Good afternoon, ladies and gentlemen. This is the Chorus Call conference operator. Welcome and thank you for joining the presentation of A2A for the results of the first half of 2022. After the presentation, there will be an opportunity to ask questions. At this time, I would like to turn the conference over to Mr. Renato Mazzoncini, CEO of the A2A group. You have the floor, sir. Good afternoon, everyone. I think you have received or seen the presentation. I will go through the presentation very rapidly so that we can then have a Q&A session. Let me tell you that we are very good because of the results of the first half of 2022. Page three of the presentation, you see a number of highlights of the period under review. Now, we always have the two pillars, energy transition and circular economy. As to the energy transition, we have completed the upgrade of the Cassano d'Adda plant. 70 MW have entered the capacity market with delivery in 2022. We have accelerated the use of renewable energy sources. As you know, we completed the acquisition of 3New & Partners and 4New of Ardian. Since we have completed the acquisition of Volta Green Energy as well, these are developers. At this point, we have the initial outlook of this investment through the Mattarello plant in Sicily, which is a wind plant, 30 MW, where we have orders, and we start the EPC part of the construction. As to the networks, what we can say is that we now have up and running the substation, the primary substation of Rozzano. Please remember that in our plan, we have a strong investment and enhancement and strengthening of the electricity network, with the installed capacity from 1.7-2.7 GW. Milan is here very important to contribute to the energy transition process, and therefore to enable further electrification. We have, as in the pipeline, the construction operation of another eight primary substations. Very technical things, but with a good impact. We have completed with a lot of satisfaction the closing for the sale of minor non-strategic assets, one to the consortium of Acea, Ascopiave, and Iren, that offered an enterprise value of EUR 127 million with a good contribution of 30% to the RAB. These were minor items. These are gas items where we have minority stakes, and there was no goal to further invest in the gas networks of those areas. As to the circular economy, we have signed an agreement with BTS, an agreement with on biogas partnership, that has been reported in the press quite widely. The goal is that of constructing and developing together these plants, and we have a strong commitment on biomethane, and therefore we believe this partnership can further enhance and strengthen this development. We continue our commitment as well for the water purification cycle. We have opened another purification plant for 6,000 inhabitants in the Brescia province. As to sustainable finance, that you see at the bottom of the slide, 55% of our debt is now aligned to parameters, to ESG parameters. You know that we have a plan to make this value grow and to reach 80%-90%. In particular, by anticipating the 2023 targets, we have issued a sustainability-linked bond of EUR 500 million and a green bond of EUR 600 million. EUR 1.1 billion of sustainable finance linked to ESG parameters. Page four of the presentation. Now, these are the highlights of the period. MSD margin, which has grown considerably versus 2021, EUR 370 million. Capacity market, which has entered the new plants, which we didn't have last year. The scenario effect, where I guess you have a few questions to ask later on. The scenario effect has played positively. The scenario effect and the volatility of the market has then given us the possibility to have very good results in our trading portfolio, EUR 46 million, and then the disposals of the minor non-strategic assets. On the same slide, you also see the downside of the period, which represented by the margins of the energy and gas retail. Well, this can be explained clearly, but we shall see this later on. The hydroelectric production affected by the drought, -36% of hydroelectric production. The gas distribution, where we have a regulated WACC, which is lower than expected. Government measures, the law decrees issued at the beginning of the year, and then the Ristori decree and, you know, the tassa sugli extraprofitti decree or the windfall tax on excessive profits, while these decrees, we should see later on, have had a limited impact. Page 5, you see the results, which I guess you have already seen from the press release. Let's look at revenues, which at the moment are only source of problems. What is to be outlined, perhaps, is the EBITDA, where versus 2021 has grown. Both the reported and ordinary EBITDA has grown by 3%, which shows that a company like us, because of different businesses, can have a natural hedging among different businesses. The downsides that we have seen, like the reduction of energy and gas retail margins, are compensated, made up for by the positive results of our other business units. Now, overall, we