Ladies and gentlemen, thank you for waiting. Welcome to the conference call to present the results of the Q3 of 2022 of Eletrobras. Introducing the Eletrobras team, we have the presence of Mr. Wilson Ferreira Jr., the new President of Eletrobras, Ms. Elvira Presta, Chief Financial and Investor Relations Officer, Ms. Camila Gualda Sampaio Araújo, Governance Risk and Compliance Director, Mr. Pedro Luiz de Oliveira Jatobá, Director of Generation, and Mr. Rodrigo Limp Nascimento, Director of Regulation and Institutional Relations. We would like to inform you that this conference call is being recorded and will be available on the company's IR website, where the presentation will be published in Portuguese and English. For those who need simultaneous translation, we have this feature available as you click on the globe icon named Interpretation, located in the lowest center of the screen. Please select your language of preference, Portuguese or English.
For those listening to the video conference in English, you can mute the original Portuguese audio by selecting the option Mute Original Audio. For the Q&A session, the questions shall be sent via the Q&A icon on the bottom of your screen. During the session, your names will be announced so that you can ask your question live. At the moment, a request to activate your microphone will appear on your screen. As a disclaimer, we would like to clarify that any statements made during this conference regarding the company's business prospects, projections, operation, and financial goals constitute the beliefs and expectations of the Eletrobrás management team, as well as information which are currently available to the company. Forward-looking statements are not a guarantee of performance as they involve risks and uncertainties, and therefore depend on circumstances that may or may not occur.
Investors should understand that general economic conditions and other operating factors might influence the results of such forward-looking statements. Now, I would like to give the floor to Mr. Wilson Ferreira, President of Eletrobras, to start the presentation. Mr. Ferreira, please.
Good afternoon, everyone, all the analysts and investors that are present here for this results presentation for the Q3 of 2022. I'd like to thank all the trust that you have in my return. I'm very happy to return to Eletrobras in the second office, concluding this work that we have started six years ago. I'm very happy to return to this company, together with the board of directors, our fellow directors and all the staff of the company, to establish a new journey, to generate value to all the publics that we interact with. We have a presentation here.
I'd like to show you some highlights. I'm going to present that along with Elvira, the CFO. Let's talk about the main highlights of the company in this Q3. We launched this voluntary dismissal plan that comprises 2,312 employees that are retired and retiree, and its estimated cost is about BRL 1 billion. We have an 11.2 months payback. We had, since the launch of the program, more than 1,200 employees subscribed. This plan is offered to all the retired and retirees, and it becomes a right to the employees. We expect a big adherence. Because all the staff, they can adhere to the program because it's their right.
We're going to start the dismissals in December 2022 up to April 2023. Of course, we are considering retention of knowledge for us to be able to perform this transition and keep all the standards of productivity and quality that our company is famous for. As a relevant information, we had the 183rd extraordinary meeting in which we approved our new bylaws that incorporated bylaws that are in line with the best practices of governance in the market. The new bylaws have been approved. In this quarter, we also had the appointment of the new board of directors.
With my appointment at the beginning of August, and some other facts relating the SPEs and affiliated, we had the sale of all the stocks of Celpe, so with a cash inflow of BRL 49 million. We concluded the transference of Amapari for almost BRL 18 million. It's also a highlight for this quarter, the operation with SAESA, in which we increased our equity stake to 72%. From July on, we started to have the effective control of the company, including the president and the consolidation of the accounts. This is included in our balance sheet for the Q3. The main highlight for this new journey is the transformation office, the TMO, that was created after I started my second term with partnerships, national and international partnerships, to help us in this important journey of transformation.
I'm gonna talk more about that in the next slide. This is the TMO that I mentioned. It's like this little house that you can see. It has been structured to coordinate this transformation process. The objective here is to centralize the management and follow up weekly all the initiatives of transformation and organize all the business new areas, promoting efficiency and velocity in the execution. You can see in this little house the set of initiatives that we have in course. It's important to highlight to you that we have identified, consulting with the board of directors, the holding and the affiliates and a group of analysts and investors. We have identified the main measures that we should perform, and we prioritized 40 of those initiatives. We expect to conclude 80% of those initiatives up to the first semester of 2023.
We have 20 initiatives that have been mapped and they're going to start from 2023 on. Our TMO is already in place. We have put Camila Gualda Araújo, our governance director, governance risks and compliance director, to lead this business front. As you can see in this board, we have three initiatives connected to strategies and goals, 11 initiatives connected to businesses, nine initiatives connected to organizational transformation, 8 initiatives regarding optimization of costs and expenses. Regarding financial strategy and advisory, we have 9 initiatives. This office is already working, and we are going to conclude 80% of those initiatives in the first 6 months of 2023. We do that in a centralized way to acquire value, to meet the deadlines. All of those initiatives, they have costs. For instance, our dismissal plan is one of those 40 initiatives.
For us to maximize the velocity of capture. This TMO, this transformation management office, is central in this transformation process. Obviously in this journey, alongside with our board of directors and advisors, we established seven principles that guide this strategic reflection of Eletrobrás. The first, we are the largest company in generation and transmission of electricity in Brazil. It's important that we are also leaders in operational efficiency, escalating the business with margin expansion and a comprehensive transformation that makes the use of digital solutions. For us to evolve our productivity beyond what we had before, it's paramount that we have this transformation of our processes using digital solutions for us to move on, move forward with our productivity.
