Good morning, ladies and gentlemen, shareholders. I would like to begin this solemn act by thanking you for your participation in this ordinary general meeting of Red Eléctrica Corporación, S.A., which is to be held on second call. This year, the general meeting will be held in a mixed format, allowing both electronic and physical attendance by shareholders and their representatives of the meeting itself, without prejudice to participation by remote means of communication prior to the meeting. Seated next to me are the Chief Executive Officer, Roberto García Merino, and the Secretary of the Board of Directors, Carlos Méndez-Trelles García. I'm also accompanied by the other members of the board of directors who are in the room next to this table. Good morning, everyone. For the purpose of taking the minutes of this ordinary general meeting, we have, for yet another year, the presence of the Notary Public of the Illustrious College of Madrid, Eduardo Martín Alcalde, who is also present in the room next to the podium. I now give the floor to the secretary. Good morning, Chairwoman, ladies and gentlemen, shareholders. As As indicated in the official announcement of the called meeting, the Board of Directors of Red Eléctrica Corporación, S.A., at its meeting held on fifth of May 2022, resolved to call this ordinary general shareholders meeting. We will hold this meeting in accordance with the provisions set forth in the regulations of the General Meeting of Shareholders of the company, in its bylaws, and in the applicable legislation. As usual, the meeting can be followed live on the corporate website or deferred once it is over. We also have simultaneous interpretation in English and sign language interpretation into Spanish to facilitate the participation and monitoring of the meeting for those hearing impaired. I would like to inform you that in the event of a breakdown in the electronic communication systems and services, the meeting will be suspended for the time necessary to remedy the situation, and will resume immediately after the systems and services have been reestablished. In such a case, as soon as possible, the resumption of the general meeting will be reported on the company's website. That will not happen. We will now proceed to the constitution of the general meeting in accordance with the provisions of the law, the articles of association, and the regulations of the general meeting, and to the reading of the essential aspects of the proposed resolutions submitted for your approval. Afterwards, the Chief Executive Officer, Roberto García Merino, and myself will present the most relevant aspects of the strategy and management of Redeia during 2021, the results of which are presented to this meeting. We will then move on to the shareholders' turn to speak and answer any questions they may have asked, and end with information on the results of the voting on the proposed resolutions that the board of directors submits for your approval. They will be at your disposal in the room to answer any questions you may have during the speaking time. The Chairman of the Appointments and Remuneration Committee, Socorro Fernández Larrea, the Chairman of the Audit Committee, Antonio Gómez Ciria, and the Chairman of the Sustainability Committee, Carmen Gómez de Barreda, in case you consider it appropriate to raise any issues with them within the scope of the responsibilities of the respective committees. Both the announcement of the call and the corresponding proposed resolutions and reports have been made available to you on the company's website without interruption through the shareholder's office and at the registered office of our company, and their full text has been provided free of charge to all shareholders who have requested it. In view of their length, these documents are deemed to have been read in their entirety to the extent necessary for the proper conduct of this meeting. I would like to inform you that, as in previous years, an external audit of the procedures for the conduct of this general meeting is being carried out in order to enhance the reliability and transparency of its operation, including the process of counting votes and proxies of this meeting. The preliminary results of such audit will be published immediately on the company's website at the end of the AGM, and once the execution of the final tests is completed after the AGM, the final results of the audit will also be made public. In order to ensure proper exercise of shareholders' rights at this AGM, those who so wish may request a certification of their vote, which will be sent to them as soon as possible. Without further ado, the Secretary has the floor to report on the constitution of this general meeting. First of all, I would like to inform you that in accordance with the provisions of the articles of association and the regulations of the general meeting, Beatriz Corredor Sierra, Chairwoman of the Board of Directors, will act as Chairman of this general meeting, and I will act as Secretary in my capacity as Secretary of the Board of Directors. This ordinary general meeting of shareholders of Red Eléctrica Corporación has been called by the Board of Directors by means of an announcement published on the websites of the Comisión Nacional del Mercado de Valores and of the company itself on May fifth, 2022, and in the newspapers El País and Expansión on May sixth, 2022. It is hereby stated for the record that no shareholders have submitted any supplements to the notice of this general meeting or alternative proposals for resolutions to those approved by the Board of Directors in relation to the items on the agenda. This general meeting will be held on second call, given that the legal quorum necessary for its constitution was not met at the first call. The Secretary will now inform you of the list of those attending this meeting. Ladies and gentlemen, the attendance list is as follows. We have 309 shareholders, holders of 112,557,687 shares, and 2,132 shareholders holding 238,951,325 shares. A total of shareholders holding shares equivalent to a certain percentage of the company's capital are present and represented at this meeting. 2,441 shareholders holding 351,502,012 shares, equivalent to 64.9% of the company's share capital. After applying the legal limitations established in the Electricity Sector Act and the Articles of Association, the company's shares with voting rights are 517,633,367. Consequently, for the purpose of exercising voting rights, of the 112,550,587 shares held by shareholders present, 110,747,254 shares have voting rights. Of the 238,951,325 shares held by shareholders represented by proxy, two hundred and seventeen million three hundred and twenty-eight thousand shares are entitled to vote. In total, 328,055,379 shares with voting rights equivalent to 63.373% of the aforementioned shares of the company with voting rights are in attendance of this meeting. It is hereby stated that the treasury stock of the company amounting to 1.8 million shares has been computed for the purpose of calculating the percentages necessary for the constitution of the meeting. Although it has been excluded from the computation of the total number of shares with voting rights in accordance with the provisions of the legislation in force. For the purpose of exercising voting rights, the limitations on shareholders established in the Electricity Sector Act and the Articles of Association have been taken into account. Shares exceeding the legal limits have been taken into account, although these shares will not be taken into account for the purposes of calculating the voting percentages. The quorums required by the Capital Companies Act and the Articles of Association for the holding of the general meeting on second call and for the discussion of all matters included on the agenda is therefore met. For the purposes of being recorded in the notarial minutes, I hereby inform the shareholders that the list of attendees has been drawn up and recorded in computerized format, and that I will, in due course, write the appropriate identification on the cover of the corresponding medium with the approval of the chairwoman. I now give the floor to the notary to make the appropriate legal warning in relation to the list of attendees. I just wanted to say that if any of the shareholders attending or their representatives have reservations or protests regarding the number of shareholders attending and the capital present represented, please let me know by sending a communication through the corresponding section set up for this purpose on the telematic assistance platform of the corporate site, or if they are physically present at this meeting by approaching this table and stating so. I will include it in the minutes of the meeting. In accordance with the attendance data presented by the secretary, this ordinary general meeting of shareholders is declared validly constituted on second call to deal with the matters included on the agenda. I wish to indicate that this year, in accordance with the rules approved for telematic attendance of the meeting, in the event that any shareholder or their representatives who are attending telematically wish to intervene, and if appropriate, request information and clarifications on the items of the agenda submitted to this meeting, on the information accessible to the public that the company has provided to the National Securities Market Commission since the last general meeting was held, on the auditor's report, or if they wish to make any other proposals permitted by law, they must do so until 11:30 A.M. today in writing through the telematic assistant platform set up on their webpage and following the procedure established for this purpose and set out in detail in the notice of the general meeting and on the corporate webpage. Likewise, if they wish their intervention or the content thereof to be recorded verbatim in the minutes, they must have to do so expressly in the intervention section of the aforementioned telematic assistance platform set up on the website, communicating in full the content of their intervention. With regard to shareholders or their proxies attending this meeting in person, I would like to point out that if any of them wishes to speak, they may do so during the speaking time if they so request at the shareholder service desk set up in this room so that their details can be taken in order for them to be called during the speaking time to make any comments they deem appropriate. If