 Well, thank you all ladies and gentlemen. For your attendance this afternoon, we'll get matters underway. The first thing that I'm required to do or ask to do is to remind you in relation to your phone, your mobile phone, not necessarily to switch it off, but to render it silent because you might be motivated to tweet in the course of the presentation, and if you would like to do that, the handle is at I-I-E-A. Felly, mae'n dweud, mae'n gen i'n gweithio'r bydd y cwnod ar y dweud, mae'n gweithio'n ffordd ddaeth eich prosesion, dwi'n dweud. Felly mae'n gweithio'n gweithio, mae'n gweithio ar y llwyddo ar y llwyddo a ddim yn gwneud y byddai'n gwneud yma, a chi'n meddwl i'r pradysau, mae'n gwneud yma ar y prosidio ddod, ar 20-25 munud a'n meddwl i'r prosesio ar y cwnau. The practice here is that the initial address of our guest is on the record but that the Q&A session afterwards is under the Chatham House Rule so that as you'd be familiar with it if you're a frequent guest here you can use the information that you hear but you pick up. Rwy'n wedi'i gwybod ei gweithio'r bydiau o'r ffordd yr oed ganchyn neu ar draws oedd o'r fforddd. Erbyn hynny, mae'n gir… Pe fyddwn ddim yn llwylo'n fyddodol. Beth mae'n hi'n rhaid i'n ei ddaeth i'r cyfrif yn Ierhwp ysbytен i'r gennym, sy'n ddefnyddio'r ysbytennol o ran eich gwasanaeth ysbytennol er mwyn ymfermwys. Wrth gwrs, mae hynny'n bod chi'n rôl i'r digwydd ydw'r gweithio'r byddwr angen, Fel angen. Fel angen. Fel angen. Ie. Adon'taf. Ie. Ie. Adon'taf. Ie. Ie. Ie. Ie. Ie. Ie. intenbeth yna'r gweld, i'r mynd i'r cynnwys Norgshaf MacKenzie, a Norska Skog. He is a commissioner in the global commission on the economy on climate, an international initiative to examine how countries can achieve economic growth while dealing with the risks posed by climate change. We are delighted to have Christian here this afternoon, there is much more that I could say about him, but what I would prefer to do is to introduce Christian first of all to advise him, gallwch ar y podium i'w meddwl'n gweithio ac wedi bod yn rhoi'r ffordd yma yn cael y gall fan gyda'r ystod ac yn mynd i'ch bywch ar y cyffredin iawn. Felly, ddych yn bêl i amdano'n cyfran. It's a great pleasure for me to speak here at the Institute for International and European Affairs. Ireland has high ambitions in renewable energy, and Stottcraft also has high ambitions here in Ireland. Felly, 6 oed yn ymdweud y yrhys yw'r cwmpennu ielod yn ymdweud. A'n gofio'n gwneud ymdweud o'r Eiland. Rhaid i Eiland, mae'n amlwg yma'r ysgrifennu yng Nghymru, ac ein bod y cyfnodd ymddangos yn ei gael a'r holl ymdweud yma. A'n rhaid i'r holl oedd yma hwnnw, ond mae'n adegwch. Rwy'n meddwl, rydyn ni'n meddwl i'r ffordd o'r ffordd o'r Llywodraeth a Llywodraeth. Llywodraeth o'r 17 mawr, St Patrick's Day, a Llywodraeth o'r 17 mawr, ond rydyn ni'n meddwl o'r ffordd o'r Llywodraeth a'r Llywodraeth. Rydyn ni'n meddwl i ddechrau, hwn i ddechrau'n meddwl, ond rydyn ni'n meddwl i'r ffordd o'r ffordd o'r Llywodraeth o'r ffordd o'r ffordd o'r Llywodraeth, oherwydd o'n meddwl i'r ffordd o'r ffordd o'r Llywodraeth. Dwi'n meddwl yma, rydyn ni'n meddwl i ddiolch yn ddechrau, iawn i gyfnodd o'r cyfrifiadau a gweithio'r cyfrifiadau ond rhaid o'r llyfr o'r ffordd. Rwy'n gweithio'r gweithio'r gweithleisio yn fwyaf i gŵr energi. 73% o gweithio'r gweithleisio'n gweithleisio yn rhan o gweithleisio'n gweithleisio'n gweithleisio, gan ymgyrch, gan gan ymgyrch, yn gweithio'n gweithleisio'n gweithleisio'n gweithleisio rhagor. Y ddweud, 27% yn fawr yn ymddiadau ac yn ymddiadau ac yn ymddiadau. Felly, yn ddiwedd, mae'n meddwl gwneud i'r meddwl yng nghymru, mae'n meddwl i'r meddwl i'r meddwl yng Nghymru. and very fundamentally speaking it can boil down to two things, it is how efficient we are in using energy so to use energy more efficiently and secondly to make sure that as big a portion of that is renewable and one cannot add nuclear for those with nuclear but the most important is the renewable. I do not believe in a future where people will stop using energy. We can reduce to some extent hope people travel and a little bit the way we live, but fundamentally the future generations will continue to use energy. So we need to ensure it's done efficiently and maximise the share of renewable energy. That is how reduction are going to be. Come down. And luckily this is the cost of renewable technology. They are coming down faster than what we in start craft and many others had expected. In fact solar panels have declined in costs close to 90% over the last 10 years. And likewise onshore wind around 70% cost decline in the same period. So as of today either onshore wind or solar or both are the cheapest sources of new capacity available in more or less every country on the world. One of them or both. In some countries like in India new solar even compete with existing coal and gas on costs. So some of the oldest and less efficient coal plants in India are out competed now from new solar. What it means is that we expect in start craft that renewable energy will take a dominant share of all electricity produced in the world in the next two decades. All the blue areas here from the dark blue which is hydro up to the two on the top which is wind and solar. All that combined is renewable energy. And this is our low emission scenario. And in this scenario it constitutes 7% of all electricity produced in energy terms in terawatt hours. If we took it in megawatts it would be even much more share because the production hours are less for renewables. But this is energy. At the same time coal declines while gas in fact stays may even increase a little bit and oil declines. This is our