Welcome all to Vattenfall and this new way of communicating our financial performance. I'm Andreas Regnell, and I'm head of strategic development at Vattenfall. With me here today, I have Anna Borg, CEO, and Kerstin Ahlfont, CFO. Welcome to you both. This is actually the first reporting event in your new roles. Are you ready? I'm very ready, and I'm looking forward. That's good. I am as well. Good. Let me follow up on that, new in your roles. Three months, what would be your main learning or takeaways from this first period? Main learning. Oh. Maybe to have Anna as my manager instead of a colleague. Do you want to follow up or? Maybe not right now. You, Anna? Well, I've learned that it's actually possible to run an entire company with almost only digital interaction. That's interesting. That is truly interesting and quite impressive that it's possible to run a company of our size that way. Excellent. Soon you will get all the numbers you've been longing for, and see some slides as well. Before we get there, I'd like to mention two things, and that is that in this session and this format, we aim for more discussion and reflection rather than a billion of slides and numbers. Rest assured that all the customary data that you're used to are available on our website. The second thing is that as customary, we will have a Q&A session at the end, both a chat channel and a telephone channel. Let's kick this off now with a short film. When we look at this film with some of the main events in 2020 for Vattenfall, it is very clear that it was a very eventful year in spite of and because of the pandemic. Anna, if you were to characterize 2020 with one word, what would it be? One word, well, it would be progress. I think despite the very challenging year, we've actually been able to deliver to our customers, to keep our operations up and running, and even keep our projects going. We are progressing in relation to our strategy. Sounds very upbeat. Kerstin, you have the same positive word or? I would probably choose resilience, because in spite of a very turbulent market and record low electricity prices in the Nordics, we deliver a stable result in line with 2019. I think that shows resilience. Progress and resilience. Two very positive words. Let's continue with our strategy. We want to enable fossil free living within one generation. Anna, what would you say would be a few proof points that we live and act our strategy during 2020? First of all, I think it's important to say that our aim to enable this fossil free living in one generation, that is our business strategy. To be fossil free and profitable goes hand in hand for us, and I think that we have many proof points for that. The first one is our investments into renewables. We continue to invest, for example, in offshore wind. We made the final investment decision for the offshore park, Hollandse Kust Zuid this year. We also inaugurated the Prinses Ariane, which is an onshore wind farm in the Netherlands, and we continue to develop, for example, the Vesterhav project in Denmark or the Norfolk projects in U.K. That is an important proof point. A second one is that we are phasing out fossil fuels. We're rebuilding our businesses, our heat businesses in Berlin and in Amsterdam, and we are also closing down Moorburg, our coal-fired power plant in Hamburg, so that's a second proof point. A third one would be the inauguration of the pilot plant in the HYBRIT project, which we are running together with SSAB and the LKAB. Maybe one important proof point that is enabling all the others is that we actually increase our employee engagement even further from an already high level. I think that is what has actually made it possible to continue to deliver on all these things despite a quite challenging year. A very clear perspective on how we progress on our strategy. I don't know how objective I can be, but I think we have a very good strategy. Before we get into the numbers, I'd like to show a few facts around 2020 that I think is important to bear with you when we get deeper into the discussion. The first one is the demand development of electricity. If you look at the slide, the demand development in 2020 versus 2019 in some of our core countries, and we see that the demand for electricity declined by 3%- 7%, quite dramatic. If we take the price development, it's even more dramatic. On this slide, you have the Nordic wholesale prices to the left and gas and coal spreads to the right. Of course, the wholesale prices in Nordic is by far the most important for Vattenfall. You can see a very dramatic decline in 2020 versus the average for the four years previously. Gas is actually up a bit and had a strong year in 2020, while the coal spread is down dramatically. We have lower fundamental demand in the market, combined with very low prices, particularly in the Nordic. Yet we know that Kerstin and Anna will talk about resilience and progress and a relatively stable result. How is that possible, Anna? That's of course a relevant question. The low prices that you show actually have an impact on our business to a quite large extent. What we do is that we hedge our electricity generation beforehand. We actually mitigate a lot of these price movements by the hedges. On top of that, the extremely low price, close to the €10 that you showed, it's for the entire Nordic system, and the price has differed quite a lot between different