Excellent. Thank you very much. I'm Phil Wiltshire, Chief Financial Officer at Manawa Energy. And on my right is Clayton Delmarter, who is Manawa's interim Chief Executive, and many of you will know Clayton from his previous roles at Trustpower and also Tilt. I will run through the presentation today, and we'll take questions at the end. There are two ways of putting questions to us. The first one is to put a question in the chat, and we will read out that question so everyone can hear it and then respond to it. The other option is to raise your hand, use the Raise Hand option in the webinar, and we will unmute you, and you can ask your question that way verbally. So, getting underway, I will cover off the couple of first couple of slides in terms of our financial results for the half year, and then I'll hand over to Clayton to talk more about our strategy, our operations, and our development pipeline. Overall, it's, it was a solid half year financial result on the back of strong hydro generation volumes with our EBITDA from continuing operations at just shy of NZD 78 million, and our underlying earnings for the half year of NZD 39 million. EBITDA and underlying earnings were up 11% and 13%, respectively. As you can see there, our net profit after tax was down on the prior year as the prior year result included NZD 349 million gain on the sale of the mass market retail business. Our major asset investment program is now well underway, with our first half CapEx spend reflecting that at NZD 31 million, and that's up 77% on the prior corresponding period. We are continuing to invest in the new development pipeline. And you can see at the bottom of there, of the table, our first half spend of NZD 10 million on development, CapEx and OpEx combined, that's up NZD 8 million on the same period last year. Our net debt there, compared to March 2023, was down 2%. And while our CapEx spend was higher, this was offset by lower prudential deposits on our ASX hedging due to lower futures pricing during the period. Looking at our EBITDA performance relative to the prior corresponding period in a little bit more detail, you can see there, generation volumes were actually 134 GWh higher than the prior period. And this, along with the index, inflation indexing on the Mercury hedge, resulted in an NZD 18 million increase in our net wholesale revenue for the period. ACOT revenue ceased from the first of April 2023, and the prior corresponding period included NZD 8.6 million of contribution from ACOT. This regulatory change to the transmission pricing methodology has been well signaled for a number of years, and the year to March 2023 was the last year of ACOT revenue. We also saw modest increases in generation OpEx, largely due to some weather events, and that new development OpEx spend that was up slightly on the prior period as we invest in that pipeline. With that, I'll hand over to Clayton. Great. Thank you, Phil. So look, I'll take you through a few slides. I suppose there's an opportunity from our perspective, just to call it reintroduce or reflect on, you know, what is Manawa and where are we going? You know, post the sale of the mass market retail business last year, I think we reflected on this a lot and obviously have presented the terminology independent power producer in here, in this presentation quite a lot. And there's a good reason for that, and I think how it articulates how Manawa thinks about what it is and where it's going in the future. Independent power producer, of course, referring to the fact that we are not a utility, we don't have a mass-market retail book anymore, and we are indeed just an independent generator that is capable of generating volume, developing new projects and growth, and, I think, have a lot more flexibility in how we think about what we are as a business. So some of the things here we've noted, obviously with the Mercury hedge winding down over time, we'll talk a little bit more about how we're thinking about our level of contract interest or revenue certainty, and what that means for our capital structure and how we think about supporting both growth and dividends. Of course, you know, an essential element of our business is focusing on operational excellence, our asset management practices, and the enhancement and value add opportunities we have. So it's as much about protecting value as it is about looking for opportunities to grow that value. And linked into that, of course, is our growing and significant pipeline of new build opportunities, which we'll talk to in a bit more detail. So we do think that that transition and thinking of ourselves as an IPP does provide a unique opportunity. The IPP model is very well understood in a global sense, in that it's a very common model, and IPPs, I think, bring a significant amount of benefits to energy markets by having, you know, nimble, focused, very quick capital cost, capital allocation-focused businesses that can bring a level of tension and competitiveness to markets that are otherwise dominated by larger players, which is also true in the New Zealand context. So if we think about where we are today, you can see the chart on the lower left describing the release of the volume with the Mercury hedge, which was struck, of course, to support the sale of the retail business and the separation of that when Manawa became an independent generator. Excuse me. That is repricing in a couple of years as we move away from a fixed price period or construct to an ASX-linked pricing, which is a bit of a look back from October twenty-sixth. And of course, that pricing currently has a CPI escalator also built into that, which, as Phil noted earlier, is partly reflected in our earnings or profitability uplift versus the prior corresponding period. So