Welcome, ladies and gentlemen, to CLP's 2021 interim results analyst briefing and webcast. I'm joined here today for the webcast by the CEO of CLP Holdings, Mr. Richard Lancaster to my right, and the CFO of CLP Holdings, Mr. Nicolas Tissot to Richard's right. We announced our results and lodged them with our Hong Kong Stock Exchange at around about midday today. That same announcement and the presentation materials we will address today are available now on our website as well. We will follow the usual practice, and Richard and Nicolas will first of all take us through the presentation, following which we will undertake a Q&A session. There is no live audience here with us today, but analysts who have pre-registered can ask a question through the live telephone conference line. For everybody else on the webcast, you may ask questions for the Q&A session by addressing a question in the dialogue box, which is at the base of your screen. Our priority will be given to the analysts asking live questions, we will try and endeavor to get through all of the questions that are presented. As a final note, Richard, Nicolas, and myself have all been vaccinated, we are appropriately spaced here, we will not be wearing masks that are part of this presentation. With that format explained, I'd like to hand over to Richard Lancaster to commence the presentation. Thanks, Angus. Good afternoon, ladies and gentlemen, and welcome to our presentation of the 2021 interim results. As we emerge from one of the most we've seen for some time, I'm pleased to say that we've made good progress on our decarbonization goals and we've delivered safe and reliable operations and customer services across the business. In Hong Kong, we continue to make investments to reduce the carbon intensity of electricity generation. In mainland China, where our non-carbon assets already contribute most of our earnings, we continue to pursue new opportunities with our main focus on non-carbon investments in the Greater Bay Area. In Australia, we've announced the early closure of the Yallourn Power Station, and we've made several new commitments to flexible generation and storage projects that will help support the energy transition. In India, we continue to be focused on investments in low carbon assets along the electricity supply chain. In this first half of 2021, we recorded operating earnings of HKD 5.7 billion, or HKD 2.26 per share, which is 7% lower than the same period last year. Hong Kong's solid performance was not enough to offset the impact of high coal prices on our thermal assets in mainland China and the challenging wholesale prices we've seen in Australia. The board has kept the second interim dividend constant at HKD 0.63 per share. This is in line with the first interim dividend of 2021, and it's the same as the first two interim dividends last year. Based on our recent share price, this provides a yield to investors of around 4%. Operationally, output from our generators was 8.5% higher than last year, and we continue to increase our generation capacity. Our focus on our operations continues to provide a highly reliable power supply to the residents of Hong Kong. We continue to see growth in our customer accounts in Hong Kong, while intense competition in Australia has resulted in a modest decline in accounts there. I'll now hand over to Nicolas to take you through the financial results in a little bit more detail. Thank you, Richard, and good afternoon, ladies and gentlemen. During the first half of 2021, in a still challenging environment, revenue increased to nearly HKD 41 billion and EBITDAF rose to almost HKD 13 billion, driven by Hong Kong's resilient performance. Higher depreciation and amortization in Hong Kong and Australia resulted in a decrease in ACOI, or EBIT, before fair value adjustments. Capital investments of nearly HKD 6 billion across the group was higher than last year, with a clear focus on decarbonization. I will discuss our operating and total earnings on the next slide. At the operating earnings level, we see a stronger contribution from Hong Kong. This has been more than offset by decreases in the contribution from thermal assets in other regions, driven by higher coal prices in mainland China and Taiwan, and lower wholesale prices in Australia. Around HKD 100 million after tax, or roughly one-third of the decline in Australia, relates to non-cash changes in the fair value of energy hedging contracts. Operating earnings went down by 7%. Total earnings for the first six months reduced to HKD 4.6 billion after items below the line. Namely, the settlement in March this year of the litigation arising from the disposal of the Iona Gas Plant in 2015, which included both the payment of a settlement amount and an extension of the existing long-term contracts for the provision of gas storage services. The provisioning to ensure safe operations at the Yallourn coal mine following the impact of extreme rainfall and a revaluation loss on investment property in Hong Kong. Together, these items resulted in a charge of HKD 1.1 billion for the half year, which drove total earnings down 23.2%. I will now turn to our business performance at the ACOI level. This slide summarizes the change in earnings at the ACOI level across the business units. We benefited from positive foreign exchange movements during this half year, mostly related to the Australian dollar and the Chinese renminbi. ACOI is 2.8% lower year-on-year at a headline level, and is down 6.7% once these foreign exchange movements are excluded. All future variances in this presentation