Is There a Chance That You'll Sell Free Allocations?

I think we are probably heading into a recession in Europe. There will be some industrial selling at the margin, but not significant amounts. I think the single most important feature here is going to be the markets expectation of intervention on the part of the authorities. The European Commission came up with the idea of raising 20 billion euros from the sale of allowances currently held in the market Stability Reserve. And obviously if you do all that in one year, very significant increase in volume of being auctioned. So I think the market will get nervous about that.