the opportunity then for us, when we think about our volume from our existing assets, is very much around the level of revenue risk that we might look to take associated with that portfolio. As you would expect, you know, lower volatility in earnings and cash flows does provide us with an ability to have a look at our capital structure, have a think about, you know, our levels of debt, and also how we look to support potentially very significant capital deployment and what that means for debt and equity as we look at our growing pipeline of opportunities into the future. Thanks, Phil. We won't spend too much time on this. We've obviously got a couple of slides here from both MBIE and the Climate Change Commission. I think it's well understood that whatever scenario you think about for the future, and electrification of industry and transport is anticipated to drive a considerable need for additional generation development. As we've noted, Manawa's history in this space, and now as an IPP, and with the team and the capability we have and the options we're developing, we do see that we're very well positioned to deliver into that growing market and opportunity. Spend a little bit of time just talking about our development pipeline. Obviously, Manawa was very much in a rebuilding phase for the last year or two when it's looked at this pipeline, and the opportunity that was presented when it became an IPP. A number of projects, as you might appreciate, particularly the larger scale wind projects, do take a little bit of time to mature. I think for me, particularly the focus on having fundamentally strong projects that have the right attributes in terms of resource, proximity to grid, environmental consent ability, local community support, all, all those other key attributes of these projects, is what will ultimately deliver, projects that have, you know, the lowest possible cost of energy and that we can bring to market in a competitive way to secure offtake and support, you know, the, the wider economy. We have on this map, a number of projects now advancing, right across New Zealand, in both wind and solar. You can see that the Huiramu project that we announced previously to the market in the Central North Island, Hapuakohe in the Waikato region, Ototoka in South Taranaki, Kaihiku in the lower South Island, are sort of the wind projects we'll talk a little bit more about today. We do, of course, have other wind and solar prospects in the pipeline that are continuing to advance, and a number of solar projects, some of which we've talked about previously in Marlborough, Hawke's Bay, and the Kaipara region. Next one. So Kaihiku, I'll just step through some of the more prominent projects in our pipeline. We announced last month is a 50% joint venture with Pioneer Energy Limited. We see that around about the 300 MW mark, really outstanding wind resource in that part of the country, and you can see on the insert on the lower right-hand side there, the transmission bisection passes through the site. We are currently underway with community consultation and environmental studies, community iwi engagement, et cetera, as you would expect, and anticipate that we, you know, may be in a position to lodge consents for that project in the first half of 2024, this calendar 2024. This is an area we know pretty well, from previous investigations in and around this site, so have a pretty high degree of confidence in the, as I said, in the fundamentals of that project, and we look forward to advancing that with Pioneer in the coming months and years. This is a project we haven't talked too much about previously, located along the coastline from Whanganui in the South Taranaki region. We anticipate it'll be in the order of 150 MW, again, located proximate to the transmission network, on a relatively benign site, topographically or in terms of the terrain complexity. Having developed and built sites in and around this area previously, we have a pretty good understanding of the lie of the land, so to speak, and are advancing resource monitoring and assessments on this project is also probably see this as more of a medium-term opportunity, as you'll see reflected in the indicative Gantt chart and timelines that we have put up on a subsequent slide. Hapuakohe is located in the North Waikato region. Just, just for those eagle eyes amongst you, we don't in fact intend to connect that in South Taranaki. We might have made a wee whoopsie there with the connection point, but you can see the grid located just to the west of the site. Again, very approximate, and we see that somewhere in the region of 200-250 MW. Good, strong resource located in a good part of the country in terms of grid and load, and that's, that's another project that we're just advancing through environmental assessments, community consultation, et cetera, and we'll, we'll look to progress again in the coming months. Puketoi has previously been announced to the market, was previously developed by another party in New Zealand. Have a very good understanding with a significant historical data record. It's around about 250 MW. Again, you can see transmission passes through the southern portion of the site on the insert in the lower right there, and circa 800-900 GWh. A A number of the projects we're talking about here, probably only with the exception of Ototoka, are in the Transpower connection queue or the application has been confirmed by Transpower. You're probably familiar with the way Transpower are sort of processing connection applications at the moment with the volume of work that they have ahead of them. But these projects are all progressing through connection and environmental studies and are well on the way to the timeline that we'll talk about in a few