Good morning, ladies and gentlemen. Welcome to Central Puerto's Second Quarter 2024 Earnings Webcast. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. If you do not have a copy of the press release, please refer to the Investor Relations Support section on the company's corporate website at www.centralpuerto.com. In addition, a replay of today's call may be accessed by accessing the webcast link at the same section of Central Puerto's website. Before we proceed, please be aware that all financial figures were prepared in accordance with IFRS and were converted from Argentine pesos to U.S. dollars for comparison purposes only. The exchange rate used to convert Argentine pesos to U.S. dollars was the reference exchange rate reported by the Central Bank for U.S. dollars for the end of each period. The information presented in U.S. dollars is for the convenience of the reader only, and you should not consider these translations to be representations that the Argentine peso amounts actually represent these U.S. dollars amounts or could be converted into U.S. dollars at the rate indicated. Finally, it is worth noting that the financial statements for the second quarter ended on June 30, 2024 include the effects of the inflation adjustments. Also, please take into consideration that certain statements made by the company during this conference call and answer to your questions may include forward-looking statements, which are subject to risks and uncertainties that could cause actual results to be materially different from the expectations contemplated by industry remarks. Thus, we refer you to the forward-looking statements section of our earnings release and recent filings with the SEC. Central Puerto assumes no obligation to update forward-looking statements, except as required…

We will now begin the question-and-answer session. [Operator Instructions] And the first question today is coming from Martin Arancet from Balanz Capital. Martin, your line is live.

First, thank you for the presentation. And I have three questions, and I would like to run them one by one, if that's okay. The first one probably is recent, so I don't know if you might have an answer. But -- last Friday, the government issued a resolution to auction again some hydro plants, including Piedra del Aguila, but to prioritize them. And -- so apparently, you will have the control of the asset until the end of 2024 after which there should be a transition period to the new owner. I was wondering what do you think about this privatization process if you are interested in participating, probably for Piedra del Aguila or maybe another hydro plant? And also, if you consider that being the current operator of Piedra del Aguila, it gives you an advantage if you choose to participate?

Thank you, Martin, for your question. In fact, as you mentioned, the government made an extension or used all the timing that is establishing the contract transition period and the additional year award was until the December 24, 2024. And today, the government issued a new decree establishing an additional extension going from December 2024 for Piedra del Aguila to December 2025; so we will be the operators for Piedra del Aguila until December 2025. There are some in the decree that established some reduction in that period they performed the bidding process -- as mentioned a new bidding process for a new 30 years concession. Before that December 2025, they could reduce 90 days that period but if they cannot mainly perform the process, we will be operating the hydro until December 2025. Of course, as you mentioned, we are interested in continuing participating that bidding process, a new bidding process for another 30 years period for Piedra del Aguila. The decree doesn't establish the process itself; they only call to The Secretary of Energy to start the process and to call the -- or to start the process in 180 days by the -- it doesn't establish how we do the process -- how we do the remuneration or the prices for these new concession periods will be a market pricing, so it will be a PPA. The revenue will be hydro, so we don't know yet the details, and we need to wait until we see the details; how it will be -- the new concession period. As you know, the actual concession period was like challenging because they established market prices at the beginning, and then after seven years of market prices, we will see a completely controlled prices going down and the concession was not the one that we imagined at the beginning. So for the new period and how will be our participation in this new process, we need to see the details about the remuneration and all the details about this new option. But as to your question, we are very interested in participating if the conditions are the correct ones. And as we mentioned, of course, we know the asset in detail. So we think that we will be -- we have an advantage there because we know the details, we have the people to operate that. So, of course, as we are there we have some advantages.

Thank you. Very clear. My second question then is, well, we learned that you will be interested in moving forward with a transmission project to take energy to the mining companies in the north of the country. I was wondering if you could tell us a little bit more of this project. And also, we heard something similar with YPF loose [ph]. I don't know if they are two separate projects, or if you are considering probably moving forward together as they mentioned that they were trying to add other important participants in that project?

Yes. We are -- as you know, we are looking for a new development in terms of renewal, we are one of the bigger players there. And we see that the demand already or the demand that we have right now is not enough to develop new projects; we are reaching a limit there because -- in two sense, the limiting terms of transmission lines, but limits in terms of demand; the good contracts are already set, the good players and takers have already covered. So we think that the expansion need to come through -- try to put or to take these new developments -- renewable developments to the new demand; the new demand is right now the mining companies, and the lithium mining companies in the North. The problem is they don't have alliance there because they are at 4,000 meters above the sea in the mountain; so we need to take the renewables or the energy produced by the renewables there, and the only way to do it is try to develop a new transmission lines in the North. And we are trying to get up to collect all the demands in order to know it is strong enough to develop a project there which is a transmission line crossing Salta [ph] and some part of Catamarca [ph], specifically Salta [ph] province, but entering in a portion of Catamarca [ph] also. We know that YPF is -- was at the beginning of the year talking about some process that could be senior or could be part of the project that we are thinking, but we don't have the opportunity to talk with YPF yet in order to analyze the possible working together project or working together scheme; but we are open to do it, and perhaps it will happen if they have the similar idea that we have, it will happen. But we are in early stage yet because we are trying to collect the demand with -- and our understanding is strong enough to move forward with the project that requires a lot of engineering analysis because it's a challenging project. So, we are collecting information and talking with the tough takers and talking with the province and try to develop the project.

Okay. Just a follow-up on that one. How would you recover the investment? Could you charge for the transmission line or would you have to recover that through the energy contract?

Well, the regulation is not already set. We construct the transmission line, we will need to have a new regulation scheme because right now there is not a clear regulation path to do it. But if we can build the transmission line, and we have the exclusivity to operate that transmission line, we will, of course, want to produce and to deliver our -- also our renewable energy; so we will see that this will -- implies a charge for the transmission line, and also charge for the renewable energy also. So we see a combination of businesses there; not only the transmission line by itself, and in case, the renewables going separate, we will see as a together business transmission line and the renewable procurement will be together for us.

Okay, thanks. My final question then, it's -- what are you expecting in terms of CapEx for the remainder of 2024 and 2025? And if you are considering tapping the debt market anytime soon?

The CapEx that we are expecting is the one that we have been carrying on, which is the DRL [ph] office closing of the combined cycle, and the project that we -- the solar project that we are developing in Salta [ph] which is the San Carlos project. The two projects together we are talking about for the -- via Lopez, $150 million; but more or less, we have less to expand around $90 million. And in terms of San Carlos, we are talking in about $15 million, and it’s kind of -- like a $13 million -- we could spend $13 million from now to the second or the third quarter of next year.

Okay, thank you very much. That's all on my side.

Thank you. [Operator Instructions] And there were no other questions. And that concludes our question-and-answer session. I would like to turn the conference back over to Mr. Fernando Bonnet for any closing remarks.

Thank you to everyone for your interest in Central Puerto. We encourage you to call us for any information that you may need. Have a great day.

Thank you. This does conclude today's conference. You may disconnect at this time. Have a wonderful day. Thank you for your participation.