Okay, thank you. I think we'll get started now. I see that there are still people joining us, as I said earlier, welcome everyone to our second annual results announcement as Manawa Energy. My name is David Prentice, I'm Chief Executive, to my left, your right, is Phil Wiltshire, who is GM Corporate Services. We've got a presentation that we'll step through this morning, hopefully as quickly as we can. There's a few slides that we obviously need to get through. There's a lot of information in there, we obviously do want to leave enough time for questions at the end. We'll aim to get through this in maybe half an hour to 35- minutes, which should give enough time, as I said, for questions. Now, in terms of asking questions, please feel free to do that at any time in a written format by using the Q&A function. I'm sure we're all used to doing that now. If you would prefer to ask the question verbally, if you could just wait until the end of the presentation, and then use the Raise Your Hand function. At this end, we will then unmute you, and then you can ask your question at the end. As I said, if you've got a written question, please use the Q&A. If you want to wait till the end and ask a verbal question, use Raise Your Hands. Without any further ado, we'll get kicked into the presentation. Phil. Just as our very much a high-level kind of summary year in review. As I said, this is our second annual results announcement as Manawa, but it's really our first full year as Manawa Energy. It's been a fascinating, interesting, exciting, frustrating year, certainly for us, but very much a solid foundational year as we moved from being a vertically integrated generator retailer to now the largest independent generator in New Zealand. Generator, developer, and of course, a C&I business model that we now run. Of course, that has involved a huge amount of work right across the organization, which I'll talk about in slides to follow this, but which includes the development and rollout of a new strategic plan, purpose, vision, mission, values, a new remuneration format, a new performance framework, all of which contribute to foundational activities right across the organization. Of course, in the past year, at the same time of doing that, we have successfully accelerated our new development pipeline after two years, as I said, focused on the sale of the mass market retail business. It's exciting to finally start to announce some of the opportunities we've got in front of us. We also approved a record level of investment across our existing hydro fleet, which we signaled at our six monthly results six months ago. Again, I'll go into that in a little bit more detail and give you a heads up on that. At the same time, hopefully most of you on the call will agree that we navigated some fairly volatile hydrological and market conditions over the past year. Certainly, some of the most volatile we've seen in a long time. At the same time managed significant weather events safely with our people's safety at the heart of everything we do. It certainly was an eventful year. In terms of some of the highlights, look, I won't dwell on this slide too much. Phil will talk in a little bit more detail in terms of some of our key financial metrics. Maybe move on from that, Phil, and I'll let you talk to that a little bit later on. Maybe just unpack and look at a little bit more detail in terms of our kind of strategic update. Our strategic plan is really effectively focused on two or three things. We no longer have, I guess the complication or the competing factor of a retail business now that we've sold our retail business to Mercury last year. We've got a very simple strategy, and that is simply to develop new generation projects, to enhance the existing assets that we've got, and to maximize the value that we've got that we can generate from the existing hedge that we have with Mercury, which we sold in parallel with our retail business. Of course, we can't do all of that without having kind of key enablers across the organization, whether that's technology innovation, whether it's culture and capability, or whether it's just baseline, what we call baseline excellence around sustainability, health and safety, reputation and brand, and really importantly, EV relationships. Why are we different to anybody else out in the market there? We believe we are for those reasons listed down to the left. Primarily we have retained, and in fact, brought in more quite significant capability in terms of wind development, which we see as a distinct advantage over many of the other developers out there. Most importantly, this is why we've put a key focus into developing a clear strategy, is we have a focused team with a clear line of sight to what we are trying to achieve as a business, so that everybody in the business knows how they can contribute to what we are trying to achieve with respect to our aspirations and our goals. How have we actually done in terms of progress against