Thank you for standing by, and welcome to the Terna first half 2021 consolidated results conference call. At this time, all participants are in listen only mode. There will be a presentation followed by question and answer session, at which time, if you wish to ask a question, you'll need to press star one on your telephone. I must advise you that your conference call is being recorded today, Thursday, the 29th of July 2021. I would now like to hand over to speaker for today, Mr. Stefano Donnarumma, CEO. Please go ahead. Good afternoon, everybody, and welcome to Terna's first half 2021 presentation. Let me start, as usual, with an overview of the Italian electricity market. As you can see in this chart, in the first six months of 2021, national demand was about 155 terawatt hours, an increase of 7.8% versus the same period of 2020, when national demand was about 144 terawatt hours. Let me highlight that in the month of April, we measured the strongest increase over the last 12 months, namely about 22% compared to April 2020. This was mainly due to the impact of COVID-19 during spring 2020. Regarding national net total production, this is stood at 134 terawatt hours, with a noticeable increase in wind production, which grew by 4%. Let me also underline that in the first half of 2021, renewable sources covered about 58% of the demand and about 44% of the national net total production, confirming the strong growth trend for renewables in Italy. To cope with the deep transformation due to the increase in renewables, Terna has answered with the investments foreseen in this new 10-year development plan. In this regard, I would like to give you an overview of our new 2021 development plan, presented just a few weeks ago. Turning to the next slide. The new 2021 development plan provides for a strong acceleration in investments, the highest ever, reflecting the important historical moment we are living. This plan is fundamental to achieve the decarbonization targets set by Italy and Europe. Specifically, as shown in the chart, the new 10-year development plan foresees more than EUR 18 billion investments over the next 10 years for the Italian electricity grid, an increase of 25% compared to the previous 10-year plan. This will support and enable energy transition, powering the development and integration of renewable sources, contributing significantly to achieving the ambitious target of European Green Deal, thus strengthening our role as director and enabler of the energy transition process. The plan foresees over 30 new strategic projects, including an increase of transport capacity, the rationalization of the main metropolitan areas, the strengthening of foreign interconnections, and the increase of system safety and resiliency. Please bear in mind that transmission grid investments are directly related to the reduction of emissions and considered sustainable according to European Taxonomy criteria. The benefit for the system that this plan will generate are significant, as I am going to show you in the next slide. First of all, according to our estimates, the project foreseen over the planned period will allow a 5.6 million tons reduction of CO2 emissions per year. Moreover, it will allow the removal of almost 5,000km of infrastructure that will progressively become obsolete, with the great benefit for the impacted territories. In order to increase the exchange capacity across the borders, the plan foresees 6 gigawatts more coming from interconnections with foreign countries, while at the national level, it foresees a 48 gigawatts of exchange capacity between market zones. In addition, there will be a big push towards the integration of renewables. Indeed, 440 gigawatts of new renewable capacity have been planned. At the same time, the plan will also support the gradual closure of most polluting plants in line with the national and European decarbonization targets. All the above mentioned elements will ensure an increase in grid resiliency, quality of service, and efficiency, with a reduction of energy not supplied in the region of 70%. Finally, let me underline that all our main investments are subject to a cost-benefit analysis. This will not just guarantee the achievement of Italian and European decarbonization targets in full safety, but will also be crucial to reduce the energy bill to the final users. Now, after this introduction, let's move to the first half of 2021 key features, turning to the next slide. In the first half of 2021, group revenues and EBITDA were up by 6% and 4% respectively compared to last year, which means EUR 76 million and EUR 34 million higher than first half 2020. We reported a group net income of EUR 385 million, EUR 7 million higher versus last year. Group CapEx stood at EUR 602 million, 41% more versus first half 2020. This robust CapEx acceleration, driven by system needs, once again confirms Terna as the director and enabler of the energy transition, in line with our 2021/2025 industrial plan. To support this double-digit acceleration, our net debt stood at EUR 9.7 billion versus about EUR 9.2 billion at the 2020 year end. Now, I leave the floor to the