Good morning, everyone. My name is Mateo Ochoa, and I am part of the team of investor relations. We would like to thank you all for joining us in the earnings results webcast of the first quarter of 2024 of Interconexión Eléctrica S.A and its companies. During this presentation, you can send your questions through the window that is on the right-hand side of your screens. Please provide your full name and the organization, and in the very last part of the event, we will be answering your questions.
Next slide, please. Today, we are with Gabriel Melguizo, Acting President of Interconexión Eléctrica S.A, Daniel Isaza, Vice President of Corporate Finance, Patricia Castaño, Vice President of Corporate Strategy, and Sebastián Castañeda, Acting Vice President of Road Concessions. Today's agenda begins with the highlights of the first quarter explained by Gabriel Melguizo, followed by Daniel Isaza, who will talk about our quarterly financial results. Lastly, we will go back to Gabriel with closing remarks, and then we will have our question-and-answer session. Let's go to the next slide, please, and listen to Gabriel.
Thank you, Mateo. Good morning, everyone. As always, we are very thankful for being with you. Thank you for joining us today. Let's look at the next slide, please. The 2030 Interconexión Eléctrica S.A strategy is based, as you know, on three pillars to create sustainable value. Today, we want to focus on two of these three pillars. In the first dimension, our responsibility is to create value for our shareholders. With regards to this pillar, we keep our commitment through sound financial results, executing projects that increase our base of assets and revenue, and the continuous search of new awards.
By the end of March 2024, we have 34 projects under construction, which when commissioned, will add up to COP 1.7 trillion to our annual revenue. Our ROAE at the end of the quarter remains healthy at 14%, and the net profit reached COP 634 billion. In the last shareholders assembly, we approved a dividend of COP 1,110 per share. That is 50% of the net profit of 2023, showing this way our engagement to maintain a balance between reinvestments and the distribution of dividends of our shareholders. This is in line with our growth strategy. Within the second dimension, which is to create a positive social environmental impact, today we would like to focus on results related to our occupational health and safety program that we will see ahead. This program is called Conectados con la Vida, and we will have the opportunity to expand on it ahead.
Lastly, to end this slide, I am very proud to share with you that we held our position in the S&P Global Sustainability Yearbook, ranking 15 among 274 companies of the industry globally. As you can see, we still execute responsibly and consistently everything aligned with our 2030 strategy. Next slide, please. Looking closely here, the Conectados con la Vida program, which seeks to enhance in our work the occupational health and safety program. For us, really, occupational health and safety is of relevance. We have about 5,100 direct employees and more than 17,000 contractors which provide us services. About 45% of the operating expense of Interconexión Eléctrica S.A and its companies is personnel expense. During the next three years, we will be executing historical investments.
By 2030, we will have an investments balance or a backlog of COP 29.4 billion, with which taking care of life is exceptionally relevant within our organization and demands us to focus on looking at the well-being and safety of all those involved in our job. Conectados con la Vida is a priority program for Interconexión Eléctrica S.A, and its goal is to protect life and well-being of the people, giving safe and healthy workspaces. This program was launched in 2023 to enhance the efforts of cultural transformation regarding occupational health and safety and reducing accident rates at Interconexión Eléctrica S.A and its companies.
Let's look at the next slide, please. Here we will look at the TRIR indicator. It's an index that measures the recordable injuries per million man's hours worked, and it's both for the direct employees and for our contractors. That's what you can see on the left-hand side.
By 2023, we really had a TRIR tolerance with the highest indicator of five recordable injuries per million man-hours worked. But by the end of the quarter of 2023, we had it at 3.5 recordable injuries , as you can see on the left. This result represents an improvement of 44% compared to the result obtained in 2022, when it was at 5.6 recordable injuries per million man-hours worked. By 2024, our goal is to reduce that indicator to three recordable injuries per million man-hours worked, which is what you can see in the blue line on the left, which is the highest tolerance that we have. In the first quarter of 2024, the result of the TRIR indicator was 1.75. That is way below the tolerance, which is excellent. What's the ideal thing about this indicator is to have it lower, of course.
