Good morning. My name is Mateo Ochoa, and I'm part of the investor relations team at ISA. Thanks for being with us. During this presentation, you can ask questions through the window that you can see on the right side of your windows. Please write down your name and the company you work for. In the last part of the event, we'll answer your questions. Martin, can we please go to the next slide? Today we have with us Jorge Andrés Carrillo, President of ISA, Jaime Falquez, Vice President for Corporate Finance, Patricia Castaño, Vice President for Corporate Strategy, and Sebastián Castañeda, Vice President for Business Growth and Development. Additionally, we'll have with us Gabriel Melguizo, Vice President of Energy Transmission. We'll begin today's agenda with the highlights for the third quarter explained by Jorge Carrillo, and then Jaime Falquez will explain the financial results for the period.
Then, we'll go back to Jorge, who will give us some closing remarks to then go to the Q&A. Martin, can we please go to the next slide? Let me give the floor to Jaime Falquez, Vice President for Finance.
Thank you, Mateo. Good morning, and thanks for being with us today. Before we begin today's agenda, I'd like to make a brief presentation of Jorge Carrillo, who started acting as President of ISA on September 2nd. Jorge is a civil engineer and environmental engineer, with a master's degree from the Universidad de los Andes. He is very knowledgeable of the energy sector as well as public utility sector. He's also an expert in formulation of public policies, regulations, and projects, and matters such as water security and circular economies amongst, and so on. Welcome, Jorge, and let me give you the floor to start presenting the results.
Thank you, Jaime. I'm very happy and thankful to be part of this call, so thanks everyone for your attendance. The ISA 2030 strategy is based on three pillars that support the generation of sustainable value, as you can see on the screen. The first one is to create value for shareholders. In this period, we have contributed to such a commitment with many milestones, but I'll focus on three of them. The first of them is that the net income for September was COP 2,200 million, showing a 10% increase compared to 2023. Jaime Falquez will give us some more details regarding this. We have a 7% growth compared to September 2023. In terms of operations and the closing of operations, we have 36 projects underway, out of which 33 are for energy transmission and three for roads.
The energy projects, once in operation, will add approximately COP 1,800 million to our annual income. On the other hand, in terms of corporate oversight, we see the implementation of new technologies to increase efficiency and capacity of networks, which will allow us to enable the entry of renewable energy sources that are non-conventional for the system. In terms of telecommunications, we're making progress with the project Connectivity to Change Lives. This is in collaboration with the Ministry of Information and Communications Technologies. This project benefits about 262,000 homes in regions that are far away in the country. Likewise, in August, we launched INNDIGO, and this is a program to move forward our strategic objective to invest more than $100 million in innovation and entrepreneurship. This is going to be key in terms of energy transition, focused on the projects Series B and C for the energy tech segment.
We have an ally that is very important here, Wayra, with a government scheme that secures agility and solidity in decision-making. Finally, in terms of the creation of a social and environmental impact that is positive, together with Ecopetrol, SunColombia, and the U.S. Agency for International Development, we launched the program Energía Renovable para la Paz. This is a development initiative for renewable energy solutions with a social impact, which will have a power supply without interruptions. This is for places that never had access to energy, and they have it for the first time. Likewise, we'll have a capacity for agro-industry and so on in different regions that include Cesar and La Guajira.
Likewise, taking into account how important caring for life is for ISA, we have been able to decrease the TRIF indicator, which measures frequency of accidents at work, and we had a 41% reduction in accidents compared to 2023. Finally, as you've seen in the communication media, we were very relevant in COP16, which ends today in Cali. We'll talk about this more in a little while. The ISA 2030 strategy has as its main objective the creation of sustainable value, and thus, a positive social and environmental impact is one of our value proposals, if you will. I want to share with you an expectation video that we prepared for COP16. We understand management of sustainability in a comprehensive way, which means creating relevant actions for the environment.
Aware of our presence in three of the most biodiverse countries in the world, which are Brazil, Peru, and Colombia, we ratified our commitment to contribute significantly to the care of the planet. With sustainability as the center of our strategy, we support three goals of the COP16, as you could see on the screen on the right bottom side. I'd like to underscore the contributions made for more than seven years by our Conexión Jaguar program for the conservation of more than 400,000 hectares of protected woods. This has the potential for emission reduction of hundreds of thousands of carbon emissions. Let's go to the next slide, please. COP16, as anticipated by the video, was a platform that was key to show the closure of three important alliances.
The first one is that through the Conexión Jaguar, we confirmed a project for preservation of close to 40,000 hectares of woods in the Amazon in Brazil. The project, called Rio Muru, aims to contribute to the preservation of this part that is considered a lung in the world. To give you some context, it's calculated that deforestation in this region was eight trees per second in 2023. Among the objectives of the project for the next 40 years, it is expected to create 4.9 million carbon credits and to reduce emissions by 120,000 tons of carbon per year, which is equivalent to the emissions of 27,000 cars. We also closed an alliance that is pioneering Colombia in terms of the market for biodiversity credits to protect endangered species.
