Hi, good morning, or good afternoon. Welcome. I'm happy to see you all here at, you know, our interim, unaudited interim report presentation. My name is Aavo Kärmas. I am CEO of Enefit Green. Hi, good morning from my side as well. Veiko Räim, CFO of Enefit Green. As usually, we're gonna present our results, and expect you all also to ask your questions during the presentation. You please use a chat during the meeting. And, if anything else, I mean, any questions, comments you may have, you're always welcome to email in investor@enefitgreen.ee anytime you want, and all your questions will be answered by us. So, let's kick it off. And, so year 2023, how was it? So before making any comments specifically on 2023, so it was a kind of a prove again, that not every year similar to another one in energy sector. So at that, we all remember the extraordinary year 2022, which is now a history, and 2023 was not similar to 2022 at all, by all means, but we will come to that during our presentation. But in general, if we speak about Enefit Green, in 2023, we continued our growth story. So last year, we made investment decision for 3 wind and solar parks in Estonia, Latvia, and Lithuania, in total capacity 180 MW, and estimated CapEx of those projects is around EUR 200 million. As of today, we have around 500 MW of capacity in operation, and then more than 700 MW of wind and solar projects under construction. Then also last year, we increased our development portfolio, and currently it is around 5,000 MW. All in all, during the last three years, we have invested around one or made investments in around EUR 1 billion in order to grow, as we expect. Last year's power generation, overall generation was 1.3 TWh, which was historically highest result, and then 20% more than in 2022. But we expected more, to be honest, that we had extraordinary events which resulted in less production than we expected, and we'll come to that later on. So the power prices. So here we have brought out the power prices in countries around the Baltic Sea. And as you can see, the prices in all countries have dropped almost two times compared to 2022. So this is, I would say, one of the most significant events that had an impact also on our results as overall. And then if we have a look on annual production and consumption in the country, so compared to 2022, we didn't see much of changes there. So overall consumption, or sorry, production last year was 593 TWh, and consumption 573 TWh, remaining the same level compared to 2022. Same with import. Last year countries totally imported around 20 TWh of electricity, and the highlight from here is Finland. In 2022, Finland exported, or sorry, imported around 12 TWh compared to 5.6 last year. So almost twice as less, and it's mainly because of a start of Olkiluoto nuclear power plant last year. Here we show you a power forecast, power price forecast, of different analyst companies. It's Volue, SKM and Thema. This is kind of an average combined result. Basically, what we can see from here are that those analysts do not expect any kind of a significant fluctuations in the power pricing for a coming decade. At the basic, we can say that we are back in the normality. We see that the Baltic power prices will kind of be in a range of 80-90 EUR/MWh. Poland, a bit more, between 110 and 120, and Finland, kind of traditionally being the lowest of all, around 70 EUR per megawatt hour. This is, of course, the current knowledge. As we have also brought out here that actually analysts' expectations have also dropped by 50% what we were a year ago. Now, if we come to regulatory changes in all our home countries, so I would say that it was mostly at that. Estonia, Latvia, Lithuania, and Finland have increased their renewable goals twenty, by 2030. Poland has not done it yet, and Estonia and Lithuania even aim to have 100% of consumption covered by renewable generation by 2030. Well, as European Union has increased its ambition from current or previous 40% to 42.5%, aiming 45% by 2030. On that slide, we have kind of brought together all major changes in the renewable sector, both in European Union level as well as in our home markets. I will not go it through everything here. You can read it from our interim report. But what it's all about is the countries are looking for opportunities to increase generation of renewables faster than it has been so far. The same applies to European Union level, where new directive RED III was approved, which is mostly about putting a new target for industry, transportation, and also building sector, and also finding ways for a faster permitting. Last year was a historic year in Europe as such, that was the first year when electricity, which was produced with wind, was higher than from gas, which has been traditionally the largest source of energy or power generation in European Union. 17 GWh of additional wind was commissioned in European Union, but it is still not enough. In order to meet the 2030 targets, the average annual addition should be 30 GW per year. So that there is certainly a need for a faster generation to come online across all Europe. And the third factor, external factor, which has an impact on our businesses, is a wind condition. So usually wind speeds are high in the first and fourth quarter, so it was also last year. Maybe not so much in Estonia, where we saw a bit of less wind in Q4. It remained a bit or slightly higher than Q3, but Lithuania had a kind of average wind conditions. And now coming to our availabilities, which is something what we can have an effect, and then we certainly do have a focus on it. So very shortly, going through it, in Estonia, the wind farms availability was 0.2 points higher than last 2022. So last year it was 94.7. So it was a good result, especially in our wind turbine fleet, we even saw a higher increase. It was more than 2 points. In Lithuania, less availability compared to 2022. 