Mr. Robert Watt:

Perhaps I would be off trading futures in the cost of carbon. If we knew, we would be doing great. Who knows? The obligations will be tighter across Europe next time around, so there will not be as much to go around. Many of the lower-cost options have been taken. It is fair to assume that the price per tonne of carbon will be an awful lot higher during the next period than it is during the period we are going through now. If we take it that the figure will be €10, €15 or any-----