CFO, Agostino Scornajenchi, for a deeper analysis of the features, turning to the next slides. Thank you, Stefano, and welcome again, everybody. Let's start with revenues analysis. Total revenues in the first half of 2021 increased by 6.4%, reaching EUR 1,259 million, up by EUR 76 million versus last year. The growth was mainly attributable to regulated and non-regulated activities, which contributed for EUR 68 million and EUR 17 million respectively. Let's now go into the details, moving to the next slide. Regulated revenues reached EUR 1,093 million, EUR 68 million better than last year. The increase was mainly due to the investment acceleration realized in the national grid to cope with the ongoing energy transition process, as explained by Stefano. Non-regulated and international revenues reached EUR 165 million, 4.7% higher than last year. Non-regulated growth was mainly attributable to the increased contribution coming from Tamini and Brugg, and higher revenues from connectivity services. International revenues decreased by EUR 10 million, mainly as a consequence of slowdown of activities of construction sites in Brazil caused by COVID-19 pandemic. Now, let's go through operating cost analysis at page 11. As you can see in the chart, total operating costs stood at EUR 348 million, 13.4% higher than last year. The increase broadly reflects the business acceleration delivered. Indeed, regulated operating expenses were up by EUR 15 million, mainly as a consequence of the increase of our asset base and one-off items. Non-regulated OpEx dynamic was mainly related to perimeter expansion effects connected with the full consolidation of Brugg. Let me now analyze the EBITDA, moving to the next slide. Considering the above-mentioned effects, first half 2021 group EBITDA reached EUR 910 million, EUR 34 million better than last year. The increase was mainly attributable to regulated activities, which contributed for about EUR 53 million versus last year, showing an EBITDA of EUR 882 million in the first half of 2021. Please be reminded that first half 2020, non-regulated activities were positively impacted by a one-off component related to Brugg acquisition. Let's now have a look to the lower part of the profit and losses, turning to the next slide. Depreciation and amortization amounted to EUR 326 million. The increase versus last year was mainly due to the impact of new assets becoming operational in the period. As a consequence, EBIT reached EUR 585 million, EUR 11 million higher versus first half 2020. We reported net financial expenses at EUR 41 million, substantially in line with the same period of last year. Taxes stood at EUR 158 million, EUR 3 million higher versus last year. As a consequence, tax rates stood at 29%, almost in line with the same period of 2020. As a result, group net income reached EUR 385 million, EUR 7 million higher versus the same period of last year, despite higher depreciation and amortization linked to the investment acceleration. Thanks to this result, we can confirm all 2021 provided guidance. Moving to CapEx analysis at page 14. In the first six months of 2021, total CapEx amounted to EUR 602 million, 41% higher than last year, showing a double-digit acceleration to drive the ongoing energy transition process and to contribute to the Italian economic recovery. Indeed, we invested about EUR 571 million in regulated activities. Among the main projects of the period, it is worth mentioning the realization of new lines as, for example, the Paternò-Pantano-Priolo in eastern Sicily, the Italy-France interconnection, and the rationalization of Turin's metropolitan area. On top of that, the investment in stabilization devices such as synchronous compensator, mainly located in southern Italy, that will allow to enhance grid stability. Non-regulated and other CapEx stood at EUR 31 million. This includes capitalized financial charges and other investments. Regarding net debt and cash flow analysis, net debt at the end of June 2021 was EUR 9,735 million, EUR 562 million higher than 2020 year-end level, mainly as a consequence of the CapEx acceleration made on the national grid, the payment of the 2020 final dividend made in June, and the cash taxes payment. We generated an operating cash flow of EUR 672 million, thanks to which we were able to more than cover the CapEx spending of the period. Let's now make a deeper analysis of our debt profile, moving to page 16. As you know, Terna follows a prudent and proactive debt management approach, aimed at keeping a solid and diversified financial structure. Indeed, at the end of this first half, we registered a fixed over floating ratio of gross debt of 89% and an average duration of more than five years. In line with our strategy of combining sustainability and growth to promote the energy transition, let me just remind you that in June, Terna successfully launched a new green bond for a nominal amount of EUR 600 million and an effective cost equal to 0.398%. The issuing was very successful in the market, with an order book at peak of over EUR 2.2 billion, four times more the offered amount. Moreover, in July, Terna signed