have a net income, both reported and ordinary net income, which are very similar to the value of the same period in 2021. There are certainly differences that we shall get into later on, specifically. Let me tell you that last year, within the net income, we had a number of tax-related items, which in 2022 we had asset disposals. We'll clarify all this. As to the net financial position, as you can see on the slide, bottom right, you see a change by EUR 409 million sub versus the same period of last year, which is related to the change of the scope of consolidation. Now, in this period, the acquisition of 3New & Partners and 4New and Volta Green Energy, minus the disposal of minor assets, brings about a difference that you see here, which mostly explains the overall difference in the net financial position. Page 6 of the presentation, you see what we said before, that the different business units kind of make up one for the other. You can see that the EBITDA is going well, but we have a compensation of generation, waste, smart infrastructures is helping make up for the loss of the market, -113. The EBITDA is growing, thanks to the electricity production of WTE and in the smart infrastructure. We have positive results, because of the sale of heat from district heating. Now, all of this, thanks to a tight control on costs, and thanks also to the improvement of operating activities and the overall work of all the business units, lead the EBITDA to be improved by EUR 19 million between the ordinary EBITDA of 2021 and the ordinary EBITDA of 2022. I'll ask Filippo to give us the detail of the different business units. Thank you very much, Renato. Let's move on to page seven, generation and trading. Here, we have recorded a very good performance, which, together with, smart infrastructure and the waste, environment, has allowed us to make up for the contraction of the market. In the second quarter, biogeneration has confirmed a similar growth that we had recorded in, Q1. Biogeneration in, Q1, reported EUR 41 million, +EUR 44 million recorded in Q2. 57% overall of growth, EUR 85 million of ordinary EBITDA in, first half. Now, Q1 saw an improvement, of same as last year, thanks to the capacity market, the contribution + EUR 25 million. The trading portfolio, which, in, the, first quarter, recorded a EUR 27 million of contribution. Three factors. First of all, the volatility observed in the commodity market. The second, the exceptional price levels recorded in 2021 already, and then a short liquidity recorded in some moments of the quarter. Then we have a positive scenario, which is covered by our own hedging, EUR 5 million in the period, and then EUR 4 million related to the contribution of the wind and photovoltaic plants related to the acquisition of 3New & Partners and 4New second quarters. Such effects were made up for by minus production hydroelectric power, - 31%, EUR 40 million. Now, if we look at the main drivers of this growth, 57% of the ordinary EBITDA are related to what we can see here, EUR 148 million, so with a growth of EUR 44 million. The capacity market, EUR 60 million. We have then the +EUR 44 million of trading and the positive scenario, EUR 31 million. On a six months period, minus hydroelectric production, 670 GWh have impacted negatively EUR 70 million. Let me also report a negative effect on the gas portfolio, which is related to the energy scenario. To the generation in the first half of 2022, the group has a hedging position of 60%, fixed price coverage, has a sales price of EUR 60 per megawatt hour, whereas CCGT, 50% hedging and a coverage spread of around EUR 10 per megawatt hour. If we look at 2023, the fixed price generation, hydroelectric, 50% with a sale price of EUR 130 per megawatt hour, whereas the CCGT production, 6%, and the spread, which is above EUR 10 per megawatt hour. If we move to page eight. Now the market. Page eight, you can see the difference, EUR 113 million, of which EUR 88 million in the first quarter, -EUR 25 million in the second quarter. 80% of this reduction is related or is due to the first part of the semester. In the first quarter, we had an absorption of margins and then a positive impact of inflation. I do apologize, but the speaker is reading a text which I do not have, and it's full of numbers. Please, can you please communicate? I'm having difficulties following him. Total customer base on the mass market has gone above EUR 3 million, EUR 2 million on the free market. The fundamentals of this business unit are very sound. Overall, the main drivers of this reduction are related exclusively to a reduction of unit margins, EUR 110 million. EUR 38 million had already been budgeted and will be reabsorbed between this year and the next two years. EUR 60 million of this reduction are related to the different profile of customers between what was actual and what was planned, and this is mainly due to a very high and volatile price context. EUR 22 million are related to what we paid to Terna. EUR 15 million of positive impact are related to