Welcome. Presenting the team from Eletrobras. We have here today Wilson Ferreira Junior, the President of Eletrobras. Elvira Presta, Financial Vice President, and investors relation. Rodrigo Limp, Vice President of Regulation and Institutional Relations, the new Vice President of Commercialization, and Vice President of People, Personal and Culture. Elio Wolff, Vice President of Strategy, Business Strategy and Participations. May you inform that this virtual conference is being recorded and will be made available in the site of IR in the company, and will be available in both languages. If you need simultaneous translation, we have these two available in the icon called Interpretation, located in the bottom of this. If you can choose Portuguese or English. For you listening in English, the option to silence the original audio, clicking in mute original audio.
For Q&A, We should be sent by the Q&A button on the bottom of the screen. Your names will be announced so that you can make the question. To request your microphone whenever you make this request to activate your microphone will appear on the screen. The disclaimer, anything that is said during this presentation about the business perspective of the company projections, operational targets and financial ones, they are premises of the Board of Eletrobras, as well as information that are currently available for the company. Co-future considerations are not guaranteed of performance because they involve risks, uncertainties, and therefore they depend on circumstances that may or may not occur. The investors should then understand that economic conditions in general and other operational activities can affect the operational results expressed in the future. Wilson Ferreira, the President of Eletrobras, so that we can start the presentation.
Good afternoon, everyone. I'd like to greet the shareholders, the investors, analysts that work at Eletrobras, so that we can share the main results of our first trimester, the second that we complete here since we have arrived. We highlight here in the beginning what are the main highlights of this quarter. Basically on the partnership, the advance that we have had in the process of acquisition of Santo Antônio Energia, the advance in the acquisition of owners of 23%, and then arriving 93% of the company investors in BRL 168 million. We're going to be able to detail here more, but it deals with one of the main companies in Brazil. This is a very important human data investment.
The second one, the second highlight here this quarter is the receiving of BRL 950 million referring to the contract of transfer partnership participation in Itaipu. This is one of the preconditions of the privatization and capitalization, where this asset was financed in 20 years. Now, with the discount that we speak further ahead, we had an influx of cash of BRL nine million, which is really important for the liquidity. Another point that is really important, the transitions that we started to develop along the recent years. We will follow here not just the team of Sáez, but also the União Energia. As a complement to that, we had participation from CEMIG.
With this, we now have a controllership of investment of BRL 200 million, I mean, also of Retiro Baixo hydroelectric unit, and also the hydroelectric unit of Jaguari, BRL 393 million. Having 100% of these plants, these plants are totally contracted and regulated, this is not an instrument of competition. It's basically a relevant participation that the company has, and that they can start operating these plants with more efficiency. These are highlights in this quarter, very important for the continuity of compulsory loans, highlighted by some analysts that I follow in the morning. For the second quarter in a row, we have here a reduction in the stocks of provisioning for compulsory loans.
We still want to lower our provisions of loans. Whatever is a benefit for the company, as long as we have an agreement, then we can provide liquidity. As a counterpart, we have here a decrease in the values that were in provision. Highlights also in this quarter, the continuity of our processes of PTV. We had 2,500 registered. We had up to April, 1,974 people that have been dismissed by this process of voluntary dismissal with important remunerations for this process. People that could, you know, become part of the program that were retired or to be retired. They were senior people in the company. We had this process running here up to April 30th.
We had, you know, we still have 520 remaining dismissals that we are with new vice presidents evaluating the schedule of the dismissal of these remaining people. So we are launching here in the month of May, the second dismissal plan with the remaining group of people in the companies of, with... So it, it depends on the-- And this will depend on the moment of the career of each person and the demand that the company has. And this has been already cleared up in the presentations. Then, strengthening of the holding, the strategic aspects and of several dimensions in our restructuring process.
Strengthening, we had 6 directors, and now we have 11 vice presidents that I will show a little bit further ahead. In these vice presidents, we need a complimentary of appoint the people and more three directors in subsidiaries. It's the beginning of a process of restructuring that we want to finish by June. You know, appointing everyone in a meritocratic way, everyone who is part of the current managers or people with high potential that could occupy these positions. We can have, with a lot of discipline and meritocracy, an important example of creating value, starting the capitalization. All the partnerships we have, renovated them, understanding the simplification that we need to do.
The control now of 100% of our controlled companies. We have also an ex-excel here, our CD, the payment of BRL 621 million in this quarter, already done here in April. We had done all the deposits in funds. All the commitment of cash that the company had done in terms of capitalization has already been done. At the following slide, moving on to talk about our transformation, and I will now show you on the left side, already here some observation about the deliverables already performed. Be it the dismissal plan already, 80% of the register already dismissed by April 2023.
We have here in supply, we have a commitment in a disagreement where we have 80% of the first stage captured. Here we have two elements. One, CapEx, a reduction of BRL 160 million, which would be equivalent to 9% of our expenses of BRL 1.8 billion. This is very important for CapEx and OpEx, and in economy, 143%, you know, mentioning the company insurance. BRL 280 million addressed, where we had BRL 120 million reduction. We appointed all the managers, the below presidents for the holdings and the other control companies already done. We already worked through these levels.
All the agreements already agreed in most of the companies, with the exception of some subsidiaries and managements. We also continued the negotiation of our compulsory loans. We have paid around BRL 780 million, 43% of the stakeholder shares. We have accumulated BRL 640 million, the agile and also almost BRL 692 million of loss balance reduction. Almost BRL 2.1 billion total. This is the first time it happens in many years in the company, at least the ones that we have, the ones that I have participated in. Another important instrument was 90% of a currency exchange exposition without a bond in the United States.
