Good day, and thank you for standing by. Welcome to Enel 9 months 2022 results conference call. At this time, all participants are in listen only mode. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Monica Girardi. Please go ahead. Good evening, ladies and gentlemen. Welcome to our 9-month 2022 results presentation, which will be hosted by our CFO, Alberto De Paoli. In the presentation, Alberto will provide you some highlights of the period, and will walk you through the operational and financial performance for the group. Following the presentation, we will have the usual Q&A session. We ask those connected to the webcast to send questions only via email at investor.relations@enel.com. Before we start, let me remind you that media is listening to both the presentation and the Q&A session. Thank you, and now let me hand over to Alberto. Thank you, Monica. Good evening, everybody. Let's start with the highlight of the period. I'm on page number one. During this first nine months, the operating evolution of the business grew strongly. Renewable development continued to be robust. Volumes in the free market segment have grown significantly, and investments in networks increased by 15% year-on-year. The challenging market context created by the energy crisis in Europe prolonged and amplified its magnitude along quarters. This, coupled with the measures implemented by the governments, which weighed increasingly in our working capital. Notwithstanding all of this, our strong liquidity was a solid support to our business and allowed us to face the market disruptions observed in the last few months. Disposal progressed as planned, aiming at simplifying, crystallizing value, and improving the risk-return profile of our asset base. Given the year-to-date performance of LATAM and Iberia, we have good visibility on EBITDA trajectory for the full year, and we can confirm our EBITDA target ranging between EUR 19 and EUR 1 9.6 billion. On the bottom line, the combination of higher contribution of our subsidiaries vis-à-vis the domestic market and a higher bad debt driven by a 2x turnover increase will result in a moderating earnings growth compared to our original expectations. Additionally, we see a mounting risk associated with windfall taxes in Spain that we prudently want to reflect in our guidance. The business evolution and all the managerial actions that we will activate in the last quarter supports our confidence in the net debt target for full year, which we see landing between EUR 58 billion and EUR 62 billion. Worth highlighting that changes in guidance do not impact the fixed DPS of EUR 0.40 for 2022. Now, in the next slide, I dive into some business development indicators for the nine months, and I'm on page number 2. In renewable, we built 2.1 GW year to date, resulting in an increase of 4.8 GW compared to September 2021. In customers, electricity sold in the free market grew by 14% versus previous year as a result of a larger customer base and a higher unitary consumption, as I will detail later in the presentation. On networks, investments reach almost EUR 4 billion, 40% of the group's total CapEx. We continue investing to consolidate further progresses in the quality of the services delivered to our clients in infrastructure that are protected by regulatory frameworks that recognize automatically an adjustment for CPI and reflect pricing rates. The evolution of our business coincided with an unprecedented energy crisis, which triggered government's intervention, weighing on our financials as represented now on Slide 3. As you can see from the chart, in Europe, governments intervened on tariffs and fiscal matters over the past months, adopting measures which were detrimental to our financials. All these measures had a limited impact on profit and loss, but have affected progressively our net debt in 2021 and 2022, accruing, as of September, a total of around EUR 8 billion in items that are pending to be collected from governments or public entities in Italy, in Spain, and in Romania. These items have grown EUR 5 billion since December last year. Over the Q3, existing measures have been extended and new ones introduced for additional EUR 3 billion, deteriorating the group's working capital, as you will see later in the presentation. Government's intervention overlapped with extreme energy trends, and I am now on page number 4. Looking at Italy, strong operating dynamics bode extremely well for our future as we added 1.5 million customers year to date. Volumes sold increased more than 41% on a combination of higher unit, unitary consumption and lower level of churn. However, extreme trends this year affected our short-term results. In particular, the unprecedented low level of hydro production, which remained below the historical average in each quarter. Higher energy volumes absorbed by our customers and low hydro created an unexpected open position, which accounted for a total of 9 TWh in the 9 months. The average pool prices increased almost three times versus last year, resulting in materially higher costs to cover the open position. Under normal conditions, the growth of retail fundamentals would have returned EUR 1.7 billion on EBITDA and EUR 1.2 billion on net income. As on Slide 5, we talk about the strong liquidity position that helped us in navigating these turbulent weather. As you can see, this EUR 25 billion of liquidity, of which almost EUR 7 billion in cash and the remaining EUR 18 billion in readily available committed credit lines. Notwithstanding the extremely volatile commodities environment, we have been able to manage the situation. We consider the group's liquidity position as more than satisfactory to face the turbulences we are living, and we don't see any short-term risks that might impact the solidity of our balance sheet. We have progress in streamlining our asset base. On Slide 6, you see summarized what we have done so far. We have, as of today, executed and are in the process of completing several deals. The disposal of our stake in Enel Russia had an impact in the nine months net debt of around EUR 500 million, due to the deconsolidation of Enel Russia debt. While the equity value around EUR 140 million has been cashed in in early October. In July, we announced the sale