countries and areas. In Norway, it's been very low. In Sweden, it's been low, but not as low as in Norway. Since we have our production facilities in Sweden, we get a slightly higher price than the average. I would say that another factor that is really contributing to this stability is the fact that we have a number of businesses that are more resilient to these kind of price swings than others. The fact that we have a diversified portfolio helps us. For example, that is the distribution business, the district heating business, and also the customer and solution business. Hedges and a diversified portfolio. I'm sure, yes. Maybe to add to that as well, the trading business as well, because they had yet another good year, even better than last year and contributed significantly to our result. I think it is also important to look back at 2020 and look at all the efforts that we took on in all the different parts of the organization. In the spring, at the onset of this pandemic, we reviewed all our plans. We turned every stone, and then we decided upon measures that would provide short-term buffers against different scenarios. Today, fortunately, we see that in our sector, these scenarios never played out as extremely as we feared. Resilience, I think, it sounds like a very well-chosen word, Kerstin. Let's more look at the financial numbers for 2020. What would you like to highlight, Anna? I think the first thing I would like to highlight is the fact that we actually have a very stable result in 2020 compared to 2019. That is because even though we see the impact of the lower prices, we also see the hedges mitigating that. On top of that, we have this diversified portfolio and the trading result that Kerstin referred to as well. That's the first thing. The second thing is that our net result is substantially lower compared to 2019, and that is due to the impairments that we make in relation to Moorburg, our coal-fired power plant in Hamburg that we are closing down. We communicated that already during the second quarter, but now we see this in the full year results as well. When it comes to our financial targets, our return on capital employed is supposed to be at or above 8%. It's not. It's at 5.8, and the reason we're not above is these impairments, the one-off effects. When it comes to the capital structure target, the FFO to adjusted net debt, we actually come in above the target range of 22%-27%, so we end up at 28.8. That has also resulted in our board of directors proposing a dividend of 4 billion SEK to be decided at our annual general meeting, of course. If we're going to elaborate a bit on the numbers, Kerstin? Yeah. Maybe to start with the top line, the net sales actually decreased compared to last year due to the low electricity prices, but also the volumes in our major markets. When it comes to the underlying EBIT, you already commented on that. While these impairments really impacted our net profit and our EBIT, if you look at the ROCE based on underlying EBIT, that ends up at 9.7%. I think that is clearly a sign of a good performing business. Then if you look at cash flow in relation to debt, our target FFO over adjusted net debt, that ends up at 28.8%, clearly above our target. If you look at the drivers for that and start here with the adjusted net debt, you can see that the cash flow from operations are actually increasing. And that is due to the underlying good result, but also because we have some temporary positive effects on our working capital that mainly comes from margin calls. We have also lowered and postponed investments. We have a dividend, which was 3.6 billion SEK to our owner, and we also have a positive and strong exchange rate differences. This is then counteracted by provisions and some other effects, but net net, the adjusted net debt is significantly lower compared to last year. If you then look at the FFO, you can see that we have a strong cash flow generation, so the EBITDA level is higher than last year, and that gives then an FFO that is also quite strong. Interesting on this slide is also that you can see the cash flow before the financing activities, and that ends up at 21.5 billion SEK. You can see that our investments are clearly covered by the cash flow we are generating from our business. Yeah, I would say it's quite impressive to have SEK 20 billion in free cash flow in such a year. It's also very clear, continuing with you, Kerstin, that the hedging strategy, you mentioned it several times already, is clearly very central to our performance and resilience. Why don't you say a bit more on how it works and our strategy there? Well, you are right. I mean, the hedging strategy is central for us to manage this wholesale exposure. We have increased our hedging according to our risk appetite, and that has really paid off in 2020. 