The project has as a goal the conservation and restoration for a period of 30 years of 16,000 sq m of woods in Támesis, Antioquia. This is a priority ecosystem in the world, given its capacity to capture carbon and regulate water. More than 400 species will be protected. Likewise, we were able to create this alliance for the preservation of endangered species in the Páramos strategic areas in Colombia. These are places that contribute to more than 70% of water production in the world, in the country, I mean. We are also protecting many different types of trees in the different areas like Páramo of Belmira in Antioquia, and Páramo of Chingaza in Cundinamarca. This last one is related to the water safety in Bogotá. With this, we close the COP16 chapter, and we are going to go to new projects and investments in a little while.
Let's go to the next slide, please. In the third quarter of 2024, we had investments for COP 1,100 million, and this is very similar to the same period for 2023 and prior quarters as well. CapEx was distributed the following way. Colombia represented 25% of total investments in ISA. We made progress in the construction of network connection projects and Unidad de Planeación Minero Energética.
We also had investments in the network and seven bidded projects. Chile represented 14% of investments, where in terms of power transmission, we made progress in the construction of four projects, three of them were increasing the network of ISA Interchile. In terms of roads, at the end of July, we began operations of the Ruta del Loa. This is a project for 111 km of two-way roads, and we also made progress with the Ruta del Maipo, Ruta de la Araucanía, and the Ruta de los Ríos.
Peru represented 7% of investments of ISA, broadening the network and the construction of lines compared to prior periods. In terms of companies controlled by ISA, right now, we have 36 projects underway. We have close to 5,800 km of lines and interventions of 296 km for roads. With the investments executed during the quarter, the backlog of investments committed for the next six years was close to about COP 29,000 million. Let's go to the next slide, please. In the third quarter, we added projects that we gained for our growth process. In Colombia, we got the Unidad de Planeación Minero Energética construction project and the operation of the Pasacaballos substation, with an estimated investment of about COP 83 billion. In addition, we increased the San Marcos substation with an estimated CapEx of COP 29 billion. In Peru, we broadened the Nueva Virú substation.
Also in Peru, we broadened this Nueva Virú, and this is about $40 million, and this is about COP 167 billion. We started the Smart Box project to enable the entry of renewable energies to the system, and we added 29 reinforcements to the ISA CTEEP network in Brazil. This is how we keep expanding our business with new projects and a new investment portfolio. Jaime will explain now the financial results for the quarter.
Thank you, Jorge. Let's see the next slide. Before we begin talking about numbers, let's talk about the relevant facts that explain the performance for the quarter. During this quarter, we have seen, compared to the same quarter in the prior period, how the Colombian peso keeps appreciating compared to the currencies in the countries where we have a presence.
In ISA CTEEP, the effect of the tariff revision of the transmitting companies in Brazil had a net positive EBITDA impact of COP 875 billion and a net income of COP 207 billion. We also made an adjustment to the estimation of provision for greater results in Peru, which implies results of COP 165 billion. Moody's ratified the rating of Baa2 with a stable perspective for senior bonds that are without collateral or not guaranteed. In September, at ISA Intercolombia and Transelca, the portfolio provision for the Air-e company for COP 77 billion through the intervention of Superintendence of Public Services. In this quarter, we also made the second of three dividend payments in the year for a total of COP 410 billion, equivalent to COP 370 per share.
In the top part of the graph, we can see the consolidated EBITDA behavior for the quarter and the accumulated as well. In the bottom part, we see the consolidated net income for the same period. In terms of consolidated EBITDA for the third quarter, it closed in COP 3 trillion, which is an increase of 57% in comparison to the third quarter of 2023. This is explained mainly given the recognition of the Periodic Tariff Review in Brazil, added to the entry of operational projects that create new income, and the recognition of the greater maintenance provision in Peru. We got to mention that in terms of the Brazil tariff, we will not see the effect reflected in terms of cessation for the next quarters in the year.
In terms of accrued numbers, EBITDA reached COP 7.5 trillion, increasing 7% in comparison to the same period in 2023, mainly giving the mentioned reasons for the quarter. In terms of accrued EBITDA, it is accrued by segment the following way: 85% for energy transmission, 13% roads, and 2% telecommunications. In terms of net income for the third quarter, it went up to COP 890 billion. This is an important increment of 74% compared to the third quarter of last year, which benefits what we talked about, the greater EBITDA, and also partially compensates the greater tax given by the tariff revision and the participation of minority businesses in Brazil. We see that ISA's participation in these results is about 35%. The net income for ISA also increased compared to last year, given the effects that we already discussed.
If we see all of this distributed by geography, we see that 37% comes from Brazil, 24% Colombia, 20% Chile, and 19% Peru. Just like in prior quarters, we included in this management report the calculation with adjusted EBITDA. Let's remember that this is the analysis we do to have a measure that is closer to the cash flow operation. This slide shows us the accrued EBITDA for energy transmission and roads, both in terms of IFRS and adjusted. In year to date, we see COP 6.4 trillion, which represents an increase of 11% compared to the prior period. When we see on the graph on the right, the adjusted EBITDA for the same period for energy transmission, we saw an increase of 3%.