of the transmission activities in Chile, which is expected to be closed by the end of the year, and will generate cash of around $1.3 billion. In September, we signed the deal for the sale of Enel Distribuição Goiás, a rural network in Brazil, which was no more fitting with our strategy to grow in highly urbanized areas and fully seize the opportunity arising from the group's integrated footprint in the context of the energy transition. The total consideration will amount to around $1.4 billion. The closing is expected by year-end. We dispose thereafter thermal plants in Brazil for around $100 million, and the disposal plan announced so far in total will impact positively 2022 net debt for around EUR 3.5 billion, out of which only EUR 500 million are visible in the Q3 of the year. In the next months, we will continue to focus on the creation of a much simpler group, exiting from non-core business and geographies and improving the risk-return profile of our portfolio of assets. Now, before diving into economic and financial results, let's have a look at the last transaction on the stewardship business model. I'm on page 7. A couple of weeks ago, we have announced the sale of a 50% stake of Gridspertise, our new company focused on the acceleration of the digital transformation of power grids through advanced network technologies and solution offered to DSOs worldwide. The agreement valorized the company at EUR 625 million for the 100% enterprise value, a value that could reach up to EUR 1 billion based on potential deferred payments included in the agreement. CVC will pay a total consideration of approximately EUR 300 million for the 50% stake, and the overall transaction is expected to generate a positive impact in the EBITDA group in the end, the group's EBITDA of approximately EUR 500 million, and the positive effect on the group's consolidated net debt of around EUR 300 million. The closing of the sale is expected by the end of 2022. Now we move to the economic results on Slide 9, starting with the EBITDA evolution. Despite the strong volatility, our operating deployment offset the challenging environment and ordinary EBITDA came in 1% up versus 2021 if we exclude around EUR 200 million of non-recurring items recorded last year. In the first nine months, the main dynamics observed can be summarized as follows. Networks came in almost flat year-on-year as tariff indexation in Latam and efficiencies offset the WACC reset in Italy and the government's measures implemented in Romania, which we expect to recover by the year-end in light of the agreement reached a few days ago with the regulator in Romania. The management of the integrated margin was negative for around EUR 200 million, with generation contributing positively for around EUR 900 million, customer segment dropping around EUR 2 billion on the back of the dynamics already anticipated in Italy, and that I will detail later on. Portfolio optimization activities contributed positively for EUR 1 billion, almost entirely absorbing the negative effect recorded on customer segment. Finally, the stewardship model added EUR 330 million, mainly through Ufinet and Mooney disposal. I will now dive into the EBIT evolution for networks on Slide 10. Ordinary EBITDA stood at EUR 5.3 billion, decreasing by 3% versus previous year. Going in detail by country, Italy decreased around EUR 80 million due to the negative effect associated with the last year regulatory review, partially offset by efficiencies recorded in the period. Iberia decreased by around EUR 100 million on lower tariff and increase in fixed cost. The weak performance in Romania is related to the delay in the recognition of the higher cost due to price spike incurred to cover network losses. A few days ago, as said, we reached an agreement with the regulator, and starting from the next quarter, we can fully book the differences between the realized cost and the recognized cost for 2022. Latin American countries, net of Argentina, performed extremely well, contributing for around EUR 350 million, mainly thanks to tariff indexation for EUR 280 million, almost entirely in Brazil. Currency devaluation contributing for around EUR 160 million, and efficiencies for other EUR 80 million. This positive have been only partially offset by impact of CPI increase and lower margin associated with the IFRIC 12-regulated OpEx in Brazil. Argentina continues to show no sign of improvement, recording a negative year-on-year results of more than EUR 60 million, once again, lacking the overdue recognition of the investments in tariff. Finally, EBITDA evolution has been negatively impacted by a negative non-recurring for around EUR 180 million in Iberia. Moving into the EBITDA evolution of Global Power Generation and Enel X Global Retail, we are now on Slide 11, where you can see that in nine months, ordinary EBITDA lands at EUR 7.2 billion, flat year-on-year, excluding EUR 200 million of non-recurring recorded in 2021. I will now dive into the dynamics observed in each geographies. As you can see from the chart, Italy suffered the most from energy tensions, with EBITDA decreasing more than EUR 1.3 billion on the back of a contraction of the integrated margin for around EUR 1.7 billion, originated by a widening open position covered by expensive sources. Like I will detail later on in the next chart. In rest of Europe, down of EUR 120 million due to the impact associated with the retail price cap introduced in Romania. In Iberia, integrated margin management contributed positively for EUR 740 million, as the net effect of increasing generation margin and lower marginality on the retail business, impacted by increasing sourcing costs, has been positive for around EUR 250 million. Additionally, portfolio administration added around EUR 470 million. In North and Latin America, the development of renewables added more than EUR 300 million, of which EUR 150 in the U.S., and FX contributed positively for around EUR 180. To conclude, the non-recurring items recorded in 2022 amount to EUR 150 million. Now, let's have a focus on the operating dynamics that affected our margins in Italy during the Q3. I'm on page 12. In the Q3, we expected to sell around 10 terawatt-hours to clients contracted on fixed price. Our expectations were