Good morning, and welcome to the Gore Street Energy Storage Fund PLC Investor Presentation. Throughout your quarter presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time by the Q&A tab situated in the right-hand corner of your screen. Just simply type in your questions and press send. The company may not be in a position to answer every question it receives during this session itself, however, the company can review all the questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. After, I'd like to hand you over to Alex O'Cinneide, CEO. Good morning to you, sir. Thank you. Thank you, everybody, who has joined for our annual results presentation. Today, I am joined by three of my colleagues, Alicia, Principal on our technical side, Paula, Principal on our corporate development, Sumi, our Chief Investment Officer, and myself, Alex O'Cinneide. We're very pleased with this set of results. These set of results once again demonstrate a resilience in our portfolio, where we've generated a near GBP 30 million of operational EBITDA, delivering also a dividend yield of 11.6%. Now, it went down slightly quarter-on-quarter. Sumi will go through some of the drivers on that, but in essence, driven by macro environment in GB. We end the year with 421 MW operational in a portfolio of 1.25 GW. All of these results are supported by what we believe is very strong operational excellence, i.e., bringing on budget strong assets in the right location to deliver very strong revenue. We have a very strong balance sheet. Again, Sumi will go through some of the financials on that, with a high cash number and a low gearing number. Over the next six months, as Paula will go through, you'll see a rapid growing operational capacity as we bring onstream three of our largest assets. Quite uniquely, Gore Street has a balanced portfolio across multiple markets. We were the first mover in the British market back in before the trust was actually up and running as a manager back in 2017. First mover into the Irish market in 2019. I would describe us as a fast follower into the German market at the start of 2022. Same in the ERCOT Texas market, start of 2022, and then California at the start of 2023. This diversified portfolio not only lowers volatility across our portfolio, as Paula will go through in some detail, but also delivers an absolutely higher level of revenue if we'd stayed in GB on its own. Overall, a 45% increase in energized capacity, 5.5% increase in revenue. We're managing over 20+ different revenue streams, so well-diversified, not just from geography perspective, but also from a revenue perspective. Our commercial colleagues are moving our assets in and out of different revenue opportunities as we see high value. Total revenue then, over GBP 41 million, for the financial year, an increase, from last year, and again, an increase in operational EBITDA of near GBP 29 million. Robust balance sheet, as I mentioned, over GBP 16 million in cash, debt headroom of near GBP 60 million, and net cash then of GBP 23 million. Gearing today of 6.5, sorry, gearing at the end of the financial year at 6.5, going to 15%, by the end of the year. Diversified portfolio delivering this GBP 15 per megawatt, a multiple of what we would have achieved if we'd stayed as a GB-only strategy. Driven in the main by our international portfolio, we're near GBP 20 of revenue for every megawatt we have for every hour in operation. We have changed our dividend policy from a percentage of NAV to a GBP 0.07 fixed. This is reflective of we want to base the dividend policy, not on NAV, but on actual cash generators, and one where we are confident of covering this dividend, given over the last four quarters, we've been generating a penny in dividend cover. And looking forward, that was on the basis of 350 MW, now going to 750. So we think this is an appropriate way for our dividend policy going forward and still, obviously, acting of offering a very high, attractive level of dividend. Sumi? Thank you, Alex. Let me summarize the change in NAV for this year in this slide. We issued 23.7 million shares last year at NAV, so share issuance was neutral to NAV per share. In line with last year's dividend target, we paid GBP 0.075 last year. That resulted in GBP 0.074 reduction in NAV. The next three bars in blue show the impact of the NAV from the macroeconomic assumptions. As we will see in the next page, revenue curve update resulted in a GBP 0.07 reduction in NAV. GBP 0.015 pence decrease from the is coming from the inflation assumption. It is because of the update of the short-term inflation assumptions, but we have not changed the long-term inflation assumptions. We have also updated the overall discount rate by 0.25% increase to reflect higher market interest rates. The increase of the GBP 0.101 in green includes the result of a portfolio cash generation of GBP 0.063, based on the average 300- 311 MW in operation. We had also the holding company cost of the GBP 0.18, so net cash generation was GBP 0.045. In addition, within the GBP 0.101 included is the, for example, the positive impact on discount rate from the construction progress, and then also the other proactive management of the portfolio asset. For example, we are expecting a reduction in the asset management cost, and then also we have updated the future upgrade assumption for Stony, Ferrymuir, and Enderby, based on the updated battery cell costs for the repowering. So in summary, in this slide, this overall in this year resulted in the NAV drop from GBP 1.15 to GBP 1.07, mostly driven by the macroeconomic