2020 was, as you know, a very volatile year with decreasing prices. The good thing is that we started hedging 2020 already a number of years ago. This is now helping us in the result and really mitigating these declining revenues. If you look ahead, we made a decision some time ago to increase our hedge ratios, mainly in the Nordics. If you look at the hedge ratios that we had for 2021, when we ended 2020, that is 4% higher compared to the hedge ratios we had for 2020 at the end of 2019. If you look at 2020, I think it's clear that our hedging strategy works even in a year, which is very strange, like 2020. Yes. Again, resilience, I think is a code word for it all. Anna, 2020 was actually end year for strategic targets that we set in 2016. How did we do? Yes, that's true. We did set five-year targets in 2016 and were then supposed to deliver on this until 2020. Let's have a look at each and every one of them. The first one is net promoter score, where we actually measure this in relation to our competition. We're supposed to improve two points more than our competitors, and we do. The entire market has improved, but we are improving more, so that target is reached. The second target is commission new renewable capacity. That target we're not quite reaching, and we have already announced that more than a year ago. That is mainly due to the delay in two projects. It's in Kriegers Flak and the Vesterhav project. We're still commissioning those, but not before 2020 ends. In the third one, we are measuring CO2 emissions. They are supposed to be below 21 million tons, and we delivered 12.1 million tons. We are far exceeding the target. We are doing better than the target. That is due to two reasons mainly. The first one is that it's been warmer weather. In Continental Europe, there has been less need for heat and electricity produced by fossil fuels. It is also because we have not been running Moorburg to the extent that we expected to, and we are now also closing it down, and that's the main impact from our perspective. The next target is the return on capital employed, and both me and Kerstin already talked about that. We are below the 8% this year due to the one-off effects of the impairments of Moorburg. Then we have the employee-- No, sorry. The underlying was very high. The underlying was very nice. That's true. Thank you, Andreas. Looking at the next target, it's LTIF, Long-Term Injury Frequency. That is supposed to be below 1.25. It's at 1.7. We had a number of very unfortunate accidents and incidents that we've talked about before. We have increased our already high focus on health and safety in order to take care of this in a good way. We will actually increase our ambition even further. I will come back to that later on. Looking at the employee engagement index, we had set a target to be above 70, and we actually come in at 72, which I think is a major achievement, first and foremost, by our employees in a year like this when the way you're working has been very different compared to normal. That's the outcome of the 2020 targets, and I will come back later on with the new strategic targets. Yes. Not full score, but significant progress. Yes. Good. Let's now turn to our investments during 2020. We invested SEK 23.6 billion, quite an amount. What were our main investments? Well, you are right. It's a lot of investments, but we are a capital-intense business, so that makes a lot of sense as well. First and foremost, we invest in our existing business, our core operations, our nuclear power plants, our hydropower plants, and also our distribution business to make sure that they are in good shape, that we can run them in a safe and efficient way. That is the first focus. The second focus is that we are investing into phasing out fossil fuels. We are investing into rebuilding our operations in, for example, the city of Berlin, and we're also rebuilding our heat business in Amsterdam. The third area is that we are investing for growth, and that is mainly going into renewable energy generation, so offshore wind, but also onshore wind and solar. We also put quite a lot of growth investments into our distribution business in order to take care of all the new, for example, wind farms that would like to be connected, or the customers that would like to start a business or increase their existing business. That's a couple of examples of where we are investing. That was quite generic, but why don't you give five or few at least, specific examples? Happy to. I knew you'd ask, yes. If we start with Kriegers Flak, that's an offshore wind farm outside Denmark, and it's actually going to be Denmark's largest offshore wind farm once it's built. The first turbine is up and spinning since last week, so we're very proud of that. A second one is Prinses Ariane, which is an onshore wind park inaugurated in September in the Netherlands, and it is providing electricity for 370,000 households in the Netherlands. We have invested into independent core cooling, in our 5 nuclear reactors, and they were also approved by the radiation authority in December. And that's good because they need to be in place from this year onwards in order to run those plants. We have inaugurated Marzahn. That's a combined heat and power plant in the city of Berlin that will significantly lower our CO2 footprint. It will also support the City of Berlin to reach their climate ambitions. Maybe finally, the Carpe Futurum, which is a biomass heat plant in Uppsala that will be commissioned this year. Here we actually have a milestone as well because we have now 500,000 working hours without any severe accidents. That is a good sign that this increased focus on health and safety is working. Yes, and I think that each and every one of these investments are exciting, would like to hear much more about them. We have to do that some other time. Yeah. Let's go to the balance sheet and the guardian of the balance sheet, Kerstin. Are you happy with how it looks in the future? I think the strong