Warm welcome to our 2022 Investor Day, now in a hybrid event. We have you here connected, and also investors, analysts, and also some colleagues as connected via Microsoft Teams. Okay? Joining us today is our CEO, Fabrizio Bardi, and our CFO, Giuseppe Turchiarelli. Our event will be conducted in English, all the presentation that we are showing here today for you is already available in our website, www.enel.cl, or in our investors in our app. Okay? For getting to our agenda, before, let's just see a video that we understand that is very important to us, to our world, and also to our country, the energy transition. You're gonna see that how Enel Chile is leading this transformation in Chile in terms of decarbonization and also electrification, supporting our clients in this process. Here with this strategy, we are aiming to deliver a sustainable strategy and value for all. We hope you embrace this cause with us. Video on the screen, please. We started our transition seven years ago, taking significant steps in recent years where we have intensified our efforts in an integrated approach as climate change is something we are strongly committed to. We have incorporated solar, wind, and geothermal energy into our generation matrix, and we are exploring new renewable sources such as marine energy and green hydrogen. Last September, we achieved a new milestone. We received the approval for the commercial operation of the Azabache plant, the first hybrid renewable generation plant on an industrial scale in Chile. Azabache is one of the hybrid initiatives of Enel Chile, catalyzed by innovation that is an accelerator of the just energy transition. For example, we are investing in new CO2-free energy solutions such as batteries to improve our operations flexibility, and a hydrogen pilot in the south of Chile. This year, we fulfilled another important commitment. We closed our last coal-fired generation unit. The final disconnection of Bocamina II is the beginning of a new stage, even greener, bringing us closer to achieving a 100% renewable and sustainable matrix, and also contributing to the decarbonization process of the country. We continue to accelerate the electrification of people's daily energy usage, such as public transportation electrification, the adoption of electric heating systems, off-grid or rooftop solar installations, replacing fossil fuels, particularly in the cities, reinforcing our view of circular cities. Enel X, through several business models, is supporting its clients to transform its process efficiently and sustainably. Through this, Chile is today one of the leaders in Latam in electrical buses transportation systems, transforming it into a sustainable and environmentally friendly medium. Equally relevant is the transformation of the grid infrastructure to allow people to control and manage their consumption levels and access platforms with increasingly more products and solutions, enabling our clients to become relevant players in the decarbonization of the country and climate action. To improve this journey, we have reinforced our customer service channels and digitized our processes to reduce response times for our more than 2 million customers, as well as we continue to incorporate remote control equipment, allowing us to reduce supply recovery time when a service interruption occurs. This way, Enel Chile contributes to a more renewable, circular, and sustainable country. Be part of this journey that is changing the way to do business, creating value for all. Let's now look our agenda on slide one, please. Thank you. Here, Fabricio Bardi will be starting our presentation, showing us our market context, our main management goals and actions, and also how we're gonna achieve these goals. Later, Giuseppe Turchiarelli will show us the plan in numbers, our financial management, and also our earnings evolution, and then the targets for this period, 2023-2025. Now, before we start, I would like to say that we as IR is gonna be available in any other questions you may have. That the final of the presentation, we're gonna have a Q&A session in which the, who is present here could ask question and also those connected via Microsoft Teams. Before this start, a welcome message from our chairman, Mr. Herman Chadwick. Please, on the screen. Today is the day we present to you our investment plan for the next three years. It is what we call Enel's Investor Day. It is done worldwide. We do it at the Chile level. The truth is that we have ended years that have not been so easy. Pero sí tenemos la perspectiva de tener este año un buen año y los próximos años muy buenos resultados en nuestros balances. Tenemos un plan de inversiones que es importante para Enel. Nuestra transición energética de el carbono hacia las energías limpias la terminamos. Es la única empresa en Chile que lo ha hecho así y que lo ha terminado. Hoy día tenemos solo energía que vienen de fuentes limpias: del agua, del viento y del sol. Algo nos queda de gas, que hay que mantenerlo porque es un buen respaldo por un tiempo determinado. Tenemos un plan de inversiones que es ambicioso, pero lo más importante es que tenemos la caja o tenemos el dinero para poder realizarlo y que nos permite, no digo terminar la transición energética, porque la transición energética, que al parecer se arreglaba con sol y viento, la verdad es que es cada vez más ambiciosa. Hoy día tenemos todo lo que es el hidrógeno verde, en lo cual tenemos estudios importantes en Magallanes y también tenemos algunos otros preestudios en el norte que esperamos realizarlo en los próximos años. Estamos optimistas. Estamos tranquilos, que Enel sigue siendo una empresa pionera, sigue siendo la primera empresa de generación del país y en parte de distribución tenemos la distribución de gran parte de la región metropolitana. En Enel Distribución trabajamos para nuestros clientes. El gerente les va a explicar exactamente cuál es nuestro plan de inversiones para los próximos 3 años. Yo solo les quiero decir que lo hemos estudiado, lo hemos revisado, lo hemos visto y esperamos que seguramente tendrá algunas transformaciones o reformas en el tiempo. Nada se puede predecir en un mundo que cambia tan rápido como el nuestro para los próximos three años. Pero tengan claro que en materia de resultados y en materia de sustentabilidad, lo tenemos bastante bien ejecutado para poder cumplir con los desafíos que tanto en materia de utilidades como en materia de sustentabilidad nos exige el mercado. Muchas gracias. Thank you you all for your presence. Let's now start. Fabricio, the floor is yours. Many thanks, Isabella, and welcome all to our 2022 Investor Day. The time to act is now. As a significant difference with the pandemic, there is no vaccine for climate change, nor for its consequence for humankind, especially the most vulnerable ones. There is no room for more delays. Playing in our favor is that we have a new type of customer, more digitalized, with higher expectations and more aware of the products and services they consume. Additionally, the current commodity scenario has added a new challenge to us all, making clear that we need to continue accelerating decarbonization and diversifying the world energy matrix. Technology is playing in our favor as we are advancing with giant steps coupled with innovation. Both are bringing new opportunities for the energy sector. Let us now see how Chile as a country is inserted in this new context. Let's start with the country position on decarbonization, the electrification field on slide 4. Chile offers an extraordinary renewable potential that could reach 70 times the current installed generation capacity, according to government screening. In the last 10 years, Chile has increased 2.7 times its renewable capacity, which totaled 16.9 GW by the end of 2021. According to the National Energy Policy and the government net zero commitment, 80% of the installed capacity is expected to be renewable by 2030. It is worth mentioning that Chile also has an important attractiveness in terms of the potential growth of energy consumption when compared to more developed economies. Bearing in mind the country's development through recent years, which will also continue to be boosted by decarbonization, digitalization, electrification, energy demand is expected to grow 28% when compared to 2021, reaching to 96 terawatt hour by 