2022, it was 94.9. Last year, it was 92.1. It was mostly affected by Šilutė wind farms or interruptions in Šilutė wind farm, which is operated or is currently under a full service agreement operated by GE. All the other wind farms actually on a higher level compared to 2022. But I'm happy to say that at the end of last year, we agreed a action plan together with GE, how to bring Šilutė wind farms availability to expected level. I can say that looking the results of first 2 months of this year, we have seen already very significant increase in availability of Šilutė wind farms. So I'm really, really happy about our team contributing to that. Moving on to CHP availabilities. Last year's results was 96.2%, which was kind of a more or less expected level, and it was more than 6 points higher compared to 2022. But that we remember that in September 2022, we had a 5 weeks break in our outage in Iru, our largest CHP plant, which had a lower availability effect on low availability in 2022. And the solar farms continued with an ordinary high, almost 100%, level. Here is just a snapshot of three projects which came online last year. So Purtse Hybrid Park of 21 MW of wind and 32 MW of solar. And we have Estonia Mine solar park and Zambrow farm in Poland as well. Now, moving on to our long-term plan. So still, as you can see, we still have more capacities under construction than in operations, so that this shows our kind of fast growth. By the end of 2025, we expect that our operational capacity will be above 1.22 GW, and our near-term pipeline is around 511 MW. We will elaborate later on. Now, we've had a closer look on our projects which are under construction, with total capacity of 709 MW. Just to bring out a few things from here, Tolpanvaara wind farm in Finland should be fully operational by the end of Q1 2024. Currently, still the final adjustments are ongoing in the wind farm. We have most of the turbines already producing electricity. Final adjustments should be made by Nordex, who is our supplier. When the next project, Akmenė wind farm in Lithuania, which had this unfortunate collapse of a turbine in May last year, which had a, I would say, significant impact on, on, on also on our less electricity production. What I mentioned at the beginning, so as our annual production was 1.3 TWh, so Akmenė itself only was kind of contributing around 100 GWh less production compared to what we expected. So currently, all the—I mean, 13 turbines out of 14 are producing electricity. It's already from the end of last year, all the park availability is really good. We are happy with that. And then this collapsed turbine, we expect that that should be in operation by the end of April this year. And our current focus is purely on getting it online. So, that certainly we had also a financial impact due to less production, and we certainly will stand for our rights how to get compensated in the future. And then last but not least, to mention Šilalė 2 here, I mean, also all the turbines up and running, so final test, grid test, should be made in due time, so nothing special here. And same goes with the rest of the project. So at that, our largest project, Sopi-Tootsi Wind Farm, we expect that first production should be delivered in Q4 2024. Everything's currently going well. We even expect to get it online even faster. This is a target of our development team. So, moving on to our near-term portfolio, so which stands at 150 MW of onshore wind and 361 MW of solar. So with those projects, we are, and some of them are really in late development phase, some with some still work needs to be done in order to reach FID readiness during this year. So with those projects, we still expect that they will be or they should gain some revenue security to... Before making FID, either it's CID schemes, support schemes, or PPAs for the customers. So still, we continue or keep our promise that we will not execute any of our projects purely to merchant power market. So saying that, all our under construction or in operation, under construction or near-term pipeline capacity as of today is slightly above 1.7 GW. And our long-term pipeline, here we also have some news. So at that, happy to see that we have also managed to increase our long-term onshore wind and solar portfolio in most of our home markets. With Liivi Offshore Wind Farm, we are conducting final studies and expect to, you know, submit the EIA report at the end of the year, beginning of next year. The good news, I have good news, bad news about Loode -Eesti Wind Farm in Estonia, which has been under development quite a long time already. But happy to say that at the end of the last year, our EIA report was approved by Ministry of Climate, which is really a crucial and important milestone in order to go to the next phase of development. But the thing is also that the local NGO has appealed that to a court to cancel this approval of a minister. Currently, this has no kind of major effects on our actions, so we continue our original plan. And then