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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 turn on your microphone will appear on your screen. You will then turn on your microphone to ask your question. Please ask of all of your questions as a bundle. The information contained in this presentation and statements that may be made during the call relating to Neoenergia's business prospects, projections, and operating and financial goals are 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 the 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. The presentation will be made 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. I would like to thank you all for joining our earnings release call today for the third quarter and nine cumulative months presentation of twenty twenty-four. I'm Eduardo Capelastegui, and I'm very proud of what we'll be sharing with you. We have built one more quarter with robust results. I'm here today with Solange Ribeiro, Regulatory Institutional Sustainability VP, Leonardo Gadelha, CFO, Giancarlo Vassão, COO, Juliano Pansanato, Executive Director of Asset Control and Planning, Júlio Machado , Executive Director of Networks, and Renato Rocha, our CIRO. As usual, I will make a brief presentation going through the main highlights of the period, and will then turn it over to Leonardo, who will present the results in more detail. In the end, we'll have the Q&A answer and my closing remarks.
To begin on slide number three, we have the highlights of the third quarter results. In distributed energy, we had a very good performance in our concession areas, with a 6.2% growth, mainly due to higher market results and improved losses in our five distributors. Regarding Opex, Neoenergia once again confirmed the efficiency of its own operating model, with a 3% growth in expenses below the inflation, and at the same time improving the quality indicators in all of our distributors. The group's cash EBITDA reached almost BRL 2.5 billion, and in our distributors, it reached the amount of BRL 2.1 billion with a 4% growth.
This growth in distribution is explained mainly by the increase in the market and the efficient operating performance, which more than offset the impact of the negative adjustments of Parcela B. Parcela B, we had in Neoenergia Coelba, because they're in Pernambuco, resulting from the negative IGP-M in last April's adjustment. Still in distribution in the third quarter, we concluded the registration of the bid for the conversion of Neoenergia Cosern takeover, owning now 100% of the distributor's share.
The transaction was evaluated at 1.3 times the RAB, which, in addition to streamlining our corporate structure, ownership structure underscores our mindful capital allocation strategy. Another great achievement in this quarter was the anticipation of the Termopernambuco Capacity Reserve contract. As you are aware, the plant got the contract in December 2021 reserve auction, which would only enter into effect in June 26th. However, we were able to bring it forward under the same conditions to October 1, 2024. On the growth front, it is worth highlighting our execution capacity, reflected in a realized CapEx of BRL 2.6 billion in the quarter, which leads us to a significant net base of distribution assets of BRL 38.4 billion. Additionally, we are making progress with the deliveries of transmission projects.
In this quarter, we had the release of almost BRL 80 million with new RAP related to the delivery of the Estreito lot and a section of the Vale do Itajaí lot. All of these points confirm the robust results delivered by Neoenergia this quarter. Now, turning to slide four, we can see the evolution of our transmission projects. In transmission, beginning with the 2018 December 2018 lots, we already have 93% of physical progress in Guanabara, which will have the total release of its RAP of BRL 160 million in the first quarter of 2025. We already have concluded one section with the, and have obtained the operating permit, and the other section is under implementation in Vale do Itajaí from the 2018 auction as well.
With 80% of physical progress, construction progress, we have BRL 34 million of additional RAP released in this quarter, amounting to BRL 58 million, or 22% of the total RAP of the project. We will conclude the project in twenty twenty-five, when we will, we'll release an additional BRL 260 million, amounting to a total RAP for this lot of BRL 264 million. The Morro do Chapéu lot, with progress of 96% in construction, has BRL 1 million that's been released, 47% of the total. We will also release an additional BRL 57 million in RAP in the last quarter, twenty twenty-four, and only BRL 50 million are to be released by the end of twenty twenty-five, remainder. Therefore, the Morro do Chapéu lot will be in full operation with the RAP of around BRL 200 million, as mentioned.
