Piotr Dzieciolowski: This is Piotr from Citi. Congratulations from my side as well. I have 1 question on the CapEx price volume mix. So you are targeting €42 billion now. But is there a risk that the jobs, the equipment will be more expensive? And what happens in that case to E.ON? And is — are you going to do that job and volume-wise and therefore, the kind of a target maybe exceeded it goes all to up and we shouldn’t worry about it? Or there is a risk that you don’t deliver, and you have cost overruns, CapEx overruns and — it is a risk for you? And the second question I would have on the retail hedging strategy. How do you think about the changing market structure in the context of your hedging. So you will be forced to differently hedge in the future in that 5 years from now given there will be a different profile cost. And generally, the cost of hedging could be much higher for you.
Marc Spieker: Okay. So on the second one, I think the answer is straightforward. We will continue to do a better job than anyone else, and whatever that means in the marketplace, we will only tell you in hindsight. You know that part of the answer, Piotr. I’m sorry. And on investment and inflation, Leo talked about all our efforts that we’ve done in supply chain management. So we feel quite comfortable talking to all of our counterparts and looking at the supply chain partnerships that we are engaging into that we will be able to deliver the CapEx on. If there should be changes expectation from today would be well manageable. And if you look at our financial headroom and also that wouldn’t create any headache in any dimension.
Leonhard Birnbaum: And maybe we can add that we did the analysis last year. We try to understand how much of the increase is inflation driven and how much is more transformers, more cables, et cetera. It was like 25% inflation in last year, which, however, we saw exceptionally developments over the last 2 years, which has now been slowly factored in. But 75% of the increase is really just more transformers. And roughly, we have put it in. I mean, in reality, I think you shouldn’t worry too much because, I mean, we have now a prudent plan in place, and we assume that we can keep the efficiency level that we have right now. If there would be a substantial change, then we would actually need to sort it out first with the regulator, but we wouldn’t just invest more to do whatever the volume target is, if it doesn’t lead to the financial outcomes that we have committed to today.
So from a value creation standpoint, it’s irrelevant, but we owe it to our customers to fight that we really get more assets for more money and not just more RAB for more money. And this is what we will do. But again, for you, financially, I think it should be relevant.
Iris Eveleigh: So we move on to the next question from Ahmed from Jefferies.
Ahmed Farman: Yes. Congrats to Marc from my side as well. So 2 questions from my side. Firstly, I just was wondering if you could share your thoughts on how you have approached the impact of lower commodity prices in the Energy Retail business. Sort of the way through — I’m sort of thinking about is, obviously, these will eventually translate into lower bills, which is sort of, let’s say, a revenue headwind, but obviously, you are projecting quite a substantial growth in the Energy Retail earnings. So I’m just trying to sort of — if you could help us understand that a little bit better. Is it that most of the tariff fee basing happens in ’24? And from there on, with its other KPIs that are driving the growth? So that’s the question, first question.
Second, Marc, you mentioned a few times about the interest rate sensitivity and how that’s sort of a large year pass-through for the business now. Could you just elaborate that a little bit more ID, it’s because of the indexation within regulation. But is there any nuance around timing or differences between various great regions that you have? And does that apply to both refinancing as well as new issuance of debt.
Leonhard Birnbaum: I would like to take the price question first, and I would just answer it in very general terms. What we really want is what is good for our customers because in the long run, this is the best for us. And lower prices are better for our customers than high prices. And therefore, actually a lower price environment will be beneficial for us. And I can illustrate that I mean 2022 was a case example. When we have really high prices, you might argue that this increases the profitability of an efficiency business or helps in retail. But in the end, it puts pressure on the builds that we have to provide to our customers. It increases political pressure. It doesn’t help from infrastructure provider who needs regulatory support.
So lower prices actually, in the long run, if you just look through the fog and through the smoke in the end, it’s better. So we appreciate it if prices go down. It’s good for our customers and being an infrastructure provider being kind of like tied up with the societies we operate in, we have an interest of our society is doing well. So it’s a positive. No matter what it does short-term to one or the other business. And the other question I’ll leave to you, Marc.
