Good morning, ladies and gentlemen, welcome to the presentation of Enagás results for the first half of 2021. The results were released this morning before the opening bell, and as usual, they are available on our website at www.enagas.es. Mr. Antonio Llardén, chairman of Enagás, will host this presentation, which is expected to last about half an hour. Afterwards, there will be a Q&A session, during which we will do our best to answer any questions as thoroughly as possible. Thank you very much for your attention. Now, I hand the floor to Mr. Antonio Llardén.
Good morning, ladies and gentlemen, and thank you for attending this results presentation.
I'm joined on this online conference call by the Chief Executive Officer, Marcelino Oreja, the Chief Financial Officer, Borja García-Alarcón, the Board Deputy Secretary, Diego Trillo, the investor relations team, Antonio Velázquez-Gaztelu and César García del Río, and the Communications and Institutional Relations Director, Felisa Martín, and Natalia Mora-Gil Caballero, the Director of Management Control and Business Analysis. I'm going to share with you the company's key milestones since the last results presentation on the 20th of April. First of all, on the 27th of May, we held our general shareholders meeting, which was conducted remotely for health reasons and in prioritizing people's health and safety. We had 136 more online shareholders than last year.
The two most important proxy advisors, ISS and Glass Lewis, issued a recommendation to vote in favor of all the proposals on the agenda, which were subsequently approved by a very large majority of nearly 100%. They include the company's management and the annual accounts for 2020, which were timely approved with 99% of positive votes. For the second consecutive year, the Enagás general shareholders meeting has been certified as sustainable, awarded by AENOR, the Spanish Standardization and Certification Agency. Secondly, on July the 8th, and after this resolution was adopted at the GSM, Enagás paid out a complementary gross dividend of EUR 1.008 per share, in line with the commitment to distribute a gross dividend of EUR 1.8 per share charged to 2020 profit. This dividend payout is therefore 5% more than in 2019. Shareholder remuneration is therefore a priority for Enagás.
Thirdly, during this quarter, we have significantly intensified our commitment to decarbonization by promoting specific renewable gas projects that I will describe later on. The results for the first half of the year were highly positive because we are able to cushion, in part, the impact of the regulatory reform that, as you know, became effective in 2021, and which has led to a significant reduction in the company's regulated revenues, although we should also say that this provides us with a stable regulatory framework until 2026. There has been a significant improvement with regards to the second quarter of 2021, due to a higher contribution of our affiliates to net income after tax, which already stands at 40.4%, and mostly because we continue enhancing our efficiency. We delivered a net income after tax of €213.1 million during the first half of the year.
Let me now point out to the fact that we reported solid cash generation. We reduced our net debt significantly. We also increased our liquidity up to €3.024 billion, and we also improved our debt financial cost, which went down to 1.8%. After the dividend payments planned for the second half of the year, one in July, which has already been made, and the one to be made in December, our debt level at year-end will be fully in line with the budget. In short, the company's performance in the first half of the year, and specifically during the second quarter, was very positive. This is indeed good news to reach the halfway point of the year with such results we're now reporting.
You should bear in mind that these figures include some non-recurring results in the first six months that will not be delivered in the second half of the year. For this reason, we prefer to take a prudent approach and convey the message that we are on track to meet all the targets set by year-end. During the first half of the year, Enagás' gas infrastructures as a whole were available 100%. With regards to the degree of use of our infrastructures, the figure that currently serves as an indicator is that of gas demand.
Far this year, this reflects a very positive and upward trend, supported chiefly by conventional demand, which includes households and the industry sector, and which accounts for somehow the economic recovery in the country, representing around 83% of total demand in Spain. This conventional demand has climbed by almost 10% so far this year compared to the same period in 2020. In particular, industrial demand has increased by 9%. Now talking about total demand for natural gas in Spain during the first six months of the year, coupled with gas used for electricity generation, total demand was in excess of the previous six-month period by 6.3%. This positive trend evidences the potential role that gas infrastructures have played in ensuring supply during COVID-19 and during the greatest cold front that hit Spain in recent years.
Specifically, the role that such infrastructures have and will continue to have in achieving the European decarbonization goals. These infrastructures are constantly evolving in terms of technology, efficiency, and safety. By way of example, among others, recently, the Barcelona Regasification plant, the largest on the peninsula and the second one in Europe, once again, was given the better than standard rating during the audit conducted on maintenance management and emergency management procedures. I would like to stress, as you well know, Enagás is an infrastructure company and a network operator. That is our core business, not the purchase or sale of gas. Therefore, the volatility of international commodities markets are not affecting us directly. With regards to our international affiliates or investees, they performed very well in the first half of the year, let me mention some highlights.