last but not least to mention from the last year is that we decided to exit our biomass business or operations in order to keep a focus on wind, solar, and also storage in the future. So we're happy with the result, selling the CHP and Valka CHP to Utilitas, Estonian utility company, and then Brocēni operations to Warmeston, who is also Estonian regional pellet producer. So that we Brocēni, the deal is closed, and with Paide and Valka, we are still, you know, about to close it in really short time. So that was it for a while from my side, and I'll give it over to Veiko. Mm-hmm. Thank you. So, let's go through the financials. So first of all, Q4 2023, so as we have been reporting, our electricity production was 413 GWh, which was 42% above last year's. But it is fair to say that our expectations were quite a bit higher. So while this included around 112 GWh of new production, and even the existing farms were also, and other assets were also producing 3% above last year, then actually our expectations was quite a bit higher. So, we counted that roughly 170 GWh more we would have expected to produce, and really behind it is on one hand the low wind speeds, on the other hand the availability matters that Paul mentioned. But also the slower coming online of our other production assets. So this is something that we are working now very heavily to bring them online as fast as possible. So in terms of the price that our every GWh of electricity produced earns, that was 81 EUR per MWh. We express it in such a way that it takes into account both revenues that, from the sales of our renewable subsidies, where we still have any, also the guarantees of origin, but also it takes into account the purchases of power that we do for servicing the power purchase agreement or balancing. So 81 EUR per MWh last quarter was 50% below the extraordinary Q4 of 2022. And as a result, if you look at operating income, EBITDA and net profit, they're all around 16 million EUR lower than in Q4 2022, being 29.6 million EUR of EBITDA and 19.1 million EUR of net profits in the recent quarter. Now, I will turn to electricity prices and volumes that we sold. So let me start from the top right-hand side. So you can see that our production was indeed 413. On the sales side, the two green bars, 273 GWh was sold under the PPA contracts, and then on top of that, 247 GWh was sold, essentially to the market, to the exchange. And you can see compared to the year ago, really, the growth in terms of volume is in the PPA side, whereas the market-based sales was about 12% higher. What has increased roughly twice is the purchases, and really that is the split in two ways. First, there is around 63 GWh of PPA-based purchases that we needed at the times when the wind was not blowing, to service our obligation. And then in addition to that, there is around 48 GWh of balancing energy, because actually the wind prediction 100% is near impossible, which means that there are hours when we produce less than we expected, and we need to balance our portfolio as well. So this is essentially this is just the balancing energy that that always is between the prediction and the actual final production. In terms of prices, if you look at the table below, left-hand side, really the one key factor to point out is the price of electricity sold to the market in this quarter, which was EUR 64.1 per MWh. Really this has seen quite a substantial drop, 64% compared to last year's, whereas actually the market price itself has dropped around 58%. The real reason behind it in Q4 is the more deeper wind discounts in our markets. In Lithuania, it was about, actually Baltics together, it was about 22% in Q4 last year, whereas in Q4 in 2022, it was around 12%. Just the wind-based powers received less euros per megawatt hour as the prices were not as high in these windy hours. In terms of the PPA price, that has reduced a bit as well, 28%, in fact. But in the latest quarter, while the volume of the purchases increased twofold, then the price of the purchase was actually two times lower. Actually the millions of euros that we had also in terms of power purchases was actually lower in Q4 2023 than in 2022. Right. If we now turn to EBITDA, so on that side, the price net impact from, if one takes together the both the lower sales price as well as the lower purchase price, then is EUR 22.8 million, but mainly coming from these lower price earned from sales of the power exchange. Secondly, the net impact from the quantities, I mean, we produced 42% more, so this had a positive impact. And increased in total the quantities, the volumes of selling and volume purchases, EUR 8.9 million. In terms of fixed expenses, then we in order to look at these as well, we see that the maintenance costs have increased by about EUR 1.3 million in this quarter. It is due to the indexation and having more assets online as well. Secondly, we have studies and consultations expenses about EUR 1 million impact from there. And really part of that is one related to biomass asset sales, about EUR 4.4 million euros, and the rest of it has really gone to the development side, to actually advance the development portfolio and bring that closer to the construction readiness. Finally, the third biggest impact, payroll expenses, it's about EUR 0.3 million euros. So this is due to ourselves actually having more people, especially in the development teams. In terms of cogeneration segment, here, main impact was that profitability