Daniel Slaviero: Hello, Marcelo. Okay, so many points here in your question. First, about the BNDES indication, if they will do a share sale or not. We don’t have, at the moment any information from them, whether the previous vision of the prior administration would be held or not as they had the intention of selling up to 50% of their share. So this is a question where we don’t have any indication or any information from BNDES currently about it. So this time, still as well, there are some steps still to go, and they’ll also mature or evaluate them. That’s the first point. The second point, if they end up not selling, what’s the capital structure going to look like since the state said they want to hold a minimum of 15%. We understand that there is limitation of 10% that is approved by law that will be implemented in the bylaws, give us assurance so that no investor will be — will have shareholder power above 10% directly or indirectly.
About the third part of your question that we saw on the movements made and the legal sphere about this process and the 10% issue, our assessment is that this is a lot more complex than Eletrobras even. You have a number of companies with these limitations. You have B3 and other companies that have this as a limit, as a threshold. So if this is unfeasible, if it is declared unconstitutional or illegal, it has an impact in many companies and some of the largest companies of the country that have this 10% limitation that is a threshold globally set forth and is the essence of a true corporation. And deep down, I mean, I’m not going to give you a lecture or anything, but deep down this preserves and protects the company itself because it avoids or prevents any shareholder over time, five, 10 years.
Some shareholders indirectly may buy small steps and take over control in the future and that’s not the essence of a true corporation and it’s not the desire of our controller for the future of COPEL.
Operator: Next question, Yudi Gular .
Unidentified Analyst: Good morning. Could you talk a little bit more about the sales of energy in the fourth quarter of 2022, sharing the price levels that COPEL’s trader is reaching in the free market? Are you starting to see a more tangible price pressure for energy placement as of this quarter? Thank you.
Daniel Slaviero: This question, Yudi, thank you. I’ll start answering and then I’ll get Vitol in generation and transmission and Filipe , if they have anything to add. But we are experiencing a time of very low prices. For the year of 2023, we’re comfortable. Our contracting level is adequate, considering the natural hedge that we have of around 15% for GSF. In the last quarter, due to competition reasons didn’t increase prices specifically. Only the PEMEX, the average PEMEX, but we are being cautious. We believe that we left the largest hydro crisis in 91 years in 2021 to the period of heaviest rains in 2023 with the reservoirs at their highest levels in over 11 years. So I think that this moment requires some peace of mind and cool mind and caution for us not to start practicing a price that is too low.