We have to renew our culture because we have turned 60 years of existence. We have to change the mindset, focused on results, an owner mindset, and maybe that's the correct time to talk about it. We have today 153,000 shareholders, about 142,000 natural persons and other corporate entities, legal entities too. One of those legal entities is the FGTS fund that has 370,000 people. We have more than 500,000 shareholders following the company and over 10,000 legal entities that are interested in the results of the company. For sure, management and governance, this owner mindset needs to provoke this acquisition of value and be able to attract and have some talent retention.
We have this plan for older people, but we need to attract young talents for this new journey. We need to have excellence in the capital discipline. It's critical that we have that we are the company that has the least cost of capital in the area. We need to be a benchmark for governance, organization, agility and ESG agenda. We have to be a major player in the reduction of the emissions of the productive chains through continuous innovation of products, services, and business models. We have to be excellent in the commercialization of the area since we are exiting the quota system modality. We need to enter this B2B market, the major consumers.
From 2024 on, all residential consumers from 2026 on, we established a new modus operandi of the Eletrobras brand with those audiences. Crowning all those previous six principles, the seventh is a company with a long-term vision as a green major connected to renewable sources of energy, combining growth and value acquisition associated to sustainable solutions. All those seven principles are guiding our strategic reflection with the advisors, with the board of directors, and of course, with the help and support of a set of investors and analysts that we consider a lot at this moment. Next slide, please. We are already a green major. We are one of the world leaders of renewable sources of energy, and we have the lowest levels of emission in the industry.
We can see the intensity of emissions in this graph. In the vertical axis, we are comparing ourselves with, like, international benchmarks. We have Statkraft that has the least emissions levels, only 24 carbon tons per megawatt hour. Eletrobras is the second in this criteria. We have a set of measures, like trying to decommission thermal plants that are major emitters of greenhouse gases. We aim to lower the emission of those gases. We will be one of the lowest companies responsible for those emissions. In the horizontal axis, you have the installed renewable capacity in the world. We are the second in this ranking, and we are second only to Enel. In a very close way.
We are one of the biggest, one of the largest companies in the world, and one of the most efficient relating to the green majors. It's important to have a Brazilian company that is a benchmark in the world. Now we have one of the main objectives of impact that may be met in the short term. Here we talk about some actions that will be executed up to the first semester of next year. First is efficiency. We aim to have the lowest unitary cost of generation and transmission versus peers in Brazil up to the end of 2023. We have multiple initiatives in execution in the TMO, aiming to reduce costs with people and MSO, material services, and others, purchasing processes.
It's a set of initiatives to guarantee that the company ends next year as the largest, but with the lowest unitarian cost to generate and transmit energy in Brazil. Second one is regarding the capital cost. We aim to have the lowest cost of capital in the field, and we're aiming that up to the first semester of 2023. The actions are quite simple. We have to renegotiate some debts and try to settle them. We have to optimize our structure of capital in the holding and subsidiaries. What is the optimal structure of capital for all of the subsidiaries, considering their liabilities? What is the structure and tax incentives? We have been doing that with a consultancy support, and we hope to accomplish that in the first semester of 2023.
I had the opportunity to talk a lot about that with many analysts regarding the reduction of liabilities. The contingent liabilities of our company have been responsible for the volatile set of results that we have been presenting. We need to change that completely, that perspective completely. For that, beyond our agreement policy, we need to settle the agreements. The state-owned company from the past that which main goal was to take all the lawsuits up to the highest courts since we had a limited cash. Now we want to settle that. We will take those long-term agreements for lowering the debt, and we have some law firms that have been helping us to start new strategies, new judicial strategies to win in short term whenever it's possible.
One of our first actions was to create a legal staff, which is Eduardo Barros, who's an expert. He was a former prosecutor, a previous attorney general, like big expertise. We have the support of a very good team, and we will use that expertise to have better deals. Regarding ESG, we seek absolute leadership in emissions among peers, global peers and social indicators in governance in Brazil. We want to decommission inefficient thermal plants. We have some coal and natural gas operations in minor and inefficient systems. We want to reduce investments, and we want to evolve the relationship with the communities, the neighboring communities, considering our capacity of relationship with those communities. We have a lot of work here.
Finally, regarding governance, one of our targets and a short-term goal is to migrate to this new market that will generate additional evolution regarding governance that have been approved in our bylaws recently. So we will have so many resources here. The first one is the rationalization of SPEs. We currently have 75 SPEs. We had 178 in the past. I'm going to enter into details later, but the main point here is that we still have operations to be sold and many operations in which we can reduce cross-ownership. We have 24 operations with 10 partners. Maybe we can seek control and lose equity stake in some of them. We have some closures to make in 7 SPEs, at least 6 to be incorporated into our current businesses and 13 under evaluation.
We have a deadline with the board to present a final perspective regarding that. In respect of participations and affiliates in, like, equity stake in other companies, we had some compulsory loans as guarantees. We are exchanging those guarantees. We have a possibility to sell those equity stakes for over BRL 4.4 billion, especially in participations that are not strategic and they are out of our scope. Last but not least, we need to be a reference, to be a benchmark for safety and operational quality in the electricity generating and transmission sectors. We need to be robust and reliable with no turndowns and increase safety for our staff. Those milestones will be achieved, and the investors and the shareholders will always be proud of us.
