ENIA - Earnings call transcript Q2 2021

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Operator

Good day ladies and gentlemen and welcome to Enel Americas' Second Quarter 2021 Results Conference Call. My name is Sadie and I will be your operator today. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press Star-1 on your telephone.

we meaning statements Litigation of of call, statements constitute Reform conference XXXX. the within the this may that make forward-looking Act During Private Securities Chile expectations the could condition respect with or elsewhere. Americas' including reduction things or plans, operations, belief statements plans, statements business among Americas market regarding results Americas electricity Americas' These or its of include to sector current trends financial Enel of Enel management trends Enel and Enel in intent, in cost affecting Supervision effect in in on the and and electricity or Chile sector applicable affiliates. regulation for of the elsewhere and Enel regulations the future Americas or changes any laws statements performance guarantees only reflect expectations, current of forward-looking and are and future risks not Such involve our uncertainties. anticipated of a statements those Actual in forward-looking various results result may as materially factors. differ from include in or a under rates in increase the Annual or elsewhere, risk by equity Chile Enel XX-F, in capital adverse the States factor. Report in other market or States Americas' on decline including United Chile markets Form decisions United elsewhere, regulators These and of factors and described of in interest factors government

Rafael those become Mr. Enel to or to You would statements, I inaccurate. now as to may on Investor statements the la which disclose presentation Relations. on like are Americas cautioned forward-looking over Head speak SEC's which XX-F statements update any turn proceed. Americas date. least development of as Haza, result at Please to not undertakes to forward-looking the access Enel no a de of undue those reliance at the www.Sec.Gov. only place website our Readers forward-looking obligation

Rafael Haza

CEO our Haza, In Enel the results I ladies Americas; presenting Bustilho, Investor of Head afternoon, CFO; am two Bezzeccheri, Sadie. Rafael our Aurelio of Americas. to you, Good this gentlemen, XXXX period. la be and presentation. coming Maurizio Enel figures and will of main Relations slides, de of the quarter Thank second welcome

been have slides website. the presentation already you company's will that that me follow this remind loaded Let the into

Following made Please usual have we Q&A can questions be through the only telephone will lines. session. presentation, the the remember that

me hand outlining of the our to Maurizio, slide X. -- will let highlights Now, call the CEO, over period start number who the in by main CFO

Maurizio Bezzeccheri

Good afternoon, everybody. you, Rafael. Thank

presentation our Let Enel of in would by like merger on our EGP again. this the thank sustainable shareholders our this we In strong the into second to year. and shareholders year. company. the begin for consolidate April quarter, America for is confidence important the This growth assets by phase merger new highlighting successful to concluded all EGP a of began once after our milestone very strategy me the approved last I beginning

Colombia gross the shareholders company recovery expect in demand, XX% during demand recovery in terms line net of we explain while seen and quarter been by year had in has compared and positive the July. tariff and that for the Paulo XX% highlight in increase to It the meeting EGP we approved have Colombia debt is consolidation excluding new adjustment the also XXXX. an EBITDA income in in to EGP. the of we important important and also Sao Enel In last agreement plus first remain structure plus a may increase in

QX upgraded ESG Title In update, Poor's by and and score. of have compete & Index Standard equity we promoter in terms rating been our We credit the Moody's. were improved

Brazil. start [indiscernible] Finally, operation of announce in of the to we are glad

later. capacity have that we execution another X.X the XX We pipeline and also gigawatt the have in of long-term gigawatt of

X% during the following slide, the of Colombian this and respectively U.S. evolution and collection. our to demand gains quarter. Peso see in and move by Brazilian appreciated Let's Real dollars X%

depreciation. showing continue Argentina and Peru While

to see reaching pre-pandemic countries the during levels. this all solid distributors, electricity a are in Regarding we quarter, glad recovery

Peru, in an had we region, collection. we especially points. In increased are which now Finally, in collection, of around X of are terms recovery XXX% XX.X% important countries, the the in

