Good morning, everyone. Thank you for taking part in the earnings call, 2Q 2022 from Eneva. Just before we start with this call, please be attentive to the disclaimer in slide number two. Now, moving to slide number three, I'd like to present you with the highlights of the quarter and our most recent advancements. We have an Adjusted EBITDA of BRL 503 million, representing a growth of 33% with regards to 2Q 2021. Even in the scenario of low dispatch, if compared to the first quarter of 2021, the company presented an EBITDA growth specifically in the Argentina exports from June and the beginning of the commercial operations of our Jaguatirica and Roma-Roraima, and the fixed margins of all the plants.
In order to be able to finish with the CELSE purchasing, we had this primary offer of BRL 4.2 billion with final capture of BRL 4.2 billion. We closed the second quarter with BRL 5 billion in cash, and with that, our leverage was lowered to 2.2x net debt over EBITDA. It was an exceptional quarter to the company, and we've made great achievements with our expansion plans. In May, we've signed the contract for the purchase and acquisition of 100% of CEBARRA. The main asset is UTE Porto de Sergipe I, a thermoelectric plant already operating 1.3 GW of installed capacity, fully contracted in regulated environment until December 2034. Additionally, we have adjacent extension projects that might add to 1.3 GW of installed capacity whenever developed.
This acquisition marks the advancement of an important gas hub in the northeast of the country that after 2024 will be connected to the National Gas Transportation Network and Petrobras concessions in Sergipe and Alagoas Basin. In June, we've signed up the contract for the acquisition of Termofortaleza, 227 MW of installed capacity and energy commercialization contract that is until December 2023. We've also made progress on gas commerce contracts, supplying LNG to industrial clients, Vale and Suzano. With the beginning of the supply plan for the first half of 2024, the gas will come from Paraíba, where we will have two liquefaction units for natural gas. In that quarter, we also would like to disclose our reports for the Amazonas Basin that was put together by Gaffney Cline & Associates , and that was for April 30.
With some specific criteria as Azulão field, 14.8 billion and 4.7 barrels of 2P contingent resource. With regards to the ESG commitment, in June, we just published our yearly sustainability report with an operational performance, with social environmental performance that was referenced to the year of 2021. It was the very first time that this report was audited by an independent third party. We've also published new and more comprehensive policies of health and sustainability, and you may check on our website. Now, moving to slide number four, I would like to quickly present you with the context of the energy market for the 2Q 2022. The recovery of the reservoirs, and that was basically a result of the high rainfall in that area, that part of the year.
The production was low, and the storage levels of the reservoirs grew above the historical averages of the period, reaching an average of 95% in the month of June. In the Northeast and Southeast subsystems, the reservoirs have closed the quarter with an average volume of stored energy of 66%, which was the highest level of storage for the month of June since 2012. For the other subsystems, the reservoirs were reasonably stable throughout the half of the year. All that has contributed to a 76% fall on a year-on-year basis, going from BRL 229 to BRL 56. Those amounts were very close to the structural limit in all markets.
Even with the low dispatch in the thermoelectric plants in the second half of 2022, we've observed the steep increase compared to this year. That was basically due to the beginning of the thermal energy generation to export to Argentina as of March 2022. The same, the amount of energy generated for export has gradually increased along the second Q, going from 0.18 average GWh to 1.4 GWh average for the end of June. Now on slide number five. Given the panorama that we just showed, we didn't have thermoelectric dispatch of the merit order and the ones analyzed.
As of June, Parnaíba I, III and IV gas plants started to dispatch in order to meet the bilateral contracts for Argentina with a gross generation of 133 GWh. Alterra number II has also started in June, registering a gross generation of 353 GWh per quarter. In this year, we've also started with the commercial operations of Jaguatirica II, that in the second quarter has generated a gross amount of 123 GWh. The Parnaíba produced 222 billion cubic meters of natural gas and Azulão 0.04 billion.
