Sorry about this, everyone. There's a bit of a horrible echo here. Give us one second. Right. Let's try that. Is there still an echo? Shelton, am I okay? Still an echo, Richard? Yes, there is. I'm going to keep going. I'm going to keep going. Humble apologies, everybody. The best laid plans of mice and men, sometimes technology, or in this case, my user error in terms of how I set my computer up, gets in the way. Audio now perfect. Thanks, Shelton. Let me start all of that again, and apologies for wasting five minutes of people's time. We'll go back to the introduction. My name's David Prentice. I'm Chief Executive. I've got Phil Wiltshire here to my left, albeit you shouldn't be able to see us now, because you can only see the slide presentation. We'll step through the presentation that we uploaded to the NZX here this morning. As always, in terms of asking questions, if you want to raise a question verbally, you can use the raise hand function, which should be at the bottom of your Zoom screen. If you'd prefer to actually post something, as people have been doing in terms of feedback on the audio, then you just do that through chat or Q&A, whatever you want to use, we can walk through. We'll step through this as quickly as we can, because we really do want to leave as much time for questions as we can. It'll probably take about 25-30 minutes. Briefly, on the highlights slide that you can see in front of you there, starting from the left-hand side, we've reported an EBITDA of NZD 73.4 million, which consisted of almost exactly NZD 70 million EBITDA from our continuing operations and NZD 3.4 million from our discontinued. Just as a reminder, that was primarily the Trustpower retail contribution, which we had for one month in May of this year. Excuse me. A couple of important points to make here. First of all, if you look at that figure at the top, the 976 gigawatt hours of electricity generated. While we have said that that is only slightly down on previous year, what's really important to note is that that is quite significantly below long run averages. I've got a slide on the next page that will actually show that graphically. Certainly from our perspective, the one point and highlight that I wanted to really draw to your attention, and we've got two or three slides to contextualize and provide more information on that, is the fact that we now are able to confirm that we've got just under 800 megawatts of development pipeline options, primarily wind and solar, that have been confirmed over the past six months, which is really a fantastic effort. As I said, we'll come on to that in a minute. In terms of just that question of the first six months in terms of our performance. I'll just wait for it to change. This is a fascinating graph. We call it, somewhat cynically, a game of three halves. What you can actually see there is the significant impact that we had in terms of inflows and therefore price over the last 6 months. Probably this won't come as a surprise to anybody here, but it's sometimes difficult to forget that, especially the significantly bad weather, long periods of wet weather and a series of storms that we've had over the last 3 months, it's quite easy to forget that from March, April, May, June, at that stage, we were potentially facing what was going to be a very dry winter. What you can see in that top left-hand graph there in terms of the inflows into our schemes, we were circa almost 80 gigawatt hours down in the first two months of this year. When you superimpose that in terms of high prices, which will come as no surprise to anybody, we were facing quite significantly high prices on the market because of that lack of volume. Literally in the space of a month, that flipped round, June and July saw elevated inflows right across the country, commensurately, the wholesale prices then started to decrease quite significantly, until we got towards obviously the end of the year where we were certainly from an inflow perspective, we were more back to kind of normal long run averages. What's fascinating is the graph on the bottom left where we compare generation volumes to long run average. That's not cumulative, that's on a month by month basis. It basically shows that in all 6 months, only June was the only month where we effectively had volumes which we would consider to be commensurate with long run averages. In all other months, it was below. The important thing to note there, Phil will talk about this a bit later, is that in the latter months, in August and September, we actually made some quite deliberate strategic decisions to actually hold some of the water that we've got primarily down in Waipori, because we want to minimize our risk position going into winter next year because we see some quite significant issues there. In terms of financial results, I'll kind of step through this very quickly. There are a number of kind of key levers that contributed from The difference between the EBITDAF from last year to this first half of this year. First of all, move up from the left to the right. The Mercury hedge has lower initial pricing. The key thing to note there, it has got significantly lower long-term trading risk than the previous internal transfer hedge that we had. As importantly, it has a CPI escalator, which actually kicked in from October this year. The impact that you're seeing there will primarily only be in the first half FY 2023. We will not see that same impact in the second half, mainly due to the shaping of that hedge. Moving to the right, we then look at the