assumptions. Next slide, please. Or okay, thank you. This slide is, as I indicated in the last slide, summarizing the revenue assumption changes. So, as a reminder, we always use the third-party revenue curve to maintain the objectivity of our NAV process. Since March 2023, third-party market forecasts have started to reflect the current level of GB market revenue, so which resulted in the significant decline in the forecast. So that is the main driver for the NAV drop. In these forecasts, in near future, we don't expect a significant recovery in market price, so it's gonna take a while. We believe it's gonna take until at least 2028 for the market level to recover and reach the level of the market equilibrium. And then after that, we think it's gonna stay at that level. In Ireland, ERCOT, like a green one and then a yellow one, which we as-c urrently, we are seeing the very strong revenue, but we are assuming decline in revenue in this market. That is also reflected in our NAV. For example, in the ERCOT market, we are taking into account faster asset build-up driven by the IRA in-a nd that will be expected to result in the decline in revenue. In Ireland, we believe the end of the DS3 program will have a significant impact on revenue in 2026. In California, CAISO, although they're also gonna benefit from our IRA, we don't think there will be huge price decline as we are expecting in the ERCOT market. It is because of the regulatory difficulties in entering the CAISO market just by responding to our IRA support. In summary, in this page, revenue is assumed very conservatively, and this resulted in 7 pence reduction in NAV, largely driven by GB market, GB forecast. Next page, please. Thank you. This slide summarizes cash generation and dividend payments. So as you can see from the dotted yellow line on the graph, cash flow at fund level, cash generation at the fund level last year was approximately 1 pence per quarter. This was generated by average of 311 MW of the asset in operation in the 2023 average. Paula will explain in later slides, but once our construction project currently under construction achieves COD, our operational asset will reach 750 MW in total. So this is achievable, this construction up to 750 portfolio is achievable based on current debt availability, and also maintaining, overall fund leverage up to 15%. As this project reaches COD, the fund cash flow will increase significantly, compared to the, 300 megawatt level. Until then, assuming current market conditions, our cash flow level will be equivalent to GBP 0.01- GBP 0.01 dividend per quarter. Given the nature of storage asset, storage market, as Alex, mentioned, we believe a dividend policy should be aligned to, cash, actual cash generation. That is the more appropriate for this fund. So based on this policy understanding, we have decided to set dividend target for the first three quarters, for this year at GBP 0.01. But, taking into account cash generation from sources other than operating EBITDA, we are targeting the total dividend of GBP 0.07 for the year, which means the last quarter we will be expecting GBP 0.04 dividend payment. I can go into this strategy more in detail in the next slide. But in summary, this dividend policy, we will be aligned with investor expectations, aligned with the portfolio cash flows, and it also, we have a clear route to have a full dividend cover. Next page, please. So this is about the strategic cash allocation. So for a broader picture of cash flow, we thought it would be beneficial for the investor to have the visibility on the cash generation and in a use of cash. Given the current state of the investment trust market, the ability to raise equity for growth is, limited. That's what we understood. And then in terms of the, debt, we have the opportunity to raise significantly more debt because there are many offers available, but we are generally cautious about the, significant increase given the, merchant nature of the, project cash flows and also the, current, high level of the interest rates. Next one, we expect to receive over $60 million or up to $80 million from the Investment Tax Credit as U.S. project become operational. So we are closely monitoring the timing of this receipt for us to make a proper plan for our cash flow for the, fiscal year. As I mentioned in the previous slide, once all construction projects become operational, we expect the significant increase in EBITDA. Lastly, these higher interest rates and also limited cap availability of capital is requiring us to evaluate project profitability more carefully, and also to assess which of the pre-construction projects we will be eventually building. So this will also consider, we need also to take into account the asset portfolio diversification as well. That means, it may be appropriate to consider disposal of assets we are not building. So, flip side is if we dispose some of the assets, the proceeds of that will also be important for source of capital. That's the summary of the cash source of capital on the left-hand side. On the right-hand side, these are possible use of the cash flows. We are prioritizing the use of cash to pay dividends and then also to complete projects currently under constructions. But they are subject to achieving this year's dividend target of GBP 0.07 and then also project completions. We would consider funding the additional project from the pre-construction asset to the construction. This concludes my section. Thank you. So next section, I believe, Alicia, please. Thank you. Thank you, Sumi. I'll give a bit of a summary of