will be excluding ForEx. Hong Kong earnings are 4.7% higher as we continue our decarbonization investments. Meanwhile, earnings in Mainland China and overseas have declined, mostly driven by lower earnings from our thermal assets. You will also notice a positive variance in other earnings, largely driven by the net fair value gain on our innovation investments. Over the years, we have built a portfolio of strategic investment to access and deploy the best energy technologies from around the globe into our business. This bring a net fair value gain of over HKD 90 million in other earnings. I will now take you through the performance and outlook of each of the business in turn. In Hong Kong, the business continues to be strong and resilient. ACOI for the half of the year is up by 4.7%, excluding ForEx, in line with the growth in our asset base. Capital expenditure was HKD 4.8 billion, as we continue to focus on investments that secure reliability, progress our decarbonization efforts, and deliver a smarter and greener power system in Hong Kong. Electricity sales have increased by 4.4%, driven by favorable seasonal weather patterns and the beginning of the post-COVID economic recovery. In the coming months and years, we will continue to execute the current development plan and accelerate our transformation towards a utility of the future. As we look further ahead, we are very encouraged by the government's plans for Hong Kong to become carbon neutral by 2050. We are deeply engaged with the government discussing solutions and plans. This will require both the decarbonization of the electricity sector and significant growth in the use of clean electricity in transportation, industry, and everyday household use. It will also require importing more zero carbon energy to Hong Kong, leveraging our connections with the Greater Bay Area. In Mainland China, our nuclear assets have performed reliably and have increased their contribution. Earnings have varied in line with the evolution of resources. Wind was higher, solar was steady, while hydro resources were lower. Meanwhile, significantly higher coal prices have taken a toll on earnings from our thermal assets, and our expenses have also increased as Shandong assets approach the end of their economic life. As a consequence of these movements, we recorded ACOI of HKD 1.25 billion during the first half, down 24%, excluding ForEx. In the second half of the year, we anticipate reliable contribution from our nuclear and renewable assets to continue, with rising coal costs putting significant further pressure on the thermal margins. We will continue to pursue the payment of the HKD 2.2 billion of national subsidies outstanding at the end of the first half. We will continue to progress carbon neutral investments in renewables, energy infrastructure, and energy as a service, with a particular focus on the Greater Bay Area. In Australia, low wholesale electricity prices over the last two years drove down earnings. This has resulted in a 33.7% decline in ACOI, excluding ForEx. Despite intense competition, our customer business has benefited from lower electricity procurement, lower cost of bad debt, and also improved efficiency and cost effectiveness of our operations. In the energy segment, as anticipated, lower wholesale electricity prices and higher gas supply costs have significantly reduced margins, despite the dampening effect of the hedging policies we have in place. In addition, specific items from Yallourn have weighted on the energy segment contribution. In March, we announced that as part of our decarbonization strategy, we are bringing forward the closure of Yallourn by four years to 2028. This has resulted in accelerated depreciation for the balance of its operational life, which will amount to around HKD 250 million on an annualized basis. In mid-June, we reacted proactively to extreme rainfall and restricted operations at Yallourn as a precautionary measure. This resulted in a lost opportunity impact on earnings of around HKD 190 million before normal operating conditions were safely resumed after two weeks. There was no flooding at the mine itself and no damage to either mining or power generation facilities. Some damage was sustained to the Morwell River diversion, which runs above the mine, and a provision has been made to deal with it, as noted earlier, under items affecting comparability. Turning to the outlook, in the short to medium term, we expect to continue to see pressure on margins. We believe intense competition in the customer segment will continue, while in the energy segment, we will see more impact of lower realized wholesale electricity prices and continuing high gas procurement costs. Looking further ahead, we will continue our focus on excellence and cost reductions in customer service, optimizing the operation of our energy segment portfolio, progressing investments which will deliver a cleaner and more flexible generation portfolio in the future, and preparing for the closure of Yallourn. In India, the major planned outage at Jhajjar resulted in a lower contribution. This was despite the contribution from wind and solar having increased, thanks to higher wind generation, interest received on delayed payments from renewable debtors, and the commissioning of two new solar projects. The business delivered an ACOI of HKD 476 million, down by 5.7% compared with last year. We are actively pursuing overdue payments from the state-based distribution companies. We have made good progress on securing long-dated payment during the first half of the year, with