Good morning, ladies and gentlemen. Let's get started this morning with our presentation of our first half-year 2020 results for you. Welcome to all of you following us this morning on the webcast. With us here in Madrid, we have Roberto García Merino. He is the CEO of the company. We also have Teresa Quirós, who's our corporate CFO. First of all, the CEO will talk you through the highlights of this first half-year 2020. The first half of the year that has been characterized, of course, by the exceptional situation with the COVID-19 crisis. Then the corporate director will give you the financial results. And lastly, the CEO will be explaining the significant role played by Red Eléctrica in the energy transition and also talk you through the key conclusions.
Thank you very much, Irene. Good morning to all of you.
As you've already heard, we're going to start off this presentation this morning by running through the most significant highlights of this period, this exceptional period that we have been experiencing this year with the appearance of COVID-19 and its speedy spread across the world, which has led to exceptional measures taken by the governments that have had an impact on our day-to-day life. We'll also be sharing with you the company's results for the first half of the year, and subsequently, we'll be analyzing the developments that have taken place during the first months of this year with regard to the energy transition and the significant role that Red Eléctrica is to play in that transition, so let's get started with our highlights of the first half-year 2020.
As you're all aware, of course, the appearance of COVID-19 at the start of the year and the fact that it started to spread like wildfire all over the world forced governments to take a number of exceptional measures. In this regard, Red Eléctrica Group's commitment with the objectives that have been set by the Spanish government has been absolute. We have taken a number of extraordinary measures in order to enforce and comply with the obligation to guarantee continuity and security of supply. Let me highlight some of those for you. One is the deployment in record time of a third electricity control center, the isolation of key personnel, independent teams of operators for the electricity system, or maintenance of the transmission grid, as well as teleworking for all non-essential activities.
Nevertheless, the 8% drop in electricity demand in Spain that was recorded in this first half-year has, of course, entailed a huge challenge for the system operation. It has meant that we've had to implement other control of voltages in the system in Spain. Additional scheduling of energy due to the technical strains because of voltage control and the more intensive use of the available resources in the transmission grid have allowed us to control without any incidents the exceptional situation caused by COVID-19. With regard to the impact of COVID-19 on our results of this first half-year 2020, I will say that they are moderate.
It's a moderate impact and highlights some temporary delays in investments in the transmission grid in Spain and Latin America as a consequence of the total standstill or partial standstill of economic activities imposed by different authorities or depreciation of Latin American currencies, especially the problem with the Brazilian real. Also, in the case of Hispasat, the COVID-19 crisis has an impact on the commercial activity of the company by its delayed completion of projects that were already underway or affected the conditions of some of the contracts that were already enforced. During the first half of 2020, then, let me highlight for you some of the key legislative changes that have taken place relating to the electricity system. One is the passing of the Royal Decree -Law 11/2020. That was 31st of March, adopting urgent measures, supplementary measures for social and economic issues to deal with COVID-19.
There's also the Royal Decree -Law 23/2020, 23rd of June, approving measures with regard to energy and other fields to encourage economic recovery. Royal Decree -Law 23/2020 contains a series of provisions to aid a green exit of the crisis, speeding up the energy transition in line with the European Green Deal in the European Union and highlighting, for example, the increase in the limit or the cap on investments in the transmission grid or measures to guarantee the financial stability of the electricity sector. There's also the notification of a ruling by the Supreme Court. That was on 29th of June with regard to the declaration of damages to the public interest of Order 981/2016. Now, that ruling partly accepts the declaration of damages of that order and partly, therefore, accepts some of the arguments defended by Red Eléctrica.
It is a regulator to review the calculation methodology for some of the parameters that were being revised. As we don't know what the final resolution is, we nevertheless consider that in view of the information available right now, the company has covered the possible result of this process reasonably. Also, during June, the Supreme Court issued a procedural ruling with regard to rejecting the appeal for dismissal before the Supreme Court of the cassation appeal. That is the point of law appeal on extending the useful life of pre-1998 assets. There can be no further appeal in this case. Lastly, let me highlight to you that in the results of the first half of 2020, there are some new regulatory parameters, a new unit values, those reference values for O&M because of tangible fixed assets approved in November, December of the previous year.