slides. Argyle Solar is another project we previously talked about with the market. We have secured some additional land, circa 3 km from the southern site or project area that you can see on the insert. We do see that the improved scale increases the prospects for this project, improving the cost of energy. We also, somewhat uniquely, as is a bit of a function of our portfolio, have a fairly, call it, dedicated point of connection with the Branch Hydro Scheme, and as a result of the connection configuration there, it is something that we see potentially being able to progress a bit faster through the connection process than other grid-connected projects as a result of that. We talk a little bit later about, you know, the benefits of our diverse geographic portfolio and the number of connection points and other parts of the grid that we touch, providing some benefits. I think this is an example of that. We also have about 8-10 hours storage in the hydro scheme there, that we can sort of flex around the daytime solar production profile from the Argyle Solar project. And it's those sorts of benefits that we do see as being value accretive and just helping give a bit of a bump to the returns that we might otherwise be able to achieve with some of these on a standalone basis. What we're showing here is an indicative timeline for the pipeline. We've only sort of shown projects where we do have secured land access rights. In other words, they're real projects. So we're circa just under 1 gigawatt and over 3 terawatt hours, potentially, of energy from this pipeline. As noted, we do have a number of other projects that we're also advancing at various stages. Now, do you assume we will develop all of these that are stacked on top of each other? No, that's clearly not the case. What we're trying to signal here is how we see realistically we can progress these projects to ready-to-build, shovel-ready, investment ready, however you want to think about it. And that really, I think, is the advantage for Manawa, is having a range of real options that it can monetize or bring to market at the right time, when it makes sense, and when we can deliver shareholder value. And, you know, previous experience that we and myself, through Tilt have seen with these pipelines is that, you know, these options have significant value. Getting them ready, getting them positioned with as much flexibility so we can optimize equipment selection through the procurement process into delivery, to deliver value is the key. And obviously, where we can look to accelerate or progress these projects faster, we will do so. But also noting that there is, you know, inherent complexity in developing these large projects through consenting, and particularly, we do see the grid connection timeline becoming more of a constraint, just given the amount of work on both the generation and the load side that Transpower needs to work through currently. Did want to spend a little bit of time just emphasizing why Manawa is a bit unique as an IPP and relative to other generators or gentailers in the market. We do have a diverse and unique portfolio. We have on a generating unit basis, almost the same number of units across our portfolio as all of the other gentailers have across their asset portfolio combined. Of course, they are considerably smaller, and they're also relatively old. And that means that, you know, we need to think quite carefully about how we deploy our asset management practices, how we choose to invest our CapEx and OpEx profiles to protect and enhance value from this unique portfolio, and we do have a unique specialist skill set in managing assets of this nature. Cool. But, you know, that difference does deliver benefits. Many of you on the call will be familiar with portfolio theory, of course, and, you know, what we're showing really on the chart on the top right there is looking at our annual distribution of generation volumes, and we've got a couple of examples. One is the Matahina scheme in the North Island and Highb ank in the South Island. You can see on a standalone basis there, they have quite a wide annual distribution, as you might expect, and our combined run-of-river portfolio is much tighter. In other words, we have a lower level of or tighter distribution of outcomes across our diversified portfolio. That portfolio, you know, provides a number of benefits when we think about diversity across catchments, climatological conditions, machine diversity. We touch a lot of communities and have a lot of engagement with key stakeholders in and around our assets. We obviously, as noted earlier, touch a number of connection points, which provides us with some unique opportunities to think about enhancing or bolting, co-locating assets, thinking about storage into the future. Stability and reliability of production, as discussed, no single point of failure, greater resilience through a large number of small machines, and as you can see in the chart to the right there, we have the ability to capture additional value through enhancements that typically generate higher than average rates of return across our portfolio. You can see we're anticipating adding about 80 GWh to our baseline, sort of P50 production by FY 2028, with a number of projects in train or that will be delivered in the coming years. They're a combination of new things or enhancements, and then some of the efficiency gains we get by having, you know, more copper, higher turbine efficiency ratings, et cetera, with some of the asset enhancement or replacement CapEx or OpEx projects that are underway currently. You can see, you know, speaking of that targeted asset management spend for the future, I mean, the message here really is that we have older assets. They have run for