positive contribution of our commercial activities, including new PPAs and increasing market prices and higher demand. All this is leading us to increase our guidance on reporting net profit for the full year to double-digit growth, excluding capital gains from asset rotation. And also, we expect these trends will allow us to continue beating our targets in the coming years. So now we'll be ready to answer any questions you may have for us. Thank you. The following financial professionals have asked the question that I will now put to the senior managers present at this event: Alberto Gandolfi from Goldman Sachs, Rob Pulleyn, Morgan Stanley, Meike Becker, HSBC, Fernando García, Royal Bank of Canada, Fernando Lafuente, Alantra, Manuel Palomo, BNP Paribas, Pedro Alves, CaixaBank, Gonzalo Sánchez-Bordona, UBS, Jorge Guimarães, JB Capital Markets, Javier Garrido, J.P. Morgan, Jorge Alonso, Bernstein, José Javier Ruiz, Barclays, Ahmed Farman and Arturo Murua from Jefferies, and finally, Marc Ip Tat Kuen from Berenberg. We would like also to point you out that we have concentrated the questions received so far by topic so that we can much more be efficient and keep to the schedule. If any of the questions you have asked remain unanswered, this pending question will be done for you by the IR team. Now we can start with the Q&A session. Thank you. First question is related to the guidance 2024. We have received several questions about the guidance for 2024 on issues like the drivers for the upgrade, the baseline used on the expected evolution of the second half of the year. So, as I explained, our guidance for full year 2024 is now double-digit growth, as I mentioned. Our capital gains for asset rotation. In the comparison, the reported profit is the reported net profit of a fourth of what we have in 2023. And when we say double-digit, obviously we expect growth will be intense. That means that the second half is going to be as well as good as it was already the first one. And why is this upgrade? First, because we have a first good half, which is above initial expectation. The second is the consolidation in the second half, the trends already observed in the first half for plus the new investment we are planning to make this year, which altogether is going to be close to EUR 12 billion in 12 months. Also, in networks, we have the new rate cases. Last year, we already started in May. Now it's going to be applied during the second half completely. In production and customers, it's the new capacity. The power hydro, I mentioned that this is something which is becoming structural, positive structural for us, which is a recurring business. And so I think that for the second half, and I think these trends we expect to continue in 2025. I think the additional investment we are making in networks and renewables are going to generate new returns, higher prices and demand as well increases, as I was mentioning before, and a better interest rate environment. I hope that the rate of interest, as expected, will continue to slow down as well. The street is asking if now we have closed the Mexican transaction and given the existing room in our balance sheet, will you do a large M&A transaction? Specifically, they would like to know about our interest in the British ENW. In connection with this M&A topic, could you please provide some details on the situation of the buyback of Avangrid's minorities? So on ENW, as you know, that is a competitive process. Of course, the company is interested. This company is interested for us. But as we had always done, we will maintain our prudent approach and profitability requirement. I think we are going to bid for it, but in a very, very reasonable terms. The process is now currently ongoing, and I think I will update you as soon as there is any new information. Related to Avangrid, the things are moving forward on track. So we have already the board has already approved the offer. It was already a very transparent process on this one. Now we are going through the regulation approval process. I think either the FERC, either regulatory commissions of the different states where we have presence. We have a continued dialogue with the SEC. I think the questions they've already passed are very reasonable, very similar to those, which is not not special. And same thing with regulators. All are giving us the indication that we will be closed before the year end. Next is related to elections. There have been different questions on recent and future elections in the U.K. and the U.S. with the potential Trump comeback. What is your view on how do you think it will affect Iberdrola's renewables development plan? We are already closely working with the new Labour government. I think yesterday we attended a meeting with the Prime Minister. We have been attending meetings with Rachel Reeves, which is the Treasury Secretary, with the Minister of Trade and Business. And I think the engagement with the government since the election has been and the message we received for all of them are very consistent. So they are already very much focused in industrial strategy as a key pillar of this government. They are very focused in more investment in renewables and networks infrastructure to promote growth. So I think they are insisting on that. Yesterday, the Prime Minister even was mentioned ScottishPower as a pioneer and leader in decarbonization and the energy transition. They are planning to accelerate permitting to make already that happen. They announced that they are going to make changes in tax policies. And more than all, I think is my perception and what they said is they would like to be very much business-friendly. So we will continue meeting with them in the next few weeks. And that is what I can say from the moment about our relation with them. In the case of the United States, I think the relation is going to be November. So it's but I think we have a track record of working with administration from both parties. So, for us, we've been with either Democrats or Republicans on this one. You have to be aware that 80% of our business in the United States is networks. And the networks, the regulation depends on the states. So it means I think we have already in this case is the election probably is going to affect at all to our business. And in renewables, our investments are already benefiting those ones which are in this moment in construction or completed is benefiting our