energy component. As I mentioned earlier on the previous slide, that's obviously had a quite significant impact, both in terms of P x Q of NZD 11.4 million. I don't need to labor that point anymore. Carbon revenue, we have roughly 160,000 carbon credits, which we revalue on a regular basis. The carbon price has obviously come off in this first six months from where it was last year, and that's obviously had an impact, which flows through to EBITDAF of a net NZD 5.5 million. The other, which is the other main price, predominantly relates to a different methodology of corporate cost allocation as we've moved to a standalone generation business. We've actually signaled that at previous updates. Moving on to generation, I'll talk a little bit about technology because we're quite pleased about this. Just as a reminder to everybody, we actually have 26 generation schemes spread right throughout the country in incredibly remote places. It's incredibly important for us that we have technology that allows our site teams to be able to connect with our operations teams and to be able to connect with our engineering support teams, so that we can continue to support those teams around the country. I think it's fair to say that our communications over the past few years have not served us particularly well. We've just in the past six months done a successful trial with Starlink, and Starlink is a low Earth orbit satellite system which is commoditized, it's easy to deploy, very cost effective, and it's quality. We've had a really successful outcomes at three of our hydro schemes and are planning to roll it out across the remainder of our schemes. It's even more so important from a health and safety perspective when we actually consider some of the adversity that our teams have had to face, particularly over the last three months, in dealing with what have been challenging weather conditions, as you can see from two of the photographs there. Which is probably a very nice, excuse me, segue onto health and safety. As we move into, I don't know how to call it, Is it normal? Who knows? As we move into a more normal post-COVID BAU environment, we are actually able to get back around the country and engage with each other, where we've loosened mandates and restrictions are gone. We've put a lot of effort into going around all of our schemes and re-engaging with our site staff who probably haven't seen a lot of people over the last couple of years. Primarily talking to them and understanding from their perspective what more needs to be done with respect to health and safety. Particularly looking through a wellbeing lens, because I think we're all aware that certainly, wellbeing is something that we need to continue to monitor very carefully, especially in the current climate that we're operating in. From an ESG perspective, I think it's really pleasing to see, as you can see, that stat there in the top left-hand corner, that our GRESB score has increased from 52 up to 72% this year. We know that there's more that we need to do, and we're actually developing a sustainability strategy, and we intend to update the market on that as we develop more of that early next year. Now, in terms of our asset management transformation that I've talked quite a bit about in the past, many of our assets are well over 50 years old, and some of them are close to a hundred years old, sorry. Our schemes are incredibly complex, with multiple different conveyance structures involved in turning the water from wherever it originates from into electrons. The team over the past 10, 20, 30, 40 years have done a fantastic job in terms of reactive maintenance and making sure that we keep all those schemes and all those conveyance structures working as best that they can. We know that we need to move our thinking from that kind of reactive break fix methodology into more of a holistic, longer term and longer life investment. We've started to focus on the majority of our high-value machines. I've got a slide here that's a slide of all of this, that shows that we have been focusing on these and most of our major machines and most of the major components in those machines are either being refurbished or replaced and should be complete by FY 2027. We've got a huge bow wave of work across the organization at present as we seek to move, as I said, from that kind of reactive to more of a proactive asset management. The benefits that you're seeing there is we're actually already seeing 16% lower time spent in reactive maintenance. In terms of some of those projects there, I'm not going to go through this slide in detail, but I would welcome everybody listening in here today to take some time to look through. There's an awful lot of information provided here. What this does is it lists out our high value and/or strategic assets. It confirms the work that has been going on, is ongoing, or is about to start on each of those assets, how much we're actually planning to invest and when we're actually planning to invest that, and most importantly, what we expect the outcome or the outputs will be. What drives this is two or three things. First of all, we seek to get more output through enhancing some of our assets. We can't do that with all of them, but certainly what we're seeing here is a combination of enhancements. As a major infrastructure owner and operator, we also have obligations to ensure that we manage, maintain, and run our assets safely. From a dam safety perspective, we need to continue to invest in our asset base. There's a couple of projects in