 I'm not really going to talk about the smartness of the supergrid because we give for granted that of course the new grids will be smarter and you have already heard quite a lot from an expert. So I will focus more on our concept of the supergrid and why all these companies, all these companies, the chairman was already mentioned in some of them, came together. It's a different association compared to many others that are based in Brussels because as you can see we have production companies, consultants, transmission system operators, technology companies, we have those that have the vessels, those that drag to put the cables and cable companies. And hopefully by the end of this month we will have also a smart data company Intel joining us, which is that part of the industry that would be necessary to build the supergrid that is still not in our group. So we started with 13 and it was Eddie O'Connor, the CEO of Mainstream that had the whole idea and started the association and now we are already 21, 22 at the end of the month. So why the supergrid? Why we think that it is the momentum today? Eddie O'Connor was already visiting Brussels 10 years ago with his idea of the supergrid. At that time I was still in Etso and well I honestly even myself, which I am a really European convinced person, I was not shocked but I couldn't see even the benefit or the opportunity to do that at that time. But now is really I think the time to go for it because there is at least on paper the agreement at political level to decarbonize the power sector and even the economy of the European Union by 2050 as much as 80, 90 percent because we have been fighting for 14 years now to have a single European electricity market that is still not there because of security of supply, because of sustainability and because we want to transform energy sector and the only sources of energy that are available in Europe are renewable energies. So all those companies thought that now it was the moment with that political background and all this innovation going on in the last 10 years, it was the time to think of the supergrid and we are already evolving on this definition that we have on the supergrid but we haven't agreed on it yet so still we consider it will be mainly a high voltage direct current network because we're talking about long distances. It's not that of course anything will go into the network whatever is the source of energy but the supergrid really makes more sense and it has its main justification if it is going to link all the renewable energy sources in Europe because probably you wouldn't need a supergrid just to link nuclear power stations all over Europe or gas. You normally build those power stations closer to consumption but what we are talking about renewable energies you have them in the North Sea and Ireland is a very good example and we still don't live in the in the sea so we need the supergrid for that long distances and this is a question I didn't have that in my slides previously but this question that always comes is the risk in investing in the supergrid do you think that industry will be ready today? Well certainly not today because it's all related to innovation we consider in our vision of the supergrid that it will start in the North Sea because there is a lot of potential for offshore and you have to connect all those offshore parks not only with the countries that but today have the network the national TSAOs but if we want to make them more efficient between them too because sometimes you have wind in one place you don't have it in another place plus if you only link them to the national country when there is no wind there is no use of that network and the idea is to maximize of course the use of the network but it's innovation nobody has ever built a meshed network under the sea and when you go to the bank and you know just put forward all innovation from the the parts from the producers and the part of of the transmission then of course they consider it as a risky investment unless you have the political support if you start with having a political support that the member states want to go into such an integrated network that's the first step and then of course we need the regulatory framework to do that and today they are still quite national regulatory network frameworks some of the benefits were apart from the general objectives that have been agreed at european level even if only theoretically of course you will be sharing the reserve margins so you will need less at national levels the same thing for the balancing but at the same time you will be able to really profit from the moments because it's a variable energy that we're talking about from the moment you don't have in one place you have in another place so the idea is to really optimize the use of sustainable energy it's very important also that it is we're talking about european technology from production to the transmission side and that will be important not only for employment opportunities in the EU but also to export that technology which some of our member companies are really doing and investing much more or allowing others to invest much more than in europe and of course we will gain from experience and skill people that again will be useful not only for europe but to export so what we did in the Friends of the Superview at the end of last year and after the European Commission presented its first thoughts for an infrastructure package we are waiting very much of course for what is going to come up now in November we made our first proposal of how could be regulated and financed a first phase of the supergrid we consider that because we're looking ahead by 2050 and there is the objective of decarbonize as much as possible the economy and the power sector we consider that the super grid the european mesh system could be already started to be designed from today and then develop in phases and we consider that for that it should be the transmission system operators in nsoe that are of course the most capable of designing a network at european level so a completely top-down approach and this might sound really very too european but in order to design such a network you have to get rid of political borders to just take care of consumption and production facilities that will be the ideal not maybe possible for time being then for this supergrid because it will be a european grid you will need an independent system operator set up at the transmission system operators but having all the knowledge in order to plan that network in phases even if you have an overall plan every six years and of course to decide on everything that has to do with the operation of the network one grid code of course