The Estreito lot, which we won in the December twenty twenty-one auction, was delivered fully this third quarter, releasing BRL 43 million in RAP. The lots we won in the June 2022 auction, we still are to deliver the Alto Parnaíba lot, the largest of all of the lots, and the licensing has been completed and obtained, and all the construction works are in progress at a good pace. These deliverables have led us to a RAP of around BRL 1 billion. In the current quarter, we will release an additional BRL 100 million, closing the year with a relevant mark of BRL 1.1 billion in released RAP, getting ever closer to the end of this cycle of investments in transmission, which, as you all know, will be concluded throughout 2025.
I will now turn the floor to our CFO, Leonardo, who will share more information on our third quarter 2024 results.
Thank you, Eduardo. Good morning, everyone. I will begin with the analysis, turning to slide six with the consolidated result, the evolution of the gross cash margin in the quarter. Therefore, without considering the IFRS 15 and VNR, was minus 4% over the third quarter 2023, reaching BRL 3 billion, four hundred and ninety-eight million. This reduction is basically explained by the end of the Termopernambuco contract in May, which caused the plant to remain without a contract throughout the quarter. Since we anticipated the new contract starting in October, which will go in effect in October this month, we maintain a good cost discipline, with a 3% growth in the quarter below the inflation. EBITDA had an 8% decrease in the quarter, and cash EBITDA, minus 5%, reaching BRL 2 billion, four hundred and eighty-five million, reflecting the lower gross margin.
As in the previous quarter, network EBITDA represented 87% of the consolidated EBITDA, and the generation customers EBITDA, 13%. The net income in the quarter was BRL 841 million. Adjusting this profit by the non-recurring events of operations, such as asset swap with Eletrobras and the transmission operation, we closed the quarter with a 7% decline over 3Q 2023, explained by the lower EBITDA, mainly by the Termopernambuco operation in the quarter, as mentioned. Turning to the next slide, on CapEx, in the quarter, as Eduardo mentioned, we attained BRL 2.6 billion, totaling BRL 6.7 billion over the nine months in 2024, therefore, in line with the plan for the year, which is of approximately BRL 9 billion. As in the recent quarters, CapEx was practically mostly with networks.
Highlights were BRL 1.3 billion in distribution, expansion, and improvements of the network, BRL 1.2 billion in the advancement of transmission works. Now on Slide 9, networks and the operating performance in the network segment, we see the variation of injected energy in our five distributors, as disclosed to the market, still maintains good growth in the quarter, mainly driven by higher temperatures, even when compared to the third quarter in 2023, which had been a good quarter. The consolidated period growth was 4.1%, compared to 3Q 2023, and 7% over the nine months, including GD. Total number of DG consumers amounted to 16.6 million, an increase of 302 thousand customers over the last 12 months. Moving on to loss performance, we had a quarter with a good evolution in the loss index.
All distributors presented a loss reduction compared to the previous quarter. We also have maintained well-controlled losses in all distributors in relation to the regulatory limit. Turning to Slide 11, we can see that in the third quarter in 2024, the PCLD reached BRL 125 million. Also, a reduction over the previous quarters in loan loss provision. As we can see in the charts below, a sound trajectory in relation to the previous quarters. On the next slide, we'll move on to quality indicators, DEC and FEC in our distributors, which have maintained a downward trajectory, and they're all perfectly within the regulatory levels.
Now, turning to results on Slide 13, we see an evolution of minus 1% in gross cash margin in the third quarter, explained by the negative adjustments in portion B, impacted by the IGP-M and some distributors, with the readjustment in April and the deconsolidation of transmission assets after the sale to GIC, although it was compensated by a better market. Operating expenses in the quarter grew by only 2%, so a very good performance. Networks EBITDA grew 112%, due to non-recurring effects in transmission in 3Q 2023, and networks cash EBITDA reached BRL 2,168 million, in line with 3Q 2023, reflecting the lower margin and well-controlled expenses, as mentioned. In the table below, we see the gap between distribution and transmission, where the distribution cash EBITDA grew 4%, and transmission showed a reduction of 39%.
