Ladies and gentlemen, thank you for standing by. The Electrica teleconference is starting now. Thank you. Hello, everyone. I'm Raluca, I'm Head of Investor Relations, and together with the entire Electrica management team, I'd like to thank you for joining the Electrica conference call and live webcast to present and discuss the H1 2023 financial results, according to the order of the Ministry of Finance, 2844/2016. Those of you who are connected only by phone, please download the presentation in PDF format, which is available on our website on the Results and Presentation section. The participants connected online can address written questions on the live webcast or can intervene live audio on the Q&A session. Kindly note that since the entire conference is being recorded, all participants will be in a listen-only mode, so the attendees' voices will be disabled. Should anyone need assistance during the conference call, you may signal an operator by pressing star and zero on your phone or writing in the chat. Kindly note the recorded presentation will be available on our website starting late as tomorrow, and the transcript as well, as soon as possible in both Romanian and English. We kindly ask you to see the disclaimer on slide three of the presentation in front of you. Now we'll begin the presentation, followed by a questions and answers session. At this time, I would like to turn the conference over to our CEO, Mr. Alexandru Chiriță. Thank you. Thank you, Raluca. Good afternoon, ladies and gentlemen, and thank you for joining us today. We appreciate your interest in Electrica, and we assure you that we strive to meet and surpass your expectations. In a still fluctuating economic and legislative environment, our business is on the right way to return step by step to normality. Our results are getting closer to our long-time investors' expectations. We have made the right choices in our operational strategy for adapting to the challenges of a very fast-changing energy market. For this, I extend my gratitude to our entire team for their dedication in adapting and implementing efficient solutions for transitioning to the energy market of the future, which will be green. To give you a glimpse into the results, all important financial figures increased or improved significantly compared to the first semester of last year. The financial results achieved by Electrica group in H1, including an increase in EBITDA to RON 636 million, and a net profit of RON 106 million compared to the last year, reflect that we took the right path in getting back on our feet from energy crisis, which affected us all. The results were mainly generated by the operational performance of the distribution segment, due to a few factors, among which the increase in revenues, due mainly to the almost 20% average increase of the distribution tariffs, starting first of April 2023. Although there was an 8% decrease in distributed volumes in trend with the national consumption. A closer to normal operational landscape after the centralized purchase system, MACI, was implemented. Therefore, there was a significant decrease in the cost incurred with the purchase of electricity for covering network losses compared to last year. The ongoing concern to keep operational costs under control. On the supply segment, we registered overall a negative impact in revenues due to a few factors, among which: on the retail market, 10% increase in retail price and 7% decrease in supplied volumes, as well as increased costs with purchase of electricity for supply, mainly by the increase of the prices on the electricity market at the time of purchase, and limitation of the transfer to the final consumers of these price increases. I know that the subsidies are of interest, and I can tell you that with the new legislation in place starting this month, the group expects an increase owing to the recovery rate of subsidies. Not collecting subsidies on time generated so far a significant additional borrowing requirement for the group, which generated exceptional financial costs, affecting profitability. Overall, under the circumstances, we see the company's performance as good in this first semester, results that encourage us to continue our strategic efforts to maintain a top position in the energy sector. Before I let my colleagues detail our financial and operational details, let me provide you with a snapshot of our corporate strategy. In today's dynamic energy landscape, where challenges and opportunities intersect, we are close to finalizing our new mid- to long-term corporate strategy at group level, in line with the Green Deal. It will be focused on top of adapting our core business model to the very complicated ecosystem we operate in, our renewables and sustainability. We aim to strengthen the financial stability, relieve the cash flow pressure, increase the operational efficiency in all business division, while promoting sustainable growth, consolidating our portfolio and ensuring stable prospects for Electrica. The energy market and the regulatory environment is becoming, again, more predictable, which is helping us rebalance the operational mix. Regarding the production segment, as promised, we are working on