there which are pure dam safety projects. Then finally, there's also refurbishment projects. Not necessarily enhancement, but refurbishment projects, noting that many of these key value assets, as I said earlier, are 50 to 100 years old, and we're starting to get tired components. This provides just a wee bit more color into some of the, I guess, the more recent, if you like, enhancement updates. I've talked before about Branch River scheme, which is in Marlborough. That is now complete and operational. Just as a reminder, we designed, developed, and implemented a new infiltration gallery down at Branch River scheme, which is in Marlborough, which is delivering, not will deliver, up to 10 GW extra per annum. Likewise, at Cobb, which is one of our high-value strategic schemes in Nelson region, we have just replaced Cobb G5, which is a 12 MW turbine, and we are generator, which is already exceeding design requirements, and G6 is in the process of being replaced. We expect that to be up in service in the next couple of months. Deep Stream, this is an interesting one. Most of you won't be aware of Deep Stream, but it's a relatively small scheme, a quite new scheme, that's connected into our Waipori scheme down in Otago. Just through working through revised resource consents and looking at tweaking some of our logic controls, i.e. A relatively small investment, we've been able to or will be able to deliver an extra 3 GW per annum, from February 2023. Moving on to new development opportunities. Excuse me. I think it's safe to say earlier that we're very pleased at the progress that has been made in the last six months under Robbie Canning and his team. It's certainly more than any of us could have expected. The flip side of that is that obviously comes at a cost, but we're actually thinking about that as a good cost. If you pick out some of the key elements here, we've now got just under 800 MW of solar and wind projects with either landholder or option agreements in place, and we've got another 900 under advanced negotiation. The key thing here, and you'll all be aware of this, there's no way that we're going to get all of these through to FID, but the most important thing is to actually give us options so that we can work through these. Our long-term aspiration remains to develop 500 MW of new projects by 2030. We believe this is an absolutely fantastic start. As a result, we're actually now moving from origination to execution, and we're actually going out and hiring new staff to actually help us do that. I'm going to actually go on to the next slide, Phil, because what that does is it starts to break it down in a little bit more detail. Our focus remains on solar and wind. That doesn't mean to say that we won't be looking at other technologies. We believe all technologies in time will have a part to play. Right now, we remain focused with minimal distraction on developing our solar and wind portfolio. From a solar perspective, it's almost like every week you've got an announcement from some other new company that have got other new developments that are coming to the market. I'm not going to comment on them, but I will comment on why I believe we at Manawa are different. I believe that we have got the proven development capability, primarily through the old Trustpower, primarily through renewable development of wind technology. But we've got that mindset and continue to have that development capability. We've got balance sheet flexibility, we've got a committed major shareholder, and we've got an aligned board with strong growth aspirations. All of that is showing through in terms of the speed by which we have originated and brought these options up, and the fact that the board have approved significant spend in the last six months. Our focus to date has been on securing projects, mainly solar projects, mainly in the upper North Island. This bit being important with very strong grid connection and nodal pricing. Our first solar opportunity, which we've mentioned before, is actually a grid-scale project in Northland, which is already consented, and we continue to work with potential customers for offtakes. It's a relatively small project, but that's certainly the one that's furthest down the funnel, and we hope to bring that to FID in the first half of next year. I think excitingly, over the last six months, we now have acquired, either via land purchases or leases, an additional three circa 100-megawatt solar sites north of Auckland. As I said earlier, good expansion opportunities, really strong grid connections, and proximity to significant demand. That's on top of the Thames project, which is also roughly 100 megawatts that we've previously announced to the market. Only yesterday, our board meeting, the board signed off on the purchase of some land in South Island, which can accommodate circa 30 megawatts of a solar site, and importantly, will make use of an existing hydro grid connection, and hopefully, certainly from our perspective, will present intraday hydro peaking opportunities. We're feeling pretty excited about this, I have to say. Our strategy is now moved from looking for options to looking at procurement and assessing technology. We were actually overseas, a couple of weeks ago, talking to solar developers and wind developers and suppliers to understand from them what their pipeline is like, to understand from them what some of the technological requirements are and just to get a better understanding of what that procurement pipeline looks like. Pretty exciting. Now, moving on to