based on a normalized temperature and a churn rate almost in line with the semester. The summer and September proved to be much hotter than expected, and clients' churn rate went further down, taking advantage of our favorable commercial offerings. All this created around 2 TWh of unexpected open position that pushed down our margins in retail versus the expectation that we had for the quarter. I am now on Slide 13, where you can see that Q3 was expected to generate around EUR 400 million positive contribution to EBITDA, thanks to sales to customers with fixed price contracts of the already said 10 TWh, repricing activities driving revenues up by 20% versus H1, and a full hedging of expected costs for the 10 TWh set. We secured the repricing in line with expectations, but the other dynamics of the quarter yielded instead a negative impact of EUR 700 million on margin due to the open position on only 2 TWh that we had to hedge at a price almost of EUR 450 in the quarter. Eventually, such deviation resulted in around EUR 300 million of EBITDA reduction during the last three months. Let's now see how the evolution EBITDA will play out in the last quarter of the year. As you can see from the chart, we are gonna confirm the guidance for the EBITDA 2022 built the way you see. We started from the ordinary EBITDA of the nine months, the 12.7. In the last quarter of the year, we expect network to contribute for around EUR 2.5 billion, thanks to the positive regulatory adjustment in Romania and an additional benefit from LatAm countries. Generation and trading to range between EUR 2.8 billion and EUR 3.1 billion, supported by around EUR 300 million renewables growth, a ranging contribution of our conventional generation and trading activities, depending on the volatile evolution of the commodities market, and EUR 300 million-EUR 500 million negative impact from further contraction in hydro production vis-a-vis last year. Global customers is set to contribute EUR 500 million-EUR 800 million on the back of the growth in Enel X, the expected reduction of sourcing costs in Romania, partially compensating for the lower EBITDA contribution in Italy. The range shown in the slide is linked to the evolution of consumption in the last quarter. Finally, our stewardship business model will contribute for around EUR 500 million, thanks to the already said Gridspertise deal announced in October. All these elements allow us to confirm our ordinary EBITDA guidance for 2022, despite the extremely volatile environment we are operating in. Let's now continue the analysis of the results at the nine months. I am now on Slide 15, where we show the evolution of earnings. Ordinary group net income came in at EUR 3 billion on the back of the dynamics commented at EBITDA level and higher D&A recorded in the period, only partially offset by lower taxes. D&A are up year-on-year by EUR 600 million as a consequence of EUR 400 million amortization on higher investments deployed and FX impact, EUR 200 million bad debt accruals, mainly in Italy, up on higher turnover in the period. Net financial charges marked an overall net income improvement of around EUR 100 million, thanks to the accelerated debt refinancing carried out during the last twelve months, which brought down cost of debt by 20 basis points versus September 2021. Income taxes decreased by around EUR 400 million, mainly driven by the lower economic results and the adjustment recorded in previous year on deferred taxes that more than offset the negative one-off accounted in Italy for the legislative decree on energy bills rise that was worth EUR 70 million. Higher minority interests due to the higher contribution from our subsidiaries versus the result of Italian entities resulted in a lower net income for around EUR 100 million. Well, despite an EBITDA that we see still in line with group year-end targets, its composition is profoundly different from expectations and triggers an adjustment to the bottom line guidance, as shown in Slide 16. The dynamics explained at EBITDA level lead to a different geographical mix in our earnings with a different contribution to the bottom line. D&A are expected to be around EUR 200 million higher than in the plan on the back of the higher bad debt, driven by higher revenues on an unchanged unpaid rates. Worth to highlight that we took a prudent approach in our revised estimates for the full year, as we added also an hypothesis of the possible new taxation in Spain, on which discussions are ongoing, and there is no clarity if it is approved and on the final outcome. We consider this proposed taxation to be illegitimate and contrary to the provisions of the European Community regulation, and we are monitoring the ongoing parliamentary process with the aim to assess litigation actions, if and when the regulation is approved. Considering these moving parts, and in light of our cautionary approach, we set a new range for our ordinary net income between EUR 5 billion and EUR 5.3 billion. Let's now move to the cash flow on Slide 18. Group FFO stood at EUR 1.1 billion. Similarly to what happened in the first part of the year, the group's cash production was affected by a severe swing in the working capital for EUR 8.6 billion associated with government measures in the current energy market context. Deep diving into the working capital, the dynamics are as follows. EUR 5 billion of government and regulatory measures, accounting for about EUR 8 billion in total on our debt figure, as analyzed on Slide 3. Compared to first semester, this item increased EUR 2.8 billion, as it includes also the mandatory coal and gas stocks, the cap on gas prices in Iberia, and the recognition of the tariff equalization mechanism in Italy. EUR 3.7 billion impact from the energy market context, which is up by EUR 2.3 billion versus first half, due to the increase in the total turnover, due to a combination of higher volumes sold and the price dynamics observed during the summer. EUR 1.1 billion of CapEx seasonality, flat versus the first half, that will be fully reabsorbed by year-end, in line with historical trend. The remaining positive EUR 1.2 billion impact is driven by the managerial actions implemented in the Q3 to tackle all the previously mentioned negative dynamics. Worth