the outstanding amount at the end of the half being HKD 0.8 billion. Our focus in India remains on new zero-carbon investments in renewable generation and transmission assets. Construction of the Sidhpur wind farm in Gujarat and the anticipated completion of our acquisition of the KMTL transmission asset during the second half of the year are part of that. Operationally, our assets in Southeast Asia and Taiwan continue to perform well. However, financially, ACOI was down 19.8% because, as anticipated, the contribution from Heping is lower this year, in line with the one-year delay in the coal cost adjustment mechanism. While higher coal costs have already had an impact on our earnings from Heping, this impact is expected to be significantly greater in the second half. We also remind investors that there will be a significant step-down in tariffs for our Lopburi solar project in Thailand at the end of this year. Cash flow generation has been sound in the first half and follows the normal yearly profile. Cash inflow for CLP is usually lower in the first half, while dividend payments are higher due to the usual practice of a higher final dividend. Dividend payments for the half reached HKD 4.6 billion, the group invested HKD 5.4 billion. Within this total, HKD 4.9 billion was for investments to improve networks and move towards cleaner generation in Hong Kong. We also spent HKD half a billion on projects in Australia, mainland China, and India. Our financial position remains strong. Our debt levels are healthy. We have significant undrawn debt facilities, solid cash-in-hand levels, and we have stable credit ratings, which were reaffirmed in recent reviews by both S&P and Moody's. Net debt has increased by HKD 5.3 billion to around HKD 47.9 billion, except for the payment of the litigation in Australia. This is in line with the usual seasonal trend of dividend payments, CapEx, and free cash flow generation. This has resulted in a net debt to total capital ratio at a sound 27.4%. During this half, we announced our financing by successfully issuing several loans and bonds to support our operations and growth. This included a HKD 300 million energy transition bond for CAPCO in February and a HKD 300 million conventional bond for CLP Power in July. This locked in favorable terms, extended the debt maturity profile, and diversified sources of funding. Our blended average interest rate for the first 6 months was about 0.5 percentage point lower than the first half last year. To protect against potential rate increases, 50% of our debt has maturities of beyond 5 years, compared with around 40% two years ago, and nearly two-thirds of our debt is on fixed rates, compared with around half two years ago. We are therefore well-placed to address our commitments to shareholders and bondholders while continuing to have the ability to fund our investment plans. I will now hand over to Richard to discuss the strategic outlook of the business. Thank you, Nicolas. At CLP, we're addressing the energy transition across all of our operations, decarbonizing and digitalizing the business as we progress towards our vision of the utility of the future. In Hong Kong, we're working towards a target of carbon neutrality by 2050. We've been decarbonizing our portfolio through the construction of highly efficient gas-fired generation units, diversifying our gas supply, upgrading our clean energy transmission system, and studying the potential to develop the first offshore wind farm in Hong Kong waters. Looking ahead, we know the best solution is to adopt a range of technologies, which will include more renewable energy from solar and offshore wind projects in Hong Kong, more imported clean energy from the Mainland, and ultimately, the use of green hydrogen as a fuel for local electricity generation. As we pursue these decarbonization goals, we're increasingly integrating our efforts in Hong Kong with the broader Greater Bay Area. Our clean energy transmission system already links us to imports. It's being upgraded as part of the current development plan. We anticipate it'll become part of a network of connections to bring clean energy from the Greater Bay Area to Hong Kong in the future. We're looking at an offshore wind project in Hong Kong waters. We'll also investigate the feasibility of further developments across the Greater Bay Area. In addition, we're making investments and building partnerships that seek to leverage our expertise in Hong Kong across the Greater Bay Area. For example, we're seeing energy management being part of the service that we can provide. There are many Hong Kong companies that own factories or property developments in the Greater Bay Area. They're customers of ours in Hong Kong, and they look to CLP to help them manage their energy costs as well as their carbon footprint. For governments, communities, and businesses to achieve carbon neutrality, it's important that energy consumers have the means to reduce their carbon emissions. Many of our customers are embarking on their own decarbonization journeys. Through our emerging energy infrastructure and energy-as-a-service approach, we can provide end-to-end product offerings to help make a difference. This includes supplying low-carbon electricity, using electricity more widely for transport and industry, improving energy efficiency, and helping offset emissions that can't otherwise be avoided. We're also partnering with innovators to ensure that we can access and deploy the best energy technologies. This includes a portfolio of strategic investments in leading global