developing the production segment in renewables, first of all, and in this regard, we are making good progress, although there are still challenges in the supply chain area at international level. It is our promise to share more concrete details with you as soon as we can. On other matters, we have increased our efforts in accessing non-reimbursable financing schemes to support both the core businesses and the production of renewables. We have, for example, the most projects submitted for approval and most approved through the Modernization Fund. In regard with the capital market, when it comes to this, as we've announced, it is our aim to be included at the beginning of next year in the FTSE Russell indices, and therefore, we are proud to let you know that this year, in seven out of eight months, we fulfilled all the necessary capitalization and liquidity criteria. You can find detailed information in the presentation. I'm filled with optimism and conviction that our results will take us to a new level in our industry and will continue to grow together. I want to express my gratitude again to our entire team, to our partners, our clients, our investors and stakeholders. Thank you for continued support and trust in us. Please be assured that we are motivated to do better every day. Now, I will give the floor to Ștefan to get you through the detailed financial results. Thank you so much, Alexandru. Thank you all for attending our press conference, and in the following minutes, I will try to pass through the presentation of the results. We'll start with the summary slide related to the consolidated financials, where basically you can see that in terms of results at this half year 2023, we are much better positioned than the half year 2022, in terms of EBITDA, which is at the level of RON 636 million, but also on net result, RON 106 million net profitability. Another issue to be mentioned is, of course, there is a slight increase in the net debt position, along with the fact that we are financing the investment in the distribution network, and we are also continuing to support and pre-finance the support scheme, and waiting for the collection of the amount of the request for refinancing from the state budget. Moving to the next slide. I will kindly ask my colleagues to move to the next slide. Here you can see that in terms of the EBITDA evolution, we have an increase of RON 535 million of EBITDA half year compared with previous year. And this is mainly the result of the effect from the positive variation of the energy margin. Here we have mostly the effect, the positive effect of the energy margin in relation with acquisition of energy in the distribution company, related to energy needed to be purchased to cover the network losses. Basically, we have there the benefits arising from the implementation of the centralized purchase of electricity mechanism, of electric electricity, MACEE. And based on this mechanism, we are covering 80% of the needs for the network losses for the distribution subsidiary at the price of 450 RON per megawatt. And basically, this is creating a positive effect on the distribution company and on its results. On the supply segment, we have a slight decrease of the energy margin, but this is limited and it's far more compensated by the positive effect in the distribution part. In terms of capitalization of network losses, according to the Ordinance 153 from previous year and the mechanism of capitalization, we do have an amount of RON 56 million capitalized for this year, representing additional network losses calculated as the difference between the net cost with the purchase of energy and the cost included in the regulatory tariff. So as you see, the RON 450 helps us for the margin, for 80% of the energy. Helps us to have a good cost of acquisition of energy for the distribution, and we are not too far from the ex-ante price. Then we have an impact of OpEx of RON 72 million. We have an increase of expenses in some areas related to salaries, other benefits, elements related to the collective labor agreement and the efforts to align the three regions in the distribution. And also some effect related to the increase in expenses with the repairs, maintenance, and these kind of expenses. Still, in terms of adjustments for depreciation of commercial receivables, we have a good signal related to a positive impact of RON 26 million. Now, as discussing about the net result, half year 2023 versus half year 2022, the increase is of RON 281 million. So basically from the -RON 175 million result at mid-year 2022, to the positive result of RON 106 million for this year. The result is coming from the evolution of EBITDA, that I have explained before. Then the impact of the financing costs, RON 84 million more financing costs than for the similar period of last year, because we needed to prefinance, as we said, the support scheme. We are financing the CapEx in the distribution subsidiary, and as you know, the tendency of the interest was a tendency of increase of the interest rates. Also, in the banking sectors, there was a tendency of increasing the margins, and generating additional costs. Also, we have an increase in amortization and depreciation of assets