So how are, how are intra-day and balancing markets evolving as renewable generation grows?

We have seen quite a growth of liquidity in the intra-day markets in GB over the last f- five years or so.

When we started out this business, trading opportunities were fairly limited beyond about 90 minutes from delivery on the intra-day market if you were trading the, the more granular half-hour products.

That's changed, and the spreads are not too punitive going, you know, up to maybe three, four hours out regularly.

So generally we're seeing intra-day markets become more liquid, and that's also probably supported by more market participants adopting algorithmic trading systems, a growth of distributed f-flexibility in the market, just providing also more liquidity.

And the balancing mechanism is also an area where we've seen tremendous change over the last, last few years.

The system operator in, in GB has made great investments in being able to effectively dispatch distributed flexibility and, and batteries, and that is starting to, to really pay off, and we're seeing that, that the dispatch of the batteries in our portfolio is becoming much more efficient, less issues with skips.

So if we're looking forward now, Brian, what needs to happen over the next five years to ensure that flexibility becomes a core part of not just the UK's, but the European power system?

And so is floors your sort of preferred

route? By and large, yes.

But we also do like to use tools in some cases.

Usually we would see a floor as being something that we could write for probably eight to 15 years to really support the project lifetime.

For tools, we would be looking towards shorter-term tenors for that, so maybe three to seven years, and also potentially do a tool in combination with a floor.

And what a tool does that a floor doesn't is it would let you – lock in revenue which is closer to the base case.

I think there's a view that a floor provides downside protection, but it doesn't provide much revenue certainty other than the downside.

Exciting.

And then we'll go on to, um, some, some sort of extra questions around, like, how that's evolved o- in time.

Yeah.

Yeah.

So, um, the assets in our portfolio, they participate in several markets.

Um, and in each subsequent market we're looking to see if we can reoptimize the position and extract more value.

So, uh, for a, for a given battery, um, we would start the day by participating in the hourly auction, selling a base profile for the battery.

Then we have the ancillary services auction where we clear, um, and now have certainty on what the ancillary services commitment will be, and from there we can reoptimize our position from the hourly auction, including the half-hour, uh, products that are available in the afternoon auctions.

How, how do you see that from the Statkraft side?