The main risks the Group has to face, enclosed in the risks control system, are: a) regulatory risks, since the Group main corporate operations are regulated, b) oper ational risks, issuing basically from the operations assigned to the Group in the electric ity system and the required care and protection of the natural environment, c) market risks, since most of the income as well as specific expenses can be affected by the trend of variables such as inflation or interest rates, d) business and credits (or counterpart) risks, although to a lesser extent, for the telecommunications subsidiary has been sold.