Good afternoon, ladies and gentlemen, and welcome to Enel Chile first quarter 2022 results conference call. My name is Livia, and I will be your operator for today. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press the star then the one key on your touch-tone telephone. During this conference call, we may make statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect only our current expectations, are not guarantees of future performance, and involve risks and uncertainties. Actual results may differ materially from those anticipated in the forward-looking statements as a result of various factors. These factors are described in Enel Chile press release reporting its first quarter 2022 results. The presentation accompanying this conference call and Enel Chile's annual report on Form 20-F, including other risk factors. You may access our first quarter 2022 results, press release and presentation on our website, www.enel.cl, and our 20-F on the SEC's website, www.sec.gov. Readers are cautioned not to place undue reliance on those forward-looking statements which speak only as of their dates. Enel Chile undertake no obligation to update these forward-looking statements or to disclose any development as a result of which these forward-looking statements become inaccurate, except as required by law. I would now like to turn the presentation over to Mrs. Isabela Klemes, Head of Investor Relations of Enel Chile. Please proceed. Buenas tardes. Good afternoon, and welcome to Enel Chile's first quarter 2022 results presentation. Thanks to you all for joining us today. Joining me this afternoon, our CFO, Giuseppe Turchiarelli. Let me remind you that our presentation and related financial information are available on our website, www.enel.cl, in the Investor Relations section and in our app, Investors. In addition, a replay of the call will be soon available. In the final of this presentation, there will be an opportunity to ask questions via phone or webcast chat through the link: Ask a Question. On this occasion, media participants are connected only in listen mode. In the following slide, Giuseppe will open the presentation with our main highlights and strategy updates. Then he will walk us through our main financial results. Thank you all for your attention, and let's hand over to Giuseppe. Giuseppe, please. Thank you, Isabella. Good afternoon, and thanks for joining us. Let me start with the highlights of the period on slide three. We continue to reinforce our leadership in renewables market, growing with renewable capacity. We connected around 0.2 GW of renewables to the grid during the first quarter of this year, and we still have over 1 GW of projects under construction that will be added during the 2022-2024 period. Argentina natural gas availability was a positive highlight of the period. During this quarter, the natural gas supply from Argentina was firm, which supported our natural gas VAB strategy, as I will show you later on. In addition, for this year we have contracted with Shell for around 12 LNG cargoes to fulfill our operation in Chile, a strategy that give us more flexibility. The annual general meeting held on April 27 approved the new dividend policy of 30% payout ratio for 2021 and 2022. This reflects the final dividend approved of 0.26 CLP, with payment date of May 27, totaling a distribution for the 2021 fiscal year of 0.37 CLP per share. Lastly, the extraordinary general meeting held right after the AGM approved the e-Mobility business carve-out, which considers selling the 51% stake of Enel X Way Chile to Enel SpA, representing a consideration of EUR 12.75 million in Enel Chile during the Q2 2022. Now, let's move to slide four to briefly talk about the market situation. During 2021, we saw a combination of factors that led to a very particular and stressed situation for the Chilean electricity system. Unfortunately, some of these factors continue to impact the energy market, such as a poor hydrology, a delay in the commissioning of some renewable projects at the country level, and the important overall increase of commodity price worsened by Russia-Ukraine conflict. In addition, there have been several failures in maintenance of thermal power plants that have put even more pressure on the system. All these factors have led to an increase in marginal cost during the first quarter 2022. However, we were able to cope with this situation, thanks to our solid LNG supply position, which includes our long-term LNG contract with Shell and Argentine gas supply, which was successfully delivered during the first quarter this year. In this regard, it is worth noting that we have 12 LNG shipments already committed for year 2022, ensuring our supply for the entire period, out of which we have already received three cargoes. On Argentinian gas, between January and April 2022, we have imported an amount of gas equivalent to five LNG cargoes approximately. Our renewable expansion will be core to bring additional flexibility. Let's now take a look on our generation portfolio on slide five. We are convinced that renewable expansion is a key factor to cope with the energy transition, and it will give us a better position in the