Now, at the period. for our investment let's look

our XXX% is of of the mainly with EGP, the by consolidation contributed by second explained CapEx XX% million, During by quarter $XXX of CapEx year, important in XX% This considering $XXX period. terms, CapEx, monetary last Brazil. the mainly compared country reaching by million. of represent that year, explained Without CapEx this these of the total. of increased reaching Without $XXX. see EGP, XX% distribution percent, In total to increased the by of the of which investments higher XX%. the of the terms EGP, we standard increased by period With CapEx which in XX%, Brazil investments around with become the incorporation increased our investment most in would our have contribution of business has same

of pipeline Finally, focus ESG CapEx it's execution our to is that renewable highlight related XX% the FY. our growth in with worth ESG. That the projects on continues our in confirming coming relevant under

operation merger gigawatt. pipeline the now long-term XX last Our when was we year and proposed around the the

and solar. in mature important made capacity are now we and are gigawatt we under renewable Central gigawatt, America. Currently, of gigawatt X.X However, XX% of in They capacity this a are XX.X execution. farms gigawatt and in of X.X we construction, X.X effort wind in latency Colombia, is are projected from of an rest gigawatt pipeline. in terms have stage X.X XX.X have have in which new About XX.X pipeline are and the X.X from being which Brazil, capacity Peru, in

update, X.X X.X X.X and Regarding gigawatt operation in begin [indiscernible] will operation this XXXX gigawatt in year, XXXX. gigawatt commercial the

by second terawatt the XX.X XX% hour Energy and also the hour due which in turnover the demand XX% compared terms, in from reaching same EGP to XX% operating the analyze following EGP, gigawatt, region. renewable. increased increased an and hour, of to XX% production consolidation our recovery during of the period increase the on year, XX.X in explained explained the In same EGPR XX.X business, sales relative by reaching XX.X the and is respectively, Net higher production terawatt Now over recovery quarter reached generation production the terawatt XX% highlights to region. demand our hydro slide. by the second XX% of the by increased due to reasons. by incorporation and quarter, last in by In capacity installed due

Let's terawatt analyze which second of during increase slide by important This hour in in we network second Electricity terawatt at reached represents month, X. X where recovery distributed countries and the and the respectively. in X% business in an third operate in XX.X quarter. XX.X the quarter is explained number hour the demand XX%

region, an important that XX in important Sao X.X when million. control customers, of the number achievement million we last Regarding company the months. increase to X is we customers, had considering of around that in the Paulo It XXX,XXX an at highlight

first provision supply the the of by losses Brazil. fact year, Argentina, explained SAIDI terms off that the estimate quality temporary energy the Colombia, This sharing. the Brazil in of Peru and electricity and while cutting of indicators by In the increased SAIF with pandemic four classified during countries improved in in exception client remained and of during as the mainly is for flat

a lighting. pandemic. XX%, in in-person that line for see the in business. business, broadly On the we means explained marketing will due have COVID-XX by stations bike Credit growth X Enel insurance with In distributor reduction and Business. following of fannings, slide, charging we public and generation decreased to retail business mainly X solid card by the also Enel the

business, the XX% which terawatt X,XXX free-market number in increased year, XX% a amounts of to data and reaching increase. restore half by points Regarding delivery the hour first X.X of the means

addition aims second coming the to In to each external of America. edition we from details we Let's unit, model now course similar highlights school the journey spread to school the of economy. presented of Americas, ESG need as Latin in stakeholder initiative the in open for culture the XXX have and that internal [indiscernible] a -- circular slides. our economy the for look The a through internal program and at each circular foundation economy, America Latin for and

energy New completed business and business modern model a chain emphasize cities. and just circular school role economy model metrics, and is sustainable recently merger through with technology. entire the finance, The design innovation economic basis and The aims of circular to EGP the company focus throughout new was the our that not of redesign well of is COX the position models, impact weeks reflected sustainable from received the which the by integration The agencies, in VAAX the to by in contribute strategy. upgrade puts some is We our to Moody's VAAX. an emission, excellent reducing Americas to which lead our even transition. credit ago

fulfilled for company the vital year. the on company, rates, new the Regarding ESG during score the index. FTSE reflects score of the last instant indexes S&P excellent and SG this of X.X/X; performance company reaching the the published a was the the the And

on path available promote we contribution that encourage in our reporting Finally, the other in transparency delighted our transparency of promoting the region practices reference We tax to is role announce fiscal relevance XXXX our to LatAm model report level. in website, hoping Director can total follow with this system. companies and that to best Group ESG. engagement in ESG today, Also investor international policy we and practices an our the the become aligned approved our institutional for best a at are