you wish your intervention to be recorded in the minutes, you must make this known before the start of the meeting after identifying yourselves to the notary, who, as I indicated earlier, is located in this room next to this table. If you also wish the content of your intervention to be recorded verbatim in the minutes, you must provide it in writing to the notary before your intervention. In order to facilitate the smooth running of the meeting, I would ask you to keep your speeches brief. Furthermore, I would like to remind you that, as informed in the announcement of the call to this meeting, shareholders or their proxies attending telematically have been able to cast their votes on the proposals relating to items included in the agenda through the voting form enabled in the telematic assistance platform of the corporate website as of 9:45 A.M. Madrid time today, in accordance with the established operating rules. In accordance with the provisions of the procedure for telematic attendance of the general meeting, the voting process will end at the time indicated by me later during the meeting, once the secretary has read out all the proposed resolutions. On the other hand, if any shareholder or proxy wishes to have their abstention or vote against any of the proposals submitted for voting recorded in the minutes. They may notify the notary through the telematic assistance platform on the company's corporate website, or if they're physically present in this room, they may do so at the notary's table. To do so, you must identify yourself and justify the number of shares owned and/or represented with voting rights with which you are attending the meeting, as well as the capacity in which you are casting your vote, as shareholder and/or as proxy, and the direction of your vote. I also inform you that in accordance with the provisions of the regulations of the general meeting, the votes corresponding to all the shares present at this meeting shall be considered votes in favor of the proposals made by the board of directors, with the exception of votes against, blank votes, and abstentions expressly stated on the voting or proxy cards received prior to this AGM, and votes against, blank votes, and abstention expressly stated during this AGM by those attending the meeting, either telematically, by the procedure established in the notice of call, or by the shareholders attending physically, who must approach the notary's table for the purposes of the necessary identification. The secretary has the floor to read out the proposed resolutions formulated by the board of directors on the items on the agenda. As the chairwoman has already indicated, the content of the proposed resolutions to be submitted for approval of the informative matters included in the agenda are included in full in the documentation that has been made available to the shareholders. They are therefore taken as read, and I will now summarize the content of the essential aspect of each of them. Point one of the agenda: proposed approval of the individual annual accounts and management report of Red Eléctrica Corporación corresponding to fiscal year 2021, prepared by the board of directors at its meeting of February 22nd, 2022, and which has been duly audited by the firm KPMG Auditores. Point two, proposal to approve the consolidated annual accounts and the management report of the consolidated group of Red Eléctrica Corporación corresponding to financial year 2021, prepared by the board of directors at its meeting held on February 22nd, 2022, and which has also been duly audited by the firm KPMG Auditores. Point three, proposal for approval of the application of the result of the Red Eléctrica Corporación formulated by the board of directors at its meeting of February 22nd, 2022, and consequently, of the distribution of the profit for financial year 2021. Point four, proposal to approve the report of the non-financial information of the consolidated group of Red Eléctrica Corporación corresponding to financial year 2021. I hereby inform you that the statement of non-financial information contained in the aforementioned report has been subject to verification by the firm Ernst & Young. Point 5, proposed approval of the management of the board of directors of Red Eléctrica Corporación during the 2021 financial year. Point six, proposed appointment of directors of the company. Pursuant to the provisions of Article 197 B of the Capital Companies Act, this item contains four proposals to be voted on separately according to the following sections. Section one, to re-elect Socorro Fernández Larrea as an independent director at the proposal of the Appointments and Remuneration Committee for the term of four years established in the articles of association. Second paragraph, to re-elect Antonio Gómez Ciria as independent director at the proposal of the Appointments and Remuneration Committee for the term of four years established in the articles of association. Section three, to re-elect Mercedes Real Rodríguez Álvarez as proprietary director representing Sociedad Estatal de Participaciones Industriales for the term of four years established in the articles of association. Fourth section, to ratify the appointment of Esther María Rituerto Martínez as proprietary director representing Sociedad Estatal de Participaciones Industriales, agreed by the board of directors of the meeting held on May 5th, 2022, and consequently, to proceed with her appointment as such for the term of four years established in the articles of association. Point seven of the agenda, proposals relating to the remuneration of the board of directors of the company. This item is divided into two separate sections to be voted on separately. In the first section, the annual report on remuneration of directors 2021 of Red Eléctrica Corporación, approved by the board of directors at its meeting of February 22nd, 2022, is submitted for approval by the annual meeting. In the second section, the proposed remuneration of the board of directors for the 2022 financial years is submitted for approval by the meeting following a report by the Appointments and Remuneration Committee. The proposal then maintains remuneration of the board for the year 2022 in the same concepts and amounts as in the 2021 financial year and previous financial years. Point eight of the agenda, proposal for the appointment of the auditor of the accounts of the parent company and of the consolidated group for financial years 2023, 2024, and 2025. Given that the current external auditor of the company of the consolidated group, KPMG Auditores, will exhaust in the current fiscal year the maximum legal period of 10 years to perform its duties as external auditor, it is proposed to appoint the firm Ernst & Young as auditors of the accounts of the parent company, Red Eléctrica Corporación, and of its consolidated group for a period of three years, comprising fiscal years 2023, 2024, and 2025. Point eleven, proposed delegation for the full execution of the resolutions adopted at the general shareholders' meeting. It is proposed to delegate to the board of directors, to its chairman, and to the other members of the board of directors, as well as to the secretary and vice secretary thereof, to the fullest extent that may be necessary or appropriate in law, to formalize and notarize the foregoing resolutions until they are registered in the appropriate registers. Having concluded the presentation of the proposed resolution submitted for approval by the general meeting, the secretary will briefly report on the informative items on the agenda of the meeting. Tenth item on the agenda, information on the annual corporate governance report of Red Eléctrica Corporación corresponding to the 2021 financial year. The report was approved by the board of directors at its meeting of February 22nd, 2022, and communicated to the Comisión Nacional del Mercado de Valores, as other relevant information. For years, this report has had its own format prepared by Red Eléctrica, and the report is attached to it in accordance with the official model of newsletter March 2021 of the CNMV. The report has been prepared in accordance with the best international practices of comparable companies, contains an initial executive summary, as well as highlighted contents and direct links to the corporate website and documents of interest to complement the information and facilitate its reading. As usual, the report includes the most outstanding principles and practices of the year, followed by the company in matters of good governance. Once again, this year the report summarizes the most relevant aspects of the annual self-assessment process of the board of directors and sets out the forthcoming actions to be taken by the company in the area of corporate governance. The annual corporate governance report is available in Spanish and English on the company's website in the section containing the documentation of the general meeting made available to all of you. Next, at the indication of the chairwoman, and in compliance with the good governance code of listed companies, I hereby inform you that Red Eléctrica in 2021 has complied with all the recommendations of the aforementioned code that are applicable to it, with the following exceptions. Recommendation number one, which suggests that the bylaws of listed companies should not limit the maximum number of votes that may be cast by a single shareholders, has not been complied with. However, the report itself explains that all the shareholding limitations contained in articles 5 and 14, and in the sole additional provision of the articles of association, are a reproduction of the legal regime established by the Electricity Sector Act applicable to the company. Recommendation 48 has not been complied with, which suggests a large cap company should have a separate nomination committee and remuneration committee. As explained in the annual corporate governance report, the board of directors did not consider this operation appropriate due to the small size of the board compared to other large cap companies, and also because it has considered that a single committee can fully comply with all the functions that the law and the recommendations of code attribute separately to one or the other committee. With the exception of recommendation number 62, which has only been partially complied with, since although the recommendations that the executive director should maintain ownerships of the shares received as part of his