[Foreign language]
Good afternoon, everyone. Thank you for being here with us for the meeting of the first quarter of 2022. Before we start the call, we ask you to pay attention to a disclaimer on slide two. In slide two, I present the highlights for the quarter and our latest milestones. We had an adjusted EBITDA of BRL 491 million, representing a 10% growth when compared to the first quarter of 2021. The good result, especially if you consider a practically new order, was mainly a reflection of the expansion of the fixed margin of the plants and also the kickoff of the commercial operation in Jaguatirica, and also the BRL 122 million in the holding due to the good purchase generated with the acquisition of Focus Energia completed in March.
We ended the year with about BRL 1.1 billion in cash, and as a result, our leverage was 3.8 x net debt over EBITDA. It's important to highlight that we had the highest level of national credit rating from Fitch Ratings reaching the AAA grade. In its assessment, the agency highlighted the continuous strengthening of our business profile, supported by greater diversification of assets and sources of generation, increase of fixed revenues, reduction of construction risks, and efficiency in the replacement of reserves. To reinforce the company's cash and face investments in the Futura 1 project resulting from the acquisition of Focus, we concluded the funding of a bridge loan in the amount of BRL 1.5 billion. We have also had important advances in our expansion plans.
In the first quarter of 2022, the two gas turbines from Jaguatirica II started its commercial operations totaling 750 MW of the overall amount. I'm happy to say that we have closed with the availability of steam turbines in Jaguatirica II, which will close the plant's cycle. We are waiting for the approval of ANEEL so that we can start working with this plant. Today, with the conclusion of the project, what was a dream has become a reality, and we have become the largest national [LNG] transporter in Brazil. With this experience, combined with our expertise in the production of onshore gas, we give one important step forward in the diversification and expansion of our business. We have concluded the incorporation of Focus Energia, strengthening Eneva's activities and marketing team, marking the company's entrance into the renewable segment.
Futura 1 solar project, which was acquired from Focus Energia's project portfolio, is expected to start its commercial operation in the fourth quarter of 2022. Regarding our ESG commitments, we have the Floresta Viva project, totaling an investment of BRL 10 billion in resources dedicated to environmental preservation. Aiming at improving the social progress rates in the areas that we work at and also expand our social activities, we have closed an initiative with the Amazon Institute , which already works with sustainable development in the Amazon. We have recently received feedback from Petrobras regarding the offer made in the Recôncavo consortium for the acquisition of the Bahia Terra. The consortium was selected. We will move forward with the negotiations, and we'll keep the market updated on any relevant updates on this subject.
Regarding our Amazon plans, we have significantly advanced with our exploration campaign to accelerate our business model in the basin. As mentioned in our call on November 2021, we were very optimistic with the potential of the basin. Much so that Urucu was considered as a B plan in our capital allocation. Our reserves and resources in the Amazon basin, which are being disseminated today, continue, and they will expand. Taking into account these new events, I now turn over to Lino, who's going to talk to you about the excellent results we have presented today.
[Foreign language]
Well, thank you, Pedro. Good afternoon, everyone. I now move on to slide number four. As many of you have seen, and as Pedro has just mentioned, this morning we released the new reports of certification of reserves and contingent resources of the Amazon Basin prepared by GCA and referred to April 30, 2022. The successful campaign in the Amazon Basin and the expansion in Anebá. We have incorporated significant natural gas reserves and also condensate in Azulão with the additional gas condensate reserves and light oil in Anebá. I highlight these important results of this new assessment when compared to the previous one on December 31, 2021. Now looking at the graph on the right, in the Azulão field, we can see that the 2P reserves of natural gas have more than doubled from 7.1 billion cubic meters to 14.8 cubic meters in this new certification.
We have also, for the first time ever, certified the field condensate totaling 2P reserves of 4.7 million barrels. These results reflect new information obtained in the drilling of 7-AZU-5D-AM in Azulão, drilled in 2021, and wells 7-AZU-6D-AM and 1-AM-31D-AM and 1-AM-27D-AM, drilled in the first quarter of this year. It only shows the potential of Azulão. The Amazon basin is more than Azulão. It's much larger than that. Anebá basin, which was drilled in 2021, identified and confirmed the potential of different producing areas in the same well. These reservoirs are potential producers of gas condensate and light oil, indicating resources that go beyond our best expectations.
