That was a long answer. But let me see if anyone has another additional comment.
Adriano Rudek de Moura: Well, that was fine. This has to do with the hourly PLD. I mean before 2021, we had a ceiling of PLD, and after we had ACD. And after the fourth quarter of ‘21, the PLD ceiling we wouldn’t feel that much of a difference, I mean, intraday. But in terms of oscillations due to frequency, load, localized demand – a strong localized demand and the need of this generation that provides power to the system in parallel with renewable energies, which are not yet centralized, I mean, we already built a positive effect. The difference or the surplus we have was so that – I mean, the prices went up and the impact was higher in relation to what we have now. So, we hope that early next year in view of load estimates and climate and temperature. So, in the beginning of the first quarter of next year, there will be oscillations. So PLD prices should increase, and this reflects the sale of the surplus that we have in the period.
Daniel Slaviero: I would just like to add a little bit. That level of 2.5x is an evolving process. Some years ago, we had 1x leverage. We said that our plan was to reach 2.5x. Considering the investment level and dividend, we were very competitive. We paid good dividends in that period. And now we reached a level that we believe to be reasonable for now. But, obviously, we are flexible enough to review that further on, considering the scenarios to be evaluated by 2024 and ‘25. But we will certainly inform the market as soon as we have something different.
Adriano Rudek de Moura: And just to add this small variation from 2.5x to 2.3x in terms of our quarter leverage, by no means this is something that we want to pursue, right? This or even something below that number for us is almost like an inadequate leverage, given our capital structure because it’s important that we have ROE and our ROIC metrics that are important. So, what brought us this far with this. But from now on, we have new possibilities. And just to conclude, I have something important to say. For us here, being AAA, it is really significant. We are in capital investment company and having a low cost of capital is one of the critical success factors. And we see private companies operating at a – with a higher leverage level, but at the same time, they maintain a AAA.
That means that we see some room for further improvements, meaning that there will not be any limitation in terms of that 2.5x to have a AAA rating. As Daniel was saying, there is some flexibility.
Giuliano Ajeje: That is very good. Thank you very much.
Operator: Our next question is from Mr. Antonio Junqueira from Citi. Antonio, your microphone is on.
Antonio Junqueira: Good morning. My question is more related to quality. The company is going through a re-dimensioning process involving its people and employees. And now you’re a private company. So, I’m not referring to people now. I’m talking about internal restructuring, in terms of responsibilities and functions in the company. Do you, Daniel, see the need to restructure the functions of the company? Do you believe that the company should review its size. And the second question is, I understand that you will also adjust the compensation of the officers. How is that moving along? And when do you intend to present that plan? I understand that this will also include stock options, right? So these are my questions.
Daniel Slaviero: Well, Antonio, those are very interesting points. First of all, with this PDV program or voluntary redundancy, we are saying that 23% of the people will leave the company. And this percent will naturally change things. I mean, to operate with 23% of our capacity, you need to unify, you have to improve your processes, you have to improve the structure of the company, you have to make some investments in technology, things that we’ve been doing. We are talking about 23% of a company. I mean, at this, there is a 20% regulatory, I mean, efficiency. So, we’ve been doing our homework for quite some time. So, it is initial challenge and that’s why I’ve given that 1 year time frame because we want to do everything very comfortably while we have to mind customer service, we have to be mindful of several things so that the transaction occurs in a very smooth way.
We are very confident because we are seeing many opportunities. Some of the things were duplicated. There are things that could be discontinued. I mean, our relationship with the controlling agents and the bidding processes. There were things that we needed to do before, but they are totally inefficient in a private world. Having said that, I mean also during our COPEL Day, this review of the role of the holding does not only contemplates our structure and size. There are things that we need to do. And one of them, and I will just give you a spoiler is that the regulatory aspect of the company that was more related to the particular businesses that there was some logic in there. But now we are seeing lots of advantages. Be it because the benchmark of the sector is operating like that, but also because with this – in this new phase of the company, we want to be protagonists in regulatory debate.
Moreover now, that COPEL wants to have a capacity option to improve the results at [indiscernible] there will be a cycle and by the end of the cycle in 2026, the condition will be totally different than what we experienced in the past because we were operating at a deficit. But then everything that was invested had to be incorporated in the base. It’s been 10 years that this has been the case. So, in regulatory terms, we at 3.0. I like this topic, and I think this is part of the evolution process of the company. And to conclude, this review, this compensation review process, we already have an international consulting company to help us with that. Nobody is here to reinvent them well. There are several good examples in the market. And we will present the results of that consultancy in our COPEL Day, or in April of next year because we want to be ready to deploy this plan to the main executives in the leadership.