that strategic plan? Again, I won't go through this in detail, but perhaps pick out two or three highlights there. First line along the top, we're pretty pleased, if I'm being brutally honest, to say that we have now secured 920, round about 920 MW of solar and wind projects with either land holder, or options agreements in place with a further 420 in advanced stages of negotiation. Again, as a reminder, you know, that's very much from a standing start from roughly two and a half years ago. Very pleased with the progress that the team has made. I'll come on to two key projects that I'll unpack in a little bit more detail just in a minute. I mentioned earlier, we had a quite significant large wave of CapEx across our existing generation fleet that we announced at our half-yearly results. Got more detail on that in terms of a bit of an update, but that's a very much a key level, a key area of focus for us across the organization in terms of delivering all of those projects on time, on budget and with the required quality. As I said, I just wanted to kind of highlight those two areas there. There are many, many other aspects that I mentioned just earlier in terms of that overarching summary, but needless to say, it's been a very, very busy and very successful year from our perspective. In terms of that kind of major asset investment that I alluded to there, we've actually got 26 schemes right across the country. Historically, we spent round about NZD 10 million of CapEx on those schemes. We developed a targeted and prioritized focus to look at enhancing those schemes about three years ago now, with a focus on our large value assets in terms of giving them quite significant upgrades. We're only kind of towards the start of that program, of what has been a record level of investment. As I said, historically, we spent about NZD 10 million on our assets. Moving forward in FY 2023, we spent circa NZD 40 million-NZD 45 million. We'll be spending slightly over that in FY 2024 before we start to see that level of investment start to tail off from about FY 2026 onward. I've got a graph and a couple of slides behind that will probably better illustrate that. As I said, most of the focus up until now has been on what we believe are our high-value assets. That's Coleridge, Matahina, Waipori Branch, Cobb and Highbank, as you can see down there. For those top six schemes there, what you've got is an update, both in terms of the cost, the value of the work, and in terms of some of the time frames, as well as the actual work that we're doing. In each of those top six cases, we are actually focusing on an enhancement in terms of an increased output from that level of investment that we're putting into those strategic assets. In parallel to that, we've obviously got a comprehensive dam safety program that we run right across our portfolio. Excuse me, on this financial year, the board approved a significant circa $15.6 million investment into dam strengthening works at Arnold Dam down in the West Coast. As I said, these are purely seven of our more strategic assets. We've still got quite significant, basically BAU that will continue in all our other assets around the country. Just in terms of those enhancements. We've effectively, since we started the program, as I said, about 2.5, maybe three years ago, we've now currently delivered 30 gigawatt hours uplift in terms of output. We've got another 50 that is either scoped or certainly has been approved, and there's another 30 that is currently in the process of being scoped. As you can see, we've got another kind of 80 gigawatt hours planned or being scoped as a result of those enhancement projects. We will continue to provide updates at our full year and half-year results as those projects start to mature. It's fair to say, as I said earlier, again, just as a reminder, there is an intense focus from right across the organization in terms of deliver. Now that we've these have been approved, we've gone out to the market with those. There is an intense focus in terms of delivering on time, on budget, and the required quality. Moving on to our new development pipeline. As I said earlier, we've secured now round about 920 MW of solar and wind projects. That graph, the two graphs at the bottom of that slide provide a little bit more of a breakdown of those slides. Sorry, of those projects. Look, I think it's fair to say we're not expecting all of the options to be viable developments, but our aspiration remains to develop 500 megawatts of new projects by 2030. We have a rigorous way of prioritizing projects. We believe in the New Zealand stock, and we've put a lot of effort into ensuring that the opportunities that we bring up to the management team and also with it up to the board for approval, meet all the key project fundamentals in terms of good wind resource and close proximity to transmission. We're, in a nutshell, very happy with progress to date. Key point is that we're now moving from very much our ideation