For those listening to the conference in English, there is an option to mute the original audio in Portuguese by clicking on "Mute Original Audio." This conference is being recorded and will be made available on the company's IR website, ri.neoenergia.com, where the complete earnings release material is available. It is also possible to download the presentation using the link sent via chat, including in English. During the company's presentation, all participants will have their microphones muted. We will, later, open the Q&A session. To ask a question, click on the Q&A icon at the bottom of your screen to join the queue. When announced, a request to open your microphone will appear on your screen, and you will then activate your microphone to ask questions. We recommend that you ask all of your questions together.
The information contained in this presentation and any statements that may be made during the call relating to Neoenergia's business prospects, projections, or operating and financial goals constitute beliefs and assumptions of the company's management, as well as information currently available. Future considerations are no guarantees of performance. They involve risks, uncertainties, and assumptions as they refer to future events and, therefore, depend on circumstances that may or may not occur. Investors should understand that general economic conditions, market conditions, and other operating factors may affect Neoenergia's future performance and lead to results that differ materially from those expressed in such forward-looking statements. This presentation will be led by Mr. Eduardo Capelastegui, CEO of the company, and Leonardo Gadelha, CFO of the company. I will now give the floor to Mr. Eduardo Capelastegui.
Thank you very much, Operator. Good morning, everyone.
I would like to begin by Thanking you all for joining us today for the presentation number four of our second quarter results in 2024 and also the first six months in 2024. I'm Eduardo Capelastegui, CEO of Neoenergia. We're once again very proud of all that we'll be sharing with you today. I'm here today with Solange Ribeiro, Vice President and Regulatory Officer, Leonardo Gadelha, CFO, Giancarlo Vassão de Souza, COO, Juliano Pansanato, Asset Control and Planning Officer, Fúlvio Machado, Network Officer, and Renato Rocha, our IR Officer. I will make a brief presentation going through the main highlights of the period, and then Leonardo will present the results in more detail. We will then move on to the questions and answers session, and finally, I will conclude with my closing remarks. Starting the presentation on slide three, we have the highlights of the second quarter.
Injected energy once again performed very well in our concession areas, growing 8.2% in the quarter compared to last year, mainly due to higher temperatures and, to a lesser extent, greater economic activity in our concession areas. The Cash EBITDA reached BRL 2.4 million and surpassed BRL 2.4 billion, showing a growth of 3% in the quarter. The larger market cost discipline and good operating management of the five distributors were partially offset, mainly by the end of the Termopernambuco contract and also the wind resources in the quarter. OpEx grew 4% compared to the same period in the previous year, once again confirming the success of our operating model in the distributors, which, as you know, has been based since 2017 on the insourcing of operations. Net income in the quarter was BRL 815 million, with a 12% growth compared to the second quarter of 2023.
On the growth front, I would highlight our execution capacity reflected in the realized CapEx of BRL 2.3 billion in the quarter, which leads us to a significant net base of distribution assets of almost BRL 37.5 billion. We continued to advance with the transmission project this quarter. We've had deliveries and RAP releases of over BRL 200 million relating to the lots of Itabapoana, Paraíso, and Morro do Chapéu. All of these points confirm the robust results delivered by Neoenergia this second quarter. Moving to slide four, we can see in detail the evolution of our transmission project. In the December 2018 lot, we obtained the operating license from IBAMA for the Itabapoana lot, which allowed for the release of around BRL 90 million of RAP.
The Guanabara lot has over 90% physical base, and this year we'll have the full release of the RAP of roughly BRL 155 million. Today, we have our first of the two trenches completed with the operating permit from IBAMA. In the Vale do Itajaí lot, we have 76% of physical progress in the construction works with BRL 23 million RAP released. In this third quarter, we'll have another BRL 33 million released, and we'll conclude the project in 2025 when we will release another BRL 200 million, reaching a total RAP of around BRL 260 million in the project. In the December 2020 lot, Morro do Chapéu is 94% with a physical advance and construction advances and has another RAP release this quarter, reaching almost BRL 100 million of released RAP, equivalent to 47% of the total project.
The remainder, BRL 100 million roughly, will come throughout this year, 2024, which is firmly in line with the business plan that we approved when we went to auction. In the Estreito lot, which we won in December 2021 auction, it is almost completed with 99% execution completed, and now, well, in July, BRL 13 million in RAP were released. That is one third of the total and should be delivered by late August when it will reach a total of BRL 40 million in RAP from the full lot. Regarding the lots from June 2022 auction in this second quarter, we see the completion and delivery of Lot 11. Paraíso is releasing around BRL 42 million in RAP and anticipating the business plan, delivering ahead of the business plan for Lot 2, Alto Parnaíba, which was the largest of the two lots, as you will remember.
We have licensing partially completed, and construction works have begun on the substations and two of the three transmission lines, thus reaching 27% of actual construction progress. You might remember we started the year 2024 with an annualized RAP of around BRL 700 million. And with the deliveries that I've shared about this first half of 2024, by June, our annualized RAP was roughly BRL 950 million, was BRL 950 million. Still, this year in 2024, we will release another BRL 300 million by the second half, which will allow us to conclude 2024 with a relevant mark of BRL 1.2 billion in RAP, roughly bringing us closer and closer to the end of the transmission of the transmission investment cycle, which will be concluded in 2025. I will now turn it over to Leonardo, who will share more details on our results in this second quarter. Thank you. Leonardo,
Thank you.
