The most significant risks to which the Group is subject and which are integrated in the risk control system, are: a) Regulatory, as principal business activities of the Group are subject to regulation; b) Operational, basically deriving from activities assigned the company in the electrical system; c) Market, as the majority of income as well as determined expenses may be influenced by the evolution of variables such as inflation or interest rates; d) Business and credit (or counterpart), especially in telecommunications activities; and e) Environmental, due to society’s growing demand with regard to the care and protection of the natural environment.