innovation hubs within China, the U.S., and Israel, covering technologies including demand response management, smart buildings, cybersecurity, and hydrogen storage. These investments not only strengthen our business, they provide financial returns, as Nicolas has mentioned earlier. Looking more broadly across the business, we continue to invest and innovate as we decarbonize our operations. The Tianneng Three project in Jilin Province will be our first grid-parity wind farm in Mainland China and will be built with an accompanying battery storage. In India, we expect to complete acquisition of our first interstate transmission project, and we've commenced construction of our largest wind farm to date in Gujarat. Meanwhile, in Australia, we've recorded three significant firsts in this half. We brought forward the closure of the Yallourn Power Station by four years to 2028, providing our people and the community with seven years' notice of closure and announcing workforce support packages to assist in the transition. Simultaneously, we announced the construction of a 350 MW battery facility to be built close to our Jeeralang Power Station. If constructed today, this would be the largest battery facility in the world, and it will help smooth the power market transition in Victoria as Yallourn closes. In New South Wales, we announced the expansion of the Tallawarra B gas-fired power station. It will be designed and built to use 5% green hydrogen from the time it commences operation and will be Australia's first net zero emissions gas peaking plant. In Queensland, the 250 MW Kidston Pumped Storage Hydro Project has begun construction. EnergyAustralia won't own this asset but has secured the operational dispatch rights for this important facility when it's completed in 2024. We continue to see opportunities to make investments to accelerate Australia's energy transition. This will be capital intensive and will proactively explore ways to optimize our capital structure, including forming partnerships with others where appropriate. Collectively, these projects demonstrate our commitment to working with governments and communities to accelerate the energy transition. At CLP, we aim to be the leading responsible energy provider in the Asia-Pacific region from one generation to the next. We seek to provide our customers with sustainable energy solutions. In addition to our investments in low-carbon technologies, we'll increasingly focus on energy infrastructure and energy as a service. Hong Kong remains the core of our business, and as it increasingly integrates with the Greater Bay Area, we'll build on our experience in innovation and new business models with our business in Hong Kong. Across all regions of our business, we are well progressed on our journey to decarbonize our energy supply. We've embraced the challenge of new, cleaner energy technologies, and of managing the increasing complexity of our energy systems. We therefore look forward to releasing new science-based targets for the decarbonization of our business in the lead up to COP26 in Glasgow later this year. Whatever we do, we'll put our customers at the heart of our decisions and ensure we have a skilled and agile workforce that can meet their changing needs. These are exciting times. At CLP, we believe we can make a real difference as the world undertakes the energy transition, and as we build the utility of the future. Thank you, ladies and gentlemen, and we'll now be happy to take your questions. Thank you, Richard, and thank you, Nicola, for undertaking the presentation. May I remind analysts on the phone that you may lodge a question at any stage by pressing star one to register that question, and also that people may submit questions through the dialog box at the bottom of the webpage screen, for those who don't have access to the telephone lines. If I could just then look at the queues. I don't think we have any analysts on the lines at the moment, but we do have a question from the webcast. I will read that out. It's from Simon Lee of Morgan Stanley. His question is: Last week, Origin Energy downgraded its energy markets provisional earnings by about AUD 100 million based on higher cost of New South Wales coal. Prices are up AUD 50 a ton, half on half. The question is: Is Mount Piper coal exposed similarly to market-linked mechanisms? Richard? Well, firstly, I can't comment on another company's results. Just to say, we have two coal-fired power plants in our portfolio in EnergyAustralia. Yallourn comes with its own mine. Basically there is no exposure to the market there. With Mount Piper, we have long-term agreements for the supply of coal. We're not connected at Mount Piper to the international market. We basically secure our coal under long-term contracts. Thank you, Richard. I believe that there is a question on the lines now from Evan Li of HSBC. Evan, could you please proceed? Hi. Thank you for taking my questions. It's Evan from HSBC. A couple questions. First, I would like to get a little clarification about your comment about making already made a provision for the mine in Australia, how much that provision was, and was that included under ACOI, during one of the slides that you mentioned that from the green and red bar that you show, I don't know if that provision has both been included in that. Second question is that's been mentioned that EnergyAustralia, the retail business will be extending into broadband mobile insurance. Could you maybe perhaps add a little bit more details on that? Are we talking about owning mobile spectrums and things