of RON 109 million, out of which RON 100 million is representing the depreciation for the network losses capitalized. Moving to the next slide and going to analyze the thing on the segment. I will just briefly mention here that, according to the latest available data, Electrica is a key player in distribution and supply. You have the details about market shares in the supplier of last resort, but also a competitive regime, universal service licensing, for the part related to the supply segment. You have also the evolution of the supply segment, 2021 and 2022. And also the details about the distribution network and the volume distributed in 2022. You will see also the trend, reflected in the result and explanation of the results. We do see a decrease, which is somehow aligned, of the volume supplies also on the supply side, but also energy distributed. Yeah, there is an effect in the market where we see reduction of consumption, reduction of energy supplied and of energy distributed. Going to the next slide. And mentioning about the distribution segment, we do have the details that we basically mentioned before related to the energy margins, and the positive effect related to that. What I would also mention, the important element here is that, in terms of net result, we do have the impact of RON 461 million increase in the net result, which is coming from the evolution of the EBITDA, but also the negative effect of the financial result out of the RON 80 million, which are overall RON 44 million are here on the distribution segment. Also, there is a net debt increase compared with the end of last year, because as I said, we were in the position to continue to finance the network construction and financing. And then you have the split of EBITDA compared with previous year, but then I will invite my colleagues to go to the next slide and discuss about further about the distribution. You see here also the details regarding the tariff, the margin on distributed energy, which is positive, and also the part related to the evolution of the net debt. Going to the next slide. Here you have the analysis related to the budget, how it should look in terms of budget, starting from the regulated asset base, and the RRR applied on that, and how this goes in until the regulated profit. In the next slide, you have continuing from the regulated profits to the net result under the OMFP 2844, which is the localized IFRS. This is related to the budget for full year, so that you could understand a little bit, you know, starting from the regulated asset base and the profitability on that, how we get to the net result. In the next slide, we have this graph, but put in the terms of results at six months. We are not in measure to have it as similar to to graphs at the level of the quarter, because we don't have in terms of details from ANRE, the split on quarters, so that we could monitor the respective corrections. But you could see that basically starting from the total net revenue, we get to regulated results, RON 193 million, which does not include the effect of the capitalization of the negative deviation of cost or net losses. That is RON 56 million, I mentioned before. And then you see how this goes to the operating result and then to the statutory results and the OMFP 1802. And then from there, which are the adjustments which bring us to the result under the IFRS. If we go to the next slide, please. Here we have the details related to the performance, operational performance of the three regions. I will not take much on that. I will just go through this and move to the previous slide, to slide 15. To the next slide, sorry, not previous. Here it's the summary in terms of net losses that I've mentioned. Basically, in first half 2023, the cost of electricity purchased for net losses, net income, decreased by RON 491 million. Yeah, it's RON 582 billion, compared with, yeah, RON 1 billion, in H1 2022. And here it's the MACEE mechanism, which is of help. The distributed energy is down 7.9%, compared with the H1 2022, and it is with decreases in all the voltage levels. In terms of investments, there is the information related to the fact that we have a six months 20%, roughly, of the plan for the 2023 achieved, which is including also part of the plan related to the year 2022, which was continued in 2023 to be recuperated. Here, it's worth mentioning that around RON 35 million of investments are additional work compared to the plan, because according to the legislative changes related to the connections, there are some connections that the distribution companies needs to do for customers, and this is on top of our plans. Moving to the next segment. In the segment of services, Electrica Serv, we have a positive result, half year 2023 of RON 1 million, which is for us a good result because it shows the company that the company is coming back to the profitability. EBITDA had an increase of RON 8 million compared with the same period of 2022, due to the fact that we oriented the company towards the business related to installation of photovoltaic systems, and we benefited of the situation of the world market and of the local market, where basically we had significant increases of demand in these