2030, according to the government's projections. In addition, all the potential that Chile has in terms of renewables, coupled with the global need for clean energy, will enable the country to become a competitive, relevant player in the green hydrogen industry over the coming years. We are part of this strategy, as in a few weeks you will see the first green hydrogen project in Chile into operation through a partnership with Enel Green Power and other important local and international players. BloombergNEF has recently published a ranking of the best emerging countries in 2022 to attract investments in the renewable segment. Not to our surprise, Chile was ranked as the first in the list. The new market scenario has been challenging, but also has brought new opportunities, as we can see on slide 5. We are living in a new era that has brought several changes and headwinds. Today, we are witnesses to a paradigm shift that is taking place. Together with the perfect storm faced by the industry in Chile in the last years, there are several factors that have kept the energy sector under pressure. Of course, this is a clear sign that we must change the way we have been doing things. Business as usual is no longer an option, therefore we decided some time ago to be proactive and take action. This allowed us to identify several opportunities to continue growing and to include sustainability at the core of our strategy. We have also mentioned several times the opportunities coming from the Just Energy Transition, which include the evolving attitude of clients in their requirements for clean energy and energy sustainable services is a growing opportunity with an integrated approach offer of green commodity and energy services. Green hydrogen evolution may also play a significant role in the mid-term. Portfolio enhancements and asset rotation mechanism may also be key to constantly unlocking and crystallizing our portfolio's value. All in all, we have been able to overcome the challenge that we are grappling with. At the core of our strategy stands our integrated approach. Now on slide seven. Since electrification has become an essential driver to achieve our zero emission target, we have developed and strengthened a commercial offer increasingly focused on our customers' needs, understanding their requirements and focusing our efforts by playing the client at the center. The integrated offering approach also allows us to sell integrated production and services for our B2B clients, supporting them in their climate ambitions, efficiency needs, and reliable sourcing. Electrification is key to it. Grids will also play a significant role in this process. On the final consumer side, the households and cities, we have also been developing a wide range of products to make our customers' lives easier and better. Supporting this strategy, let us take a look now at our managerial actions that our company will be focusing on slide 8. Our main strategy actions have an integrated and sustainable approach, divided in four main initiatives. The first one is to enhance the resiliency and flexibility of our portfolio mix, supporting the decarbonization process. The second action refers to putting our clients in the center with an integrated commercial strategy based on electrification. The third one is based on grids digitalization to continue enabling the just energy transition. Finally, our fourth action is to strengthen our balance sheet metrics by sustainable growth, unlocking the value of our assets, and consequently be better positioned for future opportunities. All in all, these actions will allow us to reach an affordable, secure, and sustainable energy system. Let's see all these actions in detail, before, let me recall how we got here and what we are expecting for the next three years on slide 10. Enel Chile has had an interesting journey since its creation in 2016. In 2018, Enel Chile carried out and completed a corporate reorganization, which included the acquisition of Enel Green Power Chile, strengthening its leadership position in renewables. From this point onwards, all the company efforts have been in order to boost its transformation, facilitating the energy transition in Chile. In that sense, in 2019, Enel Generación signed an agreement with the government regarding the decarbonization of its generation matrix, which include the closure of its three coal-fired plants. In September this year, 18 years earlier than initially committed, Enel Chile became the first electric company in Chile to cease using coal. Following the just energy transition, we are at the forefront of renewable energies in the country. Since 2019, we have connected almost 2 GW of new renewable capacity to the system. In the last two years, several headwinds imposed by the market, climate, and global context challenged our resilience. As I will explain in the next slide, our agile managerial actions, catalyzed by the strength of our portfolio, were able to offset part of these headwinds, letting the room for a new Enel Chile, focused in a more circular, resilient, and integrated company with leveraged capacity to new market opportunities and disruptions. The new market scenario has brought new opportunities that we have been able to size through several managerial actions, as you can see on slide 11. Active natural gas purchases this year, due to the increased availability of Argentinian gas and LNG cargos from different players, have allowed us to optimize the operation of our combined cycle power plant and furthermore, to carry out gas trading activities. Our newly connected renewable projects, including those that obtained their commercial operation in the third quarter and our commodity hedging instruments, also contributed to the improvements recorded to date. We are conducting some commercial negotiation to better valorize our portfolio, which should generate additional value for our assets. Our long-term LNG supply agreement is under negotiation and expected to be closed by year's end. This initiative will enable us to monetize the value of this contract and to reduce our exposure to potential natural gas surpluses in the future. This transaction is another example of how we are unlocking the value of our business strengths that could have not been entirely perceived or evaluated. All these managerial actions will enable us to surpass our 2022 EBITDA guidance by 41%, totaling approximately $1.5 billion. We expect to complete the sale of Enel Transmisión Chile in December and use these proceeds to reduce our debt by $1 billion approximately. All these actions are aligned with our value proposition and commitment to our shareholders. We will continue reviewing our assets, looking for value that is locked or not well valorized. All these measures support the faster deleverage of the company, letting Enel Chile be more prepared, in terms of debt capacity, to reach new opportunities that might arise from the electrification process. Let's move to slide 12 to quickly review Enel Chile at the end of this year. We can proudly state that we are a unique integrated utility in the country. We have consolidated our position as the largest operator of renewables in Chile, expecting to reach 76% by the end of this year. Since September, we became the first energy company to completely phase out coal in Chile. On the distribution side, we are the largest network operator in terms of energy distributed, serving 33 municipalities in the metropolitan region of Santiago, with over 2 million clients. Let's review our actions in order to respond faster in the new market context we described earlier. Our strategy is based also in rebalancing our energy portfolio to increase our flexibility and resilience. I'm now on slide 14. The challenging scenario of the last two years has had a strong impact on the sector. We have not changed either our goals or our long-term strategy. Spot prices have strongly increased in the last two years, mainly due to commodities, demand evolution, and transmission bottlenecks, leading to high hourly price volatility and increasing location spreads. We have carried out several managerial actions in order to accelerate the rebalancing of our portfolio in the generation business to improve our diversification in terms of technology, location, and sources. We will put in place some portfolio flexibilization programs