Those actions, all of those generate impact in this Q1 of 2023. Here we have some milestones that were defined for the TMO. We have some important dates here. Up to November 30th, a new model and organization structure of the holding will be validated with our board and all the subscriptions, all the enrollments for our voluntary dismissal program, and we will start dismissing those employees that adhere to the program. The other milestone is December 15th, in which we'll share the strategic vision and goals that were defined, like compensation compatible with the market, to align the interest of the shareholders with the management of the company. We need to have a set of goals defined, and we will do that up to December 15th.
The other milestone is up to December thirty-first, and we will migrate to this new market and at B3 approved in this extraordinary meeting. The roadmap for optimizing the SPEs, what I had showed the previous slide, it will be validated for the board for us to share with you what's our final goal for the SPEs. A new platform for performance management for all the SPEs. We had opportunity to establish benchmarks and best practices and share among all the SPEs. It's going to be done. We contracted a system that allows us to do that up to December thirty-first, to establish all the goals and action plans for each one of those directors and advisors that are part of those SPEs.
The month of December, we'll have the first group of dismissals, the first set of dismissals of our voluntary dismissal plan of 2022. Up to January 15, 2023, we'll have the optimal headcount. We've restructured the organization. Management of our companies that we control, all the processes that happen in those companies in the shared services. We have a target quantity for all the actions that we will perform. After that, it will generate the necessity of attracting talents and our optimal headcount. In this new model of structure and pricing, and there's a team of consultants that are helping us to rationalize this important management instrument that generates productivity, generates automation opportunities, and we will have that quantified up to January 15.
January 30, we have the strategic plan and the strategic master plan updated up to January. At the end of January, and up to April 30, we'll have the budget for 2023 reviewed. Incorporating this OBZ perspective and all the gains validated. The first milestones that our TMO set are those. Here, just for you to see why the rationalization of SPEs is so important. We completed 103 SPEs. We brought in BRL 3 billion in sales. Up to 2022, we will close Baguari, we will incorporate TGO Famosa, and we will sell Livramento. That adds to six. We will end this year with 64 SPEs. Those 64 SPEs. 16 in the transmission area and 48 in the generation area. We have an NOI a little higher than BRL 19 billion.
The participation is about 9.8. The EBITDA is almost BRL 14.6 billion. The indebtedness is BRL 73 billion, and the proportion is something close to BRL 39 billion. The book value is about BRL 19.6. We have over 14,000 kilometers, and our installed capacity is up to 25,000 megawatts. This EBITDA recurring over BRL 14 billion, those are data from 2021. In which we have a stake about 40%-42%. We think that market doesn't price us correctly, so that's the reason we have prospective actions in the reduction of cross-ownerships with those ten partners and closing operations that are not interesting for us anymore. Two incorporations and twenty-three sales of assets in which we have a minor participation. We have thirteen SPEs under evaluation.
We will conclude that this year to share with the market. We have a big perspective and a good perspective from reduction of cross-ownership and consolidation of EBITDA. We have a simplified operation, a more efficient operation, governance-wise, and using synergy and some management staff in shared services, and we can add value to those operations since we can have the control of them. Next slide, and I'm concluding my part. We have this strategic effort, of course, being discussed with the board of directors, and there's a very important observation to the market here. We have been meeting weekly, so we have been working a lot with the board of directors, and our focus is to grant the implementation of those 40 initiatives in short term. Prepare the company for robust and coherent opportunities of growth, do that with the proper care and discipline.
A set of initiatives that are being evaluated under the light of value acquisition and risk mitigation, on the other hand, and it will lead us to approve a new strategic planning. In our meeting of directors that will be carried out in March 2023, we have this deadline to approve the results of 2022. We are happy to give the market and investors and analysts this perspective. It's important to state we have many important acknowledgments here. First one is to be third place in this annual award of Época NEGÓCIOS, one of the 10 companies that received this. With the revenue over BRL 20 billion, we have been in this ranking for the last years. It's very important, the Transparency Award. We have the Golden Seal for the C, the GHG Protocol.
We are under the ODSs, the agenda for the millennium. We are one of the three companies that better communicate with the press according to 25,000 journalists. We have the certificates of renewable energy. Furnas has won the bidding to provide more than 500,000 certificates of renewable energy to compensate 100% of the indirect emissions of greenhouse gases. This is a big acknowledgment, a big recognition from the market in areas in which we are very proud of, governance, environment, transparency and greenhouse gas mitigations. I'm going. I would give the word to Elvira, but she reminded me. Just for you to understand, this is a generation business. This is the performance of our businesses. We have 42.5 gigawatts installed, around 23% of the capacity installed in Brazil.
We generate around 30% of the energy in Brazil. We had an increase in revenue of around BRL 1 billion and an increase of around 2.5%. Now we have a revenue of BRL 6.72 billion, and generated energy reached a hundred thirty-seven thousand GWh, and we have a capacity installed of 42.5 GW. It's a reduction compared to the previous installed capacity, but it's due to the privatization since Itaipu and Eletronuclear left Eletrobrás. Under this optics of perspective, we have the beginning of the operation of UTE Santa Cruz, the thermal electrical unit of Santa Cruz, that has 150 MW of installed capacity. Here we have the context in which those actions were carried out. You can compare GSF compared with 2021.