the commercial activities. The operating costs related to higher activities of the period, costs went up by EUR 13 million. Let me move on to the next slide, page nine. The waste business units confirms the very good results of the first quarter and an overall organic growth of 26%, 42%, EUR 42 million EBITDA growth. Q2, the energy scenario has provided a contribution of EUR 11 million, was partially made up for by the lower availability of WTE, Brescia, and Acerra because of maintenance, EUR 4 million. The net contribution of the WTE of the group was positive, + EUR 7 million. The growth drivers in this six months were waste treatment with a greater results, EUR 44 million more than last year. Waste collection - EUR 3 million. The drivers are mainly cost increase for the fuel of our vehicles and the loss of a tender in the Brescia municipality at the first of January 2022. Moving on to smart infrastructures. Now, here you can see a growth there by 3% organic growth, EUR 9 million absolute values. In Q2, the growth was similar to the one recorded in Q1. Let me remind you that here we had a growth by EUR 5 million and in the second quarter, it grew by EUR 4 million. Heat and public lighting, very good results, that was made up by the contraction of gas, because of the lower regulatory WACC approved by the regulator at the end of 2021, and because of higher concession fee, because of the ATEM of Milan. In the first half of the year, there is a positive contribution on the reported result, a EUR 50 million one-off relating to the accounting of previous tariff items related to 2010, 2011 for the HS ATEM water cycle. Let's move on to the next slide from EBITDA to net income. The P&L recorded a net income profit of a lower profit versus the same period of last year. EUR 13 million of D&A above what we had, EUR 351 million because of the CapEx or investments made in the period and because of the acquisitions made. Then greater net provisions, EUR 10 million. Such change is related to a provision to risk provisions because of the increase of revenues of the companies, of the retail companies, especially the energy companies, which were partially made up for the releases because of the increase of rates. At this point, I'd like to point out the policy of risk provisions. In the first half of the year, there is no delinquency rate on the part of our customers, and the cash, you know, the part of customers are quite good. Page 12 of the presentation, you can see the CapEx and how these have changed. Despite the fact that 2021 was a particularly good year when it came to the growth of investments versus 2020 and also versus the history of A2A, we closed the first half of 2022 with a further growth of industrial investments. You can see that the growth is limited when it comes to a maintenance CapEx, whereas we have quite a good portion of development CapEx, around 6% of the overall CapEx, with a breakdown of CapEx, meaning 80% of CapEx connected to SDGs. On the right of the slide, you see that the two business units where most of the CapEx were made are the networks and waste. In the waste business unit, we have a number of plants that are being completed. For instance, Parona, La Chiarella and the Cavaglià plant for the treatment of urban waste, and then a good progress in Brescia on the fumes line to recovery heat for district heating and a number of minor plants. As to networks, we continue to make strong investments in water and electricity network for the reasons I mentioned before. This leads to EUR 241 million of investments related to the infrastructures. Now, the breakdown between energy transition and circular economy keeps the proportion we have in the industrial plan. 60% of the CapEx related to energy transition and 40% related to the circular economy. Here, you need to remember that we have investments made in water and district heating. At this point, let me ask Renato to move on with the next 13. Here you can see the net free cash flow starting from EUR 708 million of EBITDA. We reach a net financial position variation of -EUR 474 million for the following reasons. Change in net working capital, EUR 108 million. Such change was negatively impacted by an increase in gas inventories, increase or change in oil and coal prices. Inventories because volume effect. Now this negative impact was made up for by debts and lower credits for retail gas and district heating because of seasonal effects and commercial credits. We have other debts. Now this cash generation shows other liabilities and assets, EUR 290 million. Now, there are a number of factors, mark-to-market commodity prices and increase of tax credits. The M&A perimeter has a negative impact of EUR 490 million. Here you have acquisitions of renewables and others made up for the sales of non-strategic gas assets, and then EUR 463 million of cash out and dividends at EUR 203 million and EUR 221 million positive contribution of a property disposal. Now, EUR 269 million are related to temporary effects that we should see in the next slide. Here