GSF portfolio with an update on some of the construction assets. Overall, the portfolio stands at 1.25 GW of total power megawatt capacity, out of which at the moment, 421.4 MW is operational. The highlights include projects, Ferrymuir, so that's our Scottish asset, 49.9 MW that has been energized early this year and is now generating revenue, as well as Stony, a 79.9 megawatt English asset that also has moved successfully into the operational phase. Very quickly, looking at Enderby, that's an asset that's incoming into a late phase of pre-energization works, and we expect that those will commence in August this year, and the energization will complete in September, so a very imminent huge milestone for that transmission connected asset. As well as highlighting assets that we currently manage in construction in the U.S. So in ERCOT, in Texas, Dogfish, it's a 75 MW one-hour system. That asset is on track to energize in February 2025. We have secured all the critical high voltage components early before contracting the full EPC construction agreement, and that's at the moment allowing to maintain the program as well as, of course, looking at Big Rock asset in California, that's progressing well, fully contracted in terms of construction packages and looking to still bring the first battery lineups into energization in December this year. So progressing against that milestone as expected. Next slide. Moving on to market overview and revenues. So just as a reminder and a recap, we generally tend to think about battery revenues into three core buckets of income streams. The classic grid balancing, ancillary services that are very well suited for fast-acting assets, such as batteries, peak shifting. So typically a long-term agreement, such as Capacity Market agreement or Resource Adequacy agreements that allows the operators to secure generation capacity with visibility of multiple years to come. And last but not least, trading, a deep market generation batteries tends to arbitrage in those markets and secure price differences, driven by high renewable penetration and also differences in marginal costs in the generation mix of the grids that we operate in. If we look at the breakdown of revenue streams that our assets in those respective operational markets stayed in GB, the most varied market, reflecting some of the maturity of that grid, despite the suppressed revenue levels that we see in that market. The highlights definitely staying with Ireland and Texas. So fundamentals for those two markets remain strong in the last operational year, both driven relatively by high renewable build-out in both of those markets. Texas is a market that is highly driven by summer scarcity in generation, where high temperatures drive demand for ramping generation that is procured by system operator there, and high revenue streams that can be captured in periods between July and August. And Ireland, a market very focused on maintaining batteries in operation during high wind periods, where generally system operator procures ancillary services from fast-acting assets such as batteries. And lastly, Germany has seen a relative shift in the makeover of the revenue stack, with more trading revenues coming into play for that market, especially looking at algorithmic intraday trading that our asset has been participating in, that has made nearly half of the stack in comparison to the previous year, which was frequency driven. Looking at the overall result of that diversified portfolio, a strong performance in terms of overall weighted average, GBP 15 megawatts per hour achieved across those four grids. Definitely, the highest level has been achieved in ERCOT. So this market is seeing high levels of load growth, and build-out of various pockets of consumption that grows that requires demand increase on that network, and also drives generally scarcity in summer when effectively the grid is battling the issues with the relatively aging generation capacity in that grid. Closely followed by the results in the Irish market at GBP 20. This is a blended uncapped and capped regimes that we operate in, with uncapped being more lucrative. So assets in Ireland have generally focused on ancillary services, but there has been an uplift from periods where we have performed trading with those two regimes, where optimization has suggested higher revenues in trading than ancillary services, we would move into that. Great Britain has seen a decline in revenues against last fiscal year. This is really driven by increased capacity build-out in that market, so 1.4 GW of batteries have been added in the past year to the grid against the backdrop of about 1 GW of increased capacity procured by National Grid, which obviously causes a general trend for saturation. And a few other policy changes that National Grid have introduced, including negative bidding in ancillary services, have further driven the prices down. In Germany, a stable performance in that market generally slightly lower than the previous year in terms of overall outcome, and that's driven by milder winter and higher gas storage capacity that was in Europe. But the asset performed consistently and has also added now additional ancillary services to its portfolio of available revenues. So it has added aFRR into its mix of ancillary services and continues to shift between those three core revenue streams successfully. To illustrate the point around diversification, to be able to quantify this, we have looked at a long-term trends across our portfolio. So at the top of the slide, you'll see how our assets performed