Speaker 1: With Laurent segle And from London and Gerard Reid from Berlin.
Speaker 1: This is redefining Energy today.
Speaker 2: On redefining Energy, we're going to talk about Actually we're
Speaker 2: going to talk about an event, Laurent, which is your
Speaker 2: Electrics annual event which took place in han Sinky this year.
Speaker 3: Oh yes, it was wonderfully organized by Marcus Roamo, the
Speaker 3: CEO of Fortum and of course by all the team
Speaker 3: with Christian Ruby. It was in this fantastic congress center
Speaker 3: called Finlandia in the middle of Elsinki and the weather
Speaker 3: was great and yeah, extremely well organized, very pleasant. But
Speaker 3: first of all, from my partner, A.
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Speaker 3: Business more flexible.
Speaker 5: Back to the show, So around, who did Jimmie and
Speaker 5: what we your main takeaways.
Speaker 3: Well, it was great because there was a lot of
Speaker 3: friends there. We had King's Millbond was there on stage,
Speaker 3: we had Dejan Roseno delivered a fantastic lecture, and of
Speaker 3: course Bruce Douglas, Killian Daily, Emon Ryan and sorry for
Speaker 3: all those I don't mention, although I would like to
Speaker 3: say the second day in the morning there was real
Speaker 3: podcast stars, not like us, Alistair Campbell and Rorris Steward.
Speaker 3: The rest is politics We live a very good How
Speaker 3: was that well, Alista Cambell there is a very brilliant man,
Speaker 3: very charming and OI still wasn't Embezil.
Speaker 5: Did I know anything about energy?
Speaker 3: Yeah? It tried to talk about energy, try to lecture
Speaker 3: the whole room full of one thousand energy experts like
Speaker 3: the system is not well. Manager so well, not a
Speaker 3: very pleasant character. That's the only thing I like to say.
Speaker 5: Anyway, did you meet any pleasant characters?
Speaker 3: All?
Speaker 5: The risk was very good. The other thing you did
Speaker 5: was you went and interviewed the CEO of the French
Speaker 5: utility on you with the Irish name.
Speaker 3: Yeah, it was a real privilege and organized by your
Speaker 3: Electric to bring Katherine McGregor on the show. So Katrine
Speaker 3: has been VP of Your Electric for a year and
Speaker 3: CEO of nerg for five years and a half. So
Speaker 3: we had a great conversation around a the priorities of
Speaker 3: your Electric of course, and also a role at Enchi
Speaker 3: because she has managed to turn around this company which
Speaker 3: was clearly under valued a few years ago and now
Speaker 3: it has been performing extremely well.
Speaker 5: Well. Listen, why don't we bring around the show.
Speaker 3: Catherine, Welcome to the show, and thank you very much
Speaker 3: as a president of Your Electric for inviting me into
Speaker 3: your wonderful annual conference.
Speaker 1: Thank you very nice to be here.
Speaker 3: We have a very charged agenda because you've been vice
Speaker 3: president of your Electric for a year. Now, what's your
Speaker 3: first impression about that community?
Speaker 6: Your Electric is very important and it's a very very
Speaker 6: relevant association in many dimensions. Maybe the first one is
Speaker 6: because it is trying to tackle one of the key
Speaker 6: challenges and opportunity that Europe is facing. It's around the carbonation, electrification, sovereignty,
Speaker 6: security of supply.
Speaker 1: That's one thing. The second thing is that.
Speaker 6: It's really carrying this vision that it needs to happen
Speaker 6: at European level. So Your Electric is an association of
Speaker 6: association and it really pushes the view that by furthering
Speaker 6: the integration of the European energy market, we will be
Speaker 6: more competitive, we will have a better energy system and
Speaker 6: electrical system specifically. That's why I'm very excited about what
Speaker 6: we do at your Electric. I really think that it's
Speaker 6: again the relevant level at which you know, the policy
Speaker 6: needs to happen at times when, for example, energy prices
Speaker 6: go up again. You know, in the wake of Iranian events,
Speaker 6: there is sometimes a temptation for government to change things,
Speaker 6: things like market design. Things that it yes, and you
Speaker 6: know the fact that an association of association like euro
Speaker 6: Electric is saying, do not destabilize the system. We need
Speaker 6: to keep stability in the market. Design very important for investments. Signals.