you can see page 14 of the presentation. You see the temporary items related to the working capital. These are mainly due to government measures, EUR 269 million. Then we have government measures, EUR 130 million, and scenario volumes, EUR 139 million related to the sales and purchase of commodities and stock of raw materials. You see the impact, EUR 139 million net of these temporary effects. Considering the positive contribution of property disposal and the change in perimeter, we get to a -EUR 17 million versus EUR 148.84 million of the previous year. Well, let's now proceed with the last slide, where we confirm the guidance for 2022 that we gave you at the beginning of the year. You see the EBITDA range of EUR 1.4 million-EUR 1.45 million, and the net ordinary income between EUR 330 million and EUR 370 million. At this point, Renato, I would ask you to start the Q&A session. Okay. We can now start the Q&A session. Let me remind you that the conference call will last at the most for an hour. This is the Chorus Call conference operator. We can start now the Q&A session. The first question is by Javier Suarez of Mediobanca. Good evening, and thank you very much for the presentation. I have a few questions to ask. The first one is on the debt. I was wondering whether this impact that you see a temporary effect, the deterioration of the working capital. What is your expectation from here to the end of the year? Have you seen an improvement? What is in your view the best expectation for the temporary absorption of the net working capital? Do you have a reasonable guidance to give us when it comes to the net debt by the end of the year? What do you What about the net debt EBITDA ratio from here at the end of the year? Second question, on the supply business. There has been a deterioration in Q2. The situation is still very difficult. The company in Q1 said it would launch a number of managerial action to improve the situation. Can you give us greater detail of your commercial activities? You are growing the number of customers. What kind of actions are you going to take in the second part of the year so as to make sure that the supply activity goes back to become profitable? Second thing, can you help us understand the adjustment that you make between the adjusted net income and the reported net income? I think EUR 186 million of difference. Can you please detail those amounts? Thank you very much, Javier. Now, the first question on the debt. I will leave the floor to Patrizia so that she will answer clear. As to the temporary effects, I think there will be a recovery by the end of the year. As to prices and government measures, it will depend on the scenario. We hope that if things go well, it will project on results at the end of the year. As far as the you know volatility of the market, it's difficult to make forecasts in this moment. If the price problem you know kind of resolves, all of this will disappear. As far as, I think that the effects are lower than we expected. As to the guidance on the debt, by not considering a hybrid issue, the markets in this moment do not allow us to go on with this initiative. We expect to have a net financial position around EUR 4.6. That would give us more or less 3.1, which means that we would have been able to manage the lack of issue of the hybrid debt with the good management of cash. As to your question about supply, I confirm what we said during the conference call of the first quarter. Considering what was occurring, we had a number of actions, or we launched a number of activities to recover the situation. We have had no unilateral resolution of contracts. Now, we had envisaged a certain unbalance with the biannual fixed price contract, which give us a little difference between EBITDA 2022, 2023, and 2024, partly, and which explains a part of the difference that we had already factored in our plan. What is occurring in this moment is an unbalance due to a greater consumption of customers that have a low fixed price contract. We have renegotiated 80% of the contracts with meaningful customers, and this will have an impact on the second part of the year. The churn effect, we've had a reduction of the churn rate from 15%- 10%, which has brought about a further unbalancing. What we are doing at the moment in order to make our customer base grow, we have now gone beyond the 3 million customers. We have more than 2 million customers in the free market, so this is the obvious result of our activities. We have reduced the indexed contracts, I have to say, to the favor, the benefit of customers. In this moment, blocking the price at such high prices would not be, you know, favorable to them, nor would it be favorable to us. Such is a kind of a win-win solution that help us not to have further risks. Let me tell you that we expect a considerable recovery in the second part of the year of the supply margin, supply business margin. This is one of the factors that allow us to confirm the guidance. I ask Filippo to answer another question. Thank you very