decades. Some of them are getting a bit of a birthday at the moment, but they will run for another 50-75 years or longer when it's done. So these are, you know, long-term value accretive infrastructure assets, and it's... I think it's important to remember that when we look at our spend profile, that that's what we're looking to protect and enhance. So, you know, our asset management practices and processes have looked to identify those opportunities. We've obviously got a significant amount of work underway, which has been previously disclosed to the market, and some of those have been completed and some will be, you know, the rest will obviously be completed in the next sort of 3-4 financial year window. And as is, as discussed, this is really about protecting that revenue, increasing efficiency, and output. Thanks, Phil. I mean, across this diversified fleet of assets, we obviously have a, have a bit of a triage approach in terms of how we think about value, in terms of the high, medium, and low value assets, and, and therefore, that's, that's really where we're prioritizing our spend, and you can see the higher value assets are getting that focus right now and for the next few years. The CIET or the asset management ratings, these are sort of industry standard norms or terms used to describe the condition of the assets, that we're obviously looking to move our higher value assets to the highest possible condition rating, we can practically achieve and get the maximum bang for our buck in terms of our CapEx spend. Along the top, you can see, again, just emphasizing why we're doing this, about protecting, you know, multi-decadal revenue streams from these assets, greater reliability, enhancement opportunities where these can be captured. We also do see, with increasing levels of variable renewable energy or VRE, however you want to think about it, on the system, that is likely to drive higher volatility in pricing, and we do see greater value from our peaking assets. Noting we, you know, we have a lot of run-of-river, but we do have some very valuable storages, particularly associated with Waipori, Coleridge, Cobb, and to a lesser degree, shorter duration storage through Matahina and other schemes. So these are all the things that we are thinking about to capture additional value, now and into the future. Thanks. Good example here, I think, of the kind of innovation and focus that Manawa has on protecting and enhancing value. The Highb ank pumps were installed about 10 years ago. They take water from the Rakaia River and pump via the existing Highb ank station infrastructure back up into the Rangitata Diversion Race, where that water's abstracted by irrigators that tee off the canal, if you like. The teams identified an opportunity to run those pumps as turbines, in other words, to generate from them. They're about a megawatt each or capacity. The first conversion, if you like, was successfully trialed a couple of months ago, and we'll now be rolling that out across all six units. So we'll have about six megawatts of generation. The generation volume from that during the extended Highb ank outage, call it, washes its face of itself, but also provides us with future resilience around outages and flexibility about how we run the station around water availability between irrigation and generation seasons, if you like, on the go forward. So, a great example of being able to deliver a project that keeps a bit of volume going through that outage and delivers an above average investment return. As Phil noted in the waterfall earlier, we obviously have had some spend associated with remediation of the Esk Scheme that was impacted by Cyclone Gabrielle in February this year. We did have quite extensive damage across the two stations, Rimu and Toronui. Toronui has now been restored or reinstated to service as of October, which is pleasing to see. Obviously, all the transmission assets have also been reinstated, and we hope to have Rimu back online in the first quarter of financial year 2025. So it's obviously quite a remote scheme, severely impacted by extreme rainfall events in February, and pleasing to see the focus on these units, although they are small, obviously all value accretive for Manawa. And I'll hand back to Phil. Thank you. Thanks, Clayton. This slide provides an update on our sustainability plans, and as part of developing a new Manawa ESG strategy post the sale of the mass market retail business, we have recently completed a very thorough materiality assessment. This identified the 15 topics that are detailed on the slide as the key areas of focus for Manawa. Now, some of these 15 are very well established, and others are at more of a development stage. We will be setting, you know, targets and deliverables across all 15 of these topics to measure progress against our ESG goals. You can expect to see more reporting on each of these in the coming years. Finally, just to talk a little bit about our FY 2024 outlook and guidance. Our 2024 guidance for EBITDAF and CapEx remains unchanged. When comparing our first half EBITDAF of NZD 77 million to our full year guidance of a range of NZD 120 million-NZD 140 million, I would note that the planned outage at our Waipori scheme from November to January will likely result in second half production volumes that are below the long-run average for that period. Also, as noted in previous updates, we are disposing of some surplus land and also carbon credits in FY 2024. The majority of the land is in the Wairau Valley in Marlborough. There is also some surplus land on the West Coast of the South Island. The Marlborough land was acquired in the early 2000s for the proposed Wairau hydro development that did not proceed. Just to note that the FY 2024 proceeds are slightly