We have two more operations happening with subsidiaries with lower values, and that we will conclude in this second quarter or semester, second semester. We have here several deliverables that will be operated. I'd like to rank here. First of all, we will do by the end of June 2023, a little past day, where we will share with the investors and analysts, the essence of our strategic process with an important reference of goals and strategic actions that the company plans to execute. Along this point, we go through the second phase of supplies. That is, that is expected for semester 2023. We look here at the CapEx of with expected reduction of BRL 280 million.
10% of the expenses now of the remainder of BRL 2.8 billion. In OpEx, BRL 200 million or equivalent to 25%. These two phases when it talks about supplies is really important, either for OpEx or for more competitiveness in CapEx in the acquisitions done by the company. In May, we will launch the dismissal plan for the remaining employees of the company. We are also within an ambition to the partnerships with around 74 agreements to be done, 31 by the end of the year. There are several operations of the corporation sales of divesting. We will also give liquidity to our partners and are in our joint ventures.
The liquidity of the company and the results as they go through in a control exercise by Eletrobras. We have a renegotiation in the structure of capital of SAESA running, and this will happen along the third quarter. Not just to achieve a 100% participation, but also together with BNDES, so that we can restructure this debt process so that we have Eletrobras with a bigger share. So we believe that this is a relevant important that adds a lot of value to the company. And finally, we also, we plan to share here with you, this is strategy of optimization of fiscal credits. We have fiscal credits relevant in holding and also in the subsidiaries.
All together with, in the capitalizations where we can, where we have to provide, capital, allocate capital to companies, to partners, to joint ventures, so that we can generate, you know, tax revenues in the holdings, M&As in joint ventures, as we have done with SAESA and, receivables. This set of values create a lot of worth. This makes it viable the important creation of a value for the portfolio of the company. These are the points that we in our transformation process led by Camila. Here we have, I show you here the new leaders in the company. As I had mentioned, but we have Antonio Varejão, ex-director of engineering. He's the CEO of the company.
Tulio de Freitas, professional engineer in the energy sector for more than 30 years.
This is João Carlos Guimarães who will lead our area of commercialization, also professional, very recognized in the area, has gone through several companies, ADP, like such as ADP, one of the subsidiaries of Delta as well. Elio Wolff, who was the head of M&A of ENGIE outside Brazil and now is with us, involved in a set of operations and the maintenance of two professionals that are very valuable to our company. Rodrigo Limp in the regulation. Elvira Presta in the financials, she's been here since I joined in my first time in the company. Camila Araújo, risk and conformity and governance.
We have brought Renato Carreira, former director of supply in Vale, with a big experience in CSN and several big size companies for this. We also brought Renato Mendes, who do people, which management and culture, 30 years of experience in this area of human resources, you know, with in through many own consultancies, but also several companies, Tigre, CPG. We also made an invitation. Marcelo Siqueira can come, a current board member. Through in May. Here I'll let my president of research and development and digital and information technology and bring Augusto Severo. I hope to conclude this.
We have the team basically completed here, working a process of transformation that is led with me together with Camila and many other of these vice presidents here. In the next slide, I would like to show here and give the floor to Zé Renato so that he gives his first comments with you. Four great movers impacting the Eletrobras field. We have the PDV, the reposition, structural or optimization, and Zé Renato will make a brief comment about these challenges.
Thank you, Wilson. Good afternoon, everyone. It's a great pleasure to be here and talk about these movements that are shown here related to us, to management and to the culture. The figures of PDV that you see here for the voluntary dismissal, that has already shown in some, in the previous slides, I want to highlight the impact and the expectation we have of this annual savings of BRL 1.1 billion.
That has already come to BRL 150 million up to April. Monthly of BRL 70 million. Now in May, we have this dismissal plan that will be launched for the second one, with 1,500 people already registered for it. Making that the organization comes close to the, to the size in terms of people, you know, fair, with its performance and with what it needs in terms of people to operate and operate in an efficient way.
Annual savings of BRL 680 million. BRL 600 million-BRL 800 million. Together, total savings, expected savings of almost BRL 2 billion in this process of voluntary dismissal. Here we are replacing some of these professionals, especially in the maintenance area, of 832 professionals. This starts next week. We have the first wave, 831 people, arriving in the company and starting the operations by June, especially with the focus of operational continuity and renovating this field, which is replacing many of the people that have left, especially retired people in the first dismissal plan. Optimization of the structure starts the, you know, centralization of the organization.
Up to June, we'll finish implementing this new structure with the strengthening of the corporate functions. Reducing the number of management positions in 30% when we compare with the pre-capitalization. It's an important impact in point of view in terms of cost and also of being an organization that is much leaner and lighter and more efficient, of course. Lastly, the process of strengthening of cultural transformation with our strategic objectives aligning of the organization with people. A new design of career track plans and onboarding of young people that we should start to be doing in the second semester. With this, I finish this part, and I thank you very much, Wilson, and then I give you back the word.
Thank you, Zé Renato . I would just like to. We have around 8,000 people in the company. We started here with 10,000, so we see this reduction. I'm trying to be concise here in the explanation. First, I would like to talk about the sustainable growth of the company. In this quarter we have added new megawatts to the company with finishing the cycle of Santa Cruz, our thermoelectric in Rio de Janeiro, with more 450 megawatts buying the hydroelectric unit of Santo Antônio. 22% of the capacity in Brazil.
We with the controls where we have 1,475 megawatts of added megawatts with SAESA, Baguari, Teles Pires, Riacho do Baixo, and leaving Manaus, which will add the 515 new megawatts of what we already constitute. We are here in this seek to become one of the biggest companies of renewable energy in the world. With these movements, we are naturally, you know, meeting this. We are here with our energy, which is renewable, which is cheaper also, means 20% of the energy generated in Brazil, 22 of the capacity installed, and 97% of it coming from clean sources. In transmission, we had the same behavior. I highlight here the increase of investment.