much, Javier, for the question. As to 2021, EUR 330 million of the reported data, the ordinary net income is adjusted by EUR 138 million. This is due to stabilization of the benefit of deferred taxes of last year to align the tax balance sheet. Then here, you need to take into account EUR 23 million of withholding tax and EUR 7 of third party's rate. EUR 138 million of overall adjustments. As for the first half of 2022, reported net income of EUR 138 million- EUR 168 million. EUR 142 million as stabilization of ordinary items. In particular, EUR 108 million of net capital gains because of property sales, EUR 34 million of capital gains for the disposal of non-strategic items. Two items that make up EUR 1.9 million of lower taxes because of the government measures, and another item of EUR 9 million reimbursement of IRAP taxes on previous years make up for the other EUR 9 million. Thank you very much. The next question by Stefano Gamberini with Equita. Now, good evening, everyone, and thank you for allowing me to ask questions. I have a few questions actually to ask. This guidance of EUR 0.467 billion of debt, very interesting. We are more or less at the same level that we are now. Second part of the year, what kind of CapEx level are you going to have? There is also, in second part of the year, the factor related to taxes. Working capital. Let me explain. If I understood well, the issue was the price level of commodities. In Q3, commodity prices have further gone up. If we consider a gas scenario, electricity scenario, that goes on like this in the other parts of the year. I'd like to know what is going to happen in terms of, you know, net income, and how do you explain this based on the scenario that you projected? Risk on hydroelectric production. You mentioned a coverage of 8% fixed price for the second part of the year, then you said 90%. What are the terawatt hour that you sell at fixed price for hydroelectric production, and how many do you expect to actually have? What is the unbalance risk, meaning losses, like, the ones that happened to Enel. Do you have a contingency plan about this? Have you somewhat worked out how to avoid buying on the market of the electricity that you cannot produce for EUR 100 per megawatt hour versus EUR 70 at the moment? What kind of solutions are you taking into account for your debt? You have a strong CapEx. You have a very interesting dividend policy. How can you manage all of this during 2023? In particular, I wonder what kind of investments are you making? Are you going to reduce investments? What about your dividend policy? Is that at risk? Because I believe your main objective is to remain investment grade as a company. Now, let me take your first point, and I'll split it in three parts. Certainly the overall CapEx between industrial CapEx and M&As. Well, this is what we are trying to use to keep debt under control. A couple of figures. 2020, EUR 900 million. 2021, EUR 1.7 billion in 2021. 2022, our budget was above EUR 2 billion, so EUR 400 million more than 2021, made partly between industrial CapEx and M&As. EUR 1.3 billion M&As, EUR 800 million of industrial CapEx, EUR 1.3 billion of M&As. Now, the M&As deals that we have done are certainly satisfactory strategically. Thanks, 3New & Partners and 4New and Volta Green Energy deals, we have further strengthened our position for renewable energy sources. Actually, we met the business plan goal one year in advance. Then, we have also a strong position for distributing in Milan, which is certainly better controlled when you put together production and distribution. Now, we don't have, however, other M&A deals in sight, and this brings about good savings when it comes to M&A's forecasts. Industrial CapEx. Very good level in 2022 out of 2021. We're now going to further push here. All of these maneuvers need to cash out over EUR 400 million for investments. Certainly has a good effect. Would you like to say something about the working capital? Yes, in Q4, there will be a seasonality effect, which is included in the projections that we are working out. Our projections are aligned with the current values. Now, if they did not move from the values from current prices, there will not be a step effect. Of course, if there is going to be an increase in prices, there may be an impact on that as well. There is a seasonality effect that we need to take into account. Let me go back to your third question, Stefano, because they are connected. There are two things which remain well established. We want to remain a strong investment grade company, and therefore the prospects of a negative outlook. We've already said of getting out of a negative outlook as soon as possible. You know, the other pillar is our dividend policy, which is not being questioned. You know, the question here is usually made of three variables, and it is clear that unless the temporary effects on working capital do not go down, we shall resort to the leverage that we, or the lever that we communicated when we announced the business plan. I said all