Turning to the financial area, during this whole period, the group has had a solid, sound financial position to be able to deal with the uncertainty caused by COVID-19. We have taken measures to reinforce and bolster that liquidity more. Investments, first of all, let me highlight for you on the 18th of June, we commissioned the new submarine Menorca -Mallorca link. Internationally, let me highlight the acquisition of 50% of Argo Energia once the conditions precedent in the sale-purchase deal had been complied with. The shareholders' meeting, the general shareholders' meeting this year was held remotely for the very first time and ratified the appointment of Beatriz Corredor Sierra, Chairwoman of the group, and my ratification as CEO. The same general shareholders' meeting approved a dividend for 2019, EUR 1.0519 per share, in line with our strategy plan.
Lastly, let me highlight for you some of the developments in innovation and digitalization that have taken place in the group through Elewit. It's our subsidiary, which is focused on innovation. And over this last six months, it has made commitments to financing projects related to a Hyperloop technology and cybersecurity. Let me give the floor now to Teresa Quirós, our corporate CFO, and she'll be talking you through the results for the first six months of this year.
Thank you very much, Roberto. And good morning to all of you listening to us this morning. I do hope you're all safe and your families are also well and safe. As you've already heard from Roberto, we'll be talking to you about the key financials in our P&L account for this first half-year 2020.
These results, of course, have been affected by a new regulatory environment and also the exceptional situation that we have experienced this year because of the coronavirus crisis. Our revenues total EUR 978 million. That's 1.5% down compared to the same period of last year because of the application of the new remuneration parameters contained in those circulars that were approved by the CNMC, the regulator in Spain, at the end of last year. EBITDA total EUR 766 million. That's down 1.7% compared to the first half of 2019 results. I would also like to highlight to you the great endeavors that we have made to achieve further efficiencies. That's over the last few years, and we've redoubled those efforts in 2020.
The increase, + 20% increase in the amortizations because of the incorporation of Hispasat, and also the higher financial burden because of the increase in our financial debt have taken our net profit in this first half of the year to EUR 331.7 million. That's 8.4% below the figure that we achieved in the first half of 2019, and lastly, still on debt, let me say that the net financial debt totaled EUR 6.26 billion, with the cost of debt 1.93% and a coverage ratio, net debt over EBITDA, four times. Turning to the P&L account for the group, I can tell you this morning that our revenues have been positively impacted by the good performance of operations in the system, and as you know, there was a new methodology that was approved at the end of last year by the regulator.
There's also been a positive impact of the incorporation for the very first time of Hispasat, with EUR 79 million in revenues, and also because of the good performance of the commercialization of fiber optics and our international activity, only the electricity transmission business has performed negatively compared to the previous year. As a consequence of the application of the new remuneration parameters that affect transmission activity in Spain since June, the financial return rate has fallen by 50 basis points to 6%. There's also been an accrual adjustment for the commissioning of assets completed 2018-2019. They've had to be adjusted to the new standard O&M values. These have also been a trigger for lower revenues. Let me also highlight to you this morning the efforts we've made to contain cost, operation cost, and other supplies and operational cost.
Despite the fact that we've been including the expenses associated with Hispasat, an estimate of provision for this occurred on Tenerife on the island, which was 3% down compared to 2019. The higher provisions for amortizations associated with Hispasat, EUR 59.7 million, were partially offset by the lower provision for transmission assets in Spain because of the adaptation of the useful life of the older assets and the completion of the life of certain assets. Financial results, negative results, were EUR 69.5 million, 9% higher than the first six months of 2019. Now, that increase is essentially a consequence of the higher gross financial debt that we have, which rose from EUR 5.77 billion on 30th of June 2019 to EUR 6.91 billion a year later. The performance of amortizations and the higher financial burden have taken our net profit figure to EUR 332 million.
