From hydrocarbons to green molecules: Cepsa’s transformation using AWS

Good afternoon everybody. Thank you for joining us today. Welcome. We are going to be spending about an hour talking about the journey that one of the leading hydrocarbon producers, TPSA, is undertaking to become much more sustainable and a leader in green and sustainable energy.

We're also gonna talk about how the cloud and specifically the AWS cloud is helping them enable and accelerate that transformation. I forgot the clicker. Thank you.

My name is Joseph Santamaria. I'm the Director for Solution Architecture and Customer Success within the AWS for Energy group. I have the tremendous pleasure and honor to be joined here on stage today by Carmen de Pablo.

Carmen: Thank you Joseph. For everyone, I'm Carmen de Pablo. I'm TPSA's CFO also head of strategy, sustainability, M&A. And it's really a pleasure to have the opportunity to be here today for AWS to invite us for this session. Thank you all for coming.

Joseph: Ok, so the agenda will start with talking a little bit at high level about what's going on with the energy transition and how the cloud is supporting that. And then we'll just dive, Carmen, we'll dive into what's going on at TPSA - how are they taking on their energy transition?

We will kind of tag team a little bit on the journey that TPSA has had over the last few years with AWS. We'll give you some specific examples and then we'll switch and talk about where we're going next - what we're gonna be doing next.

Clearly, one of the challenges and opportunities of the 21st century is the energy transition. We're probably keenly aware of that, but what does that mean? One is we have to diversify our energy sources. The Wall Street Journal mentioned a couple days ago putting an article out that 80% of energy generation investments are now on renewable sources, which is great. For the next few decades, we're gonna need an all of the above strategy for energy. But over time, the second half of the century, we should be able to get into a majority of the energy sources being clean.

The forecast right now is about a third of them will be renewable energy sources by 2050. We also need to increase electrification. We know that electricity is a very safe and effective way to transmit and move energy and electrons around. But we need to make sure that the grid is ready for the energy systems of the future. And we need to keep investing in a more resilient and reliable electric grid.

That's not enough. We need to continue investing in decarbonization and other solutions like carbon sequestration, removing carbon from the atmosphere through direct carbon capture or carbon capture and sequestration, lower carbon solutions like low carbon concrete or sustainable fuels. We're gonna need to continue investing. It's expected that this year there'll be $1.7 trillion invested in these types of technologies.

And what we also need to do is meet customers where they're going to be. We're seeing customers more and more interested in renewables. For instance, 55% of millennials are interested in time of day rates, which means that they are willing to change behavior. They're interested in how they can contribute to decarbonization and to a more sustainable future.

Amazon is fully committed to this transition, and we're committed to it one as a consumer. We are already the largest corporate buyer of renewable power. We have a commitment to have 100,000 electric vehicles delivering packages. We have over 10,000 of them already deployed in the US and Europe. And we're building more and more data centers with solutions like low carbon steel and low carbon concrete.

Beyond being a consumer, we're also an innovator in this space. We're building solutions. We're introducing solutions like Graviton 4, which we announced yesterday. Beyond that, how we run our data centers, we're constantly innovating to make them more efficient and effective so that our carbon footprint can keep going down consistently.

And we also within Energy at AWS, we host a cohort every year called the Clean Energy Accelerators. This is the third year we're doing it. We support about 10 to 15 startups - this year it's 15 - and we give them advice, we bring them to market, to those companies that we select that are doing really innovative work in sustainability. And we'll continue to do that. We have over 200 of them at this point and we do that not by ourselves, we do it with partners.

We have over 100,000 partners that have solutions applicable to energy companies and we're doing this with a number of customers. You can see here, we're helping them be more resilient, more reliable, more renewable, more resourceful.

And one of these leaders that we're working with is TPSA. Carmen, I'd love to hear your perspective.

Carmen: Thank you very much Joseph. We have learned about the AWS Energy practice and who is TPSA for those of you that may not know us so well.

Effectively we are a leading privately held company based in Spain, looking effectively at the broad range of products in the energy space - from basically upstream to chemicals to our refining business, which are refineries. Two of the largest in Spain are part of our portfolio, which we call today Energy Parks. And we have almost 100 years of history.