performance that we saw on the FFO over adjusted net debt really shows that we have healthy cash flows in relation to the leverage we are carrying and also these investment plans that we see. This means that we have a reduction in net debt and also a reduction in adjusted net debt. We have a strong liquidity position just above SEK 50 billion, which is sufficient to cover our near-term debt maturities. We have also SEK 45 billion plus SEK 20 billion in committed credit facilities. In short, I think we have a strong position and also the flexibility to manage these growth opportunities for the future. Sounds very reassuring. Let's now take a look at the operating segments. Why don't you take turn in commenting on them? As we know, the total underlying went from SEK 25.1 billion to SEK 25.8 billion. If we look at the components and start with generation, I'm sure there's lots to be said there, Anna. Yes, because Generation is our largest business segment, and they are actually showing a relatively stable underlying result. They are delivering SEK 14.7 billion in 2020. That's SEK 800 million lower than the year before, and that is of course due to the impact of the lower prices, but mitigated to a large extent by the hedges. Here is also the trading results that Kerstin mentioned earlier. We have lower volumes in the Generation business. That's mainly because we closed down Ringhals 2 by the end of 2019, and now we also closed down Ringhals 1 by the end of 2020. We have to some extent compensated with higher volumes in our hydro business, and we have also invested a lot in the Generation segment. We've invested in our nuclear reactors to make sure that we can continue to run them in a safe and efficient way far into the 2040s. We've also invested in our hydropower plants, the existing ones, and that way we have been able to add 600 MW of additional hydro capacity in the Swedish markets. Yeah, hydro capacity as flexible as it is going to be very. It will good in the future. Kerstin, now your turn. Customer solutions, an even stronger result in spite of the pandemic. How is that possible? Well, actually the net sales decreased compared to last year due to electricity prices and volumes in the Nordics and in Netherlands. This was then counteracted by lower depreciations in the Netherlands because 2019 was the last year we depreciated the surplus value there. We have also lowered our costs, so we have more cost-efficient and digital processes. In our customer service operation in the Netherlands, we closed down the phone lines at 3:00 P.M. and then conducted all the customer interactions digital. We have also improved the NPS, as Anna mentioned before. We have kept a stable contract base, even increased in France and in Germany. We are also continuing to grow when it comes to number of charging points that we have installed, more than 50%. We had 22,400 charging points installed. All in all, we increased our results with 0.8 billion SEK compared to last year. Progress and resilience, I think, fits well there. Anna, again, operating segment Wind, given the growth and the capacity, and you mentioned a lot of inaugurations here, you might have expected an even stronger result. Well, maybe we do see increased capacity in our wind business, for example, from Horns Rev three and also from Prinses Ariane that I mentioned earlier. The prices do have an impact here as well, of course. We've also been doing more maintenance in our wind business than we have earlier years. It's, for example, connected to cable protection systems in the DanTysk wind farm, so the availability has been lower. This is something that we will see more of in the sense that with a growing fleet of wind assets, we will also do more maintenance. We have also kept the pace up in our investment project. We made the final investment decision for Hollandse Kust Zuid, outside the coast of Netherlands. That will be the world's largest offshore wind farm once it's up and spinning, and it's also subsidy-free, which is the case for the Dutch market and offshore wind. We've also started to, or will start to construct, because now we have the permission for the Vesterhav project. Even though it's been difficult to get components and people to the right place in the right time during this year, we see progress according to plan in our offshore wind projects. That's good to hear. Next, distribution. I guess the regulation in Sweden is something you will mention and also the potential sale of our operations in Berlin, but I'm sure there is more to be said. If I start with the financial performance, that is actually increasing compared to last year, mainly due to lower operating expenses. If you remember 2019, we had the storm Alfrida with quite high costs. We also see a high inflow of new connections in the Swedish distribution system, both in the local grids and in the regional grids. We actually increased our investments with 6%. All in all, we invested 5.4 billion SEK in our Swedish distribution business. You sometimes talk about electrification, Andreas. I think this is a sign it is happening. Yeah. Maybe to also say a few words on Germany. As you know, in October, we offered the city of Berlin to acquire all shares of our distribution business there, Stromnetz Berlin. Now we are waiting for their response. We think this is the best way forward to create clarity for all involved parties and also to end the