low emission scenario. We have one other scenario a base scenario where it is still 50%. My view of the future is somewhere between the two scenarios between 50% and 70% of all electricity. Here in Ireland you have a target of 70% in 2030. So you are a bit ahead of this but you are not alone. The whole world is going in the same direction. Today we have energy consumption on the planet which is about 81% fossil and about 14% renewable. We expect in the same scenario just showed for electricity that this translated into total energy will develop into more use of energy because the population on the planet is still increasing and wealth is increasing and energy use is increasing while total energy consumption increases. But it is to a large extent offset by more efficient use of energy and most of that is coming from replacing. Combustion processes, fossil processes with electricity and electricity is much more efficient. So still fossil fuel in this scenario will constitute 59% less than 60% of all energy used but it is less than 81% and it is in absolute terms also less than today. What will decline the most is coal, gas will increase a bit and oil will go down. This scenario was not constructed by us to reach any specific target of temperature rise but it happens to be equivalent to two degree scenario but it was constructed as a trend extension on the existing technology development going on. If we are going to reach one and a half degree scenario there needs to be even faster and more shrinking of use of fossil energy than this scenario shows and that will hit coal even more, oil even more and to some extent gas. But gas will be the one that we need the most, less emissions per unit of energy and what will remain for the longest time. Coal will be faced out the earliest. If we look on a capital aspect of energy global investments in oil and gas is a little bit more than 700 billion US dollars per year and in electricity including networks is a bit more around 750 so electricity as an investment class is no bigger than oil and gas upstream and downstream combined. If we look at renewables is constituting around 300 out of the 750 billion US dollars so it's a huge investment class already today. The distribution of the renewables is that 50% of all renewables in capital terms are solar panels on the planet. About 29% wind and hydro also a reasonable share of 14% but solar alone is half. Wind is the second biggest. In fact the installation rate of solar panels today is equivalent to 27 new football fields of solar panels every hour today. We expect this to increase by three to five times within the next 20 years so an installation rate of between 150 to 150 football fields per hour. In addition to renewables taking a higher and higher proportion of the electricity production also electricity will migrate into other sectors than pure use of electricity as we know it today. It will start with the transportation sector. This is a picture of the new Mercedes fully electric EQC that is being a new plant is being built in Germany to produce that car. Stuttgart has entered into contract with Daimler to supply electricity to this factory and it is just one example of all new investments that are going on. It's also around 300 billion US dollars of investment plans into electric cars if we summarize the big car producers. We don't have an overview of all but those that we summarized came to that number. It also means that we will need more electric charging networks for the electric cars. In Norway we have tax incentives already for some years that makes an electric car less expensive to buy than other cars. So in Norway more than half of all new cars sold now are electric and in Oslo last month it was 80% of all new cars sold was fully electric or hybrid electric. But the bulk of that was fully electric. I have just ordered one myself. I moved from hybrid to fully electric and I will never buy any fossil car again. My sons and my daughters will never buy a fossil car. So this is going fast. We expect that on pure cost roughly by 2025 without any subsidies it will be the cheapest to buy and the cheapest to own. And driving range will be 400 km plus for a normal small car like the Tesla 3 today. So charging of electric vehicles will also be important here in Ireland. There are also challenges related to this transition. Of course there are possibilities and challenges. And the whole electricity industry globally is in a huge change process. From the good old system we know with the big coal fire gas fire and the hydro that we are producing when needed into a new system where wind and solar will dominate almost all markets. And we have to adapt to that. It means that utilities like us we have to change quite fundamentally from constructing a limited number of large power plants to a huge number of smaller plants. Smaller wind parks, smaller solar parks, battery projects and so on. So it's a different DNA in a company to do 100 projects at the same time rather than doing three or four. Also it means more distributed generation all around. Roof tops, ground mounted, small wind parks, big wind parks there will be simply distributed electricity production many places. I expect in the future when a new building is constructed it is a solar roof simply. It's not the tiles we know today. And it means also that in the period where we are now which is not 2040, it's 2019 it is important how we sell the energy. So we are still in a period where in ground mounted solar on the ground is fully competitive now with other sources of electricity from equator and in Europe up to southern Spain. This will increase as technology