 So now we land over to Olivier Aper for the subject of the scarcity of electricity. Thank you for leaving me the floor. Security of supply of electricity is becoming a highly topical issue. There has been major blackouts in California in August 2020 or more recently in Texas in February 2021. The European network has already been suggested to strong tensions last year following a problem of interconnection between Austria and Germany. There were power cuts for several years in London in mid 2019 and the European network was put under pressure last January, on the 8th of January, following a technical incident in Croatia that split the European synchronous grid in two parts. RT, which is the French TSO, had to take all the measures to manage the industrial demand response and issued even a recommendation to the final consumers to really meet their consumption. So, the slide is missing. What are the set challenges to ensure security of supply? In fact, the power system has to balance supply and demand in real time everywhere around the network, taking into account the fact that electricity storage is difficult and very expensive, especially on large scale. The grid everywhere has been constructed with a top-down approach. Electricity is produced by large thermal or nuclear plants and delivered to the consumer through a high voltage transport and distribution networks. And so this makes it possible to deal with the viable supply and demand over time, summer, winter, day, night. But the electric power system has been subject to considerable changes over the last 20 years following a major shift in policy, economics and regulations. The electricity mix is developing fast with the move towards renewable energy, but renewable energy is, per nature, intermittent and does not have the inertia of thermal and nuclear power stations. Fewer machines running in the system can generate a drop in frequency and voltage and lead to a significant supply demand imbalance. Another important factor is that grids are being decentralized with a sharp rise in self-consumption, creating new balance issues in the grid at local level with the distribution system operators to deal with. So, just this slide illustrates the sustained growth of renewable energy in Europe. For the first time in Europe, renewable energy became the first source of electricity supply, and it was the case specifically in France, in Spain and in the UK. And despite the pandemic, the growth of renewable energy remained strong. Their market share is today over 38% compared to 34.6% in 2019, and the share of fossil fuel in the electricity mix went below 37%. So, important increase of renewable energy, but on the other side, the European electricity sector will experience a structural decline of the flexibility of the network. And this is due to the growth of the market share of wind and solar, which are intermittent, as I said, and do not bring the inertia of the thermal power plant, which contribute to the stability of the grid. On the top of that, the decommissioning of many dispatchable power plants will happen in the next few years. I just remind that next year, 22 gigawatts of thermal power plant, nuclear or coal, will be closed in Germany up to 2025. Six gigawatts of nuclear plant would be closed in Belgium, and 21 gigawatts of coal power plants will be closed in France, UK, Spain and Italy. So the security of supply of the European electricity system will be at risk in the next few years, and we should not underestimate the risk of a blackout. Two years ago, the IEA highlighted this challenge everywhere in the world in a context of increase everywhere of the share of electricity in the electricity mix. This slide represents the wholly adjustment required in different regions due to the viability of demand and not dispatchable supply. For the time being, flexibility mechanisms in Europe can cope with the need of the most of the European countries, thermal power plants and hydro representing the bulk of flexibility, but it will not be the case tomorrow. I will go without the next slide. In fact, there are huge investments required to develop the flexibility of the electricity system. There are different solutions, but no silver bullet. You can see the different solutions. Adjustment of conventional production has been employed since Green began, but has a basic response. Interconnection are another solution for the flexibility in Europe renewable energy fluctuation, maybe partly compensated by load balancing. This need for interconnection exists between Europe and countries, but also within each country. Along with the high cost of high-tension lines, local acceptance is an issue. For example, Germany has a considerable need to connect wind turbines in the north to factories in the south of the country, but in 2019, it had only succeeded in setting up 36 km of high-tension lines. Another challenge is periods of cold and anti-cyclonic weather all over Europe. Storage technologies are characterized by different parameters in energy capacity, the charge and discharge time. The potential of technologies are also at different maturity stage. For the storage of large quantities over a long period, the obvious solution is pump energy transfer stations. However, there are limited development potentials. The lower cost of lithium-ion batteries make them a solution to compensate the fluctuation of renewable energy and maintain frequency. But their storage is limited for only a few hours. Several solutions are considered for long-term storage, but they are still very immature. The costs are very high and no business model exists for the time being, given that price signals on the market are too short-term and too partial to provide any incentive. Capacity mechanisms aim at making up at least part of the lack of long-term signals. Demand response management has been developed at industrial level in Europe for many years. The potential could be increased, but that would require, from the industry, costly investment and adapting the design of industrial tools. It's what is called flexible design. Domestic hot water tanks are the primary means of managing demand response, but it's only for very short-term. There are other ways to improve the demand response for the final consumer. Suppliers may help to manage to control at a distance, eating eight pounds, and in the future, electric vehicle via what we call vehicle to grid. And this may increase the demand response from the final consumers. But on the top of that, it will be necessary to reconsider the regulation of electricity sector in order to provide adequate long-term price signal, which are essential to facilitate those investments in generation, in network, in storage, and in demand response. So, in a nutshell, in the context of a growing share of electricity in the energy mixed, security of supply will become an increasing challenge, and to cope with this challenge will require huge investment, but for the time being, there is no clear price signal to develop these investments.