of the pellet business was lower in Q4 than the year before. So, so the revenue was impacted more, dropped more than the variable expenses. And we, we would also like to point out here that as we finalized and closed the sale of the Paide CHP pellet plant and CHP factory, then that earned us EUR 1 million of extra profit in 2023. If we take the whole year now, in terms of where we, where we are, and how, how it comes together, as I mentioned, 1.3 TWh of production. Again, we were not where we expected. We, our expectations was about 300 GWh higher. So both in terms of the lower, slower wind speed, and also coming online of the later of our assets, as well as accident incidents. I mean, these are, these are all major factors that have contributed. In terms of the price that we earned for our production, EUR 90 per MWh, and I'll tell a bit more about this on, on the next page. And finally, in terms of the, of the results then, our operating income earned 10% below, last year's EUR 230 million. Our EBITDA was close to one-third lower than the last year's extraordinary 154. And we earned EUR 105.9 million this year. And then finally, net profit is EUR 55.8 million. If we move on now for the electricity prices for full year. So again, volume picture on the top right-hand side, then you can see that as mentioned also for the Q4, the volume sold to the market was roughly the same. Then the PPA-based sales were around 500 GWh are up higher. And on the back of that, and on the back of higher production, basically on the back of the PPAs, we needed to buy more to service these PPAs at the slow wind hours, around 200 GWh. And on the back of the bigger production, we actually had more imbalance purchases as well. So that's the other half of 411 GWh. In terms of prices earned, our prices actually sold to the market dropped by 56%, which is roughly equal to the total market prices on these regions. Our PPA price for the full year was slightly below last year's 4%. And what we have been communicating over the last quarters has been that the PPA volumes and the purchases to service these PPA volumes have been higher. And even if the purchase price has been twice lower, then that still, in total, has increased our costs to purchase the power. Right, and in terms of, we're gonna move on to the operating income. So here, we don't stop for long. Key features here is higher production levels from all our segments. Both wind energy and CHP have produced more, and solar energy actually doubled in terms of production. So these were all strong figures, even though we wanted more. And in terms of the prices earned, they were lower in each of these segments as well. So essentially, what is an outcome is a balance of all of these two factors. Plus, finally, in terms of CHP segment, also higher revenues from pellet sales for the full year, waste collection revenues from waste-to-energy plant, as well as heat sales. So these had a positive impact on our revenues. EBITDA bridge, then, I mean, one core feature we think two slides back, was that actually the price we earned for the power that we sold to the marketplace was 56% lower. And as the volume was roughly the same, then the net actually meant that we earned about EUR 22 million less from these sales alone. And really, while some of it was balanced by lower purchase price, then altogether, still the electricity price net impact, as it realized last year, was a net negative for us. Then in terms of the quantities, we again produced 20% higher than in 2022, and that had, in net terms, EUR 15.9 million positive impact, if you take those sales quantities and purchase quantities together. Fixed expenses, EUR 8.6 million higher. But these are really to do with, again, the same fields, really. The maintenance expenses being EUR 2.5 million higher, mostly due to the indexation and higher production levels or the more assets in production. Then in terms of the studies and consultations, EUR 2.9 million increase to take forward our development portfolio. Plus, there is about EUR 1 million of one-off costs also in these consultations due to the various projects that we had. And then finally, the personnel costs, EUR 1.7 million impact. I mean, these are the three largest ones, and altogether, finally, the cogeneration segment had a positive impact in for the full year, and that included EUR 1 million of the sales profit. I'll go through the segments quite fast. Firstly, the wind segment, I mean, all the key features I've mentioned, in terms of the production growth of 21%, I mean, 529 GWh of production came from Estonia, so that's slightly below last year's, even including the new wind farm. So, the fourth quarter really had a negative impact. In Lithuania, we produced 562 GWh of power, so that's quite a bit more than last year's 378, as Šilutė and Akmenė had a positive impact. And finally, we had 12 GWh of production of wind also in Tolpanvaara, in Finland. So this is a small impact, which we expect to be a lot larger this year. And when we speak about operating expenses, maybe it's worth pointing out that operating expenses per MW of capacity were around EUR 40,000 last year, for the full year. You can see that it has been 13% higher, compared to the year before, due to these indexation impacts that we, we have been having in our agreements as they come in with lags. But I think one maybe point to point out what is expected to happen in the future is as these new, new wind farms come