highlighting that net of government intervention and electricity prices dynamic, the evolution of our working capital would have been completely in line with what can be considered a normalized and recurrent business trend. To year-end, we will maintain our focus on the implementation of all the managerial actions that allow us to optimize the working capital movements, and we will continue to closely monitor the external context in order to manage these dynamics as effectively as we can. Finally, income taxes and financial charges paid accounted for EUR 3.2 billion, decreasing year-on-year, mainly thanks to the liability management program executed in 2021. Let's now take a look at net debt on Slide 19. Actual net debt stood at EUR 69.7 billion. The main operating moving parts described in the chart are the following. The positive EUR 1.1 billion FFO, already commented, investment for EUR 9.4 billion, up 17% year-over-year, dividend paid for EUR 4.8 billion, EUR 0.7 billion associated with our disposal program, mainly disposal and acquisition program, mainly related to the consolidation of our renewable assets and the debt deconsolidation of Enel Russia, and around EUR 4.1 billion linked to currency revaluation and new leasing. I would like to remind you that our net debt figure must be adjusted for around EUR 3 billion of accounting effects related to FX hedging. Additionally, it does not include the EUR 3 billion positive impact associated with the disposal transaction in Chile and Brazil that we have already announced and that we will be cashed in by the year-end. Net of currencies and disposal, our operating net debt would have been equal to EUR 64 billion, and out of the impact of the working capital would be by far less than sixty. In the next slide, I will guide you through the evolution of net debt at the end of the year. Now I'm on page number 20. Starting from the net debt figure at September, we expect the following moving parts. Positive FFO contribution expected in the 8-10 range, driven by the dynamics on EBITDA, already commented, and working capital evolution. In particular, on the net working capital, we expect to recover between EUR 5.5 billion and EUR 7.5 billion, mainly thanks to the managerial actions we will continue to implement, and the absorption of the 9 months negative dynamics associated with the business seasonality. This allows us to improve the EBITDA conversion into FFO in the last quarter of the year. We will account for additional CapEx of around EUR 5 billion, and we are projecting further active portfolio management up to EUR 2 billion, reaching around EUR 5 billion, including the transaction in Chile and in Brazil already said. I want to stress here that we will also work to neutralize the impact on our net debt of currencies movements, to tackle the volatility induced by the pure accounting of currencies evaluation and strengthening. At the end of the year, therefore, we see a range of net debt between EUR 58 billion and EUR 62 billion, depending on the group cash flow generation and the timing of the cash in associated with the disposal still to be announced. Now some closing remarks before the Q&A. The operating underlying of our business were extremely strong, and their evolution bodes well to the achievement of medium- and long-term objectives. The focus for the last quarter of the year will be on cash generation and balance sheet strengthening, as we will implement all the managerial action needed in order to reinforce and restore the recurring EBITDA conversions into FFO and bring the level of net debt in line with the target set. We will continue to progress in creating a much simpler group, focusing on activities only in countries and businesses that fit with our strategy. This will allow us to unlock additional resources, enhance the profitability. Despite the revision of the net income target for the full year, our transparent and simple dividend policy remains unchanged. Therefore, we confirm the fixed DPS of EUR 0.40 for 2022. On November 22, we will present our 2023/2025 strategic plan. We look forward to seeing you there. I think we can now open the Q&A session. Monica? Okay. Thank you, Alberto. Just allow me a couple of minutes to park lots of questions that came through, and I'll be back in literally 30 seconds. Okay, I'm back. Thank you so much. Thanks for your patience and thanks to all of the analysts that send the questions through. I start with a number of, well, a few questions around our integrated margin management. The first one is on the Q3 dynamics, which generated further negative unexpected impact on margins, and how can we be confident in the Q4 dynamics? Well, what happened in the Q3 is, as said in the presentation, simple to explain. This is a year in which, keeping the prices unchanged, there was very little increase on one side, and with the seasonality that has been strange because we had a very strange level of temperatures in the summer, in this long summer, because lasted also on September. Together with the fact that having the better price in the market, we are experiencing a very low churn rate. This also in the Q3 moved to have 2 TWh of open position. We matched these needs to cover with the highest price seen along the year, so with around EUR 500/MWh. This was the unexpected impact on the Q3. On the repricing activities and the EBITDA expected out of these 2 TWh, everything was in line with what was expected. Now, as said in the presentation, around EUR 400 million will be EBITDA. Now, we have completed the overall repricing effort because the overall repricing is in the range of 40% increase versus the previous prices. The 20% of the Q3 is half of the full repricings that now we have completed. I want to stress the fact that all these repricing happened at the end of the previous contracts and not in the period of validity of them. For the last quarter, without any increase in the non-covered energy, we foresee the number that we gave to you because it's more or less in the range of EUR 600 million-EUR 700 million. The range is related mainly to the consumption that may be higher than expected, and on the other side, to the level of prices versus the prices expected. What I have to say to you is that October was completely