The difference settlement price, PLD, is around 60/MWh. We have the breakdown of the generation revenues. We have four types of energy that we sell. The quota system in green, the energy that are within the quota system, it had a readjustment of 15%, so we had BRL 1.25 billion. In yellow, you have the regulated market. We increased around 35% to up to BRL 2.43 billion, 225 MWh in average. We have the third set that is the free market operations in blue, in which we had an increase of 27%, reaching BRL 2.93 billion, operating in average 190 MWh. We had a very small amount of energy that were sold to the CCEE.
A minor participation. We have SAESA that brings in almost BRL 1.2 billion and 243 watts in PLD. Regarding the energy mix here, we have 47% quota system, 13.5% regulated market, 38.7% in the free market, and 0.8% of unhired, uncontracted energy. Here we have the transmission business. We have 74,000 kilometers of transmission lines. That is around 40% of Brazil. We have 154 with the RAP of BRL 737 million. Those enterprises of big scale have a deadline of implementation. They have been approved by the energy agency. Here you have a table for you to see what we have been aggregating every year.
Up to 2025, that is very, very soon, we will incorporate a lot of the 735. We have 3,431 MVAs of transmission. We had an RAP aggregation that was very important, an increase of 19% of the regulatory RAP that went from BRL 11.4 billion to BRL 13.7 billion in the cycle of 2022-2023. This is due to the readjustment of the tariff in this quarter. I think I finished my part, Elvira, so I'll give the floor to Ms. Elvira. I thank you for your attention, and let's talk about the financial performance of Eletrobrás. Please, Elvira.
Thank you, Wilson. Good afternoon, everyone who are attending this event. Let's talk about the financial highlights of this quarter.
As we do in all the conference calls, we will detail the main events in the area, in the profit and loss statement. I'd like to start talking about that in this quarter, we had some new events that hadn't happened in the previous quarters that had a big impact in the economic without compromising the cash of the company. Among those new events, the first one is one that Wilson said that is the consolidation of Santo Antônio plant that aggregated revenue, but aggregated some costs and expenses naturally, and indebtedness and financial expenses. Another very important event that we had in this quarter was the deflation we lived in Brazil, in both IPCA and IGPM indexes that had an impact in our revenue of in transmission. We had a decrease of net revenue of 13%.
It's due to this effect. This update brings this impact. Although, as Wilson has showed, in the cash flow of the company, we don't have any impacts. For the next cycle, we have an increase of 19%. Another event that was very important that happened this quarter is the impacts of the obligations that came with the capitalization. We know that the exit of the quota system will bring new revenue, but we have to register to account all the mandatory obligations of CDE and the investments of the recovery of the basins and the Legal Amazon. Those events made us have an EBITDA of a decrease of 54%, and our net profit was practically zero. Among the highlights on the right, it's always good to emphasize that our cash flow is solid.
We ended the semester with almost BRL 17 billion. We're using cash, and most of those events are of economic nature. We carried out our CapEx, and this deflation reduced our revenue in BRL 1.9 billion. The impacts of all the obligations that came with the capitalization were about BRL 760 million, and we had the provision for the PCLD of Amazonas Energia that we will talk more later. We had some provisions with Chesf, one of our controlled companies, and some expenses that came from Santo Antônio Energia. Next slide, please. Here we have our results statement. Just a summary. The first columns with the report in IFRS and the second one on the right with the recurrent data.
As mentioned previously, the revenue, the main event that impacted revenue, one, that was positive, that was the increase of revenue of generation. The negative one is the effect of the deflation on our assets, especially in transmission. Regarding PMSO, we had an increase of 27%. We had some events, especially regarding ACT. We will talk a little more about evolution of PMSO. We have a slide talking about provisions in which we will comment on the main events in this quarter. We had a reduction costs because we imported energy a little less from Uruguay than the previous quarter. The financial result and the main highlight we have here, since we consolidated Santo Antônio Energia, we increased the indebtedness charges, and we had those expenses that I mentioned before regarding the capitalization obligations.
Moving to the next slide, let's present the variations of the gross revenue. Looking at the blue columns in the center, the dark blue colors, you have a variation of 8% due to two effects that I had mentioned before. BRL 1 billion of increase in the revenue of generation coming from Santo Antônio consolidation. The negative effect that is the red column, almost BRL 1.9 billion. That is the effect of deflation in the transmission asset. Moving to the next slide, we have the gross revenue under generation in all the markets in which we sell energy. The prices are low in this quarter, almost baseline. The main events here and revenues, the first line in which you can see the dark blue line, it's the regulated market.
We had an increase, especially regarding consolidation of Santo Antônio Energia, and an increase of the average price. We had a 35% variation. The product system of hydroelectric is just a tariff readjustment. The bilateral contracts, besides Santo Antônio Energia that we had mentioned before, we had a very important effect in Candiota that this quarter exported energy. In CCEE, we had a variance of 61%, because last semester we had imported energy from Uruguay, which didn't happen this year. Let's analyze the evolution of PMSO that varied about 27-28% compared to the same quarter of last year. The Personnel costs is our most representative one. It's almost half of the PMSO. This semester we have the collective bargaining conclusion. It started in May, and we had concluded that in the Q3.