kind of works. The net result also increased by RON 11 million, mainly from this EBITDA evolution, but also the evolution of the financial result. The company has a position of liquidity historically, which is borrowed to lend, lent through the cash pooling to in the group, but it gets financial, positive financial result. Moving to the next slide. On the supply segment, we have the evolution of EBITDA, which is decreased by RON 155 million compared to H1 2022, which is a result related to the an effect of the energy margin. Mainly, the situation being in the fact that also the prices went down, but also in terms of purchasing energy, we don't benefit in the supply segment from the MACEE mechanism in a similar way on the distribution. Yeah, distribution and TSO are priority, and the remaining part, according to the to the quantities in the MACEE mechanism, goes to supply. And also on the supply, compared with the previous year, there were not too much quantities to be purchased on forward to contract, but still we benefit from the evolution of the market share. And we do have, even if it's the margin is, the amounts are smaller, we are still profitable from this point of view. The net profit decreased by RON 182 million, mainly from this evolution of EBITDA. Then it's the impact of the RON 48 million evolution of the financial result, due to the increase of interest expenses related mostly to financing the support scheme. And then we had a decrease of the profit tax, a positive effect of RON 23 million. We have also here increase in net debt, as again, related to the result of increase of overdraft to, to refinance the, the support scheme. Moving to the next slide. For the supply segment, you could see here the fact that in, in the overall supply market, Electrica is the largest supplier by number of customers. You can see the total market share and also market share under competitive conditions. Then moving to the next slide, we have the key aspects related to evolution of the consumption places and also volume of electricity supplied. You can see also here the decrease in supplied energy compared with half year last year. I was mentioning this is a market identity, you can see it in all players. And then, moving to the next slide, slide 20, you can see the details related to changes in, in legislation, but you can also see some summary related to the evolution of the electricity prices on the day ahead market and of the, balancing market. Then the next slide, it touches the subject related to outstanding receivables. And basically, what should be mentioned is that, even if apparently, half year, in notional, in non-notional terms, it might seem that we have an increase in receivables. There are two things to be mentioned. One thing to be mentioned is related to the fact that, there is an effect related to the fact that we invoiced... In order to accommodate, to adapt the IT systems to the changes brought by Law 357 from 2022, we were in the situation of, you know, delaying sometime at a certain point, the invoicing, in order to adapt things in our system. So since we invoiced later, we are also collecting later from the customers without this to be a problem of collection. And since we are also invoicing later, we are also filing for the recuperation from the authorities, with a delay compared with the consumption month. But the other element is that if you compare, if you normalize, let's say, the outstanding receivables, adjusting with the turnover, you could see that compared with the position at the end of 2022, the amount is lower. Basically, we don't have an issue of collection of receivables. The bad debt, which are related to litigation, insolvency, or bankruptcy procedures, are not increasing, and we are speaking about things which are older than five years. Along with the respective insolvency or bankruptcy procedures will recognize these receivables. Moving to the next slide, please. Let's see. This is a slide about the production segment, which also was covered by my colleague CEO. We do have the five to seven companies in this area. We have various projects. I will not touch too much base about that. It is producing profit. Yeah, net result, it is positive EBITDA. There is a decrease compared with half year 2022, due to the decrease generally in the price of sale of energy. But it is an area in which basically we would like to focus and develop in the next period. And it should be mentioned that for two of these companies, and also Green Energy Consultancy and Investments, we are in the position to start the construction phase. This next slide, I think, is the one with the liquidity, which we started to introduce after the pandemics, and then we continued to present this to you to the energy crisis. Basically, the position is in an increase in terms of liquidity available, both in terms of cash, cash equivalents, and deposits, but and also in terms of available overdraft limits at six months. We benefit also of the support of the banks, and, we are also in a, in position of, being able to finance the, to pre-finance the request for, for being reimbursed from the state budget under the support scheme. So we manage this aspect quite well. Then we have