This result was 42% better than the goal and 49% better than the same period of 2023, meaning we've been improving strongly occupational health and safety of everybody that works within and outside of ISA to build networks, roads, and telecommunications. Next slide, please. At ISA, we keep enhancing our transmission grid, increasing the multiple projects. During this year, we have commissioned, this first quarter, in Colombia, a connection to the Photovoltaic Park, Portón del Sol, which incorporates clean energies from renewable sources. In Brazil, we made 14 reinforcements of the ISA CTEEP.
In Chile, we expanded the substation Nueva Pan de Azúcar. In Peru, we put into service the project Puerto Chancay. All of these new projects were energized, excluding the reinforcements and improvements of CTEEP, represented investments close to COP 108 billion, and will create about COP 9.6 billion in annual revenue. Next slide, please. In the first quarter of 2024, we made investments for COP 988 billion, a figure below that of the first quarter of 2023 due to the stage in which the projects are in, as you can see in the graph on the left.
Colombia represented 29% of total investments of ISA. It advanced in the construction of projects like Nueva Subestación Carrieles, the project La Loma-Sogamoso, the project Copey Cuestecitas, and the project Copey Fundación, among others. In the quarter, we energized the project Conexión Portón del Sol at the substation Purnio in Colombia. If we look at Brazil represented 46% of total investments in a quarter record of investments with a wide portfolio of projects bidded, reinforcements, and improvements. For the first quarter 2024, we commissioned 14 reinforcements for the network of ISA CTEEP. Moving towards Chile, this represented 13% of the investments made, as follows. In power transmission, it advanced to build four expansions of the network of ISA Interchile. Also, we had the commissioning of the expansion of the Nueva Pan de Azúcar.
In roads in Chile, we continued the execution of Section A of Ruta del Loa project and complementary works of security at the concessions Ruta del Maipo, Ruta de la Araucanía, and Ruta de los Ríos. Lastly, looking at CapEx by country, Peru executed 10% of the investments in reinforcements and expansions, and substations related to the projects and construction. Today, we are advancing in the construction of 34 projects, which will add about 5,400 km of line to our portfolio and interventions of 407 km of roads, including 246 km of revamping, improvement, and maintenance of the Panamericana Este road in Panama. Once these projects are in commission, these will create annual revenue about COP 1.7 trillion. Next slide, please. Okay.
If we talk about the projects awarded in the first quarter of 2024, we add projects awarded to our portfolio with representation of investments of COP 1.3 trillion. In energy transmission, ISA CTEEP in Brazil was awarded eight reinforcements to the transmission grid, along that together will have a CapEx of BRL 58 million, equivalent to COP 44 billion. In Colombia, we were awarded two projects by the Mining Energy Planning Unit, one transformer at the Primavera Substation, another one at the Sogamoso Substation. These projects awarded added to a CapEx of $38 million, equivalent to about COP 146 billion. In addition, Transelca in Colombia, the Colombia Caribbean, signed a private contract to execute the connection of the Poltrags Project Guayepo 3.
In the S2 roads, ISA Intervial was awarded the revamping, improvement, and maintenance of 246 kilometers of the Panamericana Este road, which was awarded by the Ministry of Public Works in Panama in January, with an investment of $283 million, which is about COP 1.1 trillion. In this project, we have been advancing with the activities prior to the construction. As you can see, ISA continues expanding its business with the arrival of new projects to our portfolio of assets. Next slide, please. Now let us talk about investments pending to execute. In the first quarter, the balance of our investments pending to execute increased to COP 400 billion compared to 2023.
This variation is the net result of the new investments awarded, which add up to COP 1.3 trillion, and the execution of investments of COP 900 billion. Of the investments executed, we have an increase in Brazil of 41% in dollars compared to the prior quarter. With the balance of the investments pending to execute, the quarter ends at COP 29.4 trillion. In the green bars, you can see in the middle of the screen is the composition of this figure, where we highlight COP 19.4 trillion in bids and awards, COP 3.1 trillion in reinforcements and improvements authorized to ISA CTEEP in Brazil, COP 1.5 trillion of capital contributions for partnerships that we do not control or consolidate. These are Conexión in Chile and Consorcio Eléctrico Japay in Peru, in charge of the execution of the projects Kimal-Lo Aguirre in Chile and Toses SEPI in Peru.