That's down 8.4% on the previous year, as I said before. Our actual tax rate was 24.6%, very close to 25%. I would like now to look at the breakdown of our revenues and performance of our different businesses. Here, in this breakdown per business, we notice a gradual increase in non-regulated weight in non-regulated business as a result of our diversification of the group in businesses as we develop our strategic plan. Notice that business results from transmission in Spain have dropped a little bit, offset by growth in infrastructures of telecommunications, which have grown 14.9%, accounting for 14.9% of total business turnover, similar figure for Ibiza. Notwithstanding, the O&M of electricity infrastructures in Spain continues to represent about 80% or account for 80% of the business turnover and the bulk of the companies. So the most relevant continues to be the most significant part of our business.
At the beginning of the presentation, our CEO mentioned that the unexpected COVID eruption of COVID-19 has impacted in a moderate way the business of the company. It has impacted, to a certain extent, the business of the company. And here, I'd like to highlight certain delays of investments across the country, mainly due to delays in construction processes throughout the state of alarm, and also delays in licensing. We expect that this pace will pick up in the coming months and recover part of the delay by the end of the year to recover the delays to 30th of June. I'd like to highlight some of the delays in the Basque Country and Galicia. This is a lower rate of interconnections, but we've had a positive impact in the good performance in the completion of interconnection between Mallorca and Menorca.
Good pace of investment also in control systems and operational applications. Other delays also at international level due to the stoppage of economic activities imposed by different authorities. These delays are what we hope to pick up the pace in these activities before the end of year end. At the close of the first half of this year, investment is up a total of EUR 38 million, highlighting the acquisition of Argo Energia for EUR 324 million. And also the starting of operations in Tesur 3 in Peru, which kicked off in early March. We are continuing also with Tesur 4 action. These are the 220 kilovolt Tintaya-Azángaro line. And also in Peru, the access of Nueva Pozo Almonte- Parinacota. And also in Chile, the Centinela access, and also Redenor in Chile.
In telecoms, I'd like to highlight investment conducted in the course of this year in the launching of satellite Amazonas Nexus for a total of EUR 21.5 million. The satellite will go into orbit by mid-2022. It's a more efficient, more flexible satellite in order to adapt to market developments in communications. The satellite will enable us to access new customers and markets, providing services, mobility services in air and maritime transportation. We will also continue to provide services to customers who continue to use the capacities of Amazonas 2. Finally, investment in Reintel, at the closing of the first half, is up EUR 0.7 million, accounting mainly for the main fiber optic investment in railways, vis-à-vis the infrastructure deployment of 5G. Now, I'd like to address some of the points regarding the financial structure of the group.
Now, looking at the financial structure of the group, we can highlight the long-term maturity schedule which the group will have in the coming years. The average life of debt is almost six years at present, with an average cost of below 1.93%, as I mentioned earlier. And the amounts to be repaid in the next four years are covered by liquidity, which at present is more than EUR 2.5 billion. Turning now to the structure of debt per instrument type, we can state that the group currently has a well-diversified debt structure with 83% in its fixed term to maturity, mainly in euro against other currencies. I'd like to highlight also the strength of our balance sheet with a solvency ratio of over 70%, which allows us to maintain our current credit rating, which, as you know, is probably among the best in Spain.
As indicated, vis-à-vis liquidity, we have a very comfortable liquidity position with over 70% of instruments in long-term instruments. In this first half-year, we've taken significant decisions to strengthen our liquidity, which enables us to face more complex situations in the market in the case that things should turn more difficult. During this period, we have issued a EUR 700 million green bond at a cost of 0.5%. That was earlier this year, and the second issue, a EUR 400 million at 0.95% with maturity of five years and disbursement date of April 14th. Red Eléctrica is guaranteeing this issue, and since it's not directly linked to the regulated activity, we've also signed new loans and credits for about EUR 475 million. I'd like to highlight also that the credit rating agencies, Standard & Poor's and Fitch, have given long-term rating to our corporation of A- with stable outlook.
Thank you very much for your attention. I'll now give the floor to Roberto García Merino, who will now discuss the key financial highlight of the first half of the year regarding energy transition.