Trans Adriatic Pipeline, there are three important milestones to be noted. First of all, it has been 100% operational, and its actual level of utilization as at July is already around 85% of its capacity. Secondly, as of July 1st, it has already carried 3 billion cubic meters, that is 3 BCM, to be delivered in Europe. After reaching the so-called financial completion day on March 31st, in June, a true-up was carried out, reducing Enagás' stake in the company. Therefore, our 16% stake in TAP now represents an investment of €192 million with an expected return in excess of 11%. In the U.S., the Tallgrass Energy business also performed very well in the first half of the fiscal year ahead of budget. This was mainly due to the recovery of the U.S. energy market and its very good growth prospects.
This had a positive impact on the results of producers, including some of Tallgrass' main customers. Currently, Tallgrass is moving forward in developing decarbonization projects in the North American market. In this regard, let me give you a specific example. Last week, Tallgrass announced that the National Energy Technology Laboratory of the U.S. Department of Energy has awarded the company federal funding as a part of a national effort to advance next-generation clean hydrogen technologies. You have the same more detailed information in this respect in the presentation that is available to you. The rest of our international affiliates also reported very good results. For example, GNL Quintero, which in a context of strong gas demand in Chile, is operating at very high production levels.
In Europe, our affiliate, DESFA, is one of the promoters of the White Dragon project to develop a green hydrogen production value chain in Greece. In summary, as you can see in the presentation, the results of all of our affiliates are very positive and even somewhat ahead of expectations. All of them, on the other hand, are actively contributing with their infrastructures to the decarbonization process in various parts of the world. Just like every quarter, I'm going to provide you with an update on Gasoducto Sur Peruano. The arbitration proceeding is advancing as per the established procedural calendar, which is quite positive. Tomorrow, the new president of Peru will be inaugurated, Mr. Pedro Castillo. Enagás will follow the formation of this new administration very closely and will convey, as usual, our willingness to reach an amicable agreement with the Peruvian state.
In this respect, in recent weeks, the team of Peru's new president has expressed a different priority, their confidence in maintaining and attracting international investment. Enagás, in developing its present and future activities, has ESG criteria in place as a general framework, and as an energy company, holds a clear commitment in this area, our active contribution to the decarbonization process. Internally, we have been able to reduce, since 2014, our carbon footprint by 63%. Therefore, we will be able to achieve our goal of becoming a carbon neutral company by 2040 or even sooner. This has positioned us among the world's leading companies in climate action and keeps us at the top of sustainability indices and rankings. To name but a few awards, let me mention the following. We have been included in the CDP Climate Change A list.
We are one of the companies that have set out its climate commitments in the European Climate Pact, which is part of the European Green Deal. Recently, the Financial Times included us in their list of European climate leaders. In addition, we have voluntarily joined a methane emissions reduction initiative led by the United Nations Environment Programme, in collaboration with the European Commission. We have also received very positive feedback on the first report we submitted to them and on our reduction plan. We are working so that in the short term, we can be awarded the highest rating possible, that is the gold standard. In addition to all of our internal actions to become an increasingly sustainable company, as an infrastructure company, our main goal is to contribute to the global decarbonization process. To this end, we continue working to develop renewable gases.
These are technologies which will be essential to supplement electrification, therefore achieve the final or the ultimate European decarbonization objectives. Let me give you some concrete and relevant project examples over the past three months. We are promoting several of the so-called hydrogen valleys or hubs with other partners. These are large-scale initiatives that bring together various green hydrogen projects and involve a large number of stakeholders, such as governments, large and small companies, producers, and consumers, among others. In this respect, we are promoting, for instance, the Hydrogen Valley of Catalonia with Rovira i Virgili University and Repsol. This is a macro project that we presented on the 14th of May in Tarragona, together with more than 100 institutional and business stakeholders involved.