in GB only. And if we look at the period from June 2021 to March 2024, and derive 1 standard deviation of revenues across that period, we'll see that it was around 5 GBP per megawatt, with average revenue of 13.84 GBP per megawatt per hour. If one was to take now the full diversified portfolio outcome, the standard deviation goes down to 2.4 GBP per megawatt. So significantly reduces the variability of revenues across the long term period, but also increases the overall result of average revenue captured to 15.32 GBP. And with this, I will hand over to Paula. Thanks, Alicia. And now from an ESG perspective, GSF, as an Article 8 company, has included in its annual results the portfolio using SFDR disclosures. It includes metrics covering climate indicators, social and employee matters, as well as additional disclosures such as emissions of air pollutants. Over this reporting period, the operational portfolio avoided over 15,000 tons of CO2 equivalent and stored over 26 GWh worth of renewable electricity. This translates into a significant increase in both metrics, actually, when compared to the last reporting period, so March 2023. And this is partially due to an increase in the operational capacity, obviously, but also as well as a greater battery efficiency overall. As a broader ESG update, the company continues to be a member of the Fair Cobalt Alliance, this is something we published last year, and reinforced its commitment to supporting responsible working conditions along mineral supply chains. Lastly, the fund continues to demonstrate its commitment to sustainability as it is constantly improving its portfolio performance, but it's also improving reporting and governance on this topic. Besides voluntarily aligning with TCFD for a couple of years now, this year marked the first year submission of PRI report for responsible investments. More details of all those frameworks and memberships will be published in the annual GSF Sustainability Report, which we'll publish early September. Now, if we put together all that during the 2024 fiscal year, which was, covered by my colleagues, what are then the key milestones of which we're through in this, next fiscal year, up until March 2025. Firstly, it is the delivery of this over 330 MW across three sites in three different, focus on Enderby, Big Rock and Dogfish. The manager has good visibility of its construction timeline, and all three are coming online in the term. So Alicia covered this, but Enderby will be, commencing energization next month and is due completion in September. Dogfish, the team has been actively managing the long lead items under the construction schedule, so all really on track for energization in December. Big Rock, it continues to progress well, and this is the largest project of the portfolio, and it will be the first delivered in California, so a huge milestone. It is definitely the main focus, one of the main focus areas for 2025 fiscal year; a lso on track for energization in December 2024. How would we expect the GSF portfolio would look like then if we take a screenshot of March 2025? Compared to the current capacity, this will mean a 45% increase, bringing the total energized portfolio to 750 MW or over 920 MWh, so pretty close to that GWh metric. At that point, GSF will have operational exposure in five grids, consolidating the diversification strategy that we started back in 2019, and has been positively supporting the portfolio resilience. Alicia illustrated well why we've been very focused on the diversification for now over five years. As the additional capacity comes online, the bar charts that you can see here in the bar [audio distortion] you can see the portfolio becoming more balanced throughout. On a megawatt basis, by March of next year, it is expected that 40% of the portfolio is in GB, while as California represents circa 25%, Ireland circa 15%, and then Germany plus Texas at, circa 20%. Now, two of the three sites that I just mentioned in construction today are actually eligible to receive Investment Tax Credit, the ITC, and both, Alex and Sumi mentioned the ITC. So just shedding some light on the background of what does that mean. ITCs for batteries, they were introduced in late 2022 as part of the Inflation Reduction Act in the U.S. This directly benefits both Big Rock and Dogfish, like I just said. As its owners, they can deduct part of renewable energy project costs from federal taxes or sell those credits for cash to third parties, who can use them to offset their own tax liabilities. So for GSF assets, it is expected that at least 30% of the qualified CapEx can be recovered as a tax credit. Projects generate tax credit when they are placed in service; so this is a bit of a technical term, but this is either when the property is ready for it to be ready for its assigned function, so when the asset begins to actually export to the grid or when the depreciation begins. So in conclusion, what we're saying is there's a $60 million-$80 million cash inflow expected in 2025, this is all in dollars, based on Big Rock and Dogfish assets. Aligned with what Sumi covered earlier in the presentation on the strategic cash flow allocation, ITC is indeed a material item of sources of cash for next year. Now, if we go beyond the over 750 MW that is prioritized and expected to be energized by March 2025, there's also a circa 500 MW of additional projects. This is an additional portfolio that is ready to build. As Sumi covered, we're now illustrating it with sort of more data points, really. Besides ITC expected cash inflow and potential