annual variable remuneration for at least three years is complied with. However, with respect to this multi-year variable remuneration, given that the plan has a total duration of six years, no additional commitment has been established for the executive director to maintain ownerships of the shares beyond the aforementioned period. Point 11, information to the general meeting on the annual sustainability report of Red Eléctrica Group for the 2021 financial year. The board of directors of the company, at its meeting held on March 29th, 2022, approved the sustainability report of the Red Eléctrica Group for the 2021 financial year, prepared voluntarily by the company. The Sustainability Report of 2021 includes the main milestones, progress, and figures of the Red Eléctrica Group achieved in 2021 in relation to its commitment to Sustainability 2030, with the objectives linked to the four Sustainability 2030 priorities of the group, as well as in relation to the performance of the Red Eléctrica Group in the area of sustainability, which is also reflected in the various external awards and acknowledgments obtained in 2021 in this area. The report has been externally verified by Ernst & Young, whose report has been included as an appendix to the Sustainability Report 2021. The sustainability report is available from April 7, 2022, in the sustainability section of the company's website, as well as in the documentation of the general meeting made available to shareholders. Thank you very much, Carlos. Now I will share with you some thoughts on the strategic aspects of the companies and the group's business in 2021. The CEO will focus more specifically on these issues. Ladies and gentlemen, good morning. All those that are following us online and are here present, I'd also like to say to greet the members of the board and the top managers. The general shareholders meetings is particularly significant for the first time in three years, and since I have had the honor of chairing this group, the general meeting, like the rest of Spanish society, is returning to normality. A normality which will never return to a normality we once knew. Concatenation of unusual events in recent years, the global financial crisis, COVID, the war, has plunged us into a spiral of change at breakneck speed, and certainly has become the norm and has forced us to be prepared for the unexpected. We are at a historic crossroads where current global challenges merge and compound with new difficulties. In addition to the climate crisis, the main challenge of our time, the pandemic, the progressive de-globalization, increasing poverty, the democratic, demographic challenge, conflicts, polarization of societies, disinformation, and digital security, we now face the terrible consequences of the war in Ukraine. We never imagined that we would again experience the horror of war in the heart of Europe, but we have come face to face with a barbaric scenario that has now lasted more than 100 days, and whose impact is undeniable. Humanitarian crisis, geopolitical risk, international instability, turbulence in global value chains, threat of food shortages, and major tensions in the energy market that we are all suffering. These are undoubtedly large-scale elements that complete an extraordinarily complex equation that threatens to destabilize the path of recovery that began after the health emergency. At that time, the European Union and all its member states showed great unity and vision by articulating a sustainable recovery based on the dual green and digital transformation. We were firmly convinced that this was a way to a better future with a sustainable future. A year and a half later, we realized that these two major transformations, and especially that of our energy model, are also the only way out of the serious situation we are going through today. Because this unfair and unprovoked war has shown that the energy transition is now more necessary than ever. It is the key to Europe's autonomy and the antidote to our vulnerability. It is a fact that Europe has embraced from the outset of the aggression, reacting swiftly and firmly, and defending the values it stands for through unity and solidarity. The same spirit of solidarity led us European TSOs to work in record time in March to make the emergency synchronization of the Ukrainian and Moldovan electricity systems. Undoubtedly, an unprecedented milestone to safeguard the electrical security of our neighbor and people in need. During this time, the Union has worked hard with one main objective, that is to armor itself against the Russians' energy dictatorship. This effort has materialized in the REPowerEU plan, which is a firm commitment to a massive and much more accelerated deployment of renewable energies on energy efficiency and diversification of supplies. With this plan, the European Union will say goodbye to dependence on fossil fuels, the consequences of which, the exorbitant prices, are being felt by households and businesses across Europe. With REPowerEU, the Union is taking the necessary steps towards more affordable, and secure, and sustainable energy. Europe knows that this is the only viable way, and we must all contribute to making it happen as soon as possible. Spain, with its great renewables potential, can and should be the driving force behind this longed-for energy autonomy. This will not happen if we do not manage to increase our electricity interconnections with the continent, something that Vice President Timmermans has already acknowledged as urgent. Because it is undeniable that Europe needs Spain and Spain needs Europe. However, even today, the Iberian Peninsula is still an energy island. Spain is facing up to this reality with a great capacity for reaction and leadership, adopting far-reaching measures such as the Iberian mechanism, which will cap the price of gas to protect all consumers, particularly the most vulnerable. A historic milestone with which Spain proved that it was right to demand changes for a pricing system that is still inefficient. However, tackling the urgent does not mean postponing what is necessary, and that's why we must not forget that we must comply with the path set out that of our ecological transition. We have sufficient resources to accelerate the path in which Spain can already be considered a world leader. A solid and stable regulatory framework, thanks to an intense reform that has placed the energy transition at the heart of the recovery, and unprecedented resources, the injection of European recovery funds funneled through the National Recovery Transformation and Resilience Plan, and the strategic plans that the milestones achieved in the past attest to this commitment. In 2021, we have continued to drive forward the safe integration of renewables through the work of the CECOEL and the pioneering Renewable Energy Control Centre, now in its 15th year. In 2021, almost 47% of electricity generated in Spain was from renewable sources. This figure brings us closer to the 74% target set by the PNIEC for 2030. Of course, these records should not have been possible without the work of our professionals in the field of neutral management of access and connection, permitting for new renewable facilities. Their constant effort has resulted more than 4.5 new GW of these technologies and service. 2021 and early 2022 were marked by the transmission grid planning process, in which Red Eléctrica as system operator has actively participate, and which was finally approved on March 22. The result is a development process that is strategic for the future of Spain. It projects a cleaner, more connected, and more social and territorially collective country. Its implementation would allow renewable energies to reach 65% of the national mix by 2026. It will also be essential to electrify up to 30 railway axes and supply new industrial needs. This plan stands out for its innovative technical initiatives and for the collaborative way in which it will be carried out. Its design has benefited from the contribution of all public administration, sector agents, civil society, and prioritizes efficiency and improvement of existing installations with greater renewable resources and less environmental impact. The approval of this plan is also great news for Spain because it will have a very positive impact on its economy. It will save the electricity system, and that is consumers, over EUR 1.6 million per year. It will increase GDP in more than EUR 4.6 billion and will create about 80,000 jobs. Now, our responsibility is to execute it in the time and form, for which we need the collaboration of the administrations with processing processes that are rigorous and demanding as agile. Among all the actions included in this plan, I would particularly refer to the interconnection with France via the Bay of Biscay, an urgent project with which Spain will make progress in its integration into the European internal electricity market, achieving significant efficiency for the entire electricity system and consumers. Also noteworthy are the renewable corridors that will bring clean energy to areas of high demand, the links that will connect the peninsula with Ceuta and the Balearic Islands, the interconnections between Ibiza and Formentera, and Lanzarote and Fuerteventura, and the one that will connect Tenerife with La Gomera. All of these will make it possible to achieve the decarbonization targets in isolated systems as well. In 2021, we have already made significant progress in these and many other projects that our CEO will detail. You can imagine the enormous challenge of turning them from paper into reality. However, I'm expressing Red Eléctrica's commitment to ensure that each and every one of the projects included in this plan is undertaken in the shortest possible time. With this goal in mind, multidisciplinary teams are working in the territory hand-in-hand with regional and local institutions and stakeholders. With them, from close proximity, we practice a sincere active listening and put into practice an open and transparent dialogue, so that our infrastructures can have the most important authorization, the social license to operate. Only then will they be useful infrastructures for the communities we impact. We are determined to achieve this, and that will be the real success of this planning. 