We are also promoting, with other partners, the Hydrogen Valley in the community of Madrid with EDF, Madrileña Red de Gas, and Q ENERGY. We are also promoting the creation of the Green Hydrogen Hub in the Canary Islands together with DISA and the largest green hydrogen project in the Valencian Community in partnership with Abengoa and BP. We have also partnered up with Navantia to promote three major projects to deploy the potential of green hydrogen across different regions in Spain, and therefore contribute to decarbonizing the manufacturing and transport sector. We have also submitted, together with various partners, an energy transition project for the city of Málaga and another one to generate green hydrogen in the Bay of Biscay series. These are all hydrogen-related projects. As for biomethane, together with FCC, we executed an investment agreement with Trovant Technology.
This is a startup from Valladolid to develop a technology that will produce biomethane from biogas, from waste water, or organic waste. This is a circular economy project. We are also promoting renewable gases by encouraging investments in these kind of clean technologies. Through the energy transition fund Klima, which we developed together with Alantra, and which this quarter completed its first closing of more than EUR 80 million on account of investment. We are aware of the need to conduct green hydrogen analysis. We have joined the new Department of Hydrogen Studies at the Universidad Pontificia Comillas as a sponsorship company in order to promote this energy vector also in the field of research.
Finally, this is a social and an environmental commitment initiative, jointly, together with the regional government of Extremadura and other large companies, we have joined Motor Verde, the largest reforestation project in Spain that is promoted by the Repsol Foundation and Sylvestris. These are just a few examples of the 55 hydrogen and biomethane projects that we're currently promoting throughout Spain, with more than 60 partners and which represent an aggregate investment of EUR 6.3 billion. Many of these projects were already presented during the first half of the year to the different expressions of interest opened by the Spanish Government. At this moment, we remain very attentive to the calls for proposals that are expected to be launched in the coming months by the Spanish Administration. If you could allow me, I'm going to have some water. Thank you.
Before closing, I would like to stress that the results for the first half of the year are in line with the attainment of our targets in 2021. This is a year in which the regulatory reform has become effective, as you very well know, but which provides us with a safer regulatory framework and visibility of our regulated revenues until 2026. Let me remind you of our targets for 2021. We maintain our estimate of EUR 380 million of net profit by the end of the year. Solid cash generation, which would enable us to reduce our net debt and continue providing an optimal balance sheet structure. We continue intensifying our control plan and overhead savings, writing off all that is not essential to the business continuity and to current and future activity.
We also maintain our solid commitment to employment, just as much as we maintain our strong commitment to our shareholders and their remuneration. The cash flows generated enable us to guarantee our dividend policy for 2021, and as you know, this will be set at EUR 1.70 per share, which accounts for a 1% increase compared to 2020. I will now finish up with three conclusions. First, on the 27th of May, we held the company's general shareholders meeting, approving all the items on the agenda by a very large majority, in many cases close to 100%. Today, we have presented the company's good results for the first half of the year, thanks mainly to the good performance of our affiliates and our efficiency-driven efforts. As we have been announcing, we are working very intensely on decarbonization, hydrogen, and biomethane projects.
Today, we have briefly summarized the main progress made in specific projects over the quarter. Let me once again underscore, as I do in every presentation, that we hold a full commitment to decarbonization, and we are using all of our know-how, and we're making all possible efforts to promote solid, transformative projects that may contribute to a just transition to make our country's manufacturing sector more competitive and sustainable, and ultimately to generate employment. Thank you for your attention. If you have any questions, please do not hesitate to raise them. As usual, we will try to answer them as fully as we can.
Now, we are going to start with the Q&A session, if you wish to ask a question please press star and on your telephone keyboard. . First, we are going to admit questions from the Spanish room. The first question is by Javier Suárez from Mediobanca.
Please go ahead.
Good morning, everyone, and thank you very much for the presentation. I have a couple of questions. First, with regards to the guidance after such good results on the first half of the year, the question is whether it's fair to say that the company feels comfortable with the guidance of EUR 380 million net profit for this year. Also, if you could tell us and detail us those EUR 20 million one-off that we had in the first half of the year, what are they due to? Thank you. The second question is more top-level. The European Commission has presented the new energy strategy for the next few years, and I would like to ask, how do you see Enagás strategy in the context of the EU decision to give these assets also an important role in decarbonization?
Another question is in the American market, the U.S. market, it seems that they're also looking into the development of renewable gas from a different perspective with this new administration. I thought it was very interesting what was said by Tallgrass regarding federal investments. I would like to know how you see the future of renewable gases also in the U.S. market. Thank you.
Thank you very much, Javier, for your question. We will discuss this for just a few seconds. We'll get back to you straight away.