to blend several front lines, aiming to continue reducing our spot exposure and diminishing the volatility of our integrated portfolio. Let's now see it more in details on slide 15. Market conditions made a rebalance of our growth strategy on renewable essential. We will continue developing new projects to add capacity by the end of 2025, with a more diversified geographic location to cope with our sale portfolio and transmission bottlenecks, especially in the north and south. New projects will be mostly located close to consumption centers, near our clients. This will also provide us with more favorable conditions for construction and labor contracting and a more comfortable transmission situation. New projects shall include the larger developments of storage systems, along with new renewables facility, such as La Cabaña and Rihue Wind projects in the south and other projects in the center. Consequently, our stored capacity will comprise 79% of clean, renewable energy by the end of 2025, and our running development initiatives shall bring us several opportunities in the future. Let's see now additional initiatives we have carried out to decrease our exposure to spot market. On slide 16. We signed some renewable PPAs, of which the biggest two ones are shown here on the slide, to purchase energy from third parties, such as solar and wind. This is a new action we will continue to pursue as a more flexible and less capital-intensive way to keep growing on sales and strengthen our portfolio. Let's review now some additional actions developed to improve our flexibility on slide 17. We are increasing our hydro flexibility through several projects we are working on, optimize our reservoir regulation capacity to modulate better the load in our hydropower facilities. This will benefit our energy balance through additional production that will be shifted to peak hours. In line with this, we will do some upgrades in our CCGT units in order to be more efficient and flexible in terms of energy produced. We continue working on developing LNG trading activities and gas swaps to the north of the country to provide efficient thermal supply through our Atacama power plant and to add flexibility to the system. All these initiatives together are supporting us not only to modulate and sources better, reducing the purchases in the spot market, but also optimizing its cost in terms of zonal and hourly purchases, as we are detailing in this slide. The total spot exposure will decrease 26%, spot purchases during non-solar hours will drastically decrease, almost be halved. Most of this spot exposure will be opportunistic, with CCGT capacity being available as backup in case it is needed. On slide 18, just to recap the consequences of our actions. We mentioned at the beginning of the presentation, there is no way back in the just energy transition. The time to act is now, and therefore, we have taken our commitments to climate goals and sustainable development very seriously. This is why we were front runners and carried out our coal phase out process started in 2019, and ended last September with the disconnection and closure of Bocamina II. With this milestone, we began a new green start in our operations, being the first Chilean generator to complete this process. We are replacing the 0.6 gigawatt of coal capacity with almost 1.8 GW of renewable capacity from 2020-2022. This is a huge step in our decarbonization process. The Chilean system still have an important step to give to reduce the presence of a coal facilities in its metrics. We as Enel will continue supporting this process by investing in renewables and flexible sources such as storage capacity with gas playing its transient role during the path to zero carbon. Now, moving to our commercial strategy on slide 19. We have constantly developed a long-term diversified portfolio of contracts in our generation business, including regulated and free customers. This strategy, along with the diversified generation mix, has enabled us to increase our share in a more resilient industry, including the mining sector and other large free market clients. Our contracts portfolio will increase by 4% between year-end to 2022 and 2025, with an improved diversification in terms of off-takers. The lower stake of regulated customers is mostly due to the termination of reduction of some regulated contracts, such as the 2008 and 2013 auctions by the end of 2024. Partly offset by the beginning of the public bidding we were awarded in October 2017. Another relevant strength of our commercial strategy is the geographic diversification of our off-takers. This factor is highly relevant since it reduces exposure to price volatility. In addition, the long-term duration of our portfolio is a strong point, including 45% of contracts with a tenure longer than to 2030. The average duration of our PPA is seven years, which leads us to be a stable long-term commercial position and the recurring EBITDA generation in the following years. On the integrated offering, let's now see the value-added services and products for our customers on slide 20. When the customer needs to evolve, adapting to the changes is a must. That is why we have developed a wide range of services and products in a context where customers are improving their awareness of the environment, sustainability and efficient use of energy. In that sense, Enel X Chile plays a key role as an agent of change, boosting the electrification in the country by offering new products and advanced energy solution. On the B2G segment, we will continue supporting municipalities to reach their targets of reducing carbon footprint and improving citizens' quality of life. In that sense, we are focused on developing different initiatives related to lighting, infrastructure, transportation, and urban design. We are empowering the circular and smart city revolution for the people and the environment. Regarding B2C, we continue working on delivering innovative and smart energy solutions, aiming to contribute to the decarbonization of consumption in households. In that sense, we are enabling smarter and better living through cutting-edge technology, making our homes increasingly sustainable and environmental friendly. On the B2B segment, which is an important part of our integrated margin strategy, we continue promoting electrification, positioning ourselves as energy partners of our clients by developing an integrated commercial offering for our customers. We are helping our clients to thrive in a new, decarbonized, electrified, and digitalized economy. In line with that, we continue developing different projects related to the renewable of transportation fleets to electric vehicles, infrastructure, data centers, implementation of energy efficiency in buildings, lighting for private areas, among others. As you can see, our integrated strategy of energy services and products, together with the sale of energy, will allow us to ensure sustainable growth, increasing our customers' loyalty and preserving our margins. Another important part of our efforts must also be dedicated to our grids business, as we will review on slide 21. Electrification, grid infrastructure, and service quality are essential to achieve our goal of maximizing the value for our clients. Through new technological solutions, we are implementing a new business model to recognize, anticipate, and solve the needs of our clients, bringing a higher continuity and quality services, preparing our grids physically and digitally. Intensive training for all our internal staff and contractors also supports this. In terms of main KPIs, we are forecasting an increase of around 2% of the distributed energy in our concession area for 2025, reaching 2.2 million users. In addition, we will continue to focus on keeping elevated levels of quality indicators. Reaching the 5% threshold for energy losses again and supporting the high standards of quality through the connection of more than 3,000 telecontrol equipment. In connection with the aforementioned, let's review our focus on customers, and now we are determined to improve our clients' lives now on slide 22. In the current context of just energy transition and electrification, customer centricity is reshaping what energy company aims to be. Technological advances are pushing increasingly fast changes in customer needs, and this is