Ann: Update on operating conditions and guidance, page-32

The output reduction from Eraring is going to hurt, but ORG have long term gas contracts so this will partially offset as contracted gas sales roll off.

Also we should expect recovery of the elevated electricity costs through increased tariffs in the future plus the clean out of new entrant or small electricity retailers as well as expected losses from the likes of Snowy/ Red who have largely a peaking hydro/gas portfolio and would have sold Caps into the market.

Unfortunateley this will take another 18months to play out and i dont think mgmt will want to go out with another 2 year crystal ball forecast like they did last time to build hope in the market that their loss (NPAT basis) making Energy business will turn the corner...