an agreement for a EUR 300 million loan with the European Investment Bank at very competitive conditions. A 22-year loan to strengthen and develop the national transmission grid, supporting the 2021-2025 Industrial Plan. Thank you very much for your attention. Before the Q&A session, let me leave the floor to Stefano for his closing remarks. Thank you. Thank you, Agostino. Let me conclude this presentation with some closing remarks. Firstly, as you appreciated from the previous illustrated chart, we again reflected important signs of recovery of the Italian electricity demand with an 8% increase in the first half of 2021 compared to the same period of last year. This is also the evidence of the Italian economy relaunch. In this regard, it's important to underline that our investments will be fundamental to relaunch our country's economic growth, employment, and technological innovation. Indeed, let me highlight that every billion invested in infrastructures generates between EUR 2 billion and EUR 3 billion in terms of GDP and allows for the creation of new jobs. Moreover, to our investment, we will also contribute to the achievement of the challenging decarbonization targets set at the national and European level. These targets are crucial, as confirmed also by the Fit for 55 package presented just a few days ago by the European Commission. This new package is a comprehensive set of measures to achieve the ambitious target of a 55% emissions reduction by 2030. Within this context, Terna will keep strengthening its role as a director and enabler of the transition. In the meantime, we are committed to maintain a solid financial structure and an adequate return for our shareholders. Moreover, we can also confirm all the provided guidance for 2021. Thank you for your attention. We are now ready to open the Q&A session. Thank you. As a reminder, if you do wish to ask a question, please press star one on your telephone and wait for your name to be taken by an operator. Once again, it's star one if you have any questions or comments at this time. We have the first questions coming from the line of Enrico Bartoli from Stifel. Please ask your question. Hi, good afternoon. Thanks for taking my question. First of all, of course, a question regarding the consultation document that has been published by the Authority recently regarding grid regulation. At first sight, it seems a bit harsh for considering the wide range that is applied in terms of allowed return. I was wondering, any comment that you can add, a possible improvement on this that you are going to propose to the Regulator? In general, if you think that the document is consistent with the general strategic goal to foster investments related to decarbonization, and of course, you are the main player on this side. A second question regarding, you mentioned the Fit for 55 package. You announced last month the new development plan for the electricity grid. If you think that the new package would provide some additional potential for you to invest in electricity grid and to accelerate decarbonization linked to the Fit for 55 package. A third question is related to results. Just, let's say the trend that we saw in the EBITDA, the composition between the regulated one and the non-regulated. Of course, the non-regulated was also affected by the one-off last year, but regulated EBITDA is going in a very robust way while even setting up the one-off, non-regulated will be down in the first half. Can you comment on this and if we can expect a similar projection for the second half of the year? Thank you. Good afternoon. It's Agostino Scornajenchi speaking. Regarding the first question, and probably Mr. Donnarumma will comment, let me say on WACC, the first document really describes methodologies, processes, and all the variables that are showing a very wide range without any kind of indication of precise values. We do not consider possible to identify significant ranges or indicative landing points for the WACC value. I think that we will have more precise indication after the publication of the second consultation document expected in October, at the end of the year when we will receive the final resolution from the authority. Let me say that we agree with the methodological approach proposed by the authority, that, as you have seen, is fully based on the continuity of regulatory principle and with the concept of graduality in order to avoid, and here I'm looking to the resolution, avoid sudden changes in return levels. This is what is written in the document. As expected, there are several elements that can positively or negatively impact the final return level. Let me give you some examples. For instance, on one end, the intention of the regulator to take into account the reduction of the cost of corporate debt compared to 2015. That is a factor. On the other hand, the openness to redefine the observation periods in order to consider the extraordinary situation we are experiencing due to COVID-19 pandemic, and also due to the role that central banks has played with their monetary policies last year. I don't know if Stefano. Yes, Agostino. In