online, then, with the example of the first wind farm, Purtse, we can see that, the operating expenses per megawatt of, of capacity is actually one-third lower, roughly. Of course, it all depends whether it's on our own land or whether we, whether we rent the land, so there are differences between parks. But, but here, here we can see that, that this is- there will be two impacts in the future, including also the, the new parks being more efficient. The CHP, maybe the point to highlight on this screen is that, EUR 37.4 million of EBITDA that were in last year, included, the CHP-based assets, sorry, biomass-based CHP assets, which we are in the process of exiting, finally. And Iru, which is waste energy. So Iru's share in this EUR 37.4 million was EUR 39.1 million, so this is the ongoing and recurring EBITDA also that will be happening this year, depending on the Iru results. And then finally, all the other impacts, I think, have been pretty much mentioned already on, on earlier pages. Finally, the solar segment. Here, maybe the thing to point out is that... Actually, two things. One is that the operating income, seemingly 37% lower, but, within that, actually, the operating firm revenue having increased in the bottom left-hand side from EUR 4.9 million to EUR 7.3 million, as we have exited in 2022 already from certain low-margin businesses. Whereas EBITDA performance in 2023 was lower, then that was also to do with the fixed costs in the solar area to support our new assets and new developments, mainly due to the payroll expenses and sales and consultations. Right. In terms of investments, moving on, too fast. 355.7 million euros, to be exact, the investments in 2023. So, so lion's share from that went to the wind side, EUR 315 million, and 36 million to solar. And really, the assets that are under construction here, you can see all the familiar names, the Kelmė 1 and 2, Sopi-Tootsi, Tolpanvaara, also various PV parks. Pretty much, all under construction assets, except Kelmė 2, that we just started, will be expected to give their first production in 2024. So, so Šilalė and Akmenė and Tolpanvaara we already had, Purtse is operational, and then we expect Sopi-Tootsi and Kelmė 1 to deliver the first gigawatt hours as well, as well as Sopi PV. So, so moving through, then, so the cycle quite fast. Finally, EUR 55.8 million, we have the net profits, and, per share, it's 0.21 EUR. And taking all of the above into consideration, we, as a management board, have proposed, in coordination with the Supervisory Council, also the dividend for the year being EUR 0.105 per share. So around 50% of our last year's profits being paid out. So this is according to our dividend policy. Right. Financing. As we have gone through the investment phase, and there's, at the moment, around EUR 458 million of unfinished construction in our balance sheet, then of course, it's quite high. The leverage is increasing fast. We are expectedly higher at 3.9 times net EBITDA at the end of last year. Really, the balance is that we have taken out interest rate swaps in terms of costs. We have taken out interest rate swaps in 2022. We have not added to these in 2023, so but we remain open to do so this year, in case we see fit. And currently, the interest rate is fixed for around 33% of loans. We have signed a lot of loan agreements this year. Last year, we basically EUR 505 million. We have currently EUR 60 million as of end of the year in the balance sheet. We have debt capacity on undrawn unutilized debt facilities of EUR 335 million. Altogether, EUR 400 million of liquidity, and we're having additional ongoing discussions, so we are, well, quite, quite, confident on 2024. Of course, the return, given the amount of assets that we have that are not yet producing, are lower. So, so once we bring these assets online, that is expected to increase the production, expected to increase also the EBITDA we earn, and by that, also returning to our assets more. Power portfolio. So this has been, I think, the focus on each of these calls quite a lot. And really, PPAs are there to protect against low power prices. Of course, they, as being as base load PPAs or monthly base load PPAs, they have flip side as well, that they have risks when the power prices go very high. So we have to actually spend quite a lot of time to actually describe it, the differences in our interim reports, so feel free to have a look there. So this year, we have signed, for this year, 1.3 TWh of power purchase agreements, which is around 60% of the expected production. If we go into next year's 2025, 2026, there you can see that the level of PPAs in 2027 as well is around 1.5 TWh, which is roughly around 50% of the expected production from the assets currently operating and under construction. So it is reducing in time. We have latest investments taken also with lower power purchase agreement coverage, recognizing the risks that they bring and the high market price situations. And the total average price that we have is for our portfolio, 68 EUR per MWh, and it hasn't really changed a lot over the last 12 months because we didn't sign a lot of agreements, only 52 GWh. So at the moment, we have a portfolio as it stands like this, and we've also provided out in a bit more detail on quarterly fashion as well for the year 2024. What the 2.2 TWh of production that we expect comprises of 1.2 from the operating assets and 1 TWh, or slightly above, from our finished or under construction assets. So this