phase to more of a prioritization and execution phase. We'll start to provide more color and context as what that looks like, which is probably our next a good segue onto the next slide. This is probably a level of information that we haven't provided in the past, so hopefully it will be of interest to those listening on. Obviously, where we've put TBC, you know, we're unable to provide any more details because we're bound by confidentiality. These are all options where we have, as I said earlier, land secured either through purchase or options with landholders. Where we have been able to announce projects, we obviously announced Project Huriwaka, which is a large wind project, two or three weeks ago. We're announcing today another, albeit smaller scale, solar farm in Marlborough, which is adjacent to our Argyle Power Station. We've previously announced Moratorium Northland and Hawke's Bay Airport, which is a joint venture that we've got with the airport there. As you can see, a lot of projects which add up to that, you know, kind of circa 920 MW. We will continue to work through those, whether it's wind monitoring, but certainly high level progressing of design and consenting underway for most of them. As I mentioned, we announced, I think roughly two weeks ago, a very, very large scale wind project, Project Huriwaka. 230 MW capacity proposed wind farm in the central North Island, with expected kind of annual output round about 800 GWh, which will roughly power about 100,000 homes. This is a very long-standing, well-established, mature site with a highly regarded, long-term wind monitoring data and convenient access to transmission. It has been previously consented. I think it's fair to say we're pretty excited about this as an opportunity. We've got the consultation, consenting and connection underway. That consent application has also been accepted by Transpower. Just that last slide at the bottom just provides a little bit of an update in terms of where we see a likely timeframe with respect to taking that through to financial investment decision and then construction beyond that. Obviously, lots of caveats and lots of assumptions underpin that. At least it gives you a flavor for the kind of the time frames that we are looking at. Moving on to Argyle Solar Farm. This is a new project we're announcing here today. As I said, it's, excuse me, relatively small scale. Again, we are pretty pleased with this because again, the project fundamentals stack up quite well, both in terms of the solar resource, but I think importantly in this case, the close proximity to the Argyle grid injection point that we've got with our Argyle hydro farm down in Marlborough. Again, this is very much at the early stage. We're really at high-level design. You know, we're just kinda working through consenting now. There's a lot of water to go under the bridge. Pardon the very inappropriate pun. Certainly, as I said earlier, it just is another project that adds to the portfolio that we'll continue to work through. Moving on to C&I and wholesale electricity. Look, the one comment that I would make here is that, with the wedge, sorry, with the hedge that we sold to Mercury as part of the retail business, the first 250 gigawatt hours tranche starts to roll off from October 2024. Next October, we will have an additional 250 gigawatt hours per year for the next five years as those wedges start to roll off. We've got a very interesting opportunity in front of us in terms of how we maximize the value of that additional output through whatever channels are available to us. Whether that's through C&I, whether that's through PPAs or whether that's through any other potential channels out there, we'll be working through that as a key priority for us this year. Reconsenting is something that we haven't spoken about before, but it is definitely something that we've been focused on as an exec for the last, certainly for the last while. We've Our consenting work has ramped up considerably over the last year, and we've now got six schemes up for reconsent over the next three years, which is quite significant, especially when you consider that the legislative environment has changed considerably since we last consented a scheme, sorry. I'll come onto that slide at the end, some of the proposals, particularly through the new RME, which is under NBEA part of that, could have further significant implications for us. There's no doubt that reconsenting is something we are actively focused on, both in terms of the volume of activity that will be increasing with our existing hydro portfolio. Of course, hopefully, we actually want to see significant work that's gonna be required to consent new development going forward as well. We will continue to give you an update on reconsenting as we move forward from here. Which is probably a nice segue into some of the. This is a bit of a summary, both in terms of the kind of priority regulatory, kind of policy issues that we we're continuing to