again nsoe to deliver it and one regulator we already have Acer the agency recently created it doesn't have the powers today of course to act as a one regulator but we consider that if there is willingness to do so the you know the national regulatory authorities can increase in the near years more the power of this of this agency and then the ownership of the super grid well here we put transmission system operators which is the case today and other investors because the idea is that of course if the transmission system operators are willing there will be the operators in any case of the network through this is so are willing to invest on it that's fine why not to continue the way it is today but maybe there are also other investors which are willing to invest together with the transmission system operators or if the transmission system operators don't want to there might be others also willing to get into the business and the technology as I said before will be in our view mostly high voltage direct current so financing we also made some very preliminary proposals on how we see this first phase of the super grid could be financed we haven't invented anything we just have taken into account what is exist today is of course the regulated way which is what normally is happening when developing now the national networks and some interconnections between member states there is also some merchant interconnectors that have been have been put in place in the in the last years between some member states especially in the North Sea so we could have a mixture of both probably to start with it will be better the regulated one then there could be also a european network fund and then we will be using that fund little by little while this network is being developed in phases so that we can maximize the welfare gains of all european union citizens and then of course the involvement of the european investment bank is also quite important of course with this kind of european projects they are already quite involved I think when when transmission system operators are investing today so even more in a project like like this one this is the first phase proposal that we suggested to embraces to the industry to regulators to to the institutions we base it on the objectives that have been presented by different governments of these countries for 2020 maybe the figures will be lower because well these are in the national plans but could be that in the last moment it doesn't go so far and so we have taken the examples of these four or five countries we have taken also Norway because of the hydro and because of the balancing with wind and we have taken it around Germany but as you can see we don't mean that exactly the lines have to go in that direction or have to go in the UK that way that is for the TS also of course to decide and to define but it's just to give the idea that the production in a remote area like the North Sea has to go to centers of consumption and the south of Germany in our view was an important one because all that part of the north of Europe is very much congested it's very well known by the TSOS for many years and many other countries in this part are always complaining for those congestions and so bringing an important amount of of energy to the south of Germany straight away could alleviate some of those congestions and also reduce the costs and these are the numbers that come out when using the merchant way so here you don't touch the national tariffs you don't ask all the consumers to pay for that first phase those lines you have seen between the four countries you just ask the users of those networks to pay for it and of course depending on this capacity factor because you will have four countries already being linked and not one or two by two and you will have also those wind parks connected between them from different countries the use of the network will be much higher it will get to 90% it will be used also from onshore to offshore and vice versa and you will maximize the use of the network compared to what it would happen if you would have for example in the cost of Ireland offshore only connected to Ireland if there is no wind that line is not being used in this first phase proposal they are used much more and so you can have this 1.5 cents per kilowatt hour which is something that users are very ready to pay and that will cover this 28 billion that with the figures that we have today would cost the first phase linking these four countries if we go to the socialized way so there you have to modify the national transmission tariffs you have to ask all the consumers to pay for it again we took these four countries took into account how much energy they can they consume from the IA and the cost again of the of the network this 28 billion for 40 years we get to these zero point cents increase in the tariff of the consumers of these four countries we didn't take into account cost benefit analysis so maybe Norway will benefit much more than in the UK and so maybe the Norwegians will have to pay a little bit more and the UK less but we didn't take into account either that other countries outside these four could also be benefiting because there will be a reduction of congestion some because there will be also another source of energy getting to them through the existing networks and so you need less capacity production in your own country we didn't take those into account if you take all those into account then that figure could even be lower so we were trying to show even with no very sophisticated methods is that it is affordable for Europeans and then as regards the technology because this is the other question but can we do it already now having this ACDC and changing all the time from one kind of technology to the other well the answer I have to believe of course the members of my association and another technology companies in the world there are not many and we have two of them in the friends ABB normally is going to come in also is that it does exist that today we could already start having through this voltage source converter these links between the offshore windparks through AC and AC alternate current network then transforming into DC and brought into onshore and then transform it again into AC because today is of course the national networks are mainly AC it's not apparently the ideal because they are working and they are putting a lot of money and effort to have another technology which will be much more performing than this one with less losses and in the future also less expensive which will be this DC to DC converters but to start with and not wait until everything is perfect that would be the way and this is all from my side thank you very much