is really visible in this production volume graph on the left, and then behind that, or beside that rather, is the green bars bringing out the PPAs that we have signed for each quarter and also the respective prices. We are mindful that last year we had a risk that risk realizing that we produced quite a bit less than we expected. We had quite a bit more PPAs than we ideally would have had. So this brought about actually also the higher expenses for the purchase of power. So this year we are following it very closely, and actually we have made and are making adjustments into our this year's PPAs as well. So as these are based on PPAs, they can easily be repurchased and these positions can be adjusted. Right. I think that is really it, I might say. Yes, thank you, Veiko. So this it was year 2023. So compared to 2022, many things have changed, name it, power prices, also a bit of lower wind availability issues in Lithuania. Unfortunately, in that case, all that had an impact on our business results. But taking into account that there is still a huge need for renewable electricity in the future in all our home markets due to new national climate plans, energy consumption is growing, electrification is certainly one of the drivers, mainly in transportation and in housing or heating sector, which all will need more and more renewables to come online in the future. Nevertheless, taking into account the results of 2023, we do not see that there is kind of a need for a extra change our strategic approach. We still keep going on growing our portfolio. Our main focus for this year is to bring online every megawatt-hour of currently under construction projects in time, so or even faster. So this is very crucial. At the same time, continuing our development portfolio, increase of our development portfolio, which is currently very strong, knowing our professional and dedicated team and their capabilities, I'm really positive that they can do it even more. But at the same time, we also realize that it's not all about the growth, that we have to be mindful with our taking our risk. We have to be mindful of keeping our promises to our shareholders that, regarding our return on the capital, that it's always not less than two points on our weighted average cost of capital, and we always follow our investment policy and investment criteria. So, this is all what we do, and at the same time, we also know that there is also capability for us to acquire additional capital from the market when it's needed. So saying that, thanks very much for listening, and now we are ready to take your questions. So first question: What impact do you see from EVs and heat pumps growth in coming years? As I briefly mentioned, that certainly those two sectors are the drivers of a future electrification, transport, and heating. So at that, we already see that the number of EVs is growing. It's just a matter of time, and it's a breaking point for acceleration in that, and also seeing that the heat pumps are replacing existing solutions based mainly on gas. So that this is the future. So the only question is that how fast it will change. I don't want to speculate here, but it will happen. Latvia's State Forests and Latvenergo joint project, can you please give some comments? Yeah, I mean, this is about giving exclusivity rights to a joint venture to develop onshore wind in almost 10% of Latvia's State Forest lands which are suitable for wind development. I think that this is not a fair treatment of market participants. So to give such exclusivity so that, as Latvia's State Forest is, you know, currently doing auctions for areas for wind development. So I don't see why one company should have this exclusivity for 10% of that. And then, I know that there are some market participants who would agree the same, and yeah, I just don't consider it right. Yeah. Now, what future steps were taken to increase dividend versus share price yield? I think we are more of a growth company, so we don't specifically target any yield. What we've said during the IPO is our dividend policy is 50% of payout. And really our focus is on increasing the production. That in turn expected to increase EBITDA, also increase the net profits, and then that would create the conditions to allow for dividends. So, and increasing dividends in time. So yeah, this is our way. Can you please explain more why there are so few gigawatt hours of your projects in Latvia? Yeah, this is a good question. I mean, when we need to go back a bit to a history. I mean, before Enefit Green acquired Nelja Energia, we were mostly Estonian-based company with our operations back in 2018. In 2017, we approved our new strategy looking, you know, or taking Enefit Green approach to go abroad to other neighboring countries, including also Latvia. We started to set our teams there and our activities. In 2018, we acquired Nelja Energia, who had the operation both in Estonia and in Lithuania. So this was kind of, I would say that, organic move, that we have more operations in Estonia and Lithuania, for instance. But Latvia, we have a dedicated team in Latvia, I mean, working with our developments. If you remember one of my slides, I showed you our long-term pipelines. So our long-term pipeline, we consider that those are projects which will reach the FID after 2025. So that, there is also select projects, both solar and also onshore wind, and also storage. And this year, we currently do have two solar projects under