The results of the testing included the Anebá resources and in the new certification that you can see on the right side of the slide, for the end of April, we have identified gas resources of 5.4 billion cubic meters in the discovery of Anebá, an increase of 2 billion cubic meters when compared to the previously certified volume. Also, in Anebá, for the first time, 4 million 2C contingent condensate resources, and finally, 2C contingent oil resources increased by more than 2,000%, jumping from 300,000 barrels to 7 million barrels. Now moving on to slide five, I'd like to call your attention to the Azulão field highlighted in red on the right of the map.
With the results of the new wells drilled, we see that we go beyond our initial expectations for AM-T-85. We have already discussed these amounts in the previous slide, and also the interpretation of 1P and 2P volumes. We also highlight the wells with expressive 670,000 cubic meters per day, and the oils identified in yellow and red will be drilled, and depending on the results, our assessments will improve or decrease. Now going back to Anebá, highlighted in green to the left side or in the southeast of the map, only 50 km from the installations in Azulão liquefaction. We can see on the table the contingent gas resources and oil for 1C, 2C, and 3C evaluations. We can see the amounts for 2C and 3C.
This difference is due to the fact that we have only two wells drilled, and therefore, we have to evaluate the potential of Anebá, and depending on the assessment, we will reallocate resources that are today considered as 2C. In the table, we can also see the results of the test of the well 1P 27 with a flow of 40 cubic meters, up to 70,000 cubic meters per day. For the first time ever, we had an excellent test with a production of light oil and surprising results which are excellent for a well that is right by the road. You can also see some samples of the Anebá oil with excellent quality, with 53 degrees API. These samples were collected during the tests.
These preliminary results encourage us about these potential discoveries and also about the Amazon basin as a whole. Now in slide six, the certification of these new volumes of resources and reserves is another milestone achieved in our strategy and will enable new avenues of growth in the Amazon basin. We are developing the competencies that are required so that we can move on with the generation of electric energy and our R2W model and gas liquids, with production and commercialization of condensate and oil. Also, we have the commercialization of different products with all of the tools required so that we can quickly advance to commercial production. Therefore, I'd like to share some details of the plans we are developing for the monetization of all certified volumes. Our plan is to carry out the integrated development of the Azulão field in the Anebá area.
The LNG road route that already drains the production of Azulão is close to the region of Anebá. We could make the flow. We are already in negotiation with some clients, and we have plans of a pipeline linking Azulão to Anebá to allow liquefaction of Anebá gas in the Azulão complex for LNG transport or to supply the complex natural gas generator that will be built near the Azulão field. In line with the plan we presented in February, the certification confirms the necessary reserves to implement the pool of 1 GW or more of generation capacity in the Azulão complex, significantly expanding the R2W model in the Amazon. We're also already working on the development of a project for the flow of oil and condensate.
We plan to build two small pipelines, the first one from Azulão to the river region to allow the river flow of the condensate to customers. In this mini port, we will have installations to allow storage and transportation by river. In Anebá, we'll follow the same idea and transfer to another mini port at the margins of Rio Urubu, and then we will use them for river transportation. In terms of numbers in Azulão, we will have a gas-producing complex of up to 3.4 million cubic meters per day to meet the generation of up to 1 GW of capacity in the R2W model. Also considering the flow of 1,000 cubic meters per day of LGN. We will meet the needs of clients, and our expectation is to produce 1,300 barrels of condensate per day in the field.
In the region of Anebá, I'd like to note that commercial oil production would be the first in the Amazon Basin, and we expect it to reach 10,000-20,000 barrels per day. We expect to perform gas reinjection at the start of the production to maintain this level of oil production. After connection with the Azulão field, the expectation is that the region of Anebá will produce 1 million-3 million cubic meters per day of natural gas. Finally, we continue working on the Anebá discovery evaluation campaign. It includes two wells to be drilled and tested in 2022. We are very pleased with the results obtained thus far in the Amazon Basin with the proven potential, and we'll continue to advance in determining the discoveries and perforations of the identified projects. I now turn over to Marcelo Habibe. He will talk about the market outlook and our financial performance in the quarter.
[Foreign language]
Thank you, Lino. Good afternoon to everyone. Now we go to slide seven. This is a brief scenario of the energy market in Q1. The hydrology observed was above the historic average, accelerating the recovery of reservoir storage. On the first chart to the left, we can see that inflow of natural energy Southeastern/Center-West system improved significantly in Q1. Now, during January and February of 2022, we recorded the highest levels of the reservoirs in the past five years. Below, we can see that in the same subsystem, the reservoirs ended the quarter with an average of 64%, the highest level of storage for January and the best level for February and March since 2012.