Thank you very much, Teresa. It's a pleasure now to discuss with you some of the progress we've made in the course of this first half, which have represented significant boosts in our energy transition. The European Commission is highlighting this transition as part of the economic stimulus of EUR 750 billion announced to offset the impact of the coronavirus. This would help us consolidate the future of a sustainable future for future generations. The statute approved to make progress towards climate neutrality aiming to achieve the 15% interconnection electricity by 2030.
At national level, the roadmap for energy transition has been drawn up, aligned with European objectives, and all the steps necessary to make progress to energy transition have been taken. In this regard, the board of directors forwarded to the CNMC its project. With respect to Spain's commitment in this regard, on 31st of March, Spain submitted to the European Commission the Integrated National Plan of Energy and Climate. This plan has as an objective to ensure that 74% of generation electricity by 2030 is from renewable sources. In order to achieve this, this plan in its annual report determines that total investments in networks and electrification have to be about EUR 59 billion of investment. About EUR 9 billion will be invested in transmission lines up to 2030.
Finally, to complete this roadmap, we're making progress in the analysis of the plan of the infrastructure plan 2021-2026, whose main purpose is to turn the TSO, sorry, the electricity transmission network, in a key vector of energy transition. Regarding the infrastructure's planning, in recent months, the following milestones have taken place. The initial proposal for the system operator and network management was sent to the ministry in December last year. This is for the period 2021-2026. This proposal includes the roadmap for the national plan, with an estimated investment of EUR 6.44 billion for that period. This also includes international interconnections with member states of the European Union for EUR 759 million. In annual terms, the total investment for the period 2021-2026 would reach almost EUR 950 million per year.
After submitting this initial proposal for the development of the network, the Ministry for Energy Transition, as head of the planning process, is now managing the next steps of the process, in which the CNMC, the autonomous communities, and autonomous cities are also participating. In this regard, the CNMC issued a report on the initial proposal, in which it establishes some recommendations, mainly linked to providing greater detail on the methodology, the actions proposed, and overall assessment. At present, planning is awaiting the Ministry for Energy Transition to start its deliberations. Finally, I'd like to complete this presentation with some points I'd like to highlight. The results of the first half of the year are based on a very complex environment marked by the crisis of COVID-19, but for this group, we can say that it has a very moderate impact.
These results reflect the application of the new regulatory parameters that apply all the way to 2025 and give the company clarity and stability for the next six years. The results are introduced for the first time. The results for the first time include the results for Hispasat, Argo and the Peru Carhuaquero-Moyobamba line. Also, the company continues to have its rating at A-. We have delivered our commitment with shareholders to deliver a dividend of EUR 1.0519 per share booked against results in 2019. And finally, I'd like to stress this company's commitment to energy transition and their satisfaction with the results attained, which will help us deliver on the ambitious objectives of the national energy plan. Thank you very much to all of you, and now we move on to the questions and answers.
[Foreign language] So good morning to you all yet again.
First of all, we'll be taking questions that will be coming in across the conference call. After that, we will take the questions that have been sent to us on the internet. Ladies and gentlemen, if you would like to ask a question, please press asterisk one on your keypad. The first question is from Javier Suárez from Mediobanca. Go ahead with your question, please.
Yes, good morning to all of you, and thank you very much for taking my question this morning. The first question I have is about the company's CapEx. The company's CapEx is still below EUR 500 million a year, isn't it? So I would like to understand why. You've obviously explained COVID-19 and how that's impacted investment, but Red Eléctrica, I believe, is running into difficulties, more difficulties than expected, developing its CapEx plan, its investment plan. Could you explain the reason for this?
And what contribution could Red Eléctrica make to the economic recovery in Spain with regard to accelerating investment in the short term? That's the first question. The second question is about your proposal for infrastructure planning up to 2026. You're talking about an EUR 900 million per year investment figure. So that's an increase, isn't it? What is your view on the timing and the approval of the infrastructure planning provisions? And is this increase of annual CapEx up to EUR 900 million a year feasible, or is it something that will happen in 2021-2022? Then I have a question about the pre-1998 assets. Can you give us an update on the conversations that you're having with the government or the regulator on how these assets are going to be dealt with as we move forward? Thank you.