We doubled the investment in the corporation in the same quarter compared to the previous year. Now we reach here 74,000 kilometers, 38% of Brazil, 282 substations. Brazil has 194,000 kilometers of transmission. We also have the perspective, excellent perspective of great implementation of great size investments with a CapEx of almost BRL 60 billion. This BRL 837 million is up to 2027. BRL 186 million only in this year, 2023. Some already implemented in the first quarter. Sustainable growth in the sustainable growth and also transmission, the decarbonization of our generating energy. The next slide, we have an evaluation here.
I'd like to highlight here, it's really important that our revenue, the first quarter region of BRL 11 billion, 71% of it is revenue regulated indexed to the IPCA, most of it. I look here at BRL 4.2 million of the transmission, BRL 2.62 billion in the generation in market in the long term, 38% in the generation of codes, decreasing along the time, but it needs 9%. All of this comes to 71%. We'll see here in the superior block about BRL 3 billion or 27% of our revenue coming from market, free market.
I highlight here in the free market is that 86% of it are in bilateral agreements, which is typical in the free market, but also with the index to the inflation. Only 4% of this that is that in a particular liquidities in the short-term market. These are revenues of rents, of transmission lines for telecommunication, of providing operational service that we have in Belo Monte. All of them are also indexed. It would have been correct to say that 71+, two, 73+, something else close to... about 96% of the company is bilateral contracts indexed. Very good. With that said, characterize, it's a very robust company in terms of the revenue generation.
I go to the second slide, where the following slide, where I come here to show you João Carlos Guimarães, who together, who is joining us, telling us about what the market has been debating, these bilateral contracts concerning this law from 2015, 13,882. João, please, you know, you have the floor.
Good afternoon, everyone. These contracts, they have been agreed on this law from 2015, and they are electric intense. The clients, this contract, they have mounted 1,241 megas that have been contracted. They have a specific tariff in the 184 megawatt hour.
It's important to highlight that this price, what the effect stays in the Eletrobras in terms of effective revenue is equivalent to quotes, BRL 90. This difference between BRL 90 and BRL 190 goes to the investment funds in the Northeast and also in the Southeast in terms of generating energy. As these prices are above from a point of view of the client to the prices of the market, many of them have been options of reducing the contract, the amount contracted. This law, you see this in the law says you have 6 months for this reduction, and also breaking this contract. In this case, you need to wait 18 months without having being fined. Here we had the first quarter, we had a reduction of this number of processes, this should increase along the year, along 2024 as well. Basically, this is it, Wilson, what I have to say for now.
Thank you, João. I like to highlight here that in this comment from João, that this rule is the request of a breach with 18 months ahead. Once upon request, we have 18 months to execute the contract in the terms that it exists today.
From there on, the following 18 months, we're talking about, into half of 2025, the consumer who took this decision, has a risk in terms of contracting the energy in the free market as prices above, or if we have the variation of, as we have had already, three years ago, of a non-favorable situation when. Obviously, related to economic perspective as well. We have these two favorable conditions. The risk of this consumer, increases a lot, which, could impose this decision in the level of, responsibility that is really big. Moving on, we have here the variation of our volumes of revenue generated.
We see here that 90% growth in this quarter compared to the first, the same quarter in the previous year. We see a growth, the lower quotes, which is the process of decoding. We have a growth in ACR with 86%. A rigorous growth. We have the cooperation of Faiza in our portfolio, so the importance of this transition. The free market growing 29% also with the quotes, you know, coming converted in the two free markets, 29% growth and 27% of the volumes that you have to put in the short-term market.
On the other side, we have the growth of the revenues of generation from 22% to BRL 1.2 billion, reaching BRL 6.5 billion. Here we have a readjustment of the quotes that are... Reaching basically, despite the volume of quotes, we had a growth in the unit values. The reduction of volume compensated by the growth of the price of quotes of BRL 1 billion. We have an increase also in the volume of markets, regulated markets, BRL 2.6 billion, reaching revenue average of BRL 220 for megawatt hour.
Then in the free marketsFrom, we have a growth, important growth of volume of 26% and growth of revenue of 26%, reaching a total of revenue of BRL 2.6 billion or 200 megawatt-hours. This volume liquidated in the short term in BRL 440 million. The performance in the generation is very strong besides the economic moment that we are living in Brazil. Here we have this regulatory view of the transmission. I'd like to highlight this because as the values of revenue of transmission are different from the regulatory, I'd like to highlight first that we continue evolving a lot in terms of regulatory.
The green ones on the left side show that in our portfolio, our regulatory revenue of BRL 3,334 billion due to about BRL 600 million growth. It doesn't reflect in this trimester in the reported IFRS, and almost BRL 4.216 billion. This is due to the fact that you have the revenue of the transmission segment indexed here to the variations, basically, especially on the two inflation rates, IPCA, to 2% in this quarter against the 2.3% in the same quarter last year. Also continuing this in this line, and also savings related to employees that have left to have an add, you know, of, you know, preventive health plan and so on.
We already working, as Zé Renato has said, with an expectation of a savings of BRL 70 million monthly, just with the people in the company. We have a growth of due to the consolidation of SAESA, an increase of also of our consultancies and lawyers to viabilize all of this condition. We also had a growth of BRL 400 million in our operational costs because we had here the consolidation of SAESA BRL 300 million. We adjust 15% those of those add more than the values that we are reporting here. We have here in the effects of what we understand that we have to be observed and non-occurring here are the anticipation of the payment.
We have a discount for anticipation of resources that are brought forward of BRL 1.8 billion. Also in reducing compulsory loans provisions, we have a reduction BRL 335 million in terms of BRL 277 million in the monetary updated. We have in this, starting this quarter a part of BRL 1.8 billion, which is amortization of capitalization and part of obligations related to regulatory funds, totaling, as you can see here, BRL 1.8 billion. This is something that becomes a priority in the company, the evaluation of alternatives for additional financial expenditure. Moving on to Elvira. We have a half an hour presentation, so I'd like to reach 40, 45 minutes.