construction, with total capacity 17 MW in Latvia. So that, those are just kind of first signs, I mean, first marks that we do have serious plans in Latvia. Taking into account what is a share of a renewable production from a total consumption in Latvia today, we see that there is still a lot of room to increase it. Latvia has, when I'm specifically talking about the wind, good wind conditions. We have very good and solid grid, so that there is a lot of potential. So it is certainly one of our core markets. Looking at battery storage solution for better price. Yeah, I mean, of course, I mean, battery, we cannot kind of ignore this technology, and then we will have a first pilot already this year in our Purtse Hybrid Park with a 2 MW and 4 MWh battery. And as we have also said before, that all our new developments are designed in a way that we can connect to the same connection point, onshore wind, solar, and also storage. So, certainly storage is the future. We see that actually the price for storage is coming down. And of course, one needs to find really a good business case for a storage. It can be either arbitrage against market prices, it can be, you know, service offering for TSOs, so for system services, and so on and so forth. So that, yeah, this Purtse is for us, as a pilot to learn and then study, but we have created kind of opportunities for a future development. How much interest expense do you expect to record in P&L this year? Last year, we recorded very little, as you remember. This year, in the beginning of the year, we still will be capitalizing most our interest costs. If you just take the current loan balance and the current percentage that we are paying are around, you know, EUR 16 million based on that, and as the loan balance will grow, so it will exceed total interest EUR 20 million this year, we believe. But, we still believe that we are likely to capitalize most of it, so it would definitely expect it to remain short of EUR 10 million of P&L-based interest costs. Yeah. So the next one: Have you considered purchasing projects on a market that are ready-to-build stage? What can you say about return profile of such projects compared to developing in-house, end-to-end? The short answer is no. And why? Of course, I will explain. I mean, we, I mean, in order to explore our strengths, I mean, this is our knowledge and experience from operations and development, combined with our ability to finance our projects, we have decided that we have so-called vertically integrated business model, so that we plan, we design, we develop, execute, and operate all our assets by ourselves, so that we see that doing so, we can create more return to our projects. Our experience has showed that those so-called turnkey projects, which are currently operational, are too expensive. I mean, they will not meet our return targets. Hence, we are ready to look for so-called pre-developed projects, which are in, you know, in a middle way, on the way to become operational, so that this is part of our everyday job. But once again, we follow our investment criteria and the return expectations here. Yeah, next one is for me. So how much you lost with those power purchase in the, in the last year? Have you made changes to your contracts to avoid similar risks in the future? Good question. So what we've looked at is that we went at the year at around 60% expected, PPA production ratio, right? We produced less than we expected, so we ended up paying more. But we have run backwards looking at what would have happened had we been 80% hedged, 40% hedged, no hedge at all. And what we have figured is that, well, our earnings would have been around EUR 5 million higher had we had no PPAs at all. So it is a substantial amount, but, but not higher. So, last year, as the power market price realized not very far from the PPA price, then we were more or less we did less well than we would have, but actually our main concern last year was the missing production. So, this is one. What we've looked at is that these PPAs protect us in case the power prices are low, but they have those certain risks when there are peaks and especially if we have shortage of production. So this year we are managing it more actively. Let's... Acknowledging the risks that we have from our under construction portfolio, and we are in the process of actually adjusting these hedges as well, because these can be, as these are basal hedges, these can be adjusted on an ongoing basis, of course, at market terms, and this is the way how we are, we're approaching it this year. Mm-hmm. Next one: What was your original increased production projection for 2023 in terms of gigawatt hours? It was around 1.60 terawatt hours, so around 300 gigawatt hours more than we actually ended up producing. One for those documents. Yeah. Okay. Next one: Why didn't you participate in Estonians' Liivi One and Liivi Two offshore wind farm auctions? What is you need to seeing there, but you are not? Yeah, I mean, you know, currently, the auctions are ongoing in offshore auctions are ongoing in Estonia. There was just a news this morning that one of the auctions actually failed. No bids were made for one site. And also, with Liivi One and Liivi Two, where we're also, I think, both projects were won by kind of what we call it, original bid or starting bid- Starting price. Starting price. So the reason why you didn't participate is very simple, because we see that our existing. We do have two