any case, as you mentioned, the final feature will be the result of all these variables, and so the landing points, and consequently, the impact cannot be estimated at the moment, but in any case, a reasonable and gradual impact can be compensated with our managerial actions. Speaking about the Fit for 55 package and the possible opportunity, I think that sure may be an impact, not in few years, more in the second part of this 10 years, next 10 years. More is increased the target for renewable use and installations, more we have to consider possible investments, new investments to allow the transition and to help the system. For sure, I think that during the next 10, 15 years, the possible increase of our investments is not only in line with the 10 years plan that we have presented. Speaking about the third question, Agostino, if you want to add. Yes, regarding the evolution of our results and the composition of such results, let me refer to page 12 of the presentation. The increase in regulated EBITDA is mainly connected with the increase of the asset base. As you know, after the entry in operation of several assets at the end of 2020, now the tariff has recognized additional revenues on a wider asset base. Regarding non-regulated and international, to make a long story short, on one side, we are pretty satisfied about the performance of Brugg that has been fully integrated in the period, and we are also squeezing already relevant synergies. On the other hand, as anticipated before, we are facing some delay in the realization in our projects in Brazil as a consequence of the pandemic. Thank you. We have the next questions coming from the line of Javier Suarez from Mediobanca. Please ask your question. Hi. Good afternoon, thank you for the presentation. The first one is a follow-up after Enrico's question on the regulatory document that I guess is a very popular theme these days. Based on the assuming, I don't know, theoretical cut of 100 basis points, that seems a worst case scenario looking at the ARERA document. I was wondering if you can give us some light on the possible managerial decision after that regulatory cut. What would be the decision process makers for a company like Terna? What would be the priority? I'm thinking about decisions on CapEx and also on dividends. That would be the first question. The second question is on the 10 years plan for the electricity transmission network. Obviously, that is giving plenty of visibility to the company on a significant CapEx for the next decade. I was wondering if also there could be some additional and significant upside coming from the Recovery Fund. You can give us your latest thought on the possible positive implication of the Recovery Fund for a company like Terna. The third question is, if you can, that is more on the numbers of the second quarter, the thing that has caught my attention more is the significant increase of CapEx. If you can help us to understand why the company has managed to accelerate CapEx. Is that coming from the recently approved Simplification Decree, that is having a positive impact on the capacity of the company to accelerate on CapEx? Many thanks. Again, speaking about the WACC review, I think, first of all, it's too early to define the level and the possible impact. In any case, my opinion, and I just said in the past, my opinion is that the regulator's track record has always proven to adopt reasonable resolutions, that have been able to catch both the historical moment that is so particular to the moment, and the needs of the system. Today, more than ever, considering the ongoing energy transition process and our central role. You ask about the recovery fund. Yes, the recovery fund. No, I just said also this last month that the recovery fund doesn't impact directly on our activities. We have also presented some projects, but my opinion is that our scan also for remuneration and for planning, may be an enabler for recovery fund's main projects. What I think is that it is a good opportunity for the system to invest on parts of the system that are necessary to guarantee the energy transition process. We can go at the same speed altogether. Something interesting may arrive from the definition of rules for storage, for example, in the next future, and I hope that altogether with the system and operators, we will find the right way to allow also this kind of implementation, because it is really important for the system. On other side, no direct impact for us. If you want this one. Yeah. Of course, now you can. Indeed, the first semester was really a very good one in term of CapEx consideration. Let me say that at the end of the semester, more or less 60% of the investment has been related to asset renewal and efficiency, and the other 50% is related with development CapEx. In the first three months, we have seen, as you already commented in May, if I'm not wrong, that we have registered a massive increase in renewable investment. In the second part of the semester also, we speed up a lot of relevant development CapEx. Among the main constructions, let me mention the new power lines linking Melilli in