Also, in addition to these investments, we have a projection of COP 3.5 trillion in reinforcements and improvements of CTEEP, pending of approval by the regulator, and COP 1.9 billion in the maintenance and plan to optimize our assets. On the right-hand side of the screen, in orange, you can see the estimated execution of these investments until 2030. Between 2024 and 2026, we will be executing average investments of COP 6 trillion a year. Now let us look at the next slide and give the floor to Daniel Isaza, who will show us the financial results of the quarter.
Thank you, Gabriel Melguizo. Good morning, everyone. It is a pleasure to speak to you in this webcast. Next slide, please. Okay. Before we begin to talk about the results of the quarter, I would like to remind you that since our last webcast, we included for the market an operational report of the adjusted EBITDA, so that the market can really get to better understand the business of ISA with a measure of costs and revenues that is more clear for the operational generation of the flow.
This screen shows the main adjustments made of the EBITDA adjusted, and these are mainly made in the corporations where we use the accounting models, which are of intangibles, financial, and contractual. This refers to everything has to do with constructions and energy transmission in Peru, where we use the model of the intangible asset. We also look at and include in the cost AOM, everything has to do with maintenance.
In roads in Chile and Colombia, we look at the financial yield of the revenue, and we include those of tools and future funds. Also in roads, we remove the preexisting infrastructure, liabilities, and assets, among others. We also adjust for all of the corporations, and it has to do with the IFRS 16 for leases, meaning the cost for lease, which IFRS are under operating revenues, have to do more with operations. This adjusted EBITDA is calculated by the management of ISA, based on the Non-GAAP premises that you can find in the technical attachment of our income statement published this past Tuesday. Next slide, please.
On this slide, which we saw in our last webcast, we tried to make a parallel between two graphs in which the top one shows you the performance of operating revenue without construction of the quarters from the first of 2022 to this first quarter of 2024. Underneath, you can see are the exchange rates variations most relevant to Interconexión Eléctrica S.A. with 100 base. This is very important in this webcast because exchange rate has been very important in the performance of the revenue of Interconexión Eléctrica S.A. You have to consider that about 75% of the revenue of ISA is in currencies other than the Colombian pesos, so the exchange rate is very relevant in the results that we report in Colombian pesos. There are two or three things that are interesting to look at this slide.
The exchange rate to dollar that is represented on the bottom with the blue line, currently is at the levels seen in the first quarter of 2022. The ratio between the Colombian peso and that of Chile has decreased, so the Colombian peso is stronger, and that hurts the revenue of the roads business, especially in the first quarter of 2024, and that is partly what explains the reduction we see between the last quarter of last year and the first quarter of this year. We look at the EBITDA and revenue lower when the peso was so devaluated. For instance, in the first quarter of 2023, compared with the last quarter of last year, when the exchange rate was with the peso that was devaluated at historical levels. Next slide, please.
On this slide, we have the adjusted EBITDA, following the methodology that I have shown you in the past two slides, with the consolidated financial statement. When you compare the results of the first quarter of 2024 and of 2023, the most relevant effect has to do with the decrease because of the enhancement of the Colombian peso. Let me give you two examples here. The average exchange rate of the first quarter of 2023 was COP 4,779, while that of the first quarter of 2024 was COP 3,921, and this is a valuation of the Colombian pesos compared to the dollar of 18%. Something else that is interesting to see is the ratio of the Colombian and Chilean peso.
In the first quarter of 2023, the ratio was COP 5.9 for every peso of Chile, while in the first quarter of 2024, it was COP 4.1 compared to that of Chile. This is a valuation also of the Colombian peso in this period of 30%. The adjusted EBITDA of the first quarter of 2024 is 11% lower than that in the first quarter of 2023, mainly, as I said, because of the conversion, which is of 13%. If you eliminate that conversion effect and you understand the figures, without that conversion effect, the adjusted EBITDA grew 2% between the quarters that you can compare. That increase in revenue is mainly driven by the projects of energy, which entered operation and the positive effect of contractual escalators. As of the first quarter of 2024, we have different projects commissioned.