current challenging context. Therefore, during the first quarter, we connected 178 MW of solar capacity to improve our consolidated position in renewable development in Chile. In line with our decarbonization plan and asset optimization, we completed the sale of Diego de Almagro thermal power plant, 24 MW, during the first quarter. Chile is now at the forefront of the just energy transition, and we will continue contributing to consolidating the country position in reaching the environmental targets set out in the Paris Agreement. Now, let's see our evolution in terms of network, main KPIs that support the electrification movement on slide six. We continue to deploy the digitalization of our commercial channels. In the first quarter of 2022, 86% of our client interaction was executed through digital channels. Despite the complexity introduced by the pandemic situation, we have been able to enhance the quality of customer care, thanks to the introduction of our app and WhatsApp interfaces to improve the communication with our customers. On the network side, our quality indicators continue to improve, supported by an increase of automation at any level of our grid. As a result, our SAID indicator decreased by 13%. To conclude, energy distribution increased 5% in Q1 2022 compared to Q1 2021, reflecting the easing of the sanitary restriction and overall economic recovery, and reaching pre-pandemic level. Now, let's see the main KPIs and highlights of our beyond commodity strategy that is supporting the electrification and decarbonization of the final consumption on slide seven. Electrification has turned into one of the main pillar of the decarbonization process and one of the core elements of our strategy. In that sense, we continue to develop different and innovative initiatives, promoting new uses of energy and bringing real change towards a sustainable future. e-Mobility is one of the channels towards electrification, and on this line, we are working on infrastructure to foster the growth. One example is the creation of Enel X Way Chile, which will be focused on e-mobility services. During the external shareholder meeting held on April 27th, 80% of our shareholders approved the sale of 51% of this unit to Enel X Way SpA. Enel X Way SpA, an international arm on e-mobility, has a commitment to accelerate electric mobility in the country in line with the global trend, benefiting from economies of scale. In our view, the growth of this unit shall bring additional opportunity to our generation and distribution businesses. During the first quarter, we have incorporated 107 new electric buses into the public transportation system associated with Transantiago five. This incorporation is also part of our circular cities project. It brings the development of the infrastructure and the energy sales, improving the quality of services and bringing technology closer to the people. E-industries and e-cities are important arm of electrification. In line with that, we have developed, with the Mandarin Oriental Hotel, the first rooftop in Chile that incorporates photovoltaic panels and biodiversity, which deliver unique and differentiated experiences with a direct positive impact on environment. On e-city, we continue to tackle new opportunities to build circular cities now outside the Santiago region. Now, in slide nine, on a summary of our main financial highlights of the quarter. Let me start with a quick summary of the adjusted EBITDA and a summary of our main financial highlights. In the first quarter 2022, we applied an adjustment of $21 million in EBITDA due to the impairment made on the coal stock of the period. This has an effect at the bottom line of $14 million. To the same period of 2021, the adjustment applied due to the coal stock was $13 million, with effect at the bottom line of $9 million. The Q1 2021 adjusted EBITDA had an increase of 15% or $29 million, mainly due to positive provision of transmission business as a result of the conclusion of the regulatory status review process and indexation at the higher volume on generation and distribution businesses. In terms of adjusted net income, this increased by 41%, reflect the higher EBITDA and the lower financial cost in the period, coming from the factoring of the PEC accounts made in Q1 2021 to improve the liquidity of the company. CapEx reached $167 million, 31% lower than Q1 2021, mainly due to the connection of the new renewable capacity, which has added in December 2021. FFO reached -$151 million, presenting a significant reduction quarter-on-quarter, mainly due to the factoring of the PEC accounts made in Q1 2021, and the sales of Interocean distribution line. Now, let's begin with the CapEx on slide 10. 