Thank you very much, Javier Suárez, for all your questions. Let me just go quickly over this. The one-off mainly are the most Well, the most important ones have to do with the cold front, where there was EUR 10 million revenue in the case of Tallgrass. That obviously may not be the case in the second semester. Then there are EUR 7 million from a recapture due to something we had provisioned for GSP. Really, we think that we have really fulfilled the budget for the first half of the year. We believe that we'll meet the budget for the second half, and we have upsides. I mean, it's true that we may have some upsides that will not be repeated, but will not disappear either.
We are very optimistic with the compliance of our goals, but with the huge volatility that we have in the market, we prefer to be cautious. You know as well as me that Enagás is not known for making huge announcements out of place. Obviously, it's very important for the advancement and the promptness of the European Commission in the decarbonization strategy. There, we believe Well, we don't just believe, we see that the EU believes so. There's been a latest report by the European regulator that states, and focusing on what we do, they say that the infrastructures, the high-pressure infrastructures that we currently have in the whole gas infrastructure in Europe are very well prepared to help the deployment of renewable gas, which is something of a necessity if we want to reach the ambitious goals that they've set.
There, the hydrogen, both pure hydrogen, but also blended hydrogen and biogas, will be a very important part that EU believes could work. Enagás, more specifically, believes we can play a role that is very important in order to help this work, to make sure that we can create market, that we can help the recertification processes for green hydrogen, et cetera. Javier, I don't have a lot of time to answer to you, but I think we are really in agreement with the proposal by the EU, and we honestly believe that over the next few years, because this will not be immediate, over the next three to five years, we will be able to develop this really well.
Finally, yes, it's true, in the U.S., with the change of administration with Mr. Biden, there's been an important change on how the federal government sees this issue of decarbonization. I'm going to give the floor, in fact, to the CEO, Marcelino Oreja, so that he can go talk about Tallgrass. Marcelino?
Thank you very much, dear Chairman. In the U.S., the bet on hydrogen is very important, not just in green hydrogen, but also blue hydrogen. They have very important and cheap gas reserves. In Tallgrass, we are convinced that there will be many opportunities for growth in that field. Just like in Europe, the use of the current gas infrastructures will be very important in order to transport hydrogen, whether green or blue, and I think in Tallgrass, we can also help with this. I'm sure there will be many opportunities.
In fact, Tallgrass has already a small project in order to ensure that we are able to TSO for the U.S. Thank you very much. Thank you, Javier Suárez.
Thank you, Chairman Marcelino. We are ready for the next question. Please go ahead.
The next question comes from Alberto Gandolfi from Goldman Sachs. Please ask your question.
Hi, good morning. Thank you very much. I have two questions first. I know it's quite early. Do you have an idea of EBITDA contribution up to 2026, or an idea of investments that are being managed by Enagás, that will come from the Recovery Fund? Just to get an idea of all those projects, what could be the net contribution for the company from those Next Generation Funds? Secondly, when you give guidance of Tallgrass for 2021, commodities were lower.
After the cold front, I would like to have an update on that guidance, and if you're not increasing it, why are you not increasing it? In the environment of commodities, and when looking at demand, it's been greater than expected. I don't know if you could give an updated guidance on Tallgrass also for 2022. Is it possible that EBITDA at Tallgrass in 2022 will be greater than 2021, despite what's happening on the cold front and demand, or do we think this will be just normalized due to climate change? Thank you very much.
Thank you, Alberto. We'll talk for just a few seconds, and we'll answer immediately. Thank you. Thank you so much, Alberto Gand olfi for your two questions. About the first question, the EBITDA range for 2026, initially, it was before the cold front.
After the cold front, based on what I remember, it's gone from EUR 700 million-EUR 740 million, I think. There's an update of the revenues by Tallgrass. Despite that, Tallgrass so far hasn't foreseen any changes for the rest of the year. We're working with that improvement. In the case of 2022, it seems that it's going to be an EBITDA improvement versus 2021, but we still do not have specific figures. We will calculate them together with Tallgrass during the second half of the year. In general terms, the guidances and the information that we receive from Tallgrass is actually better than what we would have expected at the end of last year. Thank you very much, Alberto.
Thank you, Chairman. We are ready now for the next question. The next question comes from Lillian Stark from Morgan Stanley. Please ask your question.