of our CapEx, our all development investments. Should there be the need to change that, we could do that because this is what we can do on which we can actually you know do something. Now, the S&P indication is a trajectory indication. Now to improve the indicators in 2023, but also in 2024, and complying with the targets that were indicated. Well, to do that, we shall remodulate, rebalance the investment, the CapEx plan. We had some money that we could use in the third part of the year. If we take the plan, and we divide it in three parts, 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029 investments in this part would go down. The FFO net debt ratio going up to 28%. Rebalancing the investments in the period, well, that is the instrument that we can use to make sure that our two pillars remain well-established and sound, dividend policy and investment grade. We are ready then to re-accelerate, hopefully, when you know things improve, when prices go down for us or for the company, for the mass market, for our customer, for wholesalers as well. Now, Filippo. Hydroelectric production, let me remind you that the forecasts of the group are at the moment 3 TW-hours, the expected production of the year. If the drought continues and water reserves remain low, we can expect a further reduction of our hydroelectric production. At the moment, our guidance is related to these levels of production, 3 TW-hours. Because of this, we can say 1.4 tera in the first quarter and 1.6 in the second. Last year, the production was 1 tera above 4.2 TW-hours for the group. As to the generation, there are two different data. In the press release, we have reported the period between July and December. In the next six months, the percentage of coverage is 81%, fixed price production, EUR 70/MWh price. If we look at the annual data comprising also the first part of the year, the coverage percentage goes up to 90%, and the price remains stable at EUR 70/MWh. We expect not to have a scenario that brings about losses in the hydroelectric business. Let me try and understand. Now, 1.7 TW/h of production, and then EUR 4.6 billion of debt, with the reabsorption of working capital at lower prices of energy, I believe, not at the current prices, because you do not expect the price of gas to reach EUR 200/MWh. Well, the estimates was made with the prices at the end of June. My personal expectation is that, you know, between then and now, with the differences in, you know, things and what you know, we see in Europe has led the prices to go up, and we expect prices to go down in August. We expect that this is going to be reasonable. In September, if we get there with a price of gas of EUR 200 per MWh, well, factories and companies will not be able to reopen after the summer holiday. Gazprom is certainly, you know, tugging, you know, the wall, but, I mean, they can't, you know, exaggerate. EUR 4.6 billion, however, are related to very high prices that were at the end of June. We have not included the other peak prices that we had in the last 15 days. Let me add something else about the coverage of the second six months. Now, over and above 1.6 TW of hydroelectric production, you need to consider another terawatt covered at fixed price. The terawatt become 2.6, 1 tera from TU and 1.6 TW from hydroelectric power. Next, question from Antonio Di Gioia with the CT. Now, good afternoon. I have a very simple question to ask. By looking at your guidance, you expect the EBITDA to double versus what it was in the first half of the year. Then you said that prices for hydroelectric production will have to be better. Generation prices are going to be higher. Retail market has to improve. Is there something that is missing? Or are there any other problem that was not mentioned? Another question about gas. Now, in Italy, storage levels are going up quite well. It's likely that the storage levels are going to be, you know, filled in August as well. Now, our minister said that we will reach a storage level of 80% before expected. Do you think that this will have an impact on prices on the PSV? Disconnecting this from what is happening or what happens in Germany, which have other dynamics. Now let me take your question, the first question, Antonio Di Gioia. What I can say is, I too see a second part of the year, you know, becoming more positive than the first, but months have been very, very difficult, and therefore, I prefer to be prudent and cautious. Now, you're asking me if I see more risks in the second part of the year than opportunities. What I can tell you that I see more opportunities. We keep the guidance that we gave before, and let's see how things evolve. As of today, there's a piece of data that we tend to sterilize a bit more is that of MSD and also the trading results data. We have never had a trading result like this year. Last year, we had a few million EUR. This year below. Sorry, above EUR 40 million. Very much related this to very high volatility, but you can't bet on volatility. In the second half of the year, our forecast