The pro forma transmission EBITDA, that is, without the sale of lots to GIC, would have grown 37% in the network, EBITDA 6% in the quarter. On generation and customers, on Slide 15, which consolidates the renewables and liberalized segments, we reached an EBITDA of BRL 386 million in this quarter. In 3Q 2023, our hydro EBITDA was positively impacted by BRL 1.5 billion, due to the exchange asset swap with Eletrobras, therefore, excluding this one-off. In 2023, the segment's variation was negative by 27%. On the right-hand side, we have the opening, the breakdown by business lines, and hydraulic EBITDA in 3Q 2024 was BRL 127 million. The variation is explained by the one-off last year. Wind EBITDA in the third quarter was BRL 277 million, at 13% growth compared to 3Q 2023, which growth is explained by the higher wind power.
Solar EBITDA in 3Q was BRL 8 million, 3 million reduction due to higher energy purchase costs in the quarter in the Luzia complex. The Termope's EBITDA, which explains the consolidated variation, was negative BRL 36 million, reflecting the end of the plant's contract in May, and therefore, the plant was left without a contract throughout the third quarter. Now, once again, in October, with the anticipation of the capacity auction, it has the contract finally. Business, well, ordered the EBITDA in the quarter of BRL 11 million, a growth of 10% compared to the previous quarter, and we suffered about 5% with curtailment, something that bothers us, clearly, but it's still far lower than what we have seen among our peers in the market.
Moving on to Slide 17, I will talk about our Neoenergia's capital structure, and here we can see that we closed 3Q 2024 with a net debt of BRL 42.1 billion, therefore, roughly BRL 1 billion above the previous quarter, which is explained by the accelerated CapEx pace. Our net debt EBITDA ratio closed at 3.0x, slightly above the previous quarter, in line with the expected levels for this year. Our debt structure remains comfortable levels, with an average maturity of 5.6 years, and highly diversified in terms of sources and indexes, in addition to competitive spreads. The credit market remains very liquid, and we have almost completed the funding plan, debt funding plan for the year. We have already disbursed more than BRL 10 billion in new debts and now addressing our needs for 2025.
Having said that, I will now turn it back to the operator for the Q&A session.
We will now begin the Q&A session. In order to ask a question, please click on the Q&A icon at the bottom of your screen to join the queue. When your name is announced, you'll be asked to turn on your microphone. Please then turn on your microphone to ask your question. We ask you kindly to ask all of your questions in a bundle. Our first question is from Guilherme Lima, analyst from Santander. Guilherme, we will turn on your microphone so you can ask your question. Please proceed, Guilherme.
Good morning, everyone. Thank you.... I have two questions I'd like to ask. Could you please talk about the renewal process and the distributors, and the public, bid process, the technical note in regards to this public consultation rather than public call, especially in regards to regulatory flexibility that is being proposed? Can you please comment if you have conducted a positive and negative aspects, assessment, what you're considering in terms of contribution? And one more question in regards to the Termopernambuco contract.
Can you further explain the structure of this contract to purchase fuel, the contract you entered into with Eneva, so in regards to transportation, shipment, and what you have observed in terms of the construction of the terminal that will supply the contract, as of 2026, would there be a risk of maybe having delays in the terminal? How you can protect your the company in such a scenario?
Thank you very much for your questions. Well, to answer your question in relation to the concessions, in our opinion, this process is making progress as planned. After many discussions, this executive order was passed in June. Now we're taking the next step, where ANEEL is drafting the document for public consultation. This is positive because it shows the process is making progress, going through all the different steps that are defined in the executive order. As for the content of the Technical Note, we are obviously going to participate in the public consultation. We have a positive outlook.
