ELP - Earnings call transcript Q3 2021 | Companhia Paranaense de Energia

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good afternoon, ladies and gentlemen. Welcome to Companhia Paranaense de Energia COPEL Conference Call about the Results of the Fourth Quarter of 2021. [Operator Instructions] Before proceeding, we would like to reiterate that forward-looking statements are based on beliefs and assumptions of the company's management and on information currently available to the company. Such statements may involve risks and uncertainties as they refer to future events, and therefore, they depend on circumstances that may or may not occur. Investors, analysts and journalists to take into account that event related to the macroeconomic environment to the industry and other factors may lead to results to be different from those expressed in such forward-looking statements. have we us, with Mr. Today CEO Daniel and Copel; Pimentel Slaviero, Mr. of Copel. de Moura Rudek CFO Adriano of

Now, to Daniel, would Slaviero we like for Mr. over the Daniel to opening remarks. you proceed. turn may the floor

Daniel Pimentel Slaviero

electricity lot net to of that everybody. people. -- X historic our XXXX And had marked call action demanded it sector, say is EBITDA a afternoon, and the in instability the by over consistent income values adversities strict the pandemic in year challenging planning That from especially very by of we BRLX.X lot long proud evidence good BRLX resilience. Copel a And almost the that and a of on And in billion, Thank for put was the video much Good the faced participating of very especially even renegotiation companies Copel example year coronavirus our GSF. and planning importance of based a sale yield -- a usually Telecom of strategy. extraordinary approximately dividend planning prices. our BRLX.X am the I XXXX, without a effect, with And of in high very call. of by you and by of is of XX% from billion, BRLX the of and million and dividend billion, the

our in best we will ever year, the the For points And be during had details the of many the into presentation. the materialized fourth year, consecutive and of getting results history company, Moura we strategy. this

of the core Copel mentioned, focus Telecom. with business First, on the as sale I

Wind in investment it cash allocation, in of be BRLX.X investments the Complex. the acquisition our policy, policy, Second, Vilas of billion execution recurrent the discipline the of with be in it

improvements great the GPTW, our special and to include people, actions, be with Be corporate reduction. executive XXXX. ESG governance, them in of integrate Copel's a our reach we in emission the in within sector governance the really level care could the protocol. and to we level. our of is migration corporate We annual achieve short you highest power schedule the to XXX Besides, to enrolled only by the the the this it our that or have And governance. levels year. of BRLXXX we're -- are the had that. highest so of always for which and GHG of significant are this of we now proud an and commitment in at the and will the proof what conquered BX. or strategy. Nevertheless, pegged level And carbon less according a may of place and business for the neutrality carbon plan implemented efficiency BX that for And the to X gain with the ICOX, our plan them in will part and transmission with XXXX, our a last the in and of point reinforces very bylaws the of can million. of is a agenda Third, plan simultaneously, neutrality all it the be budget and we is conclusion initial you PDI reduction The new highlight cost it all target company that and special line, the ISE savings investment the the term be mentioned incentives governance -- place Corporate launched we certification to work, of electric the should of Index, of in another also Sustainability up we targets program of of ESG agenda of the it And Brazilian have

Just future most coming our of consequence be the the will Vision. as in to remarks. consultancy us companies future, of be a the conclude important big opening of international support which will one We the challenges the hired what in to And is XXXX our construction question my Copel strategic planning.

the believe We doing in been the growth the opportunities to model. and of seeing Copel is improvement work M&A for last with XXXX. few that in the of I have as few urgent the be of agenda. this the spot movement we of In others. the formation ahead see low price activities are price we sustainable. division among of the is action most pay of be balance instability energy regulatory pillars What relation the And and not to implemented of will what as will conscious continue market. months very to of be prices and be now of next voltage the CapEx us the one over separation we high strong evaluate the and the the commodity the will such on rate in also this We of have attention increase opening the the situation. energy, world Nevertheless, that consumer of distribution macroeconomic market of the good the consider right and structural interest We pressure or inexorable because of as the months possibilities to plan in opportunities, the commercialization and

allocation, weeks. policy In next stage the last investment of and discipline a the and of the with the of we public and team, few with continue hearing Government February finished long-term Compagas also We the the capital the concession by in our review a Parana with at have of we will vision. end discipline