Adjusted EBITDA for energy grows in lower proportion than IFRS, given that the adjusted number reflects only the cash portion of the effect of the tariff revision for the period we are analyzing. For the road segment, EBITDA, given that international regulations gave us a decrease of 15%, given the conversion effect, given also the strengthening of the Colombian peso, lower returns for financial assets, and it is also compensated given the adjustment for amounts that cannot be collected. We have a better cash generation. We see an improvement in roads of 2%, not taking into account the conversion effect. This increase would be actually 21%, and this increase is explained given the greater traffic, greater toll collection, that are not reflected according to international standards. In conclusion, we can see that we've had a solid performance for each of our business lines.
Let's look at the debt behavior we've had. By the end of September 2024, we have a debt balance of COP 33 trillion, 7.5% higher compared to the same period last year, which is explained mainly by the debt movements associated to the investment plan financing. We highlight the issuance of debentures in Brazil for BRL 2 billion, and also the issuance of public bonds in Colombia for COP 400 billion. The consolidated debt for ISA has an average life of 9.5 years. This is according to the long-term nature of ISA's businesses. The debt over EBITDA ratio closed at 3.4x, and this is stable compared to 2023. This is at the suggested levels given by rating companies, given ISA's investment grade.
We highlight that in August of 2024, the international agencies, Fitch and Moody's, ratified the credit risk for ISA at BBB and Baa2, both stable. This is both for the company and for international bonds. With this information, we end this chapter. Let me give the floor for Jorge for some closing remarks.
Thank you, Jaime. Okay, some closing and concluding remarks for this presentation. We were at COP16 reaffirming our commitment to caring for the planet and protecting biodiversity. We're focused on the execution of our investment commitments, which right now are at COP 28.5 trillion for the next six year, and which will create sustainable income and returns. We continue to have an operating and financial performance that is solid, reflected by a growth of 7% in accrued EBITDA.
We have debt ratios that are within the reference or benchmark levels by rating companies. To close this call, to tell you a little bit about what we're expecting for the last quarter of the year, let us tell you a little bit about the following. We started two operation projects in Colombia. We have reinforcements and improvements of the CTEEP network in Brazil, and we have the execution of investment commitments for about COP 1 trillion. Let us thank you once again, and let's start the Q&A session.
All right. Thank you, Jorge. Let's begin with the Q&A session. Let's begin with a question by Mauricio, who tells us: with the energy transition, we'll depend more and more on electricity as a country. What are the main risks and opportunities identified in terms of transmission to face this demand? We thank Gabriel Melguizo if he can help us with the answer.
Thank you, Mateo. Good morning, everybody. Thanks for the question. In regards to this, what we can say is that not only the government of Colombia, all the governments in the region are focused on accelerating the energy transition. To enable it is key to have an articulated work, an institutional strengthening, and to have infrastructure projects that help this. This represents challenges for ISA, as well as opportunities in terms of non-conventional, renewable energy sources, strengthening our current transmission network, the growth of the network at large, and the mobilization of the network to make sure that electric power flows in a resilient manner to the consumption centers.
These are some of the opportunities, the growth of transmission, more investment, and of course, an amazing opportunity to close gaps in terms of energy transmission access for communities that are not connected to the network. Those would be my answers, Mateo and everyone. Thank you so much.
Okay, a second question. This is in terms of strategy. We are asked: what can we expect for the market with the new administration in terms of entry or exit for new businesses or potential for new businesses? Maybe Jorge Carrillo can give us a hand with the answer.
Sure, Mateo. Okay, there are several things. First, the ISA 2030 strategy is still underway, but the board and the management at ISA were very generous with me in terms of passing the redefinition of the strategy that had been prepared for some months.
They were expecting my arrival, like Jaime Falquez announced a few months ago, and I've participated in several workshops where we had people from the management, and we'll have a board meeting soon, and we'll see the results of this work, as well as the contributions that I'll bring to the table. Of course, we have an intention to participate in new energy projects, and one example is energy solutions, distributed energy solutions, to see how we can have a presence in this space, how we can make decisions in terms of the businesses that we want to participate in. I think in the coming weeks, we'll be able to have some announcements once we conclude these workshops that we'll be having, throughout the next weeks.
Okay. We have another question regarding Air-e. Juan Pablo Asosi asked us, and this is linked to Catherine's question: in terms of Air-e and intervention, how do you analyze recovering this segment, and how do we go about that?
Thank you, Mateo, and the person who asked the question. Yes. At the moment of the intervention of the Superintendence of Public Services for the Air-e company, we had a balance to be paid, and this is in regard to some movements done by ISA with Air-e. How will we recover that? We're doing follow-up to the intervention process to move forward the pertinent actions in function of the intervention modality applied by the Superintendence of Public Services. We expect this to happen by mid-November. At least the definition, and once we get the results of that definition, we'll proceed based on what is stated there. Thank you so much, Mateo, and the person who asked the question as well.
Gabriel, thank you so much, and thanks to all the people who asked your questions. If we get any more questions, we will be answering them for you throughout the day. With this, we will finish our Q&A session and our earnings call as well. Let us thank everybody for your participation.