years of legal disputes. I agree. Next, heat, finally. Compared to last year, an improvement. Why is that? Yes. We do see an improvement in the underlying result from our heat business. That's good. It's nice to see. We also see lower volumes and fewer customers. That is due to the fact that we sold our district heating business in Hamburg, also that we closed down Hemweg 8, which was the last coal-fired power plant we had in the Netherlands. If you look at the remaining business, we actually see an increasing number of customers. We continue to invest in the heat business to decarbonize the operations we have in Berlin, thereby also supporting the city of Berlin to fulfill their climate ambitions. This is the business segment where we see the impairments from Moorburg. That, of course, has a large impact on the net result. The closing down of Moorburg is going according to plan. We are not producing in that asset anymore. We're now awaiting the approval from the German Bundesnetzagentur to also go off-grid, and then we will start to dismantle the plant. Thank you. If we sum this up, a very stable underlying result in spite of the circumstances. I think if we look out in the world, we see the Green Deal, and we will see a significant tailwind for the type of business that we're in. A very positive development. I'm sure there's something you lose sleep over or worried about. Anyone want to start? I actually sleep very well. Okay. I always do. Of course, there are challenges to think about. I think about our customers that are in industries that have been hit much harder by the pandemic situation than ours. I think about how to secure that we can actually build out our fossil-free generation fleet and our distribution business fast enough to meet the needs of decarbonization and electrification throughout Europe. I do think about our employees and hope that they soon can come back to the offices again and meet each other live. I know that they are really longing to, and I'm longing for that as well. Yeah, it's good to be able to run the firm via screen, but it's not necessarily the cyclist. It would be nice. Would be nice. Kerstin, you also sleep well? Yeah, I think I sleep well enough, but if something would be on my mind, I think it is a bit the sort of the pace in the energy market, the pace of change. 2020 was a very special year with the COVID pandemic, but I think for our sector, it is really the pace of change of the energy transition that really has a big impact. For us to continue to be a leader in this competitive environment, I have very high on my agenda to keep the focus on cost control, but also this readiness to be able to reprioritize, to have that flexibility. Good. That's what you're thinking about just before going to sleep. Let's push 2020 to history and let's start talking about the future. Let's start with the investments. What can we say about the investments going forward, Kerstin? Well, for the next two years, we will invest SEK 57 billion. It's quite a lot of money, and that is net. Gross, it will be SEK 78 billion. The difference between these two are mainly our plans to partner up in our large offshore wind farms, Hollandse Kust Zuid and the Norfolk projects. Out of this SEK 57 billion, 57% is dedicated to growth. The majority of that will still go into offshore wind, but a large share also to our distribution business and our heating systems. If you look at the country distribution, the largest investments will end up in Denmark, U.K., and the Netherlands, and that is following the offshore investments. Also a significant share in Sweden, again, connected to our distribution grids. A big number in 2020, but continue on a high level. Yes. We talked about the 2020 targets, and we promised that we'd come back with the 2025 targets. Now is a good time to do that. The floor is yours on the targets. Thank you. Well, we are setting new five-year targets on our strategic ambitions, the first one is the net promoter score. We are keeping that one, but from now on, we will measure that in absolute terms rather than relative. Makes it slightly easier to explain and follow. For 2020, we came out at a level of seven, and until 2025, we should be at the level of 18. It's a fairly high increase of the ambition, but that's the way it should be. The second target has to do with CO2 emissions, here we will continue to monitor this, but we will measure the CO2 emission intensity, so the grams of CO2 per kilowatt hour. The reason we have chosen that is that that is in accordance with what is called the science-based target. That is an initiative by UN, the World Wildlife Fund, and a couple of other stakeholders, where they are making an audit on whether the actions a company is taking will be enough in order to meet the Paris Climate Agreement and to limit the global warming to two degrees. We have a level today of 97 grams, and we'll go to 86. That will also put us on the one and a half degree trajectory. To limit global warming to 1.5 degrees. The third target that we are looking at is LTIF. We keep that one, but we increase the ambition. As I said earlier, the outcome for 2020 is 1.7, and by 2025, we should be at or below 1.0. An increased ambition in that regard. We have the engagement index, which I bragged a little bit about earlier. It's now at 72, but we will increase the ambition even further and say that we need to be at a level of 75 in