2021 has also been a great year for the progress of the first major storage project on the islands. Chira Waterfall power plant, a complex and highly advanced project that enjoys a technological patent and whose commissioning will be a guarantee of safe and clean energy for the Gran Canaria. Salto de Chira is a collective effort by administration, citizens, and companies, which I'm sure will go down in history as a milestone in achieving renewable energy in isolated electricity systems. These are just some of the verticals in which the group is working to contribute to reaching new heights in our country and the whole of Europe, and to which will be added in the near future the development of new vectors such as offshore wind or green hydrogen, in whose deployments the TSOs can and must play a very relevant role. We also want to help in the expansion of the so-called energy communities and the collective self-consumption, which will offer new opportunities for well-being and development to non-urban Spain. Of course, all this work is in addition to our main mission, that is, to guarantee a secure, high-quality electricity supply, a mandate that in 2021, we have again, once again fulfilled with peninsular grid availability of almost 99%. We will continue to do so no matter what, despite some unfounded rumors about the resilience of our system, despite adverse weather phenomena such as the Storm Filomena, and despite the imponderables that may arise. The operation and transmission equipment of Red Eléctrica will continue to be at the service of Spain and Spanish people. Together with ecological transition, the other great pillar on which our success as a company rests is the commitment to extend connectivity to enable true digital transformation. The digitalization process accompanying the ecological transition and the post-pandemic recovery is one of the main drivers of competitiveness in our time. Post-pandemic, it is experiencing an unstoppable acceleration, but it will not be completed without full connectivity. Therefore, the objective of our Redeia is to contribute to this great transformation, maximizing the potential of its assets and the synergies they generate. Through Reintel, we manage more than 52,000 km of neutral dark fiber optic networks in Spain, and we have the fleet of Hispasat satellites, which makes it the third largest European satellite operator of satellites. In 2021, we continued to make progress towards a goal set by a strategic plan of consolidating our position as a global essential communications infrastructure operator. The agreement reached with the U.S. and KKR, which the CEO will discuss in greater detail, is a response to this goal, offering Reintel a strategic partner, adding value to the group's telecommunications activity, boosting its development, and reinforcing the essential services we provide to society. However, the big challenge of this digital revolution is to guarantee the same effective digital rights so that everyone can take advantage of the opportunities it offers, regardless of where they live or their resources. Because we cannot allow digitalization to be another source of inequality. It is therefore critical to extend universal and inclusive connectivity, and in this mission, we must reclaim the important role that satellites are already playing. With its ability to cover large swathes of land, satellite reaches those places that fiber cannot reach, establishing itself as a powerful tool for integration. In 2021, almost 30 years after the launch of its first satellite, Hispasat is fully committed to this goal and becoming a broadband and video service provider. Its future Amazonas Nexus satellite, which will cover the entire American continent, Greenland, and the North and South Atlantic corridors to provide connectivity services in remote environments and air and maritime mobility service, will contribute to this goal. Hispasat is developing new services, such as Conéctate, to offer satellite internet of up to 100 Mbps and reduce the digital divide in the entire national territory, and not only in rural homes, but also in activities more closely linked to the primary sector. In addition, it's a strength in the position in the Americas, both the audiovisual field through the incorporation of the media network business and in connectivity solutions linked to the corporate sphere. In fact, the recent acquisition of AXESS will position Hispasat as a leading operator in the region in this vertical. At the same time, the company has continued to develop intense activity with Latin American governments to implement telemedicine and tele-education solutions to guarantee the extension of these fundamental rights in the most isolated and disadvantaged areas. In what concerns connectivity, in 2021, we have also explored new fronts to put our electricity infrastructures, our support, at the service of the deployment of 5G in order to accelerate its development. The reflection of the group's progress in 2021 is completed by the work we have done in the field of electricity infrastructure management in Latin America. Last year, we shared our knowledge with Peru, Chile, and Brazil, our knowledge and experience in electricity transmission. We manage over 5,100 km of line circuits in these three countries, where, as a result of a commitment to permanence, we continue to grow. This last May, we had the opportunity to reaffirm our commitment to the region during a visit I made to Colombia and Brazil, together with the CEO and the management team. There we learned the work that we're carrying out together with Grupo Energía Bogotá and Argo subsidiary, which will soon expand its activity by incorporating 322 km of 500 kV lines from the company Rialma Transmissora de Energia III S.A. All these initiatives to which I have referred to could not have been possible without the group's firm commitment to innovation and the work and passion of our over 2,100 professionals. Workers who I personally thank for their extraordinary work, vocation, and effort, demonstrating on a day-to-day basis, but also in extraordinary moments such as those experienced in recent times. Together with Elewit, in 2021, we have contributed to develop innovative solutions to resolve the challenges posed by the two missions we have in the group, to enable ecological transition and full connectivity. As a result, last year and in 2022, Elewit has promoted more than 120 R&D projects. It has launched its third venture client program and with new technological challenges, expanded the corporate venture capital, and has developed its first entrepreneurship to turn professionals into true protagonists of innovation. Elewit's disruptive, open, and collaborative approach was recognized last February by the Commissioner for Energy, Kadri Simson, whom we had the honor of welcoming to REE, where she was able to learn about the operation of the Spanish electricity system through our backup control center. All that has been described in this speech shows the impact of our activity on two great revolutions of our time, energy and digital. It is an impact that wherever we operate, leaves a footprint of particular value because of the way we work, driven by the values that have characterized us since our foundation: neutrality, independence, and a vocation for service, guided by a business model that has sustainability in its DNA. Sustainability is at the core of our strategy and purpose to drive the achievement of the SDGs and the 2030 agenda. Sustainability, the way we see it, seeks to improve the well-being of the communities in which we operate through competitive social transformation, generating value for neighbors, administrations, shareholders, investors, customers, suppliers, employees. It is a sustainability that fully incorporates the ESG vision to make the development of our activity and the generation of value compatible with the protection of social progress and transparent governance. These were the main lines of debate of the first sustainability conference held in autumn 2021, with which we opened up to society, academia, politics, and business, our consideration on recovery from an ESG perspective. In 2022, we will continue to deepen this analysis in the second edition of this conference next October, aimed at accelerating action for this recovery. We are certain that only this is the only way to be sustainable and profitable, because there's no economic profitability without social profitability. This leadership position of our group has been recognized in 2021 by prestigious international indices such as the Dow Jones, Euronext, FTSE4Good, and MSCI. That sustainably permeates all our activity. A tangible example of this is this very meeting, which, as in the past two editions, has been certified as a sustainable event by AENOR. In 2021, we have reinforced this commitment with significant developments detailed in our annual sustainability report, which is presented for the first time to this board. It is an exercise in transparency and accountability that has been in place for 18 years, making it one of the highest quality reports of the IBEX 35, according to that report. We are continually working on adapting our reporting model to the new features included in the proposed EU Corporate Sustainability Reporting Directive and defining an internal control system. Likewise, in the area of compliance, risk, and internal control, Endesa Electric has reinforced the due diligence processes with which we identify real and potential impacts of our activities on human rights. We have thus anticipated the proposal of a directive adopted at the European Commission last February to strengthen respect for human rights and the environment in the operations and governments of companies. Human rights are a fundamental pillar on which the group's values are based, just as ethics and compliance are for us, the cornerstone of the proper functioning of the business. Following the renewal in 2020 of the Code of Ethics and Conduct, in 2021, and according with the Whistleblower Protection Directive, we have completed the implementation of tools that reinforce the guarantees for users of the ethics and compliance channel available at the corporate website and the various companies of the group. Likewise, the group's policy map has been updated to ensure the alignment of its content with its culture of ethics and compliance and with the company's strategy. In addition, during 2021, an awareness raised and a training plan on ethics and compliance was implemented in the group staff. Allow me to highlight a few examples to reaffirm this exceptional performance of our group in the materialization of