[Foreign language] Thank you, Javier, for your questions. Now, regarding questions on overall investment, level of investment, indeed, this year, well, this year is not a normal year, as we've mentioned already. We've had some delays in our investment plan, execution of the investment plan, when we tried to make up for it in the course of the rest of this year and early next year, but we've had basically two months of absolute standstill of activity. Although some of the projects did go ahead, but that is the main reason that accounts for that lower investment level, or at least below what we had planned. But again, the idea is to make up for that in the course of the, well, second half of the year and early next year.
On the impact that Red Eléctrica might have on economic recovery, I think in terms of activity, I think we can play a key role in reactivating the Spanish economy. We have a lot of projects, basically for execution across the country, all of them linked to transmission lines and integration of renewable lines. They're different stages of development, but we believe that with good coordination with local administrations, governments, that is, we can definitely develop, boost investments across the country and to help reactivate the economy. On planning, we're actually quite pleased with the progress being made in the analysis and approval of the plan.
Now we move on to, after the CNMC's report, the next stage is to have a public consultation period and another phase of delegations with the other autonomous communities, and that's a key process, in fact, to make a final step into approving the plan, and we believe that in the course of next year, towards the end of 2021, we could very well have a finalized and approved plan and basically prepare to execute it. Now, when we reach the average level of investments contemplated in this plan, well, as you know, we first have to go through a period of licensing, permitting, environmental permitting, execution licensing, and that obviously takes some time.
So that cruise speed, before we reach that cruise speed, it will probably take a year before we get to that, but we believe that within two to three years, we can reach a good execution pace. And finally, on the final question, after a long process in the course of this year of analyzing different proposals and in the pre-1998 asset situation, that's part of your question, and discussions with the regulator, finally, the regulatory position is contemplating the end of financial remuneration for pre-1998 assets. That would be the end of 2024. Now, some aspects of these circulars, as you know, have been appealed in order to try to improve one of the aspects that have been reflected in the circulars.
Now what we have is a process in which these assets will have additional remuneration based on O&M to incentivize the use of these assets in the system. Of course, we'll continue to work with the regulator to achieve the best operational management and financial management of these assets, which have reached their useful life, regulatory useful life, but continue to provide service to the system.
[Foreign language] Next question from Javier Garrido from JP Morgan. Please go ahead.
Good morning. My first question is related to a point you just mentioned regarding recommendations on certain circulars.
After the sentences that we've had and we've seen, I was wondering if you could give us an update on which aspects, which relevant aspects of are still going through legal process and what sort of change in exposure you might find in this situation, or if you think all legal processes that are currently open are now less relevant than that of the declaration of damages vis-à-vis assets prior to 1998. Second question, two questions on Hispasat. The first question is, after completing the analysis, PPA analysis, are you expecting any changes in the Hispasat amortization depreciation, and what is your current depreciation or amortization plan for Hispasat? And then also based on some comments you had on the impact of the pandemic on Hispasat, do you still expect this contribution of about EUR 130 million to the EBITDA for 2020? That is Hispasat contributing EUR 122 EBITDA.
And the third question is related to planning. We've seen that the British regulator in the regulatory proposals for the coming future period is going to leave things open to ensure that in that regulatory period, they can reopen, particularly with respect to CapEx, the regulatory period to be able to introduce a higher amount of CapEx. Do you think that might be possible for Spain, or do you expect that you will follow the current plan and the approval process of the plan?
[Foreign language] Thank you very much, Javier. The first question about the circulars, I think we have talked to you about this issue in the past. We really do appreciate everything that's been done by the CNMC about the fact that we will be given this stable structure for this regulatory period and subsequent periods as a result of the work. Now, in the process, though, of approval of the circulars, there was a period in which we could put forward our arguments to the regulator. Some of those were picked up on. But yes, you're right, there were some specific aspects in those circulars that we still don't think have been properly dealt with, and there still hasn't been a fully satisfactory solution. For instance, I'll just pick out one for you.