Thank you, Wilson. I'd like to talk about some details related to the demonstration of results. As Wilson has already mentioned, we have here a growth relevant of a gross revenue of 3%, BRL 11 billion. I would also like to make some comments on our base in which we consider recurring, which is our adjusted base. The more relevant increase of revenue already is the consolidation of the SAESA energy company. This is reflecting in the regulatory environment as also in the free Santo Antônio also has price, average prices over BRL 200, and this reflects in this increase of revenue. The slide that I will highlight more up ahead, I'm not going to mention now, but we will show more details later on.
In the block of costs, the next operational cost that is in light blue, it's important to highlight the Santo Antônio in the same way that he adds value, he also brings its costs. More in this period. In the construction, actually has facility related a lot of the investments in adding value to the transmission, which is very positive. Then we have an increase in the revenue of BRL 200 million. In the case of our thermoelectric, Santa Cruz in the first quarter, it did not only was dispatched, but also it was performing some tests to do a cycle, so there was no need for fuel, which will saves BRL 200 million in amortization.
I'd like to show here about also consolidation, we have BRL 500 million to... We have an increase of 80%, an expressive increase. This is an effect non-cash, which is the amortization of these new contracts that we signed with the capitalization. This brings more or less BRL 350 million. Also the depreciation that comes from Santo Antônio Energia.
The final financial results, the duties of the debt with Santo Antônio, which are consolidated that after renegotiations, we see a reduction in these amounts and the programs for a relevant value that is the PCI and also the duties and special projects, they see here, very important to highlight that in this moment, we're having this impact on the financial results, which is also non-cash impact. An impact, a cash impact, which is because it's very important, because this impact follows the flow of a 20% a year. We pay this BRL 900 million referring to the initial projects, you know, recovering the basins and also in the Amazon region.
Now in April, we have already paid the CDL to the referred to this year, which is BRL 620 million. From this, in terms of cash, up to April, we have done everything, but the amount that will go to the finished result is higher. It's important to make this comment. Also in the currency exchange situation, we had even better result, positive result, in the quarter last year. That's why this negative result appears here. We show the hedge here for 9% of our expedition. Starting in May, this exchange currency exchange variation will stop existing. Moving on to the second, to the following slide.
We see here the detail of the graph of the composition of our gross revenue, remembering always that the two extremes are IFRS, and we are focusing here in these columns of darker blues, whereas the reoccurring results, as already mentioned, the main effect was increasing the generation with the concentration of Santo Antônio Energia. Besides that, we also had Eletronorte in the regulatory environment, this has added BRL 600 million in terms of revenue. Already explained, we did not have the operation of Santa Cruz in the first effect. This brings this result. Also from a regulatory view, we had an increase of revenue from IFRS.
We have as a light reduction, as already explained by Wilson, and also due to inflation. Moving on to the next slide, the PMSO. On the left side, we have the graph, the superior part is IFRS, and the lower one is what we consider the recurring, so that we can make a comparison and effect of comparing regular basis. We have deconsider Santo Antônio and Santo Antônio Energia because it has added BRL 72 million of PMSO. Here on the right side. The main points that I would like to highlight. Our main expenses is people, and that has grown BRL 44 million. As we highlight on the right, recurring people only which has only increased 12%, which is much lower than we have with the adjusting the collective bargaining.
At the main, We have economy in the with the dismissals that have already happened. The program with the collective agreement, as already explained, a hundred and. We also health plan has been intensified, as usually happens when we have the dismissal plans added more BRL 10 million. Also we had the expenses, even though we have kept the recurring. In fact, it doesn't come back to happen. The other people that have been dismissed together with PDV, the dismissal plan. These are the main points. In the block of services.
Also the last comment. The perspective is that from now want to continue this reduction in the dismissal plans as they keep on going, and that they will launch and that are still coming out in the next months. In the blocks of services, I'd like to highlight here we had an increase of BRL 59 million. A great part of that are expenses that also will happen for a limited time, which are the consultancies that are helping us with all of this plan of transformation. We had here BRL 28 million for the transformation office and other legal services and also the technical nature, like maintenance of assets from our subsidiaries. This has to be added to BRL 22 million.
Others, we have a, you know, a small increase of BRL 7 million, mainly from, just according to the retired from our chefs. We have several savings, as we highlight too. Is the initiative of insurance. We had already implemented last year, now in this first quarter, we had implemented more BRL 17 million in reduction with the insurance. Also letters through, which is making some alienation of assets and rights, and had that another BRL 5 million. Now with the operational provisions, this is one of the highlights in the quarter, comparing to the same quarter last year, an expressive result. The compulsory loans, we did not have an increase of provisions.
We have a reversion where we, that, due to the work that has already been mentioned in our conferences, in the line that highlights as a green, PCLD last year, we had a provision of Amazonas Energia, the distributor to Eletronorte and also the, you know, he ended the, all the provisions, and we do not have impact in basically in, any of PCLD. Now going to the last line about, you know, legal, provisions. We had an increase of BRL 350 million-BRL 370 million, which is highlighting the great part of this are the updates in the old process that already existing.
Some situations of process that there was a reclassification of risking function due to the some unfavorable decisions. In the same way that we have the initiative according to the compulsory laws. There's another initiatives led by our legal Vice President to address these other processes that are non-compulsory and obtain some reductions and agreements in the future. Now to the next slide, we have a variation of the EBITDA with an increase of 10%, which has already been explained by the previous events. The partnership, we don't have Itaipu, last 116. Now Itaipu is not uncontrolled by us. The other effects of expenses I have already explained.