In Colombia, Sabanalarga-Bolívar, also smart bulbs at the Santa Marta substation, the Conexión Parque project, the Nabusimake, also Fundación and Guayepo Solar at the Sabanalarga-Bolívar substation. In Brazil, 100% of the Itaúnas concession, Triângulo Mineiro, and 53 reinforcements of the ISA CTEEP network. In Peru, we have the Coya project, Chincha Nueva, Nazca Nueva, and Refuerzo Dos substations, while in Chile, we have Ruta de los Ríos. Also, we would like to underscore the adjusted AOM increased to COP 57 billion because of the new projects that entered operation and the indexation of cost per inflation. Next slide, please. Here on the screen, you have information, a new tool that is also in our income statement. The spirit here is to just provide you, the market, the best tools to have the best and most complete information about our company.
Keeping that in mind, I am pleased to say that after this report, you will have two new tools. One is the results IFRS per business, transmission, roads, and telecommunications. Also, we will have an operational report of the adjusted EBITDA, meaning following the adjustments that I have explained already for each of the business, and that goes with the EBITDA. The figures you see here are of that adjusted report for the energy power transmission. You can see here, although the valuation of the Colombian peso, the last 12 months, it grew 4% compared to the first quarter of 2023. Throughout this presentation and the report, we will see different variations with and without the conversion to show the results in pesos, yes, but also the performance of the business, isolating the effect of the conversion. So you can see the operation variations per business.
For instance, with the power transmission, without the effect of conversion, the adjusted EBITDA grew 17%. We would like to underscore the increase of revenue, which without conversion, is explained by, first, the commissioning of new projects, second, contractual escalators, third, the increase of revenue of the RBSE at 17 because of reprofiling that was determined in 2021, and fourth, the completion of the application of the resolution, a voluntary decrease of rates in Colombia, which began in September 2023. The AOM adjusted also increased by COP 65 billion because of the new projects that were in commission. Next slide, please. Here you can see the adjusted EBITDA, but this is of the business of roads. During the first quarter of 2024, it dropped 54% compared to the quarter of last year. In this variation of 18% is because of the effect of conversion comparing the Colombian and Chilean peso.
Excluding this conversion, there are two events in Colombia that explain the reduction of COP 234 billion. It is really related to the future funds and the mitigation of risks. What is happening in this picture, when you compare both quarters, is that of the future funds of Ruta Costera, that we usually receive in December, but sometimes we receive in February or for the first quarter of the year after.
What we are seeing here in this comparison is that in the first quarter of 2023, we received COP 90 billion, which have to do with 70% of the future funds of 2022. Those of 2023 were also paid in 2023, not in 2024. When you compare one quarter with another, there is a difference that is significant simply because of the moment when the payment of future funds was made. In time, this is regularized because these are annual payments.
Another effect that is relevant in roads is that there is a decrease this quarter compared to that of last year, when it comes to the DR8, which has to do with the risk mitigation mechanism of traffic that is packed in the concession, and these are payments made every five years after 2023. We made the first one in 2023, the next one in five years later, and then in 10 years. With this, the reduction is related to that payment that does not happen every year. Likewise, revenue decreased because of completion of Ruta del Bosque on February 2023. We are talking about COP 36 billion and the completion of the application of the MDI in Ruta de la Araucanía in Chile, which implied returning COP 38 billion to the Ministry of Public Works.
These two effects are compensated with more collection from tolls, which add up to COP 95 billion in addition to those that we had as a base in the first quarter of 2023. Next slide, please. On this slide, we can talk about figures IFRS. Which decreased 12% compared to the first quarter 2023, and most of this is mainly explained because of the conversion effect. Without keeping in mind this effect, the revenue would have increased 2% because of the income of new projects that were commissioned. The consolidated EBITDA was reduced 16%, mostly 40% is because of the exchange rate effect. The reduction in co-controlled results has to do with the efficiency shown in the first quarter of 2023, building the Ivaí project in Brazil, and the increased expense in the depreciation of the projects of energy in Peru in the second quarter of 2023.