navigate at present. I think that top sentence, and I won't, I won't read it out, but I think that very nicely and succinctly outlines certainly our position. Just two kind of areas I do want to focus in on, and that is on the New Zealand Battery Project. I think you'll find that we have been quite active in our views, and we will continue to advocate that Lake Onslow is a poor option, and it continues to cause significant investment uncertainty. The sooner that we get a degree of certainty around that, and that that project is stopped, I think the better it will be for our industry, and we are firm believers in that. Likewise, as I said earlier, some of the proposed changes to the RMA that is coming through the new Natural and Built Environment Act, and in particular, where there is a proposal in there to reduce the consent period from 35- years down to 10- years for non-grid connected generation, which would have a significant impact on us. Ultimately, what it would do was, would create many tens of millions of NZD of additional costs, which ultimately would go on to the consumer and the community. We think that is both wrong and both unfair. We have submitted to the select committee, as have many others who will be impacted by this proposed change. We're simply asking that there is a level playing field for water-related consent. We wait with great interest and bated breath for the outcomes of that. Of course, we have a key social license to operate, especially as a renewable generator. Our first materiality assessment as Manawa Energy is in progress, and we'll report on that, hopefully at our six monthly results announcement. Two key areas that I just want to pull out from this slide, which will be key focus areas for us moving forward this year, is the development of our inaugural sustainability strategy, which we'll be looking at our emission reduction plan and our targets. Again, we will be upfront, transparent around that, and that we are currently in the process of resetting our approach to health and safety and effectively developing a new strategy that will really increase the focus on the capacity of our systems and our people. There's a lot of work underway on that at present as well. Of course, as I said earlier, kind of to state an overused cliché, there's no point in having these strategic targets unless we've got the people and the capacity to actually deliver on our strategic ambitions. We need to create the right culture, the right context that enables people to get the best out of them. That comes from creating a strategy and a vision that inspires and motivates our people and creates that line of sight to what we're actually trying to achieve. I think importantly, another key focus area for us going forward in this particular space will be to have a very clear focus on diversity and inclusion. I think it's fair to say that Manawa, but to be honest, our sector in general, I think, there's a lot of work that we need to do in terms of that space. That's something that I personally am very, very excited about. Finally, you probably had enough from me and you probably wanna talk and hear from Phil to talk about the numbers. Just in terms of our strategic priorities, going forward for this year, and you'll continue to hear us talk about these strategic priorities. I'll just pull out the six key areas that will be a focus area for us. Number one, continue to progress our new development options and continue the great progress that we've made to date. Number two, as I said earlier, deliver on our major assets program on time, on budget, with the required quality. Number three, minimize unplanned outages and drive efficiency of our operating fleet. Number four, deliver on our strategy for placing our increasing portfolio lane, as I mentioned earlier. Number five, our consenting pipeline. We need to work very closely and understand what the implications of that are. Make sure we've got the right capability, the right engagement models in place so that we minimize risk and maximize value from that consenting pipeline going forward. Finally, as I mentioned just then, continue to work on our foundational cultural activities right across the organization, but the particular focus on diversity and inclusion. That's probably enough from me. I'll hand over to Phil now to talk a little bit more about the financial results. Thank you, David, and good morning, everybody. We've produced a solid first year financial result, despite a very high level of volatility in the inflows that we've seen during the year, and in the wholesale electricity prices. The replacement of the mass market retail business with the Mercury hedge has provided us with, you know, cash flow stability through that period of wholesale pricing volatility. Our generation volumes, as you can see... Sorry, I'll just move to the right slide. Sorry. Our generation volumes, as you can see on this slide, were 1,917 gigawatt hours for the year, which was only 1% down on the