lower than previously forecast, as a portion of the land divestment will be delayed into FY 2025. But we are still expecting to receive, you know, approximately NZD 20 million from divestments in this financial year. As Clayton noted, we have done a lot of work refining our asset management plans for our hydro, for our existing hydro fleet. And this has resulted in a downward revision of our medium-term capital expenditure. We talked in our previous updates about sort of our capital expenditure out to FY 2030 and provided some projections for that period. Based on the work we've done, the current forecast CapEx midpoint is now about NZD 48 million lower spread over the next seven years, compared to the range that we provided previously in May. That revision also flows through to our long-term, sort of business as usual, CapEx projections, and which are adjusted from the previous range of NZD 20 million-NZD 30 million per annum, to NZD 15 million-NZD 20 million per annum. I would also just note that the chart and the numbers on this slide specifically exclude CapEx on our development opportunities. So with that, we'll... That wraps up the presentation, and we will open it up to questions, either via the chat or, if you raise your hand, we can get you to ask your question, online. Yeah, Grant, you're good to go. Thank you. Hi. Good morning, team. Just a few questions for me. What are your assumptions in your build program around Tiwai? Are you waiting to see if there's an outcome there before you go and build in the South Island? Yeah, look, I think, Grant, everyone understands the materiality of the impact that Tiwai would have, not only in terms of long-run price, but also, you know, the impacts on the transmission system and location factors. So I think certainly, we would not look to undertake any substantive investment without having a view on Tiwai. You know, our view is we anticipate Tiwai being there for the foreseeable future, but clearly it's not done until it's done, and when it's done, for how long? All the usual things that come when you think about Tiwai. But certainly we do still see that, you know, the fundamentals of a project like Kaihiku are on the assumption that Tiwai is there, are very sound. Just to extrapolate on that, can you give us an idea of what your assumptions around the long-term wholesale price is, that your projects are now stacking up against? Yeah, I mean, it's I think we perhaps without going into absolute specifics, what I would say, Grant, is in terms of how we think about this stuff, again, I'm very much a believer in the fundamentals of the project, right? You don't have good projects unless you have good fundamentals. I think without a doubt, and you're seeing it play out in real time in a few projects, right? It's pretty challenging at the moment to get a landing on where, you know, the long run pricing for some of these projects sit. We've got very, you know, challenging supply chains. We've got elevated pricing. The even accessing people and resources to deliver this stuff well is extremely challenging. If you put all that together, the price you need right now, you may take a view isn't perhaps supported by the long run price. Now, I think there's a bit of stuff to play out there, but I think if you were to say, where do we see, you know, the cost of wind and the cost of solar? It's probably broadly in line with other market participants. And we, you know, we do see the long run price supporting investment in the right projects on the go forward. Okay, thank you. And then just you, you've dropped your maintenance CapEx now again, it used to be there in the old days, and then I think new management came in and said, all these things need more maintenance, and now you're going, "Well, actually, I need less maintenance again or less cost." And we've seen the inflationary impacts of just inflation in general. Do we now assume that we actually go back to this NZD 15 million-NZD 20 million on maintenance CapEx, and then every 5-10 years have a quick catch-up in CapEx to make up for the shortfall? No, Grant, I wouldn't characterize it like that. I think what we're seeing at the moment is not a one in 5 or one in 10 year sort of increase in CapEx. We're going. It's a much longer, you know, life asset fleet than that. And the additional spend we're going through right now will, you know, increase the life of these assets significantly. And, you know, if you replace some of the generators and the turbines, you know, we'll get, you know, 50 years plus out of some of this investment that we're doing now. So I think it does support the fact that after this period, you know, it will reduce. It, you know, inevitably there'll be some blips, but it's not a blip every 5 or 10 years. Okay. Yeah, I think that's right, Phil. Yeah, I mean, as we noted, Grant, I mean, we're focused very much on those high-value assets, and we do see with the medium and lower value assets, that we're able to take, you know, that approach that has been taken historically and really, control our spend and keep those assets operating reliably. Thank you. And then my final question, just on the divestments. In your guidance, is there any profit on that divestment that you've got in your guidance? That's both carbon and land? The carbon is revalued at balance date, Grant, so there is a small gain between the valuation at 31 March and the sale proceeds, but it's not particularly material on the carbon, given where that was revalued at 31 March. On the land, any profits? No. No, not included in our guidance, no. Last from me. Thanks very much, team. Thank you, Grant. Andrew? Morning. Good morning, Clayton and Phil. Hopefully, you can hear me now. It's all good. Hi, Andrew. Great. I just have one question, which