As a result of the exports to Argentina and the Jaguatirica operations, the contractual adjustments of fixed income and the impact in energy trading, the net income or revenue grew, 4% vis-à-vis to the same period of last year, even with the low dispatch scenario. Now moving to slide six, let me present you with the main impacts on our EBITDA. As mentioned, even with the lower dispatch, the Adjusted EBITDA, excluding the dry wells, has reported BRL 503 million in the Q2 2022. That was 33% above, the last year period. The main factors were that mentioned, energy exports to Argentina, BRL 114 million.
In addition to that, the beginning of the commercial operations of Jaguatirica has had a positive impact with BRL 55 million in the generation segment through the operation of Jaguatirica. The extension of the fixed margins of the gas and coal plants have contributed to an increment of BRL 26 million in the EBITDA if compared to the same period, the previous years. We've also verified a positive non-cash impact of BRL 56 million, and that mark-to-market position of the futures contracts of the commercializing party. The negative EBITDA impact with regards to the upstream segment was a reflection of the significant reduction on the gas sales for the Parnaíba plant complex due to the less energy generation. Moving to slide number seven, I'd like to present you with the main impacts on the cash flow.
The operational cash flow has reached BRL 306 million in the quarter. That was leveraged by the higher EBITDA in the previous period. That result was mitigated by the need for running capital and working capital during that period and the suppliers responsible for the execution of works and equipment and the integrated project Azulão-Jaguatirica. In investment cash flow, the disbursements have summed more than BRL 620 million and were basically devoted to the disbursements to pay for the Futura I project together with other projects that I will mention soon. The funding cash flow was positive for BRL 0.2 billion, which was a result of the follow-up that was completed in June. As a result, Eneva has closed the quarter with a solid cash position of more than BRL 6.5 billion.
Now moving to slide number eight, let's talk a little bit about the capital structure of the company. Eneva has also completed in June 2022 an issuance of debentures that totaled BRL 2 billion that will have a positive impact on our cash flow in quarter three. The net debt totaled BRL 3.5 billion, and the leverage was 2.2x net debt over EBITDA. The average deadline was 4.6 years at the end of the quarter, with most of the periods in 2026. 60% of the debt was indexed by the IPCA, and the average spread of the debts it was 3.7%, and for the other debts, 1.4% above the CDI.
I'd like to give the floor to Lino Cançado, who is going to give us the details of the quarter investments and will tell us about the implementation process of our main construction projects.
Thank you. Good morning, everyone. We are now on slide number nine, and we can see that the investments for the quarter have exceeded BRL 870 million, and almost 60% were invested to the construction project. In other words, Futura I project and the UTE Parnaíba V and VI. In Futura I project, the photovoltaic modules were 100% in the site, and the sectioning of the transmission line has been concluded, and the beginning of the commercial operations is estimated for Q4 2022.
For the upstream activities, investments have summed BRL 159 million, out of which BRL 57 million were associated with exploration campaigns in the Parnaíba and Amazonas basins. We had five wells perforated and the beginning of the perforation of another well in the Parnaíba Basin. It's also worth highlighting BRL 88 million allocated in the development of Gavião Tesoura, Gavião Preto, and Gavião Belo, and in the installation of the compressions in the Gavião Branco production station. The gas generation, you guessed, we also met the contractual milestones related to the HTP gas turbines for Parnaíba Two thermal power plant.
For Azulão-Jaguatirica, we've improved performance and the cycle efficiency of both gas turbines and completion of the assembly of the water supply system in the center area. Now, as we can see from slide number 10, here is an update of our thermal projects under construction. Azulão, Jaguatirica II . We've started with the commercial operation of the third generation unit and the commercial operation of Jaguatirica II's total capacity. As already mentioned, we've completed the improvement of the performance and cycle efficiency of the gas turbines and the water supply system in the distant area. Parnaíba V in July, we've completed the removal of the temporary pipes in July 2022. We've qualified the equipment, and we did the very first synchronism of the plant.