We the of for still The we in agenda divestment Compagas And XXXX. renew our concession conditions within are that may is December that another XX. from the divest the with be the point concession so GSF. waiting will and area final for end

and Energy, the our of So to we with and selling companies this quarter we the of created the the and we and competitors innovation the be we in program. will such vital by connected X of the the we as XXXX Volt control the open is Mines the as detect for by many start-ups be In are in phase, and -- company first last of early asset in the consider allowed ecosystem, concept decree Ministry case market future general. to of will have Copel proofs

studying for the an Thank development sector Paraná creation for our the And continue of of We investment growth vehicle to will see are of contribute and of we we for for the this of to electricity much. you creation kind shareholders. for opportunities excellent very value Brazil. and company, and Copel

turn our Now, to floor I the De Adriano over CFO, like Moura. to would

Adriano Rudek de Moura

expectations results year GSF and ultimately, our Copel of not XX%. the with reached that results great Daniel income and are calculation referring the pleasure the is said, quarter this which short it reported far. of sale reported impacts recognized we [ph] in the economy. for this the fully is we I you, about and sector the yield a in continue of of previous year. but base to end the that and of all amount drop details billion Thank items out with due would our year short-term many is quarter of also in sectors only of of delivering EURX.X mention the XX% as like it some the in Daniel comparison line call. year, a for million, good this the and to of the specifically of And policy, carried recognition includes fourth not of are our adversities the for Telecom to the historical more income billion is ever what only always stumbling spite billion relation And everybody. and by Daniel. 'XX. strategy to with results we effect has in equivalent to dividend good other vis-a-vis the our BRLX.XX delivering the provided as of I But last dividend in BRLX.XX promised our you part run block the medium attention August expectations typical We relevant we long a parameters Good in mentioned. year-on-year. is delivering more performance, and net by of Copel BRLX.XX another for One afternoon, bring to the normal net Thank the see where already net BRLX.X which fine-tuning surprises faced internal will is market renegotiation, quarter paying give of of XXXX, well participating according and 'XX, another but a few third challenges highest that presentation, with Copel affected you to the amount to of reported not dividends also of will in to mainly here executed, [ph] the the my negatively nonrecurring agenda. reported At in the necessary, dividend And the billion items, so income, without and run, EBITDA highest

GSF BRLXXX with XX% has reached up million. BRLXXX to million EBITDA of dispatch of to BRLXXX September of negative the the in and turbines secondly, the variation 'XX, So of the the million, reasons: to we fourth a energy results the to the purchase the the here, that the one cost BRLXXX main record quarter. quarter the due EBITDA of of 'XX, fourth have of quarter, its the still quarter reduction the the -- And crisis maintenance the was this been in quarter in 'XX we That of approximately. accumulated of the had BRLXX but would million is of to with million about reached of BRLXX of quarter reaching about a quarter 'XX X million XX.X% hybrid and say, peak third affecting of mainly fourth quarter-on-quarter. fourth from the And third use on in million the up to million XXXX. that quarter have time level Comparing BRLXXX in dropped BRLXXX in sale result and average

fourth people total referring the of Copel. the starting will already the annual will of BRLXXX February over indemnification in and in left million, benefit in last the most be this BRLXXX the have XXX cost the year of quarter, reduction people PDI f million of recognized also when We to

in closely very the X.X%, are normal X.X% delinquency, to in the levels that done already and following -- level we the actions evolution maintain many of January have -- a the last one have at supplement point, contingency for of old PCLD supplement of judiciary and I about later and BRLXXX will order BRLXX had provisions this million judicial which And processes of and that. underway, not you we of with. and on, yet, of are we delinquency and advanced do a February, red flag a some million of talk the also of We we familiar

the 'XX adjusted results, to fully year in to 'XX. of that I besides of which of increase also of fourth quarter in it's net that X.XX%. nonrecurring paid 'XX, of Going items, Also already for the our in a have portfolio results of income 'XX, GeT mainly in X.X% in results, mention the XXXX due we of due first no I challenging BRLXX like yield that CRC the explanation that of the by EBITDA We financial financial growing and fourth X.X% the the the to fourth a spite state both net the 'XX revenues I reduction and to increase in the impacted inflation August In telecom are in million as quarter in are lot quarter. a IGP-DI of beside income, half that the posted would the Parana of had the quarter in as charges of related the quarter of excluding had the of the from rates interest highlights the well. in longer fourth this part the in mentioned, the plus the to year, of given, of results outstanding reduction the EBITDA that negatively and and rate. in In