In the next slide, so that we can reach the conclusion, variation of net profit, which is the most relevant one, the financial result in which has this fall of BRL 3 billion and this variation of BRL 3.2 billion negative, what we have today with our reoccurring values that are be addressed are highlighted on the bottom. It refers to this one, BRL 1.3 billion refers to these insurance expenses of BRL 709, the Santo Antônio, which we will renegotiate. This variable in our currency liquidity of BRL 886. Also in the part of highlight that we have this discount of BRL 335 million in order to receive BRL 950, which we would take 20 years, we have already received.
This is a single event. After the compulsory laws, each trimester, it tends to decrease the volume of contingencies. This has been over five. This value has already been over 500, and now you see it's lower. Also leverage. We see the company continues this in the value of the net debt and EBITDA. We have the composition, the gross debt. We had BRL 259 billion last year. Now we're going to BRL 158 billion. We also had a small decrease in the cash due to the payments that have already been done. We kept, you know, the growth of EBITDA, you know, and also the net debt in 2x .
The payment of CDA, which we paid already in April, BRL 126 million dividends that we will pay in the end of May, up to June. We reached BRL 900 from Edge Bar. The last slide of the investments that we have here in a significant growth of 191%, consolidating the tendency that started last quarter. Over BRL 1.5 billion in investment is added to the operation that Christian has already mentioned, adding the companies that also the CEMIG of the plants of Retiro Baixo and Baguari. Continuing the buying of Santo Antônio and also inside investments, theWith the wind park that we are building.
We end here the financial highlights, and then we can go on to Linc. Thank you, regulatory, because we had important decision here related to... I will give the word to Linc so that he can explain here. Thank you.
Thank you, everyone. Good afternoon, everyone. I will go here to the slide we brought here. It highlights the main focus in the RBSE, which is a team that Wilson has already highlighted. We have the new technical norm of SSJT, which had a difference of a nomenclature inside ANEEL. It was also issued inside the SUT last Friday, in which it consolidated the analysis of the contributions of transmissions, of generators, of consumers in relation to what said in the technical norm of the same number of last year.
It did not bring a lot of innovation in terms of understanding to the new note, but it brought an understanding that is very similar and sharing and this splitting this in three topics. The first topic is amortization, which is the anticipated. Even though it didn't bring a change in of understanding the technical terms of 86, 85 to 2022, it gave us two ways.
The same way of payment up to which is, post anticipated, which was widely discussed in our public audience meeting in 2017, and also was in our understanding the position of the promoter's office and not a change in this item and keeping this into the flow of payment, the way of, you know, this, post-anticipated manner, and also brought some of the possibilities, and also as shown in the 2022 technical note, the possibility to change the amortization to anticipate as with June 2020, which was the understanding, the technical term, and that was concluded in these two ways.
In related to the separation of flows of application of KR, only in the installment, that is different from that of the methodology that it was already run. It changed the, bringing the, this technical term last year and also brought reaffirming the understanding that the agency should be, no change, so that... I'm sorry, that the ACR should be changed, so that it can have the calculators, the debts that is still, due payment and also some difference in the calculation. We are still looking at the numbers that were made available, and we had yesterday included in the, this, process inside the meeting ANEEL on, Friday. We are here with Eletrobras and also by ABRACE, discussing with ANEEL for, several time, the legal time, the technical team, the legal team.
In the next week, we will be there in the public audience referring the legal reference and the predictability of the rules that define in several decisions that were taken in the sector, highlighting that we don't have any merit decision related to the team, but possibly it will be taken on Tuesday. We are not sure in which way we will forward, which way the board will forward, because these votes have not been made available yet. They hope that they keep the same terms with the consolidator process and the final stage of a discussion is by ANEEL. Only this update of RBSE. Now we wait for the decision in the next in the next Tuesday. Next Tuesday. We have two more slides.
I want to highlight that we made available everyone our annual report that I recommend reading. We have it complete in summarized in English and Portuguese with where we talk about the future of the company. In a sequence, some recognitions, first of all, Eletrobras leading the initiative that's launched by the favor, by the Global Pact of United Nations of Human Rights in the electric sector, and also some recognition done by several organs and agencies, and that puts Eletrobras as one of the best companies in the electric energies in Brazil. In the IFR Awards in category of Latin America of equity by capitalization and our stay in many other of the awards place here.
I just want to say that this is a permanent commitment that we have. Obviously, as closing this, our first intervention here with. I like to thank you. This is a work that has been done in a very cohesive way with the board of directors of Eletrobras and the new executive management. I'd also like to highlight and share that the board has met in a very intense manner, and we are advancing. I clearly have the impression that we are advancing very much so in the strategic, in our strategic agenda, creating value for the company.
This is due to the dedication of everyone to a greater cause, which is the adding value to all the to everyone who which Eletrobras interacts. We're free for questions that you may have. We will start the Q&A. We ask you to make the Q&A in the same way and wait for the answer of the company and to ask questions, they should be sent by the Q&A icon in the bottom of the screen. Based on the order of appearance, your name will appear and to ask the question, a request to activate your microphone will appear in your screen.
Now we'll go to the first question. Which comes from André Sampaio, south side analyst from Santander Bank. André, you may open your microphone please, André. You can go on.
Good afternoon, everyone. I have two questions. The first question is referring to the contract of Sobradinho to be added, I would like to know more about what you already understand is a contract. What has already been requested in terms of canceling. Also any, and if this is already known by the company, this is reflected in the energetic balance. If some adjustment needs to be done or not, so depending on the discussion of turning on Sobradinho. The next question, Angra. If you can talk about the expectation of Angra, in fact, and still speaking about Angra, if we decide to build Angra, how we would, this division of cost of mobilization and, you know, suppliers, would it be shared by the stake, economic stake or the originary, you know, original one?