We had to launch that in the books this year, this quarter. It has this big impact of BRL 178 million that are highlighted on the right column. Chesf in the previous year reverted part of this profit sharing that they had provided before. It had BRL 62 million of reversion compared to last year. That's the reason of this variance. We had the consolidation of SAESA, Furnas to the personnel area. The other highlight is in services. We had the effects due to the consolidation of Santo Antônio Energia. Regarding others, we had some effects regarding the cost of equity, the funded retirement plan of Chesf. Those are the main effects that we highlight. Moving to the next slide, we'd like to comment on the operational provisions.
In this quarter, we had BRL 1.5 billion in provisions, starting from disputes provisions, BRL 766 million, especially by Chesf. We had reported that to the market 15 days ago, because we had a non-favorable decision against Chesf, and we had a technical discussion with our auditors regarding the accounting rules to categorize risk. We are sure that since we had to classify this risk as probable. But our view is that we will appeal to the higher courts, and we are very solid in our defense argument, and we don't expect to have losses here. We had a judicial agreement that regarding Eletronorte, that it was a very old provision, an old lawsuit, and the company decided to agree to settle an agreement, as Mr. Wilson Ferreira Jr. said, to reduce some provisions.
This was one of the agreements that we concluded this semester. We had also an arbitration result in CGT Eletrosul that was not favorable to the company. We didn't have any highlights regarding compulsory loans, but we'd like to highlight that because of our favorable results regarding the process called Caso Roma, we could reclassify the risk of almost BRL 14.4 billion that were reclassified from probable to possible, and now we have reclassified it, relabeled that as remote. Regarding the PCLD, we had the provisions of Amazonas Energia with Eletronorte.
It's important to highlight that since May this year, after a provision of the mining and energy department that allows CCC for Amazonas, we didn't have the default of the consumer as we had before, but there are some due amounts that, according to our provision bylaws, after some time, I have to complement, so it had to aggregate BRL 486 million in this quarter. The next board brings a breakdown for the PCLD of Amazonas Energia and its indebtedness. We have around BRL 7.4 billion receivables, credits receivables and BRL 1.7 billion approximately regarding due credits, BRL 650 million for the holding and BRL 1.04 billion with Eletronorte. We have this provided almost BRL 4.7 billion that adds up to 63% of the total indebtedness. Here we can differentiate the holding and Eletronorte.
The current debt of Eletronorte has been paid, but we had to have this provision because of the past that was not settled. The next one, we have the summary of everything I have explained here, why we had this EBITDA reduction. Let's start with the dark blue columns. That is our recurrent basis EBITDA. We had almost BRL 4.9 billion last quarter, and this quarter, BRL 3.1 billion. The main event is the decrease of revenue regarding the impact of deflation in transmission and our equity stake recurring. Equity participation, we had the reduction because last year we have the conclusion of the law of GSF that impacted this result. Because last year we had a reversion on an increase of the extension of the concession deadlines due to GSF.
We had this entry that was a reduction of costs, and the same happened with the SVs that we brought for equivalence. In the costs basis is that we imported less energy from Uruguay and the PMSO so recurrent, all those effects regarding the collective bargaining that I mentioned before. As a non-recurring event, we highlighted this provision we had to make for Chesf. This next slide is the evolution of the net profit. It was practically zero. In other recurring basis, we're talking about BRL 1.1 billion against BRL 3.3 billion last year. The main variation, as we have been talking in this train of thought, regarding the decrease in EBITDA. We have some impacts of the consolidation of SAESA, Santo Antônio Energia, that were entered this semester and all the expenses regarding the capitalization obligations.
Now we have our indebtedness/EBITDA, our net debt/EBITDA. Up to the last quarter, as we anticipated before with the consolidation of the indebtedness of Santo Antônio Energia, this index would increase. You can see in this graph 1.8 in the green area. We aggregated around BRL 19 billion from Santo Antônio Energia. On the right now you have the net debt of the company that is around. Our gross debt is BRL 54.5 billion. We have here the cash of the company is almost BRL 17 billion, and the financing receivables BRL 3.9 billion, and it adds up to BRL 33.5 billion. We have this ratio of 1.8. The last slide before giving the word back to the president is the investments performed.
As I said at the beginning, we have been speeding up this performance of investments. In this quarter, starting on the first line, the corporate of generation, we realized BRL 311 million, 50% of what was predicted for the period. Under transmission, our performance has been very positive. We invest over BRL 534 million in this semester, almost 90%. Under SPEs, the highlights, it was the capital allocation in Santo Antônio Energia that shows as BRL 1.6 billion, and this is the investment that we made in Santo Antônio Energia. We segregated Eletronuclear because it's not a company that we control anymore. On the right, you have some highlights for generation. We have the wind parts in Coxilha Negra.
As Wilson mentioned, we have the combined cycle in Santa Cruz, and Chesf has concluded some works and regarding transmission. Under the SPEs, besides the investment in Santo Antônio Energia, we had some minor events related to Chapada do Piauí and TNE. That being said, I conclude the financial highlights and give back the word to Mr. Wilson, the CEO, to talk about the next steps.
The next steps is just for me to conclude what we have, things that we need to share with the market for the next few months. Of course, the conclusion of the voluntary dismissal plan, PDV, and we have up to November eighteenth to finish inscriptions. Then we have the schedule of dismissal of people, and it will be published at the end of the year. We will carry on with the review of the strategic plan of the company.