order to really be at a high-performing norm and stay there. There is also an increased ambition there. We have the financial targets, and they are pretty much set from our owner. The return on capital employed should be 8% or higher, and the FFO to adjusted net debt should be somewhere between 22% and 27%. My clear ambition is that we should deliver on both our climate targets and our financial targets continuously throughout this period. Thank you for setting those ambitious targets for us all. Thank you, Kerstin, because this actually concludes this part of the session. Welcome back to the Q&A session. As mentioned, we will get question both from a chat channel and from the phone channel. Please remember to state your name and where you work. I have some questions already here. From Andrew Moulder. Yesterday, Ørsted spoke of competition from the oil majors as one of the major threats to its offshore business. What is your view of competition in offshore wind, and how do you expect this to impact your return on offshore wind projects? Ørsted also spoke of potential 25 gigawatts of auctions for 2021. How many of these auctions is Vattenfall taking part in? Thank you. Well, it's a very relevant question. The oil majors are for sure showing an increasing interest into the renewables business, which makes sense. If you are in a business where you emit a lot of CO2, you naturally start to look for other investment opportunities, I think. We already see them, in this market, and I think that they will be there to an increasingly degree as well. Competition is, in a sense, good because that forces all of us to become better. I also feel very confident that Vattenfall is one of the top three offshore wind players in Europe. We carry with us quite a lot of experience and knowledge in order to be competitive in this environment. We also see partnerships between oil majors and offshore wind companies, and I think we will continue to see that going forward to an even larger extent. It's also true that there will be a lot more opportunities, moving forward, a lot more of auctions and competitive processes because the European Union, and therefore also the national targets, have increased quite a lot and also been concretized into targets when it comes to offshore wind. Vattenfall have a strong pipeline of projects, but we continue to monitor all of the European market, and we'll go for the opportunities where we think that we can have an advantage and be competitive. This will be one of our main growth areas also going forward. Thank you. Next question. Two questions from Philip Chaffee. I assume Energy Intelligence. For its nuclear generation, Vattenfall failed to reach its target cost level of SEK 0.19 kilowatt hour last year. What was the exact 2020 level, and what are you doing to make sure you reach this target cost level in 2021? I'll read the second question as well. Vattenfall has been very active in examining the possibility of small modular reactors in the broader region, particularly in Estonia. Where do you see SMRs going in 2021 and the coming years, and what role might Vattenfall play in SMR development? First, the SEK 0.19, and then SMRs. Yes, it is correct that we are not fully reaching the 19 öre target, so we have a slight increase compared to that, and the reasons are manifold. We are continuing to look into the production cost, and we are focusing on all the different parts that the production cost consists of. We will probably not reach the 19 öre level, but we will have a competitive level going forward. When it comes to the SMRs, maybe you want to comment on that, Anna. Absolutely. The SMRs, the small modular reactors, is, of course, a very interesting technique that we see a lot of work going on around globally, and I'm quite sure we will see some of them in commercial use by the end of the 2020s. From a Vattenfall perspective, we are not investing into new nuclear. We are in cooperation with a company in Estonia about the development or a possible development of SMR, because that is in Estonia, supposed to replace oil shale. The Vattenfall contribution is that we contribute with our knowledge and experience around nuclear, both when it comes to building it, to operating it, and to also look into it from a technical perspective. In turn, we get to know this technique more in depth, and we get to learn, which is very useful for the future, because as I said, I think these small modular reactors will be on the global market not too far away from now. Thank you. Let's now turn to a question on the phone, and please remember to state your name and where you work. Phone question, please. First question from the phone comes from Petra Sorge with Dow Jones. Please go ahead. Yes. Hello. Thank you for the opportunity. I would like to ask about your hydrogen plans in Moorburg. Can you already give some financial outlook on this? How much exactly do you plan to invest, and ask from the EU funding in the framework of the IPCEI consortium, and when exactly in the first quarter would that be? The second question would be regarding the offshore market in Germany. Do you see that as a growing opportunity? Because I can only see 10% of your investments related to Germany right now. The third one would be on the trial that has been pursued by Vattenfall against the German state concerning the nuclear phase-out, where you have succeeded at the Supreme Court