Giuseppe Turchiarelli: Yes. I mean last year, in the first quarter 2023, we reached an agreement with our supplier of energy. We had a PPA with this company, Metka. And the PPA for seeing the start of the operation this year is a certain amount in certain point of commission delivery. For several reasons, we negotiate with this company an uptake of the contract and the negotiation foreseeing a different delivery point and the compensation regarding the new contract, the update of the contract with Metka was $25 million in 2023. So basically, it is a one-off effect that we had last year that clearly is not going to be repetitive. That’s a matter of very specific negotiation with our supplier.
Isabela Klemes: Okay. And the final question for the night. What are your thoughts on the quotation regulatory change that is being discussed with about the way the export market works? Is it a change that you agree with?
Giuseppe Turchiarelli: Well, I mean, the — we are still evaluating the point, consider that the spot price, the impact on the [indiscernible] very extensive topic so much so we are trying to figure out which is the best way of possible changes for, at least, energy. We are at the beginning of the call said we are going to give you more update in the following call.
Isabela Klemes: Thank you, Giuseppe. Now we have a question also on chat here from Florencia Mayorga from MetLife. Florencia is asking if you could repeat again the outstanding about PEC, about we are expecting also for the end of 2024. And also, if we have any update about the prices from the recent regulated adoption?
Giuseppe Turchiarelli: In terms of accounts receivable coming from the PEC, we are assuming to have an amount of factoring that was between $450 million to $600 million in the second half of this year. This factoring in year two, we are going to close the credit receivables at the end of 2024 in a range between $400 million and $500 million. Well, for what concerned the regulatory tender, I mean, right now, we are waiting for the release of the reserved price, the cap price that we mentioned before. And we believe that in a couple of hour, or the next hour, we are going to have some more information and we are going to evaluate in order to understand whether we want or not.
Isabela Klemes: Okay. So another question is coming from [Ignacio Galvez] from Santander. Financial cost during fourth quarter 2023 and first quarter 2024 contains some costs related to electrical [indiscernible] accounts receivables. Are these nonrecurring costs already over or should we expect additional costs in the next quarters? Giuseppe, so this is the question.
Giuseppe Turchiarelli: Basically, in understanding the effects related to the transaction that we had with the [buses], we sold the asset to a third-party, and we are not going to have any additional effect in the following months. It’s just a matter of account impact, not a financial one. The business of Enel and the electric bus [indiscernible] such an effect once you sell the business.
Isabela Klemes: Okay. Then let’s go to the final question, the last one from Tomas Gonzalez from Scotiabank. Giuseppe, Isabela, congratulations on your appointment to CEO. Well-deserved recognition. The question of Tomas is can you give us an update in relation to the potential sale of up to 49% of renewable assets and if this sale could be result in a higher dividend going forward?
Giuseppe Turchiarelli: Thank you, Tomas. Well, we are going to add with the operational phase of minority stake of our assets, even as of today any kind of update for you, but in the following months, in June, I hope to give you more color on that. In terms of additional dividend, that we’re going to see how the process and the price will be. As of today, really, really early to discuss about this topic.
Isabela Klemes: Okay. Thank you, Giuseppe. So with this, we conclude our conference call. The investor relation team is available for any doubt you may have. Many thanks for your attention and have a great end of week.
Operator: Thank you for your participation in today’s conference. This does conclude the program. You may now disconnect. Everyone, have a great day.
