This was a tough quarter for the NAV, which fell -10.4% to 76.1p. While the -2p impact from the ROC and FiT indexation change was already pre-flagged, there are several other negatives including a +50bps increase in solar discount rates (-1.6p), a development asset revaluation (-1.3p), generation -11% below budget (-0.6p) and reduced price forecasts (-0.6p). Higher inflation acted as a small offset (+1.2p). All movements are shown in Figure 1. As a result, gearing has edged up to 51% of GAV desp ....