like that? I'll just say a few words about the Yallourn mine, and I'll ask Nicola to just clarify and just make sure that you're clear on the numbers there. Essentially we had a very extremely heavy rain around the Latrobe Valley in early June. Around 30 times the normal flow of water was flowing at the peak. We did make a big investment in a river diversion just to cope with flood waters. That held up, but when the water receded, we did find that the ground in some parts of the local area had developed some cracks. We did take the precaution of stopping mining activity for a short period. We now need to investigate and do some temporary repairs. That's the background to what we're providing for is those repair costs. Nicola, you may want to just clarify where that. Yes, sure. accounting treatment is? Sure. We have basically from those extreme weather events in Australia in the region where Yallourn operates, we have two type of impacts. One is above the line, and it is the loss of opportunity for restricting operations at Yallourn for a couple of weeks. This is a AUD 40 million impact, HKD 190 million, which is above the line. As we mentioned in the items affecting comparability, we have taken a further provision to ensure safe operation at the industrial site, specifically at the mine. This represents an impact below the line of AUD 65 million. This is to bring a solution to the elevated risk, which was identified as Richard described around the Morwell River Diversion, which runs above the mine. Thank you. Evan, just on your second question. Our focus as a business in Australia is on energy, both electricity and gas. If we do find opportunities to provide additional value to our customers, we're certainly open to those. Part of that is energy management services, but also where we have a retail business, we are open to looking at areas where we can provide extra value to our customers. This is not a strategic move into another sector. This is looking at optimizing and looking at enhancing our existing customer relationship to see how we can provide extra value to customers. Okay. Thank you for the answers. We have another question on the phone lines there from Cissy Guan of Bank of America Merrill Lynch. Cissy, could you go ahead with your question, please? Thank you for taking my question. My first question is, after EnergyAustralia recontracting its gas supply contract, how much impact is there on unit fuel cost, and how much total profit impact to the generation profitability? Second question is, how much tariff cut were there for the default market offer from July, and how much do you expect that the margin impact on the retail business? Thirdly, I want to ask, we have seen a significant outage scheduled for Mount Piper and other one generation capacity from both 2020 and 2021. What is the schedule like for 2022 and the years forward? I'll take the third question first and then invite Nicola to comment on the profitability of the gas supply contracts and also the impact of the adjustments in the tariff. Basically, for our outage program, we have quite a heavy program in 2020 and 2021. We have two units at Mount Piper, four units at Ularng. The units at Ularng are of different vintages. As we get through 2021, we will see we are over the hump and we will just be back to more normal levels of maintenance outages. On your question on gas contracts, we announced already, as we published our full year results in February, that we were recontracting our gas contracts at less favorable conditions. We are not disclosing specifically the impact, but clearly this is one of the reasons which has weighted on the profitability of EnergyAustralia, starting this first half and expected to continue during the second half. On tariff cut, I'm not sure what you are exactly referring to, but talking about the first half, I think the highlight is the repricing we've seen in Victoria, which has helped the profitability of our customer business resisting during the first half, together with other factors. Specifically, our efforts to reduce and master the level of costs and the efficiency, also doing a specific effort to enhance our operation in the customer business and a lower cost of bad debt in that business, and that has protected our performance during first half. Just to clear on my question. Previously, we've mentioned that Victoria default market offer was reset from January, and the other DMO will be reset from July. I was asking how much of the margin impact do you expect from the DMO reset for the second half of the year? Cissy, maybe if it's okay, I'll quickly address that. Those numbers are generally public in the sense that the reduction in the tariff is published. There are a few percentage points reduction in New South Wales, South Australia and Queensland. Victoria has a more modest impact through our areas, in any case. We don't provide specific guidance on that. What we are saying, though, and making quite clear, is that we do expect retail competition to remain very intense, and that includes these kind of pressures on our retail margins. I hope that's okay. There's not another question on the telephone lines at the moment, but we do have a question from the web, so I might go to that. It's from Daniel Fitzgerald of Martin Currie. The question is, how serious are the cracks discovered at the Ularng mine, and is there a risk it does not run until 2028? Could you give any more details around the provision? Richard? I'll address that one. This is an area which has had coal mining for more than a century. We saw a