Currently we have presence in 18 countries in five continents, so our presence is quite global. Just to give you a sense of size, we have €31 billion of revenues last year, almost €3 billion of EBITDA and over 10,000 employees.

That gives you a framework of what is TPSA today - as mentioned, largest refiner in Portugal and Spain with two very well located energy parks as we call them at ports that allow us to be one of the key leaders in bunkering and also aviation fuel for our customers.

Also, we're number one in LAB in our chemicals business and number two in phenol worldwide. These are products that are in our day to day life in terms of plastics and hydrocolloids. And they are coming, most of them will have some part of TPSA products.

So we also have a retail network and that's important because we have over 2,000 stations around the Iberian Peninsula. And that's an area where we are looking also to make the energy transition and to move forward.

In terms of what is our position and our different businesses, as mentioned we have a diversified energy ecosystem with an upstream position which actually as we are moving and transitioning into more sustainable businesses, we just recently sold our position in the UAE. And that's really a showcase of how we're taking the steps forward to move out of fossil fuel hydrocarbons into green molecules and sustainable products.

Our energy parks as mentioned are really strategically located and we have now agreements where we will be exporting part of the products that we will produce more sustainably into the port of Rotterdam and Northern Europe where there is a need to have cheap, sustainable energy.

And as mentioned, chemicals and commercial and clean energies also in the context of our portfolio, bring alongside mobility the breadth and depth of our operations and activities.

So we're taking a leading role in taking the step forward into the energy transition. We are very serious about climate change and the need to change and the need to decarbonize. As an example, as I mentioned, the sell down of our position in the UAE upstream is really a clear step forward.

Now, sustainability is at the core of what we do. We have a strong commitment to ESG which is really across everything that we do in-house - from comprehensive and rigorous policies that we take into our decision making when we take investments, when we look at opportunities. We get ESG across the board, so it's part of our DNA.

It is obviously one that, as you can see, is being recognized - the actions that we're taking - by third party ESG rating agencies. And we're very proud, just to give you the context, that we're number one - it's just been announced by S&P - in the CSA ranking also by Sustainalytics and Clarity AI. All those three firms ranked us number one top in the sector.

And we're top three with Moody's and Vigeo Eiris. So that gives you a sense of the breadth and the actions that we are taking to position TPSA at the forefront of energy transition.

Carmen: But this, you know, is a recognition of the steps that we're taking as a company uh as we look into decarbonizing as we look to invest more in sustain projects right now. Today, 40% of our investments are fully dedicated to sustainable investments. And uh it is, as i mentioned across our culture, these are just recognitions but our board in the investment decisions that we take in our executive committee and how we bring also our employees to embrace, you know, transition and taking action and what it is our sustainability plan because that's where effectively now we work together into bringing the energy transition to accelerate.

So let's get a starting point. Uh which is, you know, for us at tps a, we have been measuring emissions since 2005. So this is a long journey. This is not something that is new because it's in fashion. This is really, i believe that the company had for many years and we have audited also our emissions under iso standard uh for over a decade. So this is clearly, you know, important and what is not measured, it cannot be, you know, followed and it doesn't exist. So we need to have the data in order to effectively get us to see what is the pathway. What is the evolution that we're making uh through? Basically our businesses, obviously, we have targets in terms of our decarbonization plan on all three scopes and, and as many of you know, uh you know, on the scope one, this is uh directly on our industrial processes, effectively from combustion of our furnaces and processes and flares scope too. It is you know, relating to the imported energy um and uh associated product energy that uh effectively is uh is we are purchasing from third parties and scope three, which is the most difficult uh all the indirect um uh greenhouse uh emissions that we need to effectively, you know, within the value chain need to account for.

Uh and we're targeting to reduce, you know, the numbers that you see here, you know, as reference. So now we have some challenge to basically deliver on the commitments that we have because we need to work very hard, you know, for an energy company like ourselves to make the transition is really changing and turning the way that we're doing business, we need to decarbonize our own operations and those of our clients in terms of our, you know, targets. Uh and, and you can see here uh we have uh a 55% target reduction of emissions. Uh basically, when we look at that starting point that i showed you earlier uh of 2019 for a target uh of uh basically becoming effectively net zero by 2050 55% reduction by 2030. And in the scope uh three as well, effectively, we are looking to reduce between 15 to 20% in carbon intensity of sold products uh by 2030 as well.