The management of the collection for infrastructure two years after the commissioning date, and also the issue of approval of the reference standard benchmark values for O&M, that issue, these are some, although they may sound like minor issues, they are relevant, and we were hoping that in the appeal process they might have been dealt with. But I think with the approval of the circulars, I think all of the issues have been now fully defined. Turning to Hispasat now. Well, after the PPA exercise, the impact on Hispasat is relatively small. I think with the estimate that we had made for this year, that will be the figure. There should be no additional impact because of the PPA exercise.
Although I did say in the presentation that this year has been a very atypical year, it's been a year that has an impact on some of the commercial activities of the company, some of the projects that were to be completed by the company, and these months of confinement, and the fact that everything has come to a standstill have affected the process. Although we're talking about EUR 130 million recurring EBITDA, there may be some lower impact there, so it might be a slightly lower figure. But certainly, it could be a reference for you if you're thinking about the impact for the next half year, because, of course, there will be this additional impact from the COVID-19 crisis. You're asking about planning as well, impact on CapEx. This is an exceptional time for the electricity sector, isn't it?
With this integrated plan and our ambitious goals, we do think there may be some additional extraordinary measures taken. One good sign is what we've seen in that Royal Decree -Law 23/2020, with the inclusion of the new thresholds for investment for the transmission grid. That is a key sign, I believe, that both the regulator and the ministry are trying to encourage further investment in the transmission grid, and therefore to try and use those investments to really achieve the goals in the plan. Though we would hope, of course, that we did say that we had hopes that those investment caps could be reassessed, and they have been, and that's good for the delivery of that integrated national plan. CapEx and how that is going to evolve as we move forward.
That increase in the ceiling for CapEx and the figures that are starting to be used in the initial planning process, we think are very reasonable for further deployment of the grid and the system as a whole.
[Foreign language] Let's move on to our questions coming in in English now, please. Thank you.
Ladies and gentlemen, if you'd like to ask a question, please press star followed by one on your telephone keypad. We have a question from Olivier Van Doosselaere from Exane. Olivier, please go ahead. Thank you very much, and good morning.
Good morning, everyone. I have three questions, please. The first two are maybe more clarifications. On Hispasat, can you just please confirm, is there any PPA number in the P&L of your company today? What is the amount, and will there be a structural amount going forward?
Second question is on the pre-1998 assets. Following the Supreme Court's decision, that means the end of potential proceedings on your side to hope for an extension of the useful life of those assets. And then the third question, I wonder if you could give us an indication in terms of why you expect EBITDA and EBIT for the company to land this year. And if you don't provide any such indication, could you please highlight to us where the uncertainty really lies? Because we see very few utilities not being able to give a guidance today. And probably your business profile should actually be more defensive than theirs, given the very regulated nature of your activity. Thank you.
[Foreign language] Thank you for those questions. Let me take the question about pre-1998 assets. I think the Supreme Court's ruling has effectively left the regulatory framework as fully defined.
For the management of those assets, we have a number of positive tools that have been included in the new regulatory arrangements. One is the additional remuneration for O&M, that rebate concept, and there's another one which is going to be very helpful for us as we manage the renewal of those assets, and that is the replacement CapEx idea, which will allow us to modernize and update those pre-1998 assets that have come to the end of the useful life, and they will have to be fully refurbished to be reincorporated into the system, so I think we have two very good tools to help us optimize management of those pre-1998 assets.
But on the regulatory front, I think with this last ruling, the process has come to an end, and the only thing we can do now is make use of those tools, which, let me say again, we appreciate. Our assessment is very positive of those tools to be able to manage those pre-1998 assets. And I'll ask Teresa to answer the other questions if you wouldn't mind.
Yes, thank you, Roberto. Yes, the PPA exercise, first of all, you know there's a whole year to do that. And so by October, the allocation to goodwill for the full year will have to be made. We've done that exercise. And yes, the result isn't very different for the figure from the end of last year. You probably have seen that the goodwill is EUR 228.1 million, so no impact whatsoever on the P&L account.