Thank you, André. I'll ask, in the specific case of Tubarão Sobradinho, Carlos talks so that, just go to link, related to Angra 3 we had this week, I recommend that you have access to the material that has been shared by AlexAndré Silveira, who was there in the National Congress.
He reaffirmed that the commitment that we have, this construction of Angra, which I always said is really important for the electric system, especially in the southeast region, the metropolitan area of São Paulo and Minas Gerais, which this process, in the clear manifestation from the Minister, it's a priority of the government. Now I will give the word to Linc to talk about the expectation and this risk that you have mentioned. Then João Carlos will talk about Tubarão and Sobradinho. Linc, please.
Thank you. I think you approach a very important point that the scenario that we work with is to complete execution of the project. The project already has, most of it is already concluded, is a significant part that is already advanced. There's still some important parts. Most of that has been done. We have discussed here, you know, together with the Ministry, that has done this interference also with the, with some of our courts that, so that we can approve the tariff.
All the contact that we have had with public sector, where we had some audience, there was specific presentation about nuclear energy, Angra I, Angra II, and also mining associated to the nuclear energy and also the project of Angra III. Our scenario is executing the project. Our role as shareholders is to contribute and finish the modeling and within the execution of the project.
We are in fact structuring inside Eletrobras areas that are destined to following this project due to the importance of the project to Eletrobras. Also in something like as we don't work with the scenario non-execution, but from Eletronuclear we talk about we have to talk about the shareholders. There is no rule of how it would be treated. It's not the basic scenario that we work with. Last of all, I'd like to highlight that this is a project with the risk of 70% of the construction is already concluded. What basically what's missing from the moment that we follow up with this in a critical process, which is complying with the civil work.
This is a project similar to Angra II, you know, same size, same machine. We have here in terms of investment besides commissioning, which is the main activity that needs to be developed. We have here the instrumentation, which is very modern, is the greatest change related to instrumentation. I think this is the fundamental factors that we have the development of this construction. João Carlos, please.
Good afternoon, André. What happens with this impact? Basically, it's given to, as mentioned already. The volume is unlocked and we consider it as not contracted energy impacted to the quotation. The price, BRL 109-185. Great, a great part of it is for the investment funds in Northeast to Southeast. What the company retains basically is the value similar to the quote. With this we incorporated this volume, is already in form, and this means value that we can put in new operations of new operations.
Thank you. Very clear. Thank you very much.
Thank you, André. Our next question comes from Marcelo Sá , Marcelo Sá from Itaú. Marcelo, you can ask your question. Please move on.
Hello everyone. Thank you very much for the call. I have some questions. The first is trying to understand with your head the terms of capacity, what will happen by the end of the year. If you have a relevant potential with the capacity you could offer. About Angra, a question that may make sense or not is to have this discussion with the government is a transfer of participation that Eletrobras has in the assets, in the nuclear assets, the government, so that if it do make sense to have any type of negotiation with the government to take this risk, this uncertainty that you have in these parameters of Angra three.
The third question is about to know Sobradinho. In the canceling of this PTV, it disappears zero for Eletrobras due to the new resources that will go to the fund and will not go to the company. These are the three questions, basically.
I'd just like to complement. It's not that, it's not the status of the company, the resources for this transfer goes to the cash flow to the company, but it's a restricted fund.
The company can only use these resources for ends establishing law. Contracting this energy with another way of decoding it would be free to sell the way you want. In hydrological conditions, probably better price, better market price you cannot use these resources to pay dividends. There are, there's a specific destination established by law related to this is like the difference of high and the difference in the revenue.
Okay. It's clear.
Thank you, Marcelo. About the comment. Go ahead, please.
This participation that today, there is nothing in discussion in this way. The main focus of, I believe of the government and Eletrobras is to define the conditions of the viabilization of the venture. The tariff is very important. The contracting who will supply the equipment, the conclusion of the construction, these are the main focus related to Angra three. About the auction of capacity in the end of the year. You have a potential to much capacity that you have today in a, if it's an option to generate value for the company and what would be the amount that could go to auction and some idea about what you think would be the contract in terms of capacity in this auction. I can speak about that.
I think we have to wait first to define what will be the guidelines defined and object about contracting and the sources that would be able to participate. If it's just the thermal ones, and then we don't have anything to evaluate, we will have to evaluate the opportunities. But we have the work also here really associated to regulatory agenda where we have the valuing of the attributes provided by the thermoelectric plants, which could be in a process of a contracting due to the necessity of even more system that of the service provided by the hydroelectrics. I don't know if it's in this line, if you were specifically talking about the thermoelectric ones.
No, in fact it's auction in general. There's a discussion. There will be different products in the auction, meaning no thermal. There will be two products that will be computing. This is the question. What has been raised in terms of hydroelectric is related to the amplification and not the current capacity, but will be the guidelines defined by the Ministry.
Thank you. Rafael Nagano is the next question. On the sales side from Credit Suisse. Rafael, you have the floor.
Good afternoon, everyone. Just one question from my side will be related to the employees that are leaving. I don't know if you... I would like to know if you have any relation of the average cost of the people who are coming in the company compared to those who are leaving by this dismissal plan. The ones that are coming, they have an average a remuneration 50% of those that we have today in the company. In the same categories. Thank you.
Thank you, Rafael, for your question. Our next question now comes from Antonio Junqueira, a sell side analyst from Citi. Antonio, we will open your audio so that you can ask your question. Please go ahead.
Everyone can hear me, go ahead. It's not about operational questions. My questions is really sometimes the company they have to defend legally. Now other companies they have a lot of contingency money remote. Because so absurd questions are presented, they have to be debated. Recently, the government has given demonstration that it wants to create legal question the number of vote it has in these assemblies, which is breaching a contract.
The company maybe has to defend. I would like to know what is the legal strategy that about the team and what's the official position of the company? The press only talks about one side. Nobody's defend publicly the fact that the union have to sold its do its right and then to vote. I want to come back with this debate, you only hear one side of it, so I'd like to ask the company.