The main guidelines of the executive order are contained in the Technical Note, mainly in regards to issues pertaining to the sector and the compensation, the proceeds of investment, which will also drive more investments from all the concessionaires, something that is much needed in the wind power sector to improve the quality and the expansion of the network. So this is also related to critical areas, which is accounted for in the Technical Note, things that will be regulated, and we were aware of these facts. So what matters is we have the Technical Note, and that is very positive. Maybe technical aspects that might arise that were not in the executive order, that we did not agree with, and we will make our contributions.
We have two points, two particular points we would in regards to paying penalties. This is something that we consider that will constrain, that will limit us from our defense, so something all enterprises are entitled to. So this is something we're going to bring to the table as a contribution from our part. Secondly, the Technical Note also makes reference to, you know, what is regulated or non-regulated. Something we have in number 14, subsidies. We do not believe it should be in the Technical Note.
We believe it's something that must be clarified for the sector going forward, but we don't believe it must be in the Technical Note. These would be the two main points that, once again, are not in the decree. They arise here, and they that we disagree with. We consider the Technical Note is very much aligned with the decree, with the executive order, and seeks to drive investments to enhance the service quality provided to our customers, and we are, of course, agree 100% with the aforementioned points. Once again, they're part of the decree. Before the decree, the executive order is published.
As for the second question, Termopernambuco celebrating the good news, not only for Neoenergia, but for the sector as a whole, the energy, the electrical sector, the electric system, since it's very important to attain stability, right, at peak times, so this is excellent news. In early October, as I mentioned, we brought the contract forward, so we have seen that it was a very sound decision from the national system operator and the ministry, because the system has resorted to the plant four times until now. Termopernambuco is fulfilling its role therefore. In terms of cost structures, as you're aware, this period, 22 months, from October twenty-fourth to July twenty-sixth, we signed a contract. We entered into a contract with Eneva, and starting in 2026,...
We will have the contract with Shell for fifteen years, which was signed earlier on. Back to the Eneva contract that we're entering now, it has a fixed cost, transportation, and variable cost for molecule usage, meaning that once the plant is not operating, we pay a fixed cost, 70 million BRL per year. I think Renato can share a more accurate number afterwards, but roughly 70 million BRL. And we also have a margin per megawatt hour, 130-150 BRL. It will also depend on how we will move forward, but by and large, on how much we will generate. But this is the variable that is also part of our EBITDA. This is the cost structure with Eneva, a fixed and variable cost structure. As for Shell, we have heard. We have positive news.
The Shell terminal, 10% to 15% of the gas is for Termope, and the remainder is for other customers. We are aware that sales are going well. We're selling gas to other customers. And this is an assurance that the terminal will be pretty much in line with the plan. Otherwise, we have our guarantees, our warranties, our contractual warranties and assurances in regards in case the contract is not fulfilled. As Neoenergia Termopernambuco, we are comfortable with it. I once again would underscore, I believe the terminal will do well because we have seen positive results, but we are protected by contract in a very effective way. So these are my replies to you, Guilherme.
Thank you. Excellent.
Now, our next question is from Victor Huya, analyst from Metal BBF. We will open your microphone, Victor. You may proceed.
Good morning, everyone. Thank you for the opportunity. I have one question related to Termope. Looking at these points and the fixed EBITDA of roughly BRL 300 million per year because of the anticipation, what is your expectation in terms of shipment for the 22 months now from October to 2026? That was the previous date before the contract came into effect. And what is the value generation to... excluding the fixed EBITDA, looking only at the additional shipment you expect to have? And if you can also comment briefly on going back to the CP point, I think the audio was patchy. There are two points here related to the Neoenergia. One is the legal judicial disputes, and the other one I could not hear in Portuguese. Thank you. I would appreciate it if you can repeat that.