BRLX renewable over infrastructure stake energy wind the our share. million of talk that and of atmosphere. us reorganization investment the and Colombia. farm in wind stake a hour XX.X% X.X the me -- XXX built XXXX; of stability making pool slide farm capacity, into megawatt the in company of consisted the operation COX way will Lagoa cash in wind XX% worldwide, the it another more coming and generate terawatt in avoiding of growth in we contract Central The by in consists X.X This new transition in XXX every of -- XX% facility Brazil. total makes the Brazil, Ventos, and coming XXX implies future America Brazil the contracts farm into process a buying about the own which distribution already state about one the thereby to sorry, which of addition terawatt production of megawatt our tons X.X gigawatt proud. very flow. the slide [indiscernible] of this Piaui, vehicle of operation This the merger shows Colombia capacity to with maintaining comment Brazil. will control. generation the of company can This XX-year of will wind and the in the of of facility energy the our In [indiscernible] on our and Now, of than hour I region add potential by a dos Increasing giving in the an you of and named let one assets have turbines, In the Colombia, billion year reaching XXX-megawatt largest new our total

opportunities. owns XX.X% due that [indiscernible] and agreement improving currently company of our a the to financial operation by approved share control our new been has the a have policy and XX.X% in the regulator wait and Colombia. stage order governance growth, know, clear a company and hold we to the this shareholders coming the This [indiscernible]. ownership new allows you our us board As and partner meetings Yesterday, And new to dividend and approval in ahead, yield the we of transaction adding for with defining of of set of long-term corporate of growth meeting agreement. authorization

to first have during XXXX. the the of operation expect completion We of the quarter

slide. I financial results the period who the about Aurelio floor to the coming in will that Now, for comment the give

Aurelio Bustilho

Maurizio. you, Thank

XX.X% to excluding than XX.X% devaluation, terms negative currency EBITDA increased in $XXX EGP and $XX last nominal get impact the consolidation negative we the second the business. Americas of by is XX.X% In the we also is quarter an the XX% FX. than of of XX.X%. demand net explained million, by and cumulative the Americas which and Americas by Group mainly increased last impact year. the by the from impact EGP Regarding of of in If exclude quarter million, $XXX distribution It $XX of EBITDA reached same terms, coming income higher EGP we from million million and year. recovery higher period second

in increased same by by cases, of increased XX.X%. reaching reached that compared better the by of to $X.X contribution debt the million, on financial while period billion. period cumulative XX.X% of at EBITDA from Funds basis, a In results. Americas last and $XXX net While explained year result level FFO, this is a X.X% operations, it both the decrease EGP

in later analyze will We and cash the detail in tax flow this presentation.

hydro improved the from breakdown. we'll by retail operations our respectively. of see see from slide, by while EBITDA Starting Networks $XX million analytics second quarter and million On by grew $X results positive on $XXX EBITDA increased million million coming evolution businesses had large by increased $XXX XXXX, the that and million. we all $XX and $XX

positive impact to million we million $XXX of we have EGP to this, plus last XX% the higher XX% EBITDA This addition coming XX%, In Americas. of the On negative that had see impacts, of $XX a the this for final impact was after of a $XXX and get period devaluation Brazil from million, X%, year. XX%, same represents the Argentina consolidated America Central a with than basis, Colombia while main country with EBITDA X%. contributor we Peru considering

Let's generation sales. to the business tariff energy have in Americas. explained better a by is important adjustment would of and increased Peru, EBITDA highlight retracted mainly and in results Without a by by to X.X%, had slides. Argentina, higher February this explained This focus contribution effect, XX%. that XXXX. XX% generation the Argentina mainly the due of have on a of case businesses networks by EBITDA it's mainly we coming EGP Colombia, In increased to

the is contributors this the with compensate and pie Brazil adjustment Colombia not negative had $XX enough respectively. were to and main chart, However, inflation still EBITDA In generation Currency the to XX% million. impact XX% of increase. devaluation