some slides related to the performance of the dividend. I covered this at the first quarter, so I will not enter too much on that. Then next slide are details about group structure and details about the legislation. That, of course, you could also, the corporate governance, the legislation and, all the other aspects that we usually include in our reports. I will not stay too much on that. You can also always ask details for us about that. I think it's time to invite you to ask your questions, and we will for sure focus to answer them as accurate as possible. Thank you. Ladies and gentlemen, please note that those participating via the webcast, kindly follow the instructions indicated, and either type your question via the box or dial into the audio conference. At this time, we will begin the audio question and answer session. Anyone who wishes to ask a question may press star, followed by one on their telephone. If you wish to remove yourself from the question queue, then you may press star and two. For those participating in the audio question and answer session, please use your handset when asking your question for a better quality. Anyone who has a question may press star and one at this time. One moment for the first question, please. The first question is from the line of Ciopraga Liliana with WOOD & Company. Please go ahead. Hi, good afternoon, and thank you for the presentation and the results, actually. I have a number of questions. I will stop at three and maybe I'll ask the rest a bit later. So, first, what should we expect when it comes to net debt in the following quarters? And somewhat related to this, we see RON 2.3 billion subsidies. How much is related to the second quarter, and when do you expect to recover the amount? That will be the first. And second, how did the results compare with your budget for this year? You seem to be a bit behind when I look at supply and somewhat in line when it comes to distribution, but I just want your confirmation on this. And third, regarding dividends, you definitely have better visibility right now regarding full year results. What should we expect, when it comes to dividends out of 2023 results? Thank you. Okay, we answered, we answered this, yeah, and we take then the next analyst, correct? Raluca? Yes. Okay, let's go to that. So, let's take it one by one. In terms of subsidies, I could confirm that, following the ordinance 30, which allocated some funds from the over taxation in the oil and gas from last year to cover the need to make the payments under the support scheme, we received significant amount of money this week, and we are expecting to receive significant amount of money for next week. And we are not, I will not be able to really convey to you amounts, since this is subject to another reporting period. But I would say that this puts us in a good position for the following of the year, because roughly some 75%-80% of the request for payments that were filed are collected or are in the process of being collected. So we see that the government made the efforts to find solutions and to have the subsidies paid in order to help us and the entire system in terms of that. And with this, you know, recovery of the subsidies-... Yeah, as long as the subsidies are decreasing, the subsidies are decreasing as an amount because the prices are going down, and then the subsidies filed starts to be collected, we expect that the indebtedness will go down. We are closely monitoring that, because as long as we will be able to go down with the indebtedness related to finance, the financing the receivables, we'll be able to use these, lines and the lines that we have in order to develop the generation part that was mentioned by, by my colleague. So, if you- yeah, if you look, if you look at the amount of, applications that were at, at half year, which are in the financial situation, that part is comprised on receivables, which are already filed in, and receivables which are not filed in, and they are calculated. And basically, as mentioned, we collected significant amount, like, roughly 70% of that is, is to be collected. Going to the question of the recorded net loss difference in quarter two, it is the difference between the price, which was accepted ex ante by the regulator and the average effective price of acquisition of energy. The difference is quite small, as you saw. I mean, for this year, for the distribution, we don't have a significant difference compared to that. We are capitalizing quite little, and this is one of the source of the good result on the distribution. To answer another question of yours, the other element is related to the efforts of our distribution subsidiary to keep the operational costs in control. We're talking about the costs which are controllable, OpEx. In respect of expectation and assumptions for the tariffs in 2024, I will invite my colleagues from the Janina and Livioara to intervene in terms of more details about that. What I can mention is that 2024, as you probably know, is intermediary year to the next regulatory period, and the details are under preparation and discussion with the regulator. Please, Janina, you want to mention something? So in our estimation, the distribution