Then you're asking about our outlook for the full year. You know we don't give guidance on the full year results. We just give you some indication of how we might close the year. What we've seen in the first half of this year so far is a guide for the way we will end the year as well. We have to bear that one in mind.
Thank you, Oliver. Our next question is from James Brand from Deutsche Bank. James, please go ahead.
Hi, good morning. I have three questions. The first is just on the CapEx plan over 2021 to 2026. You've answered a couple of questions on that already, but I just wanted to check my kind of take on your answers makes sense.
You've expressed quite a bit of confidence as far as I heard your answers in terms of getting something fairly close to the EUR 6.4 billion approved. And then you also said there would be a few years before that can really ramp up. So should we interpret that to perhaps signaling confidence that you might be able to kind of, you might be able to be getting up to around EUR 900 million a year of CapEx over the next few years, assuming the process proceeds in line with what you seem to be signaling are your expectations? That's the first question. And the second question is on Hispasat. I'm just interested in what the growth drivers are there. I appreciate you said that this year had been impacted a little bit by COVID-19, and I would therefore assume that maybe 2021 is a bit more of a normal year.
But ex-COVID, what are the main growth drivers over the next few years? Is it this satellite coming online in 2022 that's the main growth driver, or are there kind of contract negotiations that come up where you think you might be able to get more favorable pricing, or maybe something else is happening? And then the third question, there were a lot of reports last year around potential restructuring of your telecoms assets that you could sell a stake or restructure how Hispasat and the telecoms assets are kind of managed. And then it seems to have gone a little bit quiet since then. So I was just wondering if there's still potentially some plans for something to happen there in terms of structure or sale of stake in those assets. Thank you.
James, please. Thank you very much for those questions, James.
Let me see if I can clarify that issue on the planning process for you. Firstly, I should remind you, of course, that it's the ministry that spearheads this whole process, and at the moment, it's in an early stage of analysis. But this is the very first time we've heard some possible figures. That EUR 6.4 billion figure that is being talked about for the 2020 to 2026 period, well, there is an item there for investment projects, which is actually from the last planning period. It may be already in implementation phase, or they're perhaps in the permitting phase. So that first section or first heading for projects included in the planning process coming up is a group of projects that are either being implemented now or already under analysis for permitting.
Yes, to hit the EUR 900 million per year CapEx figure, or +EUR 900 million per year, we will have to get through the initial permitting and authorization phase in the planning process. I think that project that we commissioned in the last month, the Menorca-Mallorca line, is a clear example for you of when there is coordination between levels of government, that the company can actually move quickly through the initial permitting phase. In 18 months, we can start to execute a project of that size. We do hope that all parties are still hoping to cut down at the phases and that we can achieve the EUR 900 million per year CapEx figure very soon.
Turning to the question on Hispasat and its immediate future, I think the company has already given an indication, quite a clear indication, of the impact of satellite services with the Amazonas Nexus mission. Now, that's a satellite which is going to cover new demand for mobility and connectivity in North America and the Atlantic area, and that is the evolution as we move forward for the company. It's about satisfying new demand for data management, connectivity. We believe that there will be an exponential increase in that demand over the next few years, and as far as possible, Hispasat will try to provide the services linked to that demand with its own capacity. For instance, this is a good example of that, Amazonas Nexus, or reaching agreements to collaborate with other operators or managers of satellite services.
So that new demand that will arise from additional mobility and connectivity requirements will allow the company to perform positively for the next few years. At the same time, we know that this year, COVID-19 will have impacted the company somewhat. We'll have to manage that impact. What else? That idea to bring in possible partners to Reintel and Hispasat, well, that is a strategic objective that we've always had in mind. It's a possibility that's out there. We're open to that. Now that we have a better idea of the transmission infrastructure planning period 2021-2026, we are also able to get a better view on a strategy plan for the group. And we're doing that, and we will be doing that strategic analysis as we go through the year. And one element we will have to include in that strategic analysis will be possible strategic partners in telecoms. Yes.
Thank you.
Thank you, James. Our next question is from Harry Wyburd from Bank of America. Harry, please go ahead.