long-run average, which was 1,942 gigawatt hours. It was very much a year of two halves. The year started with very dry conditions, which resulted in very low inflows and high average prices. At the half year, we were 135 gigawatts below long run average. By year-end, we'd recovered and we're only 25 gigawatts down or 1% down on that long run volume average. In Q3, we saw, you know, average prices drop to below NZD 50 per megawatt hour. That was followed in Q4 by a period of very strong inflows, and the significant weather events that we had in that period, and also with strong prices. As a result, we had a very strong finish to the year. Those Q4 weather conditions also meant that our storage lakes finished the year at 124% of average. In terms of EBITDAF results, our FY 2023 total EBITDAF was NZD 140 million, and that was at the top end of our October 2022 guidance range, and our continuing EBITDAF was NZD 137 million. This bridge shows the year-on-year movement in continuing EBITDAF. As you can see, our net wholesale revenue, which includes our C&I business and our hedging, was up NZD 7 million on the FY 2022 number. However, the result was negatively impacted by the revaluation of our carbon units, which were down NZD 3.5 million in FY 2023 after an NZD 8.5 million gain in the previous year. A NZD 12 million swing. Our new generation development OpEx was NZD 6 million higher than the prior year. This includes land option costs, consenting and transmission feasibility work, as well as a larger in-house development team working on the pipeline of projects in that area. ACOT revenue was down NZD 2 million on the prior year. Many of you will remember from previous presentations, FY 2023, our FY 2023 ACOT revenue was NZD 17 million, and this will be the last year that Manawa earns ACOT revenue with the revised transmission pricing rules commencing from April 1, 2023. In the corporate costs, there is a difference between the costs that were previously allocated to the discontinued operations in FY 2022 and the actual reduction in corporate costs in FY 2023. This variance was anticipated, following the sale of the retail business. In the prior year, you can see here in the notes, in the prior year, NZD 27 million of costs were allocated to retail, and this compares with the actual cost reduction achieved this year of NZD 22 million. Finally, we did incur some NZD 4.7 million of non-recurring costs in FY 2023. This included things like the legal fees in relation to the TPM changes. A little bit more on CapEx. In our FY 2023, our capital expenditure increased to NZD 41 million as we're investing more in our existing hydro assets, as David alluded to earlier. That includes enhancements which deliver, you know, additional generation volume, the dam safety work that's underway, and also asset replacements. Of the NZD 41 million, NZD 33 million was spent on existing generation assets with NZD 5.7 million spent on new generation development. That new generation development CapEx is in addition to the generation development OpEx that I referred to earlier, and that brings sort of our total spend across the business in that new generation development area for the year to $12 million. Looking at our balance sheet, our balance sheet is in a solid position as we go into a period of elevated capital expenditure. We completed the $150 million bond issue in September 2022. $127 million of those funds were used to repay the bond that matured in December 2022. We've recently also finalized the refinancing of all of our bank facilities with $305 million of new two year and five year facilities. That refinance will close on May 31. Following the refinance, we will have in excess of NZD 200 million of unutilized facilities and won't be doing any more refinancing, yeah, in the next two years. Looking ahead, this chart just provides a little bit more color on our longer term CapEx outlook. It is important to note that this excludes new generation development CapEx. We're looking at our spend on our existing assets. We're forecasting spend in excess of NZD 200 million on our existing assets over the next five years. This includes enhancement projects, the end-of-life asset replacements, some re-consenting costs, and those dam safety projects that we referred to earlier. We're forecasting this to peak in FY 2024 at between NZD 55 million and NZD 65 million, and then taper off over the next five years, to a long run, sort of business as usual level of between NZD 20 million-NZD 30 million of total CapEx spend. Finally, our FY 2024 guidance is unchanged from the information we provided in March. We expect FY 2024 EBITDAF to be between NZD 120 million and NZD 140 million. A key change in FY 2024 is that Manawa will no longer earn ACOT revenue, and this reduces FY 2024 EBITDAF by a net amount of NZD 15 million compared to prior year. That's made up of NZD 17 million of ACOT revenue that was earned in FY 2023 and a NZD 2 million saving in connection costs, under the new TPM