Speaker 6: ETS is the mechanism for the carbonation we cannot mess with.
Speaker 6: That doesn't mean that we should not listen to what's
Speaker 6: happening on the continent in terms of competitiveness, industry, et cetera.
Speaker 1: So we need to.
Speaker 6: Use ETS to help in a target away some industries,
Speaker 6: but don't change the framework. Basically, a New Electric has
Speaker 6: been really vocal at doing that, and I believe that
Speaker 6: it has served the purpose and believe that now we
Speaker 6: have some stability there and it's so critical political government.
Speaker 6: Sometimes they think that they always need to intervene. An
Speaker 6: intervention sometimes can create more harm than problem that they
Speaker 6: are trying to solve. Long story short, I'm very pleased
Speaker 6: to be part of the EU Electric Presidency team. We
Speaker 6: have three very clear priorities, one which is competitiveness and
Speaker 6: specifically on the industrial side, the second which is the
Speaker 6: security of the power system, and the third one which
Speaker 6: is exciting stuff. It's AI, so it's Power for AI
Speaker 6: and AI for power.
Speaker 3: As usual, your Electric loves to publish a great report
Speaker 3: during the summit. One of them was very interesting to
Speaker 3: me because it was a bit of a new concept
Speaker 3: called the power couples, where you have integrated industrial partnership
Speaker 3: models that jointly optimize demand LOOCRB and supply infrastructure and flexibility.
Speaker 3: How did you came up with such a concept of
Speaker 3: power couples?
Speaker 6: The concept of power couples, it's a really interesting one
Speaker 6: where when you think about what we've done in terms
Speaker 6: of the three priorities, one of them was around customers,
Speaker 6: and to be honest, it sounds for many businesses. It's
Speaker 6: obvious that you want to think of your customers first.
Speaker 6: But in the utility sector and the power sector. It
Speaker 6: has not always been the case. When you are running
Speaker 6: a regulated activity, you don't necessarily think so much about
Speaker 6: adapting what you do for customers. Customer centricity doesn't come obvious,
Speaker 6: but the realization by making sure that we are here
Speaker 6: to provide competitive service for customers has indeed fosters to
Speaker 6: think a little bit differently about this thing. And there's
Speaker 6: the idea that we need to be closer to customers
Speaker 6: to really understand the energy need and then to tailor's solution,
Speaker 6: coordinating across sometimes the value chain, you know, even great
Speaker 6: connections real estate, obviously energy supply, generation, and then from
Speaker 6: the customers side, it can be maybe adapting their processes
Speaker 6: and sometimes even working with other industries in one zone
Speaker 6: to make sure that this energy ecosystem is truly optimized.
Speaker 6: So that was the idea of power couples, and in
Speaker 6: the report there are a number of examples that were
Speaker 6: discussed that really ring a bell actually to energy because
Speaker 6: we have exactly this approach. For example, we work with
Speaker 6: data centers. You have to customize the approach very much.
Speaker 6: That's the idea of the report.
Speaker 3: Oh data center. So yeah, nobody talked about it three
Speaker 3: years ago and now it's all the rage. But before
Speaker 3: we go into data centers and I know you're and
Speaker 3: she's doing a lot of work, Katherine, I like to
Speaker 3: thank you. I like to thank you because a bought
Speaker 3: shares of NGI the day is one name CEO, and
Speaker 3: you have delivered to me over the past five years
Speaker 3: and a half a twenty point five percent return peranum,
Speaker 3: which is better than your peers in Europe, but also
Speaker 3: much better than an infrastructure fun the Macquarie and the
Speaker 3: brook Fields and the Carlisle. So, as a shaoholder, thank
Speaker 3: you very much. Where did you have in mind when
Speaker 3: you arrived five and a half years ago to deliver
Speaker 3: such a fantastic financial performance?