We will bring to the market at the end of the Q1 this migration to the new market, and we want to perform this migration up to the end of this year. Obviously, since the volume of energy, because we exited the quota system, we have been acting on that, and we have to be state of the art in commercialization of energy for all markets. This restructuring of the holding and subsidiaries, especially regarding organizational structure. The idea here is to approve this new structure of holding and its subsidiaries and all the fluxograms and the organograms for those entities. We started an assessment to understand the qualification of the personnel under this new structure. Then from that on, we can attract new talents and new leaders for our businesses.
As I said before, something that you will see as a recurrent measure for this company, because we have over BRL 30 billion in liabilities, and we are worth. The subsidiaries are worth almost BRL 30 billion each. Our holding is almost in a new company. We need to reduce volatility. It's. We're being very pragmatic and objective to look for agreements that are favorable for our parts, both parts, parties, and to present the other party some solution. For us, reducing the debt, it's not only a transaction. We have to strengthen the processes to not incur any new liabilities. I hope we have finally a very active company regarding the reduction of its liabilities. I think it's a big set of activities. I tried to put the major 6 activities that we work.
We have four initiatives with names, surname, responsible, and deadlines to address the issues and create, generate value for this company. I appreciate your attention, and now we start with the Q&A.
Now we'll start the Q&A session. We kindly ask you to formulate all the questions at once, waiting for the company's response. Please remember to send your questions through the Q&A icon at the bottom of your screen. During the session, your names will be announced, so you can ask your questions live. At this point, a prompt to activate your microphone will appear on your screen. Our first question is from Maria Carolina, sell-side analyst of Credit Suisse. Maria, we will send you the prompt for you to ask your question. Please, Maria.
Hello. Good afternoon, everyone. I have two questions.
First is about commercialization of energy, more precisely regarding the energy balance in this quarter. We could see that you updated the energy mix with a balance for unhired contracts for 2023/2024. Compare it with the latest balance sheet. We had some commercialization in 2023/2024. I just want to confirm if there was any negotiation, and if you could enter into more details. If you can confirm regarding deadlines and prices of those contracts. The second question is about the Amazonas Energia. We have a new provision regarding the liability of that company with you guys. I'd like to see if you can solve that definitely involving the regulator. With the current controller of the company, maybe find a solution that might involve a new shareholder to create like some robustness to honor the contract.
Or from your side, do you have any format that makes sense to you for us to see a solution that is a little more definite in long term, for us to have more predictability regarding this payable? Thank you.
Caro, I think it would be interesting to start with Amazonas with Limp, and Jatoba will answer the first question. Limp, if you can start, please.
Thank you, Wilson. Thank you, Caroline. Good afternoon. Thank you for your question. This topic regarding Amazonas is not simple. It has been recurrent, and we have presented that same issue in the latest results, the default that generated provisions. We have observed along 2022 some good improvements.
As Elvira said, we had an evolution regarding regulation of the department that allowed Amazonas to receive the values of CCC, and it made possible to Amazonas to honor the values since May. It's important to highlight that all the current energy provisions, energy contracts were paid by the distributor, but we have previous debts that are in default. We have talked to the regulator constantly, and the regulator has a shared view with the status of this distributor, that we have an economic problem in the distributor. You know, it's a debt that is around BRL 8 billion. That's a very big debt for the distributor. ANEEL has supervised that along the distributor to require an action plan of the distributor to solve this question.
Eletrobras is one of the most important creditors of this distributor, is interested and will participate in the solution. We haven't defined what, but we believe that soon we will have a definite solution for the distributing company. Now giving the floor to Jatobá.
Thank you, Maria Carolina, for your question. Regarding the increase of sales in the horizon of 2023/2024, you're correct in your observation. This is due to the effort that we have been done to optimize this strategy of the company, and we seek to increase the aggregated value of our product to the clients, and this is exciting. Regarding deadlines and prices. This is part of our strategy to advance the sale, and prices and deadlines are connected to the prices of the products that the clients demand.
We're following this strategy to aggregate value to the clients, and the prices will follow as we achieve this objective. We can't share with the market, with the future prices with the market. In the slide number 15 present, you have the values that we practiced the last quarter, so it can state for this, the success of this strategy.
Oh, that was great. Thank you.
Our next question. From André Sampaio, sell-side analyst from Santander. Please, André, you can go ahead.
Good afternoon, everyone. I'd like just to complement one of the questions of Carol regarding Amazonas. I'd like to understand the rationale behind the provision or non-provision of those amounts not yet provisioned. Amazonas couldn't adjust the tariff last quarter. What led to the decision of not provisioning the whole amount?
If you could comment on some deadlines, it would be amazing for us.
Maybe Limp.
If I could start, Limp. Andre, thanks for your question. The decision of not doing the PCLD total this quarter was related to what Limp explained in the improvements that we could have because of the regulator has been doing a good job, and we debated with our auditors that this assessment will be made next quarter when we finish the annual report. We have objective criteria to talk about provisioning, as you said, and ANEEL approved the readjustment of the tariff, but it is connected to the payment certificate, and Eletronorte put Amazonas Energia in default because of the lump sum injection that prevented Eletronorte to put them in default. They won another administrative proceeding with ANEEL.
ANEEL will try to give them a good payer certificate that will allow them to receive resources. Since the judicial sentence did not comprehend all the resources, this readjustment was in dispute, and we think that the distributor has worked for the judicial ruling to contemplate this readjustment. Because for us, Eletrobras, it's interesting for us that the readjustment is applied, because otherwise it's going to worsen. If I could only add to my question to see if I understood that correctly. Who required it? I had understood that Amazonas Energia hadn't paid the overdue. When the distributor is in default, they can't have the good payer certificate issued by ANEEL. But in this case, even being in default, they could have the preliminary decision that made ANEEL issue them the certificate for them to be able to have the readjustment.