a clear sign for adapting quickly in this digital age. Therefore, we are enhancing our grids and the cultural transformation of our teams to place the customer at the center of our activity. Today, our focus is on recognizing, satisfying, and anticipating customers' needs by understanding their context, behavior, feelings, concerns, and expectations regarding their relationship with us. This is why we are boosting the digitalization of our clients, and we have carried out different initiatives to improve our clients' experience. This includes, for instance, websites, app, email, social media, and WhatsApp as means of customer service and support. On payments, we continue boosting a comprehensive set of payment channels, including various digital and face-to-face options. Summarizing now on slide 23, in our 2023-2025 plan, we will continue to lead the country's decarbonization and electrification, supporting its transformation to a greener one, and also complying with its climate ambitions and targets in line with the Paris Agreement. Definitely, we will be a relevant player in this process, ready for all the new opportunities that the future will bring us. Another important commitment for our company is to create value for all our stakeholders, as we will review in the following slide. For a long time, companies have been pursuing profit in the sole interest of creating shareholder value. During several years, they focused on short-term growth and purely on financial results. Therefore, we measure value creation not only from the perspective of our investors. In fact, the company's strategy will be beneficial to all our stakeholders, creating value for all our stakeholders in the long term in a sustainable way. I will hand over to Giuseppe to present our strategic plan for the period with details regarding financials and targets for our businesses. Giuseppe, the floor is yours. Thank you, Fabrizio. Good morning, everyone. I will begin by presenting our new investment plan for the coming year on slide 25. Our investment plan will allocate $1.7 billion in the period 2023-2025. The investment will be focused mainly on our generation business through renewable development. Part of this CapEx will be focused on providing higher quality and resiliency to the grids, anticipating our clients' needs as part of our electrification strategy. 90% of our CapEx is aligned to the Sustainable Development Goals. In addition, more than 85% is aligned to the European Union taxonomy. This strategy will allow us to catch possible opportunity to increase our portfolio capacity. On generation CapEx, let me highlight on slide 27. We'll all have witnessed the rapid growth of renewable presence in the country. During the last few years, we have led the renewable growth in Chile, focusing all our effort on promoting the development of several technology and have contributed the energy transition in the country. This process has meant concentrating most of our effort and resources on keeping our strategy on track, and we have been able to consolidate our position and build the foundation for the sustainable development. Today, we are at the door of a new step where we are putting our effort into rebalancing our portfolio to adapt it to the new market context through selected growth. Therefore, we are reshaping our portfolio, mainly focusing on storage and solar development in the country's central zone, next to the center of consumption, and avoiding curtailment, but still taking advantage of the renewable potential. In line with our total generation CapEx plan amount $1.4 billion for the next three years, including $1.1 billion for project development, allocated in several technology as shown in the slide. Our other investment will be also focused mainly on guaranteeing the continuity and efficiency of our thermal business since it plays a key role in ensuring flexibility for our operation. In that sense, we are developing project to improve the CCGT power plant through repowering activities, mainly in San Isidro and water usage in the combined cycle. Now on slide 28, let's review the expected evolution of our production mix. With the beginning of the new project operation, we will reach 8.8 terawatt-hour of renewable energy for by 2025, increasing the stake of renewable in our portfolio. We continue with more conservative view of hydrology. We foreseen that hydro production to be flat in the period with Los Cóndores project operation, offsetting the yearly reduction in hydrology that we expect as a part of new climate condition. In terms of thermal capacity, our CCGT will still contribute as a transitory technology, supporting the replacement of several coal units that shall be disconnected in the Chilean system during the planned period. As detailed by Fabrizio, we are strongly working to rebalance our portfolio to improve diversification and reduce our exposure to the spot market by modulating our purchases during solar hour at a lower price in the country. With the flexible measure that we are taking, we will significantly avoid price decoupling and bottleneck in the transmission system, reducing the spot price volatility risk in our portfolio. Our contract portfolio will increase by 4% with an improved diversification in terms of offtaker. Lower stake of regulated sales is primarily due to the termination of regulated contract, such as the 2008 and 2013 auction by the end of 2024, partially offset by the beginning of the 2017 auction and the estimated increase in the 2015 auction. Finally, our portfolio optimization will allow us to reduce the net spot purchases by 26%. Most important, we are reducing by 47% the purchases in no solar hour, reducing significantly our exposure of commodity embedded in the wholesale market. Let's take a look at our integrated margin EBITDA evolution on slide 29, where we include the performance of our integrated business generation and Enel X. Our commercial strategy has evolved according to the new customer needs. We conceive energy as a services and not just a commodity. The results of this strategy has been a solid, diversified client portfolio that enable to secure a recurring EBITDA generation and a long-term partnership with all our customer, as I will detail now. As you can see, our 2022 Adjusted EBITDA will reach $1.4 billion, of which $0.5 billion will come from the gas valorization one-off effect as a part of the agreement negotiated with Shell. Excluding this effect, our 2022 integrated pro forma EBITDA will reach $0.9 billion. Comparing it with the 2025 EBITDA figures of $1.3 billion, we see an increase of 41% EBITDA. As you know, with the termination of the all regulated PPA indexed by commodity, our average PPA price shall reduce. That is why we have been devoted investment to make our portfolio more flexible. The average PPA price will move from $74 per MW-hour in 2022 to $64 in 2025. This is referred to only to energy prices. The rebalancing strategy of our portfolio shall bring a positive effect, as identified in sourcing in the graph. In this group, we are incorporating the contribution of our renewable project and the renewable purchases PPA that, in combination, will support the reduction of average cost of our sourcing, resulting also in a more opportunistic purchases in the spot market. In our assumption, the commodity pressure shall be normalized in 2025, reducing significantly the opportunity that we have been benefiting in 2022 through the gas trading activity, as we are showing here. Let's see the performance of our grids business on slide 30. Our strategy was built on the belief that a resilient and efficient grid is a key factor to support the electrification process while we offer a better services for our customer. Around 44% of our CapEx shall be devoted to new connection as part of the growth in our customer base and evolution of electrification and e-mobility in our concession area. We are still working to accelerate the transmission of the electricity distribution network, aiming to deliver a new era of sustainable and reliable smart grids. In line with that, 25% of our CapEx will be deployed to digitalize our grids. Around 31% of our investment will be focused to enhance our grids by improving quality and resiliency. Since it will be key to support the electrification that requires us to deliver sustainable and reliable smart grids. Our