Speaker 1: First of all, thank you for the trust.
Speaker 6: Shareholders are a very very important part of our stakeholders landscape.
Speaker 6: We believe shareholders are very important and I have spent
Speaker 6: and I am spending a lot of time with our investors. Actually,
Speaker 6: even before joining preparing to become a CEO, I spent
Speaker 6: sometimes to collect feedback and trying to understand it.
Speaker 1: We're obviously undervalued.
Speaker 6: I've felt like we were undervalued and I really wanted
Speaker 6: to understand and listen to two investors and I always
Speaker 6: get some interesting insights through their questions to us. It
Speaker 6: really gives a very interesting perspective on our businesses, on
Speaker 6: our strength, but also on the area for improvements, and
Speaker 6: we continue to have many areas for improvement that energy.
Speaker 6: So it is true that we have worked with determination
Speaker 6: over the past five six years now.
Speaker 1: On transforming the group.
Speaker 6: If I was to boil it down to two words,
Speaker 6: I would say strategy. Clarity of strategy and steadiness of
Speaker 6: strategy on one side, so clear and steady strategy and
Speaker 6: the second is the execution execution, execution, and if you
Speaker 6: have both, you know, then you were able to establish
Speaker 6: streuss and then you're starting to see the results.
Speaker 1: It takes time to us text time, and it can
Speaker 1: be broken rapidly.
Speaker 6: So we have this thing with my management team that
Speaker 6: we are not complacent one second, and we have a
Speaker 6: huge sense of urgency to continue on the.
Speaker 1: Route that we've started.
Speaker 6: So if I look at the strategy, it was really focus,
Speaker 6: you know, focus on what we are good at, less diversification,
Speaker 6: and then we are filming who we are. We are
Speaker 6: utility that drives a lot of the decisions that we
Speaker 6: made and I'll maybe point to what we've done on
Speaker 6: the regulated side, because we were very focused on the
Speaker 6: generation side, which is fantastic. But obviously with our regulated
Speaker 6: assets our infrastructure business, we're very heavy in gas. Nothing
Speaker 6: wrong with that, but you know, there's not much growth,
Speaker 6: so we were looking for growth and regulated assets. And
Speaker 6: with the move that we did earlier this year, you
Speaker 6: keep our networks, we now have this second leg of
Speaker 6: growth in the regulated arena, which really fits well the
Speaker 6: utility profile that indeed, investors are waiting from us, like
Speaker 6: the clarity we say who we are, and then our
Speaker 6: investment and our capital allocation decisions fit those decisions of
Speaker 6: who we are. And by the way, I like the
Speaker 6: word utility. Some people think it's very unsexy. I like
Speaker 6: it because it says that we are here to do
Speaker 6: something useful and useful not in the sense that it's
Speaker 6: also economic sense. So you should not have your business
Speaker 6: model are demanding too much reliance on subsidies. For that matter,
Speaker 6: you know, you have to make sure that what you
Speaker 6: bring to the world is something that makes economic sense.
Speaker 1: It's not just lookable. It has to make economic sense.
Speaker 6: And this is the whole view that when you have
Speaker 6: portfolio like we have Attengy, we can do that. We
Speaker 6: can provide customers to society, government the lowest cost solution
Speaker 6: obviously with the constraint of CO two because we have
Speaker 6: all the levers and the integration of all of different
Speaker 6: portfolio energy management, all that contribute to do that, which
Speaker 6: is why you always go back to utty.
Speaker 1: I think it's a great word.
Speaker 6: It's not just about a financial profile, it's also about
Speaker 6: what we're here to do.
