Competitive-regulatory risks Nature: risks related to regulatory interventions by sector authorities and the law (particularly on tariffs and market structure), to government incentives on renewable sources and sector-related laws, regulated businesses related to the concessions of local and national authorities, failure to obtain authorisations, permits and licences, as well as the impact expected from changes in the macroeconomic environment, the market structure and its liberalisation, the development in supply and demand in energy and environment sectors and possible impact on the group’s business.