Following the acquisition of BESS projects our forecasts and valuations now include both the initial three projects but also the development pipeline in our central and high valuation cases. While the pipeline will depend on securing grid connections, we think the diversity of the portfolio and the growing need for storage gives these a good chance of success in the medium term. We see battery storage as emerging from a low point as the impact of balancing market reforms and market tightening take effect. Our low case valuation of 931p now includes the initial BESS capacity and our central case of 1082p assumes the additional pipeline projects deliver this decade. Our high case valuation of 1226p also includes the pipeline but no longer assumes the Cruachan expansion opportunity.