Central the produced in period. gigawatt which hours and the EBITDA XX% energy quarter was from in X.XX Peru. This X.X slide. million, to capacity X.X from came X.X some X% in Americas $XXX soft was capacity EGP gigawatts, from which period terawatt gigawatt operation Brazil, second from and from winds, during this XX% this solar, of analyze gigawatt In coming America, Let's hydro. mini are during X.X

$XXX XX% comes million, Regarding comes financial to Peru. from it's Brazil XX% amounted debts, from and

Let's adjustments. of see by Brazil In explained Colombia. energy the in networks quarter XX% demand coming EBITDA due higher business increase Brazil, tariff slide. last It with mainly is XX% an business in better second by increased Network results [indiscernible] compared to improved mainly XX% year. along by and to of in due

despite the driven EBITDA of after came tariff that XX% is to in by had quarter at difficult business positive It mainly X% with by we grew with higher in today. energy that energy important also countries a demand are XX% facing still reflecting overall Brazil EBITDA respectively. X XX% XX%, in Colombia, that energy last the no Argentina recovery in contributed XX% networks due faced demand. year While we and from and and We this Colombia cost the contribution an to solid highlight adjustments. in times increases increase

$XXX due CDAs amounted Let's same from result $X.X slides. in starting the analyze amount our year, million capital the EGP the of including working to cash free coming period to flow period last million coming should this year. in mainly minus billion million. for $XXX XX% higher million, that get million, a period to next After of Americas, the paid higher amounted $XXX while during tariff following net net Tax the EBITDA be $XXX flow than financial investment foreign year than million of the the Funds from negative $XXX recovered Brazil of minus XX% of in from of we operation, adjustments and $XXX a cash in $XXX of an million, FFO, last to in multitude expenses course. lower period includes

subsidiaries in in X.X% This partially offset gross holding. $X.X increase without by mainly $X.X of increase of XXXX. billion, our and by me a is following Brazil, coming to impact, Let amounted billion reduction amount in would billion. debt Americas Americas the increased the This our EGP have this XX% slides. debt explained an debt by Gross almost December to now $X.X in distribution company our analyze from compared includes reaching

starting had year, net as billion our we receivables $XX.X financial minus million. million last slide. from in mentioned million $XXX of to the previous at minus $XXX amounted figure and debt Net $XX of paid and Looking dividends

continue EGP During $X,XXX the developing operations Americas of amount effect total this EGP reached net by Americas $XXX minus an period, of debt have $XXX debt to injection in million, the With plus an corresponds for net received extraordinary renewables. equity and million projects million. the this from we our $XXX which of million,

largest terms the currency while at we XX% and of In holding the total. Brazil at see that contributor debt represents of country, level remains

of Finally, can incorporation X.X%, conditions X.X% refinancing in debt, for debt in and an partially cost regarding from better coming this by mainly going the of debt Peru. offset we growing by associated of period from increase Brazil. see rates explained Americas Colombia and the the to in EGP is with variable trend This rate in

in will some finish with following the Now, the remarks. presentation slides, closing Maurizio

Maurizio Bezzeccheri

an level, This saw us EGPA. we across a of have important the quarter, this allowed operational EBITDA consolidation by solid improvement regions. recovery to many at boosted During

continue our We ESG are one focus our best we with of positioning and the as ESG company players.

are phase we integration company after Finally, for of EGPA. full the our new this delivering already in

We bringing all that to continue our will are confident this the benefits stakeholders.

