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    Antonella Bianchessi

    former Managing Director at Citigroup Inc.

    Antonella Bianchessi is a former Managing Director at Citigroup, where she led the Global Utilities Team and specialized in comprehensive equity research on the utilities sector, particularly the energy transition. Her coverage spanned major European firms including Red Electrica Corporacion, with a track record of producing thematic, sector, and ESG-focused investment analyses for global investors. Bianchessi began her career in the mid-1990s as a utilities analyst at Banca IMI and Caboto before moving to Goldman Sachs in London and then Morgan Stanley as Executive Director and Southern European Utilities analyst, eventually joining Citigroup in 2011, where she remained until 2022. She holds a degree in Business Administration from Bocconi University and is recognized for her leadership on sector studies, though specific investment performance metrics and FINRA registrations are not publicly available.

    Antonella Bianchessi's questions to Red Electrica Corporacion SA/ADR (RDEIY) leadership

    Antonella Bianchessi's questions to Red Electrica Corporacion SA/ADR (RDEIY) leadership • Q2 2022

    Question

    Antonella Bianchessi from Citigroup Inc. asked about the achievable returns on CapEx, the company's view on its cost of capital, and whether the investment plan could become value destructive in a rising rate environment, including the flexibility of the CapEx plan.

    Answer

    CEO Roberto García Merino explained that the regulatory framework and long-term supply contracts protect investments from inflation. CFO Emilio Cerezo stated the cost of capital for the Spanish transmission business is 5.58% (pre-tax), with higher rates for non-regulated businesses. He affirmed that the company ensures project IRRs exceed the cost of capital, and this is monitored continuously to ensure all investments create value, even in the current environment.

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