envisages a lower trading result. The same applies to MSD. Incredible result in the first half of the year. We've been used the past, you know, years, to see MSD going very well and thinking it would not go better, but it has gone better. The technical answer that I can tell you is that the improvement of the market and which therefore, you know, remaining unchanged, the other things, the second quarter, the second half of the year should improve, and the results could go above our guidance. All of this, however, takes into account the normalization of MSD and of the trading results. To summarize, I see more opportunities than risks. As to the storage level, we are above 70%. August consumptions are quite low. Whatever we get is stored. A storage level of 70%. We'll get at the end a very good storage levels. Whether this is sufficient to disconnect our gas price to that of Europe, well, it depends on a number of factors. If values remain so high, perhaps, you know, Europe should, you know, consider taking a common strategy. This is what I expect from the market. I expect to see a common European answer to meet the problem of very, very high prices. I think it is unlikely that Italy, despite being a very or a major consumer, you know, disconnect its price mechanism from Europe. What I see more likely is that overall Europe manages to have its voice felt before the beginning of September, because if prices remain at this level, the problem is not only that of A2A, but for the whole industrial world, the companies that have to reopen after the summer holidays. The next question by Davide Candela with Intesa Sanpaolo. Now, good afternoon, and thank you very much for your presentation. I have a question about the extra profit. Do you think that what has been you know implemented in the first part of the year can also occur going forward, like what you know has happened in Spain because energy prices remaining high? Can you tell us something about the WTE, your expectations for this year and going forward, and then the development of renewable sources of energy, wind, especially in Sicily. Can you give us the CapEx that you have to make for the development of this plant in Sicily? Now, when it comes to the regulations or measures that are going to be adopted by our country, by the government, well, at the moment, allow me to say, I wouldn't know. We all see that the prices of energy are high. The government decision has to find a way to protect consumers, and I'm sure it will. It will also depend on the curves of the price that we should see. If we were to observe in the next few months starting in August signals of pricing going down, I think that the government may step in with a number of temporary measures. If at the same time we see prices going up very high, and the expectation is that the prices remain high for a long period of time, the government will have to deal with it. At the moment, I can't make forecasts at this all of this. Within our plans, we do not factor in renewable energy sold at EUR 400 per megawatt. This is only the answer I can give you. As to the other question about the plant in Sicily, this is a plant which has eight wind turbines, 30 MW. So we are speaking of 3.5 MW per turbine, EUR 40 million of overall investments, 1.2-1.3 million megawatt of investment. Sorry, EUR 1.2-1.3 million per megawatt of investment, and we expect quite a good wind, you know, expectations, 2,000 hours wind, and therefore good production. As to WTE, the coverage strategy, we do not have a different coverage strategy. We have an overall portfolio coverage strategy. Now the... What I said before about the coverage before and the prices 2.3, 2.6 tera this is what we have calculated and there is no price difference. Okay, thank you. The next question by Emanuele Oggioni, Kepler Cheuvreux. Good evening. Thank you very much for taking my question. I have a question about the storage of A2A. You mentioned the national data of storage before 70%. In your case, how much have you insured in terms of you know procurement supply for the whole thermic year also for 2023 but also to meet the requirements of CCGT plants? Then the hedging for 2023. You mentioned the hedging for 2022. I'd like to know if you have a hedging estimate for 2023 WTE and hydroelectric percentages and prices, and then CapEx. In order to reach the guidance of EUR 4.6 billion of net debt, that you have rebalanced your CapEx as well, or potential like cash outlays for acquisitions in 2022. Can you give us a guidance here, therefore, of you know organic CapEx for the end of the year? That is, you know, the EUR 446 million of H1, how much are they going to be at the end of the year? Emanuele, I will start from the last question, and then I will give the floor to Filippo for the details of the storage. The data that was given before is not that of, you know, the country, but it's of A2A, but I'll give you some detail. EUR 1.1 billion of industrial CapEx by the end of the year versus the expectation that was EUR 1.3 billion. That was our