Um and also achieving net zero, which is our objective and our goal, we also have other areas of effectively target and ambition, which are maybe not so, you know, well entrenched in the industry, but water, which is not really spoken about is one of the critical areas. And for us, we have already a commitment to reduce our consumption by 20% by 2025 in terms of fresh water consumption. And we are in a stress hydric areas. And also diversity is important uh with a 30% target and objective that we have to have man, women in management positions. Uh and we are very close to, to achieving that.

But i think the important thing is, you know, if, if you look at our website, if you have read a little bit about us last year, we effectively announced and, and public uh our positive motion strategy, an important step because this was the recognition that we as an energy company have a path and are looking to decarbonize and take our business forward uh as a leading into the energy transition.

Um and this effectively has created a new ecosystem in the energy for us uh where we have effectively two customers are centric businesses, one in relating to mobility and new commerce, as you can see on the slide and the other in terms of sustainable energy, where we are looking to offer um decarbonization solutions in an integrated way, red g green electrons that effectively we convert into green molecules to serve our clients to decarbonize our own operations and decarbonize those of our clients to be really the leading company in europe. We have to the largest hydrogen green hydrogen project on the works in terms of, you know european context. And that's, you know, really a step forward that we are taking and that we announced in the context of our positive motion strategy.

And as mentioned, we have obviously the challenge to not only decarbonize our own operations, but those of our clients and how do we take the steps on our side? Well, reducing consumption of fossil fuel, that's clearly, you know, an area we will not go into electrification, also reducing the overall consumption that we have of certain products and using a um uh and applying energy efficiencies across the board. And you know, but more importantly for us, we are taking steps and actions to take, you know, that route into decarbonizing our own activities.

But the important thing here is also to decarbonize our clients industry and energy represents 80% of the co2 emissions and out of that more and have you cannot electrify because there's been a lot of talk around green electrons. And obviously, we need to invest, we need to obviously bring more windmills and solar panels to bring those green electrons into the different businesses. But there is industries, heavy industries, transport and in terms of aviation, maritime and and commercial, road transport, some of these businesses cannot be electrified, there is no solution. The solution comes from effectively generating green molecules and already bringing effectively sustainable fuel to those businesses. And that's effectively the game that us as a, as a company in the energy space need to take forward and need to lead.

If we look at, you know, effectively how we are turning and shifting and it's not easy because effectively a transformation is hard. You need to take the steps, you need to change the way that you're doing things, you need to effectively convert into something else. But i think here, tes a has really um you know, a privileged position from the perspective that on one side, we're not publicly quoted. Uh but we have a strong commitment from our shareholders and that allow us to be maybe sometimes more brave uh and take further steps, you know, from other companies that are in the pub public domain and obviously have to have the short term, you know, institutional investor uh effectively uh scrutiny uh which some of these decisions are taken, you know, along side and effectively, you know, more burden to the company as we transition.

But here are some of the, you know, key areas for us, of focus uh where we are converting our business. Well, in the mobility side, as mentioned, we are looking effectively to, you know, get chargers across, you know, all our service stations ultra fast charging every 200 kilometers. And also, you know, with hydrogen, every 300 converting uh our service stations in ultra convenience um and food destinations at the end of the day, the customer and it's valuable time will be with us for at least, you know, 15 to 30 minutes, which is very different to the current proposition that we have in service stations as they stand today.

And then, you know, sustainable energy. This is really the core, really the heart of what we're doing as a, as a company, as i mentioned, we decarbonize our own hydrogen consumption. We already are producers of hydrogen is gray hydrogen. And obviously, we have the expertise to take effectively. Now, you know, hydrogen into green molecules and all its derivatives, green ammonia and methanol. And uh we have an ambition to basically build up to two gigawatts of uh hydrogen, green hydrogen production capacity 2.5 in biofuels uh million tons and be the leader in s a. This is sustainable aviation fuel with uh effectively 0.8 million tons per year by 2030. And in terms of renewables, because we will not convert ourselves in a, into a utility, but we will cater for those green electrons by developing our own portfolio on solar pv, where we have already over one gigawatt of ready to build projects, energy parks, which is really essential on what we do. And the strategic location, as i mentioned, really at the two ports in the south of spain where we have actually the lowest level cost of energy, which is really one of the key areas of cost for producing hydrogen and using iot and advanced uh effectively analytics to improve the performance of our refineries.