Next slide, please. Here, we will talk briefly about the debt. By the end of the first quarter of 2024, we are ending with a debt of COP 31 trillion. That is COP 59 billion more or 0.2% more than at the end of 2023. The movements of the debt have to do with the net of disbursements of bonds and financial obligations and rises to COP 412 billion. The main movements made in the quarter were in Colombia.
We paid a bond of COP 115 billion that expired in February this year and amortized financial obligations of Ruta Costera and InterNexa. In Brazil, we had an increase of the debt of COP 674 billion. That is related to the 15th emission of debentures of BRL 1.3 Billion . That is about COP 1 trillion. That is at ISA CTEEP. These will be destined to cover the needs of investment of the projects of this portfolio.
At CTEEP, we also canceled the fifth issue of debentures for BRL 422 billion, which is about COP 325 billion. For the first quarter of 2024, the portfolio of ISA had an amortize of 18 million and 9.5 years, and the indicator of gross debt- over- EBITDA closed at 3.5x , slightly increasing compared to the end of 2023, which was 3.4x . This indicator maintains the financial flexibility of ISA because it's below the maximum indicator suggested by risk raters, which allow us to leverage our growth and the new opportunities of growth. Ladies and gentlemen, with this information, we end the chapter financial issues, and now let's listen to Gabriel Melguizo.
Thank you, Daniel. Okay, now let me give you some closing remarks. As you have seen, we are committed to the energy transition. We have identified a robust pipeline of opportunities that we will prioritize to advance in our growth with discipline and creating value. That's really the bottom line of what we do. As you could evidence throughout our presentation, when we compare the results of the first quarter of 2024 to those of the first quarter of 2023, our results decreased due to the strengthening of the Colombian pesos. However, the majority of our businesses are growing in their functional currencies, and their return on equity remains at 14%.
We also continued to add new wins to our asset portfolio, COP 1.3 trillion, including the Panamericana Road in Panama, with estimated of COP 1.3 billion. Investments pending to execute closed the quarter at COP 29.4 billion, and we have a sound balance sheet and financial flexibility to leverage our commitments of investments with a gross debt EBITDA indicator of 3.5x .
Lastly, in 2024, we will pay a dividend of COP 1,110 per share, equivalent to 50% of the net profit of 2023, ensuring the balance between reinvestment and distribution to shareholders. Before we end today's talk, I'd like to give you some important message that has to do with investor relations. It's basically to take advantage to announce that José Hernán Jaramillo Vallejo, who was the Director of Investor Relations, as of May 6th, will be the Financial and Administrative Director of the Panama Road project. He will be in charge of coordinating everything has to do with Ruta del Este and also the human talent and procurement of this project. As of May 6th, Mr. Falquez will assume as an interim our investor relations.
He has a vast experience in both Colombia and Peru in corporate finance with companies of the energy sector, with regional responsibility in Colombia, Peru, and Chile. Today, Jaime Falquez is the Director of Financial Resources at Interconexión Eléctrica S.A. He's responsible for managing Interconexión Eléctrica S.A and its companies in the capital markets, local and international. Likewise, he's responsible for managing the resources and the regional strategy of corporate resources.
Also, and to enhance the relations that we have with our shareholders, we have Patricia Ospina Campo, a specialist in investor relations. She is an engineer from EAFIT and has an MBA from University of Pittsburgh. In the last five years, she led the area of investor relations of a company that's listed in the Bolsa de Valores de Colombia. Patricia and Mateo Ochoa, who you know, and under leadership of Jaime, will be in charge of our investor relations. I would like to take this opportunity to thank José Hernán for his great work in this area. With this, we end our presentation, and we can begin our question-and-answer session.
Thank you, Gabriel, and thank you, Daniel. Let's begin the question-and-answer session. We will begin with a question made by Ana María Guasca from Davivienda and Florencia, related to how is the process of the new election of the Chief Executive Officer.
Thank you, Mateo Ochoa. I think that question, I can answer it. Who is asking it? Ana?
Ana María and Florencia.
Ana María, good morning. Thank you for your question. According to the code of good corporate governance and our bylaws, the election of the Chief Executive Officer is made by the board of directors through a selection plan managed by the organizational talent committee, and with a headhunter advisory service.
We have been advancing, choosing, trying to find the best Chief Executive Officer through Korn Ferry, as established in the bylaws and the policies of the corporate governance. Thank you.