Sicily and Priolo. The connection between Modena North and Modena Est in the north part of the country. Figline and Firenze close to Florence, Rivoli and Paracca, close to Turin. Those assets entered into operation in the first semester. Of course, the construction of these new lines are included in the 2021-2025 industrial plan will continue, including the completion of the mentioned Paternò-Pantano-Priolo line, and also with the rationalization of the main metropolitan areas, as mentioned by Stefano a few minutes ago. We are also completing the implementation of the installation of a new synchronous compensator, especially in the southern part of the country. Many thanks. We have the following questions coming from the line of Harry Wyburd from Bank of America. Please ask your question. Hi, everyone. Thanks very much for taking my questions. I've got two questions. The first one, I apologize for those who were also on the Snam call earlier for the copy and paste question, but I think it's equally relevant. I just wanted to ask very specifically, having seen the initial proposals, I guess there's obviously been range, but probably there's a fair idea of what the worst case scenario is. If you look at that worst case, how do you feel about your dividend policy? I guess you've got one of the highest dividend growth policies in the sector, arguably. Do you feel, or would you be confident to sort of reiterate that policy now, having seen the initial documents? The second one, just on the surge in CapEx, and it looks like your annual CapEx could almost triple relative to the very long term average. I guess this is occurring in a potentially inflationary environment. What are your views on operational risks in ramping up that quickly? Do you feel confident that you can actually do that and get the necessary, I guess, headcount to do that, the necessary access to raw materials and project management sort of skills and teams in place to actually do that? Is this something that does require a little bit of, or does bring a little bit of higher operational risk into the business? Thank you. Definitely from me. Yeah. Regarding your first question, again, the document that we have in front of us is describing methodology, processes, general variables. It is not possible to provide any kind of precise indication about the value. That is, we cannot identify ranges of landing point, worst case, best case. I think that it makes no sense to do that now. Thank you. Thinking about the planning, the CapEx planning for these years, I would like to precise that just now, after the first six months of the plan, that is five years plan, we have more than 70%-75% of the project just approved and in the meantime, also just covered with material and all the activities that we need. It's also the reason why we are running at a good speed, and I think that we finalize correctly this year in this way, and we will have no big problems for the next future. I don't see any particular activity. Okay, got it. Many thanks. We have the next questions coming from the line of Jose Ruiz from Barclays. Please ask your question. Yeah, good afternoon, and thanks for taking my questions. The first one is a question to Terna as a TSO. Do you have an estimate of electricity demand growth for Italy for 2021? The second question is a clarification. Do you have the cost of debt of the first half? I cannot see in the press release. Thank you. Okay. About energy consumption, what we see during these months is really a behavior that is similar to two years ago, before the COVID period. Sometimes it's also more, but I think the average would be near to two years ago. That would mean also that Italy system, production system and so on, is arriving gradually to the same rate of the pre-COVID period. What is really interesting is that, for example, during the last months, there was a coverage of renewables that was more than 40%. This is a good signal in terms of how, say, the energy transition process is going on. Regarding the cost of debt of the period, we are fully in line with the business plan expectation. I remember you that we set 1.3% on the business plan horizon. Now we are in the region of 1.1%, 1.2%, so fully in line. Thank you. We have the next questions coming from the line of Alberto Gandolfi from Goldman Sachs. Please ask your question. Afternoon. Thanks for taking my questions. Apologies to go back again to regulation. Clearly, I take the point that we cannot put specific figures on what the regulator did. Talking about the philosophy, do you believe there is an attempt to narrow the gap between the allowed cost of debt and the actual cost of debt of the company in the new methodology? I'm asking that because I notice that the regulator is now using an average between seven years and 10 years as opposed to 10 years. Your average duration of the debt is on five years. Do you believe this could be the beginning towards the elimination of any debt outperformance? The second question is related, again, to regulation. Apologies about that, would you mind elaborating, maybe very high level, clearly you can't disclose at this