Eduardo, good morning, everyone. I will begin on slide six, where we have our consolidated result. We see the evolution of the gross cash margin in the quarter. Therefore, without considering the impact of IFRS 15 and VNR, it was 1% over the second quarter in 2023, reaching BRL 3,481 million. This growth was driven by the strong demand, as shared by Eduardo, a larger customer base offsetting negative tariff adjustments in April due to the IGPM index, which was negative at the end of the Termopernambuco contract. We continue to present a good cost discipline with a growth of 4% in the quarter, in line with the inflation within the period. EBITDA had a 12% increase in the quarter, and Cash EBITDA reached BRL 2.4 billion, showing a 3% growth, reflecting the higher gross margin and control of expenses.
Network EBITDA represented 87% of consolidated EBITDA of Neoenergia, and generation and customers 13%. Neoenergia's net income in the quarter was BRL 815 million, 12% growth over the second quarter 2023. Moving on to CapEx, slide on CapEx, in this quarter, we realized a total of BRL 2.3 billion, totaling BRL 4.2 billion in the first six months of 2024, in line with the plan for the year, which is around BRL 9 billion reals. We see in the charts that CapEx was mostly directed to networks, as in the recent quarters. The highlights in the quarter were BRL 1.2 billion reals in distribution, expansion, and improvement of the network, and BRL 1 billion reals in the advancement of transmission works.
In operating performance in networks, on slide nine, we see the variation in energy, injected energy in our five distributors, which is already disclosed to the market, continued to demonstrate a strong growth in the second quarter as well as the first, mainly driven by higher temperatures. In the consolidated period, growth was 8.2% compared to the second quarter 2023, including DG. The total number of consumers reached 16.5 million, an increase of 340,000 customers over the last 12 months. Moving to loss performance, on slide 10, we had a quarter with a controlled loss index in all distributors, despite the increase of load resulting from higher temperatures, impacting technical losses. With the lowering temperatures, we hope to get back on track and continue with four of our five distributors within the regulatory limit.
On slide 11, we see that in the second quarter, the loan loss provision reached BRL 138 million, an important reduction compared to the second quarter in 2023, in line with our normal levels. In the charts below, we see the percentage of loan loss provision over revenues indicates a sound trajectory, and except in Pernambuco, we see a decline in all of the distributors in relation to the first quarter. On the next slide, we move on to quality indicators, DEC and FEC in our distributors, which maintain a significant downward trajectory, and all of them are perfectly below the regulatory levels, within the regulatory levels.
Turning now to the results of the network business on slide 13, we observed in the second quarter in 2024 an evolution of 2% in gross margin, gross cash margin driven by the market, despite the negative adjustments by the IGPM index and the write-off of transmission assets after the sale to GIC. Operating expenses in the quarter grew by only 3%, therefore a very good performance. Network EBITDA grew 15% and net Cash EBITDA grew 5% in the second quarter, reaching BRL 2.1 billion, reflecting the higher margin and well-controlled expenses. In the chart below to the left, we see the gap between distribution and transmission, where distribution EBITDA grew by 7% and transmission had a decrease by 17%. The former transmission EBITDA, as seen below, including the sale of the lots to GIC, amounted to BRL 170 million, up 64%.
On slide 15, now we have the results of the generation and customers' results, which consolidates the renewables and liberalized segment. In this quarter, EBITDA in the segments was BRL 400 million compared to BRL 447 million in the same quarter last year. On the right-hand side, we have the business lines, each one. Hydraulics EBITDA was BRL 141 million in the second quarter, a 38% growth compared to over the second quarter. In 2023, the variation was mainly due to the consolidation of Dardanelos from September 2023. The wind EBITDA in the first quarter was BRL 186 million, in line with the second quarter 2023. And in the first half, this drop is explained by the lower wind power, especially in the first quarter across Brazil. Solar EBITDA was BRL 12 million in the second quarter, an increase of 33% due to the complete operation of the Luzia complex and greater funding resources.
The thermal EBITDA was BRL 55 million. Here we have a decline over the same quarter last year as a result of the end of the contract in May, which was foreseen. As planned, finally, the customer's business presented an EBITDA this quarter of BRL 4 million. Finally, moving on to slide 17, I would like to cover our capital structure. In the second quarter, our net debt mounted to BRL 41 billion, roughly BRL 1 billion above the previous quarter, which is explained by the CapEx execution pace. Our net debt EBITDA ratio closed at 3.27 x, in line with the previous quarter and in line with the expected level for this year. When the CapEx cycle will be completed, our debt structure remains comfortable with an average maturity of five years-six years.
We continue with the diversified debt in terms of sources and indicators with competitive costs. The credit market remains with high liquidity, and therefore we have made a lot of progress in the funding plan for the year. We have disbursed over BRL 9 billion this first six months, the new debts mainly addressing all of our needs for 2024. Having said that, I will give the floor back to the operator for the Q&A.