wind. While we expect the development lead times are going to be longer than solar, we are still actively considering several advanced projects. Again, super pleased to announce that in the past six months, we have secured a 250 megawatt really exciting project in White Hill. Again, the strong connection prospects and landholder agreements in place. We've just got wind monitoring that's about to commence there. We've also got our 78 megawatt project in the South Island with wind monitoring already in place. That third bullet point there shows that we've got circa 575 megawatts of other sites in advanced negotiations with landholders. Now, as I said earlier, we are not going to get all of these over the line, and they're all at various stages of gestation and maturity. I think it's fair to say that we are hopeful of being able to update the market again some point in the near future as some of these projects mature and firm up. I think we're in a pretty good position there. Just before I move on from this, the interesting thing is that in terms of location, obviously you've got to have a good wind resource, and that goes without saying. Certainly our focus in terms of location has been looking for areas which are uncorrelated with a significant installed capacity already in the Lower North Island, where we are already seeing peaking factors starting to be impacted downwards or deteriorating with correlated build. That's been a key factor for us. I'm nearly there. I'm going to speed up, and you can talk to Phil. Finally, from a C&I perspective, look, we have an obligation on our Mercury hedge, to supply circa 2 megawatts of volume through to October 2024. At that stage, it starts to ramp down, and then it gives us more opportunities at how we can place that product into the marketplace. We deliberately maintain a C&I customer base to give us options to place that product and really seek value and diversity from the sales channels. It's fantastic because we've already received heaps of interest from a range of parties on that opening wedge of volume from FY 2024. Importantly, we're going to continue to balance this against creating an energy group with a practice pricing tenor, but also to kind of manage our trading risk and exposure. What we're also finding is that the whole country contends with the march towards decarbonization. We are getting more and more customers approach us wanting to understand how they can work with us, potentially through longer term PPAs or potentially through the development of new products to kind of decarbonize their business. We continue to work hand in hand with them. Finally, the last slide for me, and this is super important. As an asset owner of significant infrastructure throughout the country, we recognize that we've got a social license to operate and especially appreciate that it's a privilege and not a right for us to be able to use that water. Therefore, as soon as we get complacent around that, then we will have failed. The most important thing here is we also need to recognize that we have a part to play in helping decarbonize New Zealand through the development of new renewable electricity. We will continue to advocate for policies that enable and not stymie this, and therefore provide balance through appropriate policy settings. What you can see there is a range of policies that, depending on where they land, could either have a fundamental impact, both positive and negative on our ability to do that. This continues to be a key point of focus for Catherine Thompson as GM Risk and Regulatory in terms of how we work with government and various organizations to minimize the impact. That's probably enough from me. I'll hand you over to Phil, and then we'll open up for questions. Thanks, everyone. Thanks, David. I'll just spend a couple of minutes running through, I guess, how we see the go forward position. While we've had some challenging hydro conditions in the first half of FY 2023, we do see an improving outlook, particularly for the last quarter of FY 2023 and into FY 2024. Significantly, I guess what this slide highlights is that we're very well-placed in terms of water storage. The graph on the left shows the current lake levels at our Waipori scheme, which is our largest storage lake. That red line you can see there, that's currently 34% higher than the long run average for this time of the year. It is significantly higher than the October position we've seen for the last five years, which are the other colored lines below the dotted line on that chart. This, I guess, combined with an increase in forward prices that we're seeing from Q4 this financial year, that chart on the right shows the current ASX forward prices for the next five quarters, does provide us with a good tailwind and ensures that our trading book is well positioned from a risk management perspective. While we're working on a pipeline of new development options, the next two and a half years will also see significantly higher levels of non-development CapEx expenditure. David talked about some of the projects and the reasons for that higher expenditure. We have an existing hydro asset portfolio worth NZD 1.8 billion that generates very strong and very stable cash flows. A number of these assets are now at a point in their life cycle where they require some significant investment, and that will flow through to cash flows in the next two and a half years. Broadly, that CapEx is sort of split evenly into three categories. As you can see on the pie chart there, we have enhancements