stage because you don't even know the outcome. What would be those managerial actions towards? Would it be on costs? Would it be on leverage again? What could you do to mitigate a below-expectation outcome from regulation? Thank you so much. Well, regarding the first question, the impact on cost of debt, and the reflection and the impact of the evolution of cost of debt in the formula. I think that there is something that we already mentioned before, but let me repeat. It is true that the regulator want to take into account the reduction of the cost of corporate debt, respect the period of the previous period, respect 2015. This is a fact. The cost of debt, the cost of money is cheaper than before, so it's rational that the authority will keep this in consideration. It is also true that the observation period is a sort of nonsense, because if you look how the observation period is shaped now, it started in September 2020 and will end in October 2021. That probably is the worst possible observation period ever, given that in this period, the market was not a real market but was fully impacted by extraordinary decisions taken by central authorities. This is another factor, and we believe that the authority will make a reasonable approach on this, and will propose a reasonable solution. I think that we cannot say more than that. We trust on this reasonable approach, as we believe that this data then is fully reasonable. Regarding the mitigants, as said several times by Mr. Donnarumma, we have taken a conservative approach in the incentives that we've taken in the business plan assumption. We have confirmed the EUR 220 million. We hope to get something more from the authority. There is some process ongoing. There is some discussion that will be completed in the coming months. Let's see, but we are quite positive on this. Sorry, just to add that just in these hours is starting another possible consultation that is also interesting in this respect. Sorry. No, please. Of course, the standard tool of companies as a cost discipline and strict control on our expenses. We are ready to do all is necessary to confirm our guidance. That's clear. Thank you. Thanks a lot. We have the next questions coming from the line of James Brand from Deutsche Bank. Please ask your question. Hello. Good afternoon, and thanks for the presentation. I had two questions. The first was actually going to be on incentives and the timing, which you kind of touched upon in the answer to that last question. I'm still a little bit, and I think probably most people are a little bit unclear exactly what to be expecting from these kind of new documents on incentives. Should we be expecting just one more document later this year that sets out a set of new incentives? Or is it a case that we're going to get a drip of, there might be one paper later this year that has one new incentive, and then maybe there'll be another one next year, and it will progressively build? Is it either we'll get more all in one go later this year, or we'll just get a drip over the next coming years of new incentives? That's the first question. The second question is on the new investment plan. I was just wondering how that fits with what you've outlined already. Obviously, it's a bigger number. Should we be expecting when you present your new business plan in Q4 for the overall CapEx spend to be going up? Previously you were looking at getting up to a runway of around EUR 2 billion per annum or maybe a little bit more of CapEx by the mid-2020s. How high could that go now? Could that be more like EUR 2.5 billion runway by the mid-2020s? Perhaps you want to just wait until Q4 and the new business plan to answer that, but I thought I'd just see whether you want to say anything on that now. Thank you very much. Okay. Regarding incentives, as I said before, it started during these hours, the first consultation on this topic. I think pretty soon will be some other document and the consultation during the next months. It is a process. I think it's also okay. It's parallel to the WACC definition process. It's possible for us in the next month to better understand the complete scenarios and to define our actions and position. Speaking about this, I can say that also for a review of the plan, it will be better to wait for the closing of these definitions. I believe more in the beginning of the next year at the moment. Does that answer your question, James? Yeah. On the incentives, I guess on the investment plan, sorry, did you say you wanted to wait to give updated guidance on the CapEx? I didn't catch the answer to the second question that I asked. Sorry, can you kindly repeat? That we have some noise on the line. Sorry. Yeah, I'll repeat that. The second question. Yeah, perhaps I just missed it, but I didn't catch the answer to my second question, which was on where could CapEx get to by the mid-2020s? Yes, sorry. For sure, as you have seen also from the development CapEx, we will see a further acceleration on our investment plan. This is something that we will disclose more in details at the moment of the update of the business plan. I've said several