flood that was a 1 in 75 year event. It's natural that when you've had flooding and when the flood waters recede, you need to assess what's happened underneath the water. In coal mining areas, there is always some level of subsidence that happens. Flooding in the surrounding region can accelerate that. Essentially, that's what we are looking at. We are a very responsible operator. We have taken a very close look at the whole area. We have a plan to keep the plant running until 2028 and to make sure that it is responsibly rehabilitated in line with agreements with the Victorian government. They have been working very closely with us as well, to make sure that the mine is left safe and with reliable operations and that we have the ability to lower the water levels so that we can properly assess what work needs to be done to fix it. If I could just mention the mine and the power station, while they were restricted in operations for two weeks, have been back up to full operational capacity since early July. There is no immediate long-term cessation of operations there, and those repairs will be undertaken at the same time. There is a follow-up question actually from Daniel Fitzgerald, and I might just read that out. What are your return thresholds for new investments in generation capacity, such as batteries and gas in Australia? Given the group is investing more in the country, presumably the group has a more positive view of long-term power prices. I will just say a few words about our investments and how we view Australia. Nicolas may want to supplement with comments around our thresholds. Essentially, we do look for investments that will earn our cost of capital. We do see Australia having very sound fundamentals, and we take a long-term view in our business. We do believe that Australia is a good market to be in. It is going through an energy transition, as is every market around the world. We have a strong and significant position in that market, and we are making investments that we believe will be profitable investments to enable us to continue to run our business in the long term. We apply investment criteria which are based on our weighted average cost of capital in the various geographies where we operate, and we are looking for projects which cover our cost of capital. You will understand that for competitive reasons, we don't want to disclose specifically those thresholds, but this is the framework we use to operate. Okay. We have another question from the phone lines, from Peter Shaw. Peter, could you please go ahead with your question? Sure. Thank you for taking my question. My question is, I think Richard earlier mentioned that hydrogen is one of the ultimate solutions for Hong Kong's decarbonization. I wonder if hydrogen is happening, how compatible it is with CLP's current infrastructure, and will CLP still need lots of investment for hydrogen if it is happening? Thank you. Thank you for the question, Peter. We use natural gas as a fuel in Hong Kong at our combined cycle power station at Black Point. We have two generations of machines. The first eight machines were built in the 1990s. We are now building the second generation at the moment. The older machines can use up to 15% hydrogen blended with the natural gas without any change whatsoever. Our new machines can use up to 30% hydrogen blended with the natural gas. Clearly, we can start to use hydrogen, as it gets blended in our natural gas supply, for a period of time without any change whatsoever. Once you get above the 15% or the 30%, we will need to start making changes to our machines. They're essentially very large jet engines. The combustion system is a relatively small cost in the overall scheme of things. By changing the combustion system, you can convert the machines to use different fuels relatively inexpensively. The question is, where is the hydrogen going to come from? We have a diverse mix of gas supplies. Some of it comes from pipeline gas supplies, some over long distances, such as our West-East Gas Pipeline. We believe that green hydrogen produced from renewable energy will become part of China's energy mix. As long as we are able to move in line with the transition from natural gas to green hydrogen, being at the end of that pipeline, we'll be able to take advantage of that. We also are building an offshore LNG terminal, and one of the nice aspects of an offshore LNG terminal is that you store your fuel on a ship, and if you want to change the fuel, all you have to do is take away 1 ship and bring another 1 in that's suited for that fuel. Everything that we're doing is being built with the future in mind and with the ability to convert as and when green hydrogen becomes available. Thank you, Richard. We have another question on the line from Simon Lee of Morgan Stanley, so I'll read that one out. Chief Executive Carrie Lam recently said she met with the two power companies regarding 2050 Hong Kong decarbonization. In addition to offshore wind, the clean energy transmission system and green hydrogen, as Richard just mentioned, what can CLP do to contribute to Hong Kong's decarbonization roadmap? Thank you, Simon, for the question. You consider that the electricity sector contributes around 65% of Hong Kong's carbon emissions. Simply, that number may sound high, but it's simply because we have very little other industry in Hong Kong. If you consider that the transport sector is the next biggest contributor, which is around 18%, if you can decarbonize the electricity supply and use decarbonized electricity for the transport sector, essentially