Speaker 3: Going to summarize your strategy since you took the helm,
Speaker 3: you have done large scale disvestment of fasil fuel and
Speaker 3: legacy as set for about fifteen billion, and you have
Speaker 3: concentrated investment in honorable grids, batteries and regulated network with
Speaker 3: a UKPN while keeping a financial discipline. So you have
Speaker 3: on a bit of around three which is pretty good.
Speaker 3: That's how engine two thirty is going to continue to
Speaker 3: look like. Right now your balance is that would say
Speaker 3: fifty percent molecule fIF cent electrons, so it has already rebalanced.
Speaker 3: That's how you foresee the future.
Speaker 6: We definitely see our profile to remain quite balanced between
Speaker 6: non regulated or generation and regulated electricity will become a
Speaker 6: higher share, especially that with you keep our networks. We
Speaker 6: are embacking quite a bit of growth, so expect the
Speaker 6: portion of power within these regulated assets the network business
Speaker 6: to grow, so more electricity, and in terms of generation,
Speaker 6: we only produce power anyway, and the share of renewables
Speaker 6: within our generation portfolio, which is only made of renewables
Speaker 6: and still thermal plants from gas from natural gas, that
Speaker 6: share is going to continue to increase. And the third pillar,
Speaker 6: so you know we have three pillars and energy. We
Speaker 6: have the first one which is power generation, the second
Speaker 6: which is infrastructure, and the third one which is customers.
Speaker 6: So it's bit to see bit to be energy management.
Speaker 6: And similarly in the customer pillar you will have also
Speaker 6: a higher contribution of power. Within the customers we will
Speaker 6: sell more power to our customers and within this power
Speaker 6: we will sell more green power, which is actually good
Speaker 6: because it's also supporting the margins.
Speaker 3: If we look at the growth drivers you are talking about,
Speaker 3: there are three. You've got heat pumps, you get electric transportation,
Speaker 3: and of course you've got data centers. Do you want
Speaker 3: to talk about briefly those threes and which one's the
Speaker 3: most keen into your thinking?
Speaker 6: Yeah, you're really talking about electrification, which is indeed a
Speaker 6: bit of a macro trend. What's interesting is that it
Speaker 6: takes different flavor in the different regions of the worlds
Speaker 6: and where we operate, which is why you know, it's
Speaker 6: always really important to always be quite local in the
Speaker 6: key markets where you operate because the reality is very
Speaker 6: very different. So if I look at for example and India,
Speaker 6: you know they're really accompanying a very big economic growth.
Speaker 6: Demographic is also supportive and they want to be more resilient,
Speaker 6: so they have a very significant renewables target to twenty thirty.
Speaker 6: They organized the auctions so that executable from the developers
Speaker 6: and point, and so we are accelerating in India to
Speaker 6: accompany this very big push on venue both from the
Speaker 6: India gouvernment.
Speaker 1: That's an example.
Speaker 6: In Europe you have a combination of drivers and you know,
Speaker 6: obviously with with your electric we see them very closely.
Speaker 6: It's really electrification to support the carbonation and it's also
Speaker 6: a way to decrease the dependency on imports. And here
Speaker 6: mobility is very big drivers for.
Speaker 3: Sure, so you have a network of ivy charger.
Speaker 6: We also, yes, we operate around roughly eleven charging points
Speaker 6: in Europe to our brand and GVO many friends, a
Speaker 6: bit of Belgium. That's our fund out that's at men
Speaker 6: called markets. But yes, so electrification driven by mobility driven
Speaker 6: also to allot to a certain extent through heat pumps
Speaker 6: and then also indust shows that can electrify, they will electrify,
Speaker 6: and the others they'll go to other solutions, like they'll
Speaker 6: stay with gas, but they'll grunify the gas or biomethane
Speaker 6: is something that we are also quite excited. And you
Speaker 6: also have you know, local networks like distree hitting that
Speaker 6: also can by the solutions.