Thank you, Gabriel. Now, we have a second question, it is also made by Florencia: How comfortable do you feel in Peru after the downgrade of S&P Global? This question will be given to Daniel Isaza.
Thank you for your question. I would like to begin by saying that at Interconexión Eléctrica S.A, we invest in critical segments of electrical infrastructure, strategic operators with long-term vision. Especially in Peru, our position is sound. In energy transportation, we have more than 70% of market share, in a business also that has revenue in USD on long-term basis with good price levels. So we feel peace of mind, and we have a firm engagement with our operations in Peru, where we are still investing.
Last year, we awarded the biggest energy transmission project, along with our friends of the Grupo Energía Bogotá. We are very happy to have that project in our portfolio and to begin to develop that infrastructure that will enhance the infrastructure of Peru. As to what S&P Global rated us in Peru, I would say that Peru is still a country with a degree of investment. There are signs of the raters in terms of the political challenges and complexities that that country can have, because when it comes to fiscal deficit and expenses. Also, it is noted that the level of leverage in Peru, of debt of Peru, is still seen below 30% of the GDP for the next years, and that figure is low in the region. It really positions Peru well to face the challenges it has ahead.
To end, Interconexión Eléctrica S.A has a commitment that is strong. Peru is one of its main geographies. We are investing there, and we will continue to do so.
Thank you, Daniel. We have another question. Is there any progress made in the regulatory system of Colombia?
Thank you, Mateo Ochoa. Gabriel Melguizo can provide us the best answer to this question.
So far, the regulator has issued three projects. The last one was issued in 2016. No, the last one was issued in 2016. What does it say? To change from new reposition to depreciated position. Secondly, to change the parameters that are part of the methodology to determine the revenue. Parallel, the CREG issued 001 and 007 regulations that establish how to estimate the cost of transmissions. But we still have not determined that cost. We have to wait for the definite resolution. When will this be made?
According to the agenda of 2024, it's possible that in the third quarter of this year, we have the fourth resolution project. The resolution of the methodology, the definite methodology is not in the 2024 agenda. It might be in 2025, and it will be applied in 2026 or early 2027, depending on the times required to disclose the information among the companies and to meet the resolutions. That's an overall answer for this question.
Thank you, Gabriel. Now, we have another question in which they need more information about the project of Ruta del Este in Panama. Did you begin construction already?
Mateo, thank you for your question. My name is Sebastián Castañeda. As you know well, the project of Ruta del Este is the revamping, improvement, and maintenance of the Panamericana Road. The project includes more than 246 km that joins Panama City with Yaviza in the province of Darién. The concession is for 18.5 years, and it's divided into five stages. We have pre-construction, construction, operation and maintenance, and reinvestment. The contract was formalized by Contraloría on April 9, and on April 10, we received from the Ministry of Public Works the order to proceed, which gave way to the first phase, the pre-initiation.
Now we're undergoing the proceedings of this phase, and we expect to begin the pre-construction phase in June. That stage lasts about one year, and there we begin the operation and maintenance activities of the existing infrastructure. We've been advancing, creating the leadership team of Ruta del Este, which is the name of the new corporation that we have in Panama. Likewise, we awarded the engineering process before beginning the pre-operational stage, and we've been going through the technical administrative processes to pull this important project through. Thank you for your question.
Sebastián, thank you for your answer. Let's continue with the question from Andrés Duarte from Corficolombiana. He asked, "How long will you maintain the Programa Formadores de Liquidez?" For this question, we can have Daniel Isaza, Financial Vice President, to answer it.
Thank you for your question. The program, which we began January 15 this year, was a pilot for three months initially until April 15. We made different analysis, and we concluded that it had interesting results, and it really was worth extending at least three more months. So currently, we have contracts with two brokers that are part of Programa Formadores de Liquidez until July 15.
The idea of doing this in three-month periods is to be able to have a good look at what's happening in the market and to see what parameters and conditions of this program can be improved to keep it in the market. The initial results are good. I believe that ahead we have a couple of questions about MSCI and liquidity, and I can give you more information about that program with regards to the volumes that are important in this indicator.