you've solved 83% of Hong Kong's carbon emissions. With those initiatives that you've mentioned there, with a combination of offshore wind, with more imported energy, clean energy imported from the mainland, and also by using hydrogen instead of natural gas at our gas facilities, we have all the tools that we will need to manage and produce decarbonized electricity. We may well need a few batteries dispersed here and there just to maintain the supply and demand balance. Essentially that is how we will decarbonize the electricity supply. We believe it can be done by 2050. That is 30 years away. We have all the technology that we need. We have all the expertise that we need. By working with our regional partners, we believe all of this can be put in place within 30 years. For that to help Hong Kong achieve full decarbonization, it will involve the use of more electricity in places where fossil fuels are currently used. Transport is just one sector. Any industry that could be making use of electricity would be able to decarbonize just by simply shifting from their current fuels to electricity. Again, thank you, Richard. We've got another question on the webcast from Adrian Ng, who has got three questions, in fact. The first is, what is the status of the Argyle Street redevelopment project? Secondly, when will the property sales proceed, and when are they expected to be booked? The third element of that is, will a special dividend be considered? Perhaps I'll address those. The Argyle Street redevelopment project is under construction at the moment. The residential property is really taking shape now. We did receive an initial payment from the developer, and there may be some further sales proceeds as the flats are sold. Essentially, most of that was covered by the initial payment. We, having moved out of the Argyle Street office and moved into temporary office accommodation, we still have to provide ourselves with an office. At the moment, we're in a temporary accommodation. Essentially, those sales proceeds won't be able to be distributed as dividends because we'll need to reserve at least some of that for paying the cost of our new office. There is one more question from the web again, this one from Carol Huang. This question has in part been addressed, but basically the question is from Australia, and I think this is a reference to the hydrogen component that is being incorporated in our Tallawarra B power station there. Would you consider having hydrogen application in Hong Kong? Again, Richard, maybe just to elaborate on that. Sure. Yes. The answer is yes. We are very keen to understand the conversion of natural gas to hydrogen. We have natural gas plants in Australia. We also have natural gas plants in Hong Kong, and we will be using all of these opportunities to build our expertise and to understand the implications of converting from natural gas to hydrogen. Thank you again. There do not appear at this stage to be further questions. If I could just have one last call for questions, both from the phone lines or from the webcast. We still do have a few minutes, and we'd be happy to take one or two more. If that is not the case, then I would just say that I and my team will be available through the remaining course of the afternoon and early evening to address questions that people may have after this. Actually, we have now got another question, and again, Cissy from BAML. Cissy, would you like to go ahead with your question, please? Thank you. I remember we previously mentioned that we are very cautious in renewable energy investment in China. Now we have seen we've made new investment in Delingha grid parity project. What is the project IRR like and is there any change for our renewable energy investment strategy in China? Thank you, Cissy Guan. I'll ask Nicolas Tissot to comment on well, it does obviously meet our IRR hurdle. This was our first grid parity project. No subsidies provided for this project, we believe that with the EPC cost, with our financing cost, that we can still make this a profitable project that still meets our IRR hurdle. It is consistent with all of our other investments in China or wherever they be made. They do need to earn their cost of capital. This is the first. What does make this an interesting project for us is that it's being combined with battery storage. That does improve the economics. We're using new technology to make these projects a little bit more profitable, and that's how we get them over the hurdle. Not much to add. We apply the same framework I mentioned about Australia, which is we always target to cover our cost of capital calculated specifically for every region or every country. Specifically in China, we are in a region where we expect a double-digit type of IRR. Also may be worth mentioning that we always want to finance those projects on a non-recourse basis and those IRR targets are to be appreciated also with this approach of our investments overseas. Thank you. Thanks. Once again, ladies and gentlemen, I think that's the end of our questions that are available, but if anybody has a last moment one, we still do have a few minutes. I don't think we've got another question on the telephone lines, though, and no more coming in from the webcast. Ladies and gentlemen, thank you for your attendance. As I mentioned before, my team and I will be available to answer further questions during the course of the evening. We do have some investor meetings scheduled for tomorrow. Thank you very much for your attendance, and I will now call the webcast closed. Thank you.