which generate some additional capacity and good returns. We have just pure life cycle plant replacement, and we have dam safety projects. When we're looking at our forecasting in aggregate over the next three years, we'll spend approximately NZD 120 million over and above our BAU level of CapEx in this area. That spend will peak in FY 2024, then it will taper off to a new normal or business as usual level from FY 2026, FY 2027 onwards. Like all New Zealand businesses, we are watching very closely some of the moves in inflation and the exchange rate. Our revenue is largely protected from high inflation through inflation indexed contracts we have with third parties. On the cost side, there is no doubt that inflation and the lower New Zealand dollar is impacting on both the cost of new development and the cost of the existing sort of asset CapEx projects, where generally the spend consists of two key areas. One is civil works, which is New Zealand dollar based, obviously. The other is the plant and equipment, which is almost predominantly sourced in US dollars. Looking ahead, if inflation does persist at the levels we see now, the higher cost of new generation will inevitably flow through to wholesale electricity prices. We believe that therefore the investment in new generation will likely remain an attractive proposition if we do see that flow through into wholesale prices. In setting our first dividend as Manawa Energy, we're seeking to carefully balance providing a stable dividend to shareholders with our significant growth aspirations. We've looked and we've considered the forecast cash flows over the next three years, including this elevated CapEx period, and also normalizing for abnormal FY 2023 hydrology. That's consistent with our dividend policy. We will pay a NZD 0.075 interim dividend with a target to pay another NZD 0.085. Final dividend, taking the full year dividend to NZD 0.16. Looking at our balance sheet, we have a good level of near term liquidity and flexibility within our balance sheet funding. We're very pleased with the demand we saw for the bond issue that we completed in September. We raised NZD 150 million through that issue, with NZD 50 million of that being an exchange of the December 2022 bond. Therefore, in December, we'll repay the remaining NZD 77 million of that maturing bond. Post that repayment, we'll have circa sort of NZD 180 million of undrawn bank facilities, and we'll move into a refinancing of those facilities with some extended tenure in the first quarter of calendar 2023. Finally, we just reiterate our guidance. We published this guidance a few weeks ago on the 18th of October, that guidance is that FY 2023 EBITDAF will be in the range of NZD 127.5 million-NZD 140 million. That forecast is underpinned by the typical assumptions that we make in setting our guidance, being wholesale prices remaining in line with current ASX Generation volumes in the second half of the year will be forecast to be 830 gigawatt hours, and we'll see average hydraulic conditions during that remainder of the year. The CapEx guidance for FY 2023 remains in a range of NZD 45 million-NZD 55 million. I'll pause there, and we'll take any questions that have come through. Fantastic. Thank you. Phil, look, there has been a few questions, but do you want to stop sharing your screen or Oh, no, we're not. Unfortunately, we can't stop sharing the screen. Sorry. Luke, again, just to remind people, if you wanted to ask questions, you can use your raise hand functions at the bottom, or you can post things on the chat function. There's a couple of questions that's come through already. I'll maybe just pick up the first one, and that's come through from Cam Parker. Cam says: We'd be keen to hear more on the key takeaways from the RE supplier discussions, particularly around cost, availability, and timelines to delivery. Thanks. Yeah, look, we had a week. Well, I had a week in the U.S., mainly going around, as I said, talking to developers and suppliers. One of the takeaways, first of all, you think about our strategy. I talked to Longroad. I'm sure you'll all know Longroad, who are part of the stable, if you like, of Infratil, who have been incredibly successful in terms of development of wind and solar across the States. I really wanted to talk to them to find out what's gone well, what hasn't gone well, what about lessons learned. I think it was really heartening to hear from them when they talked about how they think about developing and what are the key things from their perspective, that it's very much aligned with how we're thinking about it as well. That was, I guess, a first kind of positive takeaway. We went to talk to one of, I think, the largest supplier of solar panels in the States. Interestingly, they said that they have forward orders through to FY 2026, so they are not taking any new orders until 2026, which, on one hand is, well, it's interesting, full stop. What it shows is the huge demand for solar panels across the world. Now, they are only in the States, and there are obviously many, many, many other large manufacturers of solar elsewhere, but that certainly gives you an indication of the demand for solar panels. Look, Cameron, there was a whole bunch of other certainly probably more detailed takeaways that I'm very happy to share with you, but happy to do that offline if you want to give myself or Rob Buchanan, who was also over there with me, a call. Phil, do you want to answer the question from Andrew? Thanks, Andrew. I see your question here around the gigawatt