These factors contributed to a drop of over 60% of PLD on Q1 vis-à-vis Q1 2021, going to BRL 173 per MWh to BRL 58 MWh , values close to the structural floor in all the markets. Now, the drop of PLD and the end of the interruption diminished dispatch by thermal sources in all the subsystems of the country. Therefore, the share of thermal in all the generation was 66% in December to 6% at the end of Q1 of 2022. Now, when we go to slide number eight, in line with the overview presented in the previous slide, there was no dispatch at the Parnaíba complex gas-fired plants and coal power plants throughout the first quarter. Nonetheless, it is worthwhile remembering that we started the partial commercial operation of the Azulão-Jaguatirica integrated system in the quarter through two gas turbines.
All Eneva's thermal dispatch came from Jaguatirica, which registered total energy generation of 34 GWh in the quarter, 26 GW of which after the start of the commercial operation. Gas production in the quarter was concentrated in Azulão field, which started commercial operations to meet demands from Jaguatirica. The field produced a total of 20 million cubic meters of natural gas in this period. As a result of the lower dispatch and the reduction of variable revenue, Eneva's total net revenue in Q1 2022 was 20% lower vis-à-vis the same period last year. The impact of lower variable revenue was partially offset by growth in fixed revenue in the period, reflecting the inflation adjustment of regulated contracts from last year. Now on slide nine, here we have the main EBITDA impact.
During the first quarter, the adjusted EBITDA excluding dry well reached BRL 491 million, even with the absence of dispatch in Parnaíba coal-fired plants. EBITDA was 10% above the EBITDA recorded on Q1 of 2021, when it was almost 60%. This growth was mainly driven by the accounting of BRL 122 million in the holding company related to the impact of the advantage purchases generated by Focus merger process, the increase in mixed margins of the gas and coal-fired plants in the period, and the positive impact, approximately BRL 21 million of the mark-to-market position. The negative impact on EBITDA and upstream was mainly due to the significant reduction in gas sales to the Parnaíba complex plants.
Slide 10, the main impacts of our cash flow, with the operating cash flow totaling BRL 257 million in the quarter, leveraged by a higher EBITDA in this period, mitigated by the need for working capital, mainly in the investment cash flow and related. The disbursements were more than BRL 2.3 billion that were mainly for the payment of the cash portion to Focus Energia shareholders and for the payment related to the construction of the Futura 1 solar project acquired along with Focus Energia's assets. The cash flow for financing activity was positive by BRL 1.5 billion. This amount is related to the bridge loan raised through the seventh issuance debenture to finance this project. Now we have BRL 1.5 billion in cash. Now on slide 11, we have Eneva's capital structure.
During Q1 of 2022, Fitch Ratings raised our rating to double-A to triple-A with a stable outlook, reinforcing the strength of our business model. As the basis for the upgrade, the agency highlighted the continued strengthening of Eneva's business, supported by greater diversification of assets, generation sources, increased fixed revenues, reduced construction risk, and efficiency reserve replenishment, even in high dispatch scenario. At the end of the period, the company's net debt totaled BRL 8.6 billion and leveraged 3.8 x net debt over EBITDA. The average maturity of the consolidated debt was 4.5 years at the end of the quarter, which most maturities concentrated after 2026. At the end of the period, 56% of the debt was indexed to IPCA and 43% to CDI.
The average spread of the IPCA index debt is 3.8%, and for other debts, 1.4% above CDI. Now, I will hand it over to Lino to detail our quarterly investments and provide updates regarding deployment process of our major projects under construction.
[Foreign language]
Well, now we go to slide 12. Here, we can see the investments of the quarter totaled slightly above BRL 1.7 billion, of which 80% were for Futura 1 solar project. The investments were mainly geared to the acquisition of the photovoltaic modules, inverters, assembly of the 500 kV substation and construction of transmission. The start of the commercial operation is scheduled for the fourth quarter of 2022. In upstream activities, investments totaled BRL 143 million, out of which 74 were earmarked for exploratory campaigns in the Parnaíba and Amazonas basin.
With the drilling of five wells already concluded in both basins and the beginning of drilling another well in Parnaíba. It is also worth mentioning that we invested BRL 67 million in the development of Gavião Preto, Gavião Branco, and Gavião Tesoura fields. At the Parnaíba asset plan, we geared investments mainly to the beginning of the construction site assembly. In Azulão, Jaguatirica, we concentrated our investments in the conclusion of some stages of the hot commissioning of the UTE Jaguatirica, especially the commissioning of the regasification equipment and the gas-fired generating units. As Pedro mentioned here, this proves the availability of the steam turbine closing the cycle and total capacity of our plant. Now on slide number 13. Here we have an update of our project for the expansion of Eneva's Thermoelectric Park.