in November. That means you could expect higher compensation by 2023. Could you give a figure to what the compensation would be you ask for? Thank you. Three questions, if I count this correctly, and if we start with hydrogen in Moorburg. That is a letter of intent and a cooperation between the heat operations in Hamburg, owned by the city, Shell, Mitsubishi, and also Vattenfall is in there. The project is to explore whether it would be possible to produce hydrogen on the site where Moorburg is located today. We have not made any decisions to invest, and as you also said, this will be a project more of a sort of R&D character to start with, where funding will be looked for by IPCEI or elsewhere. It's way too early to say what that will actually mean. Hydrogen, in general, is a very interesting development, and the site where Moorburg is located today is very well-positioned in Hamburg for this. The second question was about offshore wind in Germany. We would like to continue to develop offshore wind in Germany, but the market prerequisites have not been as attractive as in other markets, and that is one of the reasons why we have not done that. I think that it would benefit the German market and the development of more offshore wind in Germany a lot by, for example, applying CFDs like the ones in other European countries. That would increase the pace of development, and we would be very interested in participating in that. The last question was about the legal procedure in relation to the German state. That is still very much ongoing in several instances. The one referred to here was the Supreme Court, where it was clearly said that the current legislation had been discriminating against Vattenfall. We're now awaiting a new law from Germany, and we'll see where that ends up. To be continued. To be continued. Thank you. Next here on the chat, a question from Jacob Magnuson. "Hi. Can you elaborate on the current state of play in the Swedish DSO business in terms of regulation? Are you optimistic that the WACC will be improved? And if not, will that cause you to reduce your Swedish network CapEx? Maybe I can start on that one. We are quite positive. We have a court proceedings in the administrative court in Linköping regarding the WACC, and it is not only Vattenfall, but several DSOs in Sweden. The current WACC is 2.35%, but we think we have a good chance that that will increase. Of course, we have huge investment plans as we just showed when it comes to the Swedish distribution grid, and that is, I think, also needed in order to support electrification, to support the transition of the energy system, and so forth. Of course, we need also the right regulation in order to be able to do that. If the WACC is not increasing, then of course, we also need to review our investment plans. Thank you for that. Question from Karen Wigg. Are you happy as a whole with the results for 2020? I am. I actually think it's a very strong result given this extreme year of 2020 for all of us. To show a relatively stable underlying result and to be able to propose a dividend of SEK 4 billion to our owner, I feel that is a good achievement this year. I tend to agree. Next question. Question from Sharon Witan, Columbia Threadneedle Investments. "Does being state-owned give you any specific advantage or disadvantage in the auctions? I think that in general, state-owned companies are perceived as fairly stable, and that's also often reflected to some extent in the ratings that are given to state-owned companies. In that sense, it's of course an advantage. It's also a very long-term view on the company, and that also helps. We are expected to deliver a financial result and an efficient operation to the same extent as all other companies in our industry. I basically don't think that it makes a lot of difference. Thank you. Now it's time for the next question from the phone. Next question from the phone comes from Philip Akoto with energate. Please go ahead. Hello. I was wondering, you talked about the Stromnetz Berlin, and I was wondering if the heating network you also run, if this will be sold as well, or if you will keep it? I don't know if I'm up to date with that. Thank you. We have only discussed to sell and have also offered to sell the distribution business to the city of Berlin. We are not in discussion regarding the heat business. We own the heat business in the city of Berlin and are committed to make sure that we can develop that business in a good way from a climate and financial perspective going forward. Thank you. Next question, again from Andrew Moulder. Which were the offshore wind farms you stated you will farm down to get to a net investment of SEK 57 billion over the 2021 and 2022 period? When do you expect to do this, and how much would you target to sell? 50%? Yeah, the two wind farms that I mentioned was the Hollandse Kust Zuid and the Norfolk projects. Exactly timelines are difficult to predict because we are not forced to do anything here, so we will do that when the time is right for us. I would not be surprised if we would partner up in Hollandse Kust Zuid during 2021. The Norfolk projects, they are further out in time, so that is more uncertain exactly when that will happen. Thank you. Okay, I see that there are no more questions, so that means that I thank again, Anna and Kerstin, and all of you for your participation, and see you in a quarter. Thank you.