in line in terms of consumption with what expected. Seems that this quarter will be, well, is now coming in line with what has been expected before. Also, because the increase in prices are driving a reduction in the overall consumption of customers. Okay. Staying in the retail segment, what is the impact of the extension in Italy of the decree which is capping the price to the retail segment? Does it play out for 2022 or 2023 only? This decree is not expected to generate negative impacts in 2022. For 2023, we need to run an in-depth analysis on the methodology to be applied. We are gonna present in two weeks the new plan, and we can show what our expectations are during the presentation of the plan. Okay. Bad debt. How the trend is going and of the bad debt and the unpaid, when do you expect the bad debt to peak? Let me split into for this answer. The first is Spain, unpaid levels remain unchanged. We don't see major changes in terms of unpaid level. When we talk about bad debt and unpaid, you have to split this, the answer in two. One is the bad debt increase. That is related with the fact that having an increase in turnover and having a certain unpaid historical level, if the turnover goes up, the bad debt is technically linked to the turnover that goes up. The second is the increase in the unpaid. We are not experiencing any increase in the unpaid. Only in some segment with a very limited impact. This is because the vast majority of our customer base is not paying any increase in price until so the repricing that we are having now. What we have experienced along the first nine months is a stable level of unpaid or in some segment, a sort of decrease of the unpaid versus the historical level. If we now look at what can happen and when the unpaid can peak without government intervention to reduce the impact of the price increase of so the last part of the year, we may think that looking also that prices now are a little going down, that the peak may be in correspondence of the bills that are coming in the last bimester of the month, so November and December. We can look at it at the very first month of the next years. There is a clarification around the repricing, I think, Alberto, because an analyst is asking if we can share the average increase in price that we are applying to customer, and if it's in line with what we have guided back in June. Well, we are applying an average increase in prices versus the previous ones that was set during the COVID crisis, that was set at the very low level of that time, at around 40% increase. That is by far lower than the increase that we are experiencing on the market prices. When we said that the overall impact on EBITDA was 20% in the Q3 is because we have not completed the repricing, because repricing happens along the quarter, and so it has been completed versus the end of the quarter in September. Now it will give the full impact in the last quarter of the year. Okay, we move on to the guidance. Lots of questions on guidance for 2022 and beyond. The first one is on the expected contribution of the stewardship business model to our numbers. If you can just dig into that. As I said in the presentation, we have already a contribution of EUR 300 million in the nine-month results that are related with the Ufinet deal and the Mooney deal. We have now just closed, so we are gonna close in the last quarter the Gridspertise deal. The Gridspertise deal worth around EUR 500 million of EBITDA contribution. This will bring all the effect to EUR 800 million that is on the upside of the range we gave for the disposals impact. This comes from the fact that we got a very high valuation for the Gridspertise deal that was so assumed on a lower level in our first expectations. Can you quantify the non-recurring items included in the full year guidance? They are not meaningful, so they are around zero. Because we have, on one side, the Iberia is offsetting itself because we got the Bono Social of roughly EUR 150 million, and we got the distribution tariff adjustment negative in Spanish network for around EUR 180 million. Overall, it's minus EUR 20 million, so near to zero. Net income guidance. This question came before the presentation, just to be clear, does this guidance include the projected impact of new taxation in Spain? How much? Yes, it includes this potential impact. We are assuming, and as I said, it's only to be careful on the judgment, but we have already expressed our thought around this taxation. We are assuming in our guidance an impact of around EUR 300 million, to EUR 300 million at net income level. Okay, net debt and working capital, really popular ones. Do you feel the current level of yearly CapEx are sustainable with this level of net debt? Well, for this and other question like this, I think it's better to suspend the answer and to discuss the overall figures for the next years and also the financial and debt level that we foresee for the next three years, during the strategic plan presentation in two weeks from now. I will ask you anyway. I cannot stop asking unbounded questions. Second question around the net debt figure and the financial expenses associated. Recent debt issuance appears quite expensive. Can you comment on the rationale? Well, first of all, we tapped the U.S. market because U.S. market offers a long-term tenure, and we catch a window of opportunity that may not materialize in the following months. Now we have a buffer of additional liquidity to face any potential further collateral requirement. This, together with the fact that having done this accelerated liability management last year, almost at zero cost, this is helping us to absorb the higher current financing rates. We will discuss around what will be the cost of debt, the future cost of debt of this company during the strategic plan presentation. For the cost level, let me split. I think we have to split the cost into the three main components. One is the rates, the second is the credit spreads, and then the new issue premium. If we look these trends comparing the period from September 2021 to October 6, where we issued the latest sustainability-linked bond, these are the trends observed. The U.S. Treasuries have increased 200-300 basis points. The credit spreads have increased