regime. Our generation volumes are forecast to be 1,915 million, which is flat on FY 2023. We are forecasting a lift in average wholesale prices in FY 2024. Finally, our OpEx costs at our King Country Energy subsidiary will be approximately NZD 4 million higher in FY 2024 as a result of a major dam safety project that is considered to be OpEx for accounting purposes. Those are the key movements from 2023 - 2024, and they are included in the guidance that we've provided. I will wrap up there, and we'll take any questions. I think there are a few that have come through in the chat. There are a few. Thank you. Thank you, Phil. There's a few that's come through in the chat, and I saw that Andrew raised his hand as well. Maybe shall we do Andrew first, if that works for you, Andrew? Are you there? Try again. Oh, yep, we can hear you. You can hear me now? Okay. We can hear you now. Thanks. Yeah. Morning, David and Phil. Yeah, a couple of questions from me. First of all, just on the Argyle Solar development that you've talked about today. The NZD 55 million-NZD 60 million cost, I think works out around about NZD 2 million a megawatt, which I just felt reasonably high. I was just hoping you could give a little bit more color in terms of, I guess, how much of that is kinda locked down versus a view on where current costs are versus where current costs might go. Also, in terms of the CapEx spend that you talk about, of the, I think it's 21, sorry, NZD 13 million-NZD 16 million this year. I mean, does some of that CapEx kind of end up in that 55-60 estimate? Sorry, a couple of questions in there. Hope that second part makes sense. If I take the first part of that, Andrew. Excuse me. The Argyle CapEx, only a relatively small portion is actually, I would say, locked down at this stage. We've still got at least 12 months, perhaps longer to get to FID on that. Generally with solar, we are seeing, I guess, procurement prices ease slightly from where they were 12-18 months ago. We will be often re-updating that, you know, CapEx projection as we get closer to FID. In general, we are seeing, you know, solar prices on the main components ease as opposed to Wind prices, we're seeing procurement remain sort of at current levels. We're not seeing those. Maybe just, yeah. That's right. I agree with what Phil's just said. Just to kind of add a couple of points to that, Andrew, I think actually addresses one of the questions that's come up through the chat. There's no doubt that scale plays a part as well. You know, the larger the kind of footprint, particularly when it comes to solar, the lower you can get the cost per megawatt down. As I said, we're looking at very, very high level at present. Like, you're about right. You've done your calc right. It's around about $2 million per megawatt. if there's anything, we would expect that either through costs coming down, our expectation is that costs will come down or, you know, if there are other opportunities to scale that project up, which will bring the net cost down as well. Yeah. Sorry, just one other point. Sorry. Before Phil answers your second point. That does also then play into, you know. We put a lot of effort into trying to find projects that meet, you know, quite, you know, and, you know, kind of strong views around investment criteria on basic project fundamentals, whether that's wind resource or solar resource, whether it's proximity to transition pipelines, because all of those things then play into what return you could possibly get as you work through FID. It's important for us to make sure that we get the right project to start with. Yeah. Sorry, Andrew, could you just ask the second part of your question again? Yeah. I might re-rephrase it a little bit. You talk about, and I think for FY 2024, there's NZD 13 million-NZD 16 million of new development CapEx. I guess I just wanted to understand whether that, if Argyle were to go ahead, that NZD 55 million-NZD 60 million, is that incremental on top of that NZD 13 million-NZD 16 million, or is some of those costs that we are capitalizing right now going to end up in those estimates of project costs? There are certainly some Argyle costs in that NZD 13-NZD 16 that we've included in FY 2024 guidance. Okay. Thanks. A second question, if I can ask, is just around Eskdale. I know it's very small, but, you know, what was your sort of current view? Is that going to come back in terms of the, you know, potential impact there if you decide not to repair that? was that two parts in terms of the time to get it back up and running again, Andrew? Yeah. I guess the question is, are you planning to do that, or not? Yeah. Yeah. What's your current thinking? Yes, we are. I mean, it's very, very early stages yet. I I mean, to kind of put it in perspective, we haven't really been able to properly even get into the site yet. I mean, you'll appreciate the level of destruction that occurred, you know, in the Esk Valley in general. What we have done is we've approved some