Daniel, thank you. I think that we could tie that question to the next one. We're asked if it's possible to give us more information about Interconexión Eléctrica S.A leaving the MSCI and a new reclassification of Colombia in the frontier boundary classification.
Yes. Thank you. That question is quite interesting. You have observed that there has been a very positive reaction in the Colombian market and in Latin America in general in the past 12 months, but more in the past six months. That has gone hand-in-hand with more volumes in the negotiations. To ISA, this is an indicator of the volume indicator of the negotiation and the MSCI. What they look at is the ATVR, the Annual Trading Volume Ratio, which is an index of negotiation of the trading volume. The 12-month indicator, we moved from a minimum level close to 11% in June 2023, August 2023, to an indicator close to 12%. In the three-month indicator, we have moved also, June, July 2023, from an indicator of 9% to one today of 15.5%. There has been a very strong increase in the negotiation volumes of Interconexión Eléctrica S.A.
A substantial improvement of this indicator, which MSCI looks at to maintain a stock with an emerging market. The risk that was discussed so much last year, the end of the year, has decreased substantially because the volumes have increased. An additional comment about this increase of volumes, we have tried to measure, and this has been complicated, yes. We have made a major effort to see the impact of the program for using different methodologies, and we have seen that ATVR indicator in 12 months, the improvement could be 0.4 percentage points. Without the program, the volume could have been 11.6% versus 12% that we had with the program. It is more seen in the last three months to which MSCI looked at for the analysis of the emerging markets.
There, as of March, without the program, the liquidity of ATVR was 12.9%, and what we gained or obtained was 15.5%. It is a substantial improvement of that indicator. In short, the risk has dropped substantially, the volumes have climbed, and we can see it with the liquidity indicators of MSCI.
Thank you, Daniel. I think we can continue with another question. Andrés Duarte asks from Corficolombiana, "Could you please show us the EBITDA per revenue, per denomination, per currency?"
Thank you for your question. In terms of the composition of the EBITDA, and talking about the first quarter of 2024, we already talked about the effect of the exchange rate on the results of ISA. I said that about 75% of our revenue is generated in currencies other than the Colombian pesos. If you look at the first quarter of 2024, we are talking in COP, 27%. We have an exposure of 41% to the BRL because it is 100% of CTEEP. Although on the income statement, you can see the adjustment of the minority interest of CTEEP. We have 22% of the EBITDA comes in USD, and 10% of the EBITDA is in CLP, and this is mainly related to the roads business.
Thank you, Daniel. Let us continue with another question. Urocardo asks, "Do you have an answer about the remuneration of the Betania project in Colombia?"
I am Gabriel Melguizo, and I can answer your question. Urocardo, thank you for your question. The Betania substation is asset that was owned by ISA until 2019, and it was sold that year to another carrier here in Colombia. Thank you, Urocardo, for your question.
Thank you, Gabriel. Let us continue with another question. Give me a second. Let's see who's asking this question. It says, Andrés David, "Besides the expansion in the countries Panama, Colombia, Chile, and Brazil, are you exploring projects in other countries in South or Central America?"
Gabriel Melguizo again. I think I can answer this question. Thank you, Andrés David, for asking. Andrés David, we are not looking at investments in countries other than what you've mentioned. Right now, they're part of our strategy. What I can say is that there's almost a new geography, which is Panama, where they're already with roads, and you know that we're working with the Colombia-Panama Interconnection project, and we're looking at the power transmission also project, Colombia-Panama. No, we're not looking at any new geographies for now. We will do so in the future for a new strategic period. Thank you, Andrés, for your question.
Thank you, Gabriel. Okay, let's continue with another question, also from Andrés Duarte from Corficolombiana. "What are your expectations to resort to the capitals market in 2024?" Daniel, you could answer that, please.
Thank you, Andrés, for your question. Look, ISA historically has resorted to the capitals market successfully. ISA also has the advantage of doing it two ways, either in Colombia or issuing ISA stocks, but it can also issue stocks of CTEEP, which has a big liquidity. When it comes to the execution of our backlog, which Gabriel said, it's COP 29 billion. We will see an increase of the levels of debt in the next three years. This quarter, we're ending at 3.5x the gross debt over the EBITDA, and this indicator in time will increase probably close to the limit suggested for the investment degree, 4.5x EBITDA.