around 190 basis points, depending on the tenure. This widening is broadly in line with what experienced by the other peers that have had issuance at the same time. The new issuance premium was around 45 basis points, which is high compared to the historical level, though comparable also to this one paid by comparable companies. Okay. Next is on the working capital. If you can walk us through the actions that we expect to put in place in order to see a reabsorption of the negative impact of the working capital? Well, as said, we have some technical reabsorption that we foresee for the last quarter that are related with the CapEx level and also related with some of the higher turnover that we have had, because we don't see any increase in the turnover in the last quarters, we are gonna reabsorb some part of this increase in the Q3. Then we foresee some regulatory measure that will come back because they are peaking technically speaking and not for any other kind of reasons. Like, I don't know, the price cap, the gas price cap in Spain that peaked in the Q3 because of the first implementation, and now that is technically ready, will start in deploying also the reduction in the working capital. For the other managerial actions that we are implementing, clearly we are so keeping the financial system as a backup to have to soften the impact, also to using the banks to reduce the working capital credits that we are piling up because of the situation. Okay. Question for 2022. Is there any risk, and I would say probably it extends beyond that, if there is any risk on dividend? No, there is no risk on dividend for 2022. You will see then the dividend policy for the 2023-2025 period during our Capital Markets Day. I cannot give you the details now, but I can anticipate it will remain simple, visible, and will aim at granting stability and attractiveness to the share price. A few questions around government intervention. What's our view on the priorities of the new government in Italy in terms of course, energy policies, and if we expect any further intervention? Right now, there is a limited disclosure. We are also working to offer our view and the possibility of intervention. Clearly, the first intervention will aim to reduce the impact of the price increase that is expected for the last months of the year, and is clearly the most urgent intervention that the government will have to take. After this, I think that government will stay strict on one side, the definition of this price cap on gas. The discussion around the decoupling of the price of gas and renewable. Also to draft a new proposal of extra profit. These all things are on the track of what the European Commission has said. There are also the things to be addressed to manage the energy crisis. As you can see, we have always advocated with our government for the gas price cap. For what concerns the decoupling, we have been working for quite some time on a different price base for our generation. With renewables getting the price from our customer base and stressing the fact that being renewables, not subject of volatility of commodity, they are ready also to have and to participate in a long-term market, not only a spot market, offering and giving long-term price signals that are the best way to have renewables developed in the foreseeable future. Laws on extra profit has so far limited impact on our numbers also because we have said always that having kept the price fixed along all these months of crisis and prices set last year, we were not making any kind of extra profit. An overall framework on extra profit is not something that we see in a bad view because we think that a framework on extra profit may be put in for the companies or sectors that are really doing extra profit during this period. I think we must wait to see the final form or whatever measure will be designed and decided by our government also in the talks that we are having. The government is having with the, with Europe. Okay, another one, changing country. Our view on the law to claw back extra profits in Spain. Well, we reiterate our disagreement with the proposed taxation, as it is not extraordinary profits that are being taxed, but gross income that, in this period is impacted by higher energy prices that are not resulting in extraordinary margins, as the sourcing costs are increasing, too. In Spain, like in Italy, we have sold our energy at a price below the threshold the government deemed reasonable, proving that the gas price cap is already limiting windfall profit. In addition, a strict reading of the proposal might hint to the possibility that even revenues generated by the regulated activities will be taxed, which makes absolutely no sense. We consider the proposed taxation to be contrary to the provision of the European Community regulation, which grants autonomy to the member states on the solidarity contribution, but it also foresees exclusion of electricity utilities, as it only applies on oil and gas companies. Application on profits, and not revenues, and the timeframe is 2022 and not 2022 and 2023. We trust the text to be altered during the parliamentary process in line with the different amendments introduced by the political parties. We will keep monitoring the parliamentary process and analyzing the basis of illegality of this tax in order to assess possible litigation actions once the regulation is approved. Okay, another one, another country. Can you update us on the current status of the discussion with the regulator in Romania? Well, on retail, there were positive developments in the discussion with the government regarding the return to a regulated market with a fixed selling price and a regulated profit, as well as the introduction of bilateral contracts negotiated among producers, suppliers, distributors, with a maximum price of 5,550 RON/MWh. We have addressed also the topic of removal of the cap for the reimbursement of sourcing price, and we think there are good chances to happen. On networks, the new ordinance solved the economic impact of 2022, was said in the presentation, for losses for price difference. The financial recovery from regulatory point of view will come in a period of 5 years, starting with April 2023, by setting up a separate and additional