Speaker 3: Okay, so now it's time to talk about the eight
Speaker 3: hundred pound gorilla data centers. Data centers on Earth. You
Speaker 3: do them on Earth?
Speaker 6: Yeah, we are either we are a bit risk covers
Speaker 6: as a utility, so we have not yet sent us
Speaker 6: stuff in the space, but the.
Speaker 3: One of our future guests on the show, we'll talk
Speaker 3: about that ASID space. So let's go back to us
Speaker 3: talk about how you deal with the growth of data centers.
Speaker 6: Obviously, again market by market, data center operator and specifically Hyperscaler.
Speaker 6: We've been working with them for a long time mainly
Speaker 6: and at the beginning it was really PIPA driven, so
Speaker 6: it's long term contracts that is backing the development of
Speaker 6: new renewable assets. It sounds easy, sounds straightforward, but it's
Speaker 6: not a really big project. Last year we were Engie
Speaker 6: was number one on PPA. We signed four point eight
Speaker 6: gigawats and indeed you know there was a lot of
Speaker 6: data center operator or developer there among our customers, Apple, Meta,
Speaker 6: Google a few names. But we also did PPA by
Speaker 6: the way for industrials like bea Safety in Europe. So
Speaker 6: it's interesting to see even industrials that see that mechanism
Speaker 6: as important to the decabination gives them the predictability of
Speaker 6: the prices. So PPA is a very significant mechanism to
Speaker 6: work with it at center. But now what we're doing
Speaker 6: at Energies that we've organized ourselves to also help them
Speaker 6: accelerate the development time to market is really important and
Speaker 6: we provide them custom solution that include power land that
Speaker 6: can include existing assets or assets that will be developed.
Speaker 6: Energy management, whereby you can manage the energy that is
Speaker 6: produced locally or and a combination of energy that is
Speaker 6: supplied to the market and help them also with their
Speaker 6: energy procurement. Obviously, storage solutions, batteries to also help with
Speaker 6: the flexible part, and so we are really scouting and
Speaker 6: we have now a dedicated project by that we are
Speaker 6: developing with those hyperscalter to help them accelerate the capacity,
Speaker 6: which is a huge thing for them because as you know,
Speaker 6: AI development correlates still very well with compute.
Speaker 3: Yeah, so you want a lot of our wars, but
Speaker 3: there's one I really like, which you did the Deal
Speaker 3: of the Year and Electricity out of the Year at
Speaker 3: the TOO twenty six and Risk Awards about it was
Speaker 3: a toning agreement in Germany. Maybe it's a bit below
Speaker 3: your radar, but I know the team who did it
Speaker 3: is smart. You're really great guys.
Speaker 5: We do.
Speaker 6: You know, I hate to brag, but I really think
Speaker 6: that we have some of the best power market people
Speaker 6: in the industry. But I shouldn't say it too loud
Speaker 6: because then I'm afraid that they get poached. But the
Speaker 6: very nice thing about the team and the energy management
Speaker 6: team and the supply teams is that you have people
Speaker 6: who are very high IQ, very very smart people, and
Speaker 6: they come to NG because they don't necessarily want to
Speaker 6: work in finance. They'll come to NG because they also
Speaker 6: want to contribute to have a physical impact on the world.
Speaker 6: That's why, you know, you have really quite unique profide
Speaker 6: that way, and I'm very very proud of what they do.
Speaker 3: So talking about PPA, let's dig a bit deeper into
Speaker 3: one of my favorite subjects, which is the Greenhouse Gas
Speaker 3: Protocol the revision of the scope too, because what you
Speaker 3: probably not know is I'm the creator of the scope
Speaker 3: to twenty five years ago and it has been wrongly
Speaker 3: portrayed by the opponents as a forced one hundred percent
Speaker 3: matching twenty four seven, where it's just an accounting. It's
Speaker 3: just an accounting. A lot of people have been very
Speaker 3: vocal for or against, and here we're just talking about accounting.