We will now open the Q&A session to ask a question. You should click on the Q&A icon at the bottom of your screen to join the queue. Once your name is announced, you will be requested to open your microphone. After opening your microphone, you may ask your question. Please make sure to ask all of your questions. [Foreign language] . Our first question is from Victor, from Itaú BBA analyst.
Victor, you may open your microphone and ask your question. Please proceed.
[Foreign language] . Good morning, everyone. Thank you. Regarding the next auction, which should happen next September, I would like to know if you will join. Thank you.
Hello, Victor. Thank you for your question. As we normally do, we, of course, assess all of the transmission auctions, and September was also considered. But as you know, it's a small auction with four lots, three of which are small lots. Small lots. We're not very competitive. We are more aimed at construction companies, and we have considered some lots. But anyhow, there are still issues, land issues. We are familiar with the Southern region. We have many lots in the region. They're not continued lots. You have different trenches. And after considering the pros and cons, we decided to not go to auction.
We are not going to the September transmission auction in September.
Our next question is from Guilherme Lima, analyst from Santander.
Could you bring us up to speed with regards to the new Termope contract and in regards to anticipating the revenue from the new contract and the GNL terminal as a solution for fuels for this new contract? Thank you.
Thank you very much for your question. As Leo mentioned, the Termope contract with Neoenergia Pernambuco was ended on May 15 as planned, and the new contract will begin on June 2026 only. Therefore, it will still be, well, many months. We will be looking at this availability contract. We want to, of course, continue producing results, and we have made progress at both ends in terms of the contract.
We have also been interacting with the Ministry of Energy, with the systems operators, and most importantly, looking at Termopernambuco for the Brazilian power grid power system. Termopernambuco has an important role when it comes to modulating the renewables in the Northeast portion of Brazil, and we're making good progress there. In terms of gas , we have concrete offers from gas administrators, gas managers. By the third quarter, by the fourth quarter this year, we, well, starting in October, we expect for both contracts to be formalized, and we believe Termopernambuco will be able to, well, to be anticipated. We will anticipate the contract that is in effect in around 18 months by October this year, to BRL 130 million, many thousands of BRL related to that. So the fixed contract in terms of capacity will equal important amounts there.
So yes, we're making good progress here and in line with our plans. By the fourth quarter, we should produce results with the plant.
Thank you. Our next question is from Marcelo Sá, Itaú Analyst. You may proceed, Marcelo.
[Foreign language] Hello, everyone. I would like to learn more about, well, your talks with GIC in regards to transferring more assets for the JV transmission. Can we expect more assets to be transferred this year since many are in operation?
Thank you very much, Marcelo, for your question. Yes, in fact, we have received an offer last year from Itabapoana, and it's in the records. Since we're delivering many records in 2024, we expect to have a package with three lots for Itabapoana, which is in operation in this region.
So yes, for this year, our plans are to have these three lots, BRL 200 million in RAP on the three of them, because the other two lots that would be Morro do Chapéu and Guanabara will be later this year, maybe in the first quarter of 2025. For this year, we have planned to, yes, advance and to close these three lots: Itabapoana, once again, Paraíso and Estreito. Three in operation, Itabapoana 100%, Paraíso 100%, Estreito one-third, and the others will start in August. So this is our plan, Marcelo, to have these lots on the table with the contracts.
[Foreign language] . The Q&A session is now closed. I will kindly turn the floor back to Mr. Eduardo Capelastegui for his closing remarks.
Okay. Thank you very much, Operator.
On slide 19, I would like to mention that, well, as usual, we are firmly committed to all Neoenergia's stakeholders. As you're well aware, we are moved by our values, focusing on efficiency, creating value, and sustainable results. This is represented through the expressive growth of our Cash EBITDA , which has tripled since our IPO, surpassing BRL 2.4 billion this quarter. I would also point out that we fully trust the Brazilian energy sector and the renewables with our distributors, as seen in the advancement and the anticipation of our distribution plans, when we are eager to continue investing in the Brazilian distribution and energy system. We continue to invest in our five distributors, considering our organic growth and providing quality service to almost 17 million customers. Additionally, and as I've repeated oftentimes, we are 100% focused on the deliveries of the transmission lots.
Among the highlights, we are getting closer to the end of the investment cycle, which will be concluded next year in 2025. As regards the future growth of Neoenergia, we are focused right now on recurring CapEx in distribution and delivering and concluding the investment cycle and transmissions. We are aiming for these things. Any other additional growth opportunities should fulfill our growth requirements. Our rigor is clearly perceived by the market over the past 10 years. To our shareholders and everyone who trusts in us, I would once again point out that we have the right team in place that is fully committed and engaged to delivering all of our plans. Finally, as usual, I would like to thank all of our team in Neoenergia. They have fulfilled their role by overcoming challenges and creating value to our shareholders.
Thank you very much for joining us today, and I wish you an excellent day.
[Foreign language] . The second quarter 2024 earnings call by Neoenergia is now closed. The IR department will be available to reply to additional questions. Thank you to all of the participants and have an excellent day.