Aurelio Bustilho

operator Thank the Operator, you. the for proceed. call Q&A I now session. please

Operator

Instructions] question line sir. our Yes, your is we Enrico, from [Operator Stifel. For have Enrico open. Bartoli first

Enrico Bartoli

questions Thanks and results. congratulations taking morning. good Yes, my for the for

the for the The first reported related strong one QX. outlook is half in you second to after quarter the

projects execution? mature contract you how if the connections some are that you. renewable us I on deposit IRR or guidance share Second in can quarters? of billion if in you expect tariff evolution land, for expect the the you classified additional February during elaborate pipeline what wondering I'm the you question in mainly in provided the this on are show to If you and was pipeline Thank including the the $X.X provide when of you right, of in the expect on your guidance you the terms visibility, some you EGPA can If of is EBITDA demand? can coming pipeline projects, If the from details the adjustments currently related is on confirmed? that slide-X, terms

Maurizio Bezzeccheri

welcome. You're

to in question. the any we difficulties. reply second me demand. We particular of the the business, the don't distribution we half year growth continue that first of see Let the will see From

the in course, Of and to now situation. Rio keep reduce possibility in control that as under to well -- will allow binding us

major change So, no distribution in business.

the impact generation, on under are of dry season course, Regarding Brazil that put pressure.

system Of [indiscernible] course, and have good well are course, generation you segment the that remember a in Brazil, of entire for as in producing. we we maintaining renewable electric

countries in the particular criticalities. we other don't Regarding see generation,

-- with related that service, of other to business, interesting and growth station. we the the of the the interesting we facing continue of negotiating product mobility, terms for [indiscernible] are Regarding the are see contracts, terms the we recovery Volvo in like several Brazil did we half an from in electric in the in contract phase. second specially, the year charging We the that pre-pandemic

countries, pandemic impact conventional demand is but course, the biggest more the is the if there segment in segment growth by than Of segment. industrial of the segment the of and compensated the domestic in got this

mature, no Regarding you that mature with the already have said we in pipeline, means place. compare contract

We in number have in need place. of a good move

We have connection already points secured.

of that contract piece permitting have terms. dried second layout phase. we you mature the The primary is The the of starting some pipeline just optimization procurement are [Ph], well more

normally there guide are Of major unexpected course, unless our some this pipeline consider project. this we developing the that problem influence don't

some are the you enter living know, fact I plus megawatt our since so that will XX,XXX XX,XXX as of XX,XXX projects announcement is pipeline. will means die XXXX, in going have now said course some in that creature, reality. XX,XXX merger other Of you that are demonstration recorded; the in the in that report we pipeline, already pipeline the project is as of of we megawatt in that there December That

heading growth that the one a have possibility huge that of why Even reason opportunity. of more growth the in as have strategy. the We indicator have, to of the region. pipeline the consistent beyond I recall actual said, merger that a development we best solid You just the one you underline was is the importance in and pipeline our team in-house

floor. Regarding Aurelio the give IRR, I

Aurelio Bustilho

October. We complement important we have of you to had the Paulo Thank second Enrico. that semester for readjusted. with question. mention the last you, the semester, your year, Sao just the in readjustment the a to Maurizio. It's second Hi, of half full Thank tariff

more, capacity in make that the year. is have the new to X will We megawatts to XXX of of the COD around to enter it second get half

of we too us demand and So, expected semester which a the us. that drives to improvement recover us better for course drives

mention and of this designation the EBITDA first figure. are to these in year. mentioned I that comfortable estimations We Just with of the the billion quarter, maintain we around this $X

terms of we on this XX%. IRR, In the but XX% technology, to use depending

as We the Mauricio pipeline return. these are is a improve confident all so reasonable with could that lessons explained learned returns, that we which are and improving increasing on, capacity, in we our

Enrico Bartoli

Thank much. you very

XX% to talking Just are this, levered or about? What we equity is of clarify XX% kind to unlevered? figure

Aurelio Bustilho

[Ph]. some Let's hurdle walk the say, cattle the plus or for walk the

Enrico Bartoli

okay. Okay, clear. Thank very much, you very

Operator

[Operator your Rodrigo is Instructions] line have Our next open. Rodrigo, from question, we Mora Moneda.