In Azulão, Jaguatirica, we started the commercial operation of the first gas turbine on February 15, this year, while the second gas turbine was authorized on March 11, regarding the steam turbine. As mentioned by Pedro and by myself, we ended the proof of availability of the turbine, and we are waiting for the reports and approval from ANEEL to start the commercial operation of the steam turbine and the combined cycle of Jaguatirica. The current expectation for the steam turbine to start commercial operation still this month. We also made progress in Parnaíba V. We completed the final alignment and the run out of the turbine and the cold and hot commissioning of the cooling tower, BOP boilers and turbines. Well, we expect it to start on Q2 of 2022.
Steam Clean, the first cleaning stage of four boiler was completed in April 2022. The beginning of the commercial operation is expected on Q3 of 2022, with the regulated contract in January 2024, Parnaíba VI. In March 2022, we started construction of the site. Now in May 2022, civil works, the boilers and diverter dumper modules are scheduled for delivery on Q4 of 2022. Commercial operations are expected to start on Q4 of 2024, with CCEAR starting in January of 2025. Now I will present a number of images of our undertakings here. On slide 14, you can see on the right upper side of the slide, Jaguatirica substation and operational center. On the right, tanking and regasification with 100% of capacity to store LNG.
Now here we have two turbines, two, GT 12 and GT11 , 100% operational, and also the steam turbine. We are waiting for the final approval from ANEEL, so it can become operational. Now also the control room and warehouse, which is 100% operational. Now on the upcoming slide, on the left-hand side, we can see the final alignment of Parnaíba V turbines and run out. On the right-hand side, we have the completion of the cooling tower and a close-up of one of the tower fans, and then a general overview of the big cooling tower of the plant. On the right here we have the boilers, and this is the completion of the cleaning stage of Steam Clean of Parnaíba V. Now on our next slide, Parnaíba VI.
Here we have soil survey, here we have the pipelines, and here we have the concrete plant that is being built that will be a foundation of this plant. This is the beginning of the construction work. Now on slide 17. Here we have an update of Futura 1 solar project. Here you can see we installed modules, the string inverter, and the medium voltage transmission network, which are scheduled for completion on Q4 of 2022. The regulation of the ground was ended, and the installation of the house base advanced 88%, with its conclusion scheduled for Q3 this year. During the second quarter, we started the assembly of the house, and the second step-up transformer was delivered to the substation base. Both cold and hot commissioning are scheduled to begin throughout Q2 of 2022. The completion of the transmission line sectioning as well as the start of commercial operation of photovoltaic plants are scheduled for quarter four of 2022. In the next slide, I highlight the progress that we have made.
Here we can see different photovoltaic panels in their positions. In the next one we can see the drilling and, on the right side, the excavation of the drainage areas and also low tension cables. In the next slide to the left side, we can see the 500 kV substation. On the right side, you can see the same substation. Now I turn over to Pedro Zinner for his comments and for the opening of the Q&A session.
[Foreign language]
Well, once again, I wanted to thank you all. I would rather go straight to the Q&A session so that we can answer some questions which are bound to come up regarding the data disseminated today, and also the questions regarding the results. Well, thank you very much. The first question has to do with Azulão II and III plants, and basically, we would like to know how the environmental license, licenses are going on.
[Foreign language]
Well, good afternoon. This is Lino. Both processes have been submitted, and we're now waiting for the Environment Secretariat of the State of Amazonas to report back to us.
[Foreing language]
Are there any limitations on the transmission system for Azulão II and III?
[Foreing language]
Well, the limitations are because we have a limitation, but there is a capacity for about 900 MW. In the transmission line itself, there are no limitations for the plant and therefore, for this project, there are no changes to be made in the substation. For future projects, we can expand the substation and this is totally feasible.
[Foreing language]
Well, we have a next question. It is about the Azulão region. In addition to Azulão II and III, what are you going to do with the additional resources in Azulão and Anebá in terms of thermal generation?
[Foreing language]
Well, we can either expand the generation, and this is what the company is planning right now. It was announced, actually. It may be expanded. As I just mentioned, we would have to expand the substation and then have isolated systems in Jaguatirica II.