And now let me just, you know, now, having done this journey of what is se sa now the journey of pe s a and aws and we started together in 2018 and we begin in our cloud journey. Aws was selected as a preferred partner and uh we're born of digital transformation. Then in 2019, we signed on a strategic partnership. And in 2020 we, you know, started to, you know, increase uh the way that we sort of uh combine our, you know, uh expertise uh between the two companies and join forces and uh develop opportunities uh like cash back agreement on some of our loyalty customers or uh having amazon lockers, uh more than 100 in our service stations as a way also to entrench that relationship. In 2021 we included additional businesses uh from uh lp g, liquefied petroleum gas, uh and also chemicals and upstream into effectively the journey or to cloud that we undertook for the other businesses. And in 2022 we have actually increased uh the usage of uh aws services uh when we compare it by 2019 by 60% because we see the benefits of bringing the technology to us. Uh and uh and effectively now in 2023 this year, we have started also to have spain as a our region for data center uh uh extension and having also disaster recovery um capabilities here uh at our home turf. So joining forces between the two companies has been very important for us. This is a journey that is, has taken us, you know, a few years. It's really a path where we are decarbonizing. And we'll tell you at the end of the presentation because we, our ambition is taking us one step forward and maybe there uh i pass it on to you just to elaborate a little bit on some of these initiatives we have taken together. Thank you g

G: Thanks for your presentation. Thanks for your time line. So the, the journey that we've been on with tpsa for the last few years, it does follow some architectural patterns that we see definitely at t psa and beyond one is focus on foundation, but you can, and you can have a strong and a fast cloud adoption. Uh if you're building on a weak foundation, its a very early on created a cloud center of excellence is one of the recommendations with the customers. Um and they've been, they've been adopting services like control tower to run to manage their 200 plus accounts um across six aws organizations. They gotten not only much, you know, really fast provisioning of accounts down to two hours. But what's even more important is they have now the confidence that their cloud operations are secure, they have over 450 security rules that they are, you know, by default, turn on in, in their accounts and that's allowed them to really free their builders. And we'll talk a little bit more about that by creating a development platform that enables them to accelerate the delivery of digital digital solutions.

Um once you have a strong foundation, then we also see customers migrating at scale. Uh carmen already mentioned their, their uh migration of sap. They're like one of the largest workloads to um to the cloud and we'll talk about that in a minute as well. But beyond sap, they have hundreds of applications running in the cloud. Um many of them on, on native services like ecs and, and, and eks, you know, co native service for containers and they are already starting to leverage and augment their usage of the of the regions as we, as we increase and bring additional regions to service like we did last year in spain, which is carmen mentioned their, their home turf as you put it, they're migrating more and more workloads. They were actually one of the first customers to, you know, to run um workloads. In this case was fsx on tap for uh in spain.

Um once you have a migration at scale, you start to have data at scale and that's where you can have um a pattern of creating standardized data lakes, getting specialty analytics in products like energy parks. The car i mentioned petrochemicals and you can really get to insights that otherwise you, you wouldn't be able to get and beyond analytics. They're also working on uh they've established a strong ingestion and iot platform that allows them to consume milk terms of data points. Uh a day, we'll talk about that in a minute as well. And once you have all this data, then you're in a position to start putting on top of it, uh advanced services like a iml or now working with them as well and generative a i, we'll talk about that as well in a minute.

Um t es has created uh an ml and machine learning platform. Ml ops platform that allows them to really accelerate the delivery of uh models up to 25%. Great example is what they call the yet dragon project, which was uh uh you know, uh a model they built on sage maker to improve yields in their operations in petrochemicals in shanghai. Um and uh it's actually saving them hundreds of thousands of dollars a year.