Rodrigo Mora

good my Hello, the for I have Thank Congratulation question. afternoon. taking whose two question. results. also you for

is is The you My electric has, still I debt question that Power or related first This is good like to ask financial Power to we Americas potential condition Enel like financial that year zero. what to Enel second would Green that rationing that that the question. debt Americas the Americas. financial because I Green see transaction, consider Thank Enel merger you. without next in understand I debt the team, risk to equals is the would the Brazil. transaction, do understood gain face the the related one Power Americas Green net the first my drought system? net

Maurizio Bezzeccheri

will I Aurelio the free situation that regarding increase I cash reply, these just the assets to indication coming recall Rodrigo, the cash first leave just emerging we regarding during was because course means some that coming it. then said investment will of related you I financing reply the with procurement flow project with as related will of this see, with already an and to question just just to in give but

type is electric is we for this proposal of of in be of response respect, can to indication a that are situation the example that demand will rationing making I Brazil, the have be announcement some the only will no think that energy. energy solution be Regarding the Ministry the casting distribution. will of declaration In rationing the the of

I general, wind energy, declaring in year casting much more in decapping of it's different and which solar XXXX in the from the that why reviewed the situation as farms the quite are farms energy think So considering today because situation of by of that already well unpopular was operation. there is politically

one, in happen the So raining that will October ease is is energy, are you an situation avoiding I to If or think need that don't season of in will the see Brazil will of in and actions; though course capping expecting even can get that we improvement capping other there this the the the not, of direction. we October. see beginning everybody to of of you we'll electricity see what we find that possibility think the month supply. be of there

leave I floor Aurelio. EGP, the to Regarding

Aurelio Bustilho

the why Thank your will because Rodrigo flow consolidated needs right. in Maurizio. is construction we That's question. that cash you at the conclude we at and that park or all use you Americas for it holding Thank flow in it's the company. to Enel The came EGP pay projects Americas the level to the level cash cash with right, as

in with Enel has at level, came the Enel say effect let's projects consolidated safe debt okay, it's debt, Americas, the flow neutralizing the [indiscernible]. which cash with So came this one company Americas

Rodrigo Mora

expenditure Enel debt. Power America. of company had the correct. Americas Green the without am finance came I But net the to Enel cash capital So, financial use to

Aurelio Bustilho

project you construction Rodrigo, you with the XXXX. exactly cash some was we supposed in construction, we the that funds the to Enel this the The we for Americas Yes, come about. are construction in funds in -- financing was merger XXXX during operation is construction and talking are there needs already the said talking is correct. megawatt of for the that and into remember okay, are about. This jobs

Rodrigo Mora

Perfect. thanks. Okay,

Aurelio Bustilho

the operation. In during merge line, we explained

Maurizio Bezzeccheri

add to then which of of cash Just in leave are can situation, better in because optimize Okay. is right, Enel flow, a using, in a company, zero, didn't they operating this companies the course level we the to net the leave optimize Rodrigo, flow we the cash in Americas better didn't resources we

Rodrigo Mora

the see in of dividend the America, Energia would Green Please Enel is the terms maintain is the to Power reduce financial if I merger like the last operations dividends because know you. debt and with question and approved me to holding I Okay. I let what agreement [indiscernible] Power Bogota. use of Enel Colombia when related of Grupo Thank to ask the also make Green come proceed; The these Central as transaction some the Enel to of the if like at and level related the Group dues debt. this to idea of to Americas of will financial know and proceeds would de

Aurelio Bustilho

Thank anticipate you, Rodrigo. in quarter. Yes first that's this the strategy I idea. that the

phase in of Kansas. dividends know anticipated are a course, Americas Americas the in Enel the as Because, today. remember you frequency growth in If and that's Enel why batch we has a

seeing So that in we can Colombia Brazil trend. are this this so in as countries, case we that mentioned, the especially now invert

right than way. in what in is even deal higher we'll let's do to a the pay payout So say have a dividend progressive

if these debts debt in to is more Enel the the The that's by reduce little stays idea efficient, little the with because Americas it country. a So as idea. is in

Rodrigo Mora

companies, At right. the operating

Aurelio Bustilho

idea. the that's Exactly,

Rodrigo Mora

you Thank taking much Okay. very question. for my

Aurelio Bustilho

You're welcome.