Speaker 3: Do you have a position on it?
Speaker 6: Without going into the weeds, it's important to say that
Speaker 6: if you only look at average consumption over say a year,
Speaker 6: you could achieve the carbonation of your average consumption over
Speaker 6: a year by just rapping a lot, a lot, a
Speaker 6: lot of cheap solar you could volume wise. But from
Speaker 6: a system standpoint, this is not helpful. It's not helpful.
Speaker 6: So you know, I always go back to this utility thing.
Speaker 6: I think we have to make sure that we do
Speaker 6: things that help the system. And so when we think regulation.
Speaker 6: We have to make sure that we don't buy uninternet
Speaker 6: consequences encourage the development of projects or behaviors that are
Speaker 6: not helpful to the system.
Speaker 3: Okay, I'm just looking accounting, just accounting to support accounting
Speaker 3: by the hour or by the year.
Speaker 6: The way to answer to that is that I do
Speaker 6: think that it's important to not just looking at a
Speaker 6: yearly average.
Speaker 3: Okay, I hear you.
Speaker 6: Now, how much you push, whether it's hourly, maybe you
Speaker 6: know how much you push is good question. But you
Speaker 6: have also to always balance the level of expectation versus affordability.
Speaker 3: Yeah, but look, we trade electrons every fifteen minutes. We
Speaker 3: can track the green everything.
Speaker 6: If it depends on the markets, you see, it depends
Speaker 6: on the matter. So Europe has a very excellent liquid
Speaker 6: shortterm markets as well as longer term markets.
Speaker 1: So Europe can do things.
Speaker 6: But you also have to really make sure, especially if
Speaker 6: you add you know, additionality, et cetera, that it remains affordable,
Speaker 6: particularly for industries, and the level playing field across different
Speaker 6: continents is something that my customer keep reminding me, which
Speaker 6: is why you know, I'm a bit balanced on these things,
Speaker 6: because from a principal point of view. Of course early
Speaker 6: matching is much better, but we have to make sure
Speaker 6: that in terms of implementation we are not overly punitive
Speaker 6: on costs.
Speaker 3: Yeah, I don't want to spend too much time again
Speaker 3: you said matching, We just want the accounting. Okay, let's
Speaker 3: pivot probably towards our last subject, which is going forward.
Speaker 3: And of course you're probably more disciplined than your clients,
Speaker 3: the Hyperscados with CAPEX budget bigger than the Russian military
Speaker 3: size each year, but you're still going to invest what's
Speaker 3: our CAPEX plan?
Speaker 6: So we have indeed an ambitious cap ex plan of
Speaker 6: around twelve billion euros a year on average. About ninety
Speaker 6: percent of that is split evenly between generation mainly renewables
Speaker 6: and batteries, and infrastructure, which has you know, the networks,
Speaker 6: power networks, gas networks on the maintenance side, and also
Speaker 6: the local infrastructure, which we didn't spend much time but
Speaker 6: dis rehitting this week, cooling, which is obviously also an
Speaker 6: important part of this whole equation.
Speaker 3: Well, Catherine, thank you so much for coming on the show.
Speaker 3: I think I'm going to keep my eng shares because
Speaker 3: I accurring into the upper right direction, so that's I
Speaker 3: to very much and thanks to your Electric for welcoming us.
Speaker 3: And what the Electric is doing is in our opinion
Speaker 3: opinion of a lot very positive push towards more integration
Speaker 3: and security. So thank you very.
Speaker 1: Much, thank you for having me.
Speaker 3: So job you want. Let's say something about the uk
Speaker 3: ON network because that was ENNGI huge acquisition at the
Speaker 3: beginning of this year.
Speaker 5: Yeah, I think it's very interesting to see what's going
Speaker 5: on and the utility landscape across Europe. What you're definitely
Speaker 5: saying is a whole pile of what I would call
Speaker 5: utilities deciding that grid companies, and then you've got a
Speaker 5: whole pile of grid companies who are deciding they are generators.