our commitment to ESG criteria. In the area of environmental protection, in 2021, we contribute to the fight against climate change by reducing our Scope 1 and 2 emissions by 42% against 2015. We have also taken the decision to increase our climate ambition, setting ourselves a target of reducing our scope 1 and 2 emissions by 55% in 2030, thus aligning ourselves with the targets set at the European and national level. We have continued to promote initiatives to preserve natural capital and protect and improve local ecosystems. Nearly EUR 27 million and 38 initiatives on biodiversity conservation, species recovery, and reforestation, among others. Firm in our intention to go one step further than what is required, in 2021, we also made progress in our aim to turn power lines into real ecological corridors. This is what we are doing with our pioneering grid grazing initiative, a more sustainable alternative for vegetation control under power lines using indigenous sheep and cattle. The International Union for Conservation of Nature is considering including it as a nature-based solution. For yet another year, we have continued to contribute to the protection of the environment through sustainable financing. As of March 31, 39% of our funding incorporates the ESG criteria. We were one of the first TSOs in the world to update our green funding framework to align it with the EU Taxonomy. In line with our green funding framework, we have already made two green bond issues, the second in 2021, which reached the value of EUR 1.3 billion. With regards to our social commitment, 2021 was the year in which we consolidated our new innovation strategy. We have set out to ensure that our electricity and telecommunication networks become true networks of life, so that in addition to offering essential services, they generate opportunities in all areas of the communities and inhabit the territories where we have an impact. We have articulated this new approach in four pillars that combat four inequality gaps. The first, our gender gap, to consolidate, create, and effective equality of opportunities inside and outside our group. We are one of only three IBEX 35 company presided by a woman. We continue to promote the leadership of our female professionals, with 50% of a board and executive committee and 34% of management positions held by women. We are also present in international equality indexes, such as the Bloomberg Gender-Equality Index and the Refinitiv Diversity and Inclusion Index. Our obsession is to continue to make an impact on this path. For this reason, we have recently approved a new integrity equality plan with new effective measures to support co-responsibility and selection, hiring, training, and promotion of women in sectors as highly masculinized as those in which we operate. Our intention is to tackle the problem at its root, so that the participation of women in scientific technological sectors increases and consolidates in the near future. We have just launched the RedeSTEAM initiative to promote scientific technological vocations in students in secondary education, whose call for application student process closes on June 22. I invite schools, teachers, and students to find out about this competition and to participate. The second, the territorial divide, to tackle the growing imbalance between urban and rural areas. Our company is deeply committed to the implementation against depopulation. This is the case of Holapueblo, which promotes rural entrepreneurship to help attract new residents to non-urban areas. Or RuralCar, which improves mobility in areas with poor land transport services. Or the Hacendera Solar in Soria, which was the first rural energy community. The third, the digital divide, to improve the digital skills of people living in rural areas and put an end to technological exclusion. We collaborate with Acción contra el Hambre, focusing on unemployed people in vulnerable situations, and we have just launched the Eje Digital for free training in digital skills for people living in non-urban areas with the help of this, Fundación Cibervoluntarios. Finally, the intergenerational gap focused on children and the young, supporting their employability. We participate in a pilot program, [Salto de Eje], which will train over 200 young people from Campo de Gibraltar in filmmaking. The next academic year, together with the High Commissioner against Child Poverty, we're launching a program in Granada to curb early school dropout rates, by offering scholarships to students. These four pillars comprise a new, strategic policy of the company that we will continue to consolidate this year. Our aim is to carry out 11 lines of social innovation to improve the quality of life of 500 municipalities in Spain. Finally, we must talk with our robust and transparent corporate system that follows the best international practice and recommendation that ensure the good governance of the company. All our progress in this area is included in the annual corporate governance report 2021, and without wishing to go into detail, I will briefly review some of them. For yet another year, we have consolidated our sustainable engagement with shareholders by holding our regular briefings with proxy advisors. As you know, as the proposal were approved at the last AGM in 2021, we have also revised the articles of association, the regulations of the general meeting, and the regulation of the board to adapt them to the latest amendment of the Capital Companies Act and that of the good governance code approved by the CNMV in June 2020. We have also drafted a new directors' remuneration policy effective 2024, which was also approved by the general meeting last year. In addition, the board has reorganized the composition of its committees to bring it in line with the latest editions while maintaining the majority of independent directors. In the beginning of this year, the board approved an action plan to promote the protocol for the relationship of directors with the professionals of group companies in order to continue with the process of cultural transformation and development of talent. We have also carried out a new annual self-assessment process of the board of directors with an independent external support with a corresponding annual plan that has been approved. The board has updated continuity measures, the contingency plans for the succession of the chairman CEO, the induction plan for new directors, and the annual program of board activities. It has also reviewed and updated the compliance, comprehensive risk management, corporate reputation, and sustainability policies. I will end this chapter by highlighting that, as you are aware and as stated in the agenda, the board has proposed to this general meeting the reelection of three directors of the company, Socorro Fernández Larrea, Antonio Gómez Ciria, and Mercedes Real, as well as the ratification as director, Esther Rituerto, who joined the board of directors in late May at the proposal of the leading proprietary shareholder. If the AGM so decides, this board will remain as the only equal board on the IBEX 35. All its members have the necessary experience and knowledge to continue to help our company meet its challenges. I'd like to send my personal thanks on behalf of the entire board to María Teresa Costa Campi for her human qualities and professional excellence, for the dedication, rigor, and hard work during the years she's been a member of our board, which has been decisive for the success of Red Eléctrica. Ladies and gentlemen, shareholders, today we are gathered at this meeting to talk about present and future, a present that is plagued by turbulence and constant challenges that daily put us to the test and set a new pace. In the face of this reality, it's clear to us there is only one possible path to respond with firmness and giving the best of ourselves without deviating from the mission that gives meaning to our era, to promote a sustainable, connected, prosperous, egalitarian, and cohesive future. This is what we believe at Red Eléctrica. As a global manager of essential electricity and communication infrastructures, we are an active agent of this change that is already underway, a condition that we assume with a deep sense of responsibility. We are firmly determined to carry out this mission, and therefore, today we take a step forward with a new milestone that we want to share with you. Today, we are renewing ourselves to continue moving forward, and we do so under a new brand that will drive our journey in the next few years. From today, Red Eléctrica Group is Redeia. This new identity takes off with the drive of the reality of our company. With Redeia, we clearly and unequivocally define and transmit who we are, a solid and diverse group at the benchmark in the energy and telecommunications sectors, an international group present in Spain and Latam, and firmly committed to the progress now and in the future. A group that, after successfully completing its corporate rephasing process, is moving forward with the strength of its five companies, Red Eléctrica, the Spanish TSO, Redinter, which develops our international business in Latin America, Reintel, which manages our dark fiber business and the 5G deployment network, Hispasat, the Spanish satellite company, and Elewit, which is now in its third year of providing its capacity for innovation inside and outside the company. This new brand reinforces our cohesion as a group and with our various businesses, separate and distinct, but aligned with our purpose, which we develop through responsibility and ethical leadership in each of the areas in which we operate. Redeia is also a true reflection of our trajectory, our vocation for public service, and commitment to the general interest. That is why we dare claim ourselves as the value of what is essential. We bring electricity to all corners of Spain, public services, institutions since the end of the last century, also making possible the digital transformation of our country by providing connectivity services through our fiber optics. More recently, the Hispasat satellites. During this time, we have shared our knowledge with Latin America and learned a great deal from the countries in which we operate, all with a commitment to, of innovation. Because today we are much more than a network. We are Red Eléctrica, we are Reintel, Hispasat and Redinter, and we are Elewit. We are energy, connectivity, sustainability and innovation. We are more than 2,100 talented people working every day on both sides of the Atlantic to promote well-being and social progress. 