2022 first quarter accumulated CapEx reached $167 million, out of which 93% allocated to achieve the SDG goals, particularly devoted to the construction of our new renewable capacity. Customer CapEx totaled $15 million, mainly allocated to build new connection and to implement our new distribution commercial system. Asset Management CapEx reached $29 million, 35% higher than Q1 2021, mainly due to the maintenance in our CCGT unit. Development CapEx reached $123 million, a decrease of 41%, mostly driven by our renewable expansion program, which added nearly 0.9 GW of installed capacity in December 2021, and the recently connected Bayonne solar power plant. Regarding the network business, we executed a lower CapEx due to the quality and digitalization projects made in Q1 2021. Let's move now to slide 11, where we have the summary of the first quarter adjusted EBITDA breakdown, accounting for $26 million, 15% higher versus 2021 figures. Our generation portfolio mix resulted in a positive variation of $14 million, mainly related to $82 million higher PPA sales in Q1 2022, primarily explained by the higher foreign exchange of the Chilean pesos against dollar, the new PPA agreement started in 2021, and the higher regulated demand. New renewable capacity, which was connected in December 2021, added $8 million in the EBITDA of the period. A positive effect on variable costs and purchases, mainly due to a more efficient thermal injection in the period, boosted by managing commodity coverage instrument negotiated for the period. All these elements were partially offset by a higher thermal generation cost due to the commodity prices. All the effects that I have just mentioned were partially offset by a higher spot price in the system in the Q1 2021, mainly due to the higher commodity prices at the worldwide level, hydrology, and several system facilities that were into outages during the period. In the following on the slide, let me talk about the other elements that explain our EBITDA. Hydrology continue to have a negative trend. The 0.2 TWh less hydro generation impacted our EBITDA in around $16 million. Network remuneration and demand accounting for a positive impact of $20 million, related to a positive impact of the release of the final transmission type technical report issued by the regulator in the first quarter 2022. This final tariff allow us to reduce the provision we have been made since the beginning of the new regulatory cycle that start in January 2020. The tariff indexation in both business, network business, and the recovery of the demand in the period, which increased 5% in the Q1 2022 compared with the Q1 2021, reaching pre-pandemic level. Other aspects accounted for $10 million, mainly related to lower OpEx in network business due to the union agreement signed in the first Q 2021, and higher capitalization of generation business due to the construction of the project. Let me now give you more detail on generation on page 12. Net electricity generation grew by 15% to 5.2 TWh, mainly as a result of a higher dispatch of our combined cycle power plant and higher solar generation in the period, partially offset by lower hydro generation related to the reduced water availability. Our energy sales increased 27% during the first quarter 2022, essentially explained by the higher sales to free customers, primarily related to the new contract, coupled with an improvement in sales to regulated customers. Adjusted EBITDA grew 4% to $180 million, reflecting the portfolio effect that I previously mentioned. Regarding our sourcing, on top of the already mentioned production variances, we accounted for a total increase of 1.1 TWh of purchases, primarily on the spot market to meet the higher energy demands of the quarter. Let me now give you more detail on networks on page 13. In 1Q 2022, our network business reached $52 million, an increase of 6.71% compared to Q1 2021 due to the above-mentioned effects. One of positive effects on transmission business, as explained in the last slide, the tariff indexation in both network business and recovery of demand in the period, which increased 5% in Q1 2022 compared to Q1 2021, reaching pre-pandemic level. Lower OpEx due to the union agreement signed in Q1 2021. The performance of the network business in this quarter improved regarding index Q1 2021. The demand reached pre-pandemic, increasing 5%, and the sales decreased by $10 million in this quarter. In regulatory terms, we expect that the tariff decrease from transmission business will be published during the first half of this year. Now, on slide 14, let's go through the main driver of our group net income. Adjusted EBITDA increased 15% to reach a total of $26 million, mostly owing to the better result in distribution and transmission business. D&A impairment and bad debt reached $77 million, $9 million higher than the first quarter of 2021, mainly related to the higher depreciation and amortization in energy and power assets, primarily explained by exchange rate effect and the initial commissioning of new solar power plants. There was a higher depreciation in the distribution and transmission segment related to the transfer of new investments in operation and the higher amortization of intangible assets related to the new commercial system recently upgraded at Enel Distribución. Financial results recorded $36 million, declining by $11 million, mainly due to a lower expense related to the factoring executed in Q1 2021 in generation business on accounts receivable that arose from the tariff stabilization law. Increases in taxes were basically related to the improvement in results during the Q1 2022, partially compensated