Speaker 5: And obviously, Angie Vidim what it's doing here is sort
Speaker 5: of saying, hey, listen, it's all about grid going forward.
Speaker 3: They've really been very good. They didn't overpay it. Basically,
Speaker 3: they got it at the same price that I think
Speaker 3: Macquarie or not the big of those funds proposed a
Speaker 3: few years ago. Very financially disciplined. So they have a
Speaker 3: dead on a bidh which is around three and honestly,
Speaker 3: the financial performance is better than the beginning for funds
Speaker 3: as a utility. I guess they have a better email
Speaker 3: which done private equity firms or sometimes not all of them,
Speaker 3: but sometimes can be perceived as sucking the old substance
Speaker 3: was here as a utility. They are very well perceived
Speaker 3: and so they get those deal done. Very interesting.
Speaker 5: I think I'm going to add, well, I think you're
Speaker 5: probably going to say Angie and the likes of Angie
Speaker 5: who are deciding to go into making more acquisitions. And
Speaker 5: the one thing that they did by buying Uka Power
Speaker 5: Networks is they bought best in class. So if you're
Speaker 5: looking at a distribution grid operator in terms of all metrics,
Speaker 5: whether it's capacity, utilization, costs, these guys are top class.
Speaker 5: So others, you're buying something that becomes a platform feared
Speaker 5: by others. That's what I think they'll do now.
Speaker 3: Have been extremely polite and civilized. You know me, we
Speaker 3: didn't talk about nuclear in Belgium, which is a bit
Speaker 3: of a headache and she's trying to get out.
Speaker 5: So how did you bite your tongue.
Speaker 3: I'm a guest. I want just good news, smiles and conviviality.
Speaker 5: Very good, the congratulation that you achieved that.
Speaker 3: We didn't talk about hydrogen Okay, we didn't talk about
Speaker 3: of shot Wind of shore Wind, and she has a
Speaker 3: partnership with DPR and it's a bit the good, the
Speaker 3: bad and the ugly. So the good is in France
Speaker 3: they're managing two giganticoff show part of Normandy and of
Speaker 3: the Vande region, so this is working pretty well. They
Speaker 3: have a big of shot Wind park in northern Scotland
Speaker 3: which is not going very well because they have a
Speaker 3: lot of technical problems. And of course the very ugly
Speaker 3: part was there foray into the US, just done very ugly.
Speaker 3: So I'm not sure they're really going to develop more
Speaker 3: of short Wind.
Speaker 6: No.
Speaker 5: And by the way, that's why very interesting the movie Integrate.
Speaker 5: Is that telling you something? Yeah, and it's really telling
Speaker 5: something the big state. Yeah.
Speaker 3: And to conclude, there was a lot of conversation around
Speaker 3: twenty four seven so and she's very supportive of the
Speaker 3: revision of the greenhouse Gas Protocol for a much more
Speaker 3: granular accounting of electrons. And while we were in Helsinki
Speaker 3: there was all the great reform of Texas arrived and
Speaker 3: same Texas and cut particular as accepted to start tracking
Speaker 3: the green electrons on an hourly basis or another success
Speaker 3: in our fight against the people who explain us that
Speaker 3: it's impossible. So all this is going in the right direction.
Speaker 5: Got any other takeaways, No, that's pretty much it.
Speaker 3: Your Electric is doing great, superb organization, and Fortum has
Speaker 3: really helped them organize a very very successful annual conference.
Speaker 3: So I encourage our listeners if they want to come
Speaker 3: this once a year and it's very variable.
Speaker 5: Well I'm looking forward to next year's event.
Speaker 3: We thank Katherine for coming on the show, Christian Ruby
Speaker 3: and all the team for organizing all this, and jab
Speaker 3: that you talk to you next week and looking forward.
Speaker 1: Thank you for listening to Redefining Energy. Don't forget to
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Speaker 1: the platform of your choice.