grids EBITDA shall increase by 17% by 2025, mainly as a result of the volume and indexation offsetting the increase of inflation. Regarding the distribution business regulation, no news from our last quarter call. We expect that after a quite long period definition for the technical report, the final distribution tariff decree is expected to be released during 2023. We will continue working together with the regulator to improve the framework, aiming to support the digitalization and electrification in the country. Let's move to slide 31 to review the consolidated EBITDA evolution. Excluding the one-off impact and the EBITDA of Enel Transmisión, that shall be out of our perimeter, the more efficient portfolio mix for the plan period is offsetting the reduction in the PPA prices and natural gas trading activity. The total contribution when comparing 2025 versus 2022 is $0.4 billion. We can also see the contribution of our plan once comparing the old figures with the new one. Comparing the same perimeter, we can see a sustainable increase even considering a more challenging macro environment. Now, on slide 33, let's take a look at our debt evolution and fund allocation. The fund we are expecting from the operation of our business will be in a range between $3 billion-$3.2 billion as cash generation in the 2023, 2025 period. Discounting the CapEx and dividend, shall lead to a positive impact on debt. By the end of 2022, we will record a significant decrease in our net debt due to the proceeds from the sales of Enel Transmisión Chile, that will lead us to an important improvement of our credit profile, reaching a net debt to EBITDA of around 2.4 times. When excluding the one-off effect of our gas valorization included in our 2022 expected figures, our net debt to EBITDA will still be comfortable, positively better than last year planned figures. You may recall that we were expecting a 4.8 times ratio for the 2022. The figures forecasted in the plan shall enable to maintain a comfortable net debt to EBITDA ratio, letting Enel Chile in a better credit perspective and with a better balance sheet, opening the space for potential business opportunity not included in the plan. Let's now see our debt position on slide 34. As previously mentioned, for the following year, we will pursue a conservative financial policy focused on maintaining a stable debt level with an optimal financial cost. Debt maturity in the coming year present a comfortable and smooth maturity profile after the repayment of short-term debt that will be made by the end of this year. Our total debt will amount to $3.3 billion by the end of 2025, out of which 27% will be SDG-linked. We will continue pursuing more efficient structure in our plan goal is to increase the share of sustainable finance in our portfolio, enhancing our level of fixed interest rate debt in line with our risk policy and improving the average term of our total debt in order to maintain a higher flexibility in the coming year. Moreover, we will maintain a significant position of our debt as U.S. denominated, since a large percentage of our renewable are U.S. linked. On slide 36, let the net income evolution. We expect to reach a $1.4 billion adjusted net income in 2022, mainly resulting from the one-time effect of Enel Transmisión sale and the gas valorization. When excluding this effect amounting to $1.1 billion, the adjusted pro forma net income is expected to reach $0.3 billion by the year end 2022. Comparing 2025 versus 2022, on the same bottom line perimeter, we can see an increase of 38%, primarily explained by the expected EBITDA growth, as already shown in the previous slide. Depreciation amortization will evolve according to the new renewable projects that will start operating in the planned period. We expect to maintain steady financial charges through the period in line with our conservative financial policy. I conclude with a summary of our target on slide 38. Our plan will contribute to a cumulative EBITDA ranging from $3.8 billion-$4 billion from 2023-2025. Looking at the 2025 figures, the growth in EBITDA will result in a target ranging between $1.2 billion and $1.4 billion, translating into earning ranging between $0.3 billion and $0.5 billion. We are confirming the dividend payout ratio from the former plan, a minimum ratio of 50%, letting a potential window to increase it depending on the future opportunity that we may have in the market, and the discussion with our shareholder during the next annual shareholder meeting to take place on April each year. We are convinced that this dividend duration will allow us to continue going ahead with our sustainable strategy, maintaining adequate shareholder remuneration and financial position and create value for all our shareholder. I will now leave the floor to Fabrizio for the closing remarks. Thank you, Giuseppe. Finally, before we move to Q&A session, let me add some closing remarks. The 2022 challenging scenario has not changed our goals and long-term strategy for our company. Indeed, it has made us reflect and put in place several actions to reshape and rebalance our strategy. The added renewable capacity, coupled with several commercial initiatives carried out this year, shall bring additional flexibility and more resiliency to our portfolio, allowing us to keep focusing on integrated commercial strategy. Focus on decarbonization and electrification will remain. We continue to be frontrunners in our industry to anticipate our commitments towards zero emissions from 2050 to 2040, being the first conventional utility already out of coal generation this year. We will continue to promote the electrification of the country through an integrated offer of new products and services for our clients, including business platforms, charging points, electromobility, higher electrification at households, replacement of wood heating, among others. Our value proposition to our stakeholders and shareholders is to be a vehicle of sustainable growth with ESG high standards fully integrated into our strategy. To conclude, as a result of our actions and the strategy we have just presented, we believe Enel Chile is very well positioned in the market, having recovered profitability and financial strength to be ready for capturing all future opportunities. Thank you very much. I will hand it over to Isabella for the Q&A session. Thank you, Fabrizio. Thank you, Giuseppe. Now we're gonna start our Q&A section. If you hear who is in the audience, just raise your hand and you can send the microphone please. Also, the ones connected to Microsoft Teams can also make questions. Anytime you can send also questions to us through our email of investors, ir.enelchile@enel.com. We have one here. Thank you, Rodrigo. Rodrigo Mora from Moneda. Thank you. You can raise. Good morning, everyone. Can you hear me? Yes, we can. Okay. Thank you, Rodrigo. Good morning, Isabella. Good morning, Fabrizio, Giuseppe. Thank you for the presentation. I have two question. The first one is related to the announce of selling LNG cargos. I would like to ask, could you give us some more details about, for example, how many LNG cargos contemplate the transaction? Also, in relation to reduce the exposure volatility. Mm-hmm ... maybe the capital market expected more investment in battery energy storage. When we see the investment plan, the amount that we can see, it's approximately $154 million in batteries. I would like if could you explain, give us more detail about how to reduce the exposure. It's only through PPAs with a third part in this hour at night? Finally, a question related to the dividend policy. If for 2022, this year we will have two main important transactions: The first one is the selling of the transmission line in Enel Transmisión, and the second one is the selling of the LNG cargos. I would like to know if the dividend policy will maintain at 30%, including a part of the selling of these assets? Thank you very much. Thank you, Rodrigo. Fabrizio? Yes. Let me address the first question. Unfortunately, I cannot give much disclosure. We already published material facts on Friday stating what it is possible to say at the moment, since this is an operation that is still under implementation with third parties and some approvals are still in process. It's difficult for us to give some more details. Of course, we will be, we will