With that, in other words, we've generated energy for the first time that is still in test. We will also execute other tests. The 96-hour test is scheduled for the end of August. Finally, in September, we intend to do the performance test for the final approval of the work. The beginning of the operating activities is for the end of 2022. We've started with the civil works and for the hydrostatic tests of the boiler. The expectation of the risk of the commercial operation is estimated for Q4 2024, and the CCAR will be started in January 2025. For the coming slides, we have a couple of pictures of the mentioned projects.
In slide 14, we can see an aerial view of Jaguatirica, which is 100% operational, as mentioned before. Moving to slide 15, with Parnaíba V to the left, and we can see the steam turbine fully finished and in operation, as I mentioned, having generated the first megawatts. To the right, another bird's-eye view of the operating plant with the cooling tower. At the bottom, we can see the steam turbine. Parnaíba VI, the foundation works that are still underway for both the boilers as well as the steam turbine. To the right, we can see the steel shop for the carcass of the last part. Here, for the Futura project on slide 14, we would like to present that update.
The project has reached 71% of physical progress. The greatest milestone was the completion of the transmission lines and the sectioning of the 500 kV line that was estimated to take on in Q3 2022, but was pushed up front, and that shortened the critical path of the work. We've also had significant advancements in the pile driving, the setting up of the trackers, in the setting up the photovoltaic modules, the string inverters set up and the medium voltage grid. We've noticed here some productivity increase in all those activities throughout 2Q 2022. Still, the second half, 100% of the trackers and string inverters, thermal photovoltaic, will be completed.
Additionally, we've also completed the installation of the second transformer elevator of the substation, and we've acquired the third transformer that will be kept as a reserve. Both the hot and cold commissioning of the UFVs have advanced, and the forecast of the completion is for Q 2022 and the beginning of the operating period for that same period of the year. A couple of pictures here for the progress of Futura I in slide number 15, with photovoltaic panels installed and already in the commissioning process in the first UFVs. The next one, 16, with the setting up of the trackers in the first picture from left to right, from top to bottom. The second picture is the excavation of the drainage slots.
Third is the perforation and the painting of the pile drives. This is we will set up the panels, the blade inverters, and then we will prepare the stations and then the medium voltage transmission lines. Number 17, we can see the substation 100% complete. To the right, the transmission line, the 400 kV transmission line that is 100% complete. In the next slide, we can see the progress in those sections of the 500 kV that was basically closed. Its critical path was basically closed in last July. With that, we are now finishing the presentation part, and I thank you for attending the session. Let's now start with the Q&A session.
If you have any questions, please, make sure you click on the Q&A feature to have your questions submitted. I give the floor now.
Thank you, Lino. Good morning, everyone. The first question is to Marcelo Lopes.
Can you mention the projects under the Azulão complex, which the company intends to participate in the September reserve energy auction?
Well, good morning, and thank you very much for your question. First and foremost, as it's been publicized, we have registered a number of projects for this auction with even more capacity than the demand established for the auction. Some projects have been licensed by Eneva. We do hold the licenses, and we have other projects whose assignment has been negotiated. For projects licensed to participate in the project is no longer an issue for us. Everything is on the right track. What we're doing now is we are analyzing the adequate volume for us to bid, and this is going to happen in late September.
Thank you, Marcelo. Next question, Marcelo Rabelo.
Can you give an update on the acquisition of Bahia Terra? How's it going, and what are the expectations for the conclusion of the deal?
Thank you for the question. Well, right now we are negotiating. We're not negotiating with Petrobras due to legal actions. There's a lot of discussion on the winning consortium, and Eneva is discussing with Petrobras. We intend to resume negotiations soon so that we can have a good conclusion of that. We had moved on in terms of pricing and sales contract and everything. We were doing good in these discussions. We hope that the issues are resolved soon, so we can resume negotiations with Petrobras and finalize this by the end of the third Q, and we finally can acquire the project.