2,100 talents, who let me now address to all of them, the people of our group, as I always like to remember, you are the soul of the company. Today, for the first time, I say to you are the soul of Redeia. Redeia also speaks of the future, of what we are doing and to be, and we are going to do to build a better world. We will work tirelessly for it, guided by our strategic plan and throughout the five pillars of Redeia, our subsidiaries, which maintain their brand. Red Eléctrica, Reintel, Hispasat, Redinter, a new brand of our international subsidiary, and Elewit. Five companies that now, under the umbrella of Redeia's new visual ecosystem, update and modernize their emblems with a more digital, modern, dynamic and flexible approach. This new Redeia identity framework will not change. They remain true to their essence and with the same direction, to honor our past and forge our future. In short, this step toward that we are taking today neither changes nor transform us. The new Redeia accompanies the group in this new phase and in this great mission to promote a sustainable future. Together with this new identity, we launch an innovative visual ecosystem which goes beyond its shapes and colors. It evokes the fluidity and dynamism of the society in which we live. It connects strokes and light that inspire the network that saw our birth and brings us together. It represents the pioneering character of our companies. This new design reinforces the strength for which we are known and recognized, our commitment to sustainability, passion for innovation, and focus on people. Believe me when I say that we will work to ensure that they remain the main hallmark of Redeia's activity. This is the spirit of the new Redeia, which today more than ever, places the value of the essential at the center. Thank you very much. The time has come to move forward, to continue bringing people and essential services together. Because now more than ever, a network means so much more than just a set of lines that connect together specific points. It means electricity. It means connectivity. It means innovation. It means support. It means progress. The Red Eléctrica Group has now become Redeia. With our new identity, we will continue to evolve. We are showcasing a new identity that is more fluid, dynamic, and adaptable, progressing at the pace set by our society while staying true to our mission, guaranteeing the electricity supply and ensuring digital connectivity, services that are essential for our day-to-day life. Our new identity also reflects our key role in driving a green and digital transformation that is both fair and inclusive, and furthermore, contribute to social and territorial cohesion. We will do this through networks that contribute to enlightening, connecting, informing, helping, and uniting citizens. Neutral networks, an essential grid of more than 49,000 line km of electricity circuits, a network of more than 52,000 km of fiber optic cable and nine satellites in orbit. All this driven by a team of more than 2,000 talented professionals. The floor is now given to the Chief Executive Officer, Roberto García Merino, who will continue explaining to the meeting the most important aspects of the management of the company and the Red Eléctrica Group in 2021. Roberto? Thank you very much, Chairwoman, and a very good morning to you all. To shareholders, it is a pleasure to address you all at this general meeting to analyze the evolution of our company in the last financial year, sharing the most relevant aspects of management in a year in which we have laid the foundations of our 2021, 2025 strategic plan. We are focused on preparing for the exciting future that awaits this great group in the coming years. Globally, 2021 has been a year marked by increasing volatility and complexity, compounded by a series of events that have added further uncertainty and instability in the markets, such as geopolitical tensions, especially arising from the situation in Ukraine, the effects of the latest COVID variants worldwide, as well as the rise in the prices of raw materials and fuels, especially gas, a key element in the escalation of prices in the wholesale electricity market. These events are, to some extent, slowing down the growth and economic recovery that we had begun after the crisis generated by the COVID effect. It is at this juncture that Redeia is making steady progress to redouble its commitment to green and digital transformation as the only way to relaunch a sustainable, fair, and inclusive economic recovery, overcoming, not without effort, the current circumstances. We play a fundamental role in this transcendental process of the country, and we offer you everything that Redeia stands for. Most importantly, the work, commitment, and human and professional excellence of the more than 2,100 employees who are part of Redeia. The potential of our infrastructures and assets in both the electricity and telecommunications sectors. Finally, the experience of more than 37 years as managers of electricity and telecommunications infrastructures. Through Red Eléctrica, which will continue to be the backbone of the electricity system in Spain as transmission agent and system operator, and as such, a key player in guaranteeing a secure quality and increasingly renewable electricity supply. Through Reintel, as the largest provider of dark fiber in Spain, being an essential element in the deployment of the new generation of universal and inclusive connectivity. With Hispasat, which with its satellite capacity, will be one of the protagonists of the digital transformation in Spain and Latin America, and a key player in guaranteeing universal connectivity and overcoming the digital divide. With Redinter, our international team, through which we share with Latin America all of our knowledge and experience in the energy sector. Through Elewit, our technology platform, we provide innovative solutions to new challenges in the field of electricity and connectivity. With this potential, Redeia believes that our contribution will be essential to make possible the roadmap of the Recovery, Transformation and Resilience Plan, necessary to articulate a sustainable way out of the crisis while guaranteeing universal access to telecommunications. In addition, the new electricity planning 2021-2026, approved last March by the government, poses the important challenges to the company and is a key part of our strategic plan. This planning will be essential for the development of the energy transition and the achievement of a practically decarbonized economy in the coming years. The electricity planning envisages an investment of close to EUR 7 billion in infrastructures, which will enable savings of more than EUR 1.6 billion per year for the electricity system as a whole. Part of this investment is focused on maximizing the use of the existing grid, renewing and expanding its capacity by incorporating new technologies into the system. Upgrading the existing grid will involve 8,000 km of lines, plus a further 2,700 km of new lines and 700 km of submarine cables. In the coming years, we must implement a significant number of large-scale projects, such as interconnections with other countries, France, Portugal, Morocco, and Andorra, the submarine links between non-mainland systems, and the development of new hubs, with most of our investments being earmarked for the integration of renewables. To achieve this, we will have to evolve in our role as transmission company, making every effort to facilitate and speed up procedures and guarantee commissioning in accordance with the needs of the system with the utmost respect for the environment. The operation of the system will benefit from the planning as it will be able to count on new infrastructures and tools to manage its day-to-day operations and continue to meet the objective of guaranteeing security of supply, taking on the challenges of integrating all these investments proposed by the new planning in an efficient and safe manner. I am confident that we will make this planning a reality and fulfill Red Eléctrica's role as the backbone of the energy transition and a world reference in the safe integration of renewable energies. On the other hand, we will continue to place our telecommunications assets at the disposal of society to guarantee universal connectivity throughout the national territory, to allow access to telecommunications on equal terms in a neutral manner, and to contribute our capabilities to reduce the digital divide. These are challenges that we will tackle with the professionalism and excellence that have always characterized the team that makes up Redeia. This is the group's main asset, the talent of the more than 2,100 professionals who make it possible for this company to provide the countries in which it operates, the citizens and the productive fabric with essential services, social and economic development. This is what they did during the health crisis, and this is what they have continued to demonstrate in the return to normality. It has been a gradual return with strict compliance with health recommendations and in which we have prioritized the safety and well-being of employees. To all of them, thank you very much. Turning now to the management of our activity as operator and transporter of the Spanish electricity system during 2021, I would like to begin by highlighting the volume of investments linked to our activity as TSO, which amounted to EUR 425.8 million, 51% up on the previous year. One of the most important projects has been the progress of the Salto de Chira pumping station in Gran Canaria, on which we have already started work once we obtained the declaration of general interest and the administrative authorization for this new infrastructure, which will be fundamental for the ecological transition in the Canary Islands. The Salto de Chira plant is therefore one of the most important projects for the company, both in terms of its importance in advancing the integration of renewable energies in Gran Canaria, as well as its relevance in achieving the objectives we have set in our strategic plan. Other highlights of the year were the significant progress made on three new submarine links between islands, Ibiza-Formentera, Lanzarote-Fuerteventura, and the connection between Tenerife and La Gomera, interconnections that will decisively improve the security and quality of