So if we move on, let's talk about the development platform, the cio of steps up. And so i had a very strong vision to bring the builders close to the business and close to where the problems are, where those products and channels needs to be solved. But to do that, you have to have comfortable that you're not gonna have a proliferation and a free for all um you know, environment where it's not secure assets are not reused to created this development platform, they call development platform, which is fundamentally uh you know, a cloud made um environment for builders where they have cognitive solutions like iksd cs, we talked about that about r ds. Um they use our um you know services for, for infrastructure code like cd k and cloud cloud formation for to create reusable assets that enables the builders to accelerate and redeploy assets without having to re invent things. They manage that in a registry. Um they use our security services like like i on access control like me com committee pools to make sure that folks have only access to the data, they need to have access in the services. So it's a very secure and controlled environment.

Um it's an open platform. They use the, the a os api gateway and services like athena for federated query to uh to be able to access the data and to to open the you know, the solutions they are putting in place and all these wrapped with a layer of observable to make sure the platform is running efficiently and and um and performing at the levels expected with services like obviously, you know, cloud watch. But beyond that, with one of the, some of the partners that we talked about like data doug.

Um he has a quote from susana. So what's the, at the end of this, what comes out of it? So, you know, speed, right? We talked about earlier about the need to, to deliver at speed and to go through the energy transition as quickly as possible so that you can be an early a leader in the industry. And uh here's a quote from sana from a garner case where she quotes like there's a three month, um you know, up to three months of, of, of a faster delivery of digital products and solutions that they, they accomplish the development platform. Now, just stop for a second. I think if you could deliver all your it projects three months faster, you know, how much more you could do, right?

Um so we move on, let's talk about sap for a second. So, uh again, as i mentioned, is one of the largest workloads. They run a bunch of operations uh in sap, they run many of the back office functions like finance and sap and they used to run it in uh in madrid, in one of their data centers

They had a, you know, hot standby, but it was in the same data center. So it wasn't, you know, it really wasn't physically separated. Um they really struggled also like all of our on prem customers with scaling up and down, especially with high high memory instances like are required to run SAP. And when they had an issue, they had an issue took a long time and effort to, to replace that, you know, to, to replace those parts.

So I decided to move to the cloud. They started with um with bare metal instances, high memory instances. And um and then they quickly realized that they could actually, they could actually run on a virtualized um instances because the Nitro hypervisor is uh you know, offloads, security networking storage management into its own chip set. So you can get really bare metal performance on a virtualized environment.

Then they got all the benefits of the cloud ability to scale up, scale down the ability to provision environments. It went from months to hours and, and, and days. Um and then they improved, you know, they were able to architect for resiliency and um were able to get from 98% availability of the SAP footprint to four nines, which is the SLA that's a lot of nights of sleep that otherwise you wouldn't get.

Um and that's where they are today. They're running, you know, bare metal. Uh excuse me, they're running, you know, virtualized, they take advantage of the 700 plus instances that instance types that we offer at, at Amazon AWS, they run our five instances for the application services they run you and next two instance types for their high memory database and you know, they're performing, forming. Well, they're moving now to to the um what they're doing next is improving their availability and resiliency through uh you know, taking advantage of the HANA multi tier system replication service.

So right now they're running out of Ireland with two instances with uh two databases, right, uh with uh with a synchronous application and uh and preload turn on. And now they are with the HANA, you know, the HANA uh multi multi tier system replication. They're building a third tier which is a um um you know, a pilot light in in the Spain region which will allow them to maybe have a little bit higher, you know, RTO and RPO, but still very competitive at a price.

And they already have two availability zones that gives them fundamentally a zero, you know, zero RPO and, and uh recovery, recovery point objective and about a minute of, you know, recovery uh time objective. RTO.

Um so let's talk about for a second about their uh you know, the data analytics we talked about coming, talked about it. I mentioned this before. One, a great example is the industrial data lake that, that they built. Um they wanted to, you get new insights, they wanted to automate their workflows, they wanted to find out whatever waste and you know, opportunities to operate more efficiently and, and, and uh and, and leaner in their, in their energy data parks.

So they built a uh an architecture, industrial data lake that uh gets data from 300 1000 sensors. Uh the data comes in through uh IoT Core which is, you know, an MQTT based uh you know, the ingesting platform that data is then fed into uh Kinesis uh data firehoses and then stored into S3 and, and um DynamoDB for, for the database it required.