component in the RAB, in the Dx tariff, not subject to the 7% cap in the RAB increase, defined for the normal RAB. We expect a change in legislation in order to conclude this bilateral contract at 550 RON megawatt-hour. All in all, positive stance in Romania after long discussions in all the items that are impacting in 9 months our economic and financial results. Pack of questions on M&A. First one is if we can provide more color on disposals and timing of the repositioning in LatAm. Well, as you can see from the presentation, we are accelerating a lot in terms of portfolio rotation because we are taking advantage of a window of opportunity that is putting the level and the value of our assets up because of the situation we are living in Europe. You see that we have already sold and we are gonna cash in in the next months the transmission line in Chile and the Enel Distribuição Goiás in Brazil and other single assets in the generation field. This trend will continue in 2022 and will extend further to 2023 where we aim to achieve other major steps in simplifying our presence in LatAm. I ask you for all the other items that we said before to bear with us, as the upcoming Capital Markets Day will answer all of your questions on these topics. Still looking to acquire grids in North America? Well, scouting never stopped. Clearly, the Inflation Reduction Act is under observation to understand what trend the U.S. will take with this act, and also all the transformation that it will induce. It remains a very promising market, and with a very promising path towards the energy transition. Clearly the current scenario suggesting to look carefully at the changes and the improvement in the United States, but not to move in a very quick time, but to take a position to make this possible step further in the future, but not in the very near future. Gridspertise deal. Can you detail what generated a contribution of EUR 500 million of EBITDA with a consideration of EUR 300 million? Well, the enterprise value of the company is set at EUR 625 million. That is the enterprise value. CVC is offering EUR 300 million for almost 50% of the company. This is the EUR 300 million, the cash in we will do. In terms of upside, we are getting the upside related to the 50% we sold, but also the revaluation at the same fair value for the quota that we will retain, the 50% we will retain. Both of them are triggering the capital gain that we are accounting for. Can you provide some indication on multiple of the Gridspertise deal? EV/EBITDA 2022 is around 37x. It is around 11x EV/EBITDA 2023. That is sort of the most in line with the fair valuation. What are the mechanisms that can bring the enterprise value to EUR 1 billion? Well, there is this deferred consideration that are related with starting from 2026, Gridspertise will achieve certain operational and economic results. Okay, we move into the global business line. A question on the target for renewables in 2022. Are you on track with your 6.1 GW development target? Well, we have achieved roughly 1.8 gigawatts of development in the nine months, so as of September. We have achieved 2.2 gigawatts of capacity. Our target of 6.1 gigawatts. There are some targets facing some delays, and may shift in the Q1 of 2023, mainly related with the U.S. solar panel that are, you know, today stuck. Not possible today to be installed because of the problem related with the civil rights in terms of labor rights for the Chinese panel. We think that, given that the solution is not already given, it's possible that the time is not enough now to have them installed at the end of the year. It's possible they will shift in the first part of 2023. We are talking about 800 megawatts that are in this situation and may affect the final numbers that we are gonna install in this year. The delay could be in the range of 3-6 months next year maximum. Hydro availability, what's the level of resources that you consider in your full year 2022 guidance? The guidance is related to the overall print that we have in the world. We are having good hydroelectricity in Chile, different from the last 5 years in which we had a very poor production, and good production also in the other part of Latin America. Italy and Spain, we are having a lower production. What we are assuming for Italy, as said, is this kind of production is gonna remain at the level of the previous year with a little increase because we are entering in a winter time, and Spain as well. All in all, what we are getting for the forecast is at 0.89. The normal value is 1. With Italy and Spain, so the European level, that is working around 0.7-0.75. I try, but I guess I know the answer. What's the assumption that you're using for next year's? This is that you have to wait 15 days to have everything answered during the Capital Markets Day. Okay, we move to customers. Are you projecting continued growth of your customer base and volume sold? Is the onboarding of new customers still ongoing? What I said in the presentation, in the first nine months, we have reached a free market net growth of approximately 3 million customers. Roughly 2 million in Italy and 1 in Iberia. This due to activations and reduction of the churn rate. In the Q4, we expect net growth of approximately 300,000 new clients with a slowdown in the acquisition campaign. I say that in this period, we have also diversified our sales strategy, so we are now offering also index products for all segment. Then we have defined a selective growth strategy on different customer segments. Do you expect a normalization of the churn rate? Well, yes. We think that churn rates could gradually rise to normal market standards. The very point depends on how the price set to our customer base will remain below or in line of the very point that make the change. We think that if prices will go down like they are doing in the last weeks this will tend to have a normalization also on the churn rate levels. In light of the evolution of demand, competition, and prices, are you afraid of a potential risk of over-contracting in your customer operations? I think looking at everything that it's something that we are assessing, is a risk that we are sort of looking closely not to have a U-turn of the impact on our profit and