First, Junqueira, we have to... I speak very comfortably about this. This process was an object of ample debate of the society through its representatives in the National Congress. Besides that, it's also a process like all that we have conducted by an evaluation of the accounting court of the Unions. This has been an important approval. Remembering that this that the public audience about this process is a process from a legal point of view, I'm not a lawyer, but it's a perfect process. If you look, if you look at the process, I consider improbable, not less likely.
What lots of us can do is to the public organs, so we can clarify any questions. This has manifested many, you know, very clearly and continues to which the company relates to. With the Minister, which is Mr. AlexAndré Silveira, we have had several interventions, interaction with the Minister, and all of the times we have put, we have positioned this way. We have to say that the robustness of the project, the process, you know, over 300,000 workers from the reserve. It's not the classic process of privatization. If the privatization, you sold all the shares and then for any third party, our process, we didn't sell any shares directly.
In fact, it was diluted by the size of capital in which the use of this capital is actually allowing that the Brazilian people could have a reduction of its fees due to the quotes that generated those tariff leaks. This is about the main element that determine the. The worth of this contract from, as the government received, insight and also in terms of society, you know, reducing the amount of and also the formation of funds that are interest of the Union. This process in general has a set of advantages.
The advantage that one of the, one of the main points is that the corporation that is, that the model is a partnership model preferred by all the companies in the world to make, to make this growth process viable. Our case, we have the advantage that we also have the Brazilian corporation like Braskem, like Vale. It's a Brazilian corporation.
The, all the, all the members here are Brazilians. All the board members are Brazilians. Our decision process is in Brazil. This is the first defendant. The process is a little bit this. It's up to us as a company made available to provide information. I talking from a legal, there are four actions of a constitutionality. What, the speculations that have there could be a fifth one.
Even, so sure the questioning is given to anyone, is given to the government, and it will exist this right. We're not direct part, so we don't have a participation. It has to be evaluated in the sequence that they come. It can be somebody who can contribute to the process since we have done this since the first part, and now we have four, and now none of them have given any specific harm or hazard. It's a process that can be matured, and it will be, you know, sent to court and judged. They are given this right.
I understand that we'll have one more in the company providing information or sharing information of everything that is demanded. It is totally open to this, and anything above this, it has to be evaluated in another legal sphere. The company is making available all the information. I think in this it's my second quarter here, but the biggest advantage of the capitalization process is exactly to have the investor be in Brazil. I think we have this here. We have to triple the transmission value, which is highly important, as the Minister mentioned yesterday, the importance of the growth in this area.
Now we have no capital to this investment that in the second quarter we are explicitly negotiating this. Besides this, also having, we are nationalizing the, you know, putting this, you know, in brackets. Crossing participations in some hydroelectrics of renewable energy is also bringing this as the greater participation to the Brazilian company Eletrobras. This is what we can talk about. Besides this, we don't have any way of sensing the legality to question.
From the company side, it's totally available to share any type of information of all of the communities, and also to make it clear that we are really complying with the objective of the process of capitalization, which is to increase the capacity of investment of the company in the interconnection of Brazil and the development of renewable energy in Brazil. This is what's happening, and the numbers don't lie. Thank you.
Thank you, Antonio, for your question. Remembering to ask questions, we should be sent your Q&A. Your name will be announced, and then you can ask the question live. Our next question is from Henrique under the analyst side from JPMorgan. Henrique, we will send your request so that you can open your microphone, please. You can ask your question.
Hello, everyone. I have some questions. The first is about, we've seen a great increase in the financial results. Just BRL 1 billion in one quarter. My question is if this value is possible for the following quarters. My second question would be about Amazonas Energia. We didn't see any relevant provisions related to Amazon in the first quarter, which is good news. I'd like to understand if this, if you, if you plan to keep this. Yeah. Thank you.
Thank you, Henrique. First of all, let me start clarifying about the financial results. In fact, BRL 1 billion that appears there, part of it is referring to Santo Antônio, is 70% of the debt, BRL 600 million. The other are other debts of ours. These duties will decrease after negotiating this debt, which is the next step that is in our work plan.
We're restructuring. Here we are in, you know, treating this with the creditors to renegotiate this debt in a way that this value is reduced. It will not disappear, but the intention is that naturally it decreases. Another point that is important in the financial result is that we had an impact of the discount that was given to AMIPAR. This isn't a single time event. It doesn't repeat, which is a discount of BRL 350 million.
The event that happens every three quarters is the corrections, the adjustment of the obligations of CDE and obligations of the reservoir flows, and Amazônia Legal, which are obligations from the capitalization. I think Linc can talk about Amazonas Energia. Just make some observation about the financial result that has been greatly impacted. We have the IPCA. We have an effect, a very elevated IPCA. We have the counterpart in the revenue. 70% of revenue is indexed by IPCA. So well mentioned.
Thank you, Paulo, for the compliment. Elvira, thank you. In fact, we're in the last quarter, we had a relevant provision of Amazonas Energia in which 90% of the debt from Eletrobras with Amazonas Energia provisioned. This difference of 100%, in fact, there are values that they have current ongoing expenses and also debts of and other debts that that are being paid, and we're not observing any default.
Ongoing expenses that many times is questioned since May last year. We don't observe any default in Amazonas Energia, and we have the contract, bilateral contract, in around BRL 350 million a year, a month. Most of it comes directly from CCEE, which is part of the CCC related to gas, and the remainder we receive from Amazonas Energia. We are receiving in a way, without default.
We have, we will receive this installment from Manaus related to energy of BRL 450 million a month that they had a technical note favorable to one now. With the Director Chiqui, we have a meeting with him in the following weeks to deal with the topic. Today, we don't have an expectation of new provisions because the values have been paid, as I said, since May last year. We still have the value of a less amount, but paid to the ongoing expenses. The provision has already done.