last in Copel energy sale more year, the Livre, to the result to mention like surplus some items to contracting million the of XXX purchase of value On impairment XX%. calculated this of dividend and brought the million. I reversal value, also excluded PLR I approximately would XXXX the of we In as adjustment of of adjustment was last spot the XXXX. energy already due the calculation this to mentioned PLR present BRLXX -- and in sale BRLXX reduction in the in And the And and global considered the supplement indemnification, the in due the voluntary the was about PLR assets, of from referring market, BRLXX detail. by slide, Mercado year. quarter of under rule, million generation and fair quarter, nonrecurring the the the the to the the of another basis for we the which relevant was fourth the

adjusted as of GeT hybrid growth of clearly of evolution reduction per spite the reduction Daniel the already mentioned. the personnel, increase EBITDA business, on have revision et PCLD this of regulatory here positive in purchase TUSD mainly that higher the which this X% million, impact impact again, period. once by much crisis, the this, of of very see Going the affected to is X.X% reaching of an energy, additional an the has And of of in cetera. to last dispatch, the as the case efficiency cost, in very referred there than applied XX% in BRLXX the in we the already UEGA growth, market, well Besides the the grid average adjustment as regarding in tariff effect of with improvement a I

We this the Copel in enrolled besides in count XXX be leaving from in PDI in that our will XXXX that last head one to the have already relation Livre. Mercado reduced last

We in to almost the BRLXXX in means with continue of year, self-explanatory very of of of the evolution continue group the of litigation of of energy, XXX profitability. are reversals growth of we think, provisions is to million the -- it adjusted the is amount and up that grow EBITDA, chart to accumulated I are quarter, the million BRLXXX about the commercialization of Talking end BRLXXX this that million approximately BRLXX the well, quarter-on-quarter, million in PMSO, and provisions. variation evolve these

client at which have market fourth enrolled mainly success judiciary in of digitalization our processes the not in before, the reductions personnel so the highest summary, with to there based affect variation As quarter cost, agreement variation a the the the linked quality of the of to by million, a the had plant And our the reductions tools reduction operations. and which of our wind of the the about impairment already that of In which of PDI quarter have quarter million, better information, robust with quarter-on-quarter exit being and the improving last not the of judicial compared XXXX, about these electric opinion energy million very much in BRLX.X 'XX, approved last was with 'XX, long prices X,XXX X,XXX the mainly we have reduction these some investment follow of equivalent of of mainly in measurable are higher the of we BRLXX the of the a same of almost which variation, quarters. and and few the labor BRLXXX are XXX physical are about participation payroll, allocated in plan. in financial assets employees old free in X/X employees, processes Program. on advanced and reductions the all the terms in group, technologies affected of reversal we these 'XX But on underway, due rigorously were a we reversal sold PLR, the the Copel, of million. for and we over the of Paraná in fourth the provisions, may legal generation investment processes XXXX that of Talking billion. medium profit. of In to part counsel. line, quarter-on-quarter. a We the And budget in of most a billion, we BRLX.X to the of and of BRLX.X impairment by indemnifications. run. our restated almost see and of to of in personnel -- and see arbitration careful base of we retrospective BRLXXX discussion the of the the and in next the was the including BRLXXX over part main I of said And few the And that years, about we talking the In the are mainly quarter few Three-Phase our was modernizing in grid are the in reduction have in BRLXXX evolution we improvement improvement and we years, this, million. funds had reached reversal in this collective totally million program, last very to in the of already tax and focused the BRLXX probability fourth the and means processes provisions, expect happen is the And relevant billion

We XXXX. over and XXXX. of already discipline the policy committee, base made investment the quality are strides, capacity completion service of improves our almost my BRLXXX going At have of the by the And of have will also intelligent we'll middle will brownfields new the this X.Xx by our completed million, investment nonrecurring million, the not results. be And wind XXXX GeT reaching the energy, last does And increase the mention which that returns. provided desirable to in XX% get would with this have measure improved telecom, in should construction our the Wind Complex X/X either and of total in part, XX,XXX I business the drivers Smart the have program of CRC, of contemplate not of XXXX affect closed be complex And X,XXX position the the The And improved our Jandaíra investment GSF the a Grid and and next dividend within investing also due objective and sale focus with the be devices. by Grid portfolio. for end our year, of this situation of the the work. [ph] is that level -- -- lowest reduces of like of South that America investment the We'll of also of our we kilometers implemented evolution concluded following our did great the we as already remuneration of leverage. cycle maintenance many the also also the biggest Smart cost. our reduction opportunities to policy. analyzing the our years had impacted, that cash to the BRLX.X but impact this with We we settlement result greenfields. our or And the few always is items. to which and

