That is indeed the million dollar question, joshc. With perfect...

That is indeed the million dollar question, joshc. With perfect foresight, investing would be easy and we would all be very rich. I concur with strange's observations too.

IFN operates within an energy revolution with many simultaneous variables. We generally underestimate the changes wrought in five years while overestimating the changes of one or two years.

I expect few, if any, coal generators to be running in five years. Operators will throw in the towel on high running costs and inflexibility as each addition of wind or solar makes their position more and more untenable.

Future investment opportunities are in Wind + Solar + Batteries + Pumped Hydro + Gas Peakers (maybe). All are subject to relentless technical innovation and abrupt change on grid enhancements. Navigating this well will deliver superior returns; missteps mean disaster.

Since recapitalising itself in 2017 and refinancing in 2018, IFN has easily serviced its debt and bought or built assets from free cash flow. It is ready to add again to its kit. This could be another wind farm, batteries or M&A, eg GNX. Contracting third party wind farms with PPA's and projects using the Capital Lite strategy would be cream on top. Each addition strengthens IFN. Geographic diversity is also a natural hedge against intermittency.

Five years of careful, strategic investment plus opportunistic M&A while major coal generating companies are hamstrung by write-offs and restructuring will see IFN very well placed. Hold onto your hat.

Ash