Pedro de Oliveira Jatobá: So Giuliano, thank you for the question. I received by writing and I could analyze it. So the calculation that you did is the net difference in which we have the total volume contracted in the third quarter, the fourth quarter administering the average prices. So this is the sum of all the changes that we have had. We had some of these contracts, the long term and some of them are contracts that were not done in this average band that you mentioned. There are some contracts that come in due to be regulatory mandatory at 18 megawatts, obligated to sell for the transposition of San Francisco at a value below the projected value. But the market all of this comes and provides is effective. But this is any way that we have been, we are practicing and in which this applies exclusively to the differences that have been affected exclusively in the fourth in the fourth quarter, where we have a series of different non typical situations.
Giuliano Ajeje: Thank you Jatobá. Thank you so much. Just I would like to ask two more. The first week, they should be the — should the numbers of ANEEL should publish the numbers referring to the first auction of energy transformation, something here R$20 billion. Just so I understand your head here, do you plan to participate of this auction. It’s a great auction that need to have a partner, like to understand your expectation.
Wilson Ferreira Junior : The idea, yes, we are evaluating the participation. We believe that the business transformation gives us stability to our result. We understand that the composition of this is the stability, and also have the possibility to create value in with a greater, much more dynamic is what will happen to the free market. Some people see some concerns with lower prices. But in 2021, a day like today would be so happy to be selling energy at a greater value. So obviously the strategy or the company is considers these two things. Besides this, I’d also like to say that the strategy of the company, the only thing that we will not have is to be a minority as we were in the past in terms of 49%. So obviously, we see the possibility to be together with our competitor that has the advantage, competitive advantage, technical knowledge that we can in a pair control the financial and create more value and become more competitive.
So we have no problems in doing this with our competitors. And some of them in fact, we are partners, even though you’re a condition for 90%, but share control to create value or to be more competitive, it’s part of the strategy of any business, any private business that is serious in this. So surely, we will consider this. We will consider the financial capacities that differential in the market. At the moment the market is not so — has so much liquidity. So together with the Board of Director, we will work on the fixation of the rates that recognize this moment — of financial moment. But I would say that, no doubt this is one of the alternatives of investments and sustainable growth of the company, this transmission. And we are working seriously to be competitive in this auction and there are no other alternatives.
I would also like to say, I forgot to say a comment that no doubt, should pay compulsory loans and should make an agreement to compulsory loans using electricity is one of the alternatives that we are considering together with these counterparts. So stimulate in revenue and also — but we still have not done any of them, just to be clear that those values that you saw that Jatobá explained to you don’t have these alternatives. And I hope we’re able to evaluate some of them and to be competitive and this generates value for both parties, especially in this moment.
Giuliano Ajeje: Thank you. And then I’d like to just seize the moment and ask one more. We have three events today that are little bit, another to your control which have caused a little bit of stress, which is the that that I think ANEEL has mentioned, but another one is the . So understand a little bit with you what is the expectation for then until when the — so there is cash for construction and expectation on the tariff.
Wilson Ferreira Junior : Let me — the company has cash up to the end of the year. So these are the factors that have been allocated by before the privatization is there in the following the, what we call investment in the critical path which is those on the expectation of a definition related to tariff. And here an important point here is we are in this moment waiting for the ordinary process to review these numbers from the development bank, and also the can get together up to June to approve this tariff. But once this tariff is approved, we will be able to have a process a tender process to get this financing. So this company has the continuity of the investment will be based on started from a different financial position, once the equity has already been based.
This company will be here 70% of the construction is done. And in four years and a half to June 2020, transform to vehicle it is important venture. So we’re waiting for this evaluation from the TCU to have this — to go along with this work The tariff that has to call for the capacity to take the finances in the market and also recall for the equity that have already been allocated for the company.
Operator: So we end now this session of question-and-answers. We will have — we will give the final word to Mr. Ferreira for the final remarks. Please, Wilson go on.
Wilson Ferreira Junior : So thank you so much to everyone who could follow our conference results. So I’m sorry it should be a little bit longer, but it was important to characterize this process of change. I have mentioned to my team that we are a company that generation and transmission we should have a certain stability with investing with the investors, but with profitability on the other results that have already been seen. The operations we have seen, we have seen this already. So on one side, we try to have more of a final cleaning of the balance and the other side, initiatives that we have the possibility to direct our — to direct to people in the OpEx and CapEx related to acquisition services. I think we have the second block which is to potentialize the value in our liability, contiguous here in the company.
So we are taking this the first steps that are very important. They are assets that are very important, which is the fiscal credits that we’re trying to be selling energy that generate operational advantage or compulsory loans to use these fiscal credits. And clearly, the other side is the growth of the company. So the strategy of the company is to in the final phase together with the Board of Directors is come to reinforce this growth, align the renewable energy specialty in the transmission the area transmission, which are — these are ventures that are happening. So the fact is, I would like just to highlight that the company is six months as private. We have seen increased expressive investment over 50%. And those are greater investment initiative of the company.
We have taken control of companies like Santo Antonio, from a minority way. We have already plans important plans to the presence of valuable data that are showing that we have a capacity to make the last movement related to SPS and the rationalization of SPEs, which are not just the transition that they have been here. We have done a benchmarking and to find all the potential value creations that we have here have of 74. We say well, who’s operating better, who’s operating worse? And what recommendation can we do? And we have seen the potential in the value creation for the first time conditions to guide Board of Advisors, to really meet this expectation of increase of generating value in these ventures. So it’s a second point that we’re looking.
So at the moment is a demonstration of a stronger greater private company contributing to the growth and this is also very important, 600,000 investors in the company, 370,000 of them have a got together by the compulsory loans. So we have a commitment with all of these investors of the company in this creation of value sustainably. Such strategy of the company will show this. This is the first quarter in which we showed you that where we are heading. So we also like to say in the moment that we are building this new team in the company, bringing people, people who have a great experience in our group. We will move on in this journey of generating sustainable value. Without all this balance in our growth process, which is a global corporation with the same proud, same pride of a corporate like value like Embraer, that are companies that are Brazilian that represented, that are managed by Brazilians that are advised by Brazilians, in then this process.
So we have a great virtual way to follow and the first sprint has already been done in the first semester with great examples in each one of the areas that we have spoken about. This is the commitment of the team that is here represented together with the managers and employees of the company. So our commitment with the Brazilian society of generating value sustainably in an area that will be especially important globally, not just for Brazil. Brazil will be the main point of this area. No doubt Eletrobrás will be the main symbol in this new economy that is showing up in the economy, the sustainable economy, the decarbonisation economy. So we will be this great example. So thank you so much for everyone and see you in the next meeting in May.
Bye-bye.