Hi, good morning, everybody. Pretty much all of my questions have already been asked. I've just got one, and it's on the EU stimulus plan. So I just wondered how, looking at the structure of the EU stimulus, there's clearly going to be a mixture of direct grants for projects and loans. So I'm just interested to hear your views on how you think that's actually going to work in practice with your transmission spend. So in terms of stimulus, do you expect to get loans from the EU at very preferential rates, or do you expect to get grants? And obviously, if you get a grant, you clearly are not going to be able to include that spend in your RAV.
So could these grants actually sort of dilute the RAVable CapEx, or is it the opposite? Is it that the grants could unlock extra projects where, say, half of it might be grant-funded and the other half funded by you, and that could actually increase the overall CapEx? I'm just sort of interested in how EU stimulus could actually work in practice and how that would work with the RAV. Thank you.
See you, Harry. Yes, Harry, I think we have talked about this a little during the presentation this morning. We think that these stimulus measures for us and for the energy sector overall represent a unique opportunity for us to pull out of the crisis and also to move into that energy transition smoothly.
We think that these economic recovery or stimulus measures will, one way or another, affect all of these investment plans to bring renewables into the European Union energy industry. It's also a wonderful opportunity for economic recovery in general, but also to ensure that we can have a Green Deal exit route to this crisis. So it's all good news. And as I said before in the presentation, Red Eléctrica will support this. It will do everything it can in Spain to get a very quick recovery, and we will do whatever we can to get the investment into the system and meet the objectives of the plan, the integrated plan.
La siguiente pregunta viene. The next question is from Fernando from Alantra. Go ahead, please.
Good morning. Very quickly. The pre-1998 assets, that idea to extend the useful life of the assets, that's now not a possibility.
But you did say that you were talking to the regulators at CNMC about this possible progressive project. Are you still looking at this, or is it something that's not possible? And then, Roberto, you were talking about CapEx before. Can you tell us how much that CapEx might be in annual terms? And if that CapEx would be part of that maximum cap, that 0.77% of GDP that is established by law now. Another question for you is about the dividend. The guidance or the policy is at least EUR 1, isn't it? So my question for you is, when will you have to take the decision on the dividend for next year? When will you be able to give us some indication of how much the dividend will be? Thank you.
Pues, Fernando. Fernando, thank you very much for your question.
I believe that in the pre-98 analysis, well, we've had a lot of discussion, intense discussion with the regulator. One of the alternatives is to try and establish that progressive approach to ensure that the impact would not be a one-off impact in a single year. Perhaps the solution that's been given would be a very useful solution, which is to have that repositioned CapEx, which is going to enable us to, well, not only manage the impact in a gradual manner or progressive manner, which is the way it might have been approached, but also give a more medium to long-term solution, a permanent solution to the management of these assets, which, well, I think for us and for the system is probably a better solution than the progressive approach.
Now, here, I would like to confirm that the first amounts of the repositioned CapEx will be included in the first period, in the planning period, and it's subject to that limit of investments. Right now, it's kind of difficult to consider which volume of assets might be included in that reposition. This is part of these CapEx, but there's a clear reference here when we're talking about the '98 assets. Prior to '98 assets, we're talking about a network here that is almost half of the Spanish grid, and its replacement value could be of about EUR 12 billion. So we'll have to manage what volume of assets can be considered as replacement CapEx, or do we have further continuity to extend the useful life of these assets through the revenues through O&M after extending its useful life.
Now, on dividend, I think the commitment of Red Eléctrica with dividend is there. You can see that that's shown by part of the dividend that we've announced of EUR 1.05. The commitment of the current strategic 2018-2022 period, and then for the period 2022, the commitment is at least EUR 1 per share. And the final dividends will depend on the proposal to the AGM, which now takes place typically in summer, well, April or May of 2021.
Thank you very much, Roberto.
No more telephone questions. We have no more questions coming through the telephone line, and we haven't had any questions coming in through our website. This brings our presentation to an end, and we'd like to wish you all the best summer break, especially for those of you that start your holiday period now, and please look after yourself. Thanks very much.