gets further down but as of today solar still needs some incentives or some stimulation so auctions are normal in Europe to get it in. Wind are fully competitive in Norway and Sweden without any subsidies now but there can still be need for auctions in Ireland and other countries in order to have it deployed at an off rate. But it will also be without any need of subsidies some years ahead. Right now how we sell the energy to sell power purchase agreement PPAs to companies or long electricity contracts are key to deliver on this transition. It is not only a question of how we produce electricity is how we sell it. Auction is one way but to sell directly to the customers that wants to source renewable energy is also a very important part of this transition. Another aspect of this change is illustrated here on the logarithmic scale on the I axis. So the nuclear plants are extremely large big expensive takes many years to construct coal and hydro power like in the middle wind power less and solar even less if it's a relatively small solar park. So it means that the scale and the scale of the investment and the time to invest has shrinked a lot. That means that there are many companies that can enter this market. It will not be dominated by utility companies like the nuclear industry and the coal industries. This will be enormous amount of investors from private persons just constructing a wind farm on their own farmland to financial investors that don't know that much about energy but they are investing anyway in wind and solar. It's simply more smaller and more easy to build. So that is also a huge transition from a few large utility companies to hundreds of thousands of investors into this. Having said that, it is also a role for the good old companies like Startcraft but not if we continue the way we did. We have to adapt, be able to compete both on cost and speed with the new players. It's also a truly international market. In Norway, in most European countries, South America, India, wherever we are there's a huge competition here between local and international companies and that's good but it's also tough. So that's also putting challenges on us and everyone else. Another interesting aspect is that wind and solar produce electricity when there is wind and solar. We all know that. It's not the big news but the size of it is interesting to observe. This is 2025. It is a study that we made together with the Bloomberg New Energy Finance for the northern European countries. The blue here are so-called dispatchable renewables. It's hydro that we can control when to produce because we have storage magazines. But the red are intermittent. Those that we cannot control it is wind, solar and run on river hydro that produce when there is sun, wind and much water in the river. So the red part is still limited in Norway because we have so much hydro. But in Ireland and that would be the same in the UK, Netherlands, Germany, Denmark. It's a huge share. This is in megawatts. But it means that the difference between a day with a lot of wind and a lot of sun with a night with no wind is that this red goes from full to nothing. So this blue, the dark blue and the light blue will have to take all the swing. Plus demand that can adapt and consume less electricity when there is less production. For instance, when we charge the electric cars. So it also takes a lot of change to have a system that has to adapt to variation in production, whereas the good old traditional system was adapting to variations in demand. The technology is there. It works okay, but there is a lot of IT and software needed to take that transition. It will going to be an intelligent transition. It takes room for companies in Norway, in Ireland and in any other country early in this transition that we will develop software systems and skill sets to control all this that we start using ourselves and that can be exported. With all the IT industry here in Ireland, I think this is an interesting aspect that can be a business of the future. Startcraft, we intend to be among the players that will help out to handle this flexibility with integrated systems of demand control, running flexible gas, not gas plants that we own, but with companies we cooperate with and batteries. We have already taken an investment decision for the first large-scale battery here in Ireland, down in the southwest. In Germany, where we have been more years than here in Ireland, we have developed a system that we call a virtual power plant. The virtual part here is that we connect a huge amount of power plants. We have around 1,400 power plants in Germany that are connected to our system and controlled by us, but we don't own any of them. These are wind parks, solar parks, dominantly, but also some biomass plants and some hydro plants. This is all control from one control centre in Dysseldorf. We can turn the angle of the blades of the wind mills in microseconds to balance out the electricity production of 12,000 megawatts throughout Germany from one place. So it is important for renewable energy also to be intelligent handled. And Stuttgart is market leader in Germany and in the UK and also number three in India. And maybe we can contribute here together with Irish producers to do some of the same here. A few words about Stuttgart at the end here. We are present in 16 countries. We are the biggest producer of renewable energy in Europe, but we are by far not the biggest producer of electricity in Europe. The biggest is EDF in France, but we have more renewable than any others. And we have about 19,000 megawatts, most of that renewable, but some of it is gas fired in Germany. And