Marcelo Lopes, as for the bilateral contract signed due to exports to Argentina, which contributed to the EBITDA this quarter, what can we expect for the next results? Did the company see this effect right in the beginning of Q3? Well, June generation was quite high. We were able to generate in Parnaíba I, II, and IV. We were able to generate energy throughout the working days. This did not happen in the month of June. We did have some restrictions when it comes to exporting energy from the north and southeast regions. Our generation had a competition with wind power, resumption of water power plants and hydro plants and everything. In June, we had smaller numbers.
Now in August, we do have tests in Parnaíba five, which prevent us from using the units of Parnaíba I. I believe we'll have more than July, but less than June. Then September, the demand in Argentina goes down because the temperature goes up. However, we believe there's space for us to generate some value. Of course, we're still assessing the figures to be expected there, but there's room for more volume once Parnaíba five is available. We'll be able to be quite competitive as compared to the generation done internally in Argentina against the gas that the country needs to import. Even though the temperature is going up in the country and the demand for heating goes down, we believe that there's a window of opportunity to export energy to Argentina.
Adding to that question, does the company has any risk in the exports to Argentina? What's the counterpart terms and payment conditions?
Well, the counterpart part in operations for Eneva is Tradener, which is a trader that is established in Brazil, that has a guarantee provided by CAMMESA, which is the Argentina system operator. There's also guaranteed by Itaú Bank. We have the guarantees there, and at the end of the day, we have a financial structure, and Habibe can add to that. Itaú Bank is involved. In June, we did have high generation, and we have gotten some financial resources already, so no issues. We have a guarantee structure, a financial structure, and we understand that the operation is covered. Habibe, if you want to add to that. No, you're right.
We have the bank warranties and guarantees there. There's no payment of a default on the part of Argentina. In June, our exports generated revenue for us of BRL 114 million in EBITDA. We have costs to adjust the system. The revenue received over BRL 200 million, and this has been fully paid, so there's no default payment there. Once again, we have no history in any issues in terms of payment from Argentina.
Next question is about the September auction. Does the company have any projects in the northeast of Brazil using gas from Parnaíba?
No. No northeast projects have been registered there.
Next question. The company's financial position seems to be comfortable today to do all the reimbursement and disbursement estimated.
I'd like to know if the covenants are a concern to the company and if there's any perspective to get a waiver in case it's necessary.
Well, thank you for the question. You're right. The leverage of the company in the second half of the year was quite low. It's a temporary leveraging. We do have resources that are rolling over, and we haven't disbursed the acquisitions yet. This will be addressed in Q3, and the major acquisition for CELSE will happen in Q4, and therefore, leveraging will increase and should peak in Q4. We expect that it will be lower than our contractual covenants to date, with 4.5% net debt over EBITDA. We have started negotiating covenants with our partners.
We have assemblies called for and many of our ventures are related to infrastructure, so this is pretty much scattered about. The first assembly needs a high attendance and the second assembly, generally attendance, drops relevantly. We have been successful in second assemblies, and we have been successful there. We have a new contractual covenant for 6.6 which we don't expect it to continue. Just to highlight, we have been quite successful with the assemblies, and we expect to conclude all of the assemblies by the end of August, early September.
Thank you, Habibe. Next question, Marcelo Lopes.
Does the company see possibility to supply gas from Parnaíba to the northeast in the September auction?
Answer is no.
There's no discussion in that sense, not even for our own projects or for projects to supply gas from Parnaíba to any other project. Just stressing the point here, the projects that have been registered for the northeast bid, none of them have a supply or a letter of intention.
Well, if there are no more questions, I'll hand it over to Habibe to close the call.
Well, once again, thank you very much for being here today. We'll once again see ourselves in the earnings meeting for the next quarter. Thank you very much. Have a great day.