by higher tax credits due to higher monetary correction this year. Therefore, the adjusted Q1 2022 net income reached $89 million, representing a 41% growth when compared to the first quarter of last year. Moving to the FFO on this quarter 2022 on slide 15. Q1 2022 FFO reached a negative $151 million, 151% lower than previous year figures, mainly resulting from negative one-off effects related to the factoring made in Q1 2021 of the PEC account, which had accumulated during the period in order to manage the cash needs from the business operation, and higher accumulated account of the stabilization mechanism in Q1 2022 versus Q1 2021, which has reduced the cash conversion in $44 million. Negative effects related to the net working capital versus 2021 mainly explained by Quintero San Luis transmission line sales corresponding to Enel Generación Chile, with a total positive cash of $29 million in Q1 2021. A lower collection of corporate clients in Q1 2022, and a lower factoring on distribution receivable accounts in the period compared to Q1 2021 also affected the cash conversion. Higher coal stock payment in the period and no cash dividend, and higher financial expense mainly explained by the new debt signed. These effects were offset by higher EBITDA, that was already explained, and lower income tax during Q1 2022, mainly related to the lower EPMs raised in the period in generation and distribution. Let me now go to our debt evolution on slide 16. Our gross debt increased by $0.3 billion, amounting to $5.3 billion as of March 2022, due to an intercompany loan granted by Enel Finance International to Enel Chile for $300 million, mainly to fund CapEx and working capital needs. In terms of debt amortization, our schedule remains sustainable, with an average maturity of 5.5 years. For the current year, we have around $400 million debt at Enel Chile level with EFI that has a maturity in December. We have already started to evaluate several opportunities in the local and international market in order to take the most efficient option. The average cost of the debt in March 2022 decreased to 3.9% from 4.4% as of December 2021, as a result of the financial management carried out during the last month. On the other hand, 20% of our total gross debt is currently SDG-linked. Our plan is to continue to pursue this kind of debt in line with our sustainable business strategy. In terms of liquidity, we continue to have a comfortable position. We are reserving some available committed line considering the possible headwind in the debt market coming from the international conflict in Eastern Europe. Now, I would like to point out some closing remarks. We are always looking for new alternatives to strengthen our generation portfolio, making it cleaner, efficient, and resilient to external shocks, such as the commodity volatility that the world is facing. We will continue to pursue the electrification of the country to open the access for more usage of electricity for our clients and communities. We are pleased to announce that we published our first integrated annual report. This report includes the financial and non-financial information for the 2021 period, and we also published the 2021 sustainable report. Both reports are aligned with TCFD, GRI, and SASB standards, and they are available on our website in the investor section. The report reflects how sustainability is fully integrated into our business model and a risk management and value creation driver. It also demonstrates the company's effort to face the energy transition, mainly in the country's decarbonization and electrification, and comply with our net zero commitment and the group commitment to the Paris Agreement. We are scaling an active portfolio management plan and other cash initiatives to support the implementation of our commercial strategy, strengthening a sound leverage practice. Let me now hand over to Isabela. Thank you, Giuseppe. Before we start our Q&A section, just to remind you, if you have any questions, please just put your question on the chat or just raise your hand in the call. Okay. Before going, let me just say to all the investors and those connected, highlighting that we have now published already our integrated report. That is our first integrated report and also our sustainability report. As Giuseppe mentioned, all the reports are aligned with the different kinds of taxonomies in terms of climate change and others. We would really like your feedback and also any comments that you have on this report. Okay. Thank you very much. Now I will open the Q&A. Livia, please. Thank you. Ladies and gentlemen, to ask a question on the phone line, you will need to press the star then the one key on your touchtone telephone. Now, first question coming from the line of Murilo Riccini with Santander. Your line is open. Hello. Hi, Giuseppe and Isabela. Thanks for the call. My first question comes from the generation side. What are your expectations for generation among your several sources? Maybe you could comment a little bit about how these 12 cargos of LNG compares to last year cargos that you used, and what should we expect from hydro dispatches as the Chilean coordinator