As we keep seeing opportunities of growth, like we see throughout the region, it's possible that we will resort to the capital market to aid our growth. In 2024, I don't think it's possible because of the leverage we currently have. Surely, it will be more profitable for our shareholders to resort to the capital market of debt, not of stocks, but of debt. Ahead in the future, I think ISA undoubtedly will seek other options of capital to expand its liabilities and equity in an efficient and competitive fashion, but also to be able to take advantage of the opportunities to grow in the region.
Thank you, Daniel. Now let's continue with another question of Jorge Diego. He asks if the event is taped, and as a shareholder, if he can see it later. Yes, Jorge. Today, you will have a copy of these presentations, the reports, and all the material we used today for this webcast. Let's continue with another question from Florencia of MetLife. What's the update date of Kimal-Lo Aguirre, and when can we see its commissioning?
Okay, thank you for your question. Gabriel Melguizo is answering. This project has several names. The full name is Kimal-Lo Aguirre. This project is of direct current, and it's the latest technology. It's set in Chile, and the intention is to use non-conventional renewable energy from the north to central Chile. That project, as you know, is made in a consortium with two other companies, with the incumbent in Chile, which is Transelec, and one of the largest companies is State Grid Corporation of China. This project is on a long-term basis, and it will be commissioned in 2030.
These projects almost always take this time globally because of the many permits that are required initially. We are in that stage. We presented our environmental impact report, and we are waiting for the approval of the study, which is pivotal to move on. We need the provisioning. We need to hire the companies that will be our suppliers of the equipment for construction. We have already presented the environmental impact study, which is paramount for this project. That is where we are. We are doing well. Right now, we do not foresee any delays in the project, and we will keep informing you about this in following webcasts.
Thank you, Gabriel Melguizo, for your answer. Let us continue with a question from Simón Díaz. What is your outlook with regards to the bids of transmission in Colombia?
Thank you, Mateo Ochoa. Firstly, I would like to say that the volume of bids in Colombia began in recent months after a period in which it was stagnant. We can see that it is taking a good pace in accordance with what the country needs to enhance its grid. Interconexión Eléctrica S.A sees with a lot of interest all the bids that are being launched by the national grid because we, by law, have to be part of it, and it is of interest to grow in Colombia. We are being part of all of the bids, of course, looking at their competitiveness. That is my answer. Thank you.
Thank you, Gabriel Melguizo. Let us move on with another question from Stefanía. She asks: do you think about an ADR thinking about the issue, or are you looking at Ley 226 de 1995? Daniel Isaza Bonnet, could you answer, please?
Sure. Thank you, Stefanía, for your question. Well, the issues of stocks of a company applied by Ley 226 de 1995, like Interconexión Eléctrica S.A, it is really when there is a generation of stocks and you create a capitalization. It is just underwriting new stocks. That law has nothing to do with it. As to your question of the ADR, ISA today has a level one ADR registered, and we made an analysis and the chance or the possibility we have seen so far is to make ADR level three.
When we need to expand the capital, that would be an alternative that these companies have. Today, ISA, since it is part of Ecopetrol, it already has implemented a control system to meet the Sarbanes-Oxley Act, which is a requirement to be part at a level three ADR. With that outlook of control, of the internal control of the company, we have made major progress. That is something we would be analyzing and could be interesting.
Thank you, Daniel Isaza Bonnet. We have a last question from Florencia. She asked to clarify if we expect to be in the market of bonds in dollars or what.
Thank you, Florencia. To clarify this question, in terms of issuance in the capitals market of debt, we do not foresee to do it in dollars this year. Probably like we did in 2023, what we will do is to do it in the local market, in Colombian pesos of Interconexión Eléctrica S.A. Thank you.
Thank you, Daniel Isaza Bonnet. To all of you who have joined us, Gabriel Melguizo, and all the Vice Presidents, and José Hernán Jaramillo Vallejo, who today begins a new professional challenge, and who we would like to thank for leading this area, we end today's webcast of the first quarter of 2024. Thank you all.