supply and facilitate the progress of the energy transition in the Balearic and Canary Islands archipelagos. It is also important to highlight the progress made in the processing of the interconnection with France via the Bay of Biscay, a project that responds to the need to continue increasing interconnection capacity with the European electricity system, which will be key to making progress in energy union in Europe and in achieving the planned decarbonization objectives. In addition to all these efforts, in 2021, we have continued to make progress in the sustainable development of the transmission grid, where we have made an investment of EUR 391 million, which has allowed us to put into service 206 km of circuits on 134 substation positions, largely intended for the connection of new renewable power and the supply of railway lines. I would also like to add that last April, we obtained the environmental impact declaration for the Spain-Portugal north electricity interconnection, a project declared of common interest by the European Union. We have made a presentation in the territory of the electricity interconnection that will link the peninsula with Ceuta. Both projects included in the 2026 electricity plan are a priority to guarantee the reliability and security of supply and to promote the integration of clean energies, thereby reducing CO₂ emissions and electricity generation costs, passing the savings on to consumers. For its part, the performance of the transmission grid in the 2021 with very high levels of service quality. The availability index of the national transmission grid reached 98.5%, similar to the 2020 index, which was 98.57%. By electricity systems, the availability index of the mainland transmission grid stood at 98.48%, while in the Canary Islands and Balearic Island grids, we reached 99.21% and 98.61% respectively. Furthermore, we can proudly say that we are decisively promoting the integration of renewable energies into the electricity system, contributing to the achievement of milestones as important as the one experienced last year, in which renewable energy sources reached their best historical record, representing 46.7% of all electricity production in our country, highlighting wind energy as the main source of generation and photovoltaic as the technology that most increased its production with respect to 2020. As you can see, all these facts highlight our commitment to the energy transition, which is the basis of our strategic plan, and in which we will focus all our efforts to ensure that it becomes a reality. Looking at our activities in the telecommunications and international electricity businesses, we would highlight the significant value contributed to the group by our diversification businesses. The year 2021 has seen the consolidation of Redeia as a key player in the telecommunications sector in our country. With Reintel, the largest operator of dark fiber optical infrastructures in Spain, and with Hispasat, the benchmark satellite operator with 9 satellites in orbit. In both cases, we have taken firm steps towards achieving our strategic plan. In the fiber optic business, I would like to start by highlighting the agreement reached with the U.S. fund, KKR, for the acquisition of 49% of Reintel's share capital for EUR 971 million, valuation with a multiple of more than 22x EBITDA, which highlights the enormous potential of Redeia's fiber optic business, which remains the majority shareholder in Reintel. This is an agreement that reinforces our leadership position and in which a partner such as KKR, with extensive experience in critical infrastructure investment, will enable Reintel to accelerate its growth by taking advantage of the multiple business opportunities expected in the telecommunications field in the coming years, such as the deployment of 5G. The transaction strengthens the group's financial capacity to, among other things, develop our strategic plan and its main objective, the promotion of the energy transition, for which the high levels of investment mentioned above are essential. Hispasat has also made positive progress in fulfilling its roadmap, designed to transform the company into a provider of managed broadband and video services. Hispasat closed 2021 with an excellent performance, thanks to its organic growth and the execution of the measures envisaged in its strategic plan. Among which I will mention the incorporation of a media networks business in Peru, which reinforces Hispasat's position as a benchmark operator in the video vertical in the region and constitutes the first major milestone in this program to become a satellite solutions company. A strategy that has recently accelerated with the agreement reached last March for the acquisition of the company AXESS Networks, which will consolidate Hispasat as a leader in the market of services for telecommunications operators, corporate networks, and public administration and government in Latin America. At the same time, the Hispasat group has become one of the main tools for universal connectivity in Spain through its wholesale rural satellite broadband service of up to 100 megabytes per second for 100% of the Spanish territory. All in all, it has been a good year for Hispasat, which had a complex time in the satellite market, and while finalizing the upcoming launch of the Amazonas Nexus satellite, has achieved total revenues of EUR 181 million, 15% up on the previous year. The net result amounted to EUR 55.8 million, of which EUR 44.6 million were allocated to dividends. The telecommunications industry is moving into a transformational environment, where global connectivity and the increased need for data are at the core of this change. Market growth over the next decade will be marked by the evolution of new business verticals, which will complement existing ones, using disruptive technologies, such as 5G. It is in this context that Redeia, through Reintel's fiber optic infrastructures and Hispasat satellites, can play a particularly relevant role promoting these new technologies to guarantee connectivity and access to telecommunications services for citizens in any part of our land. In our activity as a manager of electricity infrastructures at an international level, the good dynamics in the three countries in which we are present, Brazil, Chile, and Peru, are noteworthy, with the commissioning of the Centinela substation in Chile, which will improve the transmission grid in the north of the country and favor the integration of new renewable energy projects, being of particular importance this year. In addition, on thirty-first of January of this year, the acquisition of a Brazilian company, Rialma Transmissora de Energia III, was completed through Argo, a company in which Redeia holds a 50% stake. This transaction adds 322 km of 500-kV lines to the company's assets in Brazil, where it already manages 1,742 km of electricity networks, in addition to the 1,558 km managed in Peru and 1,491 km managed in Chile. In this context, it should be noted that investments in high voltage grids in Latin America are particularly relevant as one of the fundamental elements in the face of the growing climate crisis, and there are areas where the degree of development is low compared to other regions of the world, especially in countries such as Brazil, where there is a strong need for investment in the transmission grid. I would also like to mention our ongoing commitment to innovation, which we drive with the help of Elewit, our platform for innovation and technological development. In 2021, we carried out multiple initiatives, incorporating new technologies in collaboration with startups. Additionally, we invested EUR 2.3 million through technology-based investment funds, which in turn invest in startups of technological interest to the group. Overall, the group has made a total effort in innovation and technological development of EUR 11.4 million over the course of 2021. In this context, we have focused on launching pilot projects, particularly those aimed at facilitating the management of the electricity system in the energy transition process, and those aimed at reducing the digital divide and solving connectivity problems in rural areas in order to offer greater connectivity through satellite technology and 5G. In this line of promoting innovation, we have also launched an internal entrepreneurship program with the aim of boosting the talent of our professionals, making them the protagonists of innovation and offering them the opportunity to become entrepreneurs within the group. Another of our commitments during 2021 has been to ensure the soundness and balance of our financial structure, which will enable us to achieve our objectives at the end of the period. In this regard, of note was the issue of EUR 600 million green bonds with a 12-year maturity and an interest rate of 0.625%, as well as the new financing for Reintel for EUR 325 million, with a term of five years and a Euribor linked rate. In addition, we have updated our green financing framework to adapt it to the EU Taxonomy. This makes us one of the first companies in the world dedicated to the transmission and operation of the electricity system to submit the environmental sustainability of our activity to examination in order to assess whether it is in line with what the European Union has defined as sustainable. In this regard, it should be noted that the high voltage electricity transmission activity is classified in the taxonomy regulation as an activity that contributes to mitigating climate change, with 82% of the group's activity being sustainable according to this taxonomy. If we now analyze the evolution of the main financial figures, 2021 has been a year with a positive performance, as reflected by the good results obtained by the group in a year impacted by the reduction in regulated revenue in Spain due to the application of a more restricted remuneration framework. Thus, the group's net profit amounted to EUR 681 million, 9.6% higher than in 2020, and was particularly affected by two aspects. The positive results provided by our diversification businesses, mainly the satellite business and the positive contribution of Argo in Brazil. The reduction in the financial result due to the better interest rates in our financing operations. Revenues for the year amounted to EUR 1.983 billion, reflecting lower regulated revenues in Spain as a result of the application of remuneration adjustments. Such as the reduction in the financial