IRA credits. But I think these IRA credits have been either approved in most cases, even cash. So which and I think it's 10 years we've been utilizing those ones. It's not new for us that one. For the new investment, we will be depending on the policies of the new government. Our expectation is positive, but I think we will see. So we have always invested heavily under different administrations. And I think we hope that we will continue in the same track as well in the future, independently who will be the winner. Next is regarding the production in Spain. We have seen that solar production in Spain has decreased even though we have more installed capacity. Are you having curtailments or other technical issues? Additionally, nuclear production has decreased 17% versus 1H 2023. Are they scheduled shutdowns? So the first thing is technically we have not had curtailments. I think curtailments happen when the system operator forces generators to stop production. That has not already happened to us, and that is very unusual in Spain. So first thing. The second one is our plants produce or stop depending on the market condition. And I think even the nuclear power plant and traditionally we are not stopping. Now, as well, we stop complying, of course, with the regulation or we diminish the power depending on the market condition. I think in the moments of low prices, what we have already done is to increase the contribution of our pump and hydro facilities, which I think they are needed for balancing the system for supply and demand. And also we have already obtained a good spread between peak and off-peak. That's why our pumped storage has become a recurrent business independently of the high or low rainfall. I think that is something which I would like to insist on that one. Traditionally, pumped is already used when they are already in a situation of low rainfall, and we've been already using the existing water up and down. Now we see then independent of that one, I think we can use our facilities on that one. The fact this year in 2024, as you have already seen, we have already produced more than 3 GWh, which is 7% more than previous year when it was dry. Yeah, it was not rain. We had not much rainfall. And I think it's and also we are already that's why we have new storage in construction. But I think the fact is the 16th one, the expectation is they will contribute on the range of EUR 3 million-EUR 150 million per annum bidder, which I think that is a very solid and growing business. And I think our expectation is this trend continues during the next year. But I would like to be clear. We have not curtailments technically talking about. And when this happens, it's very unusual in Spain. We have not had any of those ones. We stop our plants or we reduce the power of our plant when the market conditions are not already as good as needed for the proper return of those power plants. Next is regarding the competition in Spain. How is the increasing competition in retail affecting your customer numbers and retail margins? And how worried are you about losing customers? So I think it's. I'm repeating for the last 24 years the welcome competition. I strongly believe in competition. I think competition is something which is welcome. It forces the people to use their brain for having good ideas and for trying to do the best for achieving the target. So it's clear our country in Spain and then the rest of the countries' new entrants. They are gradually increasing the number of customers they get. I think that is obvious. But as well, they gain they are losing as well. I think they are gaining, but they are losing. The fact the record we have already, the churns that they had are huge. So in some cases, more than 100%. That is public information. So which I think that is the rules of the market. Nevertheless, I can already would like that you remember that we had in the last year, we have increased our number of customers. So since 2022, we are increasing the number of customers. We continue being leader in Spain since this moment. We have more than 10 million power contracts in this moment in the country. And now what I can tell you is thanks to this competition, we are using our, let's say, talent for designing new products and services and taking some marketing action, which are resulting very successful. So our churn is very low and our loyalty of our customers are increasing. Next is regarding the regulatory frameworks in the U.K. and Spain, especially in the U.K. and Spain, which will review the regulatory frameworks in the following one month. How do you see the evolution of both regulatory discussions? So in the case of the U.K., we are now in the process of the negotiation of the new regulatory period of transmission, the RIIO-T3 from 2026 to 2031. The process is a process which starts now and will end by end of 2025. So it's a long period of that one. It's true that the Ofgem has already published recently the range of returns for our investment of our regulatory asset base for this period, 2026 to 2031, which is higher than the existing T2. That shows that the regulator is aware of the huge investment requirements is needed to attract the capital for making this investment, which I advance to you, which is going to be much, much bigger than those ones we are making at present. But I think I insist on that one still, that is in the process. There are a lot of things, issues to improve. But I think as many analysts is commenting, the returns, which even if they are better than those what we have at present, I think should be higher for already promote the investment and to raise the money which is required for this huge investment we need to make. We are going to present our business plan in December 2024. And this is going to contain, as I mentioned, to contain a huge investment for the period 2026-2031, which is much, much bigger than the present one. But as I said, the final decision is going to be by the end of 2025. In Spain, the current cap for investment in the distribution is in, let's say, in discussion. Also, as well, we are in a process of talking about the rate of return for the next period. As you know, the investment levels in this moment in Spain is insufficient. So it's needed more than that one. It would like to reach the target of the energy climate plan, and the investment has to multiply by three. So it means and I think the removing the cap is crucial on that