times, that's for sure, that we will continue and increase the current investment plan. Okay. Thank you very much. Well. Sorry. We have the next questions coming from the line of Stefano Gamberini from Equita. Please ask a question. Good afternoon, everybody. A few questions also from my side. First of all, regarding the statements from the regulator that they want to support the energy transition. Many times they wrote this, and also during the consultation paper for the allowed WACC. On your side, you are at the heart of this transition, you are the enabler of the growth of also renewables. What are the measures that you are asking to regulator on the other side, regarding the development of all the investments that you have to support, clearly beside the outperformance incentives that are already on the table? The second question regarding the authorization. In your new 10-year business plan, you added, if I'm not wrong, three new interconnectors. There is one of these that is very important, the Tyrrhenian Link, and the second one, the other one, still waiting for all the authorizations. Did you find some novelties in the Recovery Fund that could help or accelerate the authorization process for all these interconnectors? The third one, what is your view, still again, on the acceleration of investments in the renewables? If I'm not wrong, you underline many times that you have lot of requests. At the end of the day, the authorization are still waiting, the process going on. With the new Recovery Plan, in your view, the measures that have been introduced could accelerate this process or not? Many thanks. On the role that Terna has in the system, I think, at this moment, no doubt coming from nobody. If you think that a few weeks ago, we presented the 10-year plan of Terna, and it was also the first time, if I remember well, that together with that, there were present, in presence, the minister and the president of ARERA, and we discussed it together in front of everybody on the really how is important this kind of plan to allow the transition. I am absolutely sure that this is one of the main aspects that confirm my opinion on the reasonable and the gradual impact, and the decision coming from authority. You asked about the authorization. Yes, we are absolutely on track on this, also for the big projects, because a lot of phases of this authorization are not well known to everybody. We have divided this process in really some 100 of phases, and we are going on week per week with all the institutions and all the subjects that are involved in this. We see that everything is going in a good way. Like I said before, I'm not afraid about this. I think we are in line with it. In the meantime, there are also some possible accelerations coming from the new rules, also related to the recovery plan and the new rules that government is fixed step by step to allow this process and this plan. I think that also the new CapEx that the system and those operators are hypothesizing to put on the table on this, will be not only possible, but for sure are necessary. In any case, everybody, we have to find solutions and to help together the system to reach these targets. Just a quick follow-up, if I may. Regarding the investments in Tyrrhenian Link, when this will arrive, and even could accelerate, if understood correct, all the investment in the sector. Do you see some risk about the leverage of Terna in these years, 2024, 2025, considering the huge amount of investment that you have on one side, and on the other, possible changes in grid regulation or incentives that you should receive? Well, Stefano, for sure, there are relevant investments in the business plan. Tyrrhenian Link, one of the most important. We are talking about EUR 1.9 billion out of EUR 3.9 billion on the total investment cost. That for sure will have an impact. You remember what we said when presented the business plan. The business plan is fully funded, it's fully sustainable from a financial perspective. Now we have something to be checked. On one hand, the evolution of the interest rates. That, of course, we are looking some expectation of a certain level of increase. The second one, I said before, will be the approach, the reasonable approach, let me mention it again, expected by the authority to cover also this. Having said that, we are not worried about this. We already announced when you presented the business plan that even if the business plan is fully sustainable based on the judgment given by the three rating agencies, we consider the level of our rating important, and we already announced that if needed, we are also ready to introduce some different tool or some different action, including some non-standard financing instrument as a hybrid or something similar like that. Only if needed. Thanks a lot. There are no further questions at this time. Please continue. Thank you very much for your time, and see you next time. Thank you. Thank you to everybody. See you. Ladies and gentlemen, that does conclude our conference today. Thank you for participating. You may now disconnect your lines. Thank you very much, and have a great day.