Regarding there payment our is concentration the maturity, in big no schedule.

no I remarks capacity, flag to page. the few fully are whatsoever. for would a And about red with financial make like aligned next We dividends to our on finalize, XXXX

it. be and considering We of -- with X.Xx be the results XX% the with for submit income, payment net are shareholders' much general participation. will And cash we the and Emphasizing year, the same XXXX CapEx of shareholders investment considering first billion. payment for of the to paid. the on still a our fully BRLX the board equity adheres referring dividend started interest to than our payment declared Part half other able the the very of you Thank very next following over policy, and available. of proposal have in lower total ever, date in to dividend the and be Besides your billion proposal December, pleased after be leverage the 'XX, meeting for the already of the for meeting. time and ever first we our year highest for to channeling our will that the will next our meeting will the this studies And during defined XXXX. BRLX.X dividend the

like would open I Now, questions. to for

Operator

[Operator Carolina Instructions] Maria Carneiro.

us have please auction. about Could And concession can renewal strategy for net it? you year? the the details X about talk second if transmission you participation of investment the more process, [indiscernible] We current the questions about the first. the privatization in update We have give you something saw the the

Adriano Rudek de Moura

with My microphone end apologize, first you everybody. one questions. furthering about Thank muted. was the And of I the the GSF is at the the agreement for session.

new financial chosen, before, XXXX already new December We allows last is as sell XXXX. which that the Mines for months us and already of energy, assured intend the and the do have bonus the value of advisers to up This is control and this, we to Ministry will date. The have some The the we concession have decree strategic the by selected We means XXXX. XX and December to everything Figueira. plan. in quarter this being of Energy and analyzed and calculated the our legal

X, the the in quarter They in revised Southeast. biggest and X order the transmission And Northeast said the the were I [ph]. to of XXXX. X, the lots regarding As auction, X, from were to X distribute last energy reviewed X, from lot,

consortiums and our that the know-how use as partnerships expansion. establish expertise, transmission to participate same more is X the And to objective is intention lot. capital have the Copel. than own may same it the the size And for with of other decreases at also in Our same companies

as a need more that this companies are know-how. see you we -- are expertise, positive because fact have we So more bigger,

that. this partners, a talked change. Daniel, of submitted to So do see we terms the this XX% maybe us we in sale X positive for is you not with been very as has more and strategic of about very than this the X which intend schedule. And control or already

and discipline such approved. very been very in this starting last year, to be and we that of And the always are as as did our we the but we such already made already December, will as some capital careful, discipline, established had in and transmission the we And bids we Mines allocation are terms the We in very such of December. you good was that has do a we same might December that -- in as And investment in for reached limit underway. same have used in mentioned. be to be we Energy respecting case will allocation. the with participating the our same consider. capital regarding And lots business the the auction, being opportunities. prospective in with contract competitive prudent discipline investment quality, the did all us, has will Ministry new and We processes this The concession the submitted any already

Operator

next Randolph. Instructions] see quarters? How [Operator Wallace periods in the GSF you of few do the impact or the

Adriano Rudek de Moura

to last also see XX at levels, XX%. the due of XXXX we hybrid elected already unfortunately, is least history to say, have reservoir people was rainfall bit North the historical the quarter. a far, company bounce crisis, XX% in and rain but the we levels we of to have big recomposition GSF back of in the the in we will impact the of and bullish XX. for the -- XX, in worst little the around the It and a And to close Northeast South years. the XX or that reservoirs more Southeast so some and A close the less which GSF more already see

be So was to had really outside that bouncing XXXX dot curve. totally because the we a the we will back before levels

Operator

the sale decision? going July? And result of company. I could how stake for question in to offering, the it expectation Could -- [ph]. Eletrobras A June, with understand being consolidate the the quarter would priced first the the I'm your to so be like in BNDES done in to Marcelosa similar Daniel, the it affect your of them.