tariff will increase in 2024. The inflation for 2024 is 4.6, according to CNP at this moment. The correction will be positive, and the most important correction is due to the distributed energy. Can you provide some amount or some? Some amount for the correction? For the correction related to the inflation. We have a positive correction around RON 300 million, but this correction included also the CPT capitalization cost. This is in money 2022, without the inflation for 2024. The capitalization costs, what were they? I guess you're talking here about the amount that was recovered also this year, I mean, the increasing days. Yes, it's- Part of the increasing days from April. Is the capitalization cost for 2022, split on 5 years? Mm-hmm. and the portion for tariff 2024, it's around RON 240 million. So what else? So basically, around RON 50 million would be the adjustment for lower volumes, lower volumes distributed in 2022. And will there be an adjustment for inflation? I mean, inflation in 2022 was much higher, and I don't think you... It was fully recognized. Would there be an adjustment for inflation? I was expecting a significant amount coming from that. Yes. So in 2022 is around RON 300 million. The portion for CPT capitalization is 240. So the rest is indeed some of the correction, but the main portion is due to the decreased energy. And on top of this RON 300 million, we will have the adjustment inflation. Ah, okay, okay. So, okay. For 2023 and for 2024. What about inflation for 2022? Is that part of the RON 300 million? For 2024 is 4.6, according to- No, no, but for inflation, I was actually asking about inflation for in 2022, realized inflation in 2022. So the- I did. Actual inflation was much higher. Will you recover the difference between what was decided in 2022 tariffs and the actual inflation? According to our Order 79 for 2023, there are- Mm-hmm Some costs there that will be inflated with the actual inflation. Instead, uncontrollable cost OPEX, the other OPEX and SMA cost. This will be inflated according to this order, with actual inflation. To calculate building block for 2024. Article seven for this order, 79, provide explicitly the cost that will be inflated with this actual inflation. Mm-hmm. So there won't be a recovery of the inflation, basically, 'cause that, that's what I was asking about. Will be recovered in 2024, will be recovered just the inflation for 2023, this 13.69, and the inflation for 2024 to 4.6. On the revenues, this inflation will be applied on the revenues. What was the inflation for 2023? Sorry, I didn't catch the figure. Can you repeat? What was the inflation that you mentioned for 2023? It will be corrected according to CNP prognosis. The estimated inflation for 2023 is 7.4%. Okay. Thank you. Maybe it's good to mention that, you know, right now, this is in the making, so we can make some estimations, and Jelena tried to help you with that. Considering what we would expect based on, you know, previous positions of the regulator and what's written in the regulator, implementations and the rules. But, you know, in the end, yeah, the regulator can make a final decision, which might be more or less different to that. We are following this. Mm-hmm. Sure. Yeah. But just to conclude, so you have RON 300 million. I mean, you estimate RON 300 million, to make, make it clear. Uh, hundred, I can't change it, but you have RON 300 million. Part of it is this, uh, related to CPT with grid losses, 240, but that was mostly reflected this year as well. So actually, we're only looking at around RON 60 million, and on top of this RON 60 million, you have inflation adjustment. Is that right? The inflation adjustment are mostly related to 2024, if I, if my understanding is right. So basically, what we will see as key drivers next year would be these: the RON 60 million plus inflation for 2024. Is that right? Yes. So this RON 60 million, rest from the RON 300, will be inflated with 2020 inflation for 2023 and 2024. Mm-hmm. No, but I was actually talking about what to expect when it comes to tariffs for next year. That, that's what- For next year, this RON 300 million- Mm-hmm. Correction will be inflated. Mm-hmm. will become around RON 340 million. Mm-hmm. It will be a positive correction, so this is the reason for increase the tariff for 2024. Anything else that would be major? Anything about the legislative changes or about the tariffs? Any other driver of, of tariffs that would be major in 2024? I think you cannot hear me very well. I don't know why, because anyway. So for 2024, the revenues will be composed according to order 79, with the components inflated, like the provision- Mm-hmm For the order, in the order, mentioned in the order, and these revenues will be corrected with this RON 300 million money to into 2022, and this revenue will be inflated with 2023 and 2024. Is the mechanism, the simple mechanism provided by order 79. Okay. Okay. Thank you. Awesome. Moving to the next questions. We mentioned about the subsidies. In terms of dividends, I will not comment because we have commented at the previous conference. In terms of explanation about the intangible assets from capitalization of network losses, yes, these are to be amortized in five