Mr. Pierpaolo Cazzola:

I am not sure I understood fully, although I sympathise with everything that was said. I will start from the last question, which was on hydrogen. The impression I get is that hydrogen is best suited to situations where demand is great.

I am thinking of refineries or fertiliser production. Basically, it is about large industrial complexes. The benefit of hydrogen can be maximised there because distribution and transport, which are costly steps in the use of hydrogen, are not needed. If hydrogen can be produced at low cost, then it is probably best to address it to areas of large, concentrated demand. Beyond that, there can also probably be spillover to other ancillary sectors around those areas of concentrated demand. I am more sceptical about the rapid uptake of hydrogen as an energy vector for transport vehicles. There is also a gap in cost. Renewable electricity is likely to be cheaper as an energy vector and easier to access than renewable hydrogen for transport vehicles. That means that if we compare battery electric solutions to hydrogen-based solutions, we are likely to get a competition on cost that ends with the battery solution winning over hydrogen.