Ann: Infratil 2021 Investor Day, page-10

TLT is continuing to lose steam... down to 5.90 now... our stake is ~1.45b, could be a very real test case for the validity of majority develop and sale of renewable assets (like Longroad) in Australia (opposed to majority develop and operate - Like TLT).

Technology & scale are superseding installed sites at a rapid rate... makes it hard to value for sale an asset which is up to 30% less efficient than the current latest and greatest in a matter of years.

AGL is getting pummeled for sitting on its hands and not investing in new generation (while their coal plants age and retirements start in 2023), but you can see why they are not making huge investments in any generation at this stage. LCOE solar and wind keep falling in price and Australia's spot price is coming down as a result of new capacity at these lower prices....

Batteries and PH have control over when their supply is dispatched into market... and also when they recharge... making it much easier to justify the metrics of an investment... and double digit returns.

Cannot say solar and on-shore wind would be able to achieve double digit returns right now without massive scale to effect cost reductions... as the revenue side of the equation is largely out of their hands.