has adopted this strategy to save water for now to face a potential complex situation during the second or third quarter of this year. A little bit of your feeling about this generation situation for the coming quarters. My second question, if you could give us a little more details on these additional $199 million related to working capital that affected your FFO during this first quarter, please. Thank you. Okay, Murilo, thank you for your question. We have now Giuseppe, please. Hi, Murilo. Look, for what concerns the 12 LNG shipment, as I said, we have already committed all this cargo for this year and already received three cargo. Consider that this year the situation is definitely better than last year because of the variability of gas from Argentina, that of course it will cover till April, and we're supposed to receive in the summer period. We believe that the situation that we have this year with the Shell availability and the gas from Argentina is gonna allow us to feel comfortable for what concerns the sourcing at this time. For what concerns the FFO, let me say that this year we, if you compare this year with last year, as I said, we have a negative aspect because last year we made the factoring of PEC. It was an important amount, around $130 million related to the PEC accumulated in the moment. This year the amount is definitely lower. But on top of that, we have also the impact of the accumulation of the PEC receivable because of the situation that we have, especially because of the situation that we have in the exchange rate U.S. dollar pesos. Another impact that we have to take into the consideration is related to the amount of CapEx that we concentrated in the last quarter of last year in order to ensure the connection to the grid of our renewable plant. All this situation give us a result that you can see in the slide. Okay. Thank you, Murillo. Operator, Livia, do we have more questions? Yes. Our next question coming from the line of Javier Suarez with Mediobanca. Your line is open. Hi, Giuseppe and Isabela, and thank you for the presentation and for taking my question. I have three. The first one is a follow-up on the negative working capital during the first quarter. The question is, what do you expect to be that number, that working capital absorption by the year-end? The second question that is related is, can you help us to understand where do you see the net debt to EBITDA ratio by the year-end? Which is the assumption on FX that the forecast includes. The third question is, if you can update us on the process for the tariff review, the ongoing tariff review in your network business. Many thanks. Thank you very much, Javier. Hey, Giuseppe. Yes. Well, for what concerns the FFO and the negative result that we had this year, of course, as I said, are strictly connected to one-off aspect that we had last year and also the profile of CapEx that we had. We are expecting to recover this situation by the end of the year, considering the evolution of our business and also considering the fact that, of course, we're gonna continue the capital project. Let me confirm taking the second question related to the CapEx. Let me say that we are confirming the amount that we have already presented in our capital markets day for the full year. That was around $1 billion, more or less. All the CapEx are confirmed and the trend is going well. For what concerns the net debt to EBITDA, of course, the evolution at the rear end is going to have a better result in comparison to 2022 and 2021. As you know, we are looking at expanding operation in terms of asset rotation in order to improve these targets. But let me say that without these asset rotation measure, we're gonna be around 2x-5x EBITDA. A little bit more than 5x EBITDA without the asset rotation. The last question, maybe I didn't get correctly. Can you repeat it? Yes. Okay, if you can repeat your last question, please. The question is if you can update us on the process for the study, the ongoing study review for your distribution business. Any update on that? Well, actually, it's a good question, but we don't have a lot of information, unfortunately. As a matter of fact, you know that the process is pretty delayed. We do believe that we're gonna have some additional news in the second half of the year. As of today, we don't have in front of us any expectation or any news at least before June. I believe that something is coming up in the second half of this year. Thank you. As a follow-up, you mentioned that your estimate on net debt to EBITDA was before asset rotation. The follow-up question would be what is the level of net debt to EBITDA that the company might consider to be sustainable for Enel Chile? Well, let me say that we are putting in place several actions to improve our net debt ratio. Clearly one of the most significant is the asset rotation measure. Of course, as soon as we're gonna have some additional information about the process, we're gonna communicate to the market. We believe that the improvement of the net debt to EBITDA is something needed for Enel Chile, considering the ambition that Enel Chile has in its own plan to increase and to develop our decarbonization