The Price of Renewable Energy Certificates

Market forecasts like two and a half years ago were saying there was zero today. Costs have gone up 20 to 30%, but prices, particularly when you add in the LGCs, would probably still be way ahead of where people thought they might be. I think it's also giving counterparties the confidence that they can sign an off-take of an asset that's actually going to produce. We've got the reasoning wrong, which is good. It's better to have the right answer than being very clever but wrong. And I'll hand back to Giles in a second, because there's lots of other stuff I still want to talk about.