We have a debt that is, provisioned significantly of, BRL 7 billion, which we have to treat in a global solution which involves the regulation, the Ministry of Mines and Energy, so that we have a recovery of these provision values. Thank you.
Thank you, Henrique, for your question. Our next question now is from Daniel Travitzky at Safra. Daniel, we will open your audio so that you can ask your question. Please proceed.
Thank you for the opportunity. I'd like to know a little bit more about the strategy of the company related to the cotization of the energy that is in the scenario and of the fall in the prices of electricity and energy. How do you think about the strategy, commercial strategy, and this will help a lot.
Thank you. I will go to João. First of all, refer to Alex. I'd like to say that this question about the scenario, because we forget that two years ago in the same economy we had, we had, we have today, we are operating with the biggest drought in our history, 91 years, and operating the highest price. Now we are with one of the best indexes of rain. We are operating in the. We have an excess of overflow of the. We have the first steps of, we see the economy growing, and we have an acquisition here of volumes of energy of 30 years.
This and our own results in 2023, results of the strategy implemented last year, they are robust and the prices, they speak for themselves. I believe that we need to complement. With that, we have a vice president of commercialization. We have the integration of this vice president with four directors for commercialization, commercial ones in our subsidiaries. We have here a strategy done from the holding with the support of not only by the people in the house, but also by the adding of consultants, things that we didn't have in the past, and now instrumentation and systems.
Important measurement of risk in terms of risk of the market, risk of credit, and operation done weekly with a mandate by our controlled companies. We have to come close to the consumer. We brought João Carlos that here, he will complement with our answer, so he can talk about this commercial transfer, which is in his hand.
João, Daniel, good afternoon. I think Wilson has already answered most of the work that we have done, but I have 30 years of electric sector, and this is a cycle question about the price. Sometimes it's high, sometimes it's low, sometimes it's to have a management of our portfolio that is very efficient. This is what we are implementing now.
We are working with revisiting all the process, developing new process. We are going to strengthen our base of clients so that we have reoccurring revenues and also allocate and reduce the contraction of contract of energy so that we can allocate it in a more efficient and adding more value, and also reducing the risk of exposure to on the short term. This is a job that we are starting, and we are strengthening our front of retail.
As Wilson has already mentioned, we have created these commercialization directors and departments, and we are structuring them and putting teams there, you know, visiting clients and looking for contracts. We hope that The cycle, as I mentioned, that we are going through a low cycle, but low price cycle, but it's a question of time.
This price reacts again, it's important once reacting, we have to be positioned in our portfolio in a way to have gen-good gains. Thank you. If you could just a second question. If you could comment about the investments in the improvements in transmission and to enjoy the volume and seize the volume in this segment. We highlighted in our presentation set of, we had several, I would say initiatives or demands from ANEEL, from ONS of a set of constructions to improve of improvements. This was addressed, and Linc can complement each one of these institutions, you know, talked about.
It has been prioritized by our budget, a set of ventures, you know, seven of them, BRL 6 billion, and that will bring a recurring revenue, BRL 850 million. This will be done along the three to four years. The interest to do this as quick as possible, of course, but of course, dealing with the regulatory section as well. I'd just like to complement that part of this investment, they have a revenue previously agreed that they have defined by, you know, the tariff situation.
We have a base of assets together with the operation, specifically in our engineering with Vice President Varejão, and Ítalo with the financial area, so that everything happens in the most efficient way possible, and then we obtain the maximum value in reinforcing and improvements.
Thank you.
Thank you, Daniel. Now we end our Q&A sessions, and we will give the final words to Wilson so that he can do the closing.
I'd like to, you know, thank for the participation to everyone here. I received here in an advice here from our board to try to make this presentation a little bit shorter. We made an effort because there's a lot to talk about. We, at least in this quarter, we spoke for 52 minutes. My idea here is that we reach 35. This is our plan, so that we have 1 hour to speak with you. We, we extend a little bit, but we had 45 minutes of debate. We had good questions.
I'd like to reinforce with you that my optimism related to the company. 6 months that I'm back, I find a vigorous company with a board focused on strategy, focused on creating the instruments that are suitable for us to advance in our strategy to incentive and encourage the management of the company doing their best, responsible, social, sociable, you know, in all ways.
We have a permanent concern from the group. I'm really happy to have here to be with 11 main executives and in the companies with all the management constituted in a way that we start gaining some air to breathe and by the end of June, so we can share with more detail our strategy, what are our priorities and what we see in the short, medium and long term, the way that we see, you know, creating value to the company. Again, looking in our report, you have this clarity that the concern that the company has to do this in a sustainable manner, respecting the social and the environment, all the parts of what we relate to, all the stakeholders. It's a very important.
Quarter is a quarter that brings some elements of what we pursued for a long time. I highlight the reduction of provisions, the reduction of provisions. You put many people used to say that the provisions are not reoccurring. If every quarter is reoccurring, we are inverting this curve and the cost of people, of PMSO with the work that has been done in the procurement area. We have had the possibility to show our capacity to be efficient together with the workers, also the new group of people to the company, focusing on areas that we didn't have a focus so important, what I call people management and culture.
Commercialization, the team of innovation, digital, several instruments that we need to have here so that the company modernizes and automates and becomes more efficient and looking, a permanent look in the sustainable of communication. Say that is a quarter that is starts and shows the first evidence of what we think is the permanent objective of the managers of the company, directors, you know, board of directors. I hope that we to be here in June and be here to the beginning of August to talk about the second quarter, which I suppose will be even better.
These are my final, my closing, and hope everyone has a good afternoon. Now, the conference Eletrobras is closed. Thank you for the participation, and have a good afternoon.