enhancements. Yes, you're correct. By the end of FY 2023, we will have delivered an additional 30 gigawatts. We have another 77 gigawatts that are planned to be delivered over the next sort of three to four years. We can provide, I guess perhaps when we catch up, we can probably go through that. It's reasonably even on a per annum basis, where by the end of FY 2026, we expect to have delivered sort of around 55 gigawatts. By the end of FY 2027, it's set around 74, and by FY 2028, the full 107. Hopefully that helps. I will say there that of the 107, not all of that 107 has gone to FID. That's the super important thing to recognize here. The 30 is locked in. By the way, that's not just 30 that will be delivered this year. That's the projects that I spoke about earlier, which will be included in the 30 and previous updates since we've actually announced this program. There will have been 30 announced by the end of this year. Phil was right in terms of FY 2024, 2025, and 2026. Of that 107, which is mentioned in one of the slides, there's a portion of that. I'm going to say circa 20 to 30 gigawatt hours is subject to a lot more analysis at FID and are at relatively early stages in how we develop some of our thinking around that. I hope that helps, Andrew, certainly happy to drill into that more outside of this session. Sorry, just to say, can you read the questions in the poll? Oh, sorry. Just a note to read the questions in the poll. This one's from Shelton. Delivery of the larger advancement projects generally involve upgrades of turbines and generators. The lead time of these is two to three years. Shelton, you're right, there is a long lead time on those. Not quite sure if it's two to three years, all I will say is that the timing that we've just talked about in terms of the uplift and the output allows for those procurement time frames. That's why we're talking about a bow wave over the next three to four years. Oh, sorry, from Andrew, he had a second part of your question probably for you, Phil. A question about BAU CapEx after FY 2028. Is BAU CapEx assuming it drops a bit once the enhancement program ends? Yep. Yeah. Thanks, Andrew. Yeah. Looking out beyond the sort of elevated period of CapEx, we see a sort of a new normal CapEx range of between sort of NZD 22 million-NZD 32 million per annum as our new normal range. Yeah. Sorry, does that answer your question, Andrew? Sorry, I've just actually now noticed I've a whole bunch of questions in the Q&A function. I was just looking at the chat function. Let's walk down through this. We've got five questions here. First of all, from Neville. Good day, Nev. How are you? With TPM now looking set to be implemented, can you update the likely ACORN revenue path outlook for Manawa? Think some contracts will continue even if ACORN rules change. You want to answer that, Phil? The answer is no, Neville. That's incorrect. We are assuming from our FY 2024, which is from April 2023 calendar year, from April next year, all ACORN revenue that we had will no longer be available to us. Yep. Stephen. Stephen Hudson. Three questions. Can you give us lake storage and gigawatt hours now versus mean? Yes, I can. It's roughly the current GWh storage compared to average is about 60 GWh above where we would normally expect to be at this time of year. 60 GWh above. Second part of your question, Stephen: does your definition of free cash flow, I'll let Phil answer this, fully deduct NZD 120 million excess CapEx above BAU? Hi, Stephen. Yes, we've included all that additional CapEx in our forward-looking cash flows. The free cash flow we use within our dividend policy excludes growth CapEx, and it excludes enhancement CapEx, where we are generating a return that's greater than our WACC. I hope that answers the question. Yep. Hopefully it does. If it doesn't, please post again. Third part of Stephen's question there. How do ACORN revenues next year phase out half half across first half, second half? I think I probably answered that earlier, just to repeat, those ACORN revenues will be gone, or we are assuming that they will all be gone from April 1, 2023. It's linear across. It will be linear across the year. Stephen, last one. Probably one for you, Phil. Did you capture circa NZD 7 million of indexation on the Mercury PPA, or is there a true-up that delays that? Yes, your assumptions there are broadly correct. The first indexation was from 1 October of this year, and it indexes on a quarterly basis from there on. Yep. There is no true-up to it. Those index increases flow through quarter by quarter. Yep. From Richard. Hi, Richard. Does your new development pipeline include any investments into commercial scale battery technologies or assumptions around battery technology trends, or is all CapEx in generation only? That's a yes and a no answer to that question. First off, to your first part of your question, I think as I mentioned earlier, when we think about new development, we have been and will remain to be very focused on solar and wind developments. Sorry, wind generation. That's not to say that we won't continue to look at kind of battery technology or maybe not so much offshore wind, but certainly battery technology. At present there are no assumptions and certainly no CapEx assumptions in our CapEx profile going forward around some of those technologies. We do, to answer the second part of your question, is all CapEx in generation only? No. We have assumed a reasonable increase in CapEx spend over the next three to four years around our generation development side of the