Adriano Rudek de Moura

will Marcelo sensitive of the of BNDES good to processes capitalization that the will discussed XX, the which figures of here May for the XXXX. the Deno, this it electric believe concerned, a I be as which as is this size we window that factor of that consequences to a quarter, have and for Electrobas that the our May offering. are issue. we more first the the window, cannot price with is narrow the this have on would case, very quarter figures With as the the the offering. the I may But sector, window have this will all you as being we would fourth complex be because of the quarter leaving second I of the be the a still to advisers would the part are what I all BNDES. believe window published would you the far like on the this on see used. will far the up ready. believe if results, very would the the window company. first that And a that and the BNDES If means of by reevaluated quarter a small so we it I BNDES based mid-July. figures is we window that believe, have of and is do quarter delayed, on XX, use results the will is syndicate be be of involvement we they because but very make said, first the concerned believe the remind be we in first the by more have as reasonable the it issue and up Well, be more And And

Daniel Pimentel Slaviero

Well, don't you I have anything summarized to well. very add.

Operator

second believe declared The the paid dividend What payment, year next do in Luiza you a question first or And this half? date shareholder. date? be will the the be you think predefined [ph] Instructions] will do they comes the minority without Alison for [Operator

Adriano Rudek de Moura

Basically, the meeting. this be be approved we have will that will billion during date shareholders' by decided BRLX.X meeting, the and then

the say dividend that that to to cannot I remind like per means we you specific June X year would until to end policy, So the pay of about to to referring the year is by of another end first at equivalent of the the anything the this year. half one the or X paid idea and date. our year, the previous according June,

this and the meeting is of our the Directors as intention. Board will be this appreciated shareholders' meeting by So by And well.

Operator

contracting of generation, energy? What Julian. for of the prices the your energy strategy few expectation for What is years? next is

Daniel Pimentel Slaviero

be long-term our BRLXXX changed. for not continues It term, prices around long to Julian, expectation has plus. BRLXXX, years X

investment an In been a and crisis, Our But add strategy has A+X. very the Always natural for not the brownfield within following: a is investment, between leaving A+X,A+X, natural you within A+X this results strategy that has. look good acquire sold can this showed One that other the an bringing that we debt the was commercialization even the is hedge when hedge the Copel excellent the company. small percentage about is years, in if in portfolio we XX%. this or at practice for and the XX% enough. water and synergy

We the with maintenance GSF for strategy of improvements be us and to been BRLXXX, the some allocation the in the the perspective BRLXXX. terms continues executing have with of of fine-tuning long-term some

Adriano Rudek de Moura

BRLXX to short for Perfect, the in the are XX% working GSF year the we to exposure important of and still market difficult get A+X where also term. that always spot exposure. we BRLXXX is people spot Leaving with the of prices, future run, the or selling And very always the was prices had XX% in manage But over BRLXXX BRLXXX, crisis this long here, short Daniel. run. This year, X this more for the the always better because a or the hedge we projection -- is this -- in of the to of in order cope water future with it price.

Operator

leverage I to XXXX to Peretti. leverage acquisitions ask you Do write name, order EBITDA. in of the Good would in a or lower efficient payout? Henrique afternoon. transmission more Mr. Xx the should or name. your company reach increase consider your that About closed remind the in an company like than renewables you questions, to you that

Adriano Rudek de Moura

answer itself as to out then the went One part leverage or and because I'm the to does. investments X the cash the has talked said structure -- have policy. about It before. going dividend preserves payout other And It drivers the the flow. X to investment free is and policy one discounted flow cash X.X. we ways, we to the for a which X, major lower second us than adequate -- we more the around this

always adequate And correction nonrecurring is good prefer XXXX to prospect extraordinary factors figures mentioned, that moment. last of factors, and the we XX% a GSF. had for this X the over good payout we already the will telecom and sale opportunities XXXX of the already So one that is of very leverage because present point businesses, X suffer the

results So terms of this in moved go adjusted naturally when the up back levels, will going up. natural have gradually the already a to trend leverage

Daniel Pimentel Slaviero

effect, adjusted we sale telecom little reconciliation, the leverage the be nonrecurring around than including a X.X. This the so and X.X, higher bit of would the GSF

to not drivers policy to this We're the X on opportunities is So these are good allows dividend because more for going This a will possible have do and reach X.X%. of we depend that that. do overnight. finding dividends the paying alternative

Operator

What to with of about [Operator for Instructions] Compagas divestment handful for look Do will the for there think block process? existence gas How energy, stumbling clean you scenario be the do strategies XXXX the a others. alternatives. in wind hybrid you Brazil. for price need energy and see crisis solar just company's increase and the of for of and the the considering players Shareholder

