The most important risks to which the Group is subject, and which are included in the risk control system, are: a) Re gulatory, since the main Group activities are subject to re gulation b) Operational, stemming fundamentally from the activities it has been assigned in the electrical system and the demand for care and protection for the environ ment, c) Market-based risks, due to the fact that most of its revenues and determined expenses could be affected by the evolution of variables such as inflation of interest rates, d) Business and Credit-related risks (counterpart risks), al though to a lesser extent due to the reduced importance of its subsidiaries in the Group as a whole and the regulation on billing and collection of transmission and operating ac tivities.