one. As well, I think remuneration, as I mentioned for Britain, has to be in line with the other comparable countries. It would like to attract the massive capital requirement needed on this period as well. But we have seen positive signals. So the Spanish government recognizing this need of networks investment, which I think that's positive. Next question is number eight is regarding Vineyard Wind 1. There has been an issue with turbine. How will this affect the production of the wind farms? Does Iberdrola have any liability? Will GE provide any warranty? So I think this project, as you mentioned, is under construction. I think now in the case of the blade, it's under GE control. They are the suppliers. It's their control. I think, according to the information we got from GE and the analysis they make, the root cause of this incident is not related to design, but it's a very specific issue in one particular blade in the manufacturing of this particular blade, which I think is that makes them we are quite satisfied. Of course, we have guarantees from Iberdrola. Nevertheless, the construction continues in the rest of the installation. So I think we are not to stop the installation of cables, of foundation, of whatever another thing which is needed for this process. Next are regarding financial topics. First is the guidance net debt for the year 2024. Where should we expect net debt for 2024 to be? Financial expenses clarification. Could you explain in more detail which are the main currencies affecting the FX derivative results? Moreover, could you give more color on what is included in other category in the same slide? Okay. Yeah. In terms of net debt, as we have been commenting in previous results presentation, we are expecting to end the year with a net debt of around EUR 47 billion. That is what we expect. Regarding the impact of FX derivatives, there is an important part that has to do with some hedges that we did with the Mexican transaction that are fully compensated at the end, and I see that there is also a question about the tax rate that are compensated at the tax rate. We have to recognize the positive at the net financial expenses and the negative in the tax rate due to accounting considerations. What I can tell you is that at the net profit level, the impact of FX is negative for the group in EUR 40 million. The FX impact at the net profit compensating at the tax levels compared with the FX derivative positive side in the net financial expenses is a minus EUR 40 million that also is part of the increase in the tax rate that you are seeing in the first six months. The FX in the first six months of the year for the group is negative for EUR 40 million. Regarding other, as I have mentioned and as I have explained, basically it's two parts. EUR 29 million that has to do with the interest, accrued interest of the court rulings that have to be recognized at the level of the net financial expenses. EUR 20 million and around EUR 115 million that has to do with the capitalized interest. Taking into account that at this moment the group has a record investment in process of EUR 14 billion. Obviously, as all these investments start to be in operation, obviously these interest rates will be part of the traditional cost of debt. The final question is related to today's hot topic in the market, data centers. What would you be what would be your business model to monetize this new trend? So I think demand, as you know, of data centers is booming, and that is going to accelerate with artificial intelligence. So in the case of the United States, data centers will account close to 10% of the total electricity demand by 2030. Even it's going to be more, which is more than tripling the actual levels. Globally, demand as well in another country will more than double by 2026. So I think that is a real, real driver for demand increases. But as well for the need of the investment in grid infrastructure. It's not only a question of power. It's a question of power. It's a question of access to grid. So I think it's good for us in both sense, in the sense of having new demand sources and having already the opportunity of expanding our grid for those which require to be connected. So which I think that is one of the reasons why in some countries the investment in grid and grid infrastructure is already being more and more promoted as we've been mentioned in the U.K. or United States and probably in Spain as well in the future. So but I think that is not new for us. We anticipate this trend. In this moment, we have more than 8 TWh per annum signed with Amazon, Meta, Microsoft in different countries. So I think probably Amazon in this moment is our large customer in the group. And that is going to increase in the coming years. Because of our relation is so close with these companies, is why we would like to facilitate the installation of their new data centers using our skills in different countries. That's why we started that in Spain. What we have already created a new company, which is well advanced, which I think in the next few weeks probably you will know more details about that one. I think we are already just promoting, developing, and preparing with all kinds of means for facilitating that these companies have the means for installing their own data centers in the places they will require. That we start with Spain, but I think there are other opportunities as well in the United States and the East Coast, mainly Oregon. We have a big presence in the West Coast and the East Coast as well. In U.K. and probably in other countries as well. I think now for us, that is not new. We are already with selling a lot of energy to these ones, especially in the States and in other European countries as well. I think we are trying to facilitate and we have already created a company in Spain for facilitating the installation of those one, providing all the service they require for putting their equipment inside of the proper centers. But we are preparing for them. Just a reminder, we are going to host a webinar on September the 16th about the data center topic. Now, please let me now give the floor to Mr. Galán to conclude this event. So thank you very much for taking part of this conference. As Ignacio mentioned before, our investor relations team will be available for any additional information you may require. Let me wish you a very nice holidays. Thank you very much and see you soon. Thank you.