[Foreing language]
What is the monetization plan for the Amazon Basin?
[Foreing language]
Well, the main one for transportation and accumulation of volumes is larger initially, and then we will send the products to different clients, and I will allow Marcelo to comment on the best ways to commercialize.
[Foreing language]
Well, since we're talking about volumes and about having enough scale for us to be able to remove the product from the region, we'll be able to reach the market, be it for condensate or oil. Potential clients are refineries, petrochemical plants in Brazil or any other neighboring region.
[Foreing language]
Thank you very much, Marcelo. I have a question for you now. Is Eneva preparing a project for stations one, two, and three for the Eletrobras auction?
[Foreing language]
Well, as Lino commented, we'd already been working with an expansion project for the Azulão complex. It would be Azulão II, closing the cycle using Azulão III, and now with increased gas offer. Also, depending on the conditions of the next auctions, we can advance and try to further accelerate the development of this thermoelectric complex. Being it for Eletrobras auction in September or for the capacity auction, we understand that there will be good opportunities for us to monetize the gas.
[Foreing language]
Well, thank you very much, Marcelo. Well, what about the Parnaíba complex? What is the expectation for the Parnaíba complex with the contracts that are going to expire in the next few years?
[Foreing language]
Well, we've been working, as commented on Eneva day, so that we can guarantee the perpetuity of the complex with the conventional exploration or non-conventional, and also the creation of hubs in Maranhão based on the terminals and also the regas complex. These are alternatives that we're working with so that we can make gas offer to renew our contracts as these deadlines are over.
[Foreing language]
These, this question is regarding the Anebá reserve. We have 10,000 coming from Anebá, but in terms of certified reserves, we're talking about at most three years. When do you expect to start producing oil in the region?
[Foreing language]
Well, that's exactly why we have a band of 10,000 or 20,000 because we mentioned the 2C resources. Now, if you look at 3C resources, you will see that there is a huge difference. There is an expected volume which is larger. It will only be confirmed in the extension wells, which are being drilled as of now. I mentioned it in my presentation. We're going to drill two more wells and test them. If the volumes are confirmed in 3C, then there would be a possibility of having a flow greater than that. But this is based on what we expect and what we believe that future production can be in the Anebá field.
[Foreing language]
Well, I'd like to remind you that to submit question, you should click the link available here on the lower part of the screen. We have another question. Do we have any lifting costs and breakeven estimates of the Anebá oil resources? Well, it's a bit too early to talk about this, to talk about breakeven, but I'd like to highlight that this is a test number. I mentioned it during my presentation. We do have a well which produces 2,000 barrels per day right by road, and that's the best scenario possible for land production, which is equivalent to a low lifting cost. Regarding Bahia Terra, what is the infrastructure? A ctually, how does the infrastructure come along, and how can it be better than the one used by the company?
[Foreing language]
Well, we have the production and the assets which have been divested by Petrobras and therefore, they are in the hands of different operators. All of them plan to increase production. This production is transported through the route in Bahia Terra, and it will be then sent to different distributors, be it gas or petrochemical pole or a pipeline. For those operating in these areas, it will be located as actually, where these products are exchanged, and therefore, there will be an opportunity there. Marcelo, would you like to complement?
[Foreing language]
Well, a very important aspect, as Lino mentioned, is having the opportunity where, based on these infrastructure, we'll have a better leverage and a volume uptake from other producers in the region. With that, we can accelerate the company's commercial agenda.
[Foreing language]
Is there any short-term perspective for liquefaction and export of the Azulão gas to international clients?
[Foreing language]
Well, in the short- term, no, because we are already using the whole potential of the field. It would be a dream, and I think that, this is an ambition of the whole company. We have the different wells in the region, but this is not something we foresee for the short- term. Our resources can put these products in the market quite efficiently right now .
[Foreing language]
Well, we have another one about the Paraná Basin. What is the expectation for the beginning of prospecting in the areas acquired in the Paraná Basin?
[Foreing language]
Well, in the second half of next year.
[Foreing language]
Do you have any updates on Juruá?
[Foreing language]
Well, we are refining our studies. We are now obtaining information. We've actually carried out topographic mapping so that we can send this through the Juruá River. We will also have a joint venture with a logistic operator in the Amazon region. Together, we are evaluating alternatives for the transportation using the river, the Juruá River.
[Foreing language]
Since we have no more questions, I'd now like to turn over for the final words. Well, thank you very much. It is a pleasure to be here with you for our call, and I hope to see you in the next one. Thank you very much.