offshore projects in our portfolio, as shown before. But we see that our Liivi project, which is more kind of advanced, and both Liivi One and Two, and we also do see, according to information we do have about the conditions in Liivi One and Liivi Two, that our existing Liivi is much. It's more competitive compared to those. So what the need is, I cannot speak for Ignitis, of course. Yeah. What's the underlying index in the maintenance contracts used for indexation to all existing contracts, and such mechanism included? Yeah, these are either CPI, PPI or personnel cost-based, and it is a tradition in this industry to have these indexed. What we can do about these at certain points in time when we have exit opportunities or when we have actually, you know, our production assets reach a certain age, we can renegotiate these agreements or take lower protection levels, so to speak. So as we are in second half of their lives, then we often choose to not pay for the full protection, but rather take certain risks ourselves, which actually comes with lower price. So yeah, there are ways how to mitigate these growth in the indexes and costs as well. Then the next one is: How much CapEx do you foresee in 2024? We don't actually project or publish our CapEx predictions, but in the last call, we've asked, okay, how much CapEx is still to go until the end of the construction of all these currently under construction projects. It's likely about EUR 450 million, and it will be split between 2024, 2025 and a little bit remaining in 2026 as well. So this, for disclosure, we can offer. ... I think it's also true. Uh-huh. The Baltic power market power price market is transferring from hourly price slots to 15-minute price slots. Does this create more opportunity, more risk to you? Yeah, very, very good question. So this is mainly going to kick in in 2025, but the first products will already be available in second half of this year. So it will create a challenge in that respect, that as at the moment, you know, one hour is one period, and if you have more production in one 15 minutes and less production in another 15 minutes, then these get, essentially, these all get netted out for the one hour. So now we will have four separate periods. So there is a risk that the balancing costs will increase because the imbalance, you can, you know, not perfectly predict, and you cannot perfectly trade out. So there is a risk that in 2025, balancing costs will be higher. But we're of course working hard with our partners to take all measures into account to, you know, ultimately not have our costs increase too much or maybe even find opportunities in that, because there are also other markets and other products coming, balancing products or regulation products. So we're exploring these also. Second question: What is the leverage level you expect in terms of net debt/EBITDA for 2024? Yeah, we again don't publish our expected debt levels as well, but what we have said as our financial policy during the time of the IPO is that during the construction phases, we can go up to 5x and a bit higher as well. So, we can expect to be around there or a bit higher in terms of net debt level this year. So as we are in the probably heaviest construction phase this year, but of course, this will depend heavily on how much production we can bring in, how much EBITDA can we earn based on that production, and then as pretty much all assets are expected to be full year production in 2025, then the terawatt hours that we produce or gigawatt hours we produce are expected to be even more in 2025, so which will help us to earn more EBITDA, so we expect. Do you plan to develop a hydraulic storage, so similar to what we plan and build in the Baltic? My answer is no. We do not have any plans regarding to that. But of course, we are ready to look for opportunities to work together with the companies offering pumped hydro, you know, using pumped hydro technology. So there is one question for me, I guess: What percentage of volume do you want to have on the PPA before FID, and for how long? Historically, we've had 60% of the PPA for five years minimum. We've done longer, we've done 7 years. We've, you know, maybe up to 10 years even, with reduced size. But it's fair to say that we're also looking at our investment policy and whether, you know, well, we are contemplating different levels for different types of PPAs and revenue security mechanisms. Because the base of PPA comes with risk, and it's fair to say that probably we, in the future, we're having a bit less of that. So we are reducing the amount of PPAs that we are contemplating as a hedge for our production assets. But we would like to actually complement these also with other revenue security mechanisms. For instance, in Estonia, they are expected to be the CfD auctions, which are better instruments. In Poland, the CfD auctions are there as well. Every market actually is slightly different with their revenue security mechanisms, so each have their own imperfections, but we work through these. I think what we have been saying still holds, that currently we don't do any investment decisions against the market purely, so we need to have some security mechanisms in place. I think that was the last one. Last is a comment or a comment. Mm-hmm. Thanks. Financially successful year for 2024. Thank you very much for your good questions. Yeah, thank you very much, and see you next time. See you next time. Thank you. Thank you.