Ann: Investor Presentation, page-14

I think it's fairly accurate. Then throw in the graphite credits - not sure how/if they're allowed for in this chart.

There's no scale, but at a guess, grey $1.50, blue $2.50, green (grid) $4 if a good power price, and new renewables probably $6. We sit in the sweet spot between grey and blue, probably around $2.

But in Europe and North America, given grants, tax credits and carbon price, I'd say we're effectively well below grey. In fact, the best US credit from the IRA is $3 if you tick all boxes, and our bio-methane should. Negative production cost anyone?

And we should still probably get around $1/kg credit for natural gas source I'm guessing, as carbon intensity higher. But should be below grey.

We need to move!