It was not that comprehensive before. The judge had not considered all the resources, but the distributor has sought to have an injunction, to have the right to this readjustment. We believe that it will be applied soon.
Thank you, Limp. Thank you, Andre. Our next question comes from Antonio Junqueira, sell-side analyst of Caixa Econômica. Antonio, we will open your microphone for you to ask your question. Please go ahead.
Good afternoon. I have two questions. One, regarding ESG. We talked about some goals and purposes in the short term, and including the decommissioning of thermal units. My question is regarding the emission of carbon dioxide. If you have anything connected to the Paris Agreement. My second question is regarding the voluntary dismissal program. What's the expectation of impact in the payroll for the next three years?
Thank you, Antonio.
First regarding ESG. Yes, part of our strategic plan, we have the commitment to net zero scope one, two, and three. Certainly the three is for 2050. one and two, maybe we can implement in a shorter term. It's important to highlight, I showed this graph to you because we have been talking at Eletrobrás in an international scale to be the second best company in benchmarking and best practices for emissions and renewable sources of energy. There are still improvements to be done, regarding the emission of some like coal plants or natural gas plants. So we see a potential for optimization. In our vehicles that are used in the company, and since if you look at the scope number three, you have like lost energy in transmission lines, and we are assessing that.
The next enterprise we are getting involved with, the Transnorte Energia that connects Manaus to Boa Vista. This unit will, when made viable, eliminate over a major amount of emissions from thermal units in those kilometers. The company will commit itself with the Paris Agreement in scopes number one, two, and three, and our actions will be followed by the market. Regarding the dismissal plan, we have the inscription up to November the 18th, so we believe that we will have a massive adherence. Up to the end of December, we will have this reference board, 'cause maybe it's important to share with you, we haven't done any kind of admission exam.
The newest employee has over 36 years old, so we will have new opportunities to bring new talent, young people from the market to be part of this staff, the staff of the company that is a little more seasoned. We will reduce our experience. We have many people over 65 years old, and we will refresh our staff, and it will be made available by the TMO. We will share that with you, and there's a possibility for a major reduction here. Mind you, that the oldest personnel, people that have been working with us for a longer time, they receive bigger salaries, and that's the reason we have an 11.2 months payback plan. We have over BRL 1.5 billion in reductions of costs if the employee adhere to this program. We will share the results with you.
Clearly we will have the reduction of costs. We know that. We had like, some automation improvements. We started to operate remotely in more systems, and we have robotizations, and we have some robots in the administrative process. We will implement 115 more to rationalize the shared services of the company. We also have naturally, we had that before when we defined this floor before some optimizations and modernizations that established, exceeding number of 600 people approximately. So we have a very effective cost reduction action. Even if we hire new talents for the company, young talents for the company, to have this age diversity in the company. Okay, Antonio.
Okay. Thank you. Understood. Thank you very much.
Our next question was made by Eduardo Haiama. That is Sell-Side Analyst of J.P. Morgan. Please, Eduardo Haiama, you can move on.
Hello, Wilson Ferreira Jr. Good afternoon, everyone. If I could humbly add something, could you publish the regulatory report? IFRS is not cash generated, so we have this volatility compared to the inflation. It's not good for us to understand the EBITDA of the company. If you could publish that, it would help us in sell-side very much. I have two questions. The first one is about Furnas. The company had purchased about BRL 200-300 million, and now in the Q3 came to BRL 850 million in energy purchasing. According to some comments, Santo Antônio would be 230. We have a gap of BRL 500 million as a gap in Furnas. Where did it come from? This recurrent, it's. I'd like to understand that better.
What can we expect regarding energy purchasing for the next quarters? My second question is about Angra III and Eletronuclear. We know that you have a shareholders' agreement with ENBPar for building Angra III. What will you invest in that? What would be the cash flow when Angra III is concluded? I'm sorry about the long questions.
Don't worry. We thank you for your request for the regulatory results statement report, and we will be very transparent about that, and we will consider the suggestion. Thank you very much. We'll make that available. Regarding Angra III, maybe Camila Gualdo Araújo can answer that question since she's the governance director, with some comments from Elvira. Then we can give the word to Jatobá to talk about Furnas.
Wilson, just a second. We do not publish the regulatory statement, but we have an adjustment.
If we have adjusted the EBITDA with the regulatory revenue. In page number 24, you can get this readjustment of the transmission revenue by the regulatory. Now, regarding Angra, Camilla and Elvira. I ask you kindly to repeat the question of Angra III. My question is if Eletrobrás will need to, as a major shareholder of Eletronuclear, if they would need to invest proportionally for the conclusion of Angra III, since Angra III was excluded, so the CapEx is not there anymore. After the conclusion of this critical way and to resume the resumption of the building of the plant, if Eletrobrás will invest proportionally, and how would it affect the cash flow of the company? In reality, our investment proportion are limited to the results of the studies of the BNDES that are being concluded as we speak. It depends on the conclusion.