Hi. Good morning. Thank you very much for giving us your time. Just two specific questions about Tallgrass. Regarding the additional contracts that you signed with Conex Express, I would like to know if this is more for producers that are increasing their capacity or whether these are producers that are looking for certification in some of these countries. The second question that I have is, when you talk about opportunities for growth for this business, what type of projects are you looking into? Especially to know whether they are fixed revenue or variable revenue projects. Thank you.
Perfect. Thank you. We will discuss this for just a few seconds, and we'll get back to you. Thank you. Thank you very much, Ms. Stark. I'll give the floor to Marcelino Oreja this year so he can answer both questions about Tallgrass. Marcelino, go ahead.
Thank you very much, dear Chairman.
Well, in fact, with regards to Conex Express, the growth of the activity or the increase of flow is mainly due to the JV with Detritus that we announced in the past, that will guarantee greater flows, becoming therefore a critical infrastructure, that will allow us to have more products in Tallgrass. With regards to the gas flow, that's also growing. We're having contract in flow east to west, also direct flow. Growing also in flow demand, in some cases, the growth will be due to the creation of some carbon to gas project. Changes from the current infrastructure to new customers. We believe that in the future, there will be a greater consumption on both sides, that's why we are very much committed to this company. Thank you very much.
Thank you, Marcelino.
We're ready for the next question. Please go ahead.
The next question comes from Jose Ruiz from Barclays. Please go ahead.
Good morning. Thank you for answering those questions. I only have one. Basically, in this presentation, you are doing a decarbonization commitment for the long term, not just in the Spanish market, but also in other markets. I would like to know what happens with your portfolio rotation or asset rotation strategy. These long-term commitments will mean that the asset rotation in the future will decrease?
Thank you very much, Jose Javier. Good morning. Let us discuss this for just a few seconds, and we'll get back to you. Thank you, Jose Ruiz, for your question.
Our commitment with decarbonization, which I think is very clear, I think the speed will depend, obviously, on what's decided by the authorities in the different countries and the EU, for instance, regarding the pace and the specificities of the different projects. Having said that, this does not have to have an impact on a process that is a sensible process on rotation. I think they are two different things. We have decarbonization plans that we will adapt to the rules applied by the EU and the different countries' authorities. The example of Tallgrass is very clear. One year, one and a half years ago, we were not talking about that. Now we can talk about this for Tallgrass. Simultaneously, there's a thought also for the potential asset rotation, depending on how the markets evolve, how our improvement expectations perform, et cetera.
I would say that there are two parallel processes, and one doesn't have to put a brake on the other, if you know what I mean. Thank you very much.
Thank you, dear Chairman. Now we're ready for the next question.
The next question comes from Ignacio Doménech from JB Capital. Please go ahead.
Hi, good morning. Thank you for answering my questions. I would like to go back to the impact of the EUR 20 million one-off on the Enagás companies, and also to ask about the impact of the results of Tallgrass due to the cold front, and whether those EUR 10 million, and the remaining EUR 10 million, had an impact on the second half. Semester. Also, the recurring contribution of EUR 190 million for the end of the year by the investor companies.
The second question is whether there's any news on the role that Enagás can play on the value chain of green hydrogen, and about the EUR 5.9 billion investment, what of that will be for Enagás?
Thank you very much, Ignacio. Let's close the lines for just a second. We'll get back to you.
Thank you. Thank you very much for your question. About the first question, I'm going to ask the CFO, Borja García-Alarcón, to answer, please. Borja, go ahead.
Thank you, chairman. Good morning, Ignacio. Yes, in fact, the cold front of Tallgrass was an effect of the first quarter. The other effects have to do with the second quarter. For the whole of the year, the guidance of the results of invested companies will be about EUR 190 million.
About the next topic, the role that Enagás may play, or that we're trying for it to play in this, will depend clearly on the different EU authorities and what projects are considered more interested by them are more of a priority, and maybe there are other projects that are not considered a priority or that are left for a second stage. Right now, it's impossible for us, impossible for anyone, to give an idea on this, because we do not have information. For all projects, we follow certain rules. First, we are never on our own. We always work with partners. This set of partners, we try for the partners to represent the whole value chain, from producers to consumers, we could say. It's not easy to say, depending on the project, we don't know what the percentage weight may be.