is actually also just on the CapEx, maintenance CapEx change. And if I'm interpreting effectively what we're doing here is, which makes a lot of sense, is I guess reducing significantly the CapEx that's gonna be spent on those lower value assets, which I assume are the tends to be the small hydro schemes, which are run a river, and I guess sort of lower value locations in the country. If that's the case, I mean, should we have any issues or concerns, I guess, around the reliability side at the other end? It just sort of feels like if you're not maintaining those assets to the same level- No, this is not, this is not about maintaining or not maintaining, Andrew, right? Like, this is, this is a result of how we think about our risk, risk settings and targeting. When you... You know, remembering that, you know, TrustPower Manawa, through its iterations, has been around for three decades now, right? So, you know, we need, we need to contextualize how we think about these assets. So absolutely not. This is not about trading off reliability and production for spend. I think this is a more granular look at how we, how we think about that spend, how we optimize it, how we get the best value for every dollar of maintenance, CapEx, and OpEx in our fleet, and without, without compromising that long run, sort of P50 baseline of production. Okay. And, second question, just in terms of that long-term, post FY 30, the NZD 15 million-NZD 20 million figure. Is that, should we think about that as a sort of a real number in today's dollars terms, so we need to inflate that over the next sort of seven years, so it'll be something north of NZD 15 million-NZD 20 million, I guess, by the time we get to 2030? Yes, that's right, Andrew. It'll be real in FY 2024 dollars. Yep, okay. Sorry, we should have clarified that, Andrew. Yeah, that's all good. That's all from me. Thanks. Yeah, so we've got a question here from Neville. Three questions regarding the strategy and capital management. Manawa currently has a trading function in industrial/commercial retail pool. Should we regard an IPP approach as reducing that function and sales shifting more to PPA sales, and instead providing some firming on those new PPAs? Look, I think the reality is that we see all of those channels to market as supporting the future business. You know, we have outlined a view that having a degree of contractedness across the existing portfolio supports how we think about the future build, maybe with initial level of contracting required versus take more wholesale market exposure and contract up a bit later. All of that stuff that comes with an IPP that you might have seen with other IPPs, active in Australia and New Zealand in recent times. You know, we do see a lot of value in having that trading capability, and that channel to market and, you know, commercial and industrial, however you think about that, in terms of smaller or larger volumes, corporate PPAs will, will, will continue to be an important part of it. But, you know, as we've signaled, we do, we do see benefits in terms of how we think about capital structure relating to, having a higher degree of overall contractedness in the portfolio. Follow-up from Neville: Are the Mercury PPAs ASX reference contracts, the 1-, 2-, or 3-year views from October 2026? Yeah. We, yeah. Sorry, Phil. Yeah, so unfortunately, we can't really provide that level of granularity just under the confidentiality provisions in that PPA. So sorry, Neville, we can't give you a specific on that one. Then when can you confirm the new development OpEx, CapEx NZD 10.3 million in the first half 2024 going forward, and what level we see that at? Look, I, I think, it, it will be there or thereabouts for another couple of years while we, while we sort of push through the, the front-end heavy lifting on these projects with resource consenting and connections. Given, you know, we're talking circa 1 GW of projects in that portfolio. You know, I, I do see that settling down to more of a, kind of, a holding cost level at some point. 2, 3, 4 years out from now, it's hard to see what that looks like, but ultimately, you know, we'll make sure that we are, you know, spending those dollars carefully on real options that can deliver real value in the future. Obviously, got to take a few views on what that future looks like, but, I think similar to how, you know, Trustpower's managed that devex, if you like, historically. Third question from Neville is: Should we regard the new projects, if they reach FID, be funded by SPVs or firm-level gearing plus equity rates? Yes, so, our current, you know, sort of strategy is that we will fund these via SPVs. One of the benefits of the, sort of, the IPP model, and the being more highly contracted, through sort of longer-term PPAs, is that that does give us more options from a capital structure point of view. It does enable us to increase gearing potentially, and therefore, you know, reduce significantly the equity required, as we move into investment via those SPVs. And the next one from Neville is: If PPAs are offered on a firm basis rather than generation following presumably SPV approach, is it possible? Yeah, I think that's probably right, Neville. Obviously, if you're looking to support the generation following profile from the wider portfolio, that may present some challenges. There are probably some cute ways to structure and contract around that if required. But I think as Phil said, you know, the advantage we have in thinking about that sort of IPP lens capital structure going forward is that we can look to mix and match across a bit, you know, a bit across, leveraging off the benefits of the wider portfolio, certainly the storage or, you know, the dispatchable generation we have in that portfolio.