be ready to disclose it once these approvals are concluded. In general terms, let me say that it is not going to change our overall business neither in the natural gas trading activities nor in our CCGT operations. This is something that allow us to, let me say, exploit the current conditions of the market to reduce potential exposure that we could have in the future. It's already occurred in the past, this is not a secret, that we had to face some surplus, gas surplus in the past. We had also to pay to manage that. Now there is a window of opportunity on the market that is really attractive, as I said, to partly manage this potential exposure in the future and crystallizing some interesting value at present. As for the second question, well, the second question is a little bit complex to address in very few words. Anyway, let me try saying, stating like that. First of all, our goal is to be balanced in our portfolio, in our generation portfolio. What it is included in our plan is some spot exposure, but it is an opportunistic spot exposure that is mostly concentrated in solar hours, where we expect to have very low spot prices. And it is better for us to buy energy in the spot market while producing it with our own CCGT plants. That will be any way available to back up these purchases in case the scenario is different and it is needed. Okay? Let me say that in general terms, we want to be balanced. As for BESS, as for batteries, for storage technologies, we think that of course Chile is a very interesting country to invest in batteries. I think that Chile needs investment in storage, especially in the future. We are investing at the moment what we see is rational from the dynamics of the market, but we also believe that in the future there will be additional room for investing in that. We are going to, of course, revise every year the market conditions and look for additional opportunities if they arise. In the long term, yes, we strongly believe there is a strong case in Chile for storage technologies. We are also open to exploit all the competencies that we have as part of the more, a bigger group at a global level where Enel is conducting several initiatives in different technologies to be ready for the future also in this field. Let me, Giuseppe, answer you about the third question. Yeah. Well, on dividend policy, let me say that nothing changed in comparison with the last year plan. For 2022, we are going to have a payout of 30%, while in the rest of the plan, we are going to have a minimum of 50% dividend policy. Of course, this will be discussed in April with our shareholder. For what concern Enel Transmisión, the extraordinary income coming from the sales of Enel Transmisión, this will be part of the regular distribution of dividends. The 30% will be done taking into consideration the earning coming from the sales of the company. Thank you, Giuseppe. Do we have more questions here from the audience? Yes, please. Also another one. There is two. Good morning. Many thanks for the presentation. I got three questions. The first one comes on the back of the main KPIs that you were presenting in this planning comparison to the prior. We see a significant increase in the spot prices, expectation going forward, and it will be very interesting to see how that change within the solar and the solar hours and non-solar hours, 'cause that difference has been huge in the past and will be interesting to see what are you projecting to the future. That's the first one. In that very same part, KPIs for Adjusted EBITDA per megawatt hour is dropping significantly in comparison to the prior plan. We'd be keen to see more detail on that. Second question comes from the gas monetization. I don't know if I get it right, but this monetization comes from the sales of future cargos from the years 2023, 2024, and 2025. If that's the case, can you please explain a little bit at what's kind of the price that you are embedding on those sales, on the future sales? The last one on my side is looking at the distribution business. Last year plan was considering $160 million in EBITDA on 2024, or within the plan, and now you're aiming $110 million. Seems like a big difference with no material change on what we're seeing either on EBITDA or the current regulations. We'll be also keen to see what is changing on the distribution side. Many thanks. Okay. Let me try to address the question. Since there are more general question and more specific questions, let me try first to address the question about the gas deal that I understand perfectly that is arising curiosity. As I said, unfortunately, this is something that we cannot disclose details so far. It's of course a sale of some volumes that we have in our contracts. As I said, We have never basically used the total amount that we have under our contract, our long-term contract in LNG. We also faced in the past some costs because we are not able to consume all the gas that we have contracted in our contract. When it comes to the future, of course, we were expecting all the renewable developments that we have commented also during the presentation. It's still the case that we foresee some gas potential surplus in the future that we thought is a very interesting moment now to put in value. Of course, considering the market conditions that we have. Again, I cannot disclose the price of course, of this deal, of course, it's in line with the current market conditions. Okay? Of course, there are some more liquid and clear price signal in the short term for 2023, for 2024, a little bit less liquid and transparent for the longer term. Of course, the price is in line with the current market conditions. About the solar, the spot expectation, as I said, this is something... Well, first of all, in general terms, of course, the spot prices are higher in this plan because it's a different commodity context. If you look at also the comparison between our old plan, commodity scenario and current plan, commodity scenario, of course now, the scenario is pretty higher. This reflects, of course, also our expectations in spot prices for the future. As I said, we are not particularly concerned about that because our portfolio will be balanced. We are forecasting some purchases in the spot market, but as I said, mainly opportunistic, and be backed up anyway from available capacity from our own generation fleet. Of course, we are also expecting there is an increasing difference between the price in solar hours and in non-solar hours. That is one of the drivers, by the way, why we are now investing in storage technologies. So this is something, as I said, we are not concerned about. Our plan is consistent with that. Well, this is basically about the, your question. I hope to have addressed it about the solar prices. The third question, if I remember well, is about distribution business and the comparison with the old plan, and I ask Giuseppe to explain. Yeah. Let me start with this one. That is the easier one because Last year, in the plan, we included also the Enel Transmisión EBITDA. This basically the reason because we have such a important difference between the EBITDA last year and the today plan EBITDA. For what concern the other question about the decrease in terms of KPI, the EBITDA per megawatt hours this year comparison with the last year, we have to consider two main point. The first one is that this year we are going to use the 2025. Last year of the plan is 2025, where we have the expiration of some regulated PPA with a very high price. This is the reason because we have a slight drop in 2025. The second one is related to the fact that, the commodity scenario are completely different between, this year and, the last year. This is the reason because you see EBITDA per megawatt hour so different, in comparison with the last year. Thank you. We have a question here from Javier Maccarone, please. There. Okay. Sorry. You can go ahead. Please just present yourself and the firm that you're representing, please. Okay. Hi, good morning. I'm Fernán Gonzalez from BTG Pactual. I have three questions for you. From your presentation, I don't know if I read it correctly, but are you strategically less interested in the regulated segment going forward because of the obvious things that have happened in recent years? My second question is about the regulatory framework in the wholesale market and generation in the short term. Do you foresee any changes? 