capital recycling, lithium prices, they've been materially decreasing in the past years. As a function of EV supply and demand, you can also see that last year, especially, there were 14% reduction when compared to 2022 prices, and the trend for the first half of 2024 continued. We would expect that projects contracted in 2025, so projects out of this 500 MW bucket, would benefit from updated EPC prices. Of all the many drivers that will impact the build-out of this pre-construction portfolio, we expect a number of drivers to have an impact on the strategic planning. But definitely, CapEx costs, capital availability, and cost of capital will be the building blocks for the 2025 build-out plan. Lastly, in terms of significant milestone expected for this year is the Resource Adequacy contract for Big Rock. That was also already mentioned to RA earlier in this presentation, but what does this mean? It does refer to the state's electricity grid's ability to reliably meet the power demands of all consumers, preventing blackouts and the likes. So in other words, it is a Capacity Market equivalent as they both address the risks of insufficient capacity. So just like capacity in Great Britain, RA is long-term contract, so it ranges from 10-15 years, and it's all fixed term as well. So this is fixed revenue through our contracted income. What is unique to California grid is that this contract is expected to represent up to 40% of total revenue for Big Rock, while in the GB, this is more around the 10% mark. The manager is in advanced stages of securing an RA contract for Big Rock now as we speak, and this asset will be able to provide 100 MW worth of RA deliverability. RA requires actually a minimum of 4-hour duration, so we would see a fixed-term contract for 100 MW in Big Rock. We expect to update the market imminently with the latest on RA prices. Alex, to you for concluding remarks. Thank you, Paula. We're very happy with this set of results. What it shows is a construction portfolio coming on stream, near doubling over the next 6 months, with 3 material projects well advanced. I took the opportunity to visit both Big Rock and Dogfish over the last 4 months, and management has a high level of confidence in them being completed on time. Those projects are completed on time with one of the most competitive price per megawatt fully installed. Energy storage is part of the renewables sector, so it's all about CapEx, and Gore Street has spent a lot of time with our internal functions in procurement and construction, minimizing CapEx, minimizing the cost per megawatt fully installed. We've also spent a lot of time, again, with our internal functions, delivering best-in-class revenue. If we look over our portfolios, my colleagues have gone through, if we'd maintained a GB-only portfolio, we would be at 30% of the level of revenue on a megawatt per hour basis. So our diversification across from GB, Ireland, Germany, Texas and California, has delivered a very strong set of results for our investors. Overall, we consistently deliver against the targets that we have set ourselves. We were the first mover in the British market, then Ireland, Germany, Texas, and California. And that ability to manage assets in construction, in operation across multiple jurisdictions, is what allows us to deliver best-in-class revenue performance, built on a balance sheet with a minimum amount of gearing. Thank you, everybody, and we're open- w e'll take questions now. Perfect. Thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab, which is situated on the top right-hand corner of your screen. Just while the company take a few moments to view the questions that have been submitted today, I'd like to provide you the recording of this presentation, along with a copy of the slides, and the published Q&A can be accessed via our Investor dashboard. As you can see, we have received a number of questions throughout today's presentation, and Ben, at this point, if I could just hand over to you to chair the Q&A, that'd be great, and then I'll pick up from you at the end. Of course. Thank you. We'll get through as many questions as we can today, and we'll provide written responses and post them on the website for those that we don't get through. So first question that we have is: Competitors have announced tolling agreements in the GB market. Has Gore Street considered this, or are they going for a different approach? Let me take this question. Thank you, Ben. For sure, we have seen multiple contract types, not only in the British market, but across multiple markets. And at the right price level, of course, we'd be interested. What we have been focusing on as the active manager of these assets is there's a wide range of contract types available. As Paula and Sumi went through, there's the RA contract in Texas, which delivers long-term guaranteed revenue at a high level. In GB and in Ireland, we have Capacity Market contracts. Germany is now bringing in Capacity Market contracts. So we aim to be the active manager of these assets, rather than give the assets over to another player to manage. That is what we believe allows us to deliver this best-in-class revenue. But of course, when we look at opportunities in the market, if we see a good opportunity, that delivers at least over our base case, we will definitely consider it. Thank you very much. The next question we've had in is around optimal duration of batteries in GB. So are one-hour duration batteries still optimal in GB, and are you able to, in considering retrofitting assets in this market? So I can, I can