initial funds, which will actually get new access way into the site so that we can properly assess the level of damage. At a very, very high level, we estimate from what we have been able to see up until now, we estimate that it could be kind of around about 12- months before we get that scheme up and running again. You know, you it was approximately generating somewhere north of NZD 1 million per year, you know, prior to the event. Kinda gives you an idea of scale. Certainly our intention is very much to get it back up and running again. Yeah. Okay. Thanks. A last question, just in terms of dividends and just thinking of FY 2024 and beyond. I realize you've got your policy there, but, you know, no guidance at this stage, in terms of what you might be looking at? No, Andrew, no guidance at this stage, but, yeah, we reiterate the policy. You know, we do want to balance paying a stable dividend over time, with also, you know, being able to invest in the growth of new development. Yeah. Okay. I'll leave it at that for now. Thanks. Thanks, Andrew. Let me go back. Again, if anybody wants to ask a question, you know, please, you know, use the Raise Your Hand function. We'll maybe go back to The questions we've got up there. I think we've answered the first one because that's similar to Andrew's questions on kind of co-costs of wind and solar. I think we have. Approximate level of length in portfolio, Phil, do you want to? Um- perhaps answer the-. Yeah, no, it's, if I interpret the question correctly. Mm. Yeah. with the, you know, the vanilla hedge in place, you know, we have sort of a net length position at the moment of sort of between 200 and 300 gigawatts per year. you know, that is a includes a level of cushion that is part of our energy trading policy and risk management policy. Hope that answers the question. I'm sure they'll type in if it doesn't, but you can look at... Why don't you keep going, Phil? The question there around the one-off costs versus recurring costs, and can we clarify the operating cost run rate we should be thinking about going forward, specifically other operating expenses looking out? Yeah, look, I think we've tried to clearly identify the one-off cost factors. I think if you adjust for the one-off costs that we've included in the information, and things like carbon on the revenue side, then you'll get to the, you know, the appropriate cost run rates. There aren't any other sort of one-off costs that we haven't highlighted. Might as well keep going, Phil. Stephen Hudson, thanks. three questions. Realize the mission unit trading gain to offset the full year impact this year. We did sell a small number of units during the year. You know, I can get back to you, Stephen, with the exact numbers on that. There was a small number traded during the year. Volume guidance looks conservative given 35 gigawatt hours start of year storage position. A lot of things go into sort of volume, including outages, and we have got outages at Esk and like Piriaka during the year, as well as, you know, levels of year and assumptions around hydrology. I think we're believe the guidance is gives it a for volume is appropriate based on where we sit at the moment. I wouldn't call it particularly conservative or aggressive. Yeah. Why is your CapEx so high versus large players? It's the land purchases are CapEx, but land options, and we have a number of land options are OpEx. I think that's the sort of where the question is coming from, Stephen. We just apply an accounting policy, which is for it to be CapEx, you know, there needs to be, it needs to be probable that it will generate future economic benefits. Until our projects get to FID, a lot of the costs are in development OpEx rather than CapEx. I think it's also worth saying that if you look at the level of spend, then, yeah, and compare that to what Trustpower were spending, you know, prior to demerger, then it's actually probably even slightly less than that, but it's certainly on par. So we certainly don't believe it's high in relation to what our strategic ambitions are. Maybe I'll try and answer the next one, Neville. Good on you for having a crack at that. I would Look, what probability would you place in Manawa Energy's river schemes being included in the natural NBEA? I honestly don't know how to answer that question, Neville. I mean, we've certainly done what we can. We fronted up to the select committee. We put our case forward. The feedback that we got from the select committee at the time was that same argument had been put forward, very articulately, both by us, but many other, kind of organizations out there, which certainly signaled to me that it's been heard loud and clear. I would only like to think that there's a degree of pragmatism that's involved. I guess that remains to be seen. Yeah. Okay. Sorry. I'm not quite sure I can really answer that question, Neville, in terms of putting a particular probability on it, but we remain very hopeful. Sorry, you just saw me looking