About this general figure, we cannot make any forecast because no one, absolutely no one in Spain or in Europe, has any specific idea about what will be the project for the first three-year period, for 2021-2023, or for the 2024- 2026 period. There is no calendar about this. We know that Spain has already received the approval by the EU. We expect, therefore, that probably in September or in October, the Spanish government will give the green light and talk about the project's criteria and the final presentation to the authorities, and we are ready for that, and also for anything that may come from Europe. Well, maybe soon, in a few months, we'll all be able to have a clearer vision of what are the priority projects, how we are working on them, and how they will be developed.
Currently, this is active work in progress. We are in fact improving some of the projects that were already presented, and there will be changes, obviously, with the arrival of new partners, et cetera. Today, what I can say is that in this whole process, well, we're working and happy in the process, and we'll inform you every quarter, thank you.
Thank you very much, chairman. We are now ready for the next question. You can go ahead, thanks.
We have finished with the questions from the Spanish ring. Now we'll move to the questions from the English ring.
Thank you. As a reminder, to submit a question, please press star one on your telephone keypad. Our first question comes from Harry Wyburd from Bank of America. Please go ahead.
Hi. Morning, everyone. My questions have already been answered. I think in the interest of time, no further questions from me this morning. Thank you.
Our next question then comes from James Brand from Deutsche Bank. Please go ahead, James.
Hi. Good morning. Thanks for the presentation. I actually still have three questions. That was useful. I was sending it. Three questions. The first is on GSP and the political situation in Peru, which you mentioned in the presentation. I was just wondering whether you expected that situation to delay the arbitration process at all, or potentially even threaten the government's willingness to abide by any arbitration decision that comes next year. That's the first question. Second question on asset disposals. There was a question related to the green side of this. I just wanted to check on the timing. Should we be expecting asset rotations to come this year, or is it something that's more likely to come next year? The final question is on hydrogen.
You'd obviously talked a lot about the individual projects that have been bid into this kind of stimulus schemes. I was wondering whether you're any more developed in terms of your thinking on hydrogen investments that might need to be spent on the kind of network or in storage. Whether we should be having in mind a particular date where you might be able to give us a more comprehensive view on what you might have to invest in hydrogen across the whole of your network, rather than just the schemes that are up for subsidies. Thank you very much.
Thank you very much, James Brand. As for Peru, I already mentioned that we are waiting for the inauguration of the President-elect, Mr. Pedro Castillo. We will try to contact administration representatives in due form and express our willingness to reach an agreement with regards to the arbitration procedure. At this point in time, it is very difficult to provide any exact data in this respect, but we are taking an active approach to it. Of course, this is normal in any arbitration proceeding. We will see with the new administration what they have to say about their energy policy approach, among other matters. We are also analyzing asset rotation-related issues. This will depend on how the markets perform. This is work in progress. This year as well as next year, we will be working along these lines, and we will keep you posted in due time and form.
Going back to some hydrogen-related figures, let me underscore what I said before. There are two phases here. The European Commission, as well as the European regulator, ACER, issued a number of papers over the past weeks, conveying that for the purposes of the decarbonization process, the EU infrastructure will be critical. The infrastructure in place in Europe, because they are ready to carry green hydrogen. They can carry pure green hydrogen. They can also do so blended with natural gas.
Right now, there are different papers that point to the fact that by 2040, and to account the huge volume of green hydrogen that is expected to be used in Europe, current estimates by the task force, the European Hydrogen Backbone, they say that a % of such volume might be carried through the existing infrastructure after, of course, making some inventory investments due to balance issues, and the government correspond to new infrastructure or new storage facilities that might be necessary. Therefore, today, at this point, it is not possible to provide any more accurate information in this respect. In the next two years, and considering the pace set by the European Commission and the decisions made with regards to the next generation fund, we will have a clearer picture about this.
In summary, all existing infrastructure, to a large extent, will be ready for use in the next 20, 25 years in order to carry green hydrogen, and a small portion perhaps will require some new investments that have not been made. Speaking about transportation, of course. We have green hydrogen production. That's a different issue that we will have to use renewable energy to make some additional investments. This is more or less the context that all companies in this sector are living in. In the next two and a half years, I believe that we will have more specific information coming from state and European authorities as to schedules that they foresee. Thank you very much.
Thank you, Chairman. We move on to next question, if there's any.
We have no further questions registered.
Well, if there are no further questions, thank you very much once again for joining this conference call. Thank you very much for your interest. Even though we are now closing the conference call, remember that the investor relations team will remain at your disposal to provide you any more information in detail that you may require. Thank you very much for joining us today. Thank you.