Iberdrola SA Capital Markets Day Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Gonzalo Sßnchez-Bordona - UBS Investment Bank, Research Division - Analyst : Gonzalo Sßnchez-Bordona from UBS. I have a few questions related with networks since you seem to be finding new investments pretty much recently. I was wondering on your plan, you're saying that 80% of your expected investments in networks up to -- by 2026 will have an agreed regulatory framework. So there's 2 questions there for me. One is, what are your assumptions in terms of -- I mean, on Spain, you more or less said there is flat return, but I'm trying to understand what is your assumption for everything else. Are you assuming same regulated returns in the 2026 renewals or whatever. So -- and effectively, would that mean that, that potentially was it fair to assume that potentially there is some upside on the numbers if rates remain at high levels as compared to the previous review. So that would be the first question. Second question is on your conversations that you're having or your expectations regarding regulatory reviews in the next few years. Are there any clear sources of potential upside on investments similar to what you've had in New York, you already kind of anticipating that a little bit earlier. Is there anything that we should be expecting looking forward in terms of big investment hikes in the next 2, 3 years? So that will be the 2 sources of potential upside, I guess. Also on the risk side, you had some issues on NECEC execution. So I'm wondering what is your perceived risk on executing this very ambitious network plan, particularly I think in the U.S., where permitting and other stuff has been a potential issue. And last one also on the downside risk of potential risk that I'm seeing on this plan. Is you are effectively increasing significantly the investments in networks. Is there any -- or are you seeing any issues with securing supplies for the kind of execution that you need?