We expect REN's net debt to increase approximately €800 million to €2.8 billion mainly due to tariff deviations of about €670 million (revenue authorized minus revenue received). This is a reversal of tariff deviations surplus accumulated over 2021 and 2022 that will weigh on REN's 2023 cash position. The group accelerated capital expenditures (capex) in line with its 2021-2024 versus its previous plan. A total of about €400 million is expected to be incurred in 2024; this includes capex for both domestic and Chilean business. As a result, we expect S&P Global Ratings-adjusted FFO to debt to be above 13% in 2023 which is above the 12% threshold for our 'BBB' rating on REN. We forecast free operating cash flow