years. This means that in five years we will have gradually these assets put on expenses. But along with having these put on expenses, we would have increased revenues on the distribution part, with the recuperation of the respective difference related to the year 2022. Yeah, so basically, what happened was that the difference between the ex-ante price and the effective price for the energy for net losses from last year, which was roughly RON 1 billion last year. Yeah. This was amortized in terms of expenses, starting with the quarter three last year. Okay, it's not perfectly aligned, but not everything is perfect in life, but still it's quite a good match. Starting with first of April, we are starting to recuperate this in tariff, as separate component. So basically, yeah, the profit will be diminished, let's say, in total, with RON 908 million or what was the question, but we will recuperate this amount to the increase in tariffs, starting first of April and under the five years, which is reflected under Ordinance 153. So yeah, we will recuperate this amount through the special component on the tariff related to the expiration of this difference. For these details, if you want, we can have also... For any details, we can have separate discussion and clarification with any of the analysts. In terms of budget, yeah, I can confirm that we are better than budget overall, at six months in terms of net result and in terms of EBITDA. Of course, this is considering the position at the level of the group, yeah. Some segments are, let's say, better than budgeted, some are slightly below budget, but overall, we are the management of the group, we are quite happy with the way the group is overall performing right now for this six months. Market share on the supply market from [inaudible] and the end of April. How do you think that Electrica market share will evolve in the meantime, given the aggressive growth of competitors like Hidroelectrica? Well, at the moment, we might say that Electrica Muntenia market share is stable, and our main competitor is Enel. On the non-domestic consumer mass. Okay. Yeah, sorry. We have not seen major changes in terms of our portfolio. Yeah, so the idea is the following: Of course, there is a fluctuation, let's say, in the market quota, but overall, our portfolio is relatively stable. We don't see too much fluctuation on our core base of customers. Of course, there are always players, like you mentioned, Hidroelectrica, but there are also some other players, like smaller suppliers, which for a short period of time are just, you know, focused on attracting customers, and there are movements of customers between our portfolio and the other. But in terms of non-household customer market, we have not seen major changes in terms of our portfolio, and we do see that also we have a stable base of customers also in the household area. This is also related to some, let's say, geographic preferences. We see that, for example, customers from Transylvania are less keen to just move to Hidroelectrica and are more stable in the choice of supplier of energy. So we really don't have a focus on that, and an issue without, regarding that. To be honest, we are focused on being profitable. We are not so keen on, you know, a certain percentage of market quota, and just maintaining a stable portfolio, which to ensure us the profitability. The regulatory period was mentioned already by Janina, with the mention that it's under discussion. In terms of CapEx on the... for grid losses, we expect to acquire from March, 80%. In terms of, construction started from some, for, for the renewable capacity in terms of CapEx, I would not necessarily give too, too, too much details. Maybe if my colleague, which is overseeing this, the general manager or the business development manager, would like to give some details. In terms of ex-ante price for grid losses, I think it's RON 656... Let me check. I'm checking the amount and telling you right now. To complete the construction of about the 40 MW, it's our expectation that the constructions will start shortly and will be finished in part by the end of the year, and for the rest by the end of June 2024. So we are keen on finishing this renewable capacity in terms of 8-10 months from today. So we'll have around the half should be done by the end of the year. So, I have the ex-ante price for grid losses at the first of April, roughly almost 500 RON per megawatt. So this is why you're explaining with the March at RON 450 and so on, you saw that the difference, the capitalized amount is quite small. I see there are no more questions at the time. I will make some final remarks. Regarding our efforts for the... On the production side, we are currently having the procurement procedures for the two parks, where the first one of 12 MW, which is underway, and we hope that will be commissioned by the end of the year. And the 27 MW park will be in procedure with the ready-to-build capacity. Hopefully, it will be done by June. If there are any other questions? Ladies and gentlemen, there are no further questions at this time. The conference is now concluded, and you may disconnect your telephone. Thank you for calling, and have a good afternoon.