loss. Right now, I would say that is not to be considered a material risk, particularly in the short term. Are you afraid, or do you have any signal that your customers are not paying us? As I said, it's not something that we are experiencing right now, because of the strange situation our customers are living, where most of them are paying less than what they are used to pay in the past years, because of a combination of fixed price offered by us and an impact of the regulatory intervention. We are not experiencing an increase in the unpaid, though we are experiencing a decrease in relevant segments of our customer base in the unpaid. Clearly, we are now carefully looking at the trend of the unpaid after having completed the reprice of our customer base to see if this reprice will trigger an increase in the unpaid in the next months. I have a few questions on financials, Alberto. The first one is on margin calls. What's the current level of margin calls, and what is the projected level at year-end? If you can share with the market the remaining, if it's still an issue for 2023. Today, thanks to the level of gas prices that we are experiencing in these days, our margin calls are ranging around, for commodity, nine billion euros. We got the higher level of this impact during August. This is, technically speaking, going to decrease month by month if prices will stay the level they are today. We foresee this exposure to be almost EUR 7.5 billion in December, so reducing EUR 1.5 billion, and tending to zero along the next year because of the expiration of the contract that we have done. For the contracts in the coverage, the hedging we are doing now, right now, for 2023 and onwards, we are doing them at the prices that we foresee, that we see today and also in the last months of the market. We think that the risk that prices will go up and peaking also, this kind of hedging is less probable than to have than what happened for the hedging that we have observed in these months. Okay. A few random questions. The first one is on the capital allocation between CapEx and dividends. In light of a profound change in rates scenario, is a more aggressive asset rotation strategy likely to be part of the equation? Well, the equation, financially speaking, everything that we do, financially speaking, a part of the equation. Our aim is to have a balanced mix between dividends, investments, EBITDA growth, and results. Clearly, the asset rotation has ever been part of this equation. It will be also in the future. Clearly, the asset rotation is not related to making cash to have to fulfill the equation. But it mainly tends to have a strategic direction in which we want to simplify the group and to streamline the group. Clearly, all the financial flows will be used in a better way to offer to our shareholders the best mix for this company. Okay, talking about asset rotation, there was a question around Romania. Sorry, I'm actually losing the question. Romania and the press reports that we are close to sign a deal to sell the asset, if you can confirm or not? We can confirm. As everything happened, when we are assessing a new strategic plan, we clearly look at every option available, as I said, looking at our strategic direction and the possible asset rotation. Clearly, some news can appear on we are doing something or something else. I may say that we are looking and assessing, like every time, all our asset base, and that also for this, in 15 days, we may be more clear on what are our direction during the Capital Markets Day. Okay. I skip all of the questions around the future. One on the managerial action that we intend to onboard, again, as a follow-up to the one that you just answered to reduce net working capital in the Q1, and how much of the working capital is expected to reduce in the last part of the year. Well, as I said before, we are working on the working capital on several aspects, first of all. There are technical reabsorption that we only are looking that they gonna happen. Others that are related with the sort of technical way to implement the government measures that will have to work. In this case, we are working with governments, regulators to have, mechanically speaking, that, and financially speaking, this new regulation will work properly, and this will trigger a reduction in the working capital. We are acting also to see if something will not go the way we foresee. The banking system may come in and helping us in driving and bridging some part of this exposure to bring down the debt. What we see is that we are looking at keeping and so to managing this working capital exposure of EUR 8.6 billion we had in September, and to reduce it of around EUR 5 billion with the actions that we are aiming at. The way I said, trying to have them reduced because of the technical things that is gonna happen with the possible some help from banks that we also try to avoid, but we will keep as a backup to reach these targets. Okay. Sorry, I'm trying to take just the short-term part of the questions. Lots of questions around the cost of debt. Most of them are actually beyond 2022. Maybe this one, cost of debt has decreased 20 basis points in nine months after the bond, the EUR 4 billion bond at 6% and the trend upwards in rates. What do you expect for the following month, I presume, for the full year? I presume. It's not future. It is only the next two months. Exactly. Well, we don't expect nothing that is gonna increase our cost of debt for the next months. The overall financial cost, the financial strategy, the cost of debt and so we are gonna consider to drive our cost of debt in the next three years is related with our financial strategy. We will be very clear during the Capital Markets Day also related with the debt level we are gonna expect or drive for the next three years. Please keep these two weeks further to have this question answered. Okay. I think we covered all the themes. Thank you for staying with us. As always, the Investor Relations team is open for you. Just be in contact or send us an email, and we will be super happy to answer. Thank you so much, and we'll see you in a couple of weeks. Thank you. Bye-bye. Thank you. That concludes today's conference call. Thank you for participating. You may now disconnect.