strategy. We are monitoring clearly the situation, and we are going with this action to improve the situation. Of course, this kind of situation is a temporary situation because we know that, as soon as, all the projects, all renewable projects going to be put in operation, the situation is gonna change. As a matter of fact, this year already the situation, improved a lot in comparison with the last year. Our next question coming from the line of Ezequiel Fernández with Balanz on his cell phone. Hi. Good afternoon, everybody, and thank you for the materials as always. I have a question on the PEC limit, the receivables for the Stabilization Fund. We know that the government and the power generators are in talks, but I was wondering if you could share perhaps some details on whether a new agreement might imply a higher limit for the fund or maybe a lower price for higher duration agreement on the PPA side or something else? Well, let me say that first of all it's a very good signal that the government is trying to face this issue. You probably know that in June, PEC 1 is gonna be used totally. Basically starting from July, we need to find a solution. We don't have a lot of detailed information about this new proposal that needs to be discussed in the parliament. What I can tell you is that of course, we as a company, but also as an association, we are always in talks with the government. At least for what we understood, we believe that this proposal is definitely better than the previous one because it is going to limit the perimeter of the client that is going to be managed with the system. What we understood also is that this proposal could be temporary proposal in order to find a better way in order to manage the situation for the future. As soon as we're gonna have better information, we're gonna for sure discuss all together. As of today, we are really at the early stage of the situation, so we don't have a lot of information. Okay, great. If I may ask a second question. Well, we saw through the last year many renewable projects winning bids in the distribution auctions for $20-$25 per megawatt hour, solar and wind projects, right? With this new scenario for spot prices, that should be materially higher than what we thought before for at least three or four years, do you think any of these projects, which are scheduled to start in 2023, 2024, 2025, if any of these projects are at risk of not being commissioned? Well, clearly, you know, the trend of price is gonna be pretty different than last year. If I have to talk about Enel Green of course, every time that we decide to take the decision to be mapping the project, we do have in mind our portfolio in terms of sales. Okay? Basically all our projects or the projection of the energy that we have in our project and the consumption are in some way covered by agencies. If the question is more general, if you look at what is going or what could happen in the system, clearly there could be some players that they are going to be affected by this trend. Now, again, here we need to see the short, medium, long term, right? Because of course in the short term and maybe medium term, the trend toward a price that are higher than what we saw last year. In the long term, clearly the situation is gonna return to the previous information. We don't have any worries about Enel Green, but you're right. It could be this trend, this situation could trigger some difficulties to the especially to the small player in the. Ladies and gentlemen, to ask a question, please press star one. Our next question coming from the line of Andrew McCarthy with Credicorp Capital. Your line is open. Good afternoon, Giuseppe, Isabela. Thanks very much for the call and taking my questions. First one is, with respect to the transmission business. Could you give us an update? Sorry. Hi, hello. This is Isabela here. We are not able to hear you. If you just like, can be close to your mic, please. Yeah, certainly. Sorry. Also a line here. I'll try to speak. Yeah. Thank you. Thank you very much. Certainly. I'll try and speak louder. My first question was on the transmission business. There, I'm just trying to gauge, you know, where you are in that process with respect to the formal potential sale of that asset. Also just trying to understand, you know, from the presentation, you showed a sort of transmission EBITDA and then a tariff adjustment. Should we be thinking there therefore that the sort of the annualized transmission EBITDA going forward is in the order of $75 million-$80 million? That's the first question. Then the second question was with respect to the fuel costs in the quarter. You know, if we take a look at the particular cost of coal, we take out the provision that you recorded, it appears that your unitary cost was very, very low. I'm just trying to understand if I'm reading that right and what might be behind that. That's it to begin with. Thanks very much. Well, first of all, let me explain a little bit the point with the tariff adjustment. The transmission new tariff cycle had to start in January 2020. Since then, we started making a provision of what we estimated at that time would be the new