The tariff studies that will be approved by CNPE. Once this is concluded, we have the CapEx defined. Then how can I say? A financing strategy and participation by Eletronuclear, but capturing this financing and funding to conclude the building, the works, the building of Angra III. What we needed to invest, we had invested before, and now we just monitor as a shareholder of the company, all the movements of Eletronuclear, seeking for financing and funding. We are waiting for BNDES to deliver the studies to check how it's gonna be structured for the next years. Elvira.
Thank you, Henrique. What Camila has just said, what was agreed is that our responsibility is defined by the participation of the voting capital, not the total capital stock, but the tariff as defined by law.
It must be sufficient to pay this CapEx and to pay for the investments that you reminded us. That was the critical way. All the investments that we have made from 2020 on, they must be paid. We are waiting for the BNDES studies for the CNPE to approve the tariffs that will cover the CapEx that will be defined. Our responsibility from now on is limited to our participation in the voting capital. Just to be clear, Elvira. It's not predicted at first that we need to invest more capital beyond the critical wave investments, right? The second is the tariff that will be approved by CNPE after the studies of BNDES. They will be a guarantee for the investments for the conclusion of those commissioning or this commissioning. ENBPar will offer collateral for those financing proportional to the voting capital.
Eletrobrás is limited in 35% of the voting capital. After this explanation, I give the floor to Jatobá to talk a little about Furnas.
Thank you, Eduardo Haiama, for the question. This is the seasonality strategy of the company. It's important to remember that Furnas organized an auction for incentive energy that will be in force from 2024 on, and it will accommodate their clients' portfolio. Obviously, now that the commercialization process will be unified, we will review that strategy to limit the purchases under what's predicted. It was what was scheduled. Just a final comment, if I may. Theoretically, Furnas would not need to purchase energy anymore because it's going to reduce investments due to the exit of the quota system. The purchase of what Furnas had, it was incentivized energy.
It was the PPA in which they had sales to the consumer. They went after that to make the projects viable to issue the PPAs. We have a longer contract for the purchase of incentive energy that will meet the sale to the final consumer of incentive energy or subsidized energy.
Our next question comes from Marcelo Sá, sell-side analyst of Itaú BBA. Marcelo, we will open your microphone now for you to ask your question. Please proceed.
Hello, everyone. Thank you for the conference call. I have a question regarding commercialization. Jatobá commented that you couldn't give some guidance of prices. When you get the balance sheet of this, the second or the Q3, you have this average price about BRL 202.
It flattened the curve that it might, if I'm right, indicate that the price of sale is next to BRL 200. As we look the market before in July, this price looks a little too high, and I'd like to understand that better. If you look at the balance sheet, you had sales happening from 2023 to 2025, and in 2026 you had decommissioning. My question is, did you have any kind of swap, and maybe that's why the price was better in the short term? Why you have this investment. My second question regarding commercialization is, are you planning to buy a commercializing company or just hiring new personnel?
I'll answer your last question.
We considered this possibility to buy a commercializer, but we have to understand that we have four areas of commercialization, and we have qualified personnel. We have always been big, and now we're just getting bigger. Talking about opportunities, because that kind of business became expensive, we will consider that. The natural strategy would be to establish an effective process of coordination at the holding, to establish a strategy of product and markets and clients, and bring in people from the market to strengthen this area, attracting talent alongside qualified personnel that are already working in our group, coming from the four companies that we have worked with.
We do not eliminate the possibility to have a commercializer, but we prefer the idea of building an internal team, senior and expert team at the holding to coordinate the commercialization process in all the companies. Regarding the two observations that you made, they are correct. We had some swaps that allowed us, among other operations, to increase the price, 2023, 2024, 2025. In 2026, we had a reduction of investment regarding some special consumers that are covered by law, the special law, and they have the right to do that in 2026. Since 2026 is the longest deadline, it impacts a little more in 2026. But it's within normality of commercialization. Regarding the price for 2023, 2024, 2025 to assume that the price is close to BRL 200.
How was that possible if in July the price was like far from that? That's what I tried to explain. Our strategy is to diversify the products and have different terms, contracts of different terms. That's the strategy that we have been using. The projected price reflects the current price that are in the baseline. We have long-term clients, and we try to aggregate value since the trust, the reliability, the fact is that it's clean, certified energy. This strategy aggregates values, and that's what we seek, 'cause we want to increase our portfolio. This is like we have new opportunities in this market, and obviously this aggregated value will impact the price. This is our strategy.
Thank you, everyone. Thank you, Marcelo.
We end at this moment the Q&A session, and we return the floor to the CEO, Mr. Wilson Ferreira Jr., for his final comments. Mr. Ferreira, please.
I'd like to thank you, all the analysts and investors once again. We're glad to be back to the company and lead this excellent team and to thank your trust, the shareholders, investors and the directors here, 'cause the most important role here is to formulate this strategy. We will try to be more transparent, 'cause we have this commitment. We have the commitment to share this strategy that generates value with the market, with investors. We're very optimistic. We have a big journey full of activities, but I believe that for the next months, we will be able to share and feed you all with new.
We have moved forward, and I think we have room to grow even more. That's what we have been discussing with the board of directors, for us to be able to implement those initiatives and deliver very quickly those values. I think we will be able to surprise you with the perspectives in course. I thank my whole team, and I invite them to keep fighting this big battle, but we are gonna prevail. Thank you very much. Have a good day.
At this moment, I declare this conference call closed. We thank you all for your participation and wish you good-