Um and um and yeah, so that, that this, this data is stocking is, is processed into EMR for transformation and for data cataloging. And this is giving them the ability to get insights that, you know, they have never before. This is a platform that is available to their builders and developers in the business units and uh in IT and, and others will go in and they'll build additional services on top of it.

For instance, they build uh for their energy data parks, the refineries, a control center that scans, you know, that has an ability to monitor on a real time basis with, you know, 100 70 million data points that they ingest today um their operations and the status of their refineries worldwide.

Um and I would love to talk about the benefits, but we have Barman here who better than the CFO of course. So for any of these initiatives, there needs to be a business case, we need to see that there is really an improvement that, that we really get value out of. Obviously, you know, in this case, is downstream data lake. And for us, you know, we have actually seen uh those KPIs materializing.

So as you can see, you know, at, at 2% more than two percent of energy consumption savings, which is obviously for us, very relevant, uh a 2.5% increase also in throughput. Um uh and we measure that and also we have been able to predict malfunctions and complex uh equipment up to 45 days in advance. And these are all, you know, some of the examples because there needs to be a business case, there needs to be KPIs, there needs to be a delivery of value creation, you know, through these platforms.

And of course, you know, we have also, you know, worked on the basis of uh um you know, uh improving the customer experience that we have uh in relation to our, you know, service stations. And there is, you know, maybe just if you can elaborate because, you know, the work is, is, is obviously taking place, and, and its future of the IoT.

Yeah. So that's another, thank you. It's another, it's another usage of data within uh a little bit different with that. We're now starting to tackle with uh with the Esa you know, we're talking about data that comes from the data from the uh energy parks, the refineries. And now we're pivoting to talking about, you know, exploring together um you know, a draft and a possible future IoT platform. That uh instead takes data from their service stations, they have, you know, hundreds of thousands of service stations.

And um this will give them the opportunity to one manage the IS in the server stations where it's car washes or dispensers. You understand the failure modes, failure patterns, make sure that, you know, they're responsive. Um but also give a better customer experience. We're, you know, looking at video feeds, a bunch of unstructured data and uh we're exploring how to, you know how to, how to, how to meet the customer, understand the customer needs better through those video feeds and the analytics behind them and um and, and provide, you know, a different experience.

So the the the the architecture that you see here is a little bit similar but also a little bit different from what you saw before. So one is, is continues to be a very modular architecture. There's first an ingestion uh layer from um you know, one from MQTT devices directly into IoT Core or uh if you have non MQTT devices, you can, you can get feed through the device gateway.

Um you can also use the API Gateway um or the REST absorption mechanism if you have an OEM cloud that gets your uh gets data from your IoT and from the assets um and that goes into into IoT Core. But as you see here, you don't see Kinesis Fire, you know, Kinesis, data fire hoses and you don't see uh DynamoDB. What you see here is our newer services like IoT SiteWise, which allows you to collect, manage and report on, on IoT real time feeds.

Um you see services like the IoT um IoT FleetWise and IoT um TwinMaker to represent and model those assets and extend the dependencies and, and have a visualization of uh of entire service station operations um and create failure modes.

Um and then IoT SiteWise, I mentioned that already an IoT uh um Analytics which is fundamentally our, you know, big data and analytic service that is specifically built for Timestream um Timestream scenarios and use cases to perform analytics uh for these type of things. And then obviously, we have visualization, a visualization and observable layer with Grafana so that you can visualize the uh report and build your own organization and data consumption um for this.

And then we promise, you know, we talked about AI and another, another use of data here. It's really interesting, you know, the Esa like in in many companies in our industry, security is jobs is job zero. And um here is a use case that we're actually just transitioning right now where uh they use Bedrock for um to fundamentally improve the awareness and contextual data that, that an operator gets at T Esa.

So if you're an operator and and you receive a work order at T Psa today, you get a you know, a safety package um which is very complete, but it's generic, right? It's not necessarily contextualized to what you're about to do. So we're doing now what we we build with them is you, you take data from um you know, safety safety incidents, you take that from maintenance records, you take IoT data in terms of was there an over pressure? Was there under pressure what's going on in that situation?