budget. A reduction of industrial CapEx by about EUR 200 million. M&As are going to be shifted to EUR 100 million. When I said that EUR 400 million that contribute to maintaining the NFP at EUR 4.6 billion, these are the EUR 400 million. We're speaking of CapEx values that are above the industrial CapEx of last year, they were slightly above the EUR 1 billion. As to storage and hedging, Filippo can give you the detail, certainly. Now, in this case, the A2A position when it comes to storage has seen a storage of 435 million cubic meters with a storage of around 70%. As to the requirements and needs of thermal production and civil requirements, I can say that the overall requirement of the gas portfolio, we haven't closed the commercial campaign for this year, 5 billion cubic meters for the group. As to the positions not covered for the next winter, Q4 2021, Q1 2023, 1,423 million cubic meters overall. As to the coverage percentage, I think you were talking or asking the coverage for 2023 and prices as well, for a second. For 2023, we have a coverage of 55% production fixed price, EUR 130 per megawatt hour. Thermal production hedging has a coverage spread EUR 10 per megawatt hour. For fixed price production, we do not discriminate between hydro and WT production. The strategy which has been announced applies to both types of production. Last question, a follow-up by Stefano Gamberini with Equita. Well, let me step in because I'd like to have a comment on the spark spread. Do you have any advantage in this situation, or do you have any strategic plans? Investments. If I'm not wrong, we have 300 MW of new capacity for renewable sources of energy, and then important investments for the waste business unit. Can you give us some color here? Do you have something which is still to be authorized, or do you still have something in the pipeline? The asset rotation. Speaking of 2 billion of asset rotation, do we have to expect some disposal? You sold 30% at premium of your RAB. Do we have to expect something else there? Now, as to our vision on the dark spread, our vision is of a positive vision for next year. The clean spread in July has recorded positive data, so positive view for both. Now, going forward, we have a problem of availability on the Cervere plant, which in the six months of the year has stopped operating for a week without a negative effect on the group. Of course, we still have the issue of water availability, water scarcity, which might have a direct effect. Well, it was a very extreme case. Days in which water availability was very low, very limited number of days. The thermal production result is positive anyway, in our case. Certainly, we need water. We need water rainfall in general, but in our plants. We have a plant which is still not operating in these days. There, it's very difficult to say that we're not going to see rainfalls going forward for many months ahead. If that could occur, we would have problems in our plants. Now, as far as authorizations are concerned, we don't have problems of authorizations. We have, on the contrary, the opposite issue. As to the waste business, the past few weeks, we received a authorization of a plant in Bedizzole, province of Brescia, a production of 7 cubic meters of biomethane, which is to be added to the La Chiarella plant and the Cavaglià plant. Overall, EUR 250 million of municipal urban waste management capability. A very important asset within this business where we were a bit weaker. The same applies to the fact that we are completing the authorization process for Crotone, and we see no problem there. As to the thermal production, we have won the auction for Monfalcone plant, 70 MW, Cassano, 560 MW, at very interesting prices. Monfalcone, we are waiting for the final authorization and decision by the regional authority, which is expected by next week, and therefore the process is going to be closed. In Cassano, we expect things to be completed within the end of the year. Meanwhile, we have a number of projects for renewable source of energy in Sicily. We have a greenfield, the one we mentioned before. In Mazara, we have another plant. The renewable sources of energy is growing, and the measures recently taken by the government certainly favor this kind of activities. Where we have authorizations and where the construction of building sites are open, we should see no slowing down of our CapEx. You may see some slowing down of the plan where investments are related to something which has not been authorized, but there we have room for maneuver, and we can tolerate some delay. As far as asset protection is concerned, I am not going to tell you anything else, which is positive. Thank you very much. Thank you. Thank you very much. We now have to conclude the conference call. Thank you very much for your questions and attention. The Investor Relations is available for any requests for clarification you may have. Thank you, and I hope you'll have, you know, some good holidays also because the autumn is going to be quite, you know, committing.