take this one. So I think the answer is generally that, yes, still one-hour system or around one-hour system, is what we consider the pragmatic approach to duration in Great Britain. If we track again revenues across the last 12 or perhaps even slightly longer period, there's a very minimum uplift and minimum evidence of sustained uplift from two-ho ur systems. And so prices and CapEx has been going down, but it's expected to continue to go down. Therefore, we expect that further decreases of CapEx are expected in the near and midterm future. Therefore, we consider it prudent to assess the situation and really focus on trying to see an uplift for two-ho ur system that currently is not a sustained signal from the market. Thank you. The next is just a few clarification points. First would be, could you please explain what liquidated damages are? So maybe I'll start with the fundamentals. So assets in our portfolio generally benefit from wrapped engineering procurement construction contracts that offer a really robust set of delayed liquidated damages that allow us to offset the risk of any contractor attributable delays. And we have successfully, in the past, secured those liquidated damages for our portfolio when our assets suffer delays caused by battery and integrator contractors. And in this reporting period, we also expect to see a contribution from those. These are confidential arrangements that we have with our contractors, so we're not in a position to disclose those. But we can talk about the fundamental contribution and the security that those mechanisms bring to the portfolio. Thank you. And one more would be, you said the RA contract requires four hours, but Big Rock is only two hours. Could you please explain? So as Paula mentioned, Resource Adequacy contract in California for our Big Rock asset is really contracted at 100 MW level. So this is what our asset has secured as deliverability attribute to its grid connection. So a battery that is 400 MWh, so actually a little bit more than that, is comfortably able to secure 4-hour duration at that level of contracted power capacity. Thank you. We've had a number of questions on this, so I'll put it into one. But, do you see the Labour government as providing support to green trusts like GSF? I'll take this. I don't know whether we see Labour government providing support to green trusts in specifics, but what we do see is a difference in emphasis between the Labour government and the previous administration. Already goals that the Labour government have laid out, we believe will add incremental revenue to our energy storage systems in GB. And their talk around grid reinforcement and the need for grid reinforcement goes to that theme. What I would say is that the biggest component of revenue for an energy storage asset is the correlation of how much renewables is on the grid that it operates. And one of the first moves by the Labour government in looking to relax planning for onshore wind will lead hundred- It'll lead definitely to more onshore wind being built, and therefore, growth in renewables. That growth in renewables supports higher revenues for energy storage. So we are encouraged by what we've seen so far in terms of the Labour government, in terms of their initial policies. We expect more, and actually, as a manager, we are engaged to put forward our viewpoint to them. Thank you. Is the RA or Resource Adequacy Contract in California the same as the Capacity Market contract we see in GB? Let me take that. Yeah, of course. Okay. So there are a couple of differences. One is, as someone mentioned, like a 4-hour duration is necessary, but in GB, you have the opportunity to bid based on, for example, 1-hour asset. That's number one. And then also, the contract is not procured through auctions, public auctions, but it's a bilateral negotiation with the suppliers. So there is no clear market price available. It's all negotiated bilateral and not necessarily disclosed to the third parties. Third, there are, I would say, more stringent technical requirements, and there are operational requirements exist for the California CAISO RA contract, so we are ready to provide that as well. I believe that covers key ones, but if- Oh, and then also lastly, it's not about the market system itself, but the quantum of the revenue available within the total revenue available to the project is significantly more. For example, GB, we are only expecting like roughly 10% of revenue coming from capacity market. In CAISO project, for this project, we are expecting 40% coming from this long-term contract, RA contract. Yeah. And I can just add in as well. What this does to the overall portfolio is adds in, as Sumi mentioned there, a large chunk of contracted revenue. So Big Rock is obviously a very big and important asset for us. It will contract to a large percentage of its capacity under the RA, and therefore, from a portfolio base, we'll move to a much higher percentage of contractual revenue. Thank you very much. I believe that covers most of the theme of the questions, and we'll respond, we'll post the answers written for any of the ones we've missed out. Thank you very much. Perfect. Thank you all for updating investors today. Could I please ask investors not to close the session, as you'll now be automatically redirected, to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete; such shall be greatly valued by the company. On behalf of the management team of Gore Street Energy Storage Fund PLC, we'd like to thank you for attending today's presentation, and good morning to you all.