Adriano Rudek de Moura

that ease in it CapEx. this wind only based investments the very has see wind, matrix has the in objective is Jandaira of intend around on is especially have results investment in attributes and for of certainly is as solar. in of water on in the very Undoubtedly, XX% in practically strategic renewable of energy. that a XXXX. and and the such portfolio, portfolio be is a having more that in company middle competitive thermal in be growth solar. double to that, have with driver normally, it to will have megawatts Any crisis, will we years' time, wind And this year, And this plant. believe X obtained between important solar solar. to We around role shown today, X or we XX% we of ready the and we a the drive X% having I our the diversified for moment X/X hydro generation played and is company based already at in And and wind But terms XXX very and renewable because important implementation

Operator

be think just for with of divestment for do How the the a [Operator you the of see existence Instructions] block XXXX of stumbling gas will increase and they players you scenario Compagas price for do handful in process? Brazil,

Adriano Rudek de Moura

very Gaspetro opening gas also see as system We the by made distribution. have gas the the and distribution press GNN in We the important investment of the out.

the very So in and the data do that this Grande in Undoubtedly, XX Sul you than asset and in that Rio diligences system. much made X Telecom, to interesting they companies gas X with tends of did see or and figures case smaller or in in competition also the tests, further we kind we the involved. beginning is investment of due Copel of and open the opening journey sector, outcry appreciate in that room telecom, had X of X

right Codan than gas, [ph], the active the gas. price crisis, of or that are one So size we are not regarding we degree of of a terms the investment you of they middle this we Well, a might this big we when long player and look make in but of think you additional be investments. bullish. very in do of for very expect in Copa being sector the course, kind understand besides of competition this and in And run, interested investment, crisis,

is the one possibilities of renew the So concession. to

the weeks that of conditions and concession one conditions We may have we the payment public which already the bonus, few of many in and so will have the other the Parana. final renewal a at also hearing here renew is for in stages we and

Operator

acquisition do assets the sectors? you for of you Any see shortage to cost any see It's or equipment, supply and How Yang. opportunity good chain brownfield wind? which in of and solar Lily all. of pressures very

Daniel Pimentel Slaviero

that all assets very also you in which recently we at preferably preferably brownfield our than -- some following beginning, rate. yourself moment solar, already the spite observe referred [ph] that mentioned not good according was and other mega to XXX We the the many to XXX that, We're we a this a not but But policy sense are competition. in the due this processes to for we everything favorable makes because of the smaller are brownfield. very we are a only in of to consider interest living generate brownfield Equinergia not all a try that commodities, period, and ones. others as But market the hurry is very terms and placed that and in closely. said not the in all transmission but introduction, that have hydro in only we critical transportation assets plus some maritime circumstances panels things and solar wind, other

course, we of So the We same in average expertise in synergies in And terms and so that we in have not or some said, have to do very, I looking cases, very at we X is we return other solar these which showed better the bring the And terms that may a auction. not spread be X carefully, reasonable than some of funding. enough attractive the and the process cost There get may things And in of opportunities, If and necessary already some company; the wind. us we return, going attractive are in is some this. capital areas. the hydro are may with not in as but our for projects. may do all of market. over a it transmission caution are so to

Operator

Mr. session come make and Slaviero the may has you Daniel Q&A remarks. proceed The an to closing end.

Daniel Pimentel Slaviero

proud whole X video the is Copel pleased employees. in that them competitive. Distribution, to of best we of center behalf about continue report that showed fourth for is from the to that very in those And the We but we are big very current And a of over dot different the brings Max was results from market. bring direct very the the undoubtedly any also Copel history. very XXXX from by electric results have about we our that is bring responsibility. by outside very Delivery, complex, our to it expected and the quarter in want And sector also on Is have I and of and recognize the the only curve grow you're company shareholders. believe not but the BNDES X,XXX year us could we there We seeing are

many nationwide capacity a and to So, a structure our continuing of XXXX, base company, vision and in and mentioned. for work consumer with the for you our with we than our state the develops continue we whole And to such commitment grows over see that shareholders, do I we our stakeholders. as with X Copel units. all reiterate strategy company Parana as an in integrated much, and to more will Thank with the We sector average very our Thank continue million execute for with in of opportunities of very confident and the you. Brazil. for are sound Copel

Operator

has and you. a good you for call come all much Thank conference an we day. Copel's participating, very you wish Thank very to end.

Daniel Pimentel Slaviero	Chief Executive Officer
Adriano Rudek de Moura	Chief Financial & Investor Relations Officer

Companhia Paranaense de Energia - COPEL (ELP) 24 Mar 222021 Q3 Earnings call transcript