Operator

we Henrique For our from your next question have open. line Henrique Peretti JPMorgan. is

Henrique Peretti

at was we I quarters analyze quarter year, Power quarters. generally EBITDA the in questions, in different increase Thank on million. two can this be or would Green wind in question for Brazil, EBITDA The generation because first stronger full one and the fourth for in you. Enel is the be power EBITDA least $XXX would have follow-up the third

and so in the the low be third know we GSF that would regarding The second going be GSF, question quarter. very to fourth

be has exposure is the market, So, an there the the is company eventual an position. if already exposure there for if going hedged to to spot [indiscernible]

Thank for those be now. So, would questions the you. it

Aurelio Bustilho

not in megawatts have by take you COD semester, can the in of expect in will XXX this I Americas; that new this spread into is taking in terms of Henrique. the Yes, level, one. perimeter of we EGP, but these Well the second EGP new be can course the it capacity. will will months, putting the maintain Thank beginning, consideration we to

something say, So because around but and expecting we are let's months right, for not the whole nine we for dollars, the $XXX the million only year, [XXX zone]. are

is this Green Power. So Enel

the we in hydrology of have In our are previously. in of bought that generation terms that with we hydro with terms impacts today, and we that energy perfectly contracts generation matching our in all we complement Brazil

and and free market. are for in of terms market especially contracts purchase we auction energy sell So some free in the XX% long part to XX% auction, in

also but some risks is and short-term have because coverage that not concerns commercial planes, market I are contracted can mean problems our or generation business not also lots with of a a in assets. in with generators, has may and in opportunity we agents terms sell real the believe there have with our do in our or energy this have commercialization planes, we but free to we of also do own we position. comfortable this generation complementing and we bit, sounds position like that So, of this Since some in case,

Henrique Peretti

Thank you.

of can be the know any if finally, could moment, XXXX just changes you if you. EBITDA Thank you and us I but So official you guidance, guide terms explain briefly, for is would that no to if XXXX guidance in there at helpful. have the very it really consolidated

Aurelio Bustilho

you. thank Okay,

with in with this we are that For figure. I XXXX, quarter, number, explained first this the are maintaining the X.X we confident billion

are still next scenarios and calculating these We for year. analyzing

behaviors especially are in demand seeing in the distribution. in terms of segmentation different We

and on. we to about terms let's a of on, but and are in of talk now very number the we our demand so anticipate tell So I not to you, say think so expectations recall situation, have can

in that X/X EGP, increasing why free advantage also take our of if quantity huge are be, will if X/X see sold just we take and anticipating way, are in advantage generated for of commercialization the and generate that projects take line of our terms product our of commercialization. energy we the energy customers, it's is strategies, quantity We you the trading portfolio X/X. again, by So, that's advantage very improving doing well and and our a price can, in we of we we

terms seeing the and I with in of It are on recovery year, with now So this know last debt will this development that that regarding renewables to better depends something have of want but than the some we add comments to if is a the demand position we we for Maurizio the next right also with and region. capture distribution. year, in that demand to especially see pandemic solid don't need this. are

Maurizio Bezzeccheri

Nothing else.

Regarding the effectiveness, covered we that contract have IRR. the of strategy

our execution renewable to the inventory are IRR, project the interested boosted be sales right course the market continuing and even For that are these in doing going in we considering We're by in of now. free be we growing will more it. in

we Regarding considering we that the months -- we're think -- foreseeing target you can target, well regarding the are target on are XXXX, said, we clear; pretty as facing our as nine the the in we of meet XXXX.

are pro are the Of definition budget XXXX of we depending face course, right demand. of now we in the for

major see any change don't Let's regulation. say in that I

think I even results example, for Brazil compared reality. for will better in we XXXX that will think we I to the get

Henrique Peretti

Perfect. so much. Thank you

Operator

continue. [Operator further we Instructions] don't at may Presenters, time questions this you any have

Rafael Haza

questions. more There are no

Thank let the for may is any day. And So, as remind call. that results I for you conference usual your have relations you attention, and a me doubt that you team have. good conclude investor available

Operator

gentlemen, you for And concludes ladies call. conference and this Thank all today's participating.

You may now disconnect.

Enel Americas (ENIA) 29 Jul 212021 Q2 Earnings call transcript