And all that data is then absorbed through uh StreamLead front end. But it goes, you know, we have uh we have Kendra, which uh you may or may not know, but it's our retrieval augmented generation or trivial engine enterprise search engine.

Um and they use Kendra to query that data. Um it gets retrieved and it gets passed to an Anthropic uh Clawed model and then produces a report for the operator that is fully contextualized to say, ok, you know, here's the data here, the near misses that we had in this particular asset in the past, you know, inform yourself about that.

Um here is uh you know, here is the particular condition which is much more effective way to, to uh to maintain the, the safety and to give the operator, you know, the best shot to have uh to, to complete a safe job here.

Um and with that, so that's what we talked about what we've been with uh with Esa some key highlights of our journey together but as K hinted before, we're not done, there's a lot of work uh ahead of us. And uh let's talk a little bit about, you know, the future of our collaboration.

Yeah. Thank you Joseph. And there is a lot to do. Um the journey hasn't stopped here. Uh and it continues. And actually, this year, we got together uh in Seattle to have an executive visioning journey, which actually, you know, helped us define many opportunities and to drill down to, you know, a few that we would focus our teams to take the next step for between the two companies. Because, you know, obviously this journey, it is really one of a team work where we can combine our expertise, you know, in the different areas and really, you know, get effectively an acceleration of the energy transition.

So from those meetings, which had a lot of work behind that, we selected four initiatives that we would like to share with you, which we're currently developing uh with Joseph and, and the team.

So on one side, Delphi, which is uh a measuring and forecasting of, of our scope. 12 and three, as I mentioned earlier, in terms of emissions, um it has a profound impact um in facilitating really the change that the energy transition been to us and to our customers. So it's, it's really solutions and how we measure, you know, emissions across the board.

Uh is important, obviously, for us, as we have specific targets, but it is really for our customers in a broad and very, you know, uh uh sincere way and it's, you know, effectively the access and availability of uh you know, having that data for those greenhouse emissions decarbonization as a service.

Uh this is uh effectively, you know, a tailor made platform where we are gonna get the information effectively on energy cost on equipment changes, co2 cost where you can really combine all the data uh into an app and have effectively, you know, recommendations on what are the optimal plans that you know us as a company or in more in particular our clients can take. And this is, you know, from heavy industries to transport uh and so forth companies that are in our client base today that will be able to, you know, improve their performance based on all the work that we're doing today.

And we also have, you know, between Amazon and our own operations in Iberia, uh a green energy collaboration, which is important, you know, as we take also the steps forward. Um and we look to, you know, have a share common view of decarbonization um uh including marine fuels, HBOs, you know, sustainable aviation fuel, green hydrogen, and so forth.

And last but not least uh is an initiative on safety because safety for us, you know, comes first, it is the paramount of everything we do. We want our people to come back home safe and have effectively, you know, returned to us every single day.

So, you know, in that ambition, um IA is this PEPSA really industrial safety management platform which enables us really to take, you know, the portfolio of digital solutions and provide with awareness and HSAQ risk mitigation plans to our own uh employees. So to improve safety performance across the whole company and align effectively our vision uh to be the safest company.

Um ideally, obviously, you know, in, in uh the industrial uh area that we are in Spain and in Europe, and those are steps that we're taking, you know, as a context uh for initiatives that we're gonna be, you know, bringing together, I think it's, you know, joining forces, you know, together we create more value, the expertise of AWS our expertise as energy providers. But now leaders into the energy transition, bring us, you know, to effectively develop some of these solutions that we will be able to bring not only to our own systems and to our own activity, but also to our clients.

I think, you know, this is really too close. Uh and to thank you, but pillars of companies that have success into the future will drive into the technology and how you adopt and how agile you are to take, you know, the next steps and the changes that are coming. But also decarbonization, climate change is one of the biggest risks that we have for our planet. It's really, you know, this year, actually, we, we were just one day above the two °C degrees above pre industrialization levels. So we're going in the diff you know, opposite direction to where we, you know, are looking at the Paris agreement to be at 1.5 °C. And we need to take action action, you know, from companies like ourselves that are really looking to embrace energy transition. And it's not just corporates, we as individuals, you know, we should leave, you know, a better planet for our children and next generations.

And with that, we conclude this uh you know, presentation and we are open for any questions that you may have.