Okay, Victor. Thank you for your questions. As I mentioned, Termope. Well, let me share some figures with you that we should bear in mind. If the Termope plant, hadn't we anticipated, brought this contract forward as we did, the period October 2024, July 2026, over those 22 months, we would have a negative EBITDA of 264. Why negative? Because I cannot turn down the plant in July 2026, I would need the connection. This is a high fixed cost. Then once it's shut down, it still requires maintenance. This would produce a negative EBITDA, not annual, but accumulated or year to date. That, well, would be this figure. Yes, we anticipated its contract with dispatch zero, shipment zero, the EBITDA would be zero, then going from 200, minus 200 and seventy-four to zero, where the 0% is dispatched.
From there, from then, every 10% in dispatch, EBITDA would go up by 100 million BRL over 22 months. Always looking at the 22-month period, every 10%, for every 10%, EBITDA goes up 100 million BRL. What is our forecast for dispatch? Good question, because it's not easy to estimate what might happen, but we have data on four days of dispatch in the past two weeks. Therefore, we look at these forecasts of around 10%-20%, but it will highly depend on the hydro scenario. If we talk about 20%, it's a 200 million EBITDA going from minus 274, therefore, to over 200 million. With a 20% dispatch, we're generating a value of roughly 500 million, because we brought this contract to anticipation.
I made it more clear to you, Victor, with these figures, the impact and the value that was added with this anticipation and the dispatch itself. As for the technical note, we have two points we'll be renouncing, and then second point that you said you couldn't hear relates to there's a provision which states that ANEEL can limit distributors from operating in the free market. It can maybe set limitations, constraints in the current, the existing concession areas. In our opinion, this is not something that should be part of the Technical Note, because it's something that is, well, we're looking at the number fourteen discussion. ANEEL has to decide upon what will be the future for the Free Market in Brazil, but we do not think this has to be in the executive order.
It might be. We're not saying yes or no, but it doesn't really fit with, well, the executive order. It's something that should be discussed on the side, regulated on the side, and we're also actively involved in the process, bringing models from other countries, the virtual experience. We're also presenting models from the U.K., from Europe to the regulators, so as to how this matter is being regulated in different countries. But the technical note, once again, doesn't. We don't fully agree with it. So we have two things: the renunciation and the second point I mentioned now.
Excellent, very clear. Thank you.
The Q&A session is adjourned. We would now like to give the floor to Mr. Eduardo Capelastegui for his closing remarks.
Thank you once again, operator. On slide 19, I would like to, as I normally do, I would like to highlight once again our commitment with all of Neoenergia stakeholders. We are maintaining our focus on the appropriate capital allocation, efficiency and quality in our operations, and delivering sustainable results. And one of the best ways to do that is the expressive growth of our cash EBITDA since the IPO in twenty nineteen, it has grown by 97%, or doubled, reaching, as mentioned before in this quarter, a BRL 2.5 billion cash EBITDA. I would also like to point out our success in anticipating the Termopernambuco contract, something that required the dedication of different areas in Neoenergia and adds value to all of our stakeholders.
We are investing in our five distributors continuously, meeting our organic growth and providing quality services to our almost seven million customers, representing more than forty million Brazilians. We are focused on the delivery of transmission lots. Once again, we had important deliveries in this quarter, which brings us closer to the end of the investment cycle, and as I mentioned, will also happen throughout next year, 2025. Finally, as I mentioned several times before, we have not renounced to our discipline in capital allocation, focusing on our profitability, as shown in the recent transmission auction, in the successful partnership with GIC, with the assets renewal over the past few years, and the last public takeover to attain a hundred percent of Neoenergia Cosern ownership.
To our shareholders that trust in us, rely on us, I would like to reaffirm that we are fully engaged and committed to delivering the expected results. I will conclude, as usual, by thanking all of Neoenergia's associates for fulfilling their roles, surpassing challenges, producing results, and adding much value to our stakeholders. Thank you, and I wish you all an excellent day.
The third quarter twenty twenty-four earnings call by Neoenergia is now adjourned. The Investor Relations Department will be available to take additional questions. Thank you to all of the participants. We wish you an excellent day.