business, again, focused on wind and solar. Neville. For future PPA contracts, are C&I customers looking for raw generation following PPA offtake or seeking some form of firming from Manawa? Look, both, if I'm being absolutely honest, Neville. I think it's a super interesting time at present, certainly with the forward prices the way that they are, some of the challenges that customers have got in terms of decarbonizing their own portfolio and how they are thinking about how they do that. There's some really interesting discussions that are going on. I think I mentioned earlier that we are finding the whole previously, it was the industry normal would be a three-year PPA. We are finding more and more, if you just look at it from a PPA perspective, that customers are now wanting to understand what the benefits are and I guess risks are and how we can share that in terms of longer term PPAs. When we look at our portfolio as we develop more renewable generation going forward, where we see we have a distinct advantage in some of the other competitors out there is that we will have the ability to be able to firm PV offtake with our existing hydro. We're not discounting anything at present, and I think it's fair to say customers are looking and considering all options. Second part of the question, how much firming can Manawa offer PPA buyer/market once the Mercury contracts roll off? Is Manawa looking at new flexibility plans? The first part of that question is how much firming can Manawa offer PPA buyers? As I said, from October 2024, we start to drop off in tranches. I think we've mentioned to the market 250 megawatts per year for the next five years will become available. Theoretically, we could offer that to customers. What I said earlier is we need to look across our portfolio as to how we best dispatch that energy and manage our trading risk, but also at the same time as building up our C&I base. That remains a really interesting and complex opportunity for us. Is Manawa looking at new flexibility plant, pumped hydros, or batteries? Not at this stage, no. Hmm? Yes. How much solar PV do you think the New Zealand market can economically absorb by 2030? Oh. Good question. Good question, Neville. Really difficult to answer, and I just turn it around and say, I guess it depends on how convicted we all are with respect to what the demand will be. On every report that comes out, we just saw the BCG report that just has come out. Whether it's the Climate Commission, whether it's any of the other organizations that are out there, you've heard me say this before, they're all pointing to a significant increase in demand over the next 10, 15, 20 years, and we remain convicted that that will be the case. How much that solar will contribute, how much that wind will contribute, I think it's difficult to say at this stage. Our strategy at present remains on building as many options that we have got into our portfolio so that we can work through that on a rational and pragmatic basis and try and get as many to FID as we can. It doesn't really answer your question, Neville, because I'm not sure we can. There's no more questions there. They were great questions. Thanks very much, everyone. Doesn't look as if any more are coming in. I'll just check in the chat function. Oh, just one final one from Andrew on the chat function. The 2022 to 2023, that would be million, includes the existing enhancement programs as well. Does that not drop off when the enhancement program ends? Yes. The 2022 to 2023 will include sort of the end of our enhancement program. We will have spent a large chunk of that prior to FY 2026, 2027, but the tail end of it will be included in there, yes. I think the way to think about that is if you look back at our CapEx spend historically, particularly over the last 10 to 15 years, and just look at generation. Just look at our generation portfolio for a minute. I'm looking over at the guys here. Correct me if I'm wrong, but it was circa NZD 10 million per year. You think about that in the context of an asset portfolio that's worth circa NZD 1.8 billion. Think about what's an appropriate level of ongoing investment to ensure that we maintain, as a minimum, maintain our existing asset portfolio but continue to seek enhancements through. All we've done there is look for our major projects. Look for enhancement opportunities through, sorry, our major end schemes. As we go forward, we will continue to look at all our other kind of lesser schemes, but there are still, we believe, quite significant opportunities over and above what we've already provided to the market. I think it's fair to say there will be an elevated level beyond over and above what we've seen over the last 10 years. I think we are probably good to go. There doesn't seem to be any more questions coming in. No one's raised their hands. Maybe just call it a day. Look, I'd like to thank you all for listening in this morning. It's been a great turnout here. Thanks very much for the questions and the engagement. Really appreciate it. As I said, there's lots of moving parts for everybody to get their head around here, but we are super excited, certainly as an organization, in terms of the opportunities that we see in front of us, particularly with new generation development, and look forward to coming out with even more announcements, certainly over the next six months and years ahead. Thank you very much, everyone, and look forward to, I'm sure, talking to some of you in more detail over the next couple of days. Cheers. [Foreign language].