we operate 22,000 megawatts for others, the 12 I mentioned in Germany plus 10 more. So we actually know control more power stations for others than we own ourselves. And that I think is also a business model of the future that we should use over skill sets applied on more assets. Like we see in other sectors like Airbnb and so on, the fastest growing companies in the world are those that are able to utilize assets of other companies or private persons with the ordering an apartment for that matter. So we constantly need to adapt a few interesting aspects in addition to the electricity which is our main business is that we are looking into data center developments in Norway of course to be supplied with renewable energy. So it's a new customer class. And here we are behind the island. Island has been very active for many years. We are full over there, but we are doing our job now. Hydrogen for transport. Electricity in the future could be so cheap that we can produce hydrogen in a cheaper way than extracting it from natural gas if there is some price of CO2. Not extremely high, but a meaningful price of CO2 will give that transition. And that of course will create a lot of hydrogen available for other purposes. And we are looking into floating solar. We have a project in one of our hydro power plants in Albania. If we cover 4% of the surface of the reservoir in that particular power plant, we double the capacity. So we will have equally much solar capacity as hydro turbine capacity in the same plant. And of course we are just holding back the water when there is sun. And therefore we can have a perfect mix in one plant. The potential for floating solar around the world is huge. And it is today much cheaper than floating wind for instance. And this is first generation floating solar. So I think this has a huge potential. We are also looking into biofuels which is highly interesting for Ireland because you have used peat and coal to many repositions that can be replaced by biomass but that can also be combined with a mix of biomass and waste to produce liquid fuels. So the new energy companies of the future here in Ireland will be electricity and fuel producing companies most likely both renewable. Here in Ireland our ambition is to continue to develop onshore wind based on element power which is no start craft island. We have about 40 employees here from the good old element power people. But of course we have integrated this into the total start craft system so we are combining it with our purchasing power of windmills worldwide. And other skill sets that we can add some extras to. But the people on the ground here in Ireland are Irish people with a few others coming from the rest of the start craft system. We will aiming for constructing more batteries to help up with balancing the whole system. We will enter here with solar parks. We have 30 megawatts that we are putting in for consent not too long. We will try the virtual power plant concept that I illustrated for Germany. Small scale and then increasing here in Ireland to see if we can have it work here in the regulatory system of Ireland. PPA so that's power purchase agreement the sales of electricity to customers here fully renewable of course. And new business development in various types maybe bio fuel in the future or hydrogen. And maybe learn something from you in the data center development. It's just to make a point that also here in Ireland I think electricity has a huge potential to come into other sectors of society than what is consuming electricity today. And that also is leading way to a lot of interesting business development in the country. Not only for yourself but we all should start with ourselves but for future export of new concepts. For instance if you want to charge with charging stations for electric cars it is much more important to have good communication systems with apps on the telephones and directly into the car that tells you that it's a free space for you that in the direction you are going so that you can actually charge your car when you get there that you don't have to wait for half an hour for the car in front of you and that you can pre-order your meals so that while you are there it's ready for you when you're coming and so on and so on. That is equally important as the location itself and more important how we attract customers and there could be other concepts as well that goes far beyond the technology of charging as such. But wind is what is going to drive the change in Ireland from a modest percentage to 70% renewable. It will be also solar, there will be other technologies but wind will be leading. Onshore is the dominant source, that is where we are but there will also be a large offshore development quite likely. Element power has one offshore field of 500 megawatts we will offer another company to take a leading role in that project because Stuttgart sold all of offshore wind business in order to focus onshore but we will help to develop that field outside Dublin have 500 megawatts to a successful project but with another company lead. So let me just run close with what I started saying that I'm very happy that Ireland has this ambitious strategy that you have and we will be an important company here in Ireland and we are here to stay. Ireland is an integrated part of Stuttgart and we will also learn from Ireland we don't have the mentality that we know the best of everything but we will combine what goes on here with competence in other parts of the company and I hope we can really contribute to Ireland becoming a global leader in climate action and in the development of renewable energy. Thank you.