'Cause we've heard several people start talking about a potential overhaul of the framework, perhaps moving away from the marginals model into more of a supply or day-ahead mechanism. What are your thoughts on that? What do you think could happen to the system if that were to materialize at some point? My third question is about gas, but not about the announcement, per se, but whether or not have you been able to secure LNG cargoes for 2023 or not? 'Cause we've heard about some other companies facing issues on that matter. Thank you. Thank you, Fernan. Thank you. Well, let me say, let me try to address one by one. The first one was related about strategy. On the regulated market. Regulated. Yeah. Okay. Well, let me say that, in general terms, we have always been shifting our sales from the regulated part of the business to the free market segment, and this is a process that is taking place from several years, okay? It's not strictly related to what happened with the PEC 1, PEC 2 discussions, okay? Why that? Well, for several reasons, one of which being something that is materializing right now. That is the fact that the customers will be increasingly interested in electrify their processes. We are being able to provide them these integrated offers, not only selling them energy, but also some services. This is something strategically important to us for the future. Having some, let me say, real clients, industrial clients, where I can also offer some additional services in addition to the commodity, to the energy, is something that is important for us in the long term for our strategy. Let me say that, yes, with what happened in the last years, this is strategic move. Let me say it's also being reinforced by what happened because in general terms, the direct relationship with the, with the free market clients is also more regular in terms of predictability of what happened in your, in your portfolio. It gives you more visibility in addition to the strategic reason I commented before. As for the second question, well, it's a very interesting question. What is going to happen? You mentioned the generation part of the business. I would complement also on the distribution because Chile has some parts of its regulation that is quite old-fashioned, let me say. There's no spot, a real spot market, as you mentioned, in the generation business. In the distribution, there is a model regulation that is basically not applied in any other country in the world. There is room for improvements. As you correctly mentioned, or the, some comments already arose about the possibility to introduce a real market in the generation business. In general terms, let me say we are very open to this discussion. Of course, we are also trying to give our contribution. We have several expertise, of course, being part of the, of a global group, of a global company in several other markets. We can also contribute to this discussion. We are positive on that, of course. Everything that will improve the regulation, both in generation and distribution businesses is something that is more than welcome, and we will support it. This is something that let me state it clearly that is not part of our plan. The plan that we presented to you doesn't include nothing about that, because usually these kind of discussions takes time. If we look back to what happened, for example, in the transmission part of the business, it took, like, several years from the initial discussion to a complete regulation put in place. We thought that it's more realistic and prudent not to put nothing in in this business plan as part of this potential discussion. We are looking at these potential changes in a positive way, of course. As for your third question about LNG cargos in 2023, let me say that we don't have absolutely any concern about our supply in the next year. Well, actually, we are actively managing it also on a very small part, but it's part also of this deal. We cannot provide you with some more details. We are absolutely in line with our expectations, so the gas planning for the next year is already concluded. Well, I would say that in addition to that, there is also the some potential additional opportunities that could arise from Argentinian gas auctions that will take place soon. The very good piece of news, recent piece of news is that there is an important amount of Argentinian gas that will be available also next year, both for winter and summer period. As, we did this year, we will participate in this auction, and we have a positive expectation about that. Thank you. We have a question here, please. Good morning, everyone. Many thanks for the presentation. My first question is regarding the hydrology sensitivity you're showing in the appendix. Recall that last year you were talking about, you know, a 10% differential there, up or down, leading to a $100 million EBITDA impact. This year, the effect's looking rather less than that. Just wondering if you could provide some more color as to why you're seeing a lower sensitivity there. Second question is with respect to gas availability in 2025. You know, you talked about the importance of having, you know, this 4.8 TW-hours of CCGT production. Just wanted to know, you know, where are you sourcing that gas from in your planning? What's the split there between LNG, gas from Argentina, spot purchases? If you could provide some more color there, that'd be really helpful. The final question, just noticed in the financial targets, you know, you have the EBITDA lower in 2025 versus 2024. I think you mentioned there, Giuseppe, a little bit about, you know, the importance of the regulated, PPAs, some of those running off in 2025. If you could share some of the other variables that might be driving that, decline in EBITDA in that year, that'd be great. Many thanks. Thank you, Andrew. Now Fabrizio. Yes. Well, first of all, I think that, I will have to hand over to Giuseppe for some debates about these questions. Let me say that, as far as the hydrology conditions are concerned, let me highlight, at least some two general comments about that. Well, first of all, I don't know if... I don't remember, sorry, if Giuseppe mentioned explicitly during his speech, but we revised downwards the hydro production hypothesis that are embedded in this plan compared to the plan that was presented last year. Not so much because a huge shift was done last year, and so... We lowered a little bit more our expectation to be more prudent in our approach. The figures that we presented in this plan assume a lower hydrology compared to the previous plan. Why we did that and why we are not so concerned and probably also our exposure in our sensitivity to hydro condition is lowering is because of the actions that we put in place. As I said, we undertook several actions in order to balance our portfolio, and so to be more resilient and more ready also to face potential worse hydrological conditions in the future. That is the more general answer about your first question. I don't know if Giuseppe wants to add some more details on that. Well, just to say that in the annexes we had the usual sensitivity and you know, changes of 10% of the hydrology assumption worth roughly $50 million. In the plan, we, our assumption is to have an hydrology of 9.3 terawatt hour. That will increase at the end of 2025 because of Los Condores production that will start the operation in 2024. Now we can go to the second question, no? That is the gas availability and how is this shared with the plant. Yes, you mentioned explicitly, I think, to 2025. I'm not sure I got exactly the figures you were referred to, but let me comment this way. What we have in our plan, of course, is something that is consistent with our LNG long-term contract, let me say, volumes after the negotiation that is under discussion. On top of that, we are also assuming some spare gas from Argentina during the summer period, but it's a very small amount of gas, and it's a prudent assumption about this potential opportunity from Argentina. As I mentioned before, our needs, our gas needs are well balanced with our LNG contract, also after the review that is under discussion. This additional Argentine availability would be just a window of opportunity for us to have some more optimization in our portfolio. As