to my left there. We need to read out the questions in advance 'cause, we hadn't realized that people, not everybody on the call can actually see the questions. Phil, do you wanna have a crack at the next one? Yeah. Neville, your next question was, how is Manawa Energy positioning itself for increased volatility in a high renewables world? Clearly, we have some hydro flexibility and reinvestment underway. Any of this aimed to increase Manawa Energy role providing firming? Thoughts on batteries? With so many embedded stations and networks around the country and commercial industrial customers, does Manawa Energy have competitive advantage stabilizing increases within network load volatility? You have a go, and then I'll jump in. Yeah. Yeah, a number of sort of questions in there. Look, certainly, important part of our strategy is to be able to provide products to customers where we are, providing firming on, you know, in-new intermittent generation. That's something we're, you know, talking to customers about and is very much a core part of our strategy. Thoughts on batteries, you know, we're not looking at batteries at the moment. There's no doubt. I mean, just to state the obvious, I mean, the technology in batteries is coming home. You know? Batteries will have an incredibly important part to play, especially where they're obviously, you know, utilized in conjunction with solar farms. It's not something that we are investing time or resource in at present. Your other question, Neville, was carbon price declines this year. What is Manawa's house view on carbon pricing direction from here? We were just talking about that before the session here this morning. Good question. I guess our price, our in-house view is that they will inevitably increase if the New Zealand economy is going to decarbonize. We believe that there will be an increase in the price of carbon units. Just when we see that recent trend reverses is a little bit unknown. Our view is that they will turn. You just need to look at some of the carbon prices overseas to get an idea of some of the levels that they are at just now. If the carbon price continues to stay at the level it's at just now, and as a country, that we're expected to meet our, you know, to put the right commercial parameters as a result of that, then it quite simply. It doesn't equate, as far as we're saying. We believe the carbon price will increase up to the levels that it's actually gonna drive the right types of behaviors to actually fundamentally decarbonize the economy. Whether that's this year or whether that's beyond, we don't know yet. We're convicted on that. Another question from Stephen, can you remind us what the Mercury CFD volume step downs are by financial year, and what process is for testing market? Early thoughts on sweet spot for review for pricing duration indexation? That's a great question, Stephen. As I said earlier, it steps down 250 gigawatt wages from October 2024 onwards, and it does that in five separate wages. Already sold, I think we gave the market an update. We've already sold a very small initial tranche of 80 gigawatt hours from that first FY 2024 wage at quite attractive tenures, tenors, sorry, on prices. We'll continue to use that as a potential way of testing the market. Early thoughts on the sweet spot. It's a really great question, Stephen. It's a fantastic problem and a fantastic opportunity we've got. We will be working through exactly what our strategy is around that and providing more details as we can. It's a good problem to have. Another question has come in. Any further detail behind the NZD 20 million-NZD 28 million of land sales and carbon credits? I won't provide any more detail, but what I would say is that given, you know, we're going into a fairly elevated period of capital expenditure, you know, we have done a piece of work looking at, you know, if there are bit less land that doesn't have any future value for us, that we could realize, to make sure we are being very prudent with our cash flow management. We'll also look to for opportunities to sell carbon units when the opportunities are there. We are not necessarily a long-term holder of carbon units. really making sure we're just prudent with our cash flow management and that we are, yeah, realizing, sort of any non-core or non-valuable pieces of land that we hold, over the next few years. I think we've got no more questions at the moment on Q&A. I think. Grant, Nothing popped up here. Grant Swanepoel, did you raise your hand to ask a question? You guys answered. Thank you. What was that? The question's been answered. Oh, sorry. Thank you. Sorry, Grant. Thank you. Thanks. Okay. I'll just wait and see if there's any... None? No more? Okay. We might call it a day. Thank you all very much for listening in this morning. Thanks very much for engaging. Thanks for the questions, we look forward to catching up with, no doubt, a few of you over the next couple of days. Thanks again, everybody. Thanks very much.