remuneration rate applied to our existing transmission assets, going down from 6% in 2020 to 5.58% in 2021. The re-estimation of revenues associated with the system operator for the 2014-2019 period. This has been largely offset by revenues from the telecommunications activity, thanks to the contribution of Hispasat. The EBITDA evolution has been the result of this lower turnover and a certain increase in operating expenses due to the progress in maintenance work on critical assets to provide the network with greater security and reliability, as well as a certain increase in Hispasat's expenses linked to the development of new business lines and the incorporation of staff due to the acquisition of the business in Peru. This was partly offset by the positive performance of the results of companies accounted for by the equity method, mainly due to the contribution of Argo and Hisdesat. EBIT increased by 6.8%, marked by the effect of the impairment of assets in the satellite business in 2020. The financial result was EUR 19 million better than the previous year as a result of a lower average rate of 1.552% compared to 1.74% in 2020. Investments amounted to EUR 576 million, in line with the investments foreseen in the strategic plan for this financial year. Showing a significant progress in those earmarked for the Spanish transmission network, derived from certain acceleration initiatives that are underway. Net financial debt amounted to EUR 5,648 million, with a significant reduction of EUR 465 million compared to 2020. Its structure is characterized by a diversification of funding sources, with 81% of it at a fixed rate until maturity, and with a clear predominance of the euro against other currencies. In line with our commitment to maintain a solid credit rating, I would like to highlight the strength of our balance sheet with FFO to net debt solvency ratio of 20.9% and net financial debt to EBITDA of 3.8 x. This financial strength has been recognized by the rating agencies, both Standard & Poor's and Fitch, both giving us a credit rating of A- with a stable outlook. We already have 39% of our funding linked to ESG criteria, and we continue to work to increase this percentage, as shown by the aforementioned update of our green framework aligned with the European Union taxonomy. Furthermore, 45.4% of our shareholding corresponds to socially responsible investors, which is above the average for the sector. In view of the above, the board of directors has proposed for the approval of this annual meeting a final dividend of 0.7273 EUR per share out of the profit for the financial year 2021. This final dividend, plus the interim dividend paid in January of this year, 0.2727 EUR per share, represents the total amount of 1 EUR per share, in line with our commitment to our shareholders and the market. At the strategic level, 2021 has been a particularly relevant year in the deployment of our 2025 plan. The approval of the 2026 plan, the agreements with KKR for the sale of 49% of Reintel, and the good development of Hispasat's strategic plan, have meant the fulfillment of essential milestones to guarantee the good evolution of the group's strategic plan in the coming years. Particularly worthy of note is the approval of the 2026 electricity plan, with which we'll promote the execution of two fundamental actions to achieve the objectives of the plan. We will promote the investments included in this plan through decisive action in the territory, trying to speed up the granting of the necessary authorizations, and transmitting the advantages of electrical installations for society. The year 2022 will be a year of acceleration in the development of the plan. We estimate that in 2022, the investment in the TSO will amount to more than EUR 500 million, continuing with the increased investment plan that should lead us to meet the objectives of the strategic plan once the electricity planning has been approved. 2022 will also be a key year for boosting connectivity, where we estimate an organic investment in Hispasat of about EUR 110 million. The development of the Amazonas Nexus satellite accounts for over 80% of investment, being a key year in which the satellite manufacturing process will be completed and the final launch phase will be undertaken. In optic fiber, of particular note is the plan to renew the backbone fiber optic railway network, and we will begin to develop projects associated with the promotion of 5G technology by adapting electrical support for the deployment of initiatives with mobile operators and other telecom infrastructure companies. Internationally, we will continue to develop those transmission infrastructures in which the group is already positioned, with a significant volume of commissioning estimated by the end of the year. In short, 2022 will be a year of significant progress of a strategic plan in which important milestones for the group will be addressed, which will consolidate the good starting position to ensure compliance with our commitments. Concerning the objectives of the 2021-2025 strategic plan, after the first year of the plan, we continue to maintain the commitments made in February last year. The most important of these is the implementation of our EUR 4.4 billion investment plan, 75% of which will be allocated to the transmission grid system operation and storage facility in Spain. Based on operational financial efficiency, we maintain a target EBITDA margin of 70% in 2025, with solvency ratios of net debt to EBITDA of less than 5x and FFO to debt of over 15%, and with the objective of maintaining a solid credit rating during the period. Finally, we'll take into account a distribution of EUR 1 per share and at least EUR 0.8 in the period 2023-2025. As mentioned, Red Eléctrica will be the backbone of the energy transition in Spain with a strong investment plan marked by the PNIEC and the 2021-2026 plan. In addition, the impetus given by strategic plan, both from the telecom and international spheres, will allow the group to be in an unbeatable position in 2025 to address the major challenges we will face in the coming years in the electricity and telecom fields. This is our commitment, and we will work hard to meet the objectives we have set ourselves and to make the pillars on which our strategic plan is based a reality. Thank you very much. Thank you very much, the CEO. According to the agenda, we will now open the floor for the shareholders to speak. I am informed that there are no questions raised by shareholders through their telematic assistance platform. Neither do we have interventions of physically present shareholders. Since there are no questions of shareholders or proxies physically present, we will continue with the development of the meeting. As the secretary has already read out the essential aspects of all the proposed resolutions submitted for approval at this meeting, I hereby inform you that the period of shareholders present and represented to exercise their voting rights through the telematic assistant or physically present at this meeting is now closed. As you know, the term for voting will open on May 22, 2022. Now, we'll inform the general meeting on the results of the voting on the proposal submitted to this meeting. Next, the secretary will refer to the voting on the proposed resolution submitted by the board of directors to this AGM. Thank you, President. We have submitted to vote separately on each of the proposed resolutions in accordance with the item and sections of the agenda for the meeting, which I read to you a few minutes ago. Since the majority of shareholders present and represented have not expressed any objection, all the proposed resolutions are considered to be read out in full. In view of the information provided by the secretary on the votes cast by the shareholders, I hereby inform you that all the proposals made by the Board of Directors that have been submitted separately to this meeting for approval have been approved by a sufficient majority in each case. I would like to inform you that today we'll publish on the company corporate website the percentages and number of votes in favor, votes against, abstentions, and blank votes that have been reached in the voting of each of the proposals that have been just approved by this ordinary general shareholders' meeting. Once all the items of the agenda have been dealt with, the notary will proceed to authorize the minutes of this general meeting, which in the next few days will be available to all shareholders. In this way, ladies and gentlemen, shareholders, I would like to reiterate my thanks and those of the entire board for their participation in this meeting, both in person and virtually. It's a very special meeting for this group, which today begins a new era with its new identity, that is Redeia. Redeia expresses to the world who we are today, a large global group with a clear and transcendent purpose that is tangible in every project and initiative. Redeia is the impulse with which we're going to make possible the next few years the green and digital transformation in Spain and Latin America, through which we are already moving, and whose absolute necessity has become even more evident in the current international situation. Redeia is the impetus with which we'll continue to strive to demonstrate that the economic investment development can and must be compatible with social progress and the defense of the environment, with which we'll continue to fight for real and effective equal opportunity and continue to strengthen ties with the communities served by our infrastructures. These are the master lines with which the new brand merges to show that Redeia is sustainable energy and universal connectivity into the future that we want, a future wellbeing for everyone. This is the spirit of the new Redeia that we present to you today, of its five leading companies and of the more than 2,100 professionals that make up this great family, and to whom I now address. Without you, Redeia, Red Eléctrica, Reintel, Hispasat, Redinter and Elewit would not have reached the point, and only with you, they will advance along the path we have set. To all of you, thank you. You are an example of professionalism, passion, and dedication to service that inspires us all. Now is the time for action. Let's put the value of the essential at the center with Redeia. Thank you very much. This Ordinary General Meeting of Red Eléctrica Corporación, S.A. corresponding to the 2021 financial year is now closed.