I said, we factored in some very prudent hypothesis on that in our figures. Okay. Again, for what concern the comparison 25 versus 24 is just a expiration of these two regulated PPA. One that was related to the 2008 auction and the other one related to the 2013 auction. This is basically the main reason because we have such a drop in 2025. Okay. Do we have more questions here on the audience? We're gonna. No? Please, on the Microsoft Teams, I think we have a question on Microsoft Teams. Please could you open your audio? Perfect. We have the question from Martin from Balanz, please. Yes. Hello. Martin Arancet here from Balanz Capital. First of all, thank you for the materials and for taking my question. I have one question. When do you think that PEC 2 could be implemented, and how much money do you expect to collect from the excess PEC 1 that was moved to PEC 2 when that happens? Thanks. Thank you, Martin. Fabrizio. Okay. I will let Giuseppe comment on this very specific and financial matter question. Yeah. We believe that we are going to have the decree confirming our receivable in 2023, in the first quarter, we assume to be there. We expect to recover around $400 million. Easy. Okay. Do we have more questions from Microsoft Teams? We have some on the e-mail now. No? Okay, thank you. We have a question that just arrived from Murilo Riccieri from Bradesco. The first question is: What level of price are you paying for the energy brought through the PPA? I mean, We wanted to know the price that the PP purchases PPAs that is in our strategy. The second question is: What will the shape of spot exposure be in the coming years? Could you explain again how you have decreased so fast this exposure on the spot market? The third question is: Could you provide us with the cost per megawatt of capacity and profitability you are looking for the projects of solar and also the storage ones? This is the three questions. Okay. Let me try to address one by one. For what concern the level of price in our purchases through long-term PPAs from third parties. Well, let me say that, of course, we cannot disclose precise prices for every deal, but we have already built a quite important, quite a significant PPA portfolio. Let me say that, of course, the price is also depending on the technology and on the offtake details, agreements that we have in each PPA. Each PPA is different, and so it leads to very quite different prices. As you can imagine, it's different If we buy solar production in solar hours or if we buy wind production with a baseload profile. It's very different. It's difficult to compare, but let me say that, on average, the price would be in the range from EUR 30-EUR 40 per MW hour. This is a reasonable range we can let look at when we see PPA, our PPA portfolio. Fabrizio, just a precision. dollars. Dollars. Yeah. I said euro. Sorry. today it's... Quite the same. Yes, yes. Not, not a big difference. Anyway, yes. Yes. It's, well, spot exposure, I think that, as I commented, we have put in place several actions to reduce it drastically in the next years, leaving just a small amount of opportunistic spot exposure that we'll benefit from in the next, in the future. Of course, as I said, we were really focused also on the specific characteristics of this exposure in terms of hourly profile of this exposure, in terms of seasonal profile of this exposure, in terms of location profile of this exposure, with the final goal to be balanced as much as we can in this. We will also adjust our investment plan, our PPA purchases from third parties in order to be as much as balanced as we can, and leaving just the room for additional opportunities in terms of short-term optimization in our portfolio, both in power and gas activities. As far as our investment costs are concerned, Giuseppe, can you provide some details on that? Yeah. For what concern the solar power plant, we are talking about CLP 0.9 million per megawatt. Of course, you know, that is an average, is an average number. Depends on the characteristic of the project. While for what concern the wind project, we are around CLP 1.4 million per megawatt. Okay. Thank you, Giuseppe. We have more questions coming from our email. I would try to summarize some of these because some we have already answered. The first question here is regarding the use of proceeds of Enel Transmisión sale. If you could give more details on what's the expectation, if you are seeing that could have a window to increase the dividends regarding this proceeds that was not planned. The second one is just to give more detail on the PEC 2, you know. When you are expecting to receive the cash of PEC 2. Okay? Giuseppe. Yeah. For what concern the usage of proceeds for the sales of Enel Transmisión Chile, we are going to repay our debt according to the maturity date and giving priority to the loan that will not have any breakage fee. Talking about the PEC 2, we are waiting for, as I said before, we are waiting for the decree at the beginning of the next year, and we are in talks with some banks in order to factorize the credit that should be certified by the decree. Next year, we are going to have the positive effect in term of cash. The big difference in comparison with the previous one, the PEC 1, is that the credit that we are going to have includes the interest. In terms of factoring, it shouldn't be significant impact in our financial expense. Okay, we have another question also coming from our email. Could you comment on the expected cash generation over the next few years comparing to the planned net income you expect to generate, especially with depreciation charges becoming much higher now and as well as the expected unwinding of receivables? How does this influence your dividend payment outlooks? Several questions. Final questions. Let's go the first one. Is the cash generation how we're expecting that the source of funds, no? What are our expectation? Yeah. Our expectation, we are basically assuming a cash conversion of around 70% and EBITDA cash conversion of around 70%. On top of that, as I said before, we are assuming to recover the receivable coming from the PEC 2 and PEC 1, that is a smaller one, with the usual networking capital measure that we use to make. I mean, this is the source of fund. The other question was. About the considering the one wind on the receivables, no? probably referring to the PEC 2, what's gonna be the dividend policies of the company? The dividend policy, as I said, is gonna be again, the, 50% starting from, minimum 50%, starting from 2023, year onward. Is a minimum, so there is a space to increase, but we would like to see how, the next year is going to be in order to have a better view of the situation. As of today, this is our plan. Perfect. We have, I think it's the last question that we received. What is the strategy for Enel Chile after the end of the current investment cycle? Keep development more renewables or increase the payout? I think that, I hope we already addressed this, this question during our presentation. Let me anyway, again, comment on the fact that of course, we are continuing pursuing our developments in renewables, both investing directly in our generation projects. We showed a very significant pipeline that we have been able to develop during these years, and we are think we have plenty of opportunities on that. Also complementing it through available energy from long-term PPA purchases from third parties that we think is an additional action that is important to us also to bring some more flexible and reacting way to keep growing in the business. Let me say that, in general terms, the company will be close its industrial plan with enough financial strength to keep growing the future and leveraging on all the future opportunities that will arise. Of course, every year we are going to carefully revise the use of our funds and guaranteeing this is the policy, the minimum of the 50% payout about our dividends, but revising it year by year and taking into account all the financial performances and the growth opportunities that the company will have. Okay. Thank you. In case we do not have any other questions here from the audience, I would like to thank you all for joining us today and to mention that our team, the investor relations team, will be available for any further question you may have. Thank you very much.