target. Now, according to the last technical record that has been issued by the regulator, we understood that the provision that we made since January 2020 was lower than what basically the record is saying. So in other words, we had a one-off effect because we had to register the positive impact related to the period 2020 and 2021. This is the reason because we have such a positive impact in the tariff adjustment. Of course, as I said, is a one-off because we are recovering what we didn't book in 2020 and 2021 because we assumed that the target would be lower than what the regulator is saying right now. For what concerns the sales of our emission, we are in the process. We are at the beginning of the process. As soon as we're gonna have more information and something that we can disclose, we're gonna communicate to the market. If I understood well the question about the coal, you were in doubt about the fact that the cost of coal Q1 2022 it doesn't include the impairment of coal. This was the question, but I'm not sure that I understood very well. Again, can you confirm me? I didn't hear. One thing I Clear. Can you hear me? Oh. Yes. If you could again just speak closer to the mic because I think there's our mic here, but we're not able to listen to you very well. Understood. I'll try and speak up. With respect to the coal, the unitary coal cost in the first quarter, 2022, once you sort of adjust for the impairment, it seems to be a very low unitary cost. I just wanted to understand if I'm reading that right. If so, why is it so low? Look, for what concerns the cost of coal, without taking into account, of course, the impairment, so the external effect, the cost of coal that we have is between $150-$100 per ton. Great. Thanks very much. You're welcome. Thank you. Operator, do you have more questions? I am showing no further questions on the phone line. Okay then. Thanks. Let's go here. We have some questions here from the chat of our call. Let's start with a question from Rodrigo Mora from Moneda. Rodrigo has some questions, Giuseppe, so we're gonna just read the questions and then we go one by one, okay? The first question of Rodrigo also came from the same topic on the coal. Rodrigo is asking us to give more details about why the company continues to make the coal impairment, okay, in 2022, and if this decision might be impacted by the coal prices today. The second. We're gonna one by one, Giuseppe? Maybe. Yeah. One by one. Well, for what concern this point, the impairment of the coal is strictly related to the fact that our facility is pursuant to be closed according to the plan. Basically, in other words, the fact that we have explained that should be closed soon and according to the declaration that we made, and especially according to the fact that is not fundamental for our sourcing, this fact allow us to consider it as an impairment. Now, we know very well that there are some informal requests for the extension of the life of the plan. As of today, we didn't receive any clear request or at least any written form request for extending the line. As soon as we are in this situation, we continue with the same criteria that we have so far. Okay, thank you, Giuseppe. The second question from Rodrigo, we have already addressed it, but just to give more the numbers. Rodrigo is asking about if you can give more details on the LNG contracted for 2022, and how many LNG cargos the company has already consumed in this first quarter. Yeah. The cargo, as I said, there are 12 LNG cargo for this year, and we have already used 3 cargo in the first quarter 2022. Okay, thank you, Giuseppe. We have other questions on the price stabilization mechanism that you have already addressed it. Let me go now to another question that came from Mario Estela from Itaú. Mario is asking us how are you planning to mitigate the effect of the end of the Argentinian gas supply and the problems with Bocamina 2, considering the weak hydro expected for this year? Giuseppe, please. Yeah. As we said, we have a long-term contract with Shell, so we have a supply of LNG cargo already committed for this year. You have to consider also that in our plan, in our budget, in our first year of plan, we didn't consider the fact that Argentinian gas was available. Basically, if you compare with our targets for this year, we are in a better position because of the Argentinian gas availability. In terms of hydrology, you know, we have the same projection that we declare in the Capital Markets Day. The situation in the first quarter was a little bit lower than expected, but of course, the hydrologic year is starting in April. Fortunately, the situation seems positive, at least, for what we see this month, sorry. Okay then. Thank you very much, Giuseppe. But I think that we don't have any more questions from here, from the chat. I would like to thank you